Document:

Exhibit 4.2

                    FORM OF POOLING AND SERVICING AGREEMENT

                          ML ASSET BACKED CORPORATION

                                 as Depositor

                         [__________________________]
                                  as Trustee

                                      and

                    [____________________________________]
                                  as Servicer

                    Dated as of __________________________

                       __________________ TRUST 200__-__

                    ___% Asset Backed Certificates, Class A
                    ___% Asset Backed Certificates, Class B

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                              TABLE OF CONTENTS

                                                                           Page

                                  ARTICLE I.
                                  Definitions

Section 1.01.     Definitions.................................................1
Section 1.02.     Other Definitional Provisions..............................14

                                  ARTICLE II.
                            Establishment of Trust

Section 2.01.     Creation of Trust..........................................14
Section 2.02.     Acceptance by Trustee......................................14
Section 2.03.     Conveyance of Receivables..................................14

                                 ARTICLE III.
                                The Receivables

Section 3.01.     Representations and Warranties of the Seller...............15
Section 3.02.     Representations and Warranties of the Depositor............16
Section 3.03.     Repurchase Upon Breach.....................................16
Section 3.04.     Custody of Receivable Files................................17
Section 3.05.     Duties of Servicer as Custodian............................17
Section 3.06.     Instructions; Authority to Act.............................18
Section 3.07.     Custodian's Indemnification................................18
Section 3.08.     Effective Period and Termination...........................18

                                  ARTICLE IV.
                  Administration and Servicing of Receivables

Section 4.01.     Duties of Servicer.........................................18
Section 4.02.     Collection and Allocation of Receivable Payments...........19
Section 4.03.     Realization Upon Receivables...............................19
Section 4.04.     Physical Damage Insurance..................................20
Section 4.05.     Maintenance of Security Interests in Financed Assets.......20
Section 4.06.     Covenants of Servicer......................................20
Section 4.07.     Purchase of Receivables Upon Breach........................20
Section 4.08.     Servicing Fee..............................................20
Section 4.09.     Servicer's Certificate.....................................21
Section 4.10.     Annual Statement as to Compliance; Notice of Default.......21
Section 4.11.     Annual Independent Certified Public Accountant's Report....21
Section 4.12.     Access to Certain Documentation and Information Regarding
                  Receivables................................................22
Section 4.13.     Servicer Expenses..........................................22
Section 4.14.     Appointment of Subservicer.................................22

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                                  ARTICLE V.
       Distributions; Reserve Account; Statements to Certificateholders

Section 5.01.     Establishment of Trust Accounts............................22
Section 5.02.     Collections................................................24
Section 5.03.     Application of Collections.................................24
Section 5.04.     Advances...................................................24
Section 5.05.     Additional Deposits........................................25
Section 5.06.     Distributions..............................................25
Section 5.07.     Reserve Account............................................28
Section 5.08.     Statements to Certificateholders...........................31
Section 5.09.     Tax Returns................................................32
Section 5.10.     Net Deposits...............................................32

                                  ARTICLE VI.
                               The Certificates

Section 6.01.     The Certificates...........................................32
Section 6.02.     Authentication of Certificates.............................33
Section 6.03.     Registration of Transfer and Exchange of Certificates......33
Section 6.04.     Mutilated, Destroyed, Lost or Stolen Certificates..........33
Section 6.05.     Persons Deemed Owners......................................34
Section 6.06.     Access to List of Certificateholders' Names and
                  Addresses..................................................34
Section 6.07.     Maintenance of Office or Agency............................34
Section 6.08.     Book-Entry Certificates....................................34
Section 6.09.     Notices to Clearing Agency.................................35
Section 6.10.     Definitive Certificates....................................35

                                 ARTICLE VII.
                                 The Depositor

Section 7.01.     Representations of Depositor...............................36
Section 7.02.     Corporate Existence........................................37
Section 7.03.     Liabilities of Depositor; Indemnities......................37
Section 7.04.     Merger or Consolidation of, or Assumption of the
                  Obligations of, Depositor..................................38
Section 7.05.     Limitation on Liability of Depositor and Others............39
Section 7.06.     Depositor May Own Certificates.............................39
Section 7.07.     No Transfer of Excess Amounts..............................39

                                 ARTICLE VIII.
                                 The Servicer

Section 8.01.     Representations of Servicer................................39
Section 8.02.     Indemnities of Servicer....................................40
Section 8.03.     Merger or Consolidation of, or Assumption of the
                  Obligations of, Servicer...................................41
Section 8.04.     Limitation on Liability of Servicer and Others.............41

                                  ARTICLE IX.
                                    Default

Section 9.01.     Events of Default..........................................42
Section 9.02.     Appointment of Successor...................................43
Section 9.03.     Repayment of Advances......................................43
Section 9.04.     Notification to Certificateholders.........................43
Section 9.05.     Waiver of Past Defaults....................................44

                                  ARTICLE X.
                                  The Trustee

Section 10.01.    Duties of Trustee..........................................44
Section 10.02.    Certain Matters Affecting Trustee..........................45
Section 10.03.    Trustee Not Liable for Certificates or Receivables.........45
Section 10.04.    Trustee May Own Certificates...............................46
Section 10.05.    Trustee's Fees and Expenses................................46
Section 10.06.    Eligibility Requirements for Trustee.......................46
Section 10.07.    Resignation or Removal of Trustee..........................47
Section 10.08.    Successor Trustee..........................................47
Section 10.09.    Merger or Consolidation of Trustee.........................48
Section 10.10.    Appointment of Co-Trustee or Separate Trustee..............48
Section 10.11.    Representations and Warranties of Trustee..................49
Section 10.12.    No Bankruptcy Petition.....................................49
Section 10.13.    Trustee's Certificate......................................49
Section 10.14.    Trustee's Assignment of Repurchased Receivables............50

                                  ARTICLE XI.
                                  Termination

Section 11.01.    Termination of the Trust...................................50
Section 11.02.    Optional Purchase of All Receivables.......................51

                                 ARTICLE XII.
                           Miscellaneous Provisions

Section 12.01.    Amendment..................................................51
Section 12.02.    Protection of Title to Trust...............................52
Section 12.03.    Separate Counterparts......................................53
Section 12.04.    Limitation on Rights of Certificateholders.................53
Section 12.05.    Governing Law..............................................54
Section 12.06.    Notices....................................................54
Section 12.07.    Severability of Provisions.................................54
Section 12.08.    Assignment.................................................55
Section 12.09.    Certificates Nonassessable and Fully Paid..................55
Section 12.10.    Limitations on Rights of Others............................55
Section 12.11.    Headings...................................................55
Section 12.12.    Nonpetition Covenants......................................55

Exhibit A         Form of Class A Certificate
Exhibit B         Form of Class B Certificate
Exhibit C         Form of Depository Agreement
Exhibit D         Form of Servicer's Certificate

SCHEDULE A        Schedule of Receivables
SCHEDULE B        Location of Receivable Files

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         POOLING AND SERVICING AGREEMENT dated as of __________, among ML
ASSET BACKED CORPORATION, a Delaware corporation, as depositor (the
"Depositor"),______________, ________________________, as servicer (the
"Servicer"), and ____________________, a ______________________ banking
corporation, as trustee (the "Trustee").

         WHEREAS, the Depositor ________________________ has purchased a
portfolio of receivables arising in connection with a pool of automotive
retail installment sale contracts or installment loans (the "Contracts")
originated or acquired by the Servicer in the ordinary course of its business;
and

         WHEREAS, the Depositor, the Servicer and the Trustee wish to set
forth the terms and conditions pursuant to which the Trust (as hereinafter
defined) will acquire the Contracts from the Depositor, and the Servicer will
service the Contracts on behalf of the Trust;

         NOW, THEREFORE, in consideration of the premises and the mutual
agreements hereinafter set forth, the Depositor, the Servicer and the Trustee
agree as follows:

                                  ARTICLE I.

                                  Definitions

         Section 1.01. Definitions. Whenever used in this Agreement, the
following words and phrases, unless the context otherwise requires, shall have
the following meanings:

         "Advance" means either a Precomputed Advance or a Simple Interest
Advance or both, as applicable.

         "Agreement" means this Pooling and Servicing Agreement.

         "Amount Financed" means with respect to a Receivable, the amount
advanced under such Receivable toward the purchase price of the Financed Asset
and any related costs, exclusive of any amount allocable to the premium of
force-placed physical damage insurance covering the Financed Asset.

         "Annual Percentage Rate" or "APR" of a Receivable means the annual
rate of finance charges stated in the related Contract.

         "Book-Entry Certificates" means, unless otherwise specified in this
Agreement, a beneficial interest in the Class A or Class B Certificates,
ownership and transfers of which shall be registered through book entries by a
Clearing Agency as described in Section 6.08.

         "Business Day" means any day other than a Saturday, a Sunday or a day
on which banking institutions or trust companies in [ __________ ] or the city
in which the Corporate Trust Office is located, are authorized or obligated by
law, regulation or executive order to be closed.

         "Certificate Balance" means, as of any date, the aggregate
outstanding principal amount of the Certificates at such date.

         "Certificate Owner" means, with respect to a Book-Entry Certificate,
the Person who is the beneficial owner of such Book-Entry Certificate, 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).

         "Certificate Register" and "Certificate Registrar" mean the register
maintained and the registrar appointed pursuant to Section 6.03.

         "Certificateholder" or "Holder" means a Person in whose name a
Certificate is registered in the Certificate Register.

         "Class A Certificate" means a ___% Asset Backed Certificate, Class A,
evidencing a beneficial interest in the Trust, substantially in the form of
Exhibit A hereto.

         "Class A Certificate Balance" means, as of any date of determination,
the Initial Class A Certificate Balance reduced by all amounts previously
distributed to Holders of Class A Certificates and allocable to principal.

         "Class A Distributable Amount" means, with respect to any
Distribution Date, the sum of the Class A Principal Distributable Amount and
the Class A Interest Distributable Amount for such date.

         "Class A Interest Carryover Shortfall" means, with respect to any
Distribution Date, the excess of the sum of the Class A Monthly Interest
Distributable Amount for the preceding Distribution Date and any outstanding
Class A Interest Carryover Shortfall on such preceding Distribution Date, over
the amount in respect of interest that Holders of the Class A Certificates
actually received on such preceding Distribution Date, plus 30 days' interest
on such excess, to the extent permitted by law, at the Class A Pass-Through
Rate.

         "Class A Interest Distributable Amount" means, with respect to any
Distribution Date, 30 days of interest at the Class A Pass-Through Rate on the
Class A Certificate Balance on the last day of the preceding Collection
Period.

         "Class A Pass-Through Rate" means _____% per annum.

         "Class A Percentage" means _____%.

         "Class A Pool Factor" means, as of the close of business on the last
day of any Collection Period, a seven-digit decimal figure equal to the Class
A Certificate Balance as of such Record Date divided by the Initial Class A
Certificate Balance.

         "Class A Principal Carryover Shortfall" means, as of the close of any
Distribution Date, the excess of the Class A Monthly Principal Distributable
Amount and any outstanding Class A Principal Carryover Shortfall from the
preceding Distribution Date, over the amount in respect of principal that is
actually distributed to Holders of the Class A Certificates on such current
Distribution Date.

         "Class A Principal Distributable Amount" means, with respect to any
Distribution Date, the Class A Percentage of the Principal Distribution
Amount. In addition, on the Final Scheduled Distribution Date, the principal
required to be included in the Class A Principal Distributable Amount will
include the lesser of (a) the Class A Percentage of (i) any Scheduled Payments
of principal due and remaining unpaid on each Precomputed Receivable and (ii)
any principal due and remaining unpaid on each Simple Interest Receivable, in
each case, in the Trust as of the Final Scheduled Maturity Date or (b) the
amount that is necessary (after giving effect to the other amounts to be
deposited in the Distribution Account on such Distribution Date and allocable
to principal) to reduce the Class A Certificate Balance to zero.

         "Class B Certificate" means a ___% Asset Backed Certificate, Class B,
evidencing a beneficial interest in the Trust, substantially in the form of
Exhibit B hereto.

         "Class B Certificate Balance" means, as of any date of determination,
the Initial Class B Certificate Balance reduced by all amounts previously
distributed to Holders of Class B Certificates (or deposited in the Reserve
Account, exclusive of the Reserve Account Initial Deposit) and allocable to
principal and by Realized Losses to the extent of the amount of such Realized
Losses paid from the Class B Percentage of the Principal Distribution Amount.

         "Class B Distributable Amount" means, with respect to any
Distribution Date, the sum of the Class B Principal Distributable Amount and
the Class B Interest Distributable Amount.

         "Class B Interest Carryover Shortfall" means, with respect to any
Distribution Date, the excess of the sum of the Class B Interest Distributable
Amount for the preceding Distribution Date and any outstanding Class B
Interest Carryover Shortfall on such preceding Distribution Date, over the
amount in respect of interest that Holders of the Class B Certificates
actually received on such preceding Distribution Date, plus 30 days' interest
on such excess, to the extent permitted by law, at the Class B Pass-Through
Rate.

         "Class B Interest Distributable Amount" means, with respect to any
Distribution Date, the sum of the Class B Monthly Interest Distributable
Amount for such Distribution Date and the Class B Interest Carryover Shortfall
for such Distribution Date. Unless otherwise specified in this Agreement,
interest with respect to the Class B Certificates shall be computed on the
basis of a 360-day year consisting of twelve 30-day months.

         "Class B Monthly Interest Distributable Amount" means, with respect
to any Distribution Date, 30 days of interest at the Class B Pass-Through Rate
on the Class B Certificate Balance on the last day of the preceding Collection
Period.

         "Class B Pass-Through Rate" means ___% per annum.

         "Class B Percentage" means ___%.

         "Class B Pool Factor" means, as of the close of business on the last
day of any Collection Period, a seven-digit decimal figure equal to the Class
B Certificate Balance as of such Record Date divided by the Initial Class B
Certificate Balance.

         "Class B Principal Carryover Shortfall" means, as of the close of any
Distribution Date, the excess of the Class B Monthly Principal Distributable
Amount and any outstanding Class B Principal Carryover Shortfall from the
preceding Distribution Date, over the amount in respect of principal that is
actually distributed to Holders of the Class B Certificates on such current
Distribution Date.

         "Class B Principal Distributable Amount" means, with respect to any
Distribution Date, the Class B Percentage of the Principal Distribution
Amount. In addition, on the Final Scheduled Distribution Date, the principal
required to be included in the Class B Principal Distributable Amount will
include the lesser of (a) the Class B Percentage of (i) any Scheduled Payments
of principal due and remaining unpaid on each Precomputed Receivable and (ii)
any principal due and remaining unpaid on each Simple Interest Receivable, in
each case, in the Trust as of the Final Scheduled Maturity Date or (b) the
amount that is necessary (after giving effect to the other amounts to be
deposited in the Distribution Account on such Distribution Date and allocable
to principal) to reduce the Class B Certificate Balance to zero.

         "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Securities Exchange Act of 1934, as
amended.

         "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 ______________________.

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

         "Collection Account" means the account designated as such,
established and maintained pursuant to Section 5.01(a)(i).

         "Collection Period" means a calendar month (or in the case of the
first Distribution Date, the period from and including the Cutoff Date to and
including the last day of the calendar month in which the Closing Date
occurs). Any amount stated as of the last day of a Collection Period or as of
the first day of a Collection Period shall give effect to the following
calculations as determined as of the close of business on such last day: (1)
all applications of collections, (2) all current and previous Payaheads, (3)
all applications of Payahead Balances, (4) all Advances and reductions of
Advances and (5) all distributions to be made on the following Distribution
Date.

         "Contract" means a automotive retail installment sale contract or
installment loan.

         "Corporate Trust Office" means the principal corporate trust office
of the Trustee, which at the time of execution of this agreement is
______________________, Attention: ____________.

         "Cutoff Date" means, with respect to any Receivable, the date as of
which collections on such Receivable will be included in a Trust or the
related Trust Account pursuant to the related Agreement.

         "Dealer" means the dealer who sold a Financed Asset to an Obligor and
who originated and assigned the related Receivable to an Originator.

         "Definitive Certificates" shall have the meaning specified in Section
6.10.

         "Delivery" when means:

         (a) with respect to bankers' acceptances, commercial paper,
negotiable certificates of deposit and other obligations that constitute
"instruments" within the meaning of Section 9-105(1)(i) of the UCC and are
susceptible of physical delivery, transfer thereof to the Trustee or its
nominee or custodian by physical delivery to the Trustee or its nominee or
custodian endorsed to, or registered in the name of, the Trustee or its
nominee or custodian or endorsed in blank, and, with respect to a certificated
security (as defined in Section 8-102 of the UCC) transfer thereof (i) by
delivery of such certificated security endorsed to, or registered in the name
of, the Trustee or its nominee or custodian or endorsed in blank to a
financial intermediary (as defined in Section 8-313 of the UCC) and the making
by such financial intermediary of entries on its books and records identifying
such certificated securities as belonging to the Trustee or its nominee or
custodian and the sending by such financial intermediary of a confirmation of
the purchase of such certificated security by the Trustee or its nominee or
custodian, or (ii) by delivery thereof to a "clearing corporation" (as defined
in Section 8-102(3) of the UCC) and the making by such clearing corporation of
appropriate entries on its books reducing the appropriate securities account
of the transferor and increasing the appropriate securities account of a
financial intermediary by the amount of such certificated security, the
identification by the clearing corporation of the certificated securities for
the sole and exclusive account of the financial intermediary, the maintenance
of such certificated securities by such clearing corporation or a "custodian
bank" (as defined in Section 8-102(4) of the UCC) or the nominee of either,
subject to the clearing corporation's exclusive control, the sending of a
confirmation by the financial intermediary of the purchase by the Trustee or
its nominee or custodian of such securities and the making by such financial
intermediary of entries on its books and records identifying such certificated
securities as belonging to the Trustee or its nominee or custodian (all of the
foregoing, "Physical Property"), and, in any event, any such Physical Property
in registered form shall be in the name of the Trustee or its nominee or
custodian; and such additional or alternative procedures as may hereafter
become appropriate to effect the complete transfer of ownership of any such
Trust Account Property to the Trustee or its nominee or custodian, consistent
with changes in applicable law or regulations or the interpretation thereof;

         (b) with respect to any securities issued by the U.S. Treasury, the
Federal Home Loan Mortgage Corporation or by the Federal National Mortgage
Association that is a book-entry securities held through the Federal Reserve
System pursuant to federal book-entry regulations, the following procedures,
all in accordance with applicable law, including applicable federal
regulations and Articles 8 and 9 of the UCC: book-entry registration of such
Trust Account Property to an appropriate book-entry account maintained with a
Federal Reserve Bank by a financial intermediary that is also a "depository"
pursuant to applicable federal regulations and issuance by such financial
intermediary of a deposit advice or other written confirmation of such
book-entry registration to the Trustee or its nominee or custodian of the
purchase by the Trustee or its nominee or custodian of such book-entry
securities; the identification by the Federal Reserve Bank of such book-entry
securities on its record being credited to the financial intermediary's
participant's securities account; the making by such financial intermediary of
entries in its books and records identifying such book-entry security held
through the Federal Reserve System pursuant to federal book-entry regulations
as being credited to the Trustee's securities account or custodian's
securities account and indicating that such custodian holds such Trust Account
Property solely as agent for the Trustee or its nominee or custodian; and such
additional or alternative procedures as may hereafter become appropriate to
effect complete transfer of ownership of any such Trust Account Property to
the Trustee or its nominee or custodian, consistent with changes in applicable
law or regulations or the interpretation thereof; and

         (c) with respect to any item of Trust Account Property that is an
uncertificated security under Article 8 of the UCC and that is not governed by
clause (b) above, registration on the books and records of the issuer thereof
in the name of the financial intermediary, the sending of a confirmation by
the financial intermediary of the purchase by the Trustee or its nominee or
custodian of such uncertificated security, the making by such financial
intermediary of entries on its books and records identifying such
uncertificated certificates as belonging to the Trustee or its nominee or
custodian.

         "Depositor" means ML Asset Backed Corporation, a Delaware
corporation, and its successors in interest to the extent permitted hereunder.

         "Depository Agreement" means the agreement dated _____________, among
the Trustee and The Depository Trust Company, as the initial Clearing Agency,
substantially in the form attached as Exhibit C hereto.

         "Determination Date" means, unless otherwise specified in this
Agreement, the ______ Business Day of each calendar month.

         "Distribution Account" means the account designated as such,
established and maintained pursuant to Section 5.01(a)(iii).

         "Distribution Date" means, with respect to each Collection Period,
the _______ day of the following calendar month or, if such day is not a
Business Day, the immediately following Business Day, commencing on
________________.

         "Eligible Deposit Account" means either (a) a segregated account with
an Eligible Institution or (b) a segregated trust account with the corporate
trust department of a depository institution organized under the laws of the
United States of America or any one of the states thereof or the District of
Colombia (or any domestic branch of a foreign bank), having corporate trust
powers and acting as trustee for funds deposited in such account, so long as
any of the securities of such depository institution shall have a credit
rating from each Rating Agency in one of its generic rating categories that
signifies investment grade.

         "Eligible Institution" means (a) the corporate trust department of
the Trustee or any other entity specified in this Agreement or (b) a
depository institution organized under the laws of the United States of
America or any one of the states thereof or the District of Columbia (or any
domestic branch of a foreign bank), which (i) has either (A) a long-term
unsecured debt rating of AAA or better by Standard & Poor's and A1 or better
by Moody's or (B) a certificate of deposit rating of A-1+ by Standard & Poor's
and P-1 or better by Moody's or any other long-term, short-term or certificate
of deposit rating acceptable to the Rating Agencies and (ii) whose deposits
are insured by the FDIC. If so qualified, the Trustee or any such other entity
specified in this Agreement may be considered an Eligible Institution for the
purposes of clause (b) of this definition.

         "Eligible Investments" mean book-entry securities, negotiable
instruments or securities represented by instruments in bearer or registered
form which evidence:

         (a) direct obligations of, and obligations fully guaranteed as to
timely payment by, the United States of America;

         (b) demand deposits, time deposits or certificates of deposit of any
depository institution or trust company incorporated under the laws of the
United States of America or any state thereof (of any domestic branch of a
foreign bank) and subject to supervision and examination by Federal or State
banking or depository institution authorities; provided, however, that at the
time of the investment or contractual commitment to invest therein, the
commercial paper or other short-term unsecured debt obligations (other than
such obligations the rating of which is based on the credit of a Person other
than such depository institution or trust company) thereof shall have a credit
rating from each of the Rating Agencies in the highest applicable rating
category granted thereby;

         (c) commercial paper, variable amount notes or other short term debt
obligations, having, at the time of the investment or contractual commitment
to invest therein, a rating from each of the Rating Agencies in the highest
applicable rating category granted thereby;

         (d) investments in money market or common trust funds having a rating
from each of the Rating Agencies in the highest applicable rating category
granted thereby (including funds for which the Trustee or any of its
Affiliates is investment manager or advisor);

         (e) bankers' acceptances issued by any depository institution or
trust company referred to in clause (b) above;

         (f) repurchase obligations with respect to any security that is a
direct obligation of, or fully guaranteed by, the United States of America or
any agency or instrumentality thereof the obligations of which are backed by
the full faith and credit of the United States of America, in either case
entered into with a depository institution or trust company (acting as
principal) described in clause (b); or

         (g) any other investment with respect to which the Trustee or the
Servicer has received written notification from the Rating Agencies that the
acquisition of such investment as an Eligible Investment will not result in a
withdrawal or downgrading of the ratings of the Certificates.

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

         "Event of Default" means an event specified in Section 9.01.

         "FDIC" means the Federal Deposit Insurance Corporation.

         "Final Scheduled Distribution Date" means ______________________.

         "Final Scheduled Maturity Date" means ______________________.

         "Financed Asset" means an automobile, light-duty truck together with
all accessions thereto, securing an Obligor's indebtedness under the
respective Receivable.

         "Initial Certificate Balance" means $______________________.

         "Initial Class A Balance" means $______________________.

         "Initial Class B Balance" means $______________________.

         "Initial Collection Period" means the period beginning on, and
including, _______________ to and including ______________________.

         "Insolvency Event" means, with respect to a specified Person, (a) the
filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of such Person or any substantial part of its property 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 for such Person or for any substantial part of its property, or
ordering the winding-up or liquidation or such Person's affairs, and such
decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or (b) the commencement by such Person 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 such Person to the entry of
an order for relief in an involuntary case under any such law, or the consent
by such Person to the appointment of or taking possession by, a receiver,
liquidator, assignee, custodian, trustee, sequestrator, or similar official
for such Person or for any substantial part of its property, or the making by
such Person of any general assignment for the benefit of creditors, or the
failure by such Person generally to pay its debts as such debts become due, or
the taking of action by such Person in furtherance of any of the foregoing.

         "Interest Distribution Amount" means, with respect to any
Distribution Date, the sum of the following amounts in respect of the
Receivables and the preceding Collection Period: (i) that portion of all
collections on Receivables (including Payaheads that have become due during
such Collection Period) allocable to interest, (ii) Liquidation Proceeds with
respect to the Receivables to the extent allocable to interest due thereon in
accordance with the Servicer's customary servicing procedures; (iii) all
Advances made by the Servicer of interest due on Receivables, (iv) the
Purchase Amount of each Receivable that became a Purchased Receivable during
the related Collection Period to the extent attributable to accrued interest
on such Receivable and (v) Recoveries for such Collection Period; provided,
however, that in calculating the Interest Distribution Amount the following
will be excluded: (i) amounts received on Precomputed Receivables to the
extent that the Servicer has previously made an unreimbursed Precomputed
Advance of interest; (ii) Liquidation Proceeds with respect to a particular
Precomputed Receivable to the extent of any unreimbursed Precomputed Advances
of interest; (iii) all payments and proceeds (including Liquidation Proceeds)
of any Purchased Receivables the Purchase Amount of which has been included in
the Interest Distribution Amount in a prior Collection Period; (v) the sum for
all Simple Interest Receivables of collections on each such Simple Interest
Receivable received during the preceding Collection Period in excess of the
amount of interest that would be due on the aggregate Principal Balance of the
Simple Interest Receivables during such Collection Period at their respective
APRs if a payment were received on each Simple Interest Receivable during such
Collection Period on the date payment is due under the terms of the related
Contract; (vi) Liquidation Proceeds with respect to a Simple Interest
Receivable attributable to accrued and unpaid interest thereon (but not
including interest for the then current Collection Period) but only to the
extent of any unreimbursed Simple Interest Advances; and (vii) amounts
released from the Pre-Funding Account.

         "Investment Earnings" means, with respect to any Distribution Date,
the investment earnings (net of losses and investment expenses) on amounts on
deposit in the Trust Accounts to be deposited to the Distribution Account on
such Distribution Date pursuant to Section 5.01(b).

         "Lien" means a security interest, lien, charge, pledge, equity, or
encumbrance of any kind, other than tax liens, mechanics' liens and any liens
that attach to the respective Receivable or Financed Asset, as applicable, by
operation of law as a result of any act or omission by the related Obligor.

         "Liquidated Receivable" means any Receivable liquidated by the
Servicer through sale of a Financed Asset or otherwise.

         "Liquidation Proceeds" means, with respect to a Liquidated
Receivable, the monies collected in respect thereof, from whatever source,
during the Collection Period in which such Receivable became a Liquidated
Receivable, net of the sum of any amounts expended by the Servicer in
connection with such liquidation, plus any amounts required by law to be
remitted to the Obligor.

         "Moody's" means Moody's Investors Service, Inc., or its successor.

         "Obligor" on a Receivable means the purchaser or co-purchasers of the
Financed Asset and any other Person who owes payments under the Receivable.

         "Officers' Certificate" means a certificate signed by the (a)
chairman of the board, the president, any executive vice president or any vice
president and (b) any treasurer, assistant treasurer, secretary or assistant
secretary of the Depositor or the Servicer, as appropriate.

         "Opinion of Counsel" means one or more written opinions of counsel,
who may be an employee of or counsel to the Depositor or the Servicer, which
counsel shall be acceptable to the Trustee or Rating Agencies, as applicable.

         "Original Pool Balance" means the sum, as of any date, of the Pool
Balance as of the Cutoff Date.

         "Originator" means ____________________________ which purchased a
Contract from a Dealer and sold such Contract to the Seller.

         "Outstanding Precomputed Advances" on the Precomputed Receivables
means the sum, as of the close of business on the last day of a Collection
Period, of all Precomputed Advances, reduced as provided by Section 5.04(a).

         "Outstanding Simple Interest Advances" on the Simple Interest
Receivables means the sum, as of the close of business on the last day of a
Collection Period, of all Simple Interest Advances, reduced as provided in
Section 5.04(b).

         "Payahead" on a Receivable that is a Precomputed Receivable means the
amount, as of the close of business on the last day of a Collection Period,
computed in accordance with Section 5.03 with respect to such Receivable.

         "Payahead Account" means the account designated as such, established
and maintained pursuant to Section 5.01(c)(i).

         "Payahead Balance" on a Precomputed Receivable means the sum, as of
the close of business on the last day of a Collection Period, of all Payaheads
made by or on behalf of the Obligor with respect to such Precomputed
Receivable, as reduced by applications of previous Payaheads with respect to
such Precomputed Receivable, pursuant to Sections 5.03 and 5.04.

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

         "Physical Property" has the meaning assigned to such term in the
definition of "Delivery" above.

         "Pool Balance" means, as of the close of business on the last day of
a Collection Period, the aggregate Principal Balance of the Receivables as of
such date (excluding Purchased Receivables and Liquidated Receivables).

         "Precomputed Advance" means the amount, as of the close of business
on the last day of a Collection Period, which the Servicer is required to
advance on any Precomputed Receivable pursuant to Section 5.04(a).

         "Precomputed Receivable" means any Receivable under which the portion
of each payment allocable to earned interest (which may be referred to in the
Receivable as an add-on finance charge) and the portion allocable to the
Amount Financed are determined according to the sum of periodic balances or
the sum of monthly balances or any equivalent method, or which is a monthly
actuarial receivable.

         "Principal Balance" means the Amount Financed minus the sum, as of
the close of business on the last day of a Collection Period, of (a) with
respect to a Precomputed Receivable (i) that portion of all Scheduled Payments
due on or prior to such day allocable to principal using the actuarial or
constant yield method, (ii) any refunded portion of extended warranty
protection plan costs or of physical damage, credit life or disability
insurance premiums included in the Amount Financed, (iii) any payment of the
Purchase Amount allocable to principal and (iv) any prepayment in full or any
partial prepayments applied to reduce the Principal Balance and (b) with
respect to a Simple Interest Receivable (i) the portion of all payments made
by or on behalf of the related Obligor on or prior to such day and allocable
to principal using the Simple Interest Method and (ii) any payment of the
Purchase Amount allocable to principal.

         "Principal Distribution Amount" means, for any Distribution Date, the
sum of the following amounts with respect to the preceding Collection Period:
(i) that portion of all collections on Receivables (including amounts
withdrawn from the Payahead Account but excluding amounts deposited into the
Payahead Account) allocable to principal; (ii) all Liquidation Proceeds
attributable to the principal amount of Receivables that became Liquidated
Receivables during the Collection Period in accordance with the Servicer's
customary servicing procedures, plus the amount of Realized Losses with
respect to such Liquidated Receivables; (iii) all Precomputed Advances made by
the Servicer of principal due on the Precomputed Receivables; (iv) to the
extent attributable to principal, the Purchase Amount received with respect to
each Receivable that became a Purchased Receivable during the related
Collection Period; (v) partial prepayments relating to refunds of extended
warranty protection plan costs or of physical damage, credit life or
disability insurance policy premiums, but only if such costs or premiums were
financed by the respective Obligor as of the date of the original Contract;
and (vi) on the Final Scheduled Distribution Date, any amounts advanced by the
Servicer on such Final Scheduled Distribution Date with respect to principal
on the Receivables; provided, however, that in calculating the Principal
Distribution Amount the following will be excluded: (i) amounts received on
Precomputed Receivables to the extent that the Servicer has previously made an
unreimbursed Precomputed Advance of principal; (ii) Liquidation Proceeds with
respect to a particular Precomputed Receivable to the extent of any
unreimbursed Precomputed Advances of principal; (iii) all payments and
proceeds (including Liquidation Proceeds) of any Purchased Receivables the
Purchase Amount of which has been included in the Principal Distribution
Amount in a prior Collection Period, and (iv) Recoveries.

         "Purchase Amount" means the amount, as of the close of business on
the last day of a Collection Period, required to prepay in full a Receivable
under the terms thereof including interest to the end of the month of
purchase.

         "Purchased Receivable" means a Receivable purchased as of the close
of business on the last day of a Collection Period by the Servicer pursuant to
Section 4.07 by the Depositor pursuant to Section 3.02 or by the Seller
pursuant to Section 3.01.

         "Rating Agency" means Moody's and Standard & Poor's. If no such
organization or successor is any longer in existence, "Rating Agency" shall
mean any nationally recognized statistical rating organization or other
comparable Person designated by the Depositor, notice of which designation
shall be given to the Trustee and the Servicer.

         "Rating Agency Condition" means, with respect to any action, that
each Rating Agency shall have been given 10 days' (or such shorter period as
shall be acceptable to each Rating Agency) prior notice thereof and that each
of the Rating Agencies shall have notified the Depositor, the Servicer and the
Trustee in writing that such action will not result in a reduction or
withdrawal of the then current rating of the Certificates.

         "Realized Losses" means, with respect to any Receivable that becomes
a Liquidated Receivable, the excess of the Principal Balance of such
Liquidated Receivable over Liquidation Proceeds to the extent allocable to
principal.

         "Receivable" means any Contract transfer to the Trust on the Closing
Date that is listed on Schedule A to this Agreement (which schedule may be in
the form of microfiche).

         "Receivable Files" means the documents specified in Section 3.04.

         "Receivables Purchase Agreement" means the purchase agreement dated
as of ___________________ between the Seller, as seller and the Depositor, as
purchaser.

         "Record Date" with respect to each Distribution Date means the first
day of the calendar month in which such Distribution Date occurs, unless
otherwise specified in this Agreement.

         "Recoveries" means, with respect to any Receivable that becomes a
Liquidated Receivable, monies collected in respect thereof, from whatever
source, during any Collection Period following the Collection Period in which
such Receivable became a Liquidated Receivable, net of the sum of any amounts
expended by the Servicer for the account of the Obligor and any amounts
required by law to be remitted to the Obligor.

         "Reserve Account" means the account designated as such, established
and maintained pursuant to Section 5.07.

         "Reserve Account Initial Deposit" means, with respect to the Closing
Date and taking into account any transfer of Subsequent Receivables on such
date, an amount equal to the Specified Reserve Account Balance on the Closing
Date (which is equal to $________________) and, with respect to each
Subsequent Transfer Date after the Closing Date, an amount equal to ___% of
the Principal Balance of the Subsequent Receivables transferred to the Trust
on such Subsequent Transfer Date.

         "Reserve Account Property" has the meaning assigned thereto in
Section 5.07(b).

         "Scheduled Payment" on a Precomputed Receivable means that portion of
the payment required to be made by the Obligor during each Collection Period
sufficient to amortize the Principal Balance thereof under the actuarial
method over the term of the Receivable and to provide interest at the APR.

         "Seller" means _____________________________, an corporation, and its
successors in interest.

         "Servicer" means _________, as the servicer of the Receivables, and
each successor Servicer pursuant to Section 8.03 or 9.02.

         "Servicer's Certificate" means an Officers' Certificate of the
Servicer delivered pursuant to Section 4.09, substantially in the form of
Exhibit D.

         "Servicing Fee" means the fee payable to the Servicer for services
rendered during each Collection Period, determined pursuant to Section 4.08.

         "Servicing Rate" means ___% per annum.

         "Simple Interest Advance" means the amount of interest, as of the
close of business on the last day of a Collection Period, which the Servicer
is required to advance on the Simple Interest Receivables pursuant to Section
5.04(b).

         "Simple Interest Method" means the method of allocating a fixed level
payment to principal and interest, pursuant to which the portion of such
payment that is allocated to interest is equal to the product of the fixed
rate of interest multiplied by the unpaid principal balance multiplied by the
period of time elapsed since the preceding payment of interest was made and
the remainder of such payment is allocable to principal.

         "Simple Interest Receivable" means any Receivable under which the
portion of a payment allocable to interest and the portion allocable to
principal is determined in accordance with the Simple Interest Method.

         "Specified Reserve Account Balance" means [STATE FORMULA].

         "Standard & Poor's" means Standard & Poor's Ratings Services, a
Division of The McGraw-Hill Companies, Inc. or its successor.

         "Total Distribution Amount" means, for each Distribution Date, the
sum of the Interest Distribution Amount and the Principal Distribution Amount
(other than the portion thereof attributable to Realized Losses).

         "Trust" shall have the meaning set forth in this Agreement.

         "Trustee" means ______________________, a ___________________ banking
corporation, its successors in interest and any successor Trustee hereunder.

         "Trustee Officer" means the chairman or vice-chairman of the board of
directors, the chairman or vice-chairman of the executive committee of the
board of directors, the president, any vice president, the secretary, any
assistant secretary, the treasurer, any assistant treasurer, the cashier, any
assistant cashier, any trust officer or assistant trust officer, the
controller and any assistant controller or any other officer of the Trustee
customarily performing functions similar to those performed by any of the
above designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of such officer's knowledge of and familiarity with the particular
subject.

         "UCC" means the Uniform Commercial Code as in effect in the relevant
jurisdiction on the date thereof.

         Section 1.02. Other Definitional Provisions. (a) All terms defined in
this Agreement shall have the defined meanings when used in any certificate or
other document made or delivered pursuant hereto or thereto unless otherwise
defined therein.

         (b) As used herein and in any certificate or other document made or
delivered pursuant hereto, accounting terms not defined herein or in any such
certificate or other document, and accounting terms partly defined herein or
in any such certificate or other document to the extent not defined, shall
have the respective meanings given to them under generally accepted accounting
principles. To the extent that the definitions of accounting terms herein or
in any such certificate or other document are inconsistent with the meanings
of such terms under generally accepted accounting principles, the definitions
contained herein, or in any such certificate or other document shall control.

         (c) The words "hereof," "herein," "hereunder" and word of similar
import when used herein shall refer to this Agreement as a whole and not to
any particular provision of this Agreement; Article, Section, Schedule and
Exhibit references contained in this Agreement are references to Articles,
Sections, Schedules and Exhibits in or to this Agreement, respectively; and
the term "including" and its variations shall mean "including without
limitation".

         (d) The definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as
well as to the feminine and neuter genders of such terms.

         (e) Any agreement, instrument or statute defined or referred to
herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument or statute as from time to time amended,
modified or supplemented and includes (in the case of agreements or
instruments) references to all attachments thereto and instruments
incorporated therein; references to a Person are also to its permitted
successors and assigns.

                                 ARTICLE II.

                            Establishment of Trust

         Section 2.01. Creation of Trust. Upon the execution of this Agreement
by the parties hereto, there is hereby created a separate trust, which shall
be known as [_______________] Trust 200__-__ (the "Trust"). The Trust shall be
administered pursuant to the provisions of this Agreement for the benefit of
the Certificateholders.

         Section 2.02. Acceptance by Trustee. The Trustee hereby accepts all
consideration conveyed by the Depositor pursuant to Section 2.03 and declares
that it will hold such consideration upon the trusts set forth herein for the
benefit of the Certificateholders, subject to the terms and provisions of this
Agreement.

         Section 2.03. Conveyance of Receivables. In consideration of the
Trustee's delivery on the Closing Date to or upon the order of the Depositor
of Class A Certificates in an initial aggregate principal amount equal to the
Initial Class A Balance and Class B Certificates in an initial aggregate
principal amount equal to the Initial Class B Balance, the Depositor does
hereby sell, transfer, assign, set over and otherwise convey to the Trustee
for the benefit of the Certificateholders, without recourse (subject to the
obligations set forth herein), all right, title and interest of the Depositor
in and to:

          (1) the Receivables, and all moneys due thereon on or after
          __________, in the case of Precomputed Receivables, and all moneys
          received thereon on and after __________, in the case of Simple
          Interest Receivables;

          (2) the security interests in the Financed Assets granted by
          Obligors pursuant to the Receivables and any other interest of the
          Seller or the Depositor in such Financed Assets;

          (3) any proceeds with respect to the Receivables from claims on any
          physical damage, credit life or disability insurance policies
          covering Financed Assets or Obligors;

          (4) any proceeds from recourse to Dealers on Receivables with
          respect to which the Servicer has determined in accordance with its
          customary servicing procedures that eventual payment in full is
          unlikely;

          (5) any Financed Asset that shall have secured any such Receivable
          and shall have been acquired by or on behalf of the Seller, the
          Depositor, the Servicer or the Trust;

          (6) all right, title and interest of the Depositor under the
          Receivables Purchase Agreement, including, without limitation, the
          right of the Depositor to cause the Seller to purchase Receivables
          under certain circumstances.

          (7) the proceeds of any and all of the foregoing.

                                 ARTICLE III.

                                The Receivables

         Section 3.01. Representations and Warranties of the Seller. (a) The
Seller has made each of the representations and warranties set forth in
Exhibit D hereto under the Receivables Purchase Agreement and has consented to
the assignment by the Depositor to the Trust of the Depositor's rights with
respect thereto. Such representations and warranties speak as of the execution
and delivery of this Agreement and as of the Closing Date, but shall survive
the sale, transfer and assignment of the Receivables to the Trust. Pursuant to
Section 2.02 of this Agreement, the Depositor has sold, assigned, transferred
and conveyed to the Trust, as part of the assets of the Trust, its rights
under the Receivables Purchase Agreement, including the representations and
warranties of the Seller therein as set forth in Exhibit D, upon which the
Trustee relies in accepting the Receivables and delivering the Certificates,
together with all rights of the Depositor with respect to any breach thereof,
including the right to require the Seller to repurchase Receivables in
accordance with the Receivables Purchase Agreement. It is understood and
agreed that the representations and warranties referred to in this Section
shall survive the delivery of the Receivable Files to the Trustee or any
custodian.

         (b) the Seller hereby agrees that the Trustee shall have the right,
on behalf of the Trust and the Certificateholders, to enforce any and all
rights under the Receivables Purchase Agreement assigned to the Trust herein,
including the right to cause the Sellers to repurchase any Receivable with
respect to which it is in breach of any of its representations and warranties
set forth in Exhibit D, directly against the Sellers as though the Trustee, as
trustee of the Trust, were a party to the Receivables Purchase Agreement, and
the Trustee shall not be obligated to exercise any such rights indirectly
through the Depositor.

         Section 3.02. Representations and Warranties of the Depositor. The
Depositor makes the following representations and warranties as to the
Receivables on which the Trustee relies in accepting the Receivables and
delivering the Certificates and the Security Insurer relies in issuing the
Policy. Such representations and warranties speak as of the execution and
delivery of this Agreement and as of the Closing Date, but shall survive the
sale, transfer and assignment of the Receivables by the Depositor to the
Trust.

         (a) Title. It is the intention of the Depositor that (i) the transfer
and assignment herein contemplated constitute a sale of the Receivables from
the Depositor to the Trust, conveying good title thereto, free and clear of
any Liens or rights of other Persons and (ii) the beneficial interest in and
title to the Receivables not be part of the debtor's estate in the event of
the filing of a bankruptcy petition by or against the Depositor under any
bankruptcy law. No Receivable has been sold, transferred, assigned or pledged
by the Depositor to any Person other than the Trust. Immediately prior to the
transfer and assignment herein contemplated, the Depositor had good and
marketable title to each Receivable, free and clear of all Liens and rights of
others and, immediately upon the transfer thereof, the Trust shall have good
and marketable title to each such Receivable, free and clear of all Liens and
rights of others; and the transfer has been perfected under the UCC.

         (b) All Filings Made. All filings (including UCC filings) necessary
in any jurisdiction to give the Trust a first perfected ownership interest in
the Receivables shall have been made.

         Section 3.03. Repurchase Upon Breach. The Depositor, the Servicer or
the Trustee, as the case may be, shall inform the other parties to this
Agreement promptly, in writing, upon the discovery of any breach of the
Depositor's representations and warranties made pursuant to Section 3.01 of
this Agreement or Section ___ of the Receivable Purchase Agreement or of the
Depositor's representations and warranties made pursuant to Section 3.02
above. Unless any such breach shall have been cured by the last day of the
second Collection Period following the discovery thereof by the Trustee or
receipt by the Trustee of notice from the Depositor or the Servicer of such
breach, the Depositor shall be obligated to repurchase any Receivable
materially and adversely affected by any such breach as of such last day (or,
at the Depositor's option, the last day of the first Collection Period
following such discovery or notice). In consideration of the repurchase of any
Receivable, the Depositor shall remit the Purchase Amount, in the manner
specified in Section 5.05 provided, however, that the obligation of the
Depositor to repurchase any receivable arising solely as a result of a breach
of the Seller's representations and warranties under Section 3.02 of the
Receivables Purchase Agreement is subject to the receipt by the Depositor of
the Purchase Amount from the Seller. Subject to the provisions of Section
7.03, the sole remedy of the Trustee, the Trust or the Certificateholders with
respect to a breach of representations and warranties pursuant to Section 3.01
and 3.02 and the Agreement contained in this Section shall be to require the
Depositor to repurchase Receivables pursuant to this Section, subject to the
conditions contained herein or to enforce the Seller's obligation to the
Depositor to repurchase such Receivables pursuant to the Receivables Purchase
Agreement.

         Section 3.04. Custody of Receivable Files. To assure uniform quality
in servicing the Receivables and to reduce administrative costs, the Trustee,
upon the execution and delivery of this Agreement, hereby revocably appoints
the Servicer, and the Servicer hereby accepts such appointment, to act as the
agent of the Trustee as custodian of the following documents or instruments
which are hereby constructively delivered to the Trustee as of the Cutoff Date
with respect to each Receivable:

               (i) the original of the Receivable;

               (ii) the original credit application fully executed by the
          Obligor;

               (iii) the original certificate of title or such documents that
          the Servicer or the Depositor shall keep on file, in accordance with
          its customary procedures, evidencing the security interest of the
          Depositor in the Financed Asset; and

               (iv) any and all other documents that the Servicer or the
          Depositor shall keep on file, in accordance with its customary
          procedures, relating to a Receivable, an Obligor or a Financed
          Asset.

         Section 3.05. Duties of Servicer as Custodian. (a) Safekeeping. The
Servicer shall hold the Receivable Files as custodian on behalf of the Trustee
for the benefit of all present and future Certificateholders, and shall
maintain such accurate and complete accounts, records and computer systems
pertaining to each Receivable File as shall enable the Trustee to comply with
this Agreement. In performing its duties as custodian the Servicer shall act
with reasonable care, using that degree of skill and attention that the
Servicer exercises with respect to the receivable files relating to all
comparable automotive receivables that the Servicer services for itself or
others. The Servicer shall conduct, or cause to be conducted, periodic audits
of the Receivable Files held by it under this Agreement, and of the related
accounts, records and computer systems, in such a manner as shall enable the
Trustee to verify the accuracy of the Servicer's record keeping. The Servicer
shall promptly report to the Trustee any failure on its part to hold the
Receivable Files and maintain its accounts, records and computer systems as
herein provided and shall promptly take appropriate action to remedy any such
failure. Nothing herein shall be deemed to require an initial review or any
periodic review by the Trustee of the Receivable Files.

         (b) Maintenance of and Access to Records. The Servicer shall maintain
each Receivable File at one of its offices specified in Schedule B to this
Agreement or at such other office as shall be specified to the Trustee by
written notice not later than 30 days after any change in location. The
Servicer shall make available to the Trustee or its duly authorized
representatives, attorneys or auditors a list of locations of the Receivable
Files and the related accounts, records and computer systems maintained by the
Servicer at such times during normal business hours as the Trustee shall
instruct.

         (c) Release of Documents. Upon instruction from the Trustee, the
Servicer shall release any Receivable File to the Trustee, the Trustee's agent
or the Trustee's designee, as the case may be, at such place or places as the
Trustee may designate, as soon as practicable.

         Section 3.06. Instructions; Authority to Act. The Servicer shall be
deemed to have received proper instructions with respect to the Receivable
Files upon its receipt of written instructions signed by a Trustee Officer.

         Section 3.07. Custodian's Indemnification. The Servicer as custodian
shall indemnify the Trustee and each of its officers, directors, employees and
agents for any and all liabilities, obligations, losses, compensatory damages,
payments, costs, or expenses of any kind whatsoever that may be imposed on,
incurred by or asserted against the Trustee or any of its officers, directors,
employees or agents as the result of any improper act or omission in any way
relating to the maintenance and custody by the Servicer as custodian of the
Receivable Files; provided, however, that the Servicer shall not be liable to
the Trustee or any such officers, director, employee or agent of the Trustee
for any portion of any such amount resulting from the willful misfeasance, bad
faith or negligence of the Trustee or any such officer, director, employee or
agent of the Trustee.

         Section 3.08. Effective Period and Termination. The Servicer's
appointment as custodian shall become effective as of the Cutoff Date and
shall continue in full force and effect until terminated pursuant to this
Section. If __________ shall resign as Servicer in accordance with the
provisions hereof, or if all of the rights and obligations of any Servicer
shall have been terminated under Section 9.01, the appointment of such
Servicer as custodian shall be terminated by the Trustee or by Holders of the
Class A Certificates evidencing not less than 25% of the Class A Certificate
Balance, in the same manner as the Trustee or such Holders may terminate the
rights and obligations of the Servicer under Section 9.01. The Trustee may
terminate the Servicer's appointment as custodian, with cause, at any time
upon written notification to the Servicer, and without cause upon 30 days'
prior written notification. As soon as practicable after any termination of
such appointment, the Servicer shall deliver the Receivable Files to the
Trustee or the Trustee's agent at such place or places as the Trustee may
reasonably designate.

                                 ARTICLE IV.

                  Administration and Servicing of Receivables

         Section 4.01. Duties of Servicer. The Servicer, as agent for the
Trustee (to the extent provided herein), shall manage, service, administer and
make collections on the Receivables (other than Purchased Receivables) with
reasonable care, using that degree of skill and attention that the Servicer
exercises with respect to all comparable receivables that it services for
itself or others. The Servicer's duties shall include collection and posting
of all payments, responding to inquiries of Obligors on such Receivables,
investigating delinquencies, sending payment coupons to Obligors, reporting
tax information to Obligors, accounting for collections, furnishing monthly
and annual statements to the Trustee with respect to distributions, and making
Advances pursuant to Section 5.04. Subject to the provisions of Section 4.02,
the Servicer shall follow its customary standards, policies and procedures in
performing its duties as Servicer. Without limiting the generality of the
foregoing, the Servicer is authorized and empowered by the Trustee to execute
and deliver, on behalf of itself, the Trust, the Certificateholders, the
Trustee, or any of them, any and all instruments of satisfaction or
cancellation, or partial or full release or discharge, and all other
comparable instruments, with respect to such Receivables or to the Financed
Assets securing such Receivables. If the Servicer shall commence a legal
proceeding to enforce a Receivable, the Trustee (in the case of any Receivable
other than a Purchased Receivable) shall thereupon be deemed to have
automatically assigned, solely for the purpose of collection, such Receivable
to the Servicer. If in any enforcement suit or legal proceeding it shall be
held that the Servicer may not enforce a Receivable on the ground that it
shall not be a real party in interest or a holder entitled to enforce such
Receivable, the Trustee shall, at the Servicer's expense and direction, take
steps to enforce such Receivable, including bringing suit in its name or the
name of the Certificateholders. The Trustee shall, upon written request of the
Servicer, furnish the Servicer with any powers of attorney and other documents
reasonably necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties hereunder.

         Section 4.02. Collection and Allocation of Receivable Payments. The
Servicer shall make reasonable efforts to collect all payments called for
under the terms and provisions of the Receivables as and when the same shall
become due and shall follow such collection procedures as it follows with
respect to all comparable automotive receivables that it services for itself
or others. The Servicer shall allocate collections between principal and
interest in accordance with the customary servicing procedures it follows with
respect to all comparable automotive receivables that it services for itself
or others. The Servicer may grant extensions, rebates or adjustments on a
Receivable, which shall not, for the purposes of this Agreement, modify the
original due dates or amounts of the Scheduled Payments on a Precomputed
Receivable or the original due dates or amounts of the originally scheduled
payments of interest on Simple Interest Receivables; provided, however, that
if the Servicer extends the date for final payment by the Obligor of any
Receivable beyond the Final Scheduled Maturity Date, it shall promptly
repurchase such Receivable from the Trust in accordance with the terms of
Section 4.07. The Servicer may in its discretion waive any late payment charge
or any other fees that may be collected in the ordinary course of servicing a
Receivable. The Servicer shall not agree to any alteration of the interest
rate on any Receivable or of the amount of any Scheduled Payment on
Precomputed Receivables or the originally scheduled payments on Simple
Interest Receivables.

         Section 4.03. Realization Upon Receivables. On behalf of the Trust,
the Servicer shall use its best efforts, consistent with its customary
servicing procedures, to repossess or otherwise convert the ownership of the
Financed Asset securing any Receivable as to which the Servicer shall have
determined eventual payment in full is unlikely. The Servicer shall follow
such customary and usual practices and procedures as it shall deem necessary
or advisable in its servicing of such receivables, which shall include
reasonable efforts to realize upon any recourse, if any, to Dealers and
selling the Financed Asset at public or private sale. The foregoing shall be
subject to the provision that, in any case in which the Financed Asset shall
have suffered damage, the Servicer shall not expend funds in connection with
the repair or the repossession of such Financed Asset unless it shall
determine in its discretion that such repair and/or repossession will increase
the Liquidation Proceeds by an amount greater than the amount of such
expenses.

         Section 4.04. Physical Damage Insurance. The Servicer, in accordance
with its customary servicing procedures, shall require that each Obligor shall
have obtained physical damage insurance covering the Financed Asset as of the
execution of the Receivable.

         Section 4.05. Maintenance of Security Interests in Financed Assets.
The Servicer shall, in accordance with its customary servicing procedures,
take such steps as are necessary to maintain perfection of the security
interest created by each Receivable in the related Financed Asset. The Trustee
hereby authorizes the Servicer to take such steps as are necessary to
re-perfect such security interest on behalf of the Trust in the event of the
relocation of a Financed Asset or for any other reason.

         Section 4.06. Covenants of Servicer. The Servicer shall not release
the Financed Asset securing any Receivable from the security interest granted
by such Receivable in whole or in part except in the event of payment in full
by the Obligor thereunder or repossession, nor shall the Servicer impair the
rights of the Trust or the Certificateholders in such Receivables, nor shall
the Servicer increase the number of scheduled payments due under a Receivable.

         Section 4.07. Purchase of Receivables Upon Breach. The Servicer or
the Trustee shall inform the other party and the Depositor promptly, in
writing, upon the discovery of any breach pursuant to Section 4.02, 4.05 or
4.06. Unless the breach shall have been cured by the last day of the second
Collection Period following such discovery (or, at the Servicer's election,
the last day of the first following Collection Period), the Servicer shall
purchase any Receivable materially and adversely affected by such breach as of
such last day. If the Servicer takes any action in any Collection Period
pursuant to Section 4.02 that impairs the right of the Trustee, the Trust or
the Certificateholders in any Receivable or as otherwise provided in Section
4.02, the Servicer shall purchase such Receivable as of the last day of such
Collection Period. In consideration of the purchase of any such Receivable
pursuant to either of the two preceding sentences, the Servicer shall remit
the Purchase Amount in the manner specified in Section 5.05. For purposes of
this Section, the Purchase Amount shall consist in part of a release by the
Servicer of all rights of reimbursement with respect to Outstanding
Precomputed Advances or Outstanding Simple Interest Advances on the
Receivable. Subject to Section 8.02, the sole remedy of the Trustee, the Trust
or the Certificateholders with respect to a breach pursuant to Section 4.02,
4.05 or 4.06 shall be to require the Servicer to repurchase Receivables
pursuant to this Section. The Trustee shall have no duty to conduct any
affirmative investigation as to the occurrence of any condition requiring the
repurchase of any Receivable pursuant to this Section.

         Section 4.08. Servicing Fee. The Servicing Fee for a Distribution
Date shall equal the product of (a) one twelfth, (b) the Servicing Rate and
(c) the Pool Balance as of the first day of the preceding Collection Period.
The Servicer shall also be entitled to all late fees, prepayment charges
(including, in the case of a Receivable that provides for payments according
to the "Rule of 78s" and that is prepaid in full, the difference between the
Principal Balance of such Receivable (plus accrued interest to the date of
prepayment) and the principal balance of such Receivable computed according to
the "Rule of 78s") and other administrative fees or similar charges allowed by
applicable law with respect to the Receivables, collected (from whatever
source) on the Receivables, plus any reimbursement pursuant to Section 8.02.

         Section 4.09. Servicer's Certificate. Not later than [11:00 a.m. (New
York time)] on each Determination Date, the Servicer shall deliver to the
Trustee, the Rating Agencies and the Depositor, a Servicer's Certificate
containing all information necessary to make the distributions on the related
Distribution Date pursuant to Section 5.06 (including, if required,
withdrawals from any Reserve Account, withdrawals from or deposits to the
Payahead Account and Precomputed Advances by the Servicer pursuant to Section
5.04) for the related Collection Period. Receivables to be purchased by the
Servicer or to be repurchased by the Depositor or the Seller shall be
identified by the Servicer by account number with respect to such Receivable
(as specified in Schedule A).

         Section 4.10. Annual Statement as to Compliance; Notice of Default.
(a) The Servicer shall deliver to the Trustee, on or before ___________ of
each year, an Officers' Certificate, dated as of _____________ of the
preceding year, stating that (A) a review of the activities of the Servicer
during the preceding 12-month period (or such shorter period as shall have
elapsed since the Closing Date) and of its performance hereunder and under
this Agreement has been made under such officers' supervision and (B) to the
best of such officers' knowledge, based on such review, the Servicer has
fulfilled all its obligations under this Agreement throughout such year or, if
there has been a default in the fulfillment of any such obligation, specifying
each such default known to such officers and the nature and status thereof.
The Trustee shall send a copy of such certificate and the report referred to
in Section 4.11 to the Rating Agencies. A copy of such certificate and the
report referred to in Section 4.11 may be obtained by any Certificateholder by
a request in writing to the Trustee addressed to the Corporate Trust Office.

         (b) The Servicer shall deliver to the Trustee and to the Rating
Agencies, promptly after having obtained knowledge thereof, but in no event
later than 5 Business Days thereafter, written notice in an Officers'
Certificate of any event which with the giving of notice or lapse of time, or
both, would become an Event of Default under Section 9.01, clause (a) or (b).

         Section 4.11. Annual Independent Certified Public Accountant's
Report. The Servicer shall cause a firm of independent certified public
accountants, which may also render other services to the Servicer, the
Depositor or their Affiliates, to deliver to the Owner Trustee and the
Indenture Trustee on or before __________ of each year beginning ________ ,
200__, a report addressed to the Board of Directors of the Servicer, to the
effect that such firm has examined the financial statements of the Servicer
and issued its report thereon and that such examination (1) was made in
accordance with generally accepted auditing standards and accordingly included
such tests of the accounting records and such other auditing procedures as
such firm considered necessary in the circumstances; (2) included tests
relating to automotive loans serviced for others in accordance with the
requirements of the Uniform Single Attestation Program for Mortgage Bankers
(the "Program"), to the extent the procedures in such Program are applicable
to the servicing obligations set forth in this Agreement; and (3) except as
described in the report, disclosed no exceptions or errors in the records
relating to automobile and light-duty truck loans serviced for others that, in
the firm's opinion, paragraph four of such Program requires such firm to
report.

         Such report will also indicate that the firm is independent of the
Servicer within the meaning of the Code of Professional Ethics of the American
Institute of Certified Public Accountants.

         Section 4.12. Access to Certain Documentation and Information
Regarding Receivables. The Servicer shall provide to the Certificateholders
access to the Receivable Files in such cases where the Certificateholder shall
be required by applicable statutes or regulations to review such
documentation. Access shall be afforded without charge, but only upon
reasonable request and during the normal business hours at the offices of the
Servicer. Nothing in this Section shall affect the obligation of the Servicer
to observe any applicable law prohibiting disclosure of information regarding
the Obligors, and the failure of the Servicer to provide access to information
as a result of such obligation shall not constitute a breach of this Section.

         Section 4.13. Servicer Expenses. The Servicer shall be required to
pay all expenses incurred by it in connection with its activities hereunder,
including fees and disbursements of independent accountants, taxes imposed on
the Servicer and expenses incurred in connection with distributions and
reports to Certificateholders.

         Section 4.14. Appointment of Subservicer. The Servicer may at any
time appoint a subservicer to perform all or any portion of its obligations as
Servicer hereunder; provided that the Rating Agency Condition shall have been
satisfied in connection therewith; and, provided, further, that the Servicer
shall remain obligated and shall be liable to the Trustee and the
Certificateholders for the servicing and administering of the Receivables in
accordance with the provisions hereof without diminution of such obligation
and liability by virtue of the appointment of such subservicer and to the same
extent and under the same terms and conditions as if the Servicer alone were
servicing and administering the Receivables. The fees and expenses of the
subservicer shall be as agreed between the Servicer and its subservicer from
time to time, and none of the Trust, the Trustee or the Certificateholders
shall have any responsibility therefor.

                                  ARTICLE V.

                        Distributions; Reserve Account;

                       Statements to Certificateholders

         Section 5.01. Establishment of Trust Accounts. (a) (i) The Servicer,
for the benefit of the Certificateholders, shall establish and maintain in the
name of the Trustee an Eligible Deposit Account (the "Collection Account"),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Certificateholders. Investment earnings on funds
in the Collection Account shall be paid to the Servicer as additional
servicing compensation.

               (ii) The Servicer, for the benefit of the Certificateholders,
          shall establish and maintain in the name of the Trustee a
          non-interest bearing account (the "Distribution Account"), bearing a
          designation clearly indicating that the funds deposited therein are
          held for the benefit of the Certificateholders.

         (b) Funds on deposit in the Collection Account shall be invested by
the Trustee in Eligible Investments selected in writing by the Servicer or an
investment manager selected by the Servicer, which investment manager shall
have agreed to comply with the terms of this Agreement as they relate to
investing such funds; provided, however, that it is understood and agreed that
the Trustee shall not be liable for any loss arising from such investment in
Eligible Investments. All such Eligible Investments shall be held by the
Trustee for the benefit of the Servicer, and on each Distribution Date all
interest and other investment income (net of losses and investment expenses)
on funds on deposit therein shall be paid to the Servicer. Other than as
permitted by the Rating Agencies, funds on deposit in the Collection Account
shall be invested in Eligible Investments that will mature (A) not later than
the Business Day immediately preceding the next Distribution Date or (B) on
such next Distribution Date if either (x) such investment is held in the
corporate trust department of the institution with which the Collection
Account is then maintained and is invested in a time deposit of (the Trustee)
rated at least A-1 by Standard & Poor's and P-1 by Moody's (such account being
maintained within the corporate trust department of the Trustee) or (y) the
Trustee (so long as the short-term unsecured debt obligations of the Trustee
are either (1) rated at least P-1 by Moody's and A-1 by Standard & Poor's on
the date such investment is made or (2) guaranteed by an entity whose
short-term unsecured debt obligations are rated at least P-1 by Moody's and
A-1 by Standard & Poor's on the date such investment is made) has agreed to
advance funds on such Distribution Date to the Distribution Account in the
amount payable on such investment on such Distribution Date pending receipt
thereof to the extent necessary to make distributions on such Distribution
Date. The guarantee referred to in clause (y) of the preceding sentence shall
be subject to the Rating Agency Condition. For the purpose of the foregoing,
unless the Trustee affirmatively agrees in writing to make such advance with
respect to such investment prior to the time an investment is made, it shall
not be deemed to have agreed to make such advance. Funds deposited in the
Collection Account upon the maturity of any Eligible Investments on the day
immediately preceding a Distribution Date are not required to be invested
overnight. If, at any time, the Collection Account ceases to be an Eligible
Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10
Business Days (or such longer period, not to exceed 30 calendar days, as to
which each Rating Agency may consent) establish a new Collection Account as an
Eligible Deposit Account and shall transfer any cash and/or any investments to
such new account.

         (c) (i) The Servicer shall establish and maintain with the Trustee an
Eligible Deposit Account (the "Payahead Account"). The Payahead Account shall
not be property of the Trust.

               (ii) The Servicer shall on or prior to each Distribution Date
          (and prior to deposits to the Distribution Account) transfer from
          the Collection Account to the Payahead Account all Payaheads as
          described in Section 5.03 received by the Servicer during the
          Collection Period. Notwithstanding the foregoing and the first
          sentence of Section 5.02, for so long as the Servicer is permitted
          to make monthly remittances to the Collection Account pursuant to
          Section 5.02, Payaheads need not be remitted to and deposited in the
          Payahead Account but instead may be remitted to and held by the
          Servicer. So long as such condition is met, the Servicer shall not
          be required to segregate or otherwise hold separate any Payaheads
          remitted to the Servicer as aforesaid but shall be required to remit
          Payaheads to the Collection Account in accordance with Section
          5.06(a).

         Section 5.02. Collections. The Servicer shall remit within two
Business Days of receipt thereof to the Collection Account all payments by or
on behalf of the Obligors with respect to the Receivables (other than
Purchased Receivables) and all Liquidation Proceeds, both as collected during
the Collection Period. Notwithstanding the foregoing, for so long as (i) U.S.
________ remains the Servicer, (ii) no Event of Default shall have occurred
and be continuing and (iii)(x) U.S. ______________ maintains a short-term
rating of at least A-1 by Standard & Poor's and P-1 by Moody's (and for five
Business Days following a reduction in either such rating) or (y) prior to
ceasing daily remittances, the Rating Agency Condition shall have been
satisfied (and any conditions or limitations imposed by the Rating Agencies in
connection therewith are complied with), the Servicer shall remit such
collections with respect to the preceding calendar month to the Collection
Account on the Determination Date immediately preceding the related
Distribution Date. For purposes of this Article V the phrase "payments by or
on behalf of Obligors" shall mean payments made with respect to the
Receivables by Persons other than the Servicer or the Depositor.

         Section 5.03. Application of Collections. All collections for the
Collection Period shall be applied by the Servicer as follows:

               With respect to each Receivable (other than a Purchased
               Receivable), payments by or on behalf of the Obligor shall be
               applied first, in the case of Precomputed Receivables, to
               reduce Outstanding Precomputed Advances as described in Section
               5.04(a) and, in the case of Simple Interest Receivables, to
               reduce Outstanding Simple Interest Advances to the extent
               described in Section 5.04(b). Next, any excess shall be
               applied, in the case of Precomputed Receivables, to the
               Scheduled Payment and, in the case of Simple Interest
               Receivables, to interest and principal in accordance with the
               Simple Interest Method. With respect to Precomputed
               Receivables, any remaining excess shall be added to the
               Payahead Balance, and shall be applied to prepay the
               Precomputed Receivable, but only if the sum of such excess and
               the previous Payahead Balance shall be sufficient to prepay the
               Receivable in full. Otherwise, any such remaining excess
               payments shall constitute a Payahead and shall increase the
               Payahead Balance.

         Section 5.04. Advances. (a) As of the close of business on the last
day of each Collection Period, if the payments by or on behalf of the Obligor
on a Precomputed Receivable (other than a Purchased Receivable) shall be less
than the Scheduled Payment, the Payahead Balance shall be applied by the
Servicer to the extent of the shortfall and such Payahead Balance shall be
reduced accordingly. Next, the Servicer shall advance any remaining shortfall
(such amount a "Precomputed Advance"), to the extent that the Servicer, at its
sole discretion, shall determine that the Precomputed Advance shall be
recoverable from the Obligor, the Purchase Amount, Liquidation Proceeds or
proceeds of any other Precomputed Receivables. With respect to each
Precomputed Receivable, the Precomputed Advance shall increase Outstanding
Precomputed Advances. Outstanding Precomputed Advances shall be reduced by
subsequent payments by or on behalf of the Obligor, collections of Liquidation
Proceeds in respect of Precomputed Receivables, or payments of the Purchase
Amount in respect of Precomputed Receivables.

         If the Servicer shall determine that an Outstanding Precomputed
Advance with respect to any Precomputed Receivable shall not be recoverable as
aforesaid, the Servicer shall be reimbursed from any collections made on other
Precomputed Receivables in the Trust, and Outstanding Precomputed Advances
with respect to such Precomputed Receivable shall be reduced accordingly.

         (b) As of the close of business on the last day of each Collection
Period, the Servicer shall advance an amount equal to the amount of interest
due on the Simple Interest Receivables at their respective APR's for the
related Collection Period (assuming the Simple Interest Receivables pay on
their respective due dates) minus the amount of interest actually received on
the Simple Interest Receivables during the related Collection Period (such
amount, a "Simple Interest Advance"). With respect to each Simple Interest
Receivable, the Simple Interest Advance shall increase Outstanding Simple
Interest Advances. If such calculation results in a negative number, an amount
equal to the absolute value of such negative number shall be paid to the
Servicer and the amount of Outstanding Simple Interest Advances shall be
reduced by such amount. In addition, in the event that a Simple Interest
Receivable becomes a Liquidated Receivable, Liquidation Proceeds with respect
to such Simple Interest Receivable attributable to accrued and unpaid interest
thereon (but not including interest for the then current Collection Period)
shall be paid to the Servicer to reduce Outstanding Simple Interest Advances,
but only to the extent of any Outstanding Simple Interest Advances. The
Servicer shall not make any advance with respect to principal of Simple
Interest Receivables.

         Section 5.05. Additional Deposits. The Servicer shall deposit in the
Collection Account the aggregate Advances pursuant to Section 5.04. To the
extent that the Servicer fails to make a Simple Interest Advance pursuant to
Section 5.04(b) on the date required, the Trustee shall withdraw such amount
(or, if determinable, such portion of such amount as does not represent
advances for delinquent interest) from the Reserve Account and deposit such
amount in the Collection Account. The Servicer and the Depositor shall deposit
or cause to be deposited in the Collection Account the aggregate Purchase
Amount with respect to Purchased Receivables, and the Servicer shall deposit
therein all amounts to be paid under Section 11.02. The Servicer shall deposit
the aggregate Purchase Amount with respect to Purchased Receivables when such
obligations are due, unless the Servicer shall not be required to make daily
deposits pursuant to Section 5.02.

         Section 5.06. Distributions. (a) On each Distribution Date, the
Trustee shall cause to be transferred:

               (i) From the Payahead Account, or from the Servicer in the
          event that the second and third sentences of Section 5.01(c)(ii) are
          applicable, to the Collection Account, in immediately available
          funds, the aggregate previous Payaheads to be applied to Scheduled
          Payments for the related Collection Period on, or as prepayments in
          full of, Precomputed Receivables or prepayments for the related
          Collection Period, pursuant to Sections 5.03 and 5.04, in the
          amounts set forth in the Servicer's Certificate delivered on the
          related Determination Date. A single, net transfer may be made.

               (ii) From the Collection Account to the Distribution Account,
          in immediately available funds, the entire amount then on deposit in
          the Collection Account; provided, however, that in the event that
          the Servicer is required to make deposits to the Collection Account
          on a daily basis pursuant to Section 5.02, the amount of the funds
          transferred from the Collection Account to the Distribution Account
          will include only those funds that were deposited in the Collection
          Account for the Collection Period related to such Distribution Date.

         (b) On or prior to each Determination Date, the Servicer shall
calculate the Total Distribution Amount, the Interest Distribution Amount, the
Principal Distribution Amount, the Class A Distributable Amount, and the Class
B Distributable Amount, and, based on the Total Distribution Amount and the
other amounts to be distributed on the related Distribution Date, determine
the amount distributable to Holders of each class of Certificates.

         (c) On each Distribution Date, the Trustee (based on the information
contained in the Servicer's Certificate delivered on the related Determination
Date pursuant to Section 5.09) shall distribute amounts on deposit in the
Distribution Account and, if applicable, the Reserve Account, in the manner
and priority set forth below:

               (i) to the Servicer, from the Interest Distribution Amount, the
          Servicing Fee and all unpaid Servicing Fees from prior Collection
          Periods;

               (ii) to the Class A Certificateholders:

                    (A) from the Class A Percentage of the Interest
               Distribution Amount (as such Interest Distribution Amount has
               been reduced by Servicing Fee payments), the sum of the Class A
               Interest Distributable Amount and the Class A Interest
               Carryover Shortfall as of the close of the preceding
               Distribution Date;

                    (B) from the Class A Percentage of the Principal
               Distribution Amount (other than the portion thereof
               attributable to Realized Losses), the sum of the Class A
               Principal Distributable Amount and the Class A Principal
               Carryover Shortfall as of the close of the preceding
               Distribution Date;

               (iii) to the Class B Certificateholders:

                    (A) from the Class B Percentage of the Interest
               Distribution Amount (as such Interest Distribution Amount has
               been reduced by Servicing Fee payments), the sum of the Class B
               Interest Distributable Amount and the Class B Interest
               Carryover Shortfall as of the close of the preceding
               Distribution Date; and

                    (B) from the Class B Percentage of the Principal
               Distribution Amount, the sum of the Class B Principal
               Distributable Amount and the Class B Principal Carryover
               Shortfall as of the close of the preceding Distribution Date.

         (d) The rights of the Class B Certificateholders to receive
distributions in respect of the Class B Certificates shall be and hereby are
subordinated to the rights of the Class A Certificateholders to receive
distributions in respect of the Class A Certificates and the rights of the
Servicer to receive the Servicing Fee (and any accrued and unpaid Servicing
Fees from prior Collection Periods) in the event of delinquency or defaults on
the Receivables. In addition, the Class A Certificateholders and the Class B
Certificateholders shall have the respective rights to receive funds from the
Reserve Account in the order of priority set forth below. Such subordination
and withdrawals from the Reserve Account shall be effected as follows, and all
payments shall be effected by applying funds in the following order:

               (i) If the Class A Percentage of the Interest Distribution
          Amount (as such Interest Distribution Amount has been reduced by
          Servicing Fee payments) is less than the sum of the Class A Interest
          Distributable Amount and any Class A Interest Carryover Shortfall
          from the preceding Distribution Date, the Class A Certificateholders
          shall be entitled to receive distributions in respect of such
          deficiency first, from the Class B Percentage of the Interest
          Distribution Amount; second, if such amounts are insufficient, from
          amounts on deposit in the Reserve Account; and third, if such
          amounts are insufficient, from the Class B Percentage of the
          Principal Distribution Amount (other than the portion thereof
          attributable to Realized Losses).

               (ii) If the Class A Percentage of the Principal Distribution
          Amount (other than the portion thereof attributable to Realized
          Losses) is less than the sum of the Class A Principal Distributable
          Amount and the Class A Principal Carryover Shortfall from the
          preceding Distribution Date, the Class A Certificateholders shall be
          entitled to receive distributions in respect of such deficiency
          first, from the Class B Percentage of the Principal Distribution
          Amount (other than the portion thereof attributable to Realized
          Losses); second, if such amounts are insufficient, from amounts on
          deposit in the Reserve Account; and third, if such amounts are
          insufficient, from the Class B Percentage of the Interest
          Distribution Amount.

               (iii) If the Class B Percentage of the Interest Distribution
          Amount, less the portion thereof, if any, distributed to the Class A
          Certificateholders pursuant to clause (i) above, is less than the
          Class B Interest Distributable Amount, the Class B
          Certificateholders shall be entitled to receive such deficiency from
          amounts on deposit in the Reserve Account (after giving effect to
          any withdrawals therefrom pursuant to clauses (i) and (ii) above).

               (iv) If the Class B Percentage of the Principal Distribution
          Amount (other than the portion thereof attributable to Realized
          Losses), less the portion thereof, if any, distributed to the Class
          A Certificateholders pursuant to clause (ii) above, is less than the
          Class B Principal Distributable Amount, the Class B
          Certificateholders shall be entitled to receive such deficiency from
          amounts on deposit in the Reserve Account (after giving effect to
          any withdrawals therefrom pursuant to clauses (i), (ii) and (iii)
          above).

         (e) On each Distribution Date, the Trustee shall distribute any
amounts remaining in the Distribution Account after making the distributions
described in Sections 5.06(c) and (d) above in the following amounts and in
the following order of priority: (i) into the Reserve Account until the amount
on deposit therein equals the Specified Reserve Account Balance and (ii) to
the Depositor.

         (f) Subject to Section 11.01 respecting the final payment upon
retirement of each Certificate, the Servicer shall on each Distribution Date
instruct the Trustee to distribute to each Certificateholder of record on the
preceding Record Date either by wire transfer in immediately available funds
to the account of such Holder at a bank or other entity having appropriate
facilities therefor, if such Certificateholder shall have provided to the
Servicer appropriate instructions prior to such Distribution Date and such
Holder's Certificates of either Class in the aggregate evidence a denomination
of not less than $1,000,000, or, if not, by check mailed to such
Certificateholder at the address of such Holder appearing in the Certificate
Register, the amounts to be distributed to such Certificateholder pursuant to
such Holder's Certificates.

         Section 5.07. Reserve Account. (a) In order to effectuate the
subordination provided for herein and to assure that sufficient amounts to
make required distributions to Certificateholders will be available, the
Servicer shall establish and maintain an Eligible Deposit Account (the
"Reserve Account"), bearing a designation clearly indicating that the funds
deposited therein are held in trust for the benefit of the Certificateholders.
The Reserve Account will include the money and other property deposited and
held therein pursuant to Section 5.06(e), 5.08(a) and this Section.

         On or prior to the Closing Date, the [Seller] shall deposit an amount
equal to the Reserve Account Initial Deposit into the Reserve Account. The
Reserve Account and the Reserve Account Property shall not be part of the
Trust, but instead will be held by the Trustee, as collateral agent, for the
benefit of the Holders of the Certificates. The [Seller] hereby acknowledges
that the Reserve Account Initial Deposit (and any investment earnings thereon)
is owned directly by it, and the [Seller] hereby agrees to treat the same as
its assets (and earnings) for federal income tax and all other purposes.

         (b) In order to give effect to the subordination provided for herein
and to assure the availability of the amounts maintained in the Reserve
Account, the [Seller] hereby sells, conveys and transfers to the Trustee, as
collateral agent, and its successors and assigns, the Reserve Account Initial
Deposit and all proceeds thereof and hereby pledges to the Trustee as
collateral agent, and its successors and assigns, all other amounts deposited
in or credited to the Reserve Account from time to time under this Agreement,
all Eligible Investments made with amounts on deposit therein, all earnings
and distributions thereon and proceeds thereof (other than proceeds
constituting net investment earnings attributable to the Reserve Account
Property) subject, however, to the limitations set forth below, and solely for
the purpose of securing and providing for payment of the Class A Distributable
Amount and the Class B Distributable Amount in accordance with Section 5.06
and this Section (all the foregoing, subject to the limitations set forth
below, the "Reserve Account Property"), to have and to hold all the aforesaid
property, rights and privileges unto the Trustee, its successors and assigns,
in trust for the uses and purposes, and subject to the terms and provisions,
set forth in this Section. The Trustee hereby acknowledges such transfer and
accepts the trusts hereunder and shall hold and distribute the Reserve Account
Property in accordance with the terms and provisions of this Section.

         (c) Consistent with the limited purposes for which such trust is
granted, the amounts on deposit in the Reserve Account on each Distribution
Date shall be available for distribution as provided in Section 5.06, in
accordance with and subject to the following: if the amount on deposit in the
Reserve Account (after giving effect to all deposits thereto and withdrawals
therefrom on such Distribution Date) is greater than the Specified Reserve
Account Balance, the Trustee shall release and distribute all such amounts to
the [Seller]. Upon any such distribution to the [Seller], the
Certificateholders will have no further rights in, or claims to, such amounts.

         (d) Funds on deposit in the Reserve Account shall be invested by the
Trustee, as collateral agent, in Eligible Investments selected in writing by
the [Seller] or an investment manager selected by the Servicer, which
investment manager shall have agreed to comply with the terms of this
Agreement as they relate to investing such funds; provided, however, that it
is understood and agreed that the Trustee shall not be liable for any loss
arising from such investment in Eligible Investments. Other than as permitted
by the Rating Agencies, funds on deposit in the Reserve Account shall be
invested in Eligible Investments that will mature (A) not later than the
Business Day immediately preceding the next Distribution Date or (B) on such
next Distribution Date if either (x) such investment is held in the corporate
trust department of the institution with which the Reserve Account is then
maintained and is invested in a time deposit of (the Trustee) rated at least
A-1 by Standard & Poor's and P-1 by Moody's (such account being maintained
within the corporate trust department of the Trustee) or (y) the Trustee (so
long as the short-term unsecured debt obligations of the Trustee are either
(1) rated at least P-1 by Moody's and A-1 by Standard & Poor's on the date
such investment is made or (2) guaranteed by an entity whose short-term
unsecured debt obligations are rated at least P-1 by Moody's and A-1 by
Standard & Poor's on the date such investment is made) has agreed to advance
funds on such Distribution Date to the Distribution Account in the amount
payable on such investment on such Distribution Date pending receipt thereof
to the extent necessary to make distributions on such Distribution Date. The
guarantee referred to in clause (y) of the preceding sentence shall be subject
to the Rating Agency Condition. For the purpose of the foregoing, unless the
Trustee affirmatively agrees in writing to make such advance with respect to
such investment prior to the time an investment is made, it shall not be
deemed to have agreed to make such advance. Funds deposited in the Reserve
Account upon the maturity of any Eligible Investments on the day immediately
preceding a Distribution Date are not required to be invested overnight. If,
at any time, the Reserve Account ceases to be an Eligible Deposit Account, the
Trustee as collateral agent (or the Servicer on its behalf) shall within 10
Business Days (or such longer period, not to exceed 30 calendar days, as to
which each Rating Agency may consent) establish a new Reserve Account as an
Eligible Deposit Account and shall transfer any cash and/or any investments to
such new account.

         Investment earnings attributable to the Reserve Account Property
shall not be available to satisfy the subordination provisions of this
Agreement and shall not otherwise be subject to any claims or rights of the
Certificateholders or the Servicer. All such investments shall be made in the
name of the Trustee or its nominee, as collateral agent, and all net income
and gain realized thereon shall be solely for the benefit of the [Seller] and
shall be payable by the Trustee to the [Seller] on each Distribution Date.
Realized losses, if any, on investments of the Reserve Account Property shall
be charged first against undistributed investment earnings attributable to the
Reserve Account Property and then against the Reserve Account Property.

         (e) With respect to the Reserve Account Property, the Seller, on
behalf of itself, its successors and assigns, and the Trustee agree that:

               (i) Any Reserve Account Property that is held in deposit
          accounts shall be held solely in the name of the Trustee, as
          collateral agent, at an Eligible Institution. Each such deposit
          account shall be subject to the exclusive custody and control of the
          Trustee, and the Trustee shall have sole signature authority with
          respect thereto.

               (ii) Any Reserve Account Property that constitutes Physical
          Property shall be delivered to the Trustee, as collateral agent, in
          accordance with paragraph (a) of the definition of "Delivery" and
          shall be held, pending maturity or disposition, solely by the
          Trustee, as collateral agent, or a financial intermediary (as such
          term is defined in Section 8- 313(4) of the UCC) acting solely for
          the Trustee, as collateral agent.

               (iii) Any Reserve Account Property that is a book-entry
          security held through the Federal Reserve System pursuant to federal
          book-entry regulations shall be delivered in accordance with
          paragraph (b) of the definition of "Delivery" and shall be
          maintained by the Trustee, as collateral agent, pending maturity or
          disposition, through continued book-entry registration of such
          Reserve Account Property as described in such paragraph.

               (iv) Any Reserve Account Property that is an "uncertificated
          security" under Article 8 of the UCC and that is not governed by
          clause (C) above shall be delivered to the Trustee, as collateral
          agent, in accordance with paragraph (c) of the definition of
          "Delivery" and shall be maintained by the Trustee, as collateral
          agent, pending maturity or disposition, through continued
          registration of the Trustee's (or its custodian's or its nominee's)
          ownership of such security, in its capacity as collateral agent.

         Effective upon Delivery of any Reserve Account Property in the form
of Physical Property, book-entry securities or uncertificated securities, the
Trustee shall be deemed to have purchased such Reserve Account Property for
value, in good faith and without notice of any adverse claim thereto.

         (f) Each of the Seller and the Servicer agrees to take or cause to be
taken such further actions, to execute, deliver and file or cause to be
executed, delivered and filed such further documents and instruments
(including any UCC financing statements or this Agreement) as may be
determined to be necessary in an Opinion of Counsel to the Seller delivered to
the Trustee in order to perfect the interests created by this Section and
otherwise fully to effectuate the purposes, terms and conditions of this
Section. The Seller shall:

               (i) promptly execute, deliver and file any financing
          statements, amendments, continuation statements, assignments,
          certificates, and other documents with respect to such interests and
          perform all such other acts as may be necessary in order to perfect
          or to maintain the perfection of the Trustee's security interest;
          and

               (ii) file the necessary financing statements or amendments
          thereto within five days, and promptly notify the Trustee of any
          such filing, after the occurrence of any of the following: (1) any
          change in its corporate name or any trade name; (2) any change in
          the location of its chief executive office or principal place of
          business; and (3) any merger or consolidation or other change in its
          identity or corporate structure and promptly notify the Trustee of
          any such filings.

         (g) The Trustee shall not enter into any subordination or
inter-creditor agreement with respect to the Reserve Account Property.

         (h) Following the payment in full of the Certificate Balance and of
all other amounts owing or to be distributed under this Agreement to
Certificateholders and the termination of the Trust, any amount remaining on
deposit in the Reserve Account shall be distributed to the Seller.

         Section 5.08. Statements to Certificateholders. On each Distribution
Date, the Servicer shall provide to the Trustee for the Trustee to forward to
each Certificateholder of record as of the most recent Record Date, a
statement substantially in the form of Exhibit E setting forth at least the
following information as to each Class of Certificates to the extent
applicable:

               (i) the amount of such distribution allocable to principal of
          each class of Certificates;

               (ii) the amount of such distribution allocable to interest of
          each class of Certificates;

               (iii) the Pool Balance as of the close of business on the last
          day of the preceding Collection Period;

               (iv) the Class A Certificate Balance and Class B Certificate
          Balance and the Class A Pool Factor and Class B Pool Factor after
          giving effect to all payments reported under clause (i) above on
          such date;

               (v) the amount of the Servicing Fee paid to the Servicer with
          respect to the related Collection Period or Collection Periods, as
          the case may be;

               (vi) the amount of the Class A Principal Carryover Shortfall
          and Class A Interest Carryover Shortfall and Class B Principal
          Carryover Shortfall and Class B Interest Carryover Shortfall, as
          applicable, if any, on such Distribution Date and the change in the
          Class A Principal Carryover Shortfall and Class A Interest Carryover
          Shortfall and Class B Principal Carryover Shortfall and Class B
          Interest Carryover Shortfall, as applicable, from the preceding
          Distribution Date;

               (vii) the amount of aggregate Realized Losses, if any, for the
          second preceding Collection Period;

               (viii) the aggregate Purchase Amounts for Receivables, if any,
          that were repurchased in such period;

               (ix) the amount otherwise distributable to the Class B
          Certificateholders that is distributed to Class A Certificateholders
          on such Distribution Date;

               (x) the balance of the Reserve Account on such Distribution
          Date, after giving effect to deposits and withdrawals made on such
          Distribution Date;

               (xi) the aggregate Payahead Balance and the change in such
          balance from the preceding Distribution Date;

               (xii) for Distribution Dates during the Funding Period (if
          any), the remaining Pre-Funded Amount; and

               (xiii) for the first Distribution Date that is on or
          immediately following the end of the Funding Period (if any), the
          amount of any remaining Pre-Funded Amount that has not been used to
          fund the purchase of Subsequent Receivables and is passed through as
          payments of principal of the Certificates.

Each amount set forth pursuant to subclauses (i), (ii), (v) or (vi) above
shall be expressed as a dollar amount per $1,000 of original principal balance
of a Class A or Class B Certificate, as applicable.

         Section 5.09. Tax Returns. The Trustee shall deliver to each Holder
of a Certificate, as may be required by the Code and applicable Treasury
Regulations, such information as may be required to enable each Holder to
prepare its federal and state income tax returns.

         Section 5.10. Net Deposits. As an administrative convenience, unless
the Servicer is required to remit collections daily, the Servicer will be
permitted to make the deposit of collections on the Receivables, aggregate
Advances and Purchase Amounts for or with respect to each Collection Period
net of distributions to be made to the Servicer with respect to such
Collection Period. The Servicer, however, will account to the Trustee and to
the Certificateholders as if all deposits, distributions and transfers were
made individually.

                                  ARTICLE VI.

                               The Certificates

         Section 6.01. The Certificates. Unless otherwise specified in this
Agreement, the Certificates shall be issued in fully registered form in
minimum denominations of $1,000. The Certificates shall be executed on behalf
of the Trust by manual or facsimile signature of an authorized officer of the
Trustee. Certificates bearing the manual or facsimile signatures of
individuals who were, at the time when such signatures shall have been
affixed, authorized to sign on behalf of the Trust, shall be validly issued
and entitled to the benefit of this Agreement, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of such Certificates or did not hold such offices
at the date of authentication and delivery of such Certificates.

         A transferee of a Certificate shall become a Certificateholder and
shall be entitled to the rights and subject to the obligations of a
Certificateholder hereunder upon such transferee's acceptance of a Certificate
duly registered in such transferee's name pursuant to Section 6.03.

         Section 6.02. Authentication of Certificates. The Trustee shall cause
the Certificates to be executed on behalf of the Trust, authenticated and
delivered to or upon the written order of the Depositor, signed by its
chairman of the board, its president, any vice president, secretary, or
assistant treasurer, without further corporate action by the Depositor, in
authorized denominations, pursuant to this Agreement. No Certificate shall
entitle its Holder to any benefit under this Agreement or shall be valid for
any purpose unless there shall appear on such Certificate a certificate of
authentication substantially in the form set forth in Exhibit A or Exhibit B,
as appropriate, executed by the Trustee by manual signature. Such
authentication shall constitute conclusive evidence that such Certificate
shall have been duly authenticated and delivered hereunder. All Certificates
shall be dated the date of their authentication.

         Section 6.03. Registration of Transfer and Exchange of Certificates.
The Certificate Registrar shall keep or cause to be kept, at the office or
agency maintained pursuant to Section 6.08, a Certificate Register in which,
subject to such reasonable regulations as it may prescribe, the Trustee shall
provide for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided. Unless otherwise specified in this Agreement,
the Trustee shall be the initial Certificate Registrar.

         Upon surrender for registration of transfer of any Certificate at the
Corporate Trust Office, the Trustee shall execute, authenticate and deliver,
in the name of the designated transferee or transferees, one or more new
Certificates in authorized denominations of a like aggregate amount dated the
date of authentication by the Trustee. At the option of a Holder, Certificates
may be exchanged for other Certificates of authorized denominations of a like
aggregate amount upon surrender at the Corporate Trust Office of the
Certificates to be exchanged.

         Every Certificate presented or surrendered for registration of
transfer or exchange shall be accompanied by a written instrument of transfer
in form satisfactory to the Trustee and the Certificate Registrar duly
executed by the Holder or such Holder's attorney duly authorized in writing.
Each Certificate surrendered for registration of transfer and exchange shall
be cancelled and subsequently disposed of by the Trustee.

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

         Section 6.04. Mutilated, Destroyed, Lost or Stolen Certificates. If
(a) any mutilated Certificate shall be surrendered to the Certificate
Registrar, or if the Certificate Registrar shall receive evidence to its
satisfaction of the destruction, loss or theft of any Certificate and (b)
there shall be delivered to the Certificate Registrar and the Trustee such
security or indemnity as may be required by them to save each of them
harmless, then in the absence of notice that such Certificate has been
acquired by a bona fide purchaser, the Trustee on behalf of the Trust shall
execute, and the Trustee shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of like tenor and denomination. In connection with the issuance of
any new Certificate under this Section, the Trustee and the Certificate
Registrar may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection therewith. Any
duplicate Certificate issued pursuant to this Section shall constitute
conclusive evidence of ownership in the Trust, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time.

         Section 6.05. Persons Deemed Owners. Prior to due presentation of a
Certificate for registration of transfer, the Trustee or the Certificate
Registrar may treat the Person in whose name any Certificate shall be
registered as the owner of such Certificate for the purpose of receiving
distributions pursuant to Section 5.06 and for all other purposes whatsoever,
and neither the Trustee nor the Certificate Registrar shall be bound by any
notice to the contrary.

         Section 6.06. Access to List of Certificateholders' Names and
Addresses. The Trustee shall furnish or cause to be furnished to the Servicer,
within 15 days after receipt by the Trustee of a request therefor from the
Servicer in writing, a list, in such form as the Servicer may reasonably
require, of the names and addresses of the Certificateholders as of the most
recent Record Date. If three or more Certificateholders, or one or more
Holders of Class A Certificates evidencing not less than 25% of the
Certificate Balance apply in writing to the Trustee, and such application
states that the applicants desire to communicate with other Certificateholders
with respect to their rights under this Agreement or under the Certificates
and such application shall be accompanied by a copy of the communication that
such applicants propose to transmit, then the Trustee shall, within five
Business Days after the receipt for such application, afford such applicants
access during normal business hours to the current list of Certificateholders.
Each Holder, by receiving and holding a Certificate, shall be deemed to have
agreed to hold neither the Servicer nor the Trustee accountable by reason of
the disclosure of its name and address, regardless of the source from which
such information was derived.

         Section 6.07. Maintenance of Office or Agency. The Trustee shall
maintain in the Borough of Manhattan, The City of New York, an office or
offices or agency or agencies where Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Trustee in respect of the Certificates and this Agreement may be served.
The Trustee initially designates the Corporate Trust Office as specified in
this Agreement as its office for such purposes. The Trustee shall give prompt
written notice to the Servicer and to Certificateholders of any change in the
location of the Certificate Register or any such office or agency.

         Section 6.08. Book-Entry Certificates. The Class A Certificates and,
if so specified in this Agreement, the Class B Certificates may be issued in
the form of one or more typewritten Certificates representing Book-Entry
Certificates, to be delivered by, or on behalf of, the Depositor to the
initial Clearing Agency, which, unless otherwise specified in this Agreement,
shall be The Depository Trust Company. In such case, the Certificates
delivered to the Depository Trust Company shall initially be registered on the
Certificate Register in the name of Cede & Co., the nominee of the initial
Clearing Agency, and no Certificate Owner will receive a definitive
certificate representing such Certificate Owner's interest in the
Certificates, except as provided in Section 6.10. Unless and until definitive,
fully registered Certificates (the "Definitive Certificates") have been issued
to such Certificate Owners pursuant to Section 6.10:

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

               (ii) the Depositor, the Servicer, the Certificate Registrar and
          the Trustee may deal with the Clearing Agency for all purposes
          (including the making of distributions on such Certificates) as the
          sole Holder of such Certificates and shall have no obligation to the
          related Certificate Owners;

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

               (iv) the rights of such Certificate Owners shall be exercised
          only through the Clearing Agency and shall be limited to those
          established by law and agreements between such Certificate Owners
          and the Clearing Agency and/or the Clearing Agency Participants.
          Pursuant to the Depository Agreement, unless and until Definitive
          Certificates are issued pursuant to Section 6.10, the initial
          Clearing Agency will make book-entry transfers among the Clearing
          Agency Participants and receive and transmit distributions of
          principal and interest on such Certificates to such Clearing Agency
          Participants; and

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

         Section 6.09. Notices to Clearing Agency. Whenever notice or other
communication to the Certificateholders is required under this Agreement,
unless and until Definitive Certificates shall have been issued to Certificate
Owners pursuant to Section 6.10, the Trustee and the Servicer shall give all
such notices and communications specified herein to be given to Certificate
Owners to the Clearing Agency.

         Section 6.10. Definitive Certificates. If (i) the Servicer advises
the Trustee in writing that the Clearing Agency is no longer willing or able
to properly discharge its responsibilities under the Depository Agreement and
the Trustee or the Depositor is unable to locate a qualified successor, (ii)
the Depositor at its option advises the Trustee in writing that it elects to
terminate the book-entry system through the Clearing Agency or (iii) after the
occurrence of an Event of Default, Certificate Owners representing beneficial
interests aggregating not less than a majority of the aggregate outstanding
principal amount of the Book-Entry Certificates advise the Trustee and 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 the
Certificate Owners, then the Clearing Agency shall notify all Certificate
Owners and the Trustee of the occurrence of such event and of the availability
of Definitive Certificates to Certificate Owners requesting the same. Upon
surrender to the Trustee of the typewritten Certificates representing the
Book-Entry Certificates by the Clearing Agency, accompanied by registration
instructions, the Trustee shall execute and authenticate the Definitive
Certificates in accordance with the instructions of the Clearing Agency. None
of the Depositor, the Certificate Registrar or the 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 Certificates, the Trustee shall recognize the Holders of the
Definitive Certificates as Certificateholders hereunder. The Definitive
Certificates shall be printed, lithographed or engraved or may be produced in
any other manner as is reasonably acceptable to the Trustee, as evidenced by
its execution thereof.

                                 ARTICLE VII.

                                 The Depositor

         Section 7.01. Representations of Depositor. The Depositor makes the
following representations on which the Trustee shall be deemed to have relied
in accepting the Receivables in trust and executing and authenticating the
Certificates. The representations speak as of the execution and delivery of
this Agreement and as of the Closing Date, in the case of Initial Receivables
and as of the applicable Subsequent Transfer Date, in the case of Subsequent
Receivables, if any, and shall survive the sale of the Receivables to the
Trustee.

               (i) Organization and Good Standing. The Depositor is duly
          organized and validly existing as a corporation in good standing
          under the laws of the State of Delaware, with power and authority to
          own its properties and to conduct its business as such properties
          are currently owned and such business is presently conducted, and
          had at all relevant times, and has, the corporate power, authority
          and legal right to acquire and own the Receivables.

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

               (iii) Power and Authority. The Depositor has the corporate
          power and authority to execute and deliver this Agreement and to
          carry out its respective terms; the Depositor has full power and
          authority to sell and assign the property to be sold and assigned to
          and deposited with the Trustee as part of the Trust, and the
          Depositor shall have duly authorized such sale and assignment to the
          Trustee, as applicable, by all necessary corporate action; and the
          execution, delivery and performance of this Agreement and of each
          Subsequent Transfer Assignment or Eligible Investment Transfer
          Assignment, as applicable, shall have been duly authorized by the
          Depositor by all necessary corporate action.

               (iv) Binding Obligation. This Agreement, each Subsequent
          Transfer Assignment and Eligible Investment Transfer Assignment,
          when executed and delivered by the Depositor, shall constitute
          legal, valid and binding obligations of the Depositor enforceable in
          accordance with their respective terms.

               (v) No Violation. The consummation of the transactions
          contemplated by this Agreement and the fulfillment of the terms
          hereof and thereof do not conflict with, result in any breach of any
          of the terms and provisions of, or constitute (with or without
          notice or lapse of time) a default under, the articles of
          incorporation or bylaws of the Depositor, or any indenture,
          agreement or other instrument to which the Depositor is a party or
          by which it is bound; or result in the creation or imposition of any
          Lien upon any of its properties pursuant to the terms of any such
          indenture, agreement or other instrument (other than pursuant to
          this Agreement); or violate any law or, to the best of the
          Depositor's knowledge, any order, rule or regulation applicable to
          the Depositor of any court or of any federal or state regulatory
          body, administrative agency or other governmental instrumentality
          having jurisdiction over the Depositor or its properties.

               (vi) No Proceedings. To the Depositor's best knowledge, there
          are no proceedings or investigations pending, or threatened, before
          any court, regulatory body, administrative agency or other
          governmental instrumentality having jurisdiction over the Depositor
          or its properties: (i) asserting the invalidity of this Agreement or
          the Certificates; (ii) seeking to prevent the issuance of the
          Certificates or the consummation of any of the transactions
          contemplated by this Agreement; (iii) seeking any determination or
          ruling that might materially and adversely affect the performance by
          the Depositor of its obligations under, or the validity or
          enforceability of, this Agreement or the Certificates, or (iv) that
          might adversely affect the federal income tax attributes of the
          Certificates.

         Section 7.02. Corporate Existence. During the term of this Agreement,
the Depositor will keep in full force and effect its existence, rights and
franchises as a corporation under the laws of the jurisdiction of its
incorporation 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 Agreement and each other
instrument or agreement necessary or appropriate to the proper administration
of this Agreement and the transactions contemplated hereby and thereby.

         Section 7.03. Liabilities of Depositor; Indemnities. The Depositor
shall be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Depositor under this Agreement.

               (i) The Depositor shall indemnify, defend and hold harmless the
          Trustee and the Trust from and against any taxes that may at any
          time be asserted against the Trustee or the Trust with respect to
          the transactions contemplated in this Agreement, including any
          sales, gross receipts, general corporation, tangible personal
          property, privilege, or license taxes (but, in the case of the
          Trust, not including any taxes asserted with respect to, and as the
          date of, the sale of the Receivables to the Trust or the issuance
          and original sale of the Certificates, or asserted with respect to
          ownership of the Receivables, or federal or other income taxes
          arising out of the distributions on the Certificates) and costs and
          expenses in defending against the same.

               (ii) The Depositor shall indemnify, defend and hold harmless
          the Trustee and the Certificateholders from and against any loss,
          liability or expense incurred by reason of (a) the Depositor's
          willful misfeasance, bad faith or negligence in the performance of
          its duties under this Agreement, or by reason of reckless disregard
          of its obligations and duties under this Agreement, and (b) the
          Depositor's or Trust's violation of federal or state securities laws
          in connection with the offering and sale of the Certificates.

               (iii) The Depositor shall indemnify, defend and hold harmless
          the Trustee and its officers, directors, employees and agents from
          and against all costs, expenses, losses, claims, damages and
          liabilities arising out of or incurred in connection with the
          acceptance or performance of the trusts and duties in this Agreement
          contained, except to the extent that such cost, expense, loss,
          claim, damage or liabilities shall be due to the willful
          misfeasance, bad faith or negligence (except for errors in judgment)
          of the Trustee.

         Indemnification under this Section shall survive the resignation or
removal of the Trustee and the termination of this Agreement and shall include
reasonable fees and expenses of counsel and expenses of litigation. If the
Depositor shall have made any indemnity payments to the Trustee pursuant to
this Section and the Trustee thereafter shall collect any of such amounts from
others, the Trustee shall promptly repay such amounts to the Depositor,
without interest.

         Section 7.04. Merger or Consolidation of, or Assumption of the
Obligations of, Depositor. Any Person (a) into which the Depositor may be
merged or consolidated, (b) which may result from any merger or consolidation
to which the Depositor shall be a party or (c) which may succeed to the
properties and assets of the Depositor substantially as a whole, which Person
in any of the foregoing cases executes an agreement of assumption to perform
every obligation of the Depositor under this Agreement, shall be the successor
to the Depositor hereunder without the execution or filing of any document or
any further act by any of the parties to this Agreement; provided, however,
that (i) immediately after giving effect to such transaction, no
representation or warranty made pursuant to Section 3.01 shall have been
breached and no Event of Default, and no event which, after notice or lapse of
time, or both, would become an Event of Default shall have happened and be
continuing, (ii) the Depositor shall have delivered to the Trustee an
Officers' Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply
with this Section and that all conditions precedent, if any, provided for in
this Agreement relating to such transaction have been complied with, (iii) the
Rating Agency Requirement shall have been satisfied with respect to such
transaction and (iv) the Depositor shall have delivered to the Trustee an
Opinion of Counsel stating that, in the opinion of such Counsel, either (A)
all financing statements and continuation statements and amendments thereto
have been executed and filed that are necessary fully to preserve and protect
the interest of the Trustee in the Receivables and reciting the details of
such filings or (B) no such action shall be necessary to preserve and protect
such interest. Notwithstanding anything herein to the contrary, the execution
of the foregoing agreement of assumption and compliance with clauses (i),
(ii), (iii) and (iv) above shall be conditions to the consummation of the
transactions referred to in clauses (a), (b) or (c) above.

         Section 7.05. Limitation on Liability of Depositor and Others. The
Depositor and any director, officer, employee or agent of the Depositor may
rely in good faith on the advice of counsel or on any document of any kind,
prima facie properly executed and submitted by any Person respecting any
matters arising hereunder. The Depositor shall not be under any obligation to
appear in, prosecute or defend any legal action that shall not be incidental
to its obligations under this Agreement and that in its opinion may involve it
in any expense or liability.

         Section 7.06. Depositor May Own Certificates. The Depositor and any
Affiliate thereof may in its individual or any other capacity become the owner
or pledgee of Certificates with the same rights as it would have if it were
not the Depositor or an Affiliate thereof, except as otherwise provided
herein.

         Section 7.07. No Transfer of Excess Amounts. The Depositor hereby
covenants that, except as otherwise provided in this Agreement, it will not
transfer, pledge or assign to any Person any part of its right to receive any
amounts in excess of the Reserve Account Specified Amount pursuant to Section
5.07(c) and (h) unless it has first delivered to the Trustee and each Rating
Agency an Opinion of Counsel in form and substance satisfactory to the Trustee
stating that such transfer will not (i) adversely affect the status of the
Trust as a grantor trust pursuant to subpart E, part I of subchapter J of the
Code or (ii) cause the Reserve Account to be taxable as a corporation under
the Code. The Depositor shall give written notice to each Rating Agency of any
proposed transfer, pledge or assignment to any Person of all or any part of
its right to receive such excess amounts.

                                 ARTICLE VIII.

                                 The Servicer

         Section 8.01. Representations of Servicer. The Servicer makes the
following representations on which the Trustee shall be deemed to have relied
in accepting the Receivables in trust and executing and authenticating the
Certificates. The representations speak as of the execution and delivery of
this Agreement and as of the Closing Date, in the case of the Initial
Receivables and as of the applicable Subsequent Transfer Date, in the case of
the Subsequent Receivables, if any, and shall survive the sale of the
Receivables to the Trustee.

         (a) Organization and Good Standing. The Servicer is duly organized
and validly existing as a corporation in good standing under the laws of the
state of its incorporation, with power and authority to own its properties and
to conduct its business as such properties are currently owned and such
business is presently conducted, and had at all relevant times, and has, the
corporate power, authority and legal right to acquire, own, sell and service
the Receivables and to hold the Receivable Files as custodian.

         (b) Due Qualification. The Servicer is duly qualified to do business
as a foreign corporation in good standing, and has obtained all necessary
licenses and approvals in all jurisdictions in which the ownership or lease of
property or the conduct of its business (including the servicing of the
Receivables as required by this Agreement) shall require such qualifications.

         (c) Power and Authority. The Servicer has the power and authority to
execute and deliver this Agreement and to carry out their respective terms;
and the execution, delivery and performance of this Agreement has been duly
authorized by the Servicer by all necessary corporate action.

         (d) Binding Obligation. This Agreement constitutes the legal, valid
and binding obligations of the Servicer enforceable in accordance with their
respective terms.

         (e) No Violation. The consummation of the transactions contemplated
by this Agreement and the fulfillment of the terms hereof and thereof shall
not conflict with, result in any breach of any of the terms and provisions of,
or constitute (with or without notice or lapse of time) a default under, the
articles of incorporation or bylaws of the Servicer, or any indenture,
agreement or other instrument to which the Servicer is a party or by which it
is bound; or result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other
instrument (other than this Agreement); or violate any law or, to the best of
the Servicer's knowledge, any order, rule or regulation applicable to the
Servicer of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having
jurisdiction over the Servicer or its properties.

         (f) No Proceedings. To the Servicer's best knowledge, there are no
proceedings or investigations pending, or threatened, before any court,
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Servicer or its properties: (i) asserting the
invalidity of this Agreement or the Certificates, (ii) seeking to prevent the
issuance of the Certificates or the consummation of any of the transactions
contemplated by this Agreement, (iii) seeking any determination or ruling that
might materially and adversely affect the performance by the Servicer of its
obligations under, or the validity or enforceability of, this Agreement or the
Certificates, or (iv) relating to the Servicer and which might adversely
affect the federal income tax attributes of the Certificates.

         (g) No Insolvent Obligors. As of the related Cutoff Date, no Obligor
on a Receivable shall be shown on the Receivable Files as the subject of a
bankruptcy proceeding.

         Section 8.02. Indemnities of Servicer. The Servicer shall be liable
in accordance herewith only to the extent of the obligations specifically
undertaken by the Servicer under this Agreement.

         (a) The Servicer shall defend, indemnify and hold harmless the
Trustee, the Trust, the Certificateholders and the Depositor from and against
any and all costs, expenses, losses, damages, claims, and liabilities, arising
out of or resulting from the use, ownership or operation by the Servicer or
any Affiliate thereof of a Financed Asset.

         (b) The Servicer shall indemnify, defend and hold harmless the
Trustee, the Depositor, the Trust and the Certificateholders from and against
any and all costs, expenses, losses, claims, damages, and liabilities to the
extent that such cost, expense, loss, claim, damage, or liability arose out
of, or was imposed upon any such Person through, the negligence, willful
misfeasance or bad faith of the Servicer in the performance of its duties
under this Agreement or by reason of reckless disregard of its obligations and
duties under this Agreement.

         For purposes of this Section, in the event of the termination of the
rights and obligations of U.S. Bank (or any successor thereto pursuant to
Section 8.03) as Servicer pursuant to Section 9.01, or a resignation by such
Servicer pursuant to this Agreement, such Servicer shall be deemed to be the
Servicer pending appointment of a successor Servicer (other than the Trustee)
pursuant to Section 9.02.

         Indemnification under this Section shall survive the resignation or
removal of the Trustee or the termination of this Agreement and shall include
reasonable fees and expenses of counsel and expenses of litigation. If the
Servicer shall have made any indemnity payments pursuant to this Section and
the recipient thereafter collects any of such amounts from others, such Person
shall promptly repay such amounts to the Servicer, without interest.

         Section 8.03. Merger or Consolidation of, or Assumption of the
Obligations of, Servicer. Any Person (a) into which the Servicer may be merged
or consolidated, (b) which may result from any merger or consolidation to
which the Servicer shall be a party, (c) which may succeed to the properties
and assets of the Servicer substantially as a whole or (d) with respect to the
Servicer's obligations hereunder, which is a corporation 50% or more of the
voting stock of which is owned, directly or indirectly, by ____________, which
Person executed an agreement of assumption to perform every obligation of the
Servicer hereunder shall be the successor to the Servicer under this Agreement
without further act on the part of any of the parties to this Agreement;
provided, however, that (i) immediately after giving effect to such
transaction, no Event of Default and no event which, after notice or lapse of
time, or both, would become an Event of Default shall have happened and be
continuing, (ii) the Servicer shall have delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel each stating that such consolidation,
merger or succession and such agreement of assumption comply with this Section
and that all conditions precedent provided for in this Agreement relating to
such transaction have been complied with, (iii) the Rating Agency Condition
shall have been satisfied with respect to such transaction and (iv) the
Servicer shall have delivered to the Trustee an Opinion of Counsel stating
that, in the opinion of such counsel, either (A) all financing statements and
continuation statements and amendments thereto have been executed and filed
that are necessary fully to preserve and protect the interest of the Trustee
in the Receivables and reciting the details of such filings or (B) no such
action shall be necessary to preserve and protect such interest.
Notwithstanding anything herein to the contrary, the execution of the
foregoing agreement of assumption and compliance with clauses (i), (ii), (iii)
and (iv) above shall be conditions to the consummation of the transactions
referred to in clauses (a), (b) or (c) above.

         Section 8.04. Limitation on Liability of Servicer and Others. Neither
the Servicer nor any of the directors, officers, employees or agents of the
Servicer shall be under any liability to the Trust or the Certificateholders,
except as provided under this Agreement, for any action taken or for
refraining from the taking of any action pursuant to this Agreement or for
errors in judgment; provided, however, that this provision shall not protect
the Servicer or any such Person against any liability that would otherwise be
imposed by reason of willful misfeasance, bad faith or negligence in the
performance of duties or by reason of reckless disregard of obligations and
duties under this Agreement. The Servicer and any director, officer, employee
or agent of the Servicer may rely in good faith on any document of any kind
prima facie properly executed and submitted by any Person respecting any
matters arising under this Agreement.

         Except as provided in this Agreement, the Servicer shall not be under
any obligation to appear in, prosecute or defend any legal action that shall
not be incidental to its duties to service the Receivables in accordance with
this Agreement and that in its opinion may involve it in any expense or
liability; provided, however, that the Servicer may undertake any reasonable
action that it may deem necessary or desirable in respect of this Agreement
and the rights and duties of the parties to this Agreement and the interests
of the Certificateholders under this Agreement.

                                  ARTICLE IX.

                                    Default

         Section 9.01. Events of Default. If any one of the following events
("Events of Default") shall occur and be continuing:

         (a) Any failure by the Servicer to deliver to the Trustee for deposit
to the Collection Account or the Distribution Account any proceeds or payment
required to be so delivered under the terms of the Certificates and this
Agreement that shall continue unremedied for a period of three Business Days
after written notice of such failure is received by the Servicer from the
Trustee or after discovery of such failure by an officer of the Servicer; or

         (b) Failure by the Servicer or the Depositor, as the case may be,
duly to observe or to perform in any material respect any other covenants or
agreements of the Servicer or the Depositor (as the case may be) set forth in
the Certificates or in this Agreement, which failure shall (a) materially and
adversely affect the rights of Certificateholders and (b) continue unremedied
for a period of 60 days after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given (1) to the
Servicer or the Depositor (as the case may be) by the Trustee or (2) to the
Servicer or the Depositor (as the case may be) and to the Trustee by the
Holders of Class A Certificates evidencing not less than 25% of the Class A
Certificate Balance; or

         (c) The occurrence of an Insolvency Event with respect to the
Servicer or the Depositor;

then, and in each and every case, so long as the Event of Default shall not
have been remedied, either the Trustee or the Holders of Class A Certificates
evidencing not less than 25% of the Class A Certificate Balance, by notice
then given in writing to the Servicer (and to the Trustee if given by
Certificateholders) may terminate all of the rights and obligations (other
than the obligations set forth in Section 8.02) of the Servicer under this
Agreement. On or after the receipt by the Servicer of such written notice, all
authority and power of the Servicer under this Agreement, whether with respect
to the Certificates or the Receivables or otherwise, shall, without further
action, pass to and be vested in the Trustee or such successor Servicer as may
be appointed under Section 9.02; and, without limitation, the Trustee is
hereby authorized and empowered to execute and deliver, on behalf of the
predecessor Servicer, as attorney-in-fact or otherwise, any and all documents
and other instruments, and to do or accomplish all other acts or things
necessary or appropriate to effect the purposes of such notice of termination,
whether to complete the transfer and endorsement of the Receivables and
related documents, or otherwise. The predecessor Servicer shall cooperate with
the successor Servicer and the Trustee in effecting the termination of the
responsibilities and rights of the predecessor Servicer under this Agreement,
including the transfer to the successor Servicer for administration by it of
all cash amounts that shall at the time be held by the predecessor Servicer
for deposit, or shall thereafter be received with respect to any Receivable.
All reasonable costs and expenses (including attorneys' fees) incurred in
connection with transferring the Receivable Files to the successor Servicer
and amending this Agreement to reflect such succession as Servicer pursuant to
this Section shall be paid by the predecessor Servicer upon presentation of
reasonable documentation of such costs and expenses. Upon receipt of notice of
the occurrence of an Event of Default, the Trustee shall give notice thereof
to the Rating Agencies.

         Section 9.02. Appointment of Successor. (a) Upon the Servicer's
receipt of notice of termination pursuant to Section 9.01 or the Servicer's
resignation in accordance with the terms of this Agreement, the predecessor
Servicer shall continue to perform its functions as Servicer under this
Agreement, in the case of termination, only until the date specified in such
termination notice or, if no such date is specified in a notice of
termination, until receipt of such notice and, in the case of resignation,
until the later of (x) the date 45 days from the delivery to the Trustee of
written notice of such resignation (or written confirmation of such notice) in
accordance with the terms of this Agreement and (y) the date upon which the
predecessor Servicer shall become unable to act as Servicer, as specified in
the notice of resignation and accompanying Opinion of Counsel. In the event of
the Servicer's termination hereunder, the Trustee shall appoint a successor
Servicer, and the successor Servicer shall accept its appointment by a written
assumption in form acceptable to the Trustee. In the event that a successor
Servicer has not been appointed at the time when the predecessor Servicer has
ceased to act as Servicer in accordance with this Section, the Trustee without
further action shall automatically be appointed the successor Servicer and
shall be entitled to the Servicing Fee. Notwithstanding the above, the Trustee
shall, if it shall be legally unable so to act, appoint, or petition a court
of competent jurisdiction to appoint, any established institution having a net
worth of not less than $100,000,000 and whose regular business shall include
the servicing of automotive receivables as the successor to the Servicer under
this Agreement.

         (b) Upon appointment, the successor Servicer (including the Trustee
acting as successor Servicer) shall be the successor in all respects to the
predecessor Servicer and shall be subject to all the responsibilities, duties
and liabilities arising thereafter relating thereto placed on the predecessor
Servicer and shall be entitled to the Servicing Fee and all of the rights
granted to the predecessor Servicer by the terms and provisions of this
Agreement.

         (c) The Servicer may not resign unless it is prohibited from serving
as such by law.

         Section 9.03. Repayment of Advances. If the Servicer shall change,
the predecessor Servicer shall be entitled to receive reimbursement for
Outstanding Advances pursuant to Sections 5.03 and 5.04 with respect to all
Advances made by the predecessor Servicer.

         Section 9.04. Notification to Certificateholders. Upon any
termination of, or appointment of a successor to, the Servicer pursuant to
this Article XVIII, the Trustee shall give prompt written notice thereof to
Certificateholders and to the Rating Agencies.

         Section 9.05. Waiver of Past Defaults. The Holders of Class A
Certificates evidencing not less than a majority of the Class A Certificate
Balance may, on behalf of all Holders of Certificates, waive any default by
the Servicer in the performance of its obligations hereunder and its
consequences, except a default in making any required deposits to or payments
from the Trust Accounts in accordance with this Agreement. Upon any such
waiver of a past default, such default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been remedied for every
purpose of this Agreement. No such waiver shall extend to any subsequent or
other default or impair any right consequent thereon.

                                  ARTICLE X.

                                  The Trustee

         Section 10.01. Duties of Trustee. (a) If an Event of Default has
occurred and is continuing, the Trustee shall exercise the rights and powers
vested in it by this Agreement 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 Trustee shall assume the duties of the Servicer pursuant to
Section 9.02, the Trustee in performing such duties shall use the degree of
skill and attention customarily exercised by a servicer with respect to
automobile receivables that it services for itself or others.

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

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

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

         (c) The Trustee shall take and maintain custody of the Schedule of
Receivables included as an exhibit to this Agreement and shall retain all
Servicer's Certificates identifying Receivables that become Purchased
Receivables and Liquidated Receivables.

         (d) The Trustee shall not be liable with respect to any action taken,
suffered or omitted to be taken in good faith in accordance with this
Agreement or at the direction of the Holders of Class A Certificates
evidencing not less than 25% of the Class A Certificate Balance relating to
the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the
Trustee under this Agreement;

         (e) The 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 clause (d) of
          this Section;

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

               (iii) the 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 this Agreement.

         (f) No provision of this Agreement shall require the 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.

         Section 10.02. Certain Matters Affecting Trustee. Except as otherwise
provided in Section 10.01:

         (a) The Trustee may rely on any document believed by it to be genuine
and to have been signed or presented by the proper Person. The Trustee need
not investigate any fact or matter stated in any such document.

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

         (c) The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or
defend any litigation under this Agreement at the request, order or direction
of any of the Certificateholders pursuant to the provisions of this Agreement,
unless such Certificateholders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities that may be
incurred therein or thereby.

         (d) The Trustee shall not be liable for any action taken, suffered or
omitted by it in good faith which it believes to be authorized or within its
rights or powers conferred upon it by this Agreement; provided, that such
conduct does not constitute willful misconduct, bad faith or negligence on the
part of the Trustee.

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

         Section 10.03. Trustee Not Liable for Certificates or Receivables.
The recitals contained herein and in the Certificates (other than the
certificate of authentication on the Certificates) shall be taken as the
statements of the Depositor or the Servicer, as the case may be, and the
Trustee assumes no responsibility for the correctness thereof. The Trustee
shall make no representations as to the validity or sufficiency of this
Agreement or of the Certificates (other than the certificate of authentication
on the Certificates), or of any Receivable or related document. The Trustee
shall at no time have any responsibility or liability for or with respect to
the legality, validity and enforceability of any Receivable, or the perfection
and priority of any security interest created by any Receivable in any
Financed Asset or the maintenance of any such perfection and priority, or for
or with respect to the efficacy of the Trust or its ability to generate the
payments to be distributed to Certificateholders under this Agreement,
including, without limitation: the existence, condition and ownership of any
Financed Asset; the existence and enforceability of any insurance thereon; the
existence and contents of any Receivable or any computer or other record
thereof; the validity of the assignment of any Receivable to the Trust or of
any intervening assignment; the completeness of any Receivable; the
performance or enforcement of any Receivable; the compliance by the Depositor
or the Servicer with any warranty or representation made under this Agreement
or in any related document and the accuracy of any such warranty or
representation or any action of the Servicer taken in the name of the Trustee.

         Section 10.04. Trustee May Own Certificates. The Trustee in its
individual or any other capacity may become the owner or pledgee of
Certificates and may deal with the Depositor and the Servicer in banking
transactions with the same rights as it would have if it were not Trustee.

         Section 10.05. Trustee's Fees and Expenses. The Servicer shall pay to
the Trustee, and the Trustee shall be entitled to receive, reasonable
compensation as shall have been separately agreed upon before the date of this
Agreement between the Seller and the Trustee (which shall not be limited by
any provision of law regarding the compensation of a trustee of an express
trust) for all services rendered by it in the execution of the trusts created
by this Agreement and in the exercise and performance of any of the Trustee's
powers and duties under this Agreement. The Trustee shall be entitled to be
reimbursed by the Seller for its reasonable expenses under this Agreement,
including the reasonable compensation, expenses and disbursements of such
agents, representatives, experts and counsel as the Trustee may employ in
connection with the exercise and performance of its rights and duties under
this Agreement.

         Section 10.06. Eligibility Requirements for Trustee. The Trustee
shall at all times be a corporation having an office in the same state as the
location of the Corporate Trust Office; organized and doing business under the
laws of such state or the United States of America; authorized under such laws
to exercise corporate trust powers; having a combined capital and surplus of
at least $50,000,000 and subject to supervision or examination by federal or
state authorities; and having (or having a parent that has) a rating of at
least Baa3 by Moody's. If such corporation shall publish reports of condition
at least annually pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purpose of this Section, the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Trustee shall
resign immediately in the manner and with the effect specified in Section
10.07.

         Section 10.07. Resignation or Removal of Trustee. The Trustee may at
any time resign and be discharged from the trusts hereby created by giving
written notice thereof to the Servicer. Upon receiving such notice of
resignation, the Servicer shall promptly appoint a successor Trustee by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Trustee and one copy to the successor Trustee. If
no successor Trustee shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

         If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 10.06 and shall fail to resign after written
request therefor by the Servicer, or if at any time the Trustee shall be
legally unable to act, or shall be adjudged bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, then
the Servicer may remove the Trustee. If the Servicer shall remove the Trustee
under the authority of the immediately preceding sentence, the Servicer shall
promptly appoint a successor Trustee by written instrument, in duplicate, one
copy of which instrument shall be delivered to the outgoing Trustee so removed
and one copy to the successor Trustee, and shall pay all fees owed to the
outgoing Trustee.

         Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Trustee
pursuant to Section 10.08 and payment of all fees and expenses owed to the
outgoing Trustee. The Servicer shall provide notice of such resignation or
removal of the Trustee to each of the Rating Agencies.

         Section 10.08. Successor Trustee. Any successor Trustee appointed
pursuant to Section 10.07 shall execute, acknowledge and deliver to the
Servicer and to its predecessor Trustee an instrument accepting such
appointment under this Agreement, and thereupon the resignation or removal of
the predecessor Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become fully vested with
all the rights, powers, duties and obligations of its predecessor under this
Agreement, with like effect as if originally named as Trustee. The predecessor
Trustee shall upon payment of its fees and expenses deliver to the successor
Trustee all documents and statements and monies held by it under this
Agreement; and the Servicer and the predecessor Trustee shall execute and
deliver such instruments and do such other things as may reasonably be
required for fully and certainly vesting and confirming in the successor
Trustee all such rights, powers, duties and obligations.

         No successor Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Trustee shall be
eligible pursuant to Section 10.06.

         Upon acceptance of appointment by a successor Trustee pursuant to
this Section, the Servicer shall mail notice thereof to all Certificateholders
and to the Rating Agencies. If the Servicer shall fail to mail such notice
within 10 days after acceptance of appointment by the successor Trustee, the
successor Trustee shall cause such notice to be mailed at the expense of the
Servicer.

         Section 10.09. Merger or Consolidation of Trustee. Any corporation
into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be eligible pursuant to Section 10.06, without the execution
or filing of any instrument or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding. The Trustee
shall mail notice of any such merger or consolidation to the Rating Agencies

         Section 10.10. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any
part of the Trust or any Financed Asset may at the time be located, the
Servicer and the Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons approved by the
Trustee to act as co-trustee, jointly with the Trustee, or separate trustee or
separate trustees, of all or any part of the Trust, and to vest in such
Person, in such capacity and for the benefit of the Certificateholders, such
title to the Trust or any part thereof and, subject to the other provisions of
this Section, such powers, duties, obligations, rights, and trusts as the
Servicer and the Trustee may consider necessary or desirable. If the Servicer
shall not have joined in such appointment within 15 days after the receipt by
it of a request so to do, the Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee under this Agreement shall be
required to meet the terms of eligibility as a successor Trustee pursuant to
Section 10.06 and no notice of the appointment of any co-trustee or separate
trustee shall be required pursuant to Section 10.08.

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

               (i) All rights, powers, duties and obligations conferred or
          imposed upon any such separate trustee or co- trustee shall be
          conferred upon and exercised or performed by the 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 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 Trustee shall be
          incompetent or unqualified to perform such act or acts, in which
          event such rights, powers, duties and obligations (including the
          holding of title to the Trust or any portion thereof in any such
          jurisdiction) shall be exercised and performed singly by such
          separate trustee or co-trustee, but solely at the direction of the
          Trustee;

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

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

         Any notice, request or other writing given to the 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
Trustee or separately, as may be provided therein, subject to all the
provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording
protection to, the Trustee. Each such instrument shall be filed with the
Trustee and a copy thereof given to the Servicer.

         Any separate trustee or co-trustee may at any time appoint the
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
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its
estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor co-trustee or separate trustee.

         Section 10.11. Representations and Warranties of Trustee. The Trustee
shall make the following representations and warranties on which the Depositor
and Certificateholders shall be deemed to rely:

               (i) The Trustee is a banking corporation duly organized,
          validly existing and in good standing under the laws of its place of
          incorporation.

               (ii) The Trustee has full corporate power, authority and legal
          right to execute and deliver, and to perform its obligations under,
          this Agreement, and shall have taken all necessary action to
          authorize the execution and delivery of, and the performance of its
          obligations under, this Agreement.

               (iii) This Agreement shall have been duly executed and
          delivered by the Trustee.

         Section 10.12. No Bankruptcy Petition. The Trustee, by entering into
this Agreement, and each Certificateholder, by accepting a Certificate, hereby
covenant and agree that they will not at any time institute against, or join
any other Person in instituting against, the Depositor or the Trust any
bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other similar proceedings under any federal or state
bankruptcy or similar law in connection with the Certificates or this
Agreement.

         Section 10.13. Trustee's Certificate. On or as soon as practicable
after each Record Date as of which Receivables shall be assigned to the
Depositor or the Servicer pursuant to Section 10.14, the Trustee shall execute
a Trustee's Certificate (in the form of Exhibit H-1 or Exhibit H-2, as
applicable), based on the information contained in the Servicer's Certificate
for the related Collection Period, amounts deposited to the Collection Account
and notices received pursuant to this Agreement, identifying the Receivables
repurchased by the Depositor pursuant to Section 3.02 or purchased by the
Servicer pursuant to Section 4.07 or Section 11.02 during such Collection
Period, and shall deliver such Trustee's Certificate, accompanied by a copy of
the Servicer's Certificate for such Collection Period, to the Depositor or the
Servicer, as applicable. The Trustee's Certificate submitted with respect to
such Distribution Date shall operate, as of such Distribution Date, as an
assignment, without recourse, representation or warranty, to the Depositor or
the Servicer, as applicable, of all the Trustee's right, title and interest in
and to any such Repurchased Receivable and to the other property conveyed to
the Trust with respect thereto, and all security and documents relating
thereto, such assignment being an assignment outright and not for security.

         Section 10.14. Trustee's Assignment of Repurchased Receivables. With
respect to all Receivables repurchased by the Depositor pursuant to Section
3.02 or purchased by the Servicer pursuant to Section 4.07 or Section 11.02,
the Trustee shall by a Trustee's Certificate (in the form of Exhibit H-1 or
Exhibit H-2, as applicable) assign, without recourse, representation or
warranty, to the Depositor or the Servicer, as applicable, all the Trustee's
right, title and interest in and to any such Receivable and the other property
conveyed to the Trust with respect thereto, and all security and documents
relating thereto, such assignment being an assignment outright and not for
security.

                                  ARTICLE XI.

                                  Termination

         Section 11.01. Termination of the Trust. (a) The respective
obligations and responsibilities of the Depositor, the Servicer and the
Trustee created hereby and the Trust created by this Agreement shall terminate
(i) upon the payment to Certificateholders of all amounts required to be paid
to them pursuant to this Agreement and the disposition of all property held as
part of the Trust and (ii) at the time provided in Section 11.02; provided,
however, that in no event shall the trust created by this Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the
descendants of Joseph P. Kennedy, the late ambassador of the United States to
the Court of St. James's, living on the date of this Agreement. The Servicer
shall promptly notify the Trustee of any prospective termination pursuant to
this Section.

         (b) Except as provided in Section 11.01(a), neither the Depositor nor
any Owner shall be entitled to revoke or terminate the Trust.

         (c) Notice of any termination of the Trust, specifying the
Distribution Date upon which Certificateholders shall surrender their
Certificates to the Trustee for payment of the final distribution and
cancellation of the Certificates, shall be given by the Trustee by letter to
Certificateholders mailed not earlier than the 15th day and not later than the
25th day of the month next preceding the specified Distribution Date stating
(A) the Distribution Date upon which final payment of the Certificates shall
be made upon presentation and surrender of the Certificates at the office of
the Trustee therein designated, (B) the amount of such final payment and (C)
that the Record Date otherwise applicable to such Distribution Date is not
applicable, payments being made only upon presentation and surrender of the
Certificates at the office of the Trustee therein specified. The Trustee shall
give such notice to the Certificate Registrar (if other than the Trustee) at
the time such notice is given to Certificateholders. Upon presentation and
surrender of the Certificates, the Trustee shall cause to be distributed to
Certificateholders amounts distributable on such Distribution Date pursuant to
Section 5.06.

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

         Section 11.02. Optional Purchase of All Receivables. On the last day
of any Collection Period as of which the Pool Balance shall be less than or
equal to __% of the Original Pool Balance, the Servicer shall have the option
to purchase the corpus of the Trust; provided, however, that the Servicer may
not effect any such purchase if at such time the rating of ____________'s
long-term debt obligations is less than Baa3 by Moody's, unless the Trustee
shall have received an Opinion of Counsel to the effect that such purchase
would not constitute a fraudulent conveyance. To exercise such option, the
Servicer shall deposit an amount into the Collection Account pursuant to
Section 5.05 equal to the aggregate Purchase Amount for the Receivables
(including defaulted Receivables), plus the appraised value of any other
property held by the Trust, such value to be determined by an appraiser
mutually agreed upon by the Servicer and the Trustee. The Servicer thereafter
shall succeed to all interests in and to the Trust.

                                 ARTICLE XII.

                           Miscellaneous Provisions

         Section 12.01. Amendment. This Agreement may be amended by the
Depositor, the Servicer and the Trustee, without the consent of the
Certificateholders, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any provision in this Agreement or of
modifying in any manner the rights of the Certificateholders; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel
delivered to the Trustee, adversely affect in any material respect the
interests of any Certificateholder.

         This Agreement may also be amended from time to time by the
Depositor, the Servicer and the Trustee with the consent of the Holders of
Class A Certificates and Class B Certificates (which consent shall be
conclusive and binding on such Holders and on all future Holders of such
Certificates and of any Certificates issued upon the transfer therefor or in
exchange thereof or in lieu thereof, whether or not notation of such consent
is made upon the Certificates), each voting as a class, evidencing not less
than a majority of the Class A Certificate Balance and Class B Certificate
Balance, respectively, for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Agreement, or of
modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment shall (a) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments on
Receivables or distributions that shall be required to be made on any
Certificate or (b) reduce the aforesaid percentage of the Class A Certificate
Balance and Class B Certificate Balance required to consent to any such
amendment without the consent of the Holders of all Certificates then
outstanding.

         Promptly after the execution of any such amendment or consent, the
Trustee shall furnish written notification of the substance of such amendment
or consent to each Certificateholder and the Rating Agencies.

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

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

         Section 12.02. Protection of Title to Trust. (a) The Depositor shall
execute and file such financing statements and cause to be executed and filed
such continuation statements, all in such manner and in such places as may be
required by law fully to preserve, maintain and protect the interest of the
Certificateholders and the Trustee in the Receivables and in the proceeds
thereof. The Depositor shall deliver (or cause to be delivered) to the Trustee
file-stamped copies of, or filing receipts for, any document filed as provided
above, as soon as available following such filing.

         (b) Neither the Depositor nor the Servicer shall change its name,
identity or corporate structure in any manner that would, could or might make
any financing statement or continuation statement filed in accordance with
paragraph (a) above seriously misleading within the meaning of Section
9-402(7) of the UCC, unless it shall have given the Trustee at least five
days' prior written notice thereof and shall have promptly filed appropriate
amendments to all previously filed financing statements or continuation
statements.

         (c) Each of the Depositor and the Servicer shall have an obligation
to give the Trustee at least 60 days' prior written notice of any relocation
of its principal executive office if, as a result of such relocation, the
applicable provisions of the UCC would require the filing of any amendment of
any previously filed financing or continuation statement or of any new
financing statement, and shall promptly file any such amendment or new
financing statement. The Servicer shall at all times maintain its principal
executive office and each office from which it shall service Receivables
within the United States of America.

         (d) The Servicer shall maintain accounts and records as to each
Receivable accurately and in sufficient detail to permit (i) the reader
thereof to know at any time the status of such Receivable, including payments
and recoveries made and payments owing (and the nature of each) and (ii)
reconciliation between payments or recoveries on (or with respect to) each
Receivable and the amounts from time to time deposited in the Distribution
Account and Payahead Account in respect of such Receivable.

         (e) The Servicer shall maintain its computer systems so that, from
and after the time of sale under this Agreement of the Receivables to the
Trustee, the Servicer's master computer records (including any back-up
archives) that refer to a Receivable shall indicate clearly the interest of
the Trust, in such Receivable, and that such Receivable is owned by the
Trustee. Indication of the Trustee's ownership of a Receivable shall be
deleted from or modified on the Servicer's computer systems when, and only
when, such Receivable shall have been paid in full or repurchased.

         (f) If at any time the Depositor or the Servicer shall propose to
sell, grant a security interest in, or otherwise transfer any interest in
automotive receivables to, any prospective purchaser, lender or other
transferee, the Servicer shall give to such prospective purchaser, lender or
other transferee computer tapes, records or print-outs (including any restored
from back-up archives) that, if they shall refer in any manner whatsoever to
any Receivable, shall indicate clearly that such Receivable has been sold and
is owned by the Trustee.

         (g) The Servicer shall permit the Trustee and its agents at any time
during normal business hours to inspect, audit and make copies of and
abstracts from the Servicer's records regarding any Receivable.

         (h) Upon request, the Servicer shall furnish to the Trustee, within
five Business Days, a list of all Receivables (by contract number and name of
Obligor) then held as part of the Trust, together with a reconciliation of
such list to the Schedule of Receivables and to each of the Servicer's
Certificates furnished before such request indicating removal of Receivables
from the Trust.

         Section 12.03. Separate Counterparts. This Agreement may be executed
by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         Section 12.04. Limitation on Rights of Certificateholders. (a) The
death or incapacity of any Certificateholder shall not operate to terminate
this Agreement or the Trust, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a partition or winding up of the
Trust, nor otherwise affect the rights, obligations and liabilities of the
parties to this Agreement or any of them.

         (b) No Certificateholder shall have any right to vote (except as
provided in Section 12.01 or 9.05) or in any manner otherwise control the
operation and management of the Trust or the obligations of the parties to
this Agreement; nor shall any provision in this Agreement or contained in the
Certificates be construed so as to constitute the Certificateholders from time
to time as partners or members of an association; nor shall any
Certificateholder be under any liability to any third person by reason of any
action taken pursuant to any provision of this Agreement.

         (c) No Certificateholder shall have any right to institute any suit,
action or proceeding in equity or at law upon or under or with respect to this
Agreement, unless: (i) such Holder previously shall have given to the Trustee
written notice of a continuing Event of Default; (ii) the Holders of
Certificates evidencing not less than 25% of the Certificate Balance shall
have made written request upon the Trustee to institute such action, suit or
proceeding in its own name as Trustee under this Agreement and shall have
offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby; (iii) the
Trustee, for 60 days after its receipt of such notice, request and offer of
indemnity shall have neglected or refused to institute any such action, suit
or proceeding; and (iv) during such 60-day period no request or waiver
inconsistent with such written request shall have been given to the Trustee by
Holders representing a majority of the Certificate Balance. It is understood
and intended that no one or more Holders of Certificates shall have any right
in any manner whatever by virtue of, or by availing of, any provisions of this
Agreement to affect, disturb or prejudice the rights of any other Holders of
Certificates, or to obtain or seek to obtain priority over or preference to
any other such Holder, or to enforce any right under this Agreement, except in
the manner provided in this Agreement.

         Section 12.05. Governing Law. THIS AGREEMENT 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 UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 12.06. Notices. All demands, notices and communications upon
or to the Depositor, the Servicer, the Trustee or the Rating Agencies under
this Agreement shall be in writing, personally delivered or mailed by
certified mail, return receipt requested, and shall be deemed to have been
duly given upon receipt (a) in the case of the Depositor, to ML Asset Backed
Corporation, 250 Vesey Street, World Financial Center - 10th Floor, New York,
New York 10281-1310, Attention of ___________________, ((212) 449 -0336); (b)
in the case of the Servicer, ________________________________________,
______________________________________________, Attention of Secretary (( ) -);
(c) in the case of the Trustee, at the Corporate Trust Office; (d) in the
case of Moody's, to Moody's Investors Service, Inc., ABS Monitoring
Department, 99 Church Street, New York, New York 10007; and (e) in the case of
Standard & Poor's, to Standard & Poor's Ratings Services, 25 Broadway - - 15th
Floor, New York, New York 10004, Attention: Asset Backed Surveillance
Department. Any notice required or permitted to be mailed to a
Certificateholder shall be given by first class mail, postage prepaid, at the
address of such Holder as shown in the Certificate Register. Any notice so
mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Certificateholder shall
receive such notice.

         Section 12.07. Severability of Provisions. Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this
Agreement, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other
jurisdiction.

         Section 12.08. Assignment. Notwithstanding anything to the contrary
contained herein, except as provided in Sections 7.04 and 8.03 and as provided
in the provisions of this Agreement concerning the resignation of the
Servicer, this Agreement may not be assigned by the Depositor or the Servicer
without the prior written consent of the Trustee and the Holders of
Certificates evidencing not less than 66% of the Certificate Balance.

         Section 12.09. Certificates Nonassessable and Fully Paid.
Certificateholders shall not be personally liable for obligations of the
Trust. The interests represented by the Certificates shall be nonassessable
for any losses or expenses of the Trust or for any reason whatsoever.

         Section 12.10. Limitations on Rights of Others. The provisions of
this Agreement are solely for the benefit of the Depositor, the Servicer, the
Trustee and the Certificateholders, and nothing in this Agreement, whether
express or implied, shall be construed to give any other Person any legal or
equitable right, remedy or claim in respect of the Trust or under or in
respect of this Agreement or any covenants, conditions or provisions contained
herein.

         Section 12.11. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         Section 12.12. Nonpetition Covenants. (a) Notwithstanding any prior
termination of this Agreement, the Servicer and the Depositor shall not, prior
to the date that is one year and one day after the termination of this
Agreement with respect to the Trust, acquiesce to, petition or otherwise
invoke or cause the Trust to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against the Trust
under any federal or state bankruptcy, insolvency or similar law, or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator,
or other similar official of the Trust or any substantial part of its
property, or ordering the winding up or liquidation of the affairs of the
Trust.

         (b) Notwithstanding any prior termination of this Agreement, the
Servicer shall not, prior to the date that is one year and one day after the
termination of this Agreement with respect to the Depositor, acquiesce to,
petition or otherwise invoke or cause the Depositor to invoke the process of
any court or government authority for the purpose of commencing or sustaining
a case against the Depositor under any federal or state bankruptcy, insolvency
or similar law, appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator, or other similar official of the Depositor or any
substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Depositor.

                      *                *                 *

<PAGE>

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

                                    ML ASSET BACKED CORPORATION,
                                                      as Depositor

                                             By: ____________________
                                             Name:
                                             Title:

                                    [_________________________________]
                                                      as Trustee

                                             By: ____________________
                                             Name:
                                             Title:

                                    [___________________________],
                                             as Servicer

                                             By: ____________________
                                             Name:
                                             Title:

<PAGE>

                                                                     EXHIBIT A

                          FORM OF CLASS A CERTIFICATE

UNLESS THIS CERTIFICATE 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 CERTIFICATE
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.

DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CLASS A
CERTIFICATE WILL BE MADE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS B CERTIFICATE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

NUMBER                                                                       $
R-                                                                    CUSIP NO.

                        [_______________] TRUST 200_-_

                    ____% ASSET BACKED CERTIFICATE, CLASS A

evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of automotive retail installment sale
contracts or installment loans (as defined herein) secured by new and used
automobiles and light duty trucks.

(This Class A Certificate does not represent an interest in or obligation of
ML Asset Backed Corporation, except to the extent described below.)

         THIS CERTIFIES THAT _______________________________________ is the
registered owner of ______________________________________ DOLLARS
nonassessable, fully-paid, fractional undivided interest in [_______________]
Trust 200_-_ (the "Trust") formed pursuant to the Pooling and Servicing
Agreement (the "Agreement") dated as of _________________, among ML Asset
Backed Corporation, a Delaware corporation, as depositor (the "Depositor"),
__________________________, as servicer (the "Servicer") and
______________________, a ________________________________ banking
association, as trustee (the "Trustee"), a summary of certain of the pertinent
provisions of which is set forth below. To the extent not otherwise defined
herein, the capitalized terms used herein have the meanings assigned to them
in the Agreement.

         This Certificate is one of a duly authorized series of Certificates,
designated as the _____% Asset Backed Certificates, Class A (herein called the
"Class A Certificates"), all issued under the Agreement, to which Agreement
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Depositor, the Servicer, the Trustee and Holders
of the Certificates. The Class A Certificates are subject to all terms of the
Agreement.

         The property of the Trust includes a pool of retail installment sale
contracts and installment loans for new and used automobiles and light duty
trucks accompanying travellers (the "Receivables"), all monies due under such
Receivables on or after the related Cutoff Date, in the case of Precomputed
Receivables, or received on or after the related Cutoff Date, in the case of
Simple Interest Receivables, security interests in the assets financed
thereby, certain bank accounts and the proceeds thereof, proceeds from claims
on certain insurance policies and all proceeds of the foregoing.

         Under the Agreement, there will be distributed on the ______ day of
each month or, if such ______ day is not a Business Day, the next Business Day
(each, a "Distribution Date"), commencing on ______________________, to the
Person in whose name this Class A Certificate is registered at the close of
business on the first day of the month in which such Distribution Date occurs
(the "Record Date"), such Certificateholder's fractional undivided interest in
the amount to be distributed to Class A Certificateholders on such
Distribution Date.

         It is the intent of the Depositor, the Servicer, the Trustee and the
Certificateholders that, for purposes of federal income, state and local
income and single business tax and any other income taxes, the Trust will be
treated as a grantor trust and the Certificates will be treated as interests
in a grantor trust. The Depositor, the Servicer, the Trustee and the
Certificateholders, by acceptance of a Certificate or of a beneficial interest
in a Certificate, as the case may be, agree to treat, and to take no action
inconsistent with the treatment of, the Certificates for such tax purposes as
interests in a grantor trust.

         Distributions on this Class A Certificate will be made as provided in
the Agreement by the Trustee by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the
presentation or surrender of this Class A Certificate or the making of any
notation hereon, except that with respect to Class A Certificates registered
on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Except as otherwise provided in the Agreement and notwithstanding the
above, the final distribution on this Class A Certificate will be made after
due notice by the Trustee of the pendency of such distribution and only upon
presentation and surrender of this Class A Certificate at the office or agency
maintained for that purpose by the Trustee in the Borough of Manhattan, The
City of New York.

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

         Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Trustee, by manual signature, this
Class A Certificate shall not entitle the Holder hereof to any benefit under
the Agreement or be valid for any purpose.

         THIS TRUST CERTIFICATE 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.

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

Date:                     [_______________] TRUST 200 __-__

                                  By:  ______________________________,
                                                                      not in its
                                       individual capacity but solely as Trustee

                                  By:  ______________________________
                                            Authorized Signatory

                         CERTIFICATE OF AUTHENTICATION

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

Date:

                                     ----------------------------------
                                                   as Trustee

                                     By:  ______________________________
                                              Authorized Signatory

<PAGE>

                       (REVERSE OF CLASS A CERTIFICATE)

         The Class A Certificates do not represent an obligation of, or an
interest in, the Depositor, the Servicer, the Trustee or any affiliates of any
of them, and no recourse may be had against such parties or their assets
except as expressly set forth or contemplated herein or in the Agreement. In
addition, this Class A Certificate is not guaranteed by any governmental
agency or instrumentality and is limited in right of payment to certain
collections and recoveries with respect to the Receivables (and certain other
amounts), all as more specifically set forth herein and in the Agreement. A
copy of the Agreement may be examined by any Certificateholder upon written
request during normal business hours at the principal office of the Depositor
and at such other places, if any, designated by the Depositor.

         The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer and the Trustee and the rights of the
Certificateholders at any time by the Depositor, the Servicer and the Trustee
with the consent of the Holders of Certificates evidencing not less than a
majority of the Certificate Balance. Any such consent by the Holder of this
Class A Certificate shall be conclusive and binding on such Holder and on all
future Holders of this Certificate and of any Class A Certificate issued upon
the transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent is made upon this Class A Certificate. The Agreement
also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

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

         Except as provided in the Agreement, the Class A Certificates are
issuable only as registered certificates without coupons in a minimum
denomination of $________. As provided in the Agreement and subject to certain
limitations therein set forth, Class A Certificates are exchangeable for new
Class A Certificates of authorized denominations evidencing the same aggregate
denomination, as requested by the Holder surrendering the same. No service
charge will be made for any such registration of transfer or exchange, but the
Trustee or the Certificate Registrar may require payment of a sum sufficient
to cover any tax or governmental charge payable in connection therewith.

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

         The obligations and responsibilities created by the Agreement and the
Trust created thereby shall terminate upon the payment to Certificateholders
of all amounts required to be paid to them pursuant to the Agreement and the
disposition of all property held by the Trust. The Servicer of the Receivables
may at its option purchase the Trust property at a price specified in the
Agreement, and such purchase of the Receivables and other property of the
Trust will effect early retirement of the Certificates; however, such right of
purchase is exercisable only as of the last day of any Collection Period as of
which the Pool Balance is less than or equal to __% of the Original Pool
Balance.

<PAGE>

ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

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

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

the within Class A Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing _________________________ to transfer said Class A
Certificate on the books of the Certificate Registrar, with full power of
substitution in the premises.

Dated:

____________________________________*

                                                     Signature Guaranteed:

                                          ____________________________________*/

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

<PAGE>

                                                                     EXHIBIT B

                          FORM OF CLASS B CERTIFICATE

THIS CLASS B CERTIFICATE IS SUBORDINATE TO THE PRIOR RIGHTS OF THE CLASS A
CERTIFICATES IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON THAT IS
AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1074, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1086, AS AMENDED (THE "CODE"), OR
ANY GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, SUBJECT TO ANY
FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE
FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A "PLAN") OR ANY
PERSON INVESTING THE ASSETS OF A PLAN EXCEPT AS PROVIDED IN THE AGREEMENT
REFERRED TO HEREIN.

DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CLASS B
CERTIFICATE WILL BE MADE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS B CERTIFICATE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

NUMBER                                                                        $
R-                                                                    CUSIP NO.

                        [_______________] TRUST 200_-_

                    ____% ASSET BACKED CERTIFICATE, CLASS B

evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of automotive retail installment sale
contracts (as defined herein) secured by new and used automobiles and light
duty trucks.

(This Class B Certificate does not represent an interest in or obligation of
ML Asset Backed Corporation, except to the extent described below.)

         THIS CERTIFIES THAT ____________________________________ is the
registered owner of ____________________________ DOLLARS nonassessable,
fully-paid, fractional undivided interest in [____________] Trust 200_-_ (the
"Trust") formed pursuant to a Pooling and Servicing Agreement (the
"Agreement") dated as of _________________, among ML Asset Backed Corporation,
a Delaware corporation, as depositor (the "Depositor"), , as servicer (the
"Servicer") and _____________, a _______________ banking association, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth below. To the extent not otherwise defined herein, the
capitalized terms used herein have the meanings assigned to them in the
Agreement .

         This Certificate is one of a duly authorized series of Certificates,
designated as the ____% Asset Backed Certificates, Class B (herein called the
"Class B Certificates") all, issued under the Agreement, to which Agreement
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Depositor, the Servicer, the Trustee and Holders
of the Certificates. The Class B Certificates are subject to all terms of the
Agreement.

         The property of the Trust includes a pool of automotive retail
installment sale contracts for new and used automobiles and light duty trucks
motors and accompanying travellers (the "Receivables"), all monies due under
such Receivables on or after ___________________, in the case of Precomputed
Receivables, or received on or after __________________, in the case of Simple
Interest Receivables, security interests in the vehicles financed thereby,
certain bank accounts and the proceeds thereof, proceeds from claims on
certain insurance policies and all proceeds of the foregoing.

         Under the Agreement, there will be distributed on the ________ day of
each month or, if such _______ day is not a Business Day, the next Business
Day (each, a "Distribution Date"), commencing on ______________________, to
the Person in whose name this Class B Certificate is registered at the close
of business on the first day of the month in which such Distribution Date
occurs (the "Record Date"), subject to the prior rights of the Class A
Certificateholders, such Certificateholder's fractional undivided interest in
the amount to be distributed to Class B Certificateholders on such
Distribution Date.

         It is the intent of the Depositor, the Servicer, the Trustee and the
Certificateholders that, for purposes of federal income, state and local
income and single business tax and any other income taxes, the Trust will be
treated as a grantor trust and the Certificates will be treated as interests
in a grantor trust. The Depositor, the Servicer, the Trustee and the
Certificateholders, by acceptance of a Certificate or of a beneficial interest
in a Certificate, as the case may be, agree to treat, and to take no action
inconsistent with the treatment of, the Certificates for such tax purposes as
interests in a grantor trust.

         Distributions on this Class B Certificate will be made as provided in
the Agreement by the Trustee by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the
presentation or surrender of this Class B Certificate or the making of any
notation hereon, except that with respect to Class B Certificates registered
on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Except as otherwise provided in the Agreement and notwithstanding the
above, the final distribution on this Class B Certificate will be made after
due notice by the Trustee of the pendency of such distribution and only upon
presentation and surrender of this Class B Certificate at the office or agency
maintained for that purpose by the Trustee in the Borough of Manhattan, The
City of New York.

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

         Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Trustee, by manual signature, this
Class B Certificate shall not entitle the Holder hereof to any benefit under
the Agreement or be valid for any purpose.

         THIS CLASS B CERTIFICATE 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.

<PAGE>

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

                                 [_______________] TRUST 200_-_

                                 by: ______________________________,
                                                               not in its
                                      individual capacity but solely as Trustee

Date:                        by:     _______________________________
                                         Authorized Signatory

                         CERTIFICATE OF AUTHENTICATION

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

Date:                     __________________________________,
                                       as Trustee

                                  by:      _______________________________
                                                    Authorized Signatory

<PAGE>

(REVERSE OF CLASS B CERTIFICATE)

         The Class B Certificates do not represent an obligation of, or an
interest in, the Depositor, the Servicer, the Trustee or any affiliates of any
of them, and no recourse may be had against such parties or their assets
except as expressly set forth or contemplated herein or in the Agreement. In
addition, this Class B Certificate is not guaranteed by any governmental
agency or instrumentality and is limited in right of payment to certain
collections and recoveries with respect to the Receivables (and certain other
amounts), all as more specifically set forth herein and in the Agreement. A
copy of the Agreement may be examined by any Certificateholder upon written
request during normal business hours at the principal office of the Depositor
and at such other places, if any, designated by the Depositor.

         The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor, the Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing not less than a majority of the Certificate Balance. Any such
consent by the Holder of this Class B Certificate shall be conclusive and
binding on such Holder and on all future Holders of this Class B Certificate
and of any Class B Certificate issued upon the transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent is made
upon this Class B Certificate. The Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders
of any of the Certificates.

         Except as provided in the Agreement, the Class B Certificates are
issuable only as registered certificates without coupons in a minimum
denominations of $________. As provided in the Agreement and subject to
certain limitations therein set forth, Class B Certificates are exchangeable
for new Class B Certificates of authorized denominations evidencing the same
aggregate denomination, as requested by the Holder surrendering the same. No
service charge will be made for any such registration of transfer or exchange,
but the Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge payable in connection
therewith.

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

         The obligations and responsibilities created by the Agreement and the
Trust created thereby shall terminate upon the payment to Certificateholders
of all amounts required to be paid to them pursuant to the Agreement and the
disposition of all property by the Trust. The Servicer of the Receivables may
at its option purchase the Trust property at a price specified in the
Agreement, and such purchase of the Receivables and other property of the
Trust will effect early retirement of the Class B Certificates; however, such
right of purchase is exercisable only as of the last day of any Collection
Period as of which the Pool Balance is less than or equal to __% of the
Original Pool Balance.

<PAGE>

ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

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

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

the within Class B Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing ________________________ to transfer said Class B
Certificate on the books of the Certificate Registrar, with full power of
substitution in the premises.

Dated:

                                           ___________________________________*

                                           Signature Guaranteed:

                                   ____________________________*/

_______________________________

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

<PAGE>

                                                                     EXHIBIT C

                        (FORM OF DEPOSITORY AGREEMENT)

                           Letter of Representations
                    (To be Completed by Issuer and Trustee)

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

                               (Name of Issuer)

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

                               (Name of Trustee)

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

                                                                        (Date)

Attention: General Counsel's Office

THE DEPOSITORY TRUST COMPANY
55 Water Street;
49th Floor New York, NY
10041-0099

                  Re:      __________________________________________________

                           __________________________________________________

                           __________________________________________________

                                         (Issue Description)

Ladies and Gentlemen:

         This letter sets forth our understanding with respect to certain
matters relating to the above-referenced issue (the "Securities"). Trustee
will act as trustee with respect to the Securities pursuant to a trust
indenture dated __, 200_ (the "Document"). _________________________________
(the "Underwriter") is distributing the Securities through The Depository
Trust Company ("DTC").

         To induce DTC to accept the Securities as eligible for deposit at
DTC, and to act in accordance with its Rules with respect to the Securities,
Issuer and Trustee make the following representations to DTC:

         I.    Prior to closing on the Securities on ________________, 199_,
there shall be deposited with DTC one Security certificate registered in the
name of DTC's nominee, Cede & Co., for each stated maturity of the Securities
in the face amounts set forth on Schedule A hereto, the total of which
represents 100% of the principal amount of such Securities. If, however, the
aggregate principal amount of any maturity exceeds $150 million, one
certificate will be issued with respect to each $150 million of principal
amount and an additional certificate will be issued with respect to any
remaining principal amount. Each $150 million certificate shall bear the
following legend:

                  Unless this certificate is presented by an authorized
                  representative of The Depository Trust Company, a New York
                  corporation ("DTC"), to Issuer or its agent for registration
                  of transfer, exchange, or payment, and any certificate
                  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.

         II. In the event of any solicitation of consents from or voting by
holders of the Securities, Issuer or Trustee shall establish a record date for
such purposes (with no provision for revocation of consents or votes by
subsequent holders) and shall, to the extent possible, send notice of such
record date to DTC not less than 15 calendar days in advance of such record
date. Notices to DTC pursuant to this Paragraph by telecopy shall be sent to
DTC's Reorganization Department at (212) 709-6896 or (212) 709-6897, and
receipt of such notices shall be confirmed by telephoning (212) 709-6870.
Notices to DTC pursuant to this Paragraph by mail or by any other means shall
be sent to DTC's Reorganization Department as indicated in Paragraph 4.

         III. In the event of a full or partial redemption, Issuer or Trustee
shall send a notice to DTC specifying: (a) the amount of the redemption or
refunding; (b) in the case of a refunding, the maturity date(s) established
under the refunding; and (c) the date such notice is to be mailed to Security
holders or published (the "Publication Date"). Such notice shall be sent to
DTC by a secure means (e.g., legible telecopy, registered or certified mail,
overnight delivery) in a timely manner designed to assure that such notice is
in DTC's possession no later than the close of business on the business day
before or, if possible, two business days before the Publication Date. Issuer
or Trustee shall forward such notice either in a separate secure transmission
for each CUSIP number or in a secure transmission for multiple CUSIP numbers
(if applicable) which includes a manifest or list of each CUSIP number
submitted in that transmission. (The party sending such notice shall have a
method to verify subsequently the use of such means and the timeliness of such
notice.) The Publication Date shall be not less than 30 days nor more than 60
days prior to the redemption date or, in the case of an advance refunding, the
date that the proceeds are deposited in escrow. Notices to DTC pursuant to
this Paragraph by telecopy shall be sent to DTC's Call Notification Department
at (516) 227-4039 or (516) 227-4190. If the party sending the notice does not
receive a telecopy receipt from DTC confirming that the notice has been
received, such party shall telephone (516) 227-4070. Notices to DTC pursuant
to this Paragraph by mail or by any other means shall be sent to:

                         Manager; Call Notification Department
                         The Depository Trust Company
                         711 Stewart Avenue
                         Garden City, NY 11530-4719

         IV. In the event of an invitation to tender the Securities, notice by
Issuer or Trustee to Security holders specifying the terms of the tender and
the Publication Date of such notice shall be sent to DTC by a secure means in
the manner set forth in the preceding Paragraph. Notices to DTC pursuant to
this Paragraph and notices of other corporate actions (including mandatory
tenders, exchanges, and capital changes) by telecopy shall be sent to DTC's
Reorganization Department at (212) 709-1093 or (212) 709-1094, and receipt of
such notices shall be confirmed by telephoning (212) 709-6884. Notices to DTC
pursuant to the above by mail or by any other means shall be sent to:

                         Manager; Reorganization Department
                         Reorganization Window
                         The Depository Trust Company
                         7 Hanover Square; 23rd Floor
                         New York, NY 10004-2695

         V.  All notices and payment advices sent to DTC shall contain the
CUSIP number of the Securities.

         VI. Trustee shall send DTC written notice with respect to the dollar
amount per $1,000 original face value (or other minimum authorized
denomination if less than $1,000 face value) payable on each payment date
allocated as to the interest and principal portions thereof preferably 5, but
not less than 2, business days prior to such payment date. Such notices, which
shall also contain the current pool factor and Trustee contact's name and
telephone number, shall be sent by telecopy to DTC's Dividend Department at
(212) 709-1723, or if by mail or by any other means to:

                         Manager; Announcements
                         Dividend Department
                         The Depository Trust Company
                         7 Hanover Square; 22nd Floor
                         New York, NY 10004-2695

         VII. (NOTE: ISSUER MUST REPRESENT ONE OF THE FOLLOWING, AND CROSS OUT
THE OTHER:) (The interest accrual period is record date to record date.) (The
interest accrual period is payment date to payment date.)

         VIII. Interest payments and principal payments that are part of
periodic principal-and-interest payments shall be received by Cede & Co., as
nominee of DTC, or its registered assigns in same-day funds on each payment
date (or the equivalent in accordance with existing arrangements between
Issuer or Trustee and DTC). Such payments shall be made payable to the order
of Cede & Co. Absent any other existing arrangements, such payments shall be
addressed as follows:

                         Manager; Cash Receipts
                         Dividend Department
                         The Depository Trust Company
                         7 Hanover Square; 24th Floor
                         New York, NY 10004-2695

         IX. (NOTE: ISSUER MUST REPRESENT ONE OF THE FOLLOWING, AND CROSS OUT
THE OTHER:)

         Securities Eligible for DTC's Same-Day Funds Settlement ("SDFS")
System. Other principal payments (redemption payments) shall be made in
same-day funds by Trustee in the manner set forth in the SDFS Paying Agent
Operating Procedures, a copy of which previously has been furnished to
Trustee.

         Securities Eligible for DTC's Next-Day Funds Settlement ("NDFS")
System. Other principal payments (redemption payments) shall be made in
next-day funds by Trustee to Cede & Co., as nominee of DTC, or its registered
assigns, on each payment date. Such payments shall be made payable to the
order of Cede & Co., and shall be addressed as follows:

                         NDFS Redemptions Manager
                         Reorganization/Redemptions Department
                         The Depository Trust Company
                         7 Hanover Square; 23rd Floor
                         New York, NY 10004-2695

         X. DTC may direct Issuer or Trustee to use any other number or
address as the number or address to which notices or payments of interest or
principal may be sent.

         XI. In the event of a redemption, acceleration, or any other similar
transaction (e.g., tender made and accepted in response to Issuer's or
Trustee's invitation) necessitating a reduction in the aggregate principal
amount of Securities outstanding or an advance refunding of part of the
Securities outstanding, DTC, in its discretion: (a) may request Issuer or
Trustee to issue and authenticate a new Security certificate; or (b) may make
an appropriate notation on the Security certificate indicating the date and
amount of such reduction in principal except in the case of final maturity, in
which case the certificate will be presented to Issuer or Trustee prior to
payment, if required.

         XII. In the event that Issuer determines that beneficial owners of
Securities shall be able to obtain certificated Securities, Issuer or Trustee
shall notify DTC of the availability of certificates. In such event, Issuer or
Trustee shall issue, transfer, and exchange certificates in appropriate
amounts, as required by DTC and others.

         XIII. DTC may discontinue providing its services as securities
depository with respect to the Securities at any time by giving reasonable
notice to Issuer or Trustee (at which time DTC will confirm with Issuer or
Trustee the aggregate principal amount of Securities outstanding). Under such
circumstances, at DTC's request Issuer and Trustee shall cooperate fully with
DTC by taking appropriate action to make available one or more separate
certificates evidencing Securities to any DTC Participant having Securities
credited to its DTC accounts.

         XIV. Issuer: (a) understands that DTC has no obligation to, and will
not, communicate to its Participants or to any person having an interest in
the Securities any information contained in the Security certificate(s); and
(b) acknowledges that neither DTC's Participants nor any person having an
interest in the Securities shall be deemed to have notice of the provisions of
the Security certificates by virtue of submission of such certificate(s) to
DTC.

         XV. Nothing herein shall be deemed to require Trustee to advance
funds on behalf of Issuer.

Notes:                                     Very truly yours,

A.      If there is a Trustee (as     (Authorized Officer's Signature)
defined in this Letter of
Representations), Trustee as well
as Issuer must sign this Letter.      ________________________________________
If there is no Trustee, in signing             (Issuer)
this Letter Issuer itself
undertakes to perform all of the
obligations set forth herein.
                                       By: ____________________________________
                                      (Authorized Officer's Signature)

B. Schedule B contains
statements that DTC believes            _______________________________________
accurately describe DTC, the method                    (Trustee)
of effecting book-entry transfers
of securities distributed through
DTC, and certain related matters.

                                        By: ________________________________
                                           (Authorized Officer's Signature)

                                          [___________________________________]
                                                    (Administrator)

                                            By: ________________________________
                                                (Authorized Officer's Signature)

Received and Accepted:
THE DEPOSITORY TRUST COMPANY

By:      ___________________________

cc:      Underwriter
         Underwriter's Counsel

<PAGE>

SCHEDULE A

                               (Describe Issue)

    CUSIP        Principal Amount       Maturity Date        Interest Rate
-------------  --------------------  -------------------   ------------------

<PAGE>

                                   EXHIBIT D

                        FORM OF SERVICER'S CERTIFICATE

                      [__________________] TRUST 200__-__
                       ___% Asset Backed Certificates, Class A
                       ___% Asset Backed Certificates, Class B

Distribution Date:

Collection Period:

Under the Pooling and Servicing Agreement dated as of _____________ by and
among of ML Asset Backed Corporation, as Depositor,
_____________________________________, as Servicer, and
__________________________, as Trustee, the Servicer is required to prepare
certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information that is required to be prepared with respect to the
Distribution Date and Collection Period listed above is set forth below.
Certain of the information is presented on the basis of an original principal
amount of $1,000 per Class A Certificate or Class B Certificate, as
appropriate, and certain other information is presented based upon the
aggregate amounts for the Trust as a whole.

A.   Information Regarding the Current Monthly Distribution.

     1.   Class A Certificates.

          (a)  The aggregate amount of the distribution to Class A
               Certificateholders

               The amount of the distribution set forth in
               paragraph A.1.(a) above in respect of interest         $________

               The amount of the distribution set forth in
               paragraph A.1.(a) above in respect of principal        $________

               The amount of the distribution set forth in
               paragraph A.1.(a) above per $1,000 interest            $________

               The amount of the distribution set forth in
               paragraph A.1.(b) above per $1,000 interest            $________

               The amount of the distribution set forth in
               paragraph A.1.(c) above per $1,000 interest            $________

     2.   Class B Certificates.

          (a)  The aggregate amount of the distribution to Class B
               Certificateholders                                     $________

          (b)  The amount of the distribution set forth in
               paragraph A.2(a) above in respect of interest          $________

          (c)  The amount of the distribution set forth in
               paragraph A.2(a) above in respect of principal         $________

          (d)  The amount of the distribution set forth in
               paragraph A.2(a) above per $1,000 interest             $________

          (e)  The amount of the distribution set forth in
               paragraph A.2(b) above per $1,000 interest             $________

          (f)  The amount of the distribution set forth in
               paragraph A.2(c) above per $1,000 interest             $________

B.   Information Regarding the Performance of the Trust.

     1.   Pool Balance and Certificate Balances.

          (a)  The Pool Balance close of business on the last day
               of the preceding Collection Period                     $________

          (b)  The Class A Certificate Balance as of the close of
               business on the last day of the preceding Collection
               Period, after giving effect to payments allocated to
               principal set forth in Paragraph A.1(c) above          $________

          (c)  The Class B Certificate Balance as of the close of
               business of the last day of the preceding Collection
               Period, after giving effect to payments allocated to
               principal set forth in paragraph A.2(c) above          $________

          (d)  The Class A Pool Factor and the Class B Pool Factor
               as of the close of business on the last day of the
               preceding Collection Period                            $________

     2.   Servicing Fee and Advances.

          (a)  The aggregate amount of the Servicing Fee paid to
               the Servicer with respect to the preceding
               Collection Period                                      $________

          (b)  The amount of such Servicing Fee per $1,000 interest   $________

          (c)  The amount of any unpaid Servicing Fee                 $________

          (d)  The change in the amount of any unpaid Servicing Fee
               from the previous Distribution Date                    $________

          (e)  Aggregate Advances on such Distribution Date           $________

     3.   Payment Shortfalls.

          (a)  The amount of the Class A Interest Carryover
               Shortfall after giving effect to the payments set
               forth in paragraph A.1(b) above                        $________

          (b)  The amount of the Class A Principal Carryover
               Shortfall after giving effect to the payment set
               forth in paragraph A.1(c) above                        $________

          (c)  The amount of the Class B Interest Carryover
               Shortfall after giving effect to the payments set
               forth in paragraph A.2(b) above                        $________

          (d)  The amount of the Class B Principal Carryover
               Shortfall after giving effect to the payments set
               forth in paragraph A.2(c) above                        $________

          (e)  The amount otherwise distributable to Class B
               Certificateholders that is distributed to Class A
               Certificateholders                                     $________

     4.   Payahead Account.

          (a)  The aggregate Payahead Balance                         $________

          (b)  The change in the Payahead Balance from the previous
               Distribution Date                                      $________

     5.   Reserve Account.

          (a)  The Reserve Account balance after giving effect to
               distributions made on such Distribution Date           $________

          (b)  The change in the Reserve Account on such
               Distribution Date                                      $________

<PAGE>

                                                                   SCHEDULE A

                            SCHEDULE OF RECEIVABLES

<PAGE>

         SCHEDULE B

                         LOCATION OF RECEIVABLE FILESEXHIBIT 4.3

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

                  [ ] VEHICLE RECEIVABLES OWNER TRUST 200[_]
                            ----------------------

                    Class A-1 [______]% Asset Backed Notes
                    Class A-2 [______]% Asset Backed Notes
                    Class A-3 [______]% Asset Backed Notes
                    Class A-4 [______]% Asset Backed Notes

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

                                   INDENTURE

                       Dated as of [____________], 200_

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

                            [____________________]

                               Indenture Trustee

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

<PAGE>

                               Table of Contents

                                                                            Page
                                                                            ----
                                  ARTICLE I.

                  Definitions and Incorporation by Reference

SECTION 1.1      Definitions..................................................2
SECTION 1.2      Incorporation by Reference of Trust Indenture Act...........10
SECTION 1.3      Rules of Construction.......................................10

                                  ARTICLE II.

                                   The Notes

SECTION 2.1      Form........................................................10
SECTION 2.2      Execution, Authentication and Delivery......................11
SECTION 2.3      Temporary Notes.............................................11
SECTION 2.4      Registration; Registration of Transfer and Exchange.........11
SECTION 2.5      Mutilated, Destroyed, Lost or Stolen Notes..................13
SECTION 2.6      Persons Deemed Owner........................................13
SECTION 2.7      Payment of Principal and Interest; Defaulted Interest.......14
SECTION 2.8      Cancellation................................................15
SECTION 2.9      Release of Collateral.......................................15
SECTION 2.10     Book-Entry Notes............................................15
SECTION 2.11     Notices to Clearing Agency..................................16
SECTION 2.12     Definitive Notes............................................16

                                 ARTICLE III.

                                   Covenants

SECTION 3.1      Payment of Principal and Interest...........................17
SECTION 3.2      Maintenance of Office or Agency.............................17
SECTION 3.3      Money for Payments To Be Held in Trust......................17
SECTION 3.4      Existence...................................................19
SECTION 3.5      Protection of Trust Fund....................................19
SECTION 3.6      Opinions as to Trust Fund...................................20
SECTION 3.7      Performance of Obligations; Servicing of Receivables........20
SECTION 3.8      Negative Covenants..........................................22
SECTION 3.9      Annual Statement as to Compliance...........................23
SECTION 3.10     Issuer May Consolidate, Etc. Only on Certain Terms..........23
SECTION 3.11     Successor or Transferee.....................................25
SECTION 3.12     No Other Business...........................................25
SECTION 3.13     No Borrowing................................................25
SECTION 3.14     Servicer's Obligations......................................26
SECTION 3.15     Guarantees, Loans, Advances and Other Liabilities...........26
SECTION 3.16     Capital Expenditures........................................26
SECTION 3.17     Compliance with Laws........................................26
SECTION 3.18     Restricted Payments.........................................26
SECTION 3.19     Notice of Events of Default.................................26
SECTION 3.20     Further Instruments and Acts................................26
SECTION 3.21     Amendments of Sale and Servicing Agreement and Trust
                 Agreement...................................................27
SECTION 3.22     Income Tax Characterization.................................27

                                  ARTICLE IV.

                          Satisfaction and Discharge

SECTION 4.1      Satisfaction and Discharge of Indenture.....................27
SECTION 4.2      Application of Trust Money..................................28
SECTION 4.3      Repayment of Moneys Held by Paying Agent....................28

                                  ARTICLE V.

                          EVENTS OF DEFAULT: REMEDIES

SECTION 5.1      Events of Default...........................................28
SECTION 5.2      Rights Upon Event of Default................................30
SECTION 5.3      Collection  of  Indebtedness  and  Suits  for
                 Enforcement  by  Indenture Trustee..........................31
SECTION 5.4      Remedies....................................................33
SECTION 5.5      Optional Preservation of the Trust Fund.....................35
SECTION 5.6      Priorities..................................................35
SECTION 5.7      Limitation of Suits.........................................36
SECTION 5.8      Unconditional Rights of Noteholders To Receive Principal
                 and Interest................................................37
SECTION 5.9      Restoration of Rights and Remedies..........................37
SECTION 5.10     Rights and Remedies Cumulative..............................37
SECTION 5.11     Delay or Omission Not a Waiver..............................37
SECTION 5.12     Control by Noteholders......................................37
SECTION 5.13     Waiver of Past Defaults.....................................38
SECTION 5.14     Undertaking for Costs.......................................38
SECTION 5.15     Waiver of Stay or Extension Laws............................39
SECTION 5.16     Action on Notes.............................................39
SECTION 5.17     Performance and Enforcement of Certain Obligations..........39
SECTION 5.18     Claims Under Policy.........................................39
SECTION 5.19     Preference Claims...........................................40

                                  ARTICLE VI.

                             The Indenture Trustee

SECTION 6.1      Duties of Indenture Trustee.................................41
SECTION 6.2      Rights of Indenture Trustee.................................43
SECTION 6.3      Individual Rights of Indenture Trustee......................44
SECTION 6.4      Indenture Trustee's Disclaimer..............................45
SECTION 6.5      Notice of Defaults..........................................45
SECTION 6.6      Reports by Indenture Trustee to Holders.....................45
SECTION 6.7      Compensation and Indemnity..................................45
SECTION 6.8      Replacement of Indenture Trustee............................46
SECTION 6.9      Successor Indenture Trustee by Merger.......................48
SECTION 6.10     Appointment of Co-Indenture Trustee or Separate
                 Indenture Trustee...........................................48
SECTION 6.11     Eligibility; Disqualification...............................49
SECTION 6.12     Preferential Collection of Claims Against Issuer............49
SECTION 6.13     Appointment and Powers......................................50
SECTION 6.14     Performance of Duties.......................................50
SECTION 6.15     Limitation on Liability.....................................50
SECTION 6.16     Reliance Upon Documents.....................................51
SECTION 6.17     [RESERVED]..................................................51
SECTION 6.18     [RESERVED]..................................................51
SECTION 6.19     Representations and Warranties of the Indenture Trustee.....51
SECTION 6.20     Waiver of Setoffs...........................................52
SECTION 6.21     Control by the Controlling Party............................52

                                 ARTICLE VII.

                        Noteholders' Lists and Reports

SECTION 7.1      Issuer  To  Furnish  To  Indenture   Trustee
                 Names  and   Addresses  of Noteholders......................52
SECTION 7.2      Preservation of Information; Communications to Noteholders..52
SECTION 7.3      Reports by Issuer...........................................52
SECTION 7.4      Reports by Indenture Trustee................................53
SECTION 7.5      Fiscal Year.................................................53

                                 ARTICLE VIII.

                     Accounts, Disbursements and Releases

SECTION 8.1      Collection of Money.........................................53
SECTION 8.2      Trust Accounts..............................................54
SECTION 8.3      General Provisions Regarding Accounts.......................54
SECTION 8.4      Release of Trust Fund.......................................55
SECTION 8.5      Opinion of Counsel..........................................55

                                  ARTICLE IX.

                            Supplemental Indentures

SECTION 9.1      Supplemental Indentures.....................................56
SECTION 9.2      Supplemental Indentures with Consent of Noteholders.........57
SECTION 9.3      Execution of Supplemental Indentures........................58
SECTION 9.4      Effect of Supplemental Indenture............................59
SECTION 9.5      Conformity With Trust Indenture Act.........................59
SECTION 9.6      Reference in Notes to Supplemental Indentures...............59

                                  ARTICLE X.

                              Redemption of Notes

SECTION 10.1     Redemption..................................................59
SECTION 10.2     Form of Redemption Notice...................................60
SECTION 10.3     Notes Payable on Redemption Date............................61

                                  ARTICLE XI.

                                 Miscellaneous

SECTION 11.1     Compliance Certificates and Opinions, etc...................61
SECTION 11.2     Form of Documents Delivered to Indenture Trustee............63
SECTION 11.3     Acts of Noteholders.........................................63
SECTION 11.4     Notices,   etc.,  to  Indenture  Trustee,   Issuer,
                 Insurer  and  Rating Agencies...............................64
SECTION 11.5     Notices to Noteholders; Waiver..............................65
SECTION 11.6     Alternate Payment and Notice Provisions.....................65
SECTION 11.7     Conflict with Trust Indenture Act...........................66
SECTION 11.8     Effect of Headings and Table of Contents....................66
SECTION 11.9     Successors and Assigns......................................66
SECTION 11.10    Separability................................................66
SECTION 11.11    Benefits of Indenture.......................................66
SECTION 11.12    Legal Holidays..............................................66
SECTION 11.13    GOVERNING LAW...............................................66
SECTION 11.14    Counterparts................................................67
SECTION 11.15    Recording of Indenture......................................67
SECTION 11.16    Trust Obligation............................................67
SECTION 11.17    No Petition.................................................68
SECTION 11.18    Inspection..................................................68

Exhibit A           - Schedule of Receivables
Exhibit B-1         - Form of Class A-1 Note
Exhibit B-2         - Form of Class A-2 Note
Exhibit B-3         - Form of Class A-3 Note
Exhibit B-4         - Form of Class A-4 Note

<PAGE>

                             CROSS REFERENCE TABLE

TIA 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)......................................................   6.8;6.11
           (c)......................................................   N.A.
311        (a)......................................................   6.12
           (b)......................................................   6.12
           (c)......................................................   N.A.
312        (a)......................................................   7.1
           (b)......................................................   7.2
           (c)......................................................   7.2
313        (a)......................................................   7.4
           (b)(1)...................................................   7.4
           (b)(2)...................................................   7.4
           (c)......................................................   11.5
           (d)......................................................   7.3
314        (a)......................................................   3.9;7.3
           (b)......................................................   11.15
           (c)(1)...................................................   11.1
           (c)(2)...................................................   11.1
           (c)(3)...................................................   11.1
           (d)......................................................   11.1
           (e)......................................................   1.1;11.1
           (f)......................................................   11.1
315        (a)......................................................   6.1
           (b)......................................................   6.5;11.5
           (c)......................................................   6.1
           (d)......................................................   6.1
           (e)......................................................   5.14
316        (a) (last sentence)......................................   1.1
           (a)(1)(A)................................................   5.12
           (a)(1)(B)................................................   5.13
           (a)(2)...................................................   N.A.
           (b)......................................................   5.7;5.8
           (c)......................................................   N.A.
317        (a)(1)...................................................   5.3
           (a)(2)...................................................   5.3
           (b)......................................................   3.3
318        (a).....................................................   11.7
           (b).....................................................   N.A.
           (c).....................................................   11.7
----------------------
1.        Note: This Cross Reference Table shall not, for any purpose, be
          deemed to be part of this Indenture.
2.        N.A. means Not Applicable.

<PAGE>

         INDENTURE dated as of [ ____________], 200[_], between [______________]
VEHICLE RECEIVABLES OWNER TRUST 200_, a Delaware business trust (the "Issuer")
and [ ____________________ ], a national banking association, as trustee (the
"Indenture Trustee").

         Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Issuer's Class A-1
[____]% Asset Backed Notes, Class A-2 [____]% Asset Backed Notes, Class A-3
[____]% Asset Backed Notes and Class A-4 [____]% Asset Backed Notes:

         As security for the payment and performance by the Issuer of its
obligations under this Indenture and the Notes, the Issuer has agreed to
assign the Collateral (as defined below) as collateral to the Indenture
Trustee on behalf of the Noteholders.

         [____________________], a [__________] financial guaranty
insurance company (the "Insurer"), has issued and delivered a financial
guaranty insurance policy, dated the Closing Date (with endorsements, the
"Policy"), pursuant to which the Insurer guarantees Scheduled Payments, as
defined in the Policy.

         As an inducement to the Insurer to issue and deliver the Policy, the
Issuer and the Insurer have executed and delivered the Insurance and Indemnity
Agreement, dated as of [____________], 200_ (as amended from time to time,
the "Insurance Agreement"), among the Insurer, the Issuer, the Transferor and
[  ].

         As an additional inducement to the Insurer to issue the Policy, and
as security for the performance by the Issuer of the Insurer Secured
Obligations and as security for the performance by the Issuer of the Indenture
Trustee Secured Obligations, the Issuer has agreed to assign the Collateral
(as defined below) as collateral to the Indenture Trustee for the benefit of
the Issuer Secured Parties, as their respective interests may appear.

                                GRANTING CLAUSE

         The Issuer hereby Grants to the Indenture Trustee on the Closing
Date, for the benefit of the Issuer Secured Parties to secure the Issuer
Secured Obligations, all of the Issuer's right, title and interest in and to
all accounts, money, chattel paper, securities, instruments, documents,
deposit accounts, certificates of deposit, letters of credit, advices of
credit, banker's acceptances, general intangibles, contract rights, investment
property, goods and other property consisting of, arising from or relating to
(a) the Initial Receivables, and all moneys due thereon after the Initial
Cutoff Date; (b) the Subsequent Receivables and all moneys due thereon or in
respect thereof after the related Subsequent Cutoff Date; (c) an assignment of
the security interests in the Financed Vehicles granted by Obligor pursuant to
the Initial Receivables and any Subsequent Receivables and any other interest
of the Issuer in the Financed Vehicles; (d) any proceeds with respect to the
Initial Receivables and the Subsequent Receivables repurchased pursuant to the
terms of the Sale and Servicing Agreement; (e) all rights under any Service
Contracts on the related Financed Vehicles; (f) any proceeds with respect to
the Initial Receivables and the Subsequent Receivables from claims on any
physical damage, theft, credit life or disability insurance policies covering
Financed Vehicles or Obligors and any proceeds from liquidation of any Initial
Receivable or Subsequent Receivable and Net Liquidation Proceeds with respect
to the Initial Receivables and any Subsequent Receivable; (g) all funds on
deposit or other property from time to time in the Trust Accounts, and in all
investments and proceeds thereof and all rights of the Issuer therein
(including all income dividends, earnings, profits or other distributions of
cash or other property thereon); (h) the Issuer's rights and benefits, but
none of its obligations or burdens, under the Sale and Servicing Agreement and
each Subsequent Transfer Agreement, including the delivery requirements,
representations and warranties and the cure and repurchase obligations of
[____________________] and [____________________] under the Sale and
Servicing Agreement and each Subsequent Transfer Agreement; (i) all items
contained in the Receivables Files, computer tapes or disk drives, and any and
all other documents that [____________________] keeps on file in accordance
with its customary procedures relating to the Receivables, the Obligors or the
Financed Vehicles, and (j) all present and future claims, demands, causes and
chooses in action in respect of any or all of the foregoing and all payments
on or under and all proceeds of every kind and nature whatsoever in respect of
any or all of the foregoing, including all proceeds of the conversion,
voluntary or involuntary, into cash or other liquid property, all 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 (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, and all amounts owing hereunder equally and ratably without prejudice,
priority or distinction except as set forth herein, and to secure compliance
with the provisions of this Indenture, all as provided in this Indenture.

         The Indenture Trustee on behalf of the Holders of the Notes, and for
the benefit of the Insurer acknowledges such Grant, accepts the trusts under
this Indenture in accordance with the provisions of this Indenture and agrees
to perform its duties required in this Indenture in accordance with the terms
hereof.

                                  ARTICLE I

                  Definitions and Incorporation by Reference

         SECTION 1.1 Definitions. Except as otherwise specified herein, the
following terms have the respective meanings set forth below for all purposes
of this Indenture.

         "Act" has the meaning specified in Section 11.3(a).

         "Authorized Officer" means, with respect to the Issuer and the
Servicer, any officer of the Owner Trustee or the Servicer, as applicable, who
is authorized to act for the Owner Trustee or the Servicer, as applicable, in
matters relating to the Issuer or the Servicer and who is identified on the
list of Authorized Officers delivered by the Servicer to the Indenture Trustee
on the Closing Date (as such list may be modified or supplemented from time to
time thereafter) or, in the case of the Owner Trustee, a Responsible Officer
of the Owner Trustee.

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

         "Class A-1 Interest Rate" means [____]%.

         "Class A-2 Interest Rate" means [____]%.

         "Class A-3 Interest Rate" means [____]%.

         "Class A-4 Interest Rate" means [____]%.

         "Class A-1 Notes" means the Class A-1 Notes, substantially in the
form of Exhibit B-1.

         "Class A-2 Notes" means the Class A-2 Notes, substantially in the
form of Exhibit B-2.

         "Class A-3 Notes" means the Class A-3 Notes, substantially in the
form of Exhibit B-3.

         "Class A-4 Notes" means the Class A-4 Notes, substantially in the
form of Exhibit B-4.

         "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act.

         "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.

         "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 the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be
administered which office at date of the execution of this Agreement is
located at [__________________________], Attention: Corporate Trust
Services/Asset Backed Administration, Attention: Corporate Trust Department or
at such other address as the Indenture Trustee may designate from time to time
by notice to the Noteholders, the Insurer, the Servicer and the Issuer, or the
principal corporate trust office of any successor Indenture Trustee (the
address of which the successor Indenture Trustee will notify the Noteholders
and the Issuer).

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

         "Definitive Notes" has the meaning specified in Section 2.10.

         "Event of Default" has the meaning specified in Section 5.1.

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

         "Executive Officer" means, with respect to any corporation or limited
liability company, 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 limited liability
company; with respect to any partnership, any general partner thereof, and
with respect to any limited liability company, any Manager.

         "Grant" means mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create, grant a lien upon or a
security interest in or right of set-off against, deposit, or 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
moneys 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" or "Noteholder" means the Person in whose name a Note is
registered on the Note Register.

         "Indebtedness" means, with respect to any Person at any time, (a)
indebtedness or liability of such Person for borrowed money whether or not
evidenced by bonds, debentures, notes or other instruments, or for the
deferred purchase price of property or services (including trade obligations);
(b) obligations of such Person as lessee under leases which should have been
or should be, in accordance with generally accepted accounting principles,
recorded as capital leases; (c) current liabilities of such Person in respect
of unfunded vested benefits under plans covered by Title IV of ERISA; (d)
obligations issued for or liabilities incurred on the account of such Person;
(e) obligations or liabilities of such Person arising under acceptance
facilities; (f) obligations of such Person under any guarantees, endorsements
(other than for collection or deposit in the ordinary course of business) and
other contingent obligations to purchase, to provide funds for payment, to
supply funds to invest in any Person or otherwise to assure a creditor against
loss; (g) obligations of such Person secured by any lien on property or assets
of such Person, whether or not the obligations have been assumed by such
Person; or (h) obligations of such Person under any interest rate or currency
exchange agreement.

         "Indenture" means this Indenture as amended and supplemented from
time to time.

         "Indenture Trustee" means [____________________] not in its
individual capacity but as trustee under this Indenture, or any successor
Indenture Trustee under this Indenture.

         "Indenture Trustee Secured Obligations" means all amounts and
obligations which the Issuer may at any time owe to the Indenture Trustee in
its individual capacity and the Noteholders under this Indenture or the Notes.

         "Independent" means, when used with respect to any specified Person,
that the person (a) is in fact independent of the Issuer, any other obligor
upon the Notes, the Seller and any Affiliate of any of the foregoing persons,
(b) does not have any direct financial interest or any material indirect
financial interest in the Issuer, any such other obligor, the Seller or any
Affiliate of any of the foregoing Persons and (c) is not connected with the
Issuer, any such other obligor, the Seller or any Affiliate of any of the
foregoing Persons 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 11.1,
prepared 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.

         "Insurance Agreement Indenture Cross Default" has the meaning
assigned to such term in the Insurance Agreement.

         "Insurer Default" has the meaning assigned to such term in the
Insurance Agreement.

         "Insurer Secured Obligations" means all amounts and obligations which
the Issuer may at any time owe to or on behalf of the Insurer under this
Indenture, the Insurance Agreement or any other Basic Document.

         "Interest Rate" means with respect to the (i) Class A-1 Notes, the
Class A-1 Interest Rate, (ii) Class A-2 Notes, the Class A-2 Interest Rate,
(iii) Class A-3 Notes, the Class A-3 Interest Rate and (iv) Class A-4 Notes,
the Class A-4 Interest Rate.

         "Issuer" means the party named as such in this Indenture 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" and "Issuer Request" means a written order or request
signed in the name of the Issuer by any one of its Authorized Officers and
delivered to the Indenture Trustee.

         "Issuer Secured Obligations" means the Insurer Secured Obligations
and the Indenture Trustee Secured Obligations.

         "Issuer Secured Parties" means each of (i) the Indenture Trustee in
respect of the Indenture Trustee Secured Obligations and (ii) the Insurer in
respect of the Insurer Secured Obligations.

         "Note" means any of the Class A-1 Notes, Class A-2 Notes, Class A-3
Notes or Class A-4 Notes substantially in the form of Exhibit B-1, Exhibit
B-2, Exhibit B-3 and Exhibit B-4, respectively.

         "Note Depository Agreement" means the agreement among the Issuer, the
Indenture Trustee, the Servicer and The Depository Trust Company, as the
initial Clearing Agency, dated [__________], 200_, substantially in the form
of Exhibit C.

         "Note Majority" means the Holders of Notes evidencing a majority of
the Outstanding Amount of the Notes.

         "Note Owner" means, with respect to a Book-Entry Note, the person who
is the 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" have the respective meanings
specified in Section 2.4.

         "Notice of Claim" has the meaning specified in Section 5.18.

         "Officer's Certificate" means a certificate signed by any Authorized
Officer of the Owner Trustee, under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.1 and TIA
Section 314, 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 any Authorized Officer 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
employees of or counsel to the Issuer, the Seller or the Servicer and who
shall be satisfactory to the Indenture Trustee and, if addressed to the
Insurer, satisfactory to the Insurer, and which shall comply with any
applicable requirements of Section 11.1, and shall be in form and substance
satisfactory to the Indenture Trustee, and if addressed to the Insurer,
satisfactory to the Insurer.

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

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

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

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

         provided, however, that Notes which have been paid with proceeds of
the Policy shall continue to remain Outstanding for purposes of this Indenture
until the Insurer has been paid as subrogee hereunder or reimbursed pursuant
to the Insurance Agreement as evidenced by a written notice from the Insurer
delivered to the Indenture Trustee, and the Insurer shall be deemed to be the
Holder thereof to the extent of any payments thereon made by the Insurer;
provided, further, that in determining whether the Holders of the requisite
Outstanding Amount of the Notes have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or under any Basic Document,
Notes owned by the Issuer, any other obligor on the Notes, the Seller, the
Servicer, or any Affiliate of any of the foregoing Persons 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 a Responsible Officer of the Indenture Trustee either actually
knows to be so owned or has received written notice thereof 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 the foregoing Persons.

         "Outstanding Amount" means the aggregate principal amount of all
Notes or class of Notes, as applicable, Outstanding at the date of
determination.

         "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 the payments to and distributions
from the Collection Account and the Note Distribution Account, including
payment of principal of or interest on the Notes on behalf of the Issuer.

         "Policy" means the financial guaranty insurance policy issued by the
Insurer with respect to the Notes, including any endorsements thereto, in the
form of Annex I to the Insurance Agreement.

         "Predecessor Note" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced
by such particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.5 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.

         "Preference Claim" has the meaning specified in Section 5.19.

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

         "Record Date" means, with respect to a Payment Date or Redemption
Date, the close of business on the Business Day preceding such Payment Date or
Redemption Date.

         "Redemption Date" means in the case of a redemption of the Notes
pursuant to Section 10.1(a) or a payment to Noteholders pursuant to Section
10.1(b), the Payment Dates specified by the Servicer or the Issuer pursuant to
Section 10.1(a) or (b) as applicable.

         "Redemption Price" means (a) in the case of a redemption of the Notes
pursuant to Section 10.1(a), an amount equal to the unpaid principal amount of
the then Outstanding Amount of each class of Notes being redeemed plus accrued
and unpaid interest thereon to but excluding the Redemption Date, or (b) in
the case of a payment made to Noteholders pursuant to Section 10.1(b), the
amount on deposit in the Note Distribution Account, but not in excess of the
amount specified in clause (a) above.

         "Responsible Officer" means, (i) with respect to the Indenture
Trustee, any officer within the Corporate Trust Office of the Indenture
Trustee, including any Vice President, Assistant Vice President, Assistant
Treasurer, Assistant Secretary, or any other officer of the Indenture Trustee
customarily performing functions similar to those performed by any of the
above designated officers and also, with respect to a particular matter, any
other officer to whom such matter is referred because of such officer's
knowledge of and familiarity with the particular subject and (ii) with respect
to the Owner Trustee, any officer within the Corporate Trust Administration
office of the Owner Trustee, including any Vice President, Assistant Vice
President, Assistant Treasurer, Assistant Secretary or any other officer of
the Owner Trustee customarily performing functions similar to those performed
by any of the above designated officers and also, with respect to a particular
matter, any other officer to whom such matter is referred because of such
officer's knowledge of and familiarity with the particular subject.

         "Sale and Servicing Agreement" means the Sale and Servicing Agreement
dated as of [__________], 200_, among the Issuer, the Seller, the Servicer,
the Transferor, the Depositor, the Indenture Trustee and the Backup Servicer,
as the same may be amended or supplemented from time to time.

         "Schedule of Receivables" means the listing of the Receivables set
forth in Exhibit A (which Exhibit may be in the form of microfiche); as
supplemented on each Subsequent Transfer Date to reflect the assignment to the
Issuer of Subsequent Receivables.

         "Scheduled Payments" has the meaning specified in the Policy.

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

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

         "Successor Servicer" has the meaning specified in Section 3.7(e).

         "Termination Date" means the latest to occur of (i) the expiration of
the Policy and the return of the Policy to the Insurer for cancellation, (ii)
the date on which the Insurer shall have received payment and performance of
all Insurer Issuer Secured Obligations and (iii) the date on which the
Indenture Trustee shall have received payment and performance of all Indenture
Trustee Secured Obligations.

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

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

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

         Except as otherwise specified herein, the following terms have the
respective meanings set forth in the Sale and Servicing Agreement as in effect
on the Closing Date for all purposes of this Indenture, and the definitions of
such terms are equally applicable both to the singular and plural forms of
such terms:

                                                           Section of Sale and
        Term                                               Servicing Agreement
        ----                                               -------------------
Affiliate..................................................    Section 1.1
Backup Servicer............................................    Section 1.1
Backup Servicer Fee........................................    Section 1.1
Basic Documents............................................    Section 1.1
Affiliate..................................................    Section 1.1
Business Day...............................................    Section 1.1
Class......................................................    Section 1.1
Closing Date...............................................    Section 1.1
Collection Account.........................................    Section 1.1
Controlling Party..........................................    Section 1.1
Depositor..................................................    Section 1.1
Affiliate..................................................    Section 1.1
Distribution Amount........................................    Section 1.1
Draw Date..................................................    Section 1.1
Payment Date...............................................    Section 1.1
Eligible Investments.......................................    Section 1.1
Final Scheduled Payment Date...............................    Section 1.1
Financed Vehicle...........................................    Section 1.1
Indenture Trustee Fee......................................    Section 1.1
Noteholders' Distributable Amount..........................    Section 1.1
Obligor....................................................    Section 1.1
Original Pool Balance......................................    Section 1.1
Payment Date...............................................    Section 1.1
Person.....................................................    Section 1.1
Policy Claim Amount........................................    Section 1.1
Pool Balance...............................................    Section 1.1
Rating Agency..............................................    Section 1.1
Rating Agency Condition....................................    Section 1.1
Receivable.................................................    Section 1.1
Seller.....................................................    Section 1.1
Servicer...................................................    Section 1.1
Servicer Default...........................................    Section 1.1
Trust Accounts.............................................    Section 1.1

         Capitalized terms used herein and not otherwise defined herein or in
the Sale and Servicing Agreement have the meanings assigned to them in the
Trust Agreement.

         SECTION 1.2 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 Securityholder" 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 1.3 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; and

                    (v) words in the singular include the plural and words in
          the plural include the singular.

                                 ARTICLE II.

                                   The Notes

         SECTION 2.1 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 B-1, Exhibit B-2, Exhibit B-3 and Exhibit B-4,
respectively, 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.

         The 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 set forth in Exhibit B are part of the terms of this Indenture.

         SECTION 2.2 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 receipt of the Policy and Issuer
Order authenticate and deliver Class A-1 Notes for original issue in an
aggregate principal amount of $[________], Class A-2 Notes for original issue
in the aggregate principal amount of $[________], Class A-3 Notes for original
issue in the aggregate principal amount of $[________] and Class A-4 Notes for
original issue in the aggregate principal amount of $[________]. Notes
Outstanding at anytime may not exceed such amount except as provided in
Section 2.5.

         Each Note shall be dated the date of its authentication. The Notes
shall be issuable as registered Notes in the minimum denomination of $1,000
and in $1,000 integral multiples thereof (except for one Note of each class
which may be issued in a denomination other than an integral multiple of
$1,000).

         No Note shall be entitled to any befit 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 2.3 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 which 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 will 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 3.2, without charge to the 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 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 2.4    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 shall be "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 amours 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 3.2, if the
requirements of Section 8-401(1) of the UCC are met the Issuer shall execute
and upon its request the Indenture Trustee shall authenticate and the
Noteholder shall obtain from the Indenture Trustee, in the name of the
designated transferee or transferees, one or more new Notes, in any authorized
denominations, of the same class and a like aggregate principal amount.

         Subject to the restrictions set forth in this Section 2.4, at the
option of the Holder, Notes may be exchanged for other Notes in any authorized
denominations, of the same Class and 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, if the requirements of Section 8-401(1)
of the UCC are met the Issuer shall execute and upon its request 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 (i) 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 Securities Transfer Agents 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, and (ii) accompanied by such Note and such
other documents as the Indenture Trustee may require.

         No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Note Registrar 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 2.3 or 9.6 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 2.5 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, and (ii) there is delivered to the Indenture Trustee and
the Insurer (unless an Insurer Default shall have occurred and be continuing)
such security or indemnity as may be required by it to hold the Issuer, the
Indenture Trustee and the Insurer harmless, then, in the absence of notice to
the Issuer, the Note Registrar or the Indenture Trustee that such Note has
been acquired by a bona fide purchaser, and provided that the requirements of
Section 8-405 of the UCC are met, the Issuer shall execute and upon its
request the Indenture Trustee shall authenticate and deliver, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Note, a
replacement Note; 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 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 bona fide purchaser of the original Note in lieu of which such
replacement Note was issued presents for payment such original Note, the
Issuer, the Indenture Trustee and the Insurer 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
bona fide 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 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) 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 2.6 Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee, any
agent of the Issuer, the Indenture Trustee or the Insurer 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 nor
any agent of the Issuer, the Insurer or the Indenture Trustee shall be
affected by notice to the contrary.

         SECTION 2.7 Payment of Principal and Interest; Defaulted Interest

         (a) The Notes shall accrue interest as provided in the forms of the
Class A-1 Note, the Class A-2 Note, the Class A-3 Note and the Class A-4 Note
set forth in Exhibits B-1, B-2, B-3 and B-4, respectively, and such interest
shall be payable on each Payment Date as specified therein. Any installment of
interest or principal, if any, payable on any Note which 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 2.12, with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payment will be made by wire transfer in immediately available funds to
the account designated by such nominee and except for the final installment of
principal payable with respect to such Note on a Payment Date or on the Final
Scheduled Payment Date for such Note (and except for the Redemption Price for
any Note called for redemption pursuant to Section 10.1(a)) which shall be
payable as provided below. The funds represented by any such checks returned
undelivered shall be held in accordance with Section 3.3.

         (b) The principal of each Note shall be payable in installments on
each Payment Date to the person registered as the holder thereof on the
related Record Date as provided in the forms of the Class A-1 Note, the Class
A-2 Note, the Class A-3 Note and the Class A-4 Note set forth in Exhibits B-1,
B-2, B-3 and B-4, respectively. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable, if not
previously paid, on the date on which an Event of Default shall have occurred
and be continuing, if the Indenture Trustee or the Holders of the Notes
representing not less than a majority of the Outstanding Amount of the Notes
have declared the Notes to be immediately due and payable in the manner
provided in Section 5.2. 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 on the Record Date 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
10.2.

         (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 payment date. The Issuer shall fix or cause to be
fixed any such special record date and payment date, and, at least 15 days
before any such special record date, the Issuer shall mail to each Noteholder
and the Indenture Trustee a notice that states the special record date, the
payment date and the amount of defaulted interest to be paid.

         (d) Promptly following the date on which all principal of and
interest on the Notes has been paid in full and the Notes have been
surrendered to the Indenture Trustee, the Indenture Trustee shall, if the
Insurer has paid any amount in respect of the Notes under the Policy or
otherwise which has not been reimbursed to it, deliver such surrendered Notes
to the Insurer.

         SECTION 2.8 Cancellation. Subject to Section 2.7(d), 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 canceled by the
Indenture Trustee. Subject to Section 2.7(d), 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 canceled
by the Indenture Trustee. No Notes shall be authenticated in lieu of or in
exchange for any Notes canceled as provided in this Section, except as
expressly permitted by this Indenture. Subject to Section 2.7(d), all canceled
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.

         SECTION 2.9 Release of Collateral. The Indenture Trustee shall, on or
after the Termination Date, release any remaining portion of the Trust Fund
from the lien created by this Indenture and deposit in the Collection Account
any funds then on deposit in any other Trust Account. The Indenture Trustee
shall release property from the lien created by this Indenture pursuant to
this Section 2.9 only upon receipt of an Issuer Request accompanied by an
Officer's Certificate, an Opinion of Counsel meeting the applicable
requirements of Section 11.1 and (if required by the TIA) Independent
Certificates in accordance with TIA Sections 314(c) and 314(d)(1).

         Notwithstanding this Section 2.9 or any other provision of this
Agreement, the Issuer may (A) collect, liquidate, sell or otherwise dispose of
Receivables as and to the extent permitted or required by the Basic Documents
and (B) make cash payments out of the Trust Accounts as and to the extent
permitted or required by the Basic Documents.

         SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance,
will be issued in the form of typewritten Notes representing the Book-Entry
Notes, to be delivered to The Depository Trust Company, the initial Clearing
Agency, by, or on behalf of, the Issuer. Such Notes shall initially be
registered 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 2.12. Unless and until definitive, fully registered Notes (the
"Definitive Notes") have been issued to Note Owners pursuant to Section 2.12:

                    (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 2.12, the initial 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;

                    (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 of the
          Notes, 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; and

                    (vi) Note Owners may receive copies of any reports sent to
          Noteholders pursuant to this Indenture, upon written request,
          together with a certification that they are Note Owners and payment
          of reproduction and postage expenses associated with the
          distribution of such reports, from the Indenture Trustee at the
          Corporate Trust Office.

         SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, until
Definitive Notes shall have been issued to Note Owners pursuant to Section
2.12, 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 the Note Owners.

         SECTION 2.12 Definitive Notes. If (i) the Servicer 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 Notes, and
the Servicer is unable to locate a qualified successor, (ii) the Servicer at
its option advises the Indenture Trustee in writing that it elects to
terminate the book-entry system through the Clearing Agency or (iii) after the
occurrence of an Event of Default, Note Owners representing beneficial
interests aggregating at least a majority of the Outstanding Amount of the
Notes advise the Indenture Trustee 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 the Note Owners, then the Clearing Agency
shall notify all Note Owners and the Indenture Trustee of the occurrence of
any such event and of the availability of Definitive Notes to Note Owners
requesting the same. Upon surrender to the Indenture Trustee of the
typewritten 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, the
Indenture Trustee shall recognize the Holders of the Definitive Notes as
Noteholders.

                                 ARTICLE III.

                                   Covenants

         SECTION 3.1 Payment of Principal and Interest. The Issuer will duly
and punctually pay the principal of and interest on the Notes in accordance
with the terms of the Notes and this Indenture. Without limiting the
foregoing, subject to Section 8.2(c), the Issuer will cause to be distributed
all amounts on deposit in the Note Distribution Account on each Payment Date
deposited therein, pursuant to the Sale and Servicing Agreement (i) for the
benefit of the Class A-1 Notes, to Class A-1 Noteholders, (ii) for the benefit
of the Class A-2 Notes, to Class A-2 Noteholders, (iii) for the benefit of the
Class A-3 Notes, to Class A-3 Noteholders and (iv) for the benefit of the
Class A-4 Notes, to the Class A-4 Noteholders. 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 3.2 Maintenance of Office or Agency. The Issuer will maintain
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.

         SECTION 3.3 Money for Payments To Be Held in Trust. As provided in
Sections 8.2(a) and (b), 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 8.2(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 each Payment Date and Redemption Date, the Issuer shall
deposit or cause to be deposited in the Note Distribution Account an aggregate
sum sufficient to pay the amounts then becoming due under the Notes, such sum
to be held in trust for the benefit of the Persons entitled thereto and
(unless the Paying Agent is the Indenture Trustee) shall promptly notify the
Indenture Trustee 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 and the Insurer an
instrument in which such Paying Agent shall agree with the Indenture Trustee
(and if the Indenture Trustee acts as Paying Agent, it hereby so agrees),
subject to the provisions of this Section, that such Paying Agent will:

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

                    (ii) give the Indenture Trustee notice of any default by
          the Issuer of which it has actual knowledge (or any other obligor
          upon the Notes) 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 anytime 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 anytime, 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 a 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 the 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 (2) 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 with the
consent of the Insurer (unless an Insurer Default shall have occurred and be
continuing), 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 if such money or any portion thereof
had been previously deposited by the Insurer or Indenture Trustee for the
payment of principal or interest on the Notes, to the extent any amounts are
owing to the Insurer, such amounts shall be paid promptly to the Insurer upon
receipt of a written request by the Insurer to such effect, and provided,
further, that the Indenture Trustee or such Paying Agent, before being
required to make any such repayment, shall at the expense 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 the Issuer. The Indenture Trustee shall also adopt and employ, at
the expense 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 interest in moneys 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 3.4  Existence. Except as otherwise permitted by the provisions
of Section 3.10, the Issuer will keep in full effect its existence, rights and
franchises as a business 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 of America, in which case
the Issuer will keep in full effect its existence, rights and franchises under
the laws of such other jurisdiction) and will obtain and preserve its
qualification to do business in each jurisdiction in which such qualification
is or shall be necessary to protect the validity and enforceability of this
Indenture, the Notes, the Collateral and each other instrument or agreement
included in the Trust Fund.

         SECTION 3.5 Protection of Trust Fund. The Issuer intends the security
interest Granted pursuant to this Indenture in favor of the Issuer Secured
Parties to be prior to all other liens in respect of the Trust Fund, and the
Issuer shall take all actions necessary to obtain and maintain, in favor of
the Indenture Trustee, for the benefit of the Issuer Secured Parties, a first
lien on and a first priority, perfected security interest in the Trust Fund.
The Issuer will from time to time prepare (or shall cause to be prepared),
execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further
assurance and other instruments, and will take such other action necessary or
advisable to:

                    (i) Grant more effectively all or any portion of the Trust
          Fund;

                    (ii) maintain or preserve the lien and security interest
          (and the priority thereof) in favor of the Indenture Trustee for the
          benefit of the Issuer Secured Parties 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 Trust Fund and the
          rights of the Indenture Trustee in such Trust Fund against the
          claims of all persons and parties; and

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

The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute any such financing statement, continuation
statement or other instrument delivered by or on behalf of the Issuer to the
Indenture Trustee for execution. The Indenture Trustee shall not have any
liability for the perfection or priority of the security interest granted
hereby and shall have no duty to prepare or file any continuation statements
or other related instruments.

SECTION 3.6       Opinions as to Trust Fund.

         (a) On the Closing Date, the Issuer shall furnish to the Indenture
Trustee and the Insurer an Opinion of Counsel either stating that, in the
opinion of such counsel, such action has been taken with respect to the
recording and filing of this Indenture, any indentures supplemental hereto,
and any other requisite documents, and with respect to the execution and
filing of any financing statements and continuation statements, as are
necessary to perfect and make effective the first priority lien and security
interest in favor of the Indenture Trustee, for the benefit of the Issuer
Secured Parties, created by this Indenture and reciting the details of such
action, or stating that, in the opinion of such counsel, no such action is
necessary to make such lien and security interest effective.

         (b) Within 120 days after the beginning of each calendar year,
beginning with the first calendar year beginning more than three months after
the Closing Date, the Issuer shall furnish to the Indenture Trustee and the
Insurer an Opinion of Counsel either stating that, in the opinion of such
counsel, such action has been taken with respect to the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental
hereto and any other requisite documents and with respect to the execution and
filing of any financing statements and continuation statements as are
necessary to maintain the lien and security interest created by this Indenture
and reciting the details of such action or stating that in the opinion of such
counsel no such action is necessary to maintain such lien and security
interest. Such Opinion of Counsel shall also describe the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental
hereto and any other requisite documents and the execution and filing of any
financing statements and continuation statements that will, in the opinion of
such counsel, be required to maintain the lien and security interest of this
Indenture until January 30 in the following calendar year.

         SECTION 3.7 Performance of Obligations; Servicing of Receivables.

         (a) The Issuer will not take any action and will use its best efforts
not to permit any action to be taken by others that would release any Person
from any of such Person's material covenants or obligations under any
instrument or agreement included in the Trust Fund 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 ordered by any bankruptcy or other court or as expressly provided in
this Indenture, the Basic Documents or such other instrument or agreement.

         (b) The Issuer may contract with other Persons acceptable to the
Insurer (so long as no Insurer Default shall have occurred and be continuing)
to assist it in performing its duties under this Indenture, and any
performance of such duties by a Person identified to the Indenture Trustee and
the Insurer 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 to assist the Issuer in performing its duties under this Indenture.

         (c) The Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the Basic Documents
and in the instruments and agreements included in the Trust Fund, including
but not limited to preparing (or causing to be prepared) and 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 Sale and Servicing
Agreement 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 consent of the Indenture Trustee (given at the
direction of the Controlling Party) or the Controlling Party.

         (d) If an officer of the Owner Trustee shall have actual knowledge of
the occurrence of a Servicer Default under the Sale and Servicing Agreement,
the Issuer shall promptly notify the Indenture Trustee, the Insurer and the
Rating Agencies thereof in accordance with Section 11.4, and shall specify in
such notice the action, if any, the Issuer is taking in 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 respect to the Receivables, the Issuer shall take all
reasonable steps available to it to remedy such failure.

         (e) If an Insurer Default shall have occurred and be continuing and
if the Issuer has given notice of termination to the Servicer of the Service's
rights and powers pursuant to Section 8.1 of the Sale and Servicing Agreement,
as promptly as possible thereafter, the Issuer shall appoint a Successor
Servicer in accordance with Section 8.2 of the Sale and Servicing Agreement.

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

         (g) The Issuer agrees that it will not waive timely performance or
observance by the Servicer or the Seller of their respective duties under the
Basic Documents (x) without the prior consent of the Insurer (unless an
Insurer Default shall have occurred and be continuing) or (y) if the effect
thereof would adversely affect the Holders of the Notes.

         (h) Without derogating from the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer agrees that, unless such action is
specifically permitted hereunder or under the other Basic Documents, it will
not, without the prior written consent of the Indenture Trustee (to be given
at the direction of the Controlling Party) amend, modify, waiver supplement,
terminate or surrender, or agree to any amendment, modification, supplement,
termination, waiver or surrender of, the terms of any Collateral or the Basic
Documents, or waive timely performance or observance by the Servicer or the
Seller under the Sale and Servicing Agreement; provided that no such amendment
shall (i) increase or reduce in any manner the amount of, or accelerate or
delay the timing of, distributions that are required to be made for the
benefit of the Noteholders, or (ii) reduce the aforesaid percentage of the
Notes which are required to consent to any such amendment, without the consent
of the Holders of all the Outstanding Notes. If any such amendment,
modification, supplement or waiver shall be so consented to by the Indenture
Trustee or such Controlling Party, the Issuer agrees, promptly following a
request by the Indenture Trustee to do so, to execute and deliver, in its own
name and at its own expense, such agreements, instruments, consents and other
documents as the Indenture Trustee may deem necessary or appropriate under the
circumstances.

         SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding,
the Issuer shall not:

                    (i) except as expressly permitted by this Indenture or the
          Basic Documents, sell, transfer, exchange or otherwise dispose of
          any of the properties or assets of the Issuer, including those
          included in the Trust Fund, unless directed to do so by the
          Controlling Party;

                    (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
          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
          Trust Fund; or

                    (iii) (A) permit the validity or effectiveness of this
          Indenture to be impaired, or permit the lien in favor of the
          Indenture Trustee created by this Indenture to be amended,
          hypothecated, subordinated, terminated or discharged, or permit any
          Person to be released from any covenants or obligations with respect
          to the Notes under this Indenture except as may be expressly
          permitted hereby, (B) permit any lien, charge, excise, claim,
          security interest, mortgage or other encumbrance (other than the
          lien of this Indenture) to be created on or extend to or otherwise
          arise upon or burden the Trust Fund 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 a Financed Vehicle and arising solely as a result of an
          action or omission of the related Obligor), (C) permit the lien of
          this Indenture not to constitute a valid first priority (other than
          with respect to any such tax, mechanics' or other lien) security
          interest in the Trust Fund or (D) amend, modify or fail to comply
          with the provisions of the Basic Documents without the prior written
          consent of the Controlling Party.

                    (iv) take any action or fail to take any action that would
          cause the Issuer to be treated as an association (or publicly traded
          partnership) taxable as a corporation for U.S. Federal income tax
          purposes.

         SECTION 3.9 Annual Statement as to Compliance. The Issuer will
deliver to the Indenture Trustee and the Insurer, within 120 days after the
end of each fiscal year of the Issuer (commencing with the fiscal year ended
December 31, 2001) and otherwise in compliance with the requirements of TIA
Section 314(a)(4), 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 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 the compliance of any such condition or
          covenant, specifying each such default known to such Authorized
          Officer and the nature and status thereof.

         SECTION 3.10 Issuer May Consolidate, Etc. Only on Certain Terms.

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

                    (i) the Person (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 of America 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 and the Insurer (so long as no
          Insurer Default shall have occurred and be continuing), 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 on the part of the Issuer to be performed or
          observed, all as provided herein;

                    (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
          and the Insurer (so long as no Insurer Default shall have occurred
          or be continuing)) to the effect that such transaction will not have
          any material adverse tax consequence to the Trust, the Insurer or
          any Noteholder or any Certificateholder;

                    (v) all actions necessary to maintain the lien and
          security interest created by this Indenture shall have been taken;

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

                    (vii) so long as no Insurer Default shall have occurred
          and be continuing, the Issuer shall have given the Insurer written
          notice of such consolidation or merger at least 20 Business Days
          prior to the consummation of such action and shall have received the
          prior written approval of the Insurer of such consolidation or
          merger and the Issuer or the Person (if other than the Issuer)
          formed by or surviving such consolidation or merger has a net worth,
          immediately after such consolidation or merger, that is (a) greater
          than zero and (b) not less than the net worth of the Issuer
          immediately prior to giving effect to such consolidation or merger.

         (b) The Issuer shall not convey or transfer all or substantially all
of its properties or assets, including those included in the Trust Fund, to
any Person, unless

                    (i) the Person that acquires by conveyance or transfer the
          properties and assets of the Issuer the conveyance or transfer of
          which is hereby restricted shall (A) be a United States citizen or a
          Person organized and existing under the laws of the United States of
          America 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 and the
          Insurer (so long as no Insurer Default shall have occurred and be
          continuing), 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 of the Basic
          Documents 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 indenture that
          such Person (or if a group of persons, then one specified Person)
          shall prepare (or cause to be prepared) and 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
          and the Insurer (so long as no Insurer Default shall have occurred
          and be continuing)) to the effect that such transaction will not
          have any material adverse tax consequence to the Trust, the Insurer
          or any Noteholder or any Certificateholder;

                    (v) any action as 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 and the Insurer an Officers' Certificate and an Opinion of
          Counsel each stating that such conveyance or transfer and such
          supplemental indenture comply with this Article III and that all
          conditions precedent herein provided for relating to such
          transaction have been complied with (including any filing required
          by the Exchange Act); and

                    (vii) so long as no Insurer Default shall have occurred
          and be continuing, the Issuer shall have given the Insurer written
          notice of such conveyance or transfer at least 20 Business Days
          prior to the consummation of such action and shall have received the
          prior written approval of the Insurer of such consolidation or
          merger and the Issuer or the Person (if other than the Issuer)
          formed by or surviving such consolidation or merger has a net worth,
          immediately after such consolidation or merger, that is (a) greater
          than zero and (b) not less than the net worth of the Issuer
          immediately prior to giving effect to such consolidation or merger.

         SECTION 3.11 Successor or Transferee.

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

         (b) Upon a conveyance or transfer of all the assets and properties 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 Trust 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 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) obligations owing from time to
time to the Insurer under the Insurance Agreement and (iii) any other
Indebtedness permitted by or arising under the Basic Documents or the Issuer's
compliance therewith. The proceeds of the Notes shall be used exclusively to
fund the Issuer's purchase of the Receivables and the other assets specified
in the Sale and Servicing Agreement and to fund the Reserve Account, the Pre
Finding Account and the Capitalized Interest Account and to pay the Issuer's
organizational, transactional and start-up expenses.

         SECTION 3.14 Servicer's Obligations. The Issuer shall cause the
Servicer to comply with the Sale and Servicing Agreement.

         SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities.
Except as contemplated by the Sale and Servicing Agreement or this Indenture,
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 Compliance with Laws. The Issuer shall comply with the
requirements of all applicable laws, the non-compliance with which would,
individually or in the aggregate, materially and adversely affect the ability
of the Issuer to perform its obligations under the Notes, this Indenture or
any Basic Document.

         SECTION 3.18 Restricted Payments. 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,
distributions to the Servicer, the Owner Trustee, the Indenture Trustee, the
Noteholders, the Certificateholders and the Insurer as permitted by, and to
the extent funds are available for such purpose under the Sale and Servicing
Agreement or Trust 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. Upon a responsible officer
of the Owner Trustee having actual knowledge thereof, the Issuer agrees to
give the Indenture Trustee, the Insurer and the Rating Agencies 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 or the Insurer, 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 Amendments of Sale and Servicing Agreement and Trust
Agreement. The Issuer shall not agree to any amendment to Section 11.1 of the
Sale and Servicing Agreement or Section 11.1 of the Trust Agreement to
eliminate the requirements thereunder that the Indenture Trustee, the Insurer
or the Holders of the Notes consent to amendments thereto as provided therein.

         SECTION 3.22 Income Tax Characterization. For purposes of federal
income, state and local income and franchise and any other taxes, the Issuer
will treat the Notes as indebtedness.

                                 ARTICLE IV.

                          Satisfaction and Discharge

         SECTION 4.1 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 3.3,
3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (v) the rights,
obligations and immunities of the Indenture Trustee hereunder (including the
rights of the Indenture Trustee under Section 6.7 and the obligations of the
Indenture Trustee under Section 4.2) and (vi) the rights of Noteholders as
beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on
demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to the
Notes, when

          (A)  either

          (1)  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 2.5 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 3.3) have been delivered to the
               Indenture Trustee for cancellation and the Policy has expired
               and been returned to the Insurer for cancellation; or

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

                    (i) have become due and payable,

                    (ii) will become due and payable at their respective Final
          Scheduled Payment Dates within one year, or

                    (iii) 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 (i), (ii) or (iii) 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
of America (which will mature prior to the date such amounts are payable), in
trust for such purpose, in an amount sufficient to pay and discharge the
entire indebtedness on such Notes not theretofore delivered to the Indenture
Trustee for cancellation when due to the Final Scheduled Payment Date or
Redemption Date (if Notes shall have been called for redemption pursuant to
Section 10.1(a)), as the case may be;

          (B)  the Issuer has paid or caused to be paid all Insurer Secured
               Obligations and all Indenture Trustee Secured Obligations; and

          (C)  the Issuer has delivered to the Indenture Trustee and the
               Insurer an Officer's Certificate, an Opinion of Counsel and, if
               required by the TIA, the Indenture Trustee or the Insurer (so
               long as an Insurer Default shall not have occurred and be
               continuing) an Independent Certificate from a firm of certified
               public accountants, each meeting the applicable requirements of
               Section 11.1(a) and each stating that all conditions precedent
               herein provided for relating to the satisfaction and discharge
               of this Indenture have been complied with.

         SECTION 4.2 Application of Trust Money. All moneys deposited with the
Indenture Trustee pursuant to Section 4.1 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent, as the
Indenture Trustee may determine, to the Holders of the particular Notes for
the payment or redemption of which such moneys have been deposited with the
Indenture Trustee, of all sums due and to become due thereon for principal and
interest; but such moneys need not be segregated from other funds except to
the extent required herein or in the Sale and Servicing Agreement or required
by law.

         SECTION 4.3 Repayment of Moneys Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the
Notes, all moneys 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 3.3 and thereupon such Paying Agent shall be
released from all further liability with respect to such moneys.

                                  ARTICLE V.

                          EVENTS OF DEFAULT: REMEDIES

         SECTION 5.1 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 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 after receipt of notice thereof
          from the Indenture Trustee (solely for purposes of this clause, a
          payment on the Notes funded by the Insurer shall be deemed to be a
          payment made by the Issuer) and the Indenture Trustee shall provide
          such notice within two Business Days of such default; or

                    (ii) default in the payment of the principal of or any
          installment of the principal of any Note when the same becomes due
          and payable (solely for proposes of this clause, a payment on the
          Notes funded by the Insurer shall be deemed to be a payment made by
          the Issuer); or

                    (iii) so long as an Insurer Default shall not have
          occurred and be continuing, an Insurance Agreement Indenture Cross
          Default; provided, however, that the occurrence of an Insurance
          Agreement Indenture Cross Default may not form the basis of an Event
          of Default unless the Insurer shall, upon prior written notice to
          the Rating Agencies, have delivered (and not rescinded) to the
          Issuer and the Indenture Trustee a written notice specifying that
          such Insurance Agreement Indenture Cross Default constitutes an
          Event of Default under the Indenture; or

                    (iv) so long as an Insurer Default shall have occurred and
          be continuing, 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 (or for such longer period,
          not in excess of 90 days, as may be reasonably necessary to remedy
          such default; provided that such default is capable of remedy within
          90 days or less and the Servicer on behalf of the Owner Trustee
          delivers an Office's Certificate to the Indenture Trustee to the
          effect that the Issuer has commenced, or will promptly commence and
          diligently pursue, all reasonable efforts to remedy such default)
          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 of the Notes 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; or

                    (v) so long as an Insurer Default shall have occurred and
          be continuing, the filing of a decree or order for relief by a court
          having jurisdiction in the premises in respect of the Issuer or any
          substantial part of the Trust Fund 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 Seller, the Transferor or the Issuer or for any
          substantial part of the Trust Fund, or ordering the winding-up or
          liquidation of the Seller's, the Transferor's or the Issuer's
          affairs, and such decree or order shall remain unstayed and in
          effect for a period of 60 consecutive days; or

                    (vi) so long as an Insurer Default shall have occurred and
          be continuing, 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 Seller, the
          Transferor or the Issuer or for any substantial part of the Trust
          Fund, or the making by the Seller, the Transferor or the Issuer of
          any general assignment for the benefit of creditors, or the failure
          by the Seller, the Transferor or the Issuer generally to pay its
          debts as such debts become due, or the taking of action by the
          Issuer in furtherance of any of the foregoing.

         The Issuer shall deliver to the Indenture Trustee and the Insurer,
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), its status
and what action the Issuer is taking or proposes to take with respect thereto.

         SECTION 5.2 Rights Upon Event of Default.

         (a) If an Event of Default shall have occurred and be continuing, the
Controlling Party may exercise any of the remedies specified in Section
5.4(a). In the event of any acceleration of any Notes by operation of this
Section 5.2, the Indenture Trustee shall continue to be entitled to make
claims under the Policy pursuant to Section 5.18 hereof for Scheduled Payments
on the Notes. Payments under the Policy following acceleration of any Notes
shall be applied by the Indenture Trustee:

                    FIRST: to Noteholders for amounts due and unpaid on the
          Notes for interest, ratably, without preference or priority of any
          kind, according to the amounts due and payable on the Notes for
          interest; and

                    SECOND: to Noteholders for amounts due and unpaid on the
          Notes for principal, ratably, without preference or priority of any
          kind, according to the amounts due and payable on the Notes for
          principal.

         (b) In the event any Notes are accelerated due to an Event of
Default, the Insurer shall have the right (in addition to its obligation to
pay Scheduled Payments on the Notes in accordance with the Policy), but not
the obligation, to make payments under the Policy or otherwise of interest and
principal due on such Notes, in whole or in part, on any date or dates
following such acceleration as the Insurer, in its sole discretion, shall
elect.

         (c) If an Insurer Default shall have occurred and be continuing and
an Event of Default shall have occurred and be continuing, the Indenture
Trustee in its discretion may, or if so requested in writing by a Note
Majority, declare by written notice to the Issuer that the Notes become,
whereupon they shall become, immediately due and payable at par, together with
accrued interest thereon.

         (d) If an Insurer Default shall have occurred and be continuing, then
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 V provided, a Note
Majority, 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 5.3 Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee.

         (a) The Issuer covenants that if (i) default is made in the payment
of any interest on any Note when the same becomes due and payable, and such
default continues for a period of five days, or (ii) default is made in the
payment of the principal of or any installment of the principal of any Note
when the same becomes due and payable, 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 upon the overdue principal, and, to the extent payment at such
rate of interest shall be legally enforceable, upon overdue installments of
interest, at the applicable Interest Rate and in addition thereto such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Indenture Trustee and its agents and counsel.

         (b) Each Issuer Secured Party hereby irrevocably and unconditionally
appoints the Controlling Party as the true and lawful attorney-in-fact of such
Issuer Secured Party for so long as such Issuer Secured Party is not the
Controlling Party, with full power of substitution, to execute, acknowledge
and deliver any notice, document, certificate, paper, pleading or instrument
and to do in the name of the Controlling Party as well as in the name, place
and stead of such Issuer Secured Party such acts, things and deeds for or on
behalf of and in the name of such Issuer Secured Party under this Indenture
(including specifically under Section 5.4) and under the Basic Documents which
such Issuer Secured Party could or might do or which may be necessary,
desirable or convenient in such Controlling Party's sole discretion to effect
the purposes contemplated hereunder and under the Related Documents and,
without limitation, following the occurrence of an Event of Default, exercise
full right, power and authority to take, or defer from taking, any and all
acts with respect to the administration, maintenance or disposition of the
Trust Fund.

         (c) If an Event of Default occurs and is continuing, the Indenture
Trustee may in its discretion but with the consent of the Controlling Party
and shall, at the direction of the Controlling Party (except as provided in
Section 5.3(d) below), proceed to protect and enforce its rights and the
rights of the Noteholders by such appropriate Proceedings as the Indenture
Trustee or the Controlling Party 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) Notwithstanding anything to the contrary contained in this
Indenture (including without limitation Sections 5.4(a), 5.12, 5.13 and 5.17)
and regardless of whether an Insurer Default shall have occurred and be
continuing, if the Issuer fails to perform its obligations under Section 10.1
hereof when and as due, the Indenture Trustee may in its discretion (and
without the consent of the Controlling Party) proceed to protect and enforce
its rights and the rights of the Noteholders by such appropriate proceedings
as the Indenture Trustee shall deem most effective to protect and enforce any
such rights, whether for specific performance 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; provided that the Indenture
Trustee shall only be entitled to take any such actions without the consent of
the Controlling Party to the extent such actions are taken only to enforce the
Issuer's obligations to redeem the principal amount of Notes and pay interest
thereon at the applicable Interest Rate and are taken only against the portion
of the Collateral, if any, consisting of any investments therein and any
proceeds thereof.

         (e) 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 Trust Fund, 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, 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 whole
          amount of principal and interest owing and unpaid in respect of the
          Notes and to file such other papers or documents as may be necessary
          or advisable in order to have the claims of the Indenture Trustee
          (including any claim for reasonable compensation to the Indenture
          Trustee and each predecessor Indenture Trustee, and their respective
          agents, 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 gross negligence, bad faith or willful misconduct) 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 moneys 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 judicial 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 advances made, by the Indenture
Trustee and each predecessor Indenture Trustee except as a result of
negligence or bad faith.

         (f) 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.

         (g) 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
Indenture 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.

         (h) In any proceedings brought by the Indenture Trustee (and also any
proceedings involving the interpretation of any provision of this Indenture),
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 5.4 Remedies.

         (a) If an Event of Default shall have occurred and be continuing, the
Controlling Party may do one or more of the following (subject to Section
5.5):

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

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

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

                    (iv) direct the Indenture Trustee to sell the Trust Fund
          or any portion thereof or rights or interest therein, at one or more
          public or private sales called and conducted in any manner permitted
          by law; provided, however, that the Indenture Trustee, or, if the
          Insurer is the Controlling Party, the Insurer, may not sell or
          otherwise liquidate the Trust Fund following an Insurance Agreement
          Indenture Cross Default unless:

                           (I) such Insurance Agreement Indenture Cross
                  Default arises from a claim being made on the Policy or from
                  the insolvency of the Trust, or

                           (II) 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

if the Indenture Trustee is the Controlling Party, the Indenture Trustee may
not sell or otherwise liquidate the Trust Fund following an Event of Default
unless

                                    either

                                    (x) the  Holders of 100% of the Outstanding
                            Amount of the Notes  consents
                            thereto, or

                                    (y) 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

                                    (z) the Indenture Trustee determines that
                           the Trust Fund will not continue to provide
                           sufficient funds for the payment of principal of
                           and interest on the Notes as they would have become
                           due if the Notes had not been declared due and
                           payable, and the Indenture Trustee provides notice
                           to the Rating Agencies and obtains the consent of
                           Holders of 66-2/3% of the Outstanding Amount of the
                           Notes.

In determining such sufficiency or insufficiency with respect to clause (y)
and (z), the Indenture Trustee may, but need not, obtain and rely upon an
opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Fund for such purpose.

         SECTION 5.5 Optional Preservation of the Trust Fund. If the Indenture
Trustee is the Controlling Party and if the Notes have been declared to be due
and payable under Section 5.2 following an Event of Default and such
declaration and its consequences have not been rescinded and annulled, the
Indenture Trustee may, but need not, elect to maintain possession of the Trust
Fund. It is the desire of the parties hereto and the Noteholders that there be
at all times sufficient funds for the payment of principal of and interest on
the Notes, and the Indenture Trustee shall take such desire into account when
determining whether or not to maintain possession of the Trust Fund. In
determining whether to maintain possession of the Trust Fund, the Indenture
Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust
Fund for such purpose.

         SECTION 5.6 Priorities.

         (a) Following (1) the acceleration of the Notes pursuant to Section
5.2 or (2) if an Insurer Default shall have occurred and be continuing, the
occurrence of an Event of Default pursuant to Section 5.1(i), 5.1(ii),
5.1(iii), 5.1(v) or 5.1(vi), the Distribution Amount, including any money or
property collected pursuant to this Article V, shall be applied by the
Indenture Trustee in the following order of priority:

                    (i) FIRST: amounts due and owing and required to be
          distributed to the Servicer, the Backup Servicer and the Indenture
          Trustee, respectively, pursuant to priorities (i) and (ii) of
          Section 5.6(b) of the Sale and Servicing Agreement and not
          previously distributed, in the order of such priorities and without
          preference or priority of any kind within such priorities;

                    (ii) SECOND: to Noteholders for amounts due and unpaid on
          the Notes for interest, ratably, without preference or priority of
          any kind, according to the amounts due and payable on the Notes for
          interest;

                    (iii) THIRD: to Noteholders for amounts due and unpaid on
          the Notes for principal, ratably, (a) to the Class A-1 Noteholders,
          (b) to the Class A-2 Noteholders, (c) to the Class A-3 Noteholders
          and (d) to the Class A-4 Noteholders, according to the amounts due
          and payable on the Notes for principal;

                    (iv) FOURTH: amounts due and owing and required to be
          distributed to the Insurer pursuant to priority (v) of Section
          5.6(b) of the Sale and Servicing Agreement and not previously
          distributed; and

                    (v) FIFTH: all remaining amounts to the Owner Trustee for
          distribution to Certificateholders in accordance with Section 52(d)
          of the Trust Agreement;

                    (vi) SIXTH: to or upon the order of the Transferor;
          provided that any amounts collected from the Pre-Funding Account
          shall be paid, first, for amounts due and unpaid on the Notes for
          principal, if any, for distribution to Noteholders in accordance
          with Section 10.1(c) and, second, in accordance with priorities ONE
          through SIXTH above.

         (b) The Indenture Trustee may fix a special record date and payment
date for any payment to Noteholders pursuant to this Section. At least 15 days
before such special 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.

         SECTION 5.7 Limitation of Suits. Neither the Insurer, nor any 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) the Insurer or such Holder has previously given
          written notice to the Indenture Trustee of a continuing Event of
          Default;

                    (ii) the Insurer or the Holders of not less than 25% of
          the Outstanding Amount of the Notes 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) the Insurer or such Holder or Holders have offered
          and provided to the Indenture Trustee indemnity reasonably
          satisfactory to it 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 and provision of indemnity has
          failed to institute such proceedings;

                    (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 of the Notes;
          and

                    (vi) with respect to such Holder, an Insurer Default shall
          have occurred and be continuing;

it being 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 of the
Notes, the Indenture Trustee in its sole discretion may determine what action,
if any, shall be taken, notwithstanding any other provisions of this
Indenture.

         SECTION 5.8 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 5.9 Restoration of Rights and Remedies. If the Controlling
Party 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 5.10 Rights and Remedies Cumulative. No right or remedy
herein conferred upon or reserved to the Controlling Party 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 5.11 Delay or Omission Not a Waiver. No delay or omission of
the Controlling Party 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 V 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 5.12 Control by Noteholders. Following the occurrence and
continuation of an Insurer Default, the Holders of a majority of the
Outstanding Amount of the Notes 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 express terms of Section 5.4, any
          direction to the Indenture Trustee to sell or liquidate the Trust
          Fund shall be by the Holders of Notes representing not less than
          100% of the Outstanding Amount of the Notes;

                    (iii) if the conditions set forth in Section 5.5 have been
          satisfied and the Indenture Trustee elects to retain the Trust Fund
          pursuant to such Section, then any direction to the Indenture
          Trustee by Holders of Notes representing less than 100% of the
          Outstanding Amount of the Notes to sell or liquidate the Trust Fund
          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;

                    (v) provided, however, that, subject to Section 6.1, the
          Indenture Trustee need not take any action that it determines might
          involve it in liability or might materially adversely affect the
          rights of any Noteholders not consenting to such action.

         SECTION 5.13 Waiver of Past Defaults. If an Insurer Default shall
have occurred and be continuing prior to the declaration of the acceleration
of the maturity of the Notes as provided in Section 5.2, a Note Majority may
waive any past Default or Event of Default and its consequences except a
Default (a) in payment of principal of or interest on any of the Notes or (b)
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 be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other
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; but no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right consequent
thereto.

         SECTION 5.14 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 (a) any suit instituted by the
Indenture Trustee, (b) any suit instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Notes or (c) 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 5.15 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 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 5.16 Action on Notes. The Indenture Trustee's right to seek
and recover judgment on the Notes or under this Indenture shall not be
affected by the seeking, obtaining or application of any other relief under or
with respect to this Indenture. Neither the lien of this Indenture nor any
rights or remedies of the Indenture Trustee or the Noteholders shall be
impaired by the recovery of any judgment by the Indenture Trustee against the
Issuer or by the levy of any execution under such judgment upon any portion of
the Trust Fund or upon any of the assets of the Issuer.

         SECTION 5.17 Performance and Enforcement of Certain Obligations.

         (a) Promptly following a request from the Indenture Trustee to do so
and at the Servicer's expense, the Issuer agrees to take all such lawful
action as the Indenture Trustee may request to compel or secure the
performance and observance by the Seller, the Transferor and 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,
the Transferor 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 the Indenture Trustee is a Controlling Party and 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 at least
66-2/3% of the Outstanding Amount of the Notes and upon receipt of indemnity
reasonably satisfactory to the Indenture Trustee shall, exercise all rights,
remedies, powers, privileges and claims of the Issuer against the Seller, the
Transferor 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, the Transferor 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.

         SECTION 5.18 Claims Under Policy.

         (a) In the event that the Indenture Trustee has delivered a
Deficiency Notice with respect to any Determination Date pursuant to Section
5.4 of the Sale and Servicing Agreement, the Indenture Trustee shall on the
related Deficiency Claim Date determine the Policy Claim Amount for the
related Payment Date. If the Policy Claim Amount for such Payment Date is
greater than zero, the Indenture Trustee shall furnish to the Insurer no later
than 12:00 noon New York City time on the related Deficiency Claim Date a
completed Notice of Claim in the amount of the Policy Claim Amount. Amounts
paid by the Insurer pursuant to a claim submitted under this Section 5.18(a)
shall be deposited by the Indenture Trustee into the Note Distribution Account
for payment to Noteholders on the related Payment Date.

         (b) Any notice delivered by the Indenture Trustee to the Insurer
pursuant to subsection 5.18(a) shall specify the Policy Claim Amount claimed
under the Policy and shall constitute a "Notice of Claim" under the Policy. In
accordance with the provisions of the Policy, the Insurer is required to pay
to the Indenture Trustee the Policy Claim Amount properly claimed thereunder
by 12:00 noon, New York City time, on the later of (i) the third Business Day
following the Business Day on which the Notice of Claim was received, and (ii)
the applicable Payment Date. Any payment made by the Insurer under the Policy
shall be applied solely to the payment of the Notes, and for no other purpose.

         (c) The Indenture Trustee shall (i) receive as attorney-in-fact of
each Noteholder any Policy Claim Amount from the Insurer and (ii) deposit the
same in the Note Distribution Account for distribution to Noteholders as
provided in Section 3.1 or Section 5.2 of this Indenture. Any and all Policy
Claim Amounts disbursed by the Indenture Trustee from claims made under the
Policy shall not be considered payment by the Issuer with respect to such
Notes, and shall not discharge the obligations of the Issuer with respect
thereto. The Insurer shall, to the extent it makes any payment with respect to
the Notes, become subrogated to the rights of the recipients of such payments
to the extent of such payments. Subject to and conditioned upon any payment
with respect to the Notes by or on behalf of the Insurer, the Indenture
Trustee shall assign to the Insurer all rights to the payment of interest or
principal with respect to the Notes which are then due for payment to the
extent of all payments made by the Insurer, and the Insurer may exercise any
option, vote, right, power or the like with respect to the Notes to the extent
that it has made payment pursuant to the Policy. To evidence such subrogation,
the Note Registrar shall note the Insurer's rights as subrogee upon the
register of Noteholders upon receipt from the Insurer of proof of payment by
the Insurer of any Noteholders' Interest Distributable Amount or Noteholders'
Principal Distributable Amount. The foregoing subrogation shall in all cases
be subject to the rights of the Noteholders to receive all Scheduled Payment
in respect of the Notes.

         (d) The Indenture Trustee shall keep a complete and accurate record
of all funds deposited by the Insurer into the Note Distribution Account and
the allocation of such funds to payment of interest on and principal paid in
respect of any Note. The Insurer shall have the right to inspect such records
at reasonable times upon one Business Day's prior notice to the Indenture
Trustee.

         (e) The Indenture Trustee shall be entitled to enforce on behalf of
the Noteholders the obligations of the Insurer under the Policy.
Notwithstanding any other provision of this Agreement or any Basic Documents,
the Noteholders are not entitled to institute proceedings directly against the
Insurer.

         SECTION 5.19 Preference Claims.

         (a) In the event that the Indenture Trustee has received a certified
copy of an order of the appropriate court that any Noteholders' Interest
Distributable Amount or Noteholders' Principal Distributable Amount paid on a
Note has been avoided in whole or in part as a preference payment under
applicable bankruptcy law, the Indenture Trustee shall so notify the Insurer,
shall comply with the provisions of the Policy to obtain payment by the
Insurer of such avoided payment, and shall, at the time it provides notice to
the Insurer, notify Holders of the Notes by mail that, in the event that any
Noteholder's payment is so recoverable, such Noteholder will be entitled to
payment pursuant to the terms of the Policy. The Indenture Trustee shall
furnish to the Insurer its records evidencing the payments of principal of and
interest on Notes, if any, which have been made by the Indenture Trustee and
subsequently recovered from Noteholders, and the dates on which such payments
were made. Pursuant to the terms of the Policy, the Insurer will make such
payment on behalf of the Noteholder to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the Order (as defined
in the Policy) and not to the Indenture Trustee or any Noteholder directly
(unless a Noteholder has previously paid such payment to the receiver,
conservator, debtor-in-possession or trustee in bankruptcy, in which case the
Insurer will make such payment to the Indenture Trustee for distribution to
such Noteholder upon proof of such payment reasonably satisfactory to the
Insurer).

         (b) The Indenture Trustee shall promptly notify the Insurer of any
proceeding or the institution of any action (of which the Indenture Trustee
has actual knowledge) seeking the avoidance as a preferential transfer under
applicable bankruptcy, insolvency, receivership, rehabilitation or similar law
(a "Preference Claim") of any distribution made with respect to the Notes.
Each Holder, by its purchase of Notes, and the Indenture Trustee hereby agree
that so long as an Insurer Default shall not have occurred and be continuing,
the Insurer may at any time during the continuation of any proceeding relating
to a Preference Claim direct all matters relating to such Preference Claim
including, without limitation, (i) the direction of any appeal of any offer
relating to any Preference Claim and (ii) the posting of any surety,
supersedes or performance bond pending any such appeal at the expense of the
Insurer, but subject to reimbursement as provided in the Insurance Agreement.
In addition, and without limitation of the foregoing, as set forth in Section
5.18(c), the Insurer shall be subrogated to, and each Noteholder and the
Indenture Trustee hereby delegate and assign, to the fullest extent permitted
by law, the rights of the Indenture Trustee and each Noteholder in the conduct
of any proceeding with respect to a Preference Claim, including, without
limitation, all rights of any party to an adversary proceeding action with
respect to any court order issued in connection with any such Preference
Claim.

                                 ARTICLE VI.

                             The Indenture Trustee

         SECTION 6.1 Duties of Indenture Trustee.

         (a) If an Event of Default actually known to a Responsible Officer of
the Indenture Trustee has occurred and is continuing, the Indenture Trustee
shall exercise the rights and powers vested in it by this Indenture and use
the same degree of care and skill in their exercise as a prudent person would
exercise or use under the circumstances in the conduct of such person's own
affairs.

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

                    (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 and, if applicable, the other Basic Documents.

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

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

                    (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 grossly 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 5.12
          or 5.17.

         (d) 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.

         (e) 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.

         (f) 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.

         (g) 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, Section 6.2 and provisions
of the TIA.

         (h) The Indenture Trustee shall, upon reasonable prior notice to the
Indenture Trustee, permit any representative of the Insurer or the
Noteholders, during the Indenture Trustee's normal business hours, to examine
all books of account, records, reports and other papers of the Indenture
Trustee relating to the Notes, to make copies and extracts therefrom and to
discuss the Indenture Trustee's affairs and actions, as such affairs and
actions relate to the Indenture Trustee's duties with respect to the Notes,
with the Indenture Trustee's officers and employees responsible for carrying
out the Indenture Trustee's duties with respect to the Notes.

         (i) The Indenture Trustee shall, and hereby agrees that it will,
perform all of the obligations and duties required of it under the Sale and
Servicing Agreement.

         (j) The Indenture Trustee shall, and hereby agrees that it will, hold
the Policy in trust, and will hold any proceeds of any claim on the Policy in
trust solely for the use and benefit of the Noteholders.

         (k) Without limiting the generality of this Section 6.1, the
Indenture Trustee shall have no duty unless specifically set forth in this
Indenture or the Basic Documents (i) to see to any recording, filing or
depositing of this Indenture or any agreement referred to herein or any
financing statement evidencing a security interest in the Financed Vehicles,
or to see to the maintenance of any such recording or filing or depositing or
to any recording, refiling or redepositing of any thereof, (ii) to see to any
insurance of the Financed Vehicles or Obligors or to effect or maintain any
such insurance, (iii) 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 Trust,
(iv) to confirm or verify the contents of any reports or certificates
delivered to the Indenture Trustee pursuant to this Indenture or the Sale and
Servicing Agreement believed by the Indenture Trustee to be genuine and to
have been signed or presented by the proper party or parties, or (v) to
inspect the Financed Vehicles at any time or ascertain or inquire as to the
performance or observance of any of the Issuer's, the Seller's or the
Servicer's representations, warranties or covenants or the Servicer's duties
and obligations as Servicer and as custodian of the Receivable Files under the
Sale and Servicing Agreement.

         SECTION 6.2 Rights of Indenture Trustee.

         (a) The Indenture Trustee may rely on and shall be protected in
acting or refraining from acting upon arty 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 or matter stated in the
document.

         (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 the 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, [_____________], or any other 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, gross negligence or bad faith.

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

         (f) The Indenture Trustee shall be under no obligation to institute,
conduct or defend any litigation under this Indenture or in relation to this
Indenture or otherwise exercise any rights or powers vested in it by this
Indenture, at the request, order or direction of any of the Holders of Notes
or the Controlling Party pursuant to the provisions of this Indenture, unless
such Holders of Notes or the Controlling Party shall have offered and provided
to the Indenture Trustee security or indemnity reasonably satisfactory to the
Indenture Trustee against the costs, expenses and liabilities that may be
incurred therein or thereby; provided however, that the Indenture Trustee
shall, upon the occurrence of an Event of Default (that has not been cured),
exercise the rights and powers vested in it by this Indenture with reasonable
care and skill.

         (g) The Indenture Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order,
approval, bond or other paper or document, and may conclusively rely on the
correctness of any statement made therein but the Indenture Trustee shall make
such investigation if requested in writing to do so by the Insurer (so long as
no Insurer Default shall have occurred and be continuing) or (if an Insurer
Default shall have occurred and be continuing), the Controlling Party, or by
the Holders of Notes evidencing not less than 25% of the Outstanding Amount
thereof; provided, however, that if the payment within a reasonable time to
the Indenture Trustee of the costs, expenses or liabilities likely to be
incurred by it in the making of such investigation is, in the opinion of the
Indenture Trustee, not reasonably assured to the Indenture Trustee by the
security afforded to it by the terms of this Indenture or the Sale and
Servicing Agreement, the Indenture Trustee may require indemnity reasonably
satisfactory to the Indenture Trustee against such cost, expense or liability
as a condition to so proceeding; the reasonable expense of every such
examination shall be paid by the Person making such request, or, if paid by
the Indenture Trustee, shall be reimbursed by the Person making such request
upon demand.

         SECTION 6.3 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 6.4 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 Trust Fund or the Notes; the Indenture Trustee
shall not be accountable for the Issuer's use of the proceeds from the Notes,
and it shall not be responsible for any recitals or statement of the Issuer in
this Indenture or in any document issued in connection with the sale of the
Notes or in the Notes other than the Indenture Trustee's certificate of
authentication.

         SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing
and if it is either actually known by, or written notice of the existence
thereof has been delivered to, a Responsible Officer of the Indenture Trustee,
the Indenture Trustee shall mail to each Noteholder notice of the Default
within 90 days after such knowledge or notice 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 6.6 Reports by Indenture Trustee to Holders. Within the
prescribed period for tax reporting purposes after the end of each calendar
year during the term of this Indenture, the Indenture Trustee shall deliver to
each Noteholder such information in its possession relating to the payments
made by the Indenture Trustee on the Notes as may be reasonably required to
enable such Holder to prepare its Federal and state income tax returns.

         SECTION 6.7 Compensation and Indemnity.

         (a) Pursuant to Section 5.6(b) of the Sale and Servicing Agreement,
the Issuer shall, or shall cause the Servicer to, pay to the Indenture Trustee
from time to time, compensation for its services and reimbursement for its
expenses in accordance with a separate agreement between the Servicer and the
Indenture Trustee. The Indenture Trustee's compensation shall not be limited
by any law on compensation of a trustee of an express trust. The Indenture
Trustee shall notify the Issuer and the Servicer promptly of any claim for
which it may seek indemnity. Failure by the Indenture Trustee to so notify the
Issuer and the Servicer shall not relieve the Issuer of its obligations
hereunder or the Servicer of its obligations under Article X of the Sale and
Servicing Agreement. For any indemnified claim, the Indenture Trustee may have
separate counsel and the Issuer shall to the extent that funds are available
therefor after payment in full of the Notes shall, or shall cause the Servicer
to pay, the fees and expenses of such counsel. Neither the Issuer nor the
Servicer 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.

         (b) The payment obligations to the Indenture Trustee pursuant to this
Section shall survive the Termination Date and the discharge of this Indenture
subject to a satisfaction of the Rating Agency Condition. When the Indenture
Trustee incurs expenses after the occurrence of a Default specified in Section
5.1(v) or (vi) 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. Notwithstanding anything else set forth in this Indenture or the Basic
Documents, the Indenture Trustee agrees that the obligations of the Issuer
(but not the Servicer) to the Indenture Trustee hereunder and under the Basic
Documents shall be recourse to the Trust Fund only and specifically shall not
be recourse to the assets of the Seller, the Transferor, the Depositor, the
Issuer or any Noteholder or any Certificateholder. In addition, the Indenture
Trustee agrees that its recourse to the Seller, the Transferor, the Depositor,
the Issuer, the Trust Fund and the Seller shall be limited to the right to
receive the distributions referred to in Section 5.6(b) of the Sale and
Servicing Agreement.

         SECTION 6.8 Replacement of Indenture Trustee.

         (a) The Indenture Trustee may resign at anytime by so notifying the
Issuer and the Insurer. The Controlling Party may remove the Indenture Trustee
by so notifying the Indenture Trustee and may appoint a successor Indenture
Trustee. The Issuer shall remove the Indenture Trustee, if:

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

                    (ii) 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;

                    (iii) an involuntary case under the federal bankruptcy
          laws, as now or hereafter in effect, or another present or future
          federal or state bankruptcy, insolvency or similar law is commenced
          with respect to the Indenture Trustee and such case is not dismissed
          within 60 days;

                    (iv) 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

                    (v) 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 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, acceptable to the
Insurer in its sole discretion (so long as an Insurer Default shall not have
occurred and be continuing). If the Issuer fails to appoint such a successor
Indenture Trustee, the Controlling Party may appoint a successor Indenture
Trustee.

         A successor Indenture Trustee shall deliver a written acceptance of
its appointment to the retiring Indenture Trustee, to the Issuer and to the
Insurer (so long as no Insurer Default shall have occurred and be continuing).
Thereupon the resignation or removal of the retiring Indenture Trustee shall
become effective, and the successor Indenture Trustee shall have all the
rights, powers and duties of the Indenture Trustee under this Indenture
subject to satisfaction of the Rating Agency Condition. The successor
Indenture Trustee shall mail a notice of its succession to 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 Controlling Party 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 any of the provisions of this
Section shall not become effective until acceptance of appointment by the
successor Indenture Trustee pursuant to Section 6.8 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 Servicer's obligations under Section 6.7
shall continue for the benefit of the retiring Indenture Trustee.

         (b) Every temporary or permanent successor Indenture Trustee
appointed hereunder shall execute, acknowledge and deliver to its predecessor
and to the Indenture Trustee, each Issuer Secured Party and the Issuer an
instrument in writing accepting such appointment hereunder and the relevant
predecessor shall execute, acknowledge and deliver such other documents and
instruments as will effectuate the delivery of all Indenture Collateral to the
successor Collateral Agent, whereupon such successor, without any further act,
deed or conveyance, shall become fully vested with all the estates,
properties, rights, powers, duties and obligations of its predecessor. Such
predecessor shall, nevertheless, on the written request of either Issuer
Secured Party or the Issuer, execute and deliver an instrument transferring to
such successor all the estates, properties, rights and powers of such
predecessor hereunder. In the event that any instrument in writing from the
Issuer or an Issuer Secured Party is reasonably required by a successor
Indenture Trustee to more fully and certainly vest in such successor the
estates, properties, rights, powers, duties and obligations vested or intended
to be vested hereunder in the Indenture Trustee, any and all such written
instruments shall, at the request of the temporary or permanent successor
Indenture Trustee, be forthwith executed, acknowledged and delivered by the
Issuer. The designation of any successor Indenture Trustee and the instrument
or instruments removing any Indenture Trustee and appointing a successor
hereunder, together with all other instruments provided for herein, shall be
maintained with the records relating to the Collateral and, to the extent
required by applicable law, filed or recorded by the successor Indenture
Trustee in each place where such filing or recording is necessary to effect
the transfer of the Collateral to the successor Indenture Trustee or to
protect or continue the perfection of the security interests granted
hereunder.

         SECTION 6.9 Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Indenture Trustee
and shall provide written notice thereof to the Issuer, the Insurer, and each
Rating Agency provided, however that such corporation or banking association
shall be otherwise qualified and eligible under Section 6.11 hereto.

         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 which it is anywhere in the Notes or in
this Indenture provided that the certificate of the Indenture Trustee shall
have.

         SECTION 6.10 Appointment of Co-Indenture Trustee or Separate
Indenture Trustee.

         (a) Notwithstanding any other provisions of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Trust may at the time be located, the Indenture Trustee
with the consent of the Insurer (so long as an Insurer Default shall not have
occurred and be continuing) shall have the power and may execute and deliver
all instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or a 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 Trust, or any part hereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary
or desirable. No co-trustee or separate trustee 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 6.8 hereof.

         (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 Trust Fund 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,
          including acts or omissions of predecessor or successor trustees;
          and

                    (iii) the Indenture Trustee 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 VI. 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.

         (d) Any separate trustee or co-trustee may at anytime 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, dissolve, become insolvent, become incapable
of acting, resign or be removed, all of its estates, properties, rights,
remedies and trusts shall invest 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 or its parent and it or its parent shall have a long term debt
rating of BBB- or better by the Rating Agencies. The Indenture Trustee shall
provide copies of such reports to the Insurer upon request. The Indenture
Trustee shall comply with TIA Section 310(b), including the optional provision
permitted by the second sentence of TIA Section 310(b)(9); 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.

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

         SECTION 6.13 Appointment and Powers. Subject to the terms and
conditions hereof, each of the Issuer Secured Parties hereby appoints
[____________________], in its capacity as Indenture Trustee, as the
collateral agent with respect to the Collateral, and [____________________]
hereby accepts such appointment and agrees to act as collateral agent with
respect to the Collateral for the Issuer Secured Parties, to maintain custody
and possession of such Collateral (except as otherwise provided hereunder) and
to perform the other duties with respect to the Collateral in accordance with
the provisions of this Indenture. Each Issuer Secured Party hereby authorizes
the Indenture Trustee to take such action on its behalf, and to exercise such
rights, remedies, powers and privileges hereunder, as the Controlling Party
may direct and as are specifically authorized to be exercised by the Indenture
Trustee by the terms hereof together with such actions, rights, remedies,
powers and privileges as are reasonably incidental thereto. The Indenture
Trustee shall act upon and in compliance with the written instructions of the
Controlling Party delivered pursuant to this Indenture promptly following
receipt of such written instructions; provided that the Indenture Trustee
shall not act in accordance with any instructions (i) which are not authorized
by, or in violation of the provisions of, this Indenture, (ii) which are in
violation of any applicable law, rule or regulation or (iii) for which the
Indenture Trustee has not received reasonable indemnity. Receipt of such
instructions shall not be a condition to the exercise by the Indenture Trustee
of its express duties hereunder, except where this Indenture provides that the
Indenture Trustee is permitted to act only following and in accordance with
such instructions.

         SECTION 6.14 Performance of Duties. The Indenture Trustee shall have
no duties or responsibilities except those expressly set forth in this
Indenture and the other Basic Documents to which the Indenture Trustee is a
party or as directed by the Controlling Party in accordance with this
Indenture. The Indenture Trustee shall not be required to take any
discretionary actions hereunder except at the written direction and with the
indemnification of the Controlling Party. The Indenture Trustee shall, and
hereby agrees that it will, perform all of the duties and obligations required
of it under the Sale and Servicing Agreement.

         SECTION 6.15 Limitation on Liability. Neither the Indenture Trustee
nor any of its directors, officers or employees shall be liable for any action
taken or omitted to be taken by it or them hereunder, or in connection
herewith, except that the Indenture Trustee shall be liable for its
negligence, bad faith or willful misconduct; nor shall the Indenture Trustee
be responsible for the validity, effectiveness, value, sufficiency or
enforceability against the Issuer of this Indenture or any of the Collateral
(or any part thereof). Notwithstanding any term or provision of this
Indenture, the Indenture Trustee shall incur no liability to the Issuer or the
Issuer Secured Parties for any action taken or omitted by the Indenture
Trustee in connection with the Collateral, except for the negligence, bad
faith or willful misconduct on the part of the Indenture Trustee, and,
further, shall incur no liability to the Issuer Secured Parties except for
negligence, bad faith or willful misconduct in carrying out its duties to the
Issuer Secured Parries. Subject to Section 6.16, the Indenture Trustee shall
be protected and shall incur no liability to any such party in relying upon
the accuracy, acting in reliance upon the contents, and assuming the
genuineness of any notice, demand, certificate, signature, instrument or other
document reasonably believed by the Indenture Trustee to be genuine and to
have been duly executed by the appropriate signatory, and (absent actual
knowledge to the contrary) the Indenture Trustee shall not be required to make
any independent investigation with respect thereto. The Indenture Trustee
shall at all times be free independently to establish to its reasonable
satisfaction, but shall have no duty to independently verify, the existence or
nonexistence of facts that are a condition to the exercise or enforcement of
any right or remedy hereunder or under any of the Basic Documents. The
Indenture Trustee may consult with counsel, and shall not be liable for any
action taken or omitted to be taken by it hereunder in good faith and in
accordance with the written advice of such counsel. The Indenture Trustee
shall not be under any obligation to exercise any of the remedial rights or
powers vested in it by this Indenture or to follow any direction from the
Controlling Party unless it shall have received reasonable security or
indemnity satisfactory to the Indenture Trustee against the costs, expenses
and liabilities which might be incurred by it.

         SECTION 6.16 Reliance Upon Documents. In the absence of negligence,
bad faith or willful misconduct on its part, the Indenture Trustee shall be
entitled to rely on any communication, instrument, paper or other document
reasonably believed by it to be genuine and correct and to have been signed or
sent by the proper Person or Persons and shall have no liability in acting, or
omitting to act, where such action or omission to act is in reasonable
reliance upon any statement or opinion contained in any such document or
instrument.

         SECTION 6.17 [RESERVED].

         SECTION 6.18 [RESERVED].

         SECTION 6.19 Representations and Warranties of the Indenture Trustee.
The Indenture Trustee represents and warrants to the Issuer and to each Issuer
Secured Party as follows:

         (a) Due Organization. The Indenture Trustee is a national banking
association, duly organized, validly existing and in good standing under the
laws of the United States and is duly authorized and licensed under applicable
law to conduct its business as presently conducted.

         (b) Corporate Power. The Indenture Trustee has all requisite right,
power and authority to execute and deliver this Indenture and to perform all
of its duties as Indenture Trustee hereunder.

         (c) Due Authorization. The execution and delivery by the Indenture
Trustee of this Indenture and the other Basic Documents to which it is a
party, and the performance by the Indenture Trustee of its duties hereunder
and thereunder, have been duly authorized by all necessary organizational
proceedings and no further approvals or filings, including any governmental
approvals, are required for the valid execution and delivery by the Indenture
Trustee, or the performance by the Indenture Trustee, of this Indenture and
such other Basic Documents to which it is a party.

         (d) Valid and Binding Indenture. The Indenture Trustee has duly
executed and delivered this Indenture and each other Basic Document to which
it is a party, and each of this Indenture and each such other Basic Document
constitutes the legal, valid and binding obligation of the Indenture Trustee,
enforceable against the Indenture Trustee in accordance with its terms, except
as (i) such enforceability may be limited by bankruptcy, insolvency,
reorganization and similar laws relating to or affecting the enforcement of
creditors' rights generally and (ii) the availability of equitable remedies
may be limited by equitable principles of general applicability.

         SECTION 6.20 Waiver of Setoffs. The Indenture Trustee hereby
expressly waives any and all rights of setoff that the Indenture Trustee may
otherwise at any time have under applicable law with respect to any Trust
Account and agrees that amounts in the Trust Accounts shall at all times be
held and applied solely in accordance with the provisions hereof.

         SECTION 6.21 Control by the Controlling Party. The Indenture Trustee
shall comply with notices and instructions given by the Issuer only if
accompanied by the written consent of the Controlling Party, except that if
any Event of Default shall have occurred and be continuing, the Indenture
Trustee shall act upon and comply with notices and instructions given by the
Controlling Party alone in the place and stead of the Issuer.

                                 ARTICLE VII.

                        Noteholders' Lists and Reports

         SECTION 7.1 Issuer To Furnish To Indenture Trustee Names and
Addresses of Noteholders. The Issuer will furnish or cause to be furnished to
the Indenture Trustee (a) not more than five (5) days after the earlier of (i)
each Record Date and (ii) 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 as of such Record Date, (b) at such other times as
the Indenture Trustee may request in writing, within thirty (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 (10) 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. The Indenture
Trustee or, if the Indenture Trustee is not the Note Registrar, the Issuer
shall furnish to the Insurer in writing on an annual basis on each March 31
and at such other times as the Insurer may request, a copy of the list.

         SECTION 7.2 Preservation of Information; Communications to
Noteholders.

         (a) The Indenture Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Holders contained in
the most recent list furnished to the Indenture Trustee as provided in Section
7.1 and the names and addresses of Holders 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 7.1 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).

         SECTION 7.3 Reports by Issuer. The Issuer shall:

                    (i) file with the Indenture Trustee, within 15 days after
          the Issuer is required to file the same with the Commission, copies
          of the annual reports and of 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)
          which 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 7.3(a) as may be required by rules and
          regulations prescribed from time to time by the Commission.

         SECTION 7.4 Reports by Indenture Trustee. If required by TIA Section
313(a), within 60 days after each June 30, beginning with June 30, 2001, 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 if and when the Notes are listed on any stock exchange.

         SECTION 7.5 Fiscal Year.

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

                                ARTICLE VIII.

                     Accounts, Disbursements and Releases

         SECTION 8.1 Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and
shall receive 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 Trust Fund, 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 V.

         SECTION 8.2 Trust Accounts.

         (a) On or prior to the Closing Date, the Issuer shall establish or
shall cause the Servicer to establish and maintain, in the name of the
Indenture Trustee, for the benefit of the Noteholders, the Insurer and
Certificateholders, as applicable, the Trust Accounts as provided in Section
5.1 of the Sale and Servicing Agreement.

         (b) Subject to Section 5.6 of the Sale and Servicing Agreement, 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 in the following amounts and in the following order of
priority (except as otherwise provided in Section 5.6):

                    (i) accrued and unpaid interest on the Notes; provided
          that if there are not sufficient funds in the Note Distribution
          Account to pay the entire amount of accrued and unpaid interest then
          due on each class of the Notes, the amount in the Note Distribution
          Account shall be applied to the payment of such interest on the each
          class of Notes pro rata on the basis of the amount of accrued and
          unpaid interest due on each class of Notes;

                    (ii) principal to the Holders of the Class A-1 Notes until
          the Outstanding Amount of the Class A-1 Notes is reduced to zero;

                    (iii) principal to the Holders of the Class A-2 Notes
          until the Outstanding Amount of the Class A-2 Notes is reduced to
          zero;

                    (iv) principal to the Holders of the Class A-3 Notes until
          the Outstanding Amount of the Class A-3 Notes is reduced to zero;
          and

                    (v) principal to the Holders of the Class A-4 Notes until
          the Outstanding Amount of the Class A-4 Notes is reduced to zero.

         SECTION 8.3 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 Trust Accounts shall be
invested and reinvested in Eligible Investments by the Indenture Trustee upon
Issuer Order, subject to the provisions of Section 5.1(b) of the Sale and
Servicing Agreement. All income or other gain from investments of moneys
deposited in a Trust Account shall be deposited (or caused to be deposited) by
the Indenture Trustee in such Trust Account, and any loss resulting from such
investments shall be charged to such account. The Issuer will not direct the
Indenture Trustee to make any investment of any funds or to sell any
investment held in any of the Trust Accounts unless the security interest
Granted and perfected in such account will continue to be perfected in such
investment or the proceeds of such sale, in either case without any further
action by any Person, and, in connection with any direction to the Indenture
Trustee to make any such investment or sale, the Issuer shall deliver to the
Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee,
to such effect.

         (b) [Reserved]

         (c) Subject to Section 6.1(c), the Indenture Trustee shall not in any
way be held liable by reason of any insufficiency in any of the Trust 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 Investment issued by the Indenture Trustee, in its commercial
capacity as principal obligor and not as trustee, in accordance with their
terms.

         (d) If (i) the Issuer shall have failed to give investment directions
for any funds on deposit in the Trust Accounts to the Indenture Trustee by
2:00 p.m. Eastern Time (or such other time as may be agreed by the Issuer and
Indenture Trustee) on any Business Day; or (ii) a Default or Event of Default
shall have occurred and be continuing with respect to the Notes but the Notes
shall not have been declared due and payable pursuant to Section 5.2, or, if
such Notes shall have been declared due and payable following an Event of
Default, amounts collected or receivable from the Trust Fund are being applied
in accordance with Section 5.5 as if there had not been such a declaration;
then the Indenture Trustee shall, to the fullest extent practicable, invest
and reinvest funds in the Trust Accounts in investments of the type set forth
in clause (c) of the definition of Eligible Investments maturing no later than
the Business Day immediately preceding the next scheduled Payment Date.

         SECTION 8.4 Release of Trust Fund.

         (a) Subject to the payment of its fees and expenses pursuant to
Section 6.7, the Indenture Trustee may, and when required by the provisions of
this Indenture and the Sale and Servicing Agreement 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
VIII 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 moneys.

         (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7
have been paid, release any remaining portion of the Trust Fund from the lien
of this Indenture and release for deposit into the Certificate Distribution
Account or to any other Person entitled thereto any funds then on deposit in
the Trust Accounts. The Indenture Trustee shall release property from the lien
of this Indenture pursuant to this Section 8.4(b) only upon receipt of an
Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel
and (if required by TIA) Independent Certificates in accordance with TIA
Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section
11.1.

         SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive
at least seven days notice when requested by the Issuer to take any action
pursuant to Section 8.4(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 Trust Fund. 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 IX.

                            Supplemental Indentures

         SECTION 9.1 Supplemental Indentures.

         (a) Without the consent of the Holders of any Notes but with the
prior written consent of the Insurer (unless an Insurer Default shall have
occurred and be continuing) and with prior notice to the Rating Agencies by
the Issuer, as evidenced to the Indenture Trustee, 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 Trust Indenture Act 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 to the lien of this Indenture additional property;

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

                    (iii) to add to the covenants of the Issuer, for the
          benefit of the Holders of the 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;

                    (v) to cure any ambiguity, to correct or supplement any
          provision herein or in any supplemental indenture which may be
          inconsistent with any other provision herein or in any supplemental
          indenture 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 VI; 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 the consent of the Insurer, if there is no Insurer Default, and with
prior notice to the Rating Agencies by the Issuer, as evidenced to 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 such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any Noteholder.

         SECTION 9.2 Supplemental Indentures with Consent of Noteholders.

         (a) The Issuer and the Indenture Trustee, when authorized by an
Issuer Order, also may, with prior written notice to the Rating Agencies, with
the consent of the Insurer (unless an Insurer Default shall have occurred and
be continuing) and if the Insurer is no longer the Controlling Party, with the
consent of the Holders of not less than a majority of the Outstanding Amount
of the Notes, enter into an indenture or indentures supplemental hereto for
any purpose; provided, however, that, no such supplemental indenture shall,
without the 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 provision of this Indenture relating to
          the application of collections on, or the proceeds of the sale of,
          the Trust Fund 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;

                    (ii) 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 V,
          to the payment of any 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);

                    (iii) reduce the percentage of the Outstanding Amount of
          the Notes, 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;

                    (iv) modify or alter the provisions of the proviso to the
          definition of the term "Outstanding";

                    (v) reduce the percentage of the Outstanding Amount of the
          Notes required to direct the Indenture Trustee to direct the Issuer
          to sell or liquidate the Trust Fund pursuant to Section 5.4;

                    (vi) modify any provision of this Section except to
          increase any percentage specified herein or to 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;

                    (vii) 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 to affect the rights of the Holders of Notes to
          the benefit of any provisions for the mandatory redemption of the
          Notes contained herein; or

                    (viii) permit the creation of any lien ranking prior to or
          on a parity with the lien of this Indenture with respect to any part
          of the Trust Fund or, except as otherwise permitted or contemplated
          herein or in any of the Basic Documents, 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.

         (b) The Indenture Trustee may determine whether or not any Notes
would be affected by any supplemental indenture and any such determination
shall be conclusive upon the Holders of all Notes, whether theretofore or
thereafter authenticated and delivered hereunder. The Indenture Trustee shall
not be liable for any such determination made in good faith.

         (c) 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.

         (d) 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 Insurer and 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 notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental
indenture.

         SECTION 9.3 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modifications thereby of the trusts
created by this Indenture, the Indenture Trustee shall be entitled to receive,
and subject to Sections 6.1 and 6.2, 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 9.4 Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and 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, the Insurer 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
proposes.

         SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the Trust Indenture Act as
then in effect so long as this Indenture shall then be qualified under the
Trust Indenture Act.

         SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX 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 X.

                              Redemption of Notes

         SECTION 10.1 Redemption.

         (a) The Notes are subject to redemption in whole, but not in part, at
the direction of the Seller pursuant to Section 9.1(a) of the Sale and
Servicing Agreement, on any Payment Date on which the Servicer exercises its
option to purchase the Trust Estate pursuant to said Section 9.1(a), for a
purchase price equal to the Redemption Price; provided, however, that the
Issuer has available funds sufficient to pay the Redemption Price. The
Servicer or the Issuer shall furnish the Insurer and the Rating Agencies
notice of such redemption. If the Notes are to be redeemed pursuant to this
Section 10.1(a), the Servicer or the Issuer shall furnish notice of such
election to the Indenture Trustee not later than 35 days prior to the
Redemption Date and the Issuer shall deposit 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 10.2 to each Holder of
Notes.

         (b) If on the Payment Date on which the Pre-Funding Period ends (or
on the Payment Date on or immediately following the last day of the
Pre-Funding Period, if the Pre-Funding Period does not end on a Payment Date),
any Pre-Funded Amount remains on deposit in the Pre-Funding Account after
giving effect to the purchase of all Subsequent Receivables, including any
such purchase on such Redemption Date, the Notes will be redeemed in whole or
in part, in an aggregate principal amount equal to the Prepayment Amount which
will be distributed pro rata to Holders of each Class of Notes based on the
Outstanding Amount of each such Class; provided that if the Remaining
Pre-Funding Amount is $100,000 or less such amount shall be applied
sequentially to release the Outstanding Amount of the Class of Notes having
the lowest numerical designation then outstanding until paid in full, and then
to the Class of Notes having the next lowest numerical designation then
outstanding.

         (c) In the event that the assets of the Trust are sold pursuant to
Section 9.2 of the Trust Agreement, all amounts on deposit in the Note
Distribution Account shall be paid to the Noteholders up to the Outstanding
Amount of the Notes and all accrued and unpaid interest thereon. If amounts
are to be paid to Noteholders pursuant to this Section 10.1(c), the Servicer
or the Issuer shall, to the extent practicable, furnish notice of such event
to the Indenture Trustee not later than 45 days prior to the Redemption Date
whereupon all such amounts shall be payable on the Redemption Date.

         SECTION 10.2 Form of Redemption Notice.

         (a) Notice of redemption under Section 10.1 shall be given by the
Indenture Trustee by facsimile or by first-class mail, postage prepaid,
transmitted or mailed prior to the applicable Redemption Date to the Insurer
and each Holder of Notes, as of the close of business on the Record Date
preceding the applicable Redemption Date, at such Holder's address appearing
in the Note Register.

         All notices of redemption shall state:

                    (i) the Redemption Date;

                    (ii) the Redemption Price;

                    (iii) that the Record Date otherwise applicable to such
          Redemption Date is not applicable and that payments shall be made
          only upon presentation and surrender of such Notes and 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 3.2); and

                    (iv) that (unless the Issuer shall default in the payment
          of the Redemption Price) interest on the Notes shall cease to accrue
          on 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.

         (b) Prior notice of redemption under Section 10.1(b) is not required
to be given to Noteholders.

         SECTION 10.3 Notes Payable on Redemption Date. The Notes to be
redeemed shall, following notice of redemption as required by Section 10.2 (in
the case of redemption pursuant to Section 10.1), 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 XI.

                                 Miscellaneous

         SECTION 11.1 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 and to the Insurer (i) an Officer's
Certificate stating that all conditions precedent, if any, provided for in
this Indenture relating to the proposed action have been complied with, and
(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) 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 11.1(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee and the Insurer
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.

                    (i) Whenever the Issuer is required to furnish to the
          Indenture Trustee and the Insurer an Officer's Certificate
          certifying or stating the opinion of any signer thereof as to the
          matters described in clause (b) above, the Issuer shall also deliver
          to the Indenture Trustee and the Insurer 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 (b) above and this clause
          (b)(i), is 10% or more of the Outstanding Amount of the Notes, 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 1 % percent of the Outstanding Amount of the Notes.

                    (ii) Other than with respect to the release of any
          Purchased Receivables or Liquidated Receivables, whenever any
          property or securities are to be released from the lien of this
          Indenture, the Issuer shall also furnish to the Indenture Trustee
          and the Insurer 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.

                    (iii) Whenever the Issuer is required to furnish to the
          Indenture Trustee and the Insurer an Officer's Certificate
          certifying or stating the opinion of any signer thereof as to the
          matters described in clause (b) above, the Issuer shall also furnish
          to the Indenture Trustee and the Insurer an Independent Certificate
          as to the same matters if the fair value of the property or
          securities and of all other property other than Purchased
          Receivables and Liquidated Receivables, or securities 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 (b) above and this clause (b)(iii), equals 10% or more of the
          Outstanding Amount of the Notes, but such certificate need not be
          furnished in the case of any release of property or securities if
          the fair value thereof as set forth in the related Officer's
          Certificate is less than $25,000 or less than 1% of the then
          Outstanding Amount of the Notes.

                    (iv) Notwithstanding Section 2.9 or any other provision of
          this Section, the Issuer may (A) collect, liquidate, sell or
          otherwise dispose of Receivables as and to the extent permitted or
          required by the Basic Documents and (B) make cash payments out of
          the Trust Accounts as and to the extent permitted or required by the
          Basic Documents.

         SECTION 11.2 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 his or her
certificate or opinion is based are erroneous. Any such certificate of an
Authorized Officer or Opinion of Counsel may be based, insofar as it relates
to factual matters, upon a certificate or opinion of, or representations by,
an officer or officers of the Servicer, the Seller or the Issuer, stating that
the information with respect to such factual matters is in the possession of
the Servicer, the Seller or the Issuer, 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 team 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 VI.

         SECTION 11.3 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 6.1) 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 customary manner of the Indenture
Trustee.

         (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 11.4 Notices, etc., to Indenture Trustee, Issuer, Insurer and
Rating Agencies. Any request, demand, authorization, direction, notice,
consent, waiver or Act of Noteholders or other documents provided or permitted
by this Indenture to be made upon, given or furnished to or filed with:

         (a) The Indenture Trustee by any Noteholder or by the Issuer shall be
sufficient for every purpose hereunder if personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested and shall
be deemed to have been duly given upon receipt to the Indenture Trustee at its
Corporate Trust Office, or

         (b) The Issuer by the Indenture Trustee or by any Noteholder shall be
sufficient for every propose hereunder if personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested and shall
be deemed to have been duly given upon receipt to the Issuer addressed to:
[____________________] Vehicle Receivables Owner Trust 200_-2, in care of
[____________________], 1100 North Market Street, Rodney Square, North
Wilmington, Delaware 19890, Attention: Corporate Trust Administration or at
any other address previously furnished in writing to the Indenture Trustee by
Issuer. The Issuer shall promptly transmit any notice received by it from the
Noteholders to the Indenture Trustee.

         (c) The Insurer by the Issuer or the Indenture Trustee shall be
sufficient for any purpose hereunder if in writing and mailed by registered
mail or personally delivered or telexed or telecopied to the recipient as
follows:

         To the Insurer:            Financial Security Assurance Inc.
                                    350 Park Avenue
                                    New York, New York 10022
                                    Attention: Surveillance Department
                                    Telex No.: (212) 688-3101
                                    Confirmation: (212) 826-0100
                                    Telecopy No.: (212) 339-3518 or
                                    (212) 339-3529

         (In each case in which notice or other communication to the Insurer
refers to an Event of Default, a claim on the Policy or with respect to which
failure on the part of the Insurer to respond shall be deemed to constitute
consent or acceptance, then a copy of such notice or other communication
should also be sent to the attention of the General Counsel and the
Head--Financial Guaranty Group "URGENT MATERIAL ENCLOSED.")

         Notices required to be given to the Rating Agencies by the Issuer,
the Indenture Trustee, or the Owner Trustee shall be in writing, personally
delivered, delivered by overnight courier or mailed certified mail, return
receipt requested to (i) Standard & Poor's, at the following address: Standard
& Poor's Structured Finance Ratings, 55 Water Street, 41st Floor, New York,
New York, 10041-0003, Attention of Asset Backed Surveillance Department and
(ii) Moody's, at the following address: Moody's Investors Service, Inc., 99
Church Street, New York, New York, 10004, Attention: ABS Monitoring
Department; or as to each of the foregoing, at such other address as shall be
designated by written notice to the other parties.

         SECTION 11.5 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 his 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 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 the Rating Agencies,
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 11.6 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, provided that such methods are reasonable and
consented to by the Indenture Trustee (which consent shall not be unreasonably
withheld). 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 11.7 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 11.8 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 11.9 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.

         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 shall not in any way
be affected or impaired thereby.

         SECTION 11.11 Benefits of Indenture. The Insurer and its successors
and assigns shall be a third-party beneficiary to the provisions of this
Indenture, and shall be entitled to rely upon and directly to enforce such
provisions of this Indenture so long as no Insurer Default shall have occurred
and be continuing. Nothing in this Indenture or in the Notes, express or
implied, shall give to any Person, other than the parties hereto and their
successors hereunder, and the Noteholders, and any other party secured
hereunder, and any other person with an Ownership interest in any part of the
Trust Fund, any benefit or any legal or equitable right, remedy or claim under
this Indenture. The Insurer may disclaim any of its rights and powers under
this Indenture (in which case the Indenture Trustee may exercise such right or
power hereunder), but not its duties and obligations under the Policy, upon
delivery of a written notice to the Indenture Trustee.

         SECTION 11.12 Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such
date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the date an 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, INCLUDING SECTION 5-1401 OF
THE GENERAL OBLIGATION LAW, BUT OTHERWISE 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.

         (a) No recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuer, the Seller, the Transferor, the Depositor, the
Servicer, 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 Seller, the Transferor, the Depositor,
the Servicer, the Owner Trustee or the Indenture 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 Seller, the Transferor, the Depositor, the Servicer, the Owner Trustee or
the Indenture Trustee in its individual capacity, any holder of a beneficial
interest in the Issuer, the Seller, the Transferor, the Depositor, the
Servicer, the Owner Trustee, or the Indenture Trustee or of any successor or
assign of the Seller, the Transferor, the Depositor, the Servicer, the Owner
Trustee or the Indenture 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 Article VI, VII and VIII of the Trust Agreement.

         (b) It is expressly understood and agreed to by the parties hereto
that (a) this Indenture is executed and delivered by [____________________],
not individually or personally but solely as Owner Trustee of the [ ] Vehicle
Receivables Owner Trust 200_, in the exercise of the powers and authority
conferred and vested in it, (b) each of the representations, undertakings and
agreements herein made on the part of the Issuer is made and intended not as
personal representations, undertakings and agreements by [ ] but is made and
intended for the purpose for binding only the Issuer, (c) nothing herein
contained shall be construed as creating any liability on [___________________],
individually or personally, to perform any covenant either expressed or
implied contained herein, all such liability, if any, being expressly waived
by the parties hereto and by any Person claiming by, through or under the
parties hereto and (d) under no circumstances shall [____________________]
be personally liable for the payment of any indebtedness or expenses of the
Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under
this Indenture or any other related documents.

         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 Transferor, the
Depositor, or the Issuer, or join in any institution against the Transferor,
the Depositor, or 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 Basic
Documents.

         SECTION 11.18 Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee or of the
Insurer, 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. The Indenture Trustee shall and shall cause its
representatives to hold in confidence all such information except to the
extent disclosure may be required by law (and all reasonable applications for
confidential treatment are unavailing) and except to the extent that the
Indenture Trustee may reasonably determine that such disclosure is consistent
with its Obligations hereunder.

<PAGE>
         IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused
this Indenture to be duly executed by their respective officers, thereunto
duly authorized, all as of the day and year first above written.

                                        [________________________________]
                                        VEHICLE RECEIVABLES OWNER TRUST 200_

                                        By: [______________________________],
                                        not in its individual capacity but
                                        solely as Owner Trustee,

                                         By:_____________________________
                                              Name:
                                              Title:

                                        [__________________________________],
                                        not in its individual capacity but
                                        solely as Indenture Trustee,

                                        By:_____________________________
                                             Name:
                                             Title:

<PAGE>

                                   EXHIBIT A

                            Schedule of Receivables

                           [See Exhibit 5 to Tab 4]

<PAGE>

                                                                   EXHIBIT B-1

                           [Form of Class A-1 Note]

No. A-1-1                  [________] [___], 200_                          CUSIP
                               Date of Issuance

[__________ __, 200_]              CEDE & CO.                 $[             ]
                                 ----------                   ---------------
Final Scheduled                  Registered Owner             Original Principal
Payment Date                                                              Amount

                      SEE REVERSE FOR CERTAIN DEFINITIONS

         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).

         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.

                 [___________] VEHICLE RECEIVABLES OWNER TRUST 200_

                      Class A-1 [___]% ASSET BACKED NOTES

         [____________________] VEHICLE RECEIVABLES OWNER TRUST 200_, a
Delaware business trust organized and existing under the laws of the State of
Delaware (herein referred to as the "Issuer"), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
[__________] DOLLARS payable on each Payment Date in an amount equal to the
result obtained by multiplying (i) a fraction the numerator of which is
$[_________] and the denominator of which is $[_________] by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A-1 Notes pursuant to Section 3.1 of the
Indenture; provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the Payment Date in [________ __, 200_] (the
"Final Scheduled Payment Date"). 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. With respect to any Payment
Date, interest on the Outstanding Amount of this Note will be an amount equal
to the rate shown above, multiplied by the Outstanding Amount on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), multiplied by the actual number of days elapsed
during the applicable period divided by 360. Interest on this Note will accrue
for each Payment Date for the related Interest Period. Interest will be
computed on the basis of the actual number of days elapsed in a 360-day year.
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.

         The Notes are entitled to the benefits of a financial guaranty
insurance policy (the "Policy") issued by [_________] (the "Insurer"), pursuant
to which the Insurer has unconditionally guaranteed payments to the Noteholders
to the extent set forth in the Indenture.

         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 referred to on the
reverse hereof, or be valid or obligatory for any purpose.

<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.

                                [_______________________________] VEHICLE
                                RECEIVABLES OWNER TRUST 200_

                                By: [__________________________________],
                                not in its individual capacity but solely
                                as Owner Trustee,

                                By:_____________________________
                                     Name:
                                     Title:
                                     Date:

<PAGE>
                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:

                                        [_____________________________________],
                                        not in its individual capacity but
                                        solely as Indenture Trustee,

                                        By:_____________________________
                                                Authorized Signatory

<PAGE>
                               [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-1 [____]% Asset Backed Notes (herein called the
"Class A-1 Notes"), all issued under an Indenture dated as of [___________][1],
200_ (such indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and [________________________], as trustee
(the "Indenture Trustee", which term includes any successor Indenture Trustee
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. All terms used
in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as
so supplemented or amended.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (together, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal of the Class A-1 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the fifteenth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing in January, 2001.

         As provided in the Indenture and subject to the restrictions on
transfer and certain limitations set forth therein, the transfer of this Note
may be registered on the Note Register upon surrender of this Note for
registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, (i) 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 his 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 Securities Transfer Agents 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, and (ii) accompanied by such other documents as the
Indenture Trustee may require, 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 by accepting the benefits of the Indenture that such Noteholder will not
at any time institute against the Transferor, the Depositor, or the Issuer or
join in any institution against the Transferor, the Depositor, or 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, the Indenture or the Basic Documents.

         By acceptance of this Note each Noteholder covenants and agrees to
treat such Note as indebtedness for purposes of federal income, State and
local income and franchise and any other taxes.

         Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and the Insurer and any agent of the
Issuer, the Indenture Trustee or the Insurer 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 neither the Issuer, the
Indenture Trustee nor any such agent shall be affected by notice to the
contrary.

         The Indenture permits 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
Insurer or, if an Insurer Default has occurred and is continuing, with the
consent of the Holders of Notes representing a majority of the Outstanding
Amount of all Notes at time Outstanding. The Indenture also contains
provisions permitting the Insurer (and in certain circumstances described in
the Indenture, 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 Controlling Party or the Holder of this Note (or any
one of 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 term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, including Section 5-1401 of the General
Obligations Law, but otherwise 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.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither [__________________],
any owner of a beneficial interest in the Issuer, nor any of their respective
partners, beneficiaries, agents, officers, directors, employees or successors
or assigns shall be personally liable for, nor shall recourse be had to any of
them for, the payment of principal of or interest on, or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in this Note or the Indenture, it being expressly understood that
said covenants, obligations and indemnifications have been made by the Owner
Trustee for the sole purposes of binding the interests of the Owner Trustee in
the assets of the Issuer. The Holder of this Note by the acceptance hereof
agrees that except as expressly provided in the Indenture or the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be
taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<PAGE>
                                  ASSIGNMENT

Social Security or taxpayer ID. 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:  _____________                                   _____________________/1/
                                                        Signature Guaranteed:

______________
/1/  NOTE: The signature to this assignment must correspond with the name of
     the registered owner as it appears on the face of the within Note in
     every particular, without alteration, enlargement or any change
     whatsoever.

<PAGE>
                                                                   EXHIBIT B-2

                           [Form of Class A-2 Note]

No. A-2-1                   [_________] [___], 200_                       CUSIP
                               Date of Issuance

[__________ __, 200_]              CEDE & CO.                  $[_____________]
                                   ---------
Final Scheduled                 Registered Owner             Original Principal
Payment Date                                                              Amount

                      SEE REVERSE FOR CERTAIN DEFINITIONS

         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).

         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.

           [__________________] VEHICLE RECEIVABLES OWNER TRUST 200_

                      Class A-2 [___]% ASSET BACKED NOTES

         [____________________] VEHICLE RECEIVABLES OWNER TRUST 200_, a
Delaware business trust organized and existing under the laws of the State of
Delaware (herein referred to as the "Issuer"), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
[__________] DOLLARS payable on each Payment Date in an amount equal to the
result obtained by multiplying (i) a fraction the numerator of which is
$[_________] and the denominator of which is $[_________] by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A-2 Notes pursuant to Section 3.1 of the
Indenture; provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the Payment Date in [________ __, 200_] (the
"Final Scheduled Payment Date"). 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. With respect to any Payment
Date, interest on the Outstanding Amount of this Note will be an amount equal
to one-twelfth of the rate shown above, multiplied by the Outstanding Amount
on the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date). Interest on this Note will
accrue for each Payment Date for the related Interest Period. Interest will be
computed on the basis of a 360-day year consisting of twelve 30-day month.
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.

         The Notes are entitled to the benefits of a financial guaranty
insurance policy (the "Policy") issued by [_________________] (the "Insurer"),
pursuant to which the Insurer has unconditionally guaranteed payments to the
Noteholders to the extent set forth in the Indenture.

         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 referred to on the
reverse hereof, or be valid or obligatory for any purpose.

<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.

                                      [_______________________________] VEHICLE
                                      RECEIVABLES OWNER TRUST 200_

                                      By:  [__________________________], not in
                                      its individual capacity but solely as
                                      Owner Trustee,

                                      By:_____________________________
                                         Name:
                                         Title:
                                         Date:

<PAGE>

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:

                                      [______________________________________],
                                      not in its individual capacity but solely
                                      as Indenture Trustee,

                                       By:_____________________________
                                          Authorized Signatory

<PAGE>

                               [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-2 [_____]% Asset Backed Notes (herein called the
"Class A-2 Notes"), all issued under an Indenture dated as of [__________]
[1], 200_ (such indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and [____________], as trustee (the "Indenture
Trustee", which term includes any successor Indenture Trustee 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. All terms used
in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as
so supplemented or amended.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (together, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal of the Class A-2 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the fifteenth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing in January, 2001.

         As provided in the Indenture and subject to the restrictions on
transfer and certain limitations set forth therein, the transfer of this Note
may be registered on the Note Register upon surrender of this Note for
registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, (i) 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 his 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 Securities Transfer Agents 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, and (ii) accompanied by such other documents as the
Indenture Trustee may require, 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 by accepting the benefits of the Indenture that such Noteholder will not
at any time institute against the Transferor, the Depositor, or the Issuer or
join in any institution against the Transferor, the Depositor, or 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, the Indenture or the Basic Documents.

         By acceptance of this Note each Noteholder covenants and agrees to
treat such Note as indebtedness for purposes of federal income, State and
local income and franchise and any other taxes.

         Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and the Insured and any agent of the
Issuer, the Indenture Trustee or the Insurer 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 neither the Issuer, the
Indenture Trustee nor any such agent shall be affected by notice to the
contrary.

         The Indenture permits 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
Insurer or, if an Insurer Default has occurred and is continuing, with the
consent of the Holders of Notes representing a majority of the Outstanding
Amount of all Notes at time Outstanding. The Indenture also contains
provisions permitting the Insurer (and in certain circumstances described in
the Indenture, 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 Controlling Party or the Holder of this Note (or any
one of 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 term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, including Section 5-1401 of the General
Obligations Law, but otherwise 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.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither [__________________],
any owner of a beneficial interest in the Issuer, nor any of their respective
partners, beneficiaries, agents, officers, directors, employees or successors
or assigns shall be personally liable for, nor shall recourse be had to any of
them for, the payment of principal of or interest on, or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in this Note or the Indenture, it being expressly understood that
said covenants, obligations and indemnifications have been made by the Owner
Trustee for the sole purposes of binding the interests of the Owner Trustee in
the assets of the Issuer. The Holder of this Note by the acceptance hereof
agrees that except as expressly provided in the Indenture or the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be
taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<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:  _____________                                   _____________________/1/
                                                        Signature Guaranteed:

______________

/1/  NOTE: The signature to this assignment must correspond with the name of
     the registered owner as it appears on the face of the within Note in
     every particular, without alteration, enlargement or any change
     whatsoever.

<PAGE>
                                                                   EXHIBIT B-3

                           [Form of Class A-3 Note]

No. A-3-1                  [__________] [___], 200_                       CUSIP
                               Date of Issuance

[__________ __, 200_]            CEDE & CO.                    $[_____________]
                                 ----------
Final Scheduled               Registered Owner               Original Principal
Payment Date                                                             Amount

                      SEE REVERSE FOR CERTAIN DEFINITIONS

         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).

         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.

             [_____________] VEHICLE RECEIVABLES OWNER TRUST 200_

                      Class A-3 [___]% ASSET BACKED NOTES

         [____________________] VEHICLE RECEIVABLES OWNER TRUST 200_, a
Delaware business trust organized and existing under the laws of the State of
Delaware (herein referred to as the "Issuer"), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
[__________] DOLLARS payable on each Payment Date in an amount equal to the
result obtained by multiplying (i) a fraction the numerator of which is
$[_________] and the denominator of which is $[_________] by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A-1 Notes pursuant to Section 3.1 of the
Indenture; provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the Payment Date in [________ __, 200_] (the
"Final Scheduled Payment Date"). 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. With respect to any Payment
Date, interest on the Outstanding Amount of this Note will be an amount equal
to one-twelfth of the rate shown above, multiplied by the Outstanding Amount
on the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date). Interest on this Note will
accrue for each Payment Date for the related Interest Period. Interest will be
computed on the basis of the actual number of days elapsed in a 360-day year
consisting of twelve 30-day months. 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.

         The Notes are entitled to the benefits of a financial guaranty
insurance policy (the "Policy") issued by Financial Security Assurance Inc.
(the "Insurer"), pursuant to which the Insurer has unconditionally guaranteed
payments to the Noteholders to the extent set forth in the Indenture.

         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 referred to on the
reverse hereof, or be valid or obligatory for any purpose.

<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.

                                      [____________________] VEHICLE
                                      RECEIVABLES OWNER TRUST 200_-2

                                      By:  [__________________________], not in
                                      its individual capacity but solely as
                                      Owner Trustee,

                                      By:_____________________________
                                         Name:
                                         Title:
                                         Date:

<PAGE>
                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:

                                      [_______________________________],
                                      not in its individual capacity but solely
                                      as Indenture Trustee,

                                      By:_____________________________
                                         Authorized Signatory

<PAGE>

                               [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-3 [____]% Asset Backed Notes (herein called the
"Class A-3 Notes"), all issued under an Indenture dated as of [__________]
[___], 200_ (such indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and [____________], as trustee (the "Indenture
Trustee", which term includes any successor Indenture Trustee 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. All terms used
in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as
so supplemented or amended.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (together, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal of the Class A-3 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the fifteenth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing in January, 2001.

         As provided in the Indenture and subject to the restrictions on
transfer and certain limitations set forth therein, the transfer of this Note
may be registered on the Note Register upon surrender of this Note for
registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, (i) 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 his 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 Securities Transfer Agents 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, and (ii) accompanied by such other documents as the
Indenture Trustee may require, 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 by accepting the benefits of the Indenture that such Noteholder will not
at any time institute against the Transferor, the Depositor, or the Issuer or
join in any institution against the Transferor, the Depositor, or 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, the Indenture or the Basic Documents.

         By acceptance of this Note each Noteholder covenants and agrees to
treat such Note as indebtedness for purposes of federal income, State and
local income and franchise and any other taxes.

         Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and the Insurer and any agent of the
Issuer, the Indenture Trustee or the Insures 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 neither the Issuer, the
Indenture Trustee nor any such agent shall be affected by notice to the
contrary.

         The Indenture permits 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
Insurer or, if an Insurer Default has occurred and is continuing, with the
consent of the Holders of Notes representing a majority of the Outstanding
Amount of all Notes at time Outstanding. The Indenture also contains
provisions permitting the insurer (and in certain circumstances described in
the Indenture, 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 Controlling Party or the Holder of this Note (or any
one of 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 term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, including Section 5-1401 of the General
Obligations Law, but otherwise 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.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither [__________________],
any owner of a beneficial interest in the Issuer, nor any of their respective
partners, beneficiaries, agents, officers, directors, employees or successors
or assigns shall be personally liable for, nor shall recourse be had to any of
them for, the payment of principal of or interest on, or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in this Note or the Indenture, it being expressly understood that
said covenants, obligations and indemnifications have been made by the Owner
Trustee for the sole purposes of binding the interests of the Owner Trustee in
the assets of the Issuer. The Holder of this Note by the acceptance hereof
agrees that except as expressly provided in the Indenture or the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be
taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<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:  _____________                                  _____________________/1/
                                                       Signature Guaranteed:

______________
/1/  NOTE: The signature to this assignment must correspond with the name of
     the registered owner as it appears on the face of the within Note in
     every particular, without alteration, enlargement or any change
     whatsoever.

<PAGE>

                                                                   EXHIBIT B-4

                           [Form of Class A-4 Note]

No. A-4-1                  [__________] [___], 200_                       CUSIP
                               Date of Issuance

[__________ __, 200_]             CEDE & CO.                    $[_____________]
                                  ----------
Final Scheduled                Registered Owner               Original Principal
Payment Date                                                              Amount

                      SEE REVERSE FOR CERTAIN DEFINITIONS

         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).

         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.

          [____________________] VEHICLE RECEIVABLES OWNER TRUST 200_

                      Class A-4 [___]% ASSET BACKED NOTES

         [____________________] VEHICLE RECEIVABLES OWNER TRUST 200_, a
Delaware business trust organized and existing under the laws of the State of
Delaware (herein referred to as the "Issuer"), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
[__________] DOLLARS payable on each Payment Date in an amount equal to the
result obtained by multiplying (i) a fraction the numerator of which is
$[_________] and the denominator of which is $[_________] by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A-4 Notes pursuant to Section 3.1 of the
Indenture; provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the Payment Date in [________ __, 200_] (the
"Final Scheduled Payment Date"). 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. With respect to any Payment
Date, interest on the Outstanding Amount of this Note will be an amount equal
to the rate shown above, multiplied by the Outstanding Amount on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date). Interest on this Note will accrue for each Payment
Date for the related Interest Period. Interest will be computed on the basis
of a 360-day year consisting of twelve 30-day months. 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.

         The Notes are entitled to the benefits of a financial guaranty
insurance policy (the "Policy") issued by Financial Security Assurance Inc.
(the "Insurer"), pursuant to which the Insurer has unconditionally guaranteed
payments to the Noteholders to the extent set forth in the Indenture.

         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 referred to on the
reverse hereof, or be valid or obligatory for any purpose.

<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.

                                      [_______________________________] VEHICLE
                                      RECEIVABLES OWNER TRUST 200_

                                      By:  [__________________________], not in
                                      its individual capacity but solely as
                                      Owner Trustee,

                                      By:_____________________________
                                         Name:
                                         Title:
                                         Date:

<PAGE>
                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:

                                      [____________________],
                                      not in its individual capacity but solely
                                      as Indenture Trustee,

                                      By:_____________________________
                                         Authorized Signatory

<PAGE>
                               [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-4 [____]% Asset Backed Notes (herein called the
"Class A-4 Notes"), all issued under an Indenture dated as of [__________]
[l], 200_ (such indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and [____________], as trustee (the "Indenture
Trustee", which term includes any successor Indenture Trustee 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. All terms used
in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as
so supplemented or amended.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (together, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal of the Class A-4 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the fifteenth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing in January, 2001.

         As provided in the Indenture and subject to the restrictions on
transfer and certain limitations set forth therein, the transfer of this Note
may be registered on the Note Register upon surrender of this Note for
registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, (i) 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 his 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 Securities Transfer Agents 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, and (ii) accompanied by such other documents as the
Indenture Trustee may require, 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 by accepting the benefits of the Indenture that such Noteholder will not
at any time institute against the Transferor, the Depositor, or the Issuer or
join in any institution against the Transferor, the Depositor, or 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, the Indenture or the Basic Documents.

         By acceptance of this Note each Noteholder covenants and agrees to
treat such Note as indebtedness for purposes of federal income, State and
local income and franchise and any other taxes.

         Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and the Insurer and any agent of the
Issuer, the Indenture Trustee or the Insurer 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 neither the Issuer, the
Indenture Trustee nor any such agent shall be affected by notice to the
contrary.

         The Indenture permits 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
Insurer or, if an Insurer Default has occurred and is continuing, with the
consent of the Holders of Notes representing a majority of the Outstanding
Amount of all Notes at time Outstanding. The Indenture also contains
provisions permitting the Insurer (and in certain circumstances described in
the Indenture, 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 Controlling Party or the Holder of this Note (or any
one of 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 term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, including Section 5-1401 of the General
Obligations Law, but otherwise 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.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither [__________________],
any owner of a beneficial interest in the Issuer, nor any of their respective
partners, beneficiaries, agents, officers, directors, employees or successors
or assigns shall be personally liable for, nor shall recourse be had to any of
them for, the payment of principal of or interest on, or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in this Note or the Indenture, it being expressly understood that
said covenants, obligations and indemnifications have been made by the Owner
Trustee for the sole purposes of binding the interests of the Owner Trustee in
the assets of the Issuer. The Holder of this Note by the acceptance hereof
agrees that except as expressly provided in the Indenture or the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be
taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<PAGE>
                                  ASSIGNMENT

Social Security or taxpayer ID. 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:  _____________                              _____________________/1/
                                                   Signature Guaranteed:

______________
/1/  NOTE: The signature to this assignment must correspond with the name of
     the registered owner as it appears on the face of the within Note in
     every particular, without alteration, enlargement or any change
     whatsoever.

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