Document:

<PAGE>

                                                                     EXHIBIT 4.1

                       VOLKSWAGEN AUTO LEASE TRUST 2004-A

                 [__]% Auto Lease Asset Backed Notes, Class A-1

                 [__]% Auto Lease Asset Backed Notes, Class A-2

                 [__]% Auto Lease Asset Backed Notes, Class A-3

                [__]% Auto Lease Asset Backed Notes, Class A-4-A
            LIBOR + [__]% Auto Lease Asset Backed Notes, Class A-4-B

                                 CITIBANK, N.A.,
                              as Indenture Trustee,

                                       and

                       VOLKSWAGEN Auto Lease Trust 2004-A,
                                    as Issuer

                                    INDENTURE

                         Dated as of September 29, 2004

<PAGE>

                    TRUST INDENTURE ACT CROSS-REFERENCE CHART
                  (this chart is not a part of this Indenture)

<TABLE>
<CAPTION>
TIA Section                                                                             Indenture Reference
<S>                                                                                     <C>
310(a)(1)............................................................................   6.8, 6.11
310(a)(2)............................................................................   6.8, 6.11
310(a)(3)............................................................................   6.10(b)
310(a)(4)............................................................................   Not applicable
310(a)(5)............................................................................   6.11
310(b)...............................................................................   6.11
310(c)...............................................................................   Not applicable
311(a)...............................................................................   6.15
311(b)...............................................................................   6.15
311(c)...............................................................................   Not applicable
312(a)...............................................................................   7.1, 7.2(a)
312(b)...............................................................................   7.2(b)
312(c)...............................................................................   7.2(c)
313(a)...............................................................................   7.3
313(b)...............................................................................   7.3
313(c)...............................................................................   7.3
313(d)...............................................................................   7.3
314(a)...............................................................................   3.9
314(b)...............................................................................   3.6
314(c)(1)............................................................................   11.1(a)
314(c)(2)............................................................................   11.1(a)
314(c)(3)............................................................................   11.1(a)
314(d)...............................................................................   11.1(b)
314(e)...............................................................................   11.1(a)
315(a)...............................................................................   6.1(b)
315(b)...............................................................................   6.5
315(c)...............................................................................   6.1(a)
315(d)...............................................................................   6.1(c)
315(d)(1)............................................................................   6.1(b), 6.1(c)(i)
315(d)(2)............................................................................   6.1(c)(ii)
315(d)(3)............................................................................   6.1(c)(iii)
315(e)...............................................................................   5.13
316(a)(1)(A).........................................................................   5.11
316(a)(1)(B).........................................................................   5.12
316(a)(2)............................................................................   Not Applicable
316(b)...............................................................................   5.7
316(c)...............................................................................   5.6(b)
317(a)(1)............................................................................   5.3(a), 5.3(b)
317(a)(2)............................................................................   5.3(d)
</TABLE>

                                       -i-
<PAGE>

<TABLE>
<C>                                                                                     <C>
317(b)...............................................................................   3.3
318(a)...............................................................................   11.17
</TABLE>

                                      -ii-
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                         PAGE
<S>                                                                                                      <C>
ARTICLE I     DEFINITIONS..............................................................................    2

    Section 1.1           Definitions..................................................................    2

    Section 1.2           Interpretive Provisions......................................................    2

ARTICLE II    THE NOTES................................................................................    2

    Section 2.1           Form.........................................................................    2

    Section 2.2           Execution, Authentication and Delivery.......................................    2

    Section 2.3           Temporary Notes..............................................................    3

    Section 2.4           Registration; Registration of Transfer and Exchange..........................    3

    Section 2.5           Mutilated, Destroyed, Lost or Stolen Notes...................................    5

    Section 2.6           Persons Deemed Owners........................................................    6

    Section 2.7           Cancellation.................................................................    6

    Section 2.8           Release of Collateral........................................................    6

    Section 2.9           Book-Entry Notes.............................................................    6

    Section 2.10          Notices to Clearing Agency...................................................    7

    Section 2.11          Definitive Notes.............................................................    7

    Section 2.12          Authenticating Agents........................................................    8

    Section 2.13          Tax Treatment................................................................    8

ARTICLE III   REPRESENTATIONS, WARRANTIES AND COVENANTS................................................    9

    Section 3.1           Payment of Principal and Interest............................................    9

    Section 3.2           Maintenance of Office or Agency..............................................    9

    Section 3.3           Money for Payments to be Held in Trust.......................................    9

    Section 3.4           Existence....................................................................   11

    Section 3.5           Protection of Collateral.....................................................   11

    Section 3.6           Opinions as to Collateral....................................................   11

    Section 3.7           Performance of Obligations; Administration of the Transaction SUBI Assets....   12

    Section 3.8           Negative Covenants...........................................................   12

    Section 3.9           Issuer Certificates and Reports..............................................   13

    Section 3.10          Restrictions on Certain Other Activities.....................................   14

    Section 3.11          Notice of Defaults...........................................................   14
</TABLE>

                                      -iii-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                         PAGE
<S>                                                                                                      <C>
    Section 3.12          Further Instruments and Acts.................................................   14

    Section 3.13          Delivery of Transaction SUBI Certificate.....................................   14

    Section 3.14          Compliance with Laws.........................................................   15

    Section 3.15          Perfection Representations...................................................   15

    Section 3.16          `34 Act Filings..............................................................   15

ARTICLE IV    SATISFACTION AND DISCHARGE...............................................................   15

    Section 4.1           Satisfaction and Discharge of Indenture......................................   15

    Section 4.2           Application of Trust Money...................................................   16

    Section 4.3           Repayment of Monies Held by Paying Agent.....................................   16

ARTICLE V     INDENTURE DEFAULT........................................................................   16

    Section 5.1           Indenture Defaults...........................................................   16

    Section 5.2           Acceleration of Maturity; Waiver of Indenture Default........................   18

    Section 5.3           Collection of Indebtedness and Suits for Enforcement by Indenture Trustee....   19

    Section 5.4           Remedies; Priorities.........................................................   21

    Section 5.5           Optional Preservation of the Transaction SUBI Assets.........................   23

    Section 5.6           Limitation of Suits..........................................................   23

    Section 5.7           Unconditional Rights of Noteholders to Receive Principal and Interest........   24

    Section 5.8           Restoration of Rights and Remedies...........................................   24

    Section 5.9           Rights and Remedies Cumulative...............................................   24

    Section 5.10          Delay or Omission Not a Waiver...............................................   24

    Section 5.11          Control by Noteholders.......................................................   24

    Section 5.12          Waiver of Past Defaults......................................................   25

    Section 5.13          Undertaking for Costs........................................................   25

    Section 5.14          Waiver of Stay or Extension Laws.............................................   26

    Section 5.15          Action on Notes..............................................................   26

    Section 5.16          Performance and Enforcement of Certain Obligations...........................   26

    Section 5.17          Sale of Collateral...........................................................   26

ARTICLE VI    THE INDENTURE TRUSTEE....................................................................   27
</TABLE>

                                      -iv-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                         PAGE
<S>                                                                                                      <C>
    Section 6.1           Duties of Indenture Trustee..................................................   27

    Section 6.2           Rights of Indenture Trustee..................................................   28

    Section 6.3           Individual Rights of Indenture Trustee.......................................   29

    Section 6.4           Indenture Trustee's Disclaimer...............................................   30

    Section 6.5           Notice of Defaults...........................................................   30

    Section 6.6           Reports by Indenture Trustee to Noteholders..................................   30

    Section 6.7           Compensation and Indemnity...................................................   30

    Section 6.8           Removal, Resignation and Replacement of Indenture Trustee....................   31

    Section 6.9           Successor Indenture Trustee by Merger........................................   32

    Section 6.10          Appointment of Co-Trustee or Separate Trustee................................   33

    Section 6.11          Eligibility; Disqualification................................................   34

    Section 6.12          Trustee as Holder of Transaction SUBI Certificate............................   34

    Section 6.13          Representations and Warranties of Indenture Trustee..........................   34

    Section 6.14          Furnishing of Documents......................................................   35

    Section 6.15          Preferential Collection of Claims Against the Issuer.........................   35

ARTICLE VII   NOTEHOLDERS' LISTS AND REPORTS...........................................................   35

    Section 7.1           Issuer to Furnish Indenture Trustee Noteholder Names and Addresses...........   35

    Section 7.2           Preservation of Information; Communications to Noteholders...................   35

    Section 7.3           Reports by Indenture Trustee.................................................   35

ARTICLE VIII  ACCOUNTS, DISBURSEMENTS AND RELEASES.....................................................   36

    Section 8.1           Collection of Money..........................................................   36

    Section 8.2           Accounts.....................................................................   36

    Section 8.3           Servicer Certificate.........................................................   37

    Section 8.4           Disbursement of Funds........................................................   38

    Section 8.5           General Provisions Regarding Accounts........................................   41

    Section 8.6           Release of Collateral........................................................   41

    Section 8.7           Interest Rate Swap Transaction...............................................   42

ARTICLE IX    SUPPLEMENTAL INDENTURES..................................................................   44

    Section 9.1           Supplemental Indentures Without Consent of Noteholders.......................   44
</TABLE>

                                       -v-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                         PAGE
<S>                                                                                                      <C>
    Section 9.2           Supplemental Indentures With Consent of Noteholders..........................   45

    Section 9.3           Execution of Supplemental Indentures.........................................   46

    Section 9.4           Effect of Supplemental Indenture.............................................   46

    Section 9.5           Reference in Notes to Supplemental Indentures................................   46

ARTICLE X     REDEMPTION OF NOTES......................................................................   46

    Section 10.1          Redemption...................................................................   46

    Section 10.2          Form of Redemption Notice....................................................   47

    Section 10.3          Notes Payable on Redemption Date.............................................   47

ARTICLE XI    MISCELLANEOUS............................................................................   48

    Section 11.1          Compliance Certificates and Opinions.........................................   48

    Section 11.2          Form of Documents Delivered to Indenture Trustee.............................   49

    Section 11.3          Acts of Noteholders..........................................................   50

    Section 11.4          Notices......................................................................   51

    Section 11.5          Notices to Noteholders and Swap Counterparty; Waiver.........................   51

    Section 11.6          Effect of Headings and Table of Contents.....................................   51

    Section 11.7          Successors and Assigns.......................................................   52

    Section 11.8          Severability.................................................................   52

    Section 11.9          Benefits of Indenture........................................................   52

    Section 11.10         Legal Holidays...............................................................   52

    Section 11.11         Governing Law................................................................   52

    Section 11.12         Counterparts.................................................................   52

    Section 11.13         Recording of Indenture.......................................................   52

    Section 11.14         Trust Obligation; No Recourse................................................   52

    Section 11.15         No Petition..................................................................   53

    Section 11.16         Limitation of Liability of Owner Trustee.....................................   53

    Section 11.17         TIA Incorporation and Conflicts..............................................   53

    Section 11.18         Intent.......................................................................   53

    Section 11.19         Each SUBI Separate; Assignees of SUBI........................................   54

    Section 11.20         Submission to Jurisdiction; Waiver of Jury Trial.............................   54

    Section 11.21         Subordination of Claims......................................................   55
</TABLE>

                                      -vi-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                         PAGE
<S>                                                                                                      <C>
    Section 11.22         Limitation of Rights.........................................................   55

    Section 11.23         Information Requests.........................................................   55
</TABLE>

                                      -vii-
<PAGE>

      THIS INDENTURE, dated as of September 29, 2004, (this "Indenture") is
between VOLKSWAGEN AUTO LEASE TRUST 2004-A, a Delaware statutory trust (the
"Issuer"), and CITIBANK, N.A., 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 Swap Counterparty and the Holders of the
Issuer's [__]% Auto Lease Asset Backed Notes, Class A-1 (the "Class A-1 Notes"),
[__]% Auto Lease Asset Backed Notes, Class A-2 (the "Class A-2 Notes"), [__]%
Auto Lease Asset Backed Notes, Class A-3 (the "Class A-3 Notes"), [__]% Auto
Lease Asset Backed Notes, Class A-4-A (the "Class A-4-A Notes") and LIBOR +
[__]% Auto Lease Asset Backed Notes, Class A-4-B (the "Class A-4-B Notes" and
together with the Class A-4-A Notes, the "Class A-4 Notes")(the Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are
collectively referred to herein as the "Notes"):

                                 GRANTING CLAUSE

      The Issuer, to secure the payment of principal of and interest on, and any
other amounts owing in respect of, the Notes and to secure the payment of
amounts owing to the Swap Counterparty, equally and ratably without prejudice,
priority or distinction except as set forth herein, and to secure compliance
with the provisions of this Indenture, hereby Grants in trust to the Indenture
Trustee on the Closing Date, as trustee for the benefit of the Noteholders, all
of such Person's right, title and interest, whether now owned or hereafter
acquired, in and to (i) the Trust Estate and (ii) all present and future claims,
demands, causes and choses in action in respect of any or all of the foregoing
and all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all of the foregoing, including all proceeds of
the conversion, voluntary or involuntary, into cash or other liquid property,
all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances,
chattel paper, checks, deposit accounts, insurance proceeds, condemnation
awards, rights to payment of any and every kind and other forms of obligations
and receivables, instruments, securities, financial assets and other property
that at any time constitute all or part of or are included in the proceeds of
any of the foregoing (collectively, the "Collateral"), in each case as such
terms are defined herein.

      The Indenture Trustee, as trustee on behalf of the Noteholders,
acknowledges the foregoing 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.

      Notwithstanding any statement to the contrary contained in any Transaction
Document, neither the Indenture Trustee nor any of the Noteholders shall have
any security interest in any funds held by the Qualified Intermediary or in any
Qualified Intermediary Account which represent Sales Proceeds with respect to
any of the Transaction Vehicles relating to the Transaction Units, and such
funds shall not constitute Collateral; provided, however, that Sales Proceeds
from the sale of any Transaction Vehicle received after the exercise of remedies
with respect to a Default pursuant to Article V shall not be deposited with the
Qualified Intermediary or into any Qualified Intermediary Account, and nothing
contained herein shall limit any right of the Indenture Trustee or any
Noteholder with respect to Sales Proceeds received after such exercise of
remedies. It is the intention of the parties hereto that the preceding sentence
shall satisfy the requirements of Treasury Regulation Section 1.1031(k)-1(g)(4),
which requires that

<PAGE>

the Issuer, the Transferor and their respective Affiliates not have the right to
receive, pledge, borrow or otherwise obtain the benefits of money or other
property held by the Qualified Intermediary.

                                   ARTICLE I

                                  DEFINITIONS

      SECTION 1.1 DEFINITIONS. Capitalized terms used herein that are not
otherwise defined herein shall have the meanings ascribed thereto in Appendix A
hereto.

      SECTION 1.2 INTERPRETIVE PROVISIONS.

            (a)   For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires, (i) terms used in
this Indenture include, as appropriate, all genders and the plural as well as
the singular, (ii) references to words such as "herein", "hereof" and the like
shall refer to this Indenture as a whole and not to any particular part, Article
or Section within this Indenture, (iii) the term "include" and all variations
thereof shall mean include without limitation and (iv) the term "proceeds" shall
have the meaning set forth in the applicable UCC.

            (b)   As used in this Indenture and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Indenture or in any such certificate or other document, and
accounting terms partly defined in this Indenture 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 in this Indenture or in any such certificate
or other document are inconsistent with the meanings of such terms under
generally accepted accounting principles, the definitions contained in this
Indenture or in any such certificate or other document shall control.

                                   ARTICLE II

                                    THE NOTES

      SECTION 2.1 FORM. The Notes, together with the Indenture Trustee's
certificate of authentication, shall be in substantially the form set forth as
Exhibit A hereto, 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 such 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 such Note.

      The terms of the Notes set forth in Exhibit A hereto are part of the terms
of this Indenture.

      SECTION 2.2 EXECUTION, AUTHENTICATION AND DELIVERY. The Notes shall be
executed by the Owner Trustee on behalf of the Issuer by any of its Authorized
Officers. The signature of

                                       2
<PAGE>

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

      The Indenture Trustee shall, upon Issuer Order, authenticate and deliver
for original issue the following aggregate principal amounts of the Notes: (i)
$[__________] of Class A-1 Notes, (ii) $[__________] of Class A-2 Notes, (iii)
$[__________] of Class A-3 Notes, (iv) $[________] of Class A-4-A Notes and (v)
$[_________] of Class A-4-B Notes. The aggregate principal amount of Class A-1
Notes, Class A-2 Notes, Class A-3 Notes, Class A-4-A Notes and Class A-4-B Notes
outstanding at any time may not exceed such respective amounts, 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 book-entry form in minimum denominations of
$100,000 and in integral multiples of $1,000 in excess thereof; provided,
however, that on the Closing Date, one Class A-1 Note, one Class A-2 Note, one
Class A-3 Note, one Class A-4-A Note and one Class A-4-B Note may be issued in a
denomination that includes any remaining portion of the Initial Class A-1 Note
Balance, the Initial Class A-2 Note Balance, the Initial Class A-3 Note Balance,
the Initial Class A-4-A Note Balance and the Initial Class A-4-B Note Balance,
respectively.

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

      SECTION 2.3 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 that are printed,
lithographed, typewritten, mimeographed or otherwise produced, substantially of
the tenor of the Definitive Notes in lieu of which they are issued and with such
variations not inconsistent with the terms of this Indenture as the officers
executing such Notes may determine, as evidenced by their execution of such
Notes.

      If temporary Notes are issued, the Issuer shall cause Definitive Notes to
be prepared without unreasonable delay. After the preparation of Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon
surrender of such temporary Notes at the office or agency of the Issuer to be
maintained as provided in Section 3.2, without charge to the related Noteholder.
Upon surrender for cancellation of any one or more temporary Notes, the Issuer
shall execute and the Indenture Trustee shall authenticate and deliver in
exchange therefor, a like principal amount of Definitive Notes of authorized
denominations. Until so exchanged, such 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

                                       3
<PAGE>

as it may prescribe, the Issuer shall provide for the registration of Notes and
the registration of transfers of Notes. The Indenture Trustee is hereby
appointed the "Note Registrar" for the purpose of registering Notes and
transfers of Notes as herein provided. Upon any resignation of any Note
Registrar, the Issuer shall promptly appoint a successor or, if it elects not to
make such an appointment, assume the duties of Note Registrar.

      If a Person other than the Indenture Trustee is appointed by the Issuer as
Note Registrar, the Issuer shall give the Indenture Trustee prompt written
notice of such appointment and the location, and any change in such 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 Authorized Officer of the Note Registrar as
to the names and addresses of the Noteholders and the principal amounts and
number of such Notes.

      Upon surrender for registration of transfer of any Note at the office or
agency of the Issuer to be maintained as provided in Section 3.2, if the
requirements of Section 8-401 of the UCC are met, the Issuer shall execute and
the Indenture Trustee shall authenticate and the related Noteholder shall obtain
from the Indenture Trustee, in the name of the designated transferee, one or
more new Notes in any authorized denominations, of the same Class and a like
aggregate principal amount.

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

      Every Note presented or surrendered for registration of transfer or
exchange shall (if so required by the Issuer or the Indenture Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form and
substance satisfactory to the Issuer and the Indenture Trustee, duly executed by
the Noteholder thereof or its attorney-in-fact duly authorized in writing.

      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.

      No service charge shall be made to a Noteholder for any registration of
transfer or exchange of Notes, but the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith, other than exchanges pursuant to Sections 2.3 or 9.5 not
involving any transfer.

      By acquiring a Note (or any interest therein), each purchaser and
transferee shall be deemed to represent and warrant that either (a) it is not
acquiring such Note (or any interest therein) with the plan assets of an
"employee benefit plan" as defined in Section 3(3) of ERISA, which is subject to
Title I of ERISA, a "plan" as defined in Section 4975 of the Code, an entity

                                       4
<PAGE>

whose underlying assets include "plan assets" of any of the foregoing, or a
governmental plan as defined in Section 3(32) of ERISA which is subject to
applicable law that is substantially similar to the fiduciary responsibility
provisions of ERISA or Section 4975 of the Code; or (b) the acquisition and
holding of such Note will not give rise to a nonexempt prohibited transaction
under ERISA or Section 4975 of the Code (or, in the case of a governmental plan,
any substantially similar law).

      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 any Note (i) selected for redemption or (ii) for a period of 15
days preceding the due date for any payment with respect to such 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 such security or
indemnity as may be required by it to hold the Issuer and the Indenture Trustee
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 "protected
purchaser" (as contemplated by Article 8 of the UCC), and provided that the
requirements of Section 8-405 of the UCC are met, the Issuer shall execute and
upon Issuer 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
become due and payable, or shall have been called for redemption, instead of
issuing a replacement Note, the Issuer may upon delivery of the security or
indemnity herein required pay such destroyed, lost or stolen Note when so due or
payable or upon the Redemption Date without the surrender thereof. If, after the
delivery of such replacement Note or payment of a destroyed, lost or stolen Note
pursuant to the proviso to the preceding sentence, a "protected purchaser" (as
contemplated by Article 8 of the UCC) of the original Note in lieu of which such
replacement Note was issued presents for payment such original Note, the Issuer
and the Indenture Trustee shall be entitled to recover such replacement Note (or
such payment) from the Person to whom it was delivered or any Person taking such
replacement Note from such Person to whom such replacement Note was delivered or
any assignee of such Person, except a "protected purchaser" (as contemplated by
Article 8 of the UCC), and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Issuer or the Indenture Trustee in connection therewith.

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

      Every replacement Note issued pursuant to this Section in replacement of
any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time

                                       5
<PAGE>

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 OWNERS. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and
their respective agents may treat the Person in whose name any Note is
registered (as of the date 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
neither the Issuer, the Indenture Trustee nor any of their respective agents
shall be affected by notice to the contrary.

      SECTION 2.7 CANCELLATION. All Notes surrendered for payment, registration
of transfer, exchange or redemption shall, if surrendered to any Person other
than the Indenture Trustee, be delivered to the Indenture Trustee and shall be
promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes previously authenticated and
delivered hereunder that the Issuer may have acquired in any manner whatsoever,
and all Notes so delivered shall be promptly cancelled by the Indenture Trustee.
No Notes shall be authenticated in lieu of or in exchange for any Notes
cancelled as provided in this Section, except as expressly permitted by this
Indenture. All cancelled Notes may be held or disposed of by the Indenture
Trustee in accordance with its standard retention or disposal policy as in
effect at the time unless the Issuer shall direct by an Issuer Order that they
be destroyed or returned to it; provided, that such Issuer Order is timely and
that such Notes have not been previously disposed of by the Indenture Trustee.

      SECTION 2.8 RELEASE OF COLLATERAL. Subject to Section 11.1 and the terms
of those Transaction Documents to which the Indenture Trustee is a party, the
Indenture Trustee shall release property from the lien of this Indenture only
upon receipt of an Issuer Request.

      SECTION 2.9 BOOK-ENTRY NOTES. Unless otherwise specified herein, the
Notes, upon original issuance, will be issued in the form of one or more
typewritten Notes representing the Book-Entry Notes, to be delivered to the
Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on
behalf of, the Issuer. One fully registered Note shall be issued with respect to
each $500 million in principal amount of each Class of Notes or such lesser
amount as necessary. 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 shall receive a Definitive Note representing such Note Owner's
interest in such Note except as provided in Section 2.11. Unless and until
Definitive Notes have been issued to Note Owners pursuant to Section 2.11:

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

            (b)   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

                                       6
<PAGE>

interest on the Notes and the giving of instructions or directions hereunder) as
the sole Noteholder, and shall have no obligation to Note Owners;

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

            (d)   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 or among such Note Owners and the Clearing Agency or Clearing Agency
Participants; pursuant to the Depository Agreement, unless and until Definitive
Notes are issued pursuant to Section 2.11, 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; and

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

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

      SECTION 2.11 DEFINITIVE NOTES. If (i) (A) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities as described in the Depository
Agreement and (B) the Indenture Trustee or the Administrator is unable to locate
a qualified successor, (ii) the Administrator at its option advises the
Indenture Trustee in writing that it elects to terminate the book-entry system
through the Clearing Agency or (iii) after an Indenture Default, Note Owners
representing in the aggregate not less than a majority of the Outstanding Note
Amount, voting together as a single class, advise the Indenture Trustee through
the Clearing Agency and its Clearing Agency Participants in writing that the
continuation of a book-entry system through the Clearing Agency or its successor
is no longer in the best interest of Note Owners, the Indenture Trustee shall be
required to notify all Note Owners, through the Clearing Agency, of the
occurrence of such event and the availability through the Clearing Agency of
Definitive Notes to Note Owners requesting the same. Upon surrender to the
Indenture Trustee by the Clearing Agency of the Note or Notes representing the
Book-Entry Notes and the receipt of instructions for re-registration, the
Indenture Trustee shall issue Definitive Notes to Note Owners, who thereupon
shall become Noteholders for all purposes of this Indenture. 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.

                                       7
<PAGE>

      The Indenture Trustee shall not be liable if the Indenture Trustee or the
Administrator is unable to locate a qualified successor Clearing Agency. The
Definitive Notes shall be typewritten, printed, lithographed or engraved or
produced by any combination of such methods (with or without steel engraved
borders), all as determined by the officers executing such Notes, as evidenced
by their execution of such Notes.

      If Definitive Notes are issued and the Indenture Trustee is not the Note
Registrar, the Issuer shall furnish or cause to be furnished to the Indenture
Trustee a list of the names and addresses of the Noteholders (i) as of each
Record Date, within five days thereafter and (ii) as of not more than ten days
prior to the time such list is furnished, within 30 days after receipt by the
Issuer of a written request therefor.

      SECTION 2.12 AUTHENTICATING AGENTS. Upon the request of the Issuer, the
Indenture Trustee shall, and if the Indenture Trustee so chooses the Indenture
Trustee may, appoint one or more Authenticating Agents with power to act on its
behalf and subject to its direction in the authentication of Notes in connection
with issuance, transfers and exchanges under Sections 2.2, 2.4, 2.5 and 9.5, as
fully to all intents and purposes as though each such Authenticating Agent had
been expressly authorized by such Sections to authenticate such Notes. For all
purposes of this Indenture, the authentication of Notes by an Authenticating
Agent pursuant to this Section shall be deemed to be the authentication of Notes
by the Indenture Trustee. The Indenture Trustee shall be the Authenticating
Agent in the absence of any appointment thereof.

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

      Any Authenticating Agent may at any time resign by giving written notice
of resignation to the Indenture Trustee and the Issuer. The Indenture Trustee
may at any time terminate the agency of any Authenticating Agent by giving
written notice of termination to such Authenticating Agent and the Issuer. Upon
receiving such notice of resignation or upon such termination, the Indenture
Trustee shall promptly appoint a successor Authenticating Agent and shall give
written notice of such appointment to the Issuer. The provisions of Sections 2.7
and 6.4 shall be applicable to any Authenticating Agent.

      SECTION 2.13 TAX TREATMENT. The Issuer has entered into this Indenture,
and the Notes shall be issued, with the intention that, solely for federal,
state and local income and franchise tax purposes, the Notes shall qualify as
indebtedness secured by the Collateral. The Issuer, by entering into this
Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner
by its acceptance of an interest in the applicable Book-Entry Note), agree to
treat the Notes for federal, state and local income and franchise tax purposes
as indebtedness.

                                       8
<PAGE>

                                  ARTICLE III

                    REPRESENTATIONS, WARRANTIES AND COVENANTS

      SECTION 3.1 PAYMENT OF PRINCIPAL AND INTEREST. The Issuer shall duly and
punctually pay the principal of and interest on the Notes in accordance with the
terms of the Notes and this Indenture. Amounts properly withheld under the Code
by any Person from a payment to any Noteholder of interest or principal shall be
considered to have been paid by the Issuer to such Noteholder for all purposes
of this Indenture. The final interest payment on each Class of Notes is due on
the earlier of (a) the Payment Date (including any Redemption Date) on which the
principal amount of that Class of Notes is reduced to zero or (b) the applicable
Final Scheduled Payment Date for that Class of Note.

      SECTION 3.2 MAINTENANCE OF OFFICE OR AGENCY. The Note Registrar, on behalf
of the Issuer, shall maintain at the Corporate Trust Office or at such other
location in the Borough of Manhattan, The City of New York, chosen by the Note
Registrar, acting for the Issuer, an office or agency where Notes may be
surrendered for registration of transfer or exchange, and where notices to and
demands upon the Issuer in respect of the Notes and this Indenture may be
served. The Issuer hereby appoints the Indenture Trustee as its agent to receive
all such surrenders, notices and demands. The Issuer shall 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 8.4 and 5.4(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
shall be made on behalf of the Issuer by the Indenture Trustee or by another
Paying Agent, and no amounts so withdrawn therefrom for payments on Notes shall
be paid over to the Issuer except as provided in this Section.

      On or prior to each Payment Date and Redemption Date, the Issuer shall
deposit or cause to be deposited into the Collection Account an aggregate sum
sufficient to pay the amounts then becoming due under the Notes, and the Paying
Agent shall hold such sum 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 any failure by the Issuer to effect such
deposit.

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

            (a)   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

                                       9
<PAGE>

such Persons or otherwise disposed of as herein provided and pay such sums to
such Persons as herein provided;

            (b)   give the Indenture Trustee written 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;

            (c)   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;

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

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

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

      Subject to applicable laws with respect to escheat of funds, any money
held by the Indenture Trustee or any Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed for two years
after such amount has become due and payable shall be discharged from such trust
and distributed by the Indenture Trustee to the Issuer and the related
Noteholder shall thereafter, as an unsecured general creditor, look only to the
Issuer for payment thereof, and all liability of the Indenture Trustee or such
Paying Agent with respect to such trust money shall thereupon cease; provided,
however, that the Indenture Trustee or such Paying Agent, before being required
to make any such repayment, shall at the reasonable 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 date shall not be less than 30 days from the date
of such publication, any unclaimed balance of such money then remaining shall be
paid to the Certificateholders. The Indenture Trustee shall also adopt and
employ, at the written direction of the Issuer and at the expense of the Issuer,
any other reasonable means of notification of such repayment (including mailing
notice of such repayment to Noteholders the Notes of which have been called but
not surrendered for redemption or whose right to or interest in monies due and
payable but not claimed is determinable from the records of the Indenture
Trustee or any Paying Agent at the last address of record for each such
Noteholder).

                                       10
<PAGE>

      SECTION 3.4 EXISTENCE. The Issuer shall keep in full effect its existence
and rights as a statutory trust under the laws of the State of Delaware.

      SECTION 3.5 PROTECTION OF COLLATERAL. The Issuer intends the security
interest Granted pursuant to this Indenture in favor of the Indenture Trustee on
behalf of the Noteholders to be prior to all other liens in respect of the
Collateral, and the Issuer shall take all actions necessary to obtain and
maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders,
a first lien on and a first priority, perfected security interest in the
Collateral. The Issuer shall from time to time execute and deliver all such
supplements and amendments hereto, shall file or authorize the filing of all
such financing statements, continuation statements, instruments of further
assurance and other instruments, all as prepared by the Administrator and
delivered to the Issuer, and shall take such other action necessary or advisable
to:

            (a)   Grant more effectively all or any portion of the Collateral;

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

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

            (d)   enforce any of the Collateral;

            (e)   preserve and defend title to the Collateral and the rights of
the Indenture Trustee and the Noteholders in the Collateral against the claims
of all Persons; or

            (f)   pay or cause to be paid all taxes or assessments levied or
assessed upon the Collateral when due.

      The Issuer hereby designates the Indenture Trustee as its agent and
attorney-in-fact and hereby authorizes the Indenture Trustee to file all
financing statements, continuation statements or other instruments required to
be executed (if any) pursuant to this Section. Notwithstanding anything to the
contrary contained herein (including the authorization to file granted in the
preceding sentence), the Indenture Trustee shall have no duty and shall not be
responsible for filing any financing or continuation statements or recording any
documents or instruments in any public office at any time or times or otherwise
perfecting or maintaining the perfection of any security interest.

      SECTION 3.6 OPINIONS AS TO COLLATERAL.

            (a)   On the Closing Date, the Issuer shall furnish or cause to be
furnished to the Indenture Trustee, an Opinion of Counsel to the effect that, in
the opinion of such counsel, either (i) all financing statements and
continuation statements have been duly filed that are necessary to create and
maintain the lien and first-priority security interest of the Indenture Trustee
in the Transaction SUBI Certificate and reciting the details of such action, or
(ii) no such action is necessary to create and maintain such lien and security
interest.

                                       11
<PAGE>

            (b)   On or before April 30th of each calendar year, beginning with
April 30, 2005, the Issuer shall furnish to the Indenture Trustee an Opinion of
Counsel to the effect that in the opinion of such counsel, either (i) all
financing statements and continuation statements have been filed that are
necessary to continue the lien and security interest of the Indenture Trustee in
the Transaction SUBI Certificates and reciting the details of such filings or
referring to prior Opinions of Counsel in which such details are given, or (ii)
no such action is necessary to continue such lien and security interest.

      SECTION 3.7 PERFORMANCE OF OBLIGATIONS; ADMINISTRATION OF THE TRANSACTION
SUBI ASSETS.

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

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

            (c)   The Issuer shall, and, shall cause the Administrator and the
Servicer to, punctually perform and observe all of its obligations and
agreements contained in this Indenture, the other Transaction Documents and the
instruments and agreements included in the Collateral, including filing or
causing to be filed all UCC financing statements and continuation statements
required to be filed by the terms of this Indenture and the other Transaction
Documents in accordance with and within the time periods provided for herein and
therein. Except as otherwise expressly provided therein, the Issuer, as a party
to the Transaction Documents and as Holder of the Transaction SUBI Certificate,
shall not amend any Transaction Document to which it is a party or any provision
thereof other than in accordance with the amendment provisions set forth in such
Transaction Document.

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

            (a)   engage in any activities other than financing, acquiring,
owning, pledging and managing the Transaction SUBI Certificate and the other
Collateral as contemplated by this Indenture and the other Transaction
Documents;

            (b)   except as expressly permitted herein or in the other
Transaction Documents, sell, transfer, exchange or otherwise dispose of any of
the assets of the Issuer;

            (c)   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

                                       12
<PAGE>

the Code or applicable state law) or assert any claim against any present or
former Noteholder by reason of the payment of the taxes levied or assessed upon
any part of the Trust Estate;

            (d)   (i) permit the validity or effectiveness of this Indenture to
be impaired, permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged or permit any Person to be released from
any covenants or obligations under this Indenture, except as may be expressly
permitted hereby, (ii) permit any Adverse Claim (other than Permitted Liens) to
be created on or extend to or otherwise arise upon or burden the Trust Estate,
any part thereof or any interest therein or the proceeds thereof or (iii) except
as otherwise provided in the Transaction Documents, permit the lien of this
Indenture not to constitute a valid first priority (other than with respect to
any Permitted Lien) security interest in the Trust Estate;

            (e)   incur, assume or guarantee any indebtedness other than
indebtedness incurred in accordance with the Transaction Documents;

            (f)   except as otherwise permitted by the Transaction Documents,
dissolve or liquidate in whole or in part; or

            (g)   merge or consolidate with any other Person.

      SECTION 3.9 ISSUER CERTIFICATES AND REPORTS.

            (a)   The Issuer shall deliver to the Indenture Trustee and each
Rating Agency, within 120 days after the end of each calendar year (commencing
with the year ending December 31, 2004), an Officer's Certificate stating, as to
the Authorized Officer signing such Officer's Certificate, that:

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

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

            (b)   The Issuer shall:

                  (i)   file with the Indenture Trustee, within 15 days after
            the Issuer is required (if at all) to file the same with the
            Commission, copies of the annual reports and such other information,
            documents and reports (or copies of such portions of any of the
            foregoing as the Commission may from time to time by rules and
            regulations prescribe) as the Issuer may be required to file with
            the Commission pursuant to Section 13 or 15(d) of the Exchange Act
            or such other reports required pursuant to TIA Section 314(a)(1);

                                       13
<PAGE>

                  (ii)  file with the Indenture Trustee and the Commission in
            accordance with rules and regulations prescribed from time to time
            by the Commission such other 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 as required by 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 3.9(b) as may be required pursuant to rules
            and regulations prescribed from time to time by the Commission.

            Delivery of such reports, information and documents to the Indenture
            Trustee is for informational purposes only and the Indenture
            Trustee's receipt of such shall not constitute constructive notice
            of any information contained therein or determinable from
            information contained therein, including the Issuer's compliance
            with any of the covenants hereunder (as to which the Indenture
            Trustee is entitled to rely exclusively on Officer's Certificates).

            (c)   Unless the Issuer otherwise determines, the fiscal year of the
Issuer shall be the same as the fiscal year of the Servicer.

      SECTION 3.10 RESTRICTIONS ON CERTAIN OTHER ACTIVITIES. Except as otherwise
provided in the Transaction Documents, the Issuer shall not: (i) engage in any
activities other than financing, acquiring, owning, pledging and managing the
Transaction SUBI Certificate and the other Collateral in the manner contemplated
by the Transaction Documents; (ii) issue, incur, assume, guarantee or otherwise
become liable, directly or indirectly, for any indebtedness other than the
Notes; (iii) make any loan, advance or credit to, 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, 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; or (iv) make any expenditure (by long-term or
operating lease or otherwise) for capital assets (either realty or personalty).

      SECTION 3.11 NOTICE OF DEFAULTS. The Issuer agrees to give the Indenture
Trustee and each Rating Agency prompt written notice of each Indenture Default
hereunder.

      SECTION 3.12 FURTHER INSTRUMENTS AND ACTS. Upon request of the Indenture
Trustee, the Issuer shall execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more
effectively the purposes of this Indenture.

      SECTION 3.13 DELIVERY OF TRANSACTION SUBI CERTIFICATE. On the Closing
Date, the Issuer shall deliver or cause to be delivered to the Indenture Trustee
as security for its obligations hereunder, the Transaction SUBI Certificate. The
Indenture Trustee shall take possession of the

                                       14
<PAGE>

Transaction SUBI Certificate in New York and shall at all times during the
period of this Indenture maintain custody of the Transaction SUBI Certificate in
New York.

      SECTION 3.14 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
other Transaction Document.

      SECTION 3.15 PERFECTION REPRESENTATIONS.

            (a)   The representations, warranties and covenants set forth in
Schedule I hereto shall be a part of this Indenture for all purposes.

            (b)   Notwithstanding any other provision of this Indenture or any
other Transaction Document, the perfection representations contained in Schedule
I hereto shall be continuing, and remain in full force and effect until such
time as all obligations under this Indenture have been finally and fully paid
and performed.

            (c)   The parties to this Indenture: (i) shall not waive any of the
perfection representations contained in Schedule I hereto; (ii) shall provide
the Rating Agencies with prompt written notice of any breach of perfection
representations contained in Schedule I hereto and (iii) shall not waive a
breach of any of the perfection representations contained in Schedule I hereto.

      SECTION 3.16 `34 ACT FILINGS. The Issuer hereby authorizes the Servicer
and the Transferor, or either of them, to prepare, sign, certify and file any
and all reports, statements and information respecting the Issuer and/or the
Notes required to be filed pursuant to the Securities and Exchange Act of 1934,
as amended, and the rules and regulations thereunder.

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

      SECTION 4.1 SATISFACTION AND DISCHARGE OF INDENTURE. This Indenture shall
discharge with respect to the Collateral securing the Notes except as to (a)
rights of registration of transfer and exchange, (b) substitution of mutilated,
destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments
of principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.8,
3.10, 3.11 and 3.13, (e) 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 (f) 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 and at the expense and on behalf of the Issuer,
shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture, when (i) either (A) all Notes theretofore authenticated and
delivered (other than (1) Notes that have been mutilated, destroyed, lost or
stolen and that have been replaced or paid as provided in Section 2.5) and (2)
Notes for whose payment money has theretofore been deposited in trust or

                                       15
<PAGE>

segregated and held in trust by the Issuer and thereafter paid to the Persons
entitled thereto or discharged from such trust, as provided in Section 3.3) have
been delivered to the Indenture Trustee for cancellation; or (B) all Notes not
theretofore delivered to the Indenture Trustee for cancellation (1) have become
due and payable, (2) will become due and payable on the applicable Final
Scheduled Payment Date within one year or (3) are to be called for redemption
within one year under arrangements satisfactory to the Indenture Trustee for the
giving of notice of redemption by the Indenture Trustee in the name, and at the
expense, of the Issuer, and the Issuer, in the case of clauses (1), (2) or (3)
above, has irrevocably deposited or caused to be irrevocably deposited with the
Indenture Trustee cash or direct obligations of or obligations guaranteed by the
United States (that 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 (including interest and any fees and expenses due and
payable to the Owner Trustee and the Indenture Trustee) not theretofore
delivered to the Indenture Trustee for cancellation, when due, to the applicable
Final Scheduled Payment Date for each Class, or to the Redemption Date (if Notes
shall have been called for redemption pursuant to Section 10.1), as the case may
be; (ii) the Issuer has paid or caused to be paid all other sums payable
hereunder by the Issuer , including without limitation, all amounts owed by the
Issuer to the Swap Counterparty; and (iii) the Issuer has delivered to the
Indenture Trustee an Officer's Certificate and an Opinion of Counsel, each
meeting the applicable requirements of Section 11.1 and, subject to Section
11.2, each stating that all conditions precedent herein provided for relating to
the satisfaction and discharge of this Indenture have been complied with (and,
in the case of an Officer's Certificate, stating that the Rating Agency
Condition has been satisfied).

      SECTION 4.2 APPLICATION OF TRUST MONEY. All monies deposited with the
Indenture Trustee pursuant to Section 4.1 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 Noteholders of the particular Notes for the payment or
redemption of which such monies have been deposited with the Indenture Trustee
of all sums due and to become due thereon for principal and interest. Such
monies need not be segregated from other funds of the Indenture Trustee except
to the extent required herein or as required by law.

      SECTION 4.3 REPAYMENT OF MONIES HELD BY PAYING AGENT. In connection with
the satisfaction and discharge of this Indenture with respect to the Notes, all
monies then held by any Paying Agent other than the Indenture Trustee under the
provisions of this Indenture with respect to such Notes shall, upon demand of
the Issuer, be paid to the Indenture Trustee to be held and applied according to
Section 3.3 and such Paying Agent shall thereupon be released from all further
liability with respect to such monies.

                                   ARTICLE V

                               INDENTURE DEFAULT

      SECTION 5.1 INDENTURE DEFAULTS. The occurrence and continuation of any one
of the following events (whatever the reason for such Indenture Default and
whether it shall be voluntary or involuntary or effected by operation of law or
pursuant to any judgment, decree or

                                       16
<PAGE>

order of any court or any order, rule or regulation of any administrative or
governmental body) shall constitute a default under this Indenture (each, an
"Indenture Default"):

            (a)   default in the payment of any interest on any Note when the
same becomes due, and such default shall continue for a period of 5 days or
more;

            (b)   default in the payment of principal of any Note at the related
Final Scheduled Payment Date or the Redemption Date;

            (c)   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, which
default or inaccuracy materially and adversely affects the interests of the
Noteholders, 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
60 days after there shall have been given, by registered or certified mail, to
the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee
by Noteholders representing at least a majority of the Outstanding Note Amount,
a written notice specifying such default or incorrect representation or warranty
and requiring it to be remedied and stating that such notice is a "Notice of
Default" hereunder;

            (d)   the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuer or any substantial part of
the Trust Estate in an involuntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official of the Issuer or for any substantial part of the Trust Estate,
or ordering the winding up or liquidation of the Issuer's affairs, and such
decree or order shall remain unstayed and in effect for a period of 90
consecutive days; or

            (e)   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, the consent by the Issuer to
the appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuer or for any
substantial part of the Trust Estate, the making by the Issuer of any general
assignment for the benefit of creditors, the failure by 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;

provided, however, that a delay in or failure of performance referred to under
clauses (a), (b) or (c) above for a period of 150 days will not constitute an
Indenture Default if that delay or failure was caused by force majeure or other
similar occurrence.

                                       17
<PAGE>

      The Issuer shall promptly deliver to the Indenture Trustee and each Rating
Agency written notice in the form of an Officer's Certificate of any Indenture
Default, its status and what action the Issuer is taking or proposes to take
with respect thereto.

      Subject to the provisions herein relating to the duties of the Indenture
Trustee, if an Indenture Default occurs and is continuing, the Indenture Trustee
shall be under no obligation to exercise any of the rights or powers under this
Indenture at the request or direction of any Noteholder, if the Indenture
Trustee reasonably believes that it will not be adequately indemnified against
the costs, expenses and liabilities that might be incurred by it in complying
with such request. Subject to such provisions for indemnification and certain
limitations contained herein, Noteholders holding not less than a majority of
the Outstanding Note Amount, voting together as a single class, shall have the
right to direct the time, method and place of conducting any proceeding or any
remedy available to the Indenture Trustee or exercising any trust power
conferred on the Indenture Trustee, and Noteholders holding not less than a
majority of the Outstanding Note Amount, voting together as a single class, may,
in certain cases, waive any default with respect thereto, except a default in
the payment of principal or interest or a default in respect of a covenant or
provision of the Indenture that cannot be modified or amended without the waiver
or consent of all of the holders of the Outstanding Notes.

      SECTION 5.2 ACCELERATION OF MATURITY; WAIVER OF INDENTURE DEFAULT. If an
Indenture Default should occur and be continuing, the Indenture Trustee or
Noteholders representing a majority of the Outstanding Note Amount, voting
together as a single class, may declare the principal of the Notes to be
immediately due and payable. Upon such declaration, the Indenture Trustee shall
promptly provide written notice to each Rating Agency. Such declaration may be
rescinded by Noteholders holding a majority of the Outstanding Note Amount,
voting together as a single class before a judgment or decree for payment of the
amount due has been obtained by the Indenture Trustee if (a) the Issuer has
deposited with the Indenture Trustee an amount sufficient to pay (i) all
interest on and principal of the Notes as if the Indenture Default giving rise
to such declaration had not occurred (ii) all reasonable amounts previously
advanced by the Indenture Trustee and its reasonable costs and expenses and
(iii) any amounts then due and payable by the Issuer to the Swap Counterparty
under the Interest Rate Swap Transaction and (b) all Indenture Defaults (other
than the nonpayment of principal of the Notes that has become due solely by such
acceleration) have been cured or waived.

      At any time prior to the declaration of the acceleration of the maturity
of the Notes, Noteholders holding not less than a majority of the Outstanding
Note Amount, voting together as a single class, by written notice to the Issuer
and the Indenture Trustee, may waive such Indenture Default and its
consequences, except a default (i) in payment of principal of or interest on the
Notes or (ii) in respect of any covenant or provision in this Indenture that
cannot be modified or amended without the unanimous consent of the Noteholders.
No such waiver shall affect any subsequent default or impair any right
consequent thereto.

      If the Notes have been declared due and payable following an Indenture
Default, the Indenture Trustee may institute proceedings to collect amounts due,
exercise remedies as a secured party (including foreclosure or sale of the Trust
Estate) or elect to maintain the Trust Estate and continue to apply the proceeds
from the Trust Estate as if there had been no

                                       18
<PAGE>

declaration of acceleration. Any sale of the Trust Estate by the Indenture
Trustee will be subject to the terms and conditions of Section 5.4.

      SECTION 5.3 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
INDENTURE TRUSTEE.

            (a)   The Issuer covenants that if there is a default in the payment
of (i) any interest on the Notes when the same becomes due, and such default
continues for a period of five days or (ii) the principal of the Notes at the
related Final Scheduled Payment or the Redemption Date, the Issuer shall, upon
demand of the Indenture Trustee in writing as directed by Noteholders of not
less than a majority of the Outstanding Note Amount, pay to the Indenture
Trustee, for the benefit of such Noteholders, the entire amount then due and
payable on such Notes for principal and interest, with interest on the overdue
principal, and, to the extent payment at such rate of interest shall be legally
enforceable, 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, attorneys and counsel.

            (b)   In case the Issuer shall fail forthwith to pay amounts
described in Section 5.3(a) upon demand, the Indenture Trustee, in its own name
and as trustee of an express trust, may institute a Proceeding for the
collection of the sums so due and unpaid, and may prosecute such Proceeding to
judgment or final decree, and may enforce the same against the Issuer or other
obligor upon such Notes and collect in the manner provided by law out of the
property of the Issuer or other obligor upon such Notes, wherever situated, the
monies adjudged or decreed to be payable.

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

            (d)   In case there shall be pending, relative to the Issuer or any
other obligor upon the Notes or any Person having or claiming an ownership
interest in the Trust Estate, Proceedings under Title 11 of the United States
Code or any other applicable federal or state bankruptcy, insolvency or other
similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, 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 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:

                                       19
<PAGE>

                  (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 and disbursements made,
            by the Indenture Trustee and each predecessor Indenture Trustee,
            except as a result of negligence or bad faith) and of the
            Noteholders allowed in such Proceedings;

                  (ii)  unless prohibited by applicable law and regulations, to
            vote on behalf of the Noteholders in any election of a trustee, a
            standby trustee or Person performing similar functions in any such
            Proceedings; to collect and receive any monies or other property
            payable or deliverable on any such claims and to distribute all
            amounts received with respect to the claims of the Noteholders and
            the Indenture Trustee on their behalf; and

                  (iii) to file such proofs of claim and other papers or
            documents as may be necessary or advisable in order to have the
            claims of the Indenture Trustee or the Noteholders allowed in any
            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
            Noteholder to make payments to the Indenture Trustee and, in the
            event 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 and disbursements made by the
            Indenture Trustee and each predecessor Indenture Trustee except as a
            result of negligence or bad faith, and any other amounts due the
            Indenture Trustee under Section 6.7.

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

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

                                       20
<PAGE>

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

      SECTION 5.4 REMEDIES; PRIORITIES.

            (a)   If an Indenture Default shall have occurred and be continuing,
the Indenture Trustee may do one or more of the following (subject to Sections
5.2 and 5.5):

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

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

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

                  (iv)  subject to Section 5.17, after an acceleration of the
            maturity of the Notes pursuant to Section 5.2, sell the Trust Estate
            or any portion thereof or rights or interest therein, at one or more
            public or private sales called and conducted in any manner permitted
            by law;

provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Trust Estate following an Indenture Default, unless (A) the
Transferor elects to exercise its rights to purchase the Transaction SUBI
Certificate pursuant to Section 9.4 of the Trust Agreement, (B) the Swap
Counterparty and Noteholders holding 100% of the Outstanding Note Amount consent
thereto, (C) the proceeds of such sale are sufficient to discharge in full all
amounts then due and unpaid upon all Outstanding Notes and all amounts due by
the Issuer to the Swap Counterparty under the Interest Rate Swap Transaction at
the date of such sale or (D) there has been an Indenture Default described in
Section 5.1(a) or (b) and the Indenture Trustee determines that the Trust Estate
will not continue to provide sufficient funds for the payment of principal of
and interest on the Notes as they would have become due if the Notes had not
been declared due and payable and the Indenture Trustee obtains the consent of
the Swap Counterparty and the consent of Noteholders holding not less than 66
2/3% of the Outstanding Note Amount, voting together as a single class;
provided, further, that the Indenture Trustee may not sell the Trust Estate
unless it shall first have obtained an Opinion of Counsel (at the expense of the
Issuer) that such sale will not cause the Origination Trust or an interest
therein or portion thereof or the Issuer to be classified as an association or a
publicly traded partnership taxable as a corporation for federal income tax
purposes. In determining such sufficiency or insufficiency with respect to
clauses (B) and (C) of the preceding sentence, the Indenture Trustee may but
need not obtain (at the

                                       21
<PAGE>

expense of the Issuer) and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such
proposed action and as to the sufficiency of the Trust Estate for such purpose.

            (b)   If the Indenture Trustee collects any money or property
pursuant to this Article upon sale of the Trust Estate, it shall pay out such
money or property held as Collateral (including available monies on deposit in
the Reserve Account) and deposited in the Collection Account in accordance with
the following priorities:

                  (i)   to the Indenture Trustee, the SUBI Trustee and the Owner
            Trustee, for any accrued and unpaid fees, expenses and indemnity
            payments pursuant to the terms of this Indenture, the Origination
            Trust Agreement or the Trust Agreement, as applicable; provided that
            aggregate expenses payable to the Indenture Trustee, the SUBI
            Trustee and the Owner Trustee pursuant to this clause (i) shall be
            limited to $100,000 per annum in the aggregate;

                  (ii)  to the Servicer (or any predecessor Servicer, if
            applicable), for reimbursement of all outstanding Advances;

                  (iii) pro rata, to the Servicer, the Servicing Fee, together
            with any unpaid Servicing Fees in respect of one or more prior
            Collection Periods, and to the Administrator, the Administration
            Fee, together with any unpaid Administration Fees in respect of one
            or more prior Collections Periods;

                  (iv)  to the Swap Counterparty for any due and unpaid Net Swap
            Payment;

                  (v)   pro rata, (A) to the Swap Counterparty for any due and
            unpaid Senior Swap Termination Payments and (B) pro rata, to the
            Noteholders an amount equal to the Accrued Note Interest;

                  (vi)  to the Holders of the Class A-1 Notes, in respect of
            principal thereof until the Class A-1 Notes have been paid in full;

                  (vii) to the Holders of the Class A-2 Notes, the Class A-3
            Notes and the Class A-4 Notes, in respect of principal thereof, on a
            pro rata basis (based on the Outstanding Note Amount of each Class
            on such Payment Date), until all such Classes of the Notes have been
            paid in full;

                  (viii) to the Swap Counterparty, any due and unpaid
            Subordinated Swap Termination Payments;

                  (ix)  to the Indenture Trustee, the SUBI Trustee and the Owner
            Trustee, for any accrued and unpaid fees, expenses and indemnity
            payments; and

                  (x)   any remaining funds shall be distributed to or at the
            direction of the Certificateholder.

                                       22
<PAGE>

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

      SECTION 5.5 OPTIONAL PRESERVATION OF THE TRANSACTION SUBI ASSETS. If the
Notes have been declared to be due and payable under Section 5.2 following an
Indenture Default and such declaration and its consequences have not been
rescinded and annulled, the Indenture Trustee may, unless directed to sell
pursuant to Section 9.4 of the Trust Agreement, but need not, elect to maintain
possession of the Trust Estate and continue to apply the proceeds thereof in
accordance with Section 3.1 and 8.4. It is the intent 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 amounts due to the Swap Counterparty
under the Interest Rate Swap Transaction, and the Indenture Trustee shall take
such intent into account when determining whether or not to maintain possession
of the Trust Estate. In determining whether to maintain possession of the Trust
Estate, the Indenture Trustee may but need not obtain (at the expense of the
Issuer) and rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Trust Estate for such purpose.

      SECTION 5.6 LIMITATION OF SUITS.

            (a)   No holder of any Note shall have any right to institute any
Proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless:
(i) such Noteholder previously has given to the Indenture Trustee written notice
of a continuing Indenture Default, (ii) Noteholders holding not less than 25% of
the Outstanding Note Amount have made written request to the Indenture Trustee
to institute such Proceeding in respect of such Indenture Default in its own
name as Indenture Trustee, (iii) such Noteholder has offered the Indenture
Trustee reasonable indemnity against the costs, expenses and liabilities to be
incurred in complying with such request, (iv) the Indenture Trustee has for 60
days failed to institute such Proceedings and (v) no direction inconsistent with
such written request has been given to the Indenture Trustee during such 60 day
period by Noteholders holding a majority of the Outstanding Note Amount.

      No Noteholder or group of Noteholders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other Noteholders or to obtain or
to seek to obtain priority or preference over any other Noteholder 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 Noteholders, each
representing less than a majority of the Outstanding Note Amount, the Indenture
Trustee in its sole discretion may determine what action, if any, shall be
taken, notwithstanding any other provisions of this Indenture.

            (b)   No Noteholder shall have any right to vote except as provided
pursuant to this Indenture and the Notes, nor any right in any manner to
otherwise control the operation and

                                       23
<PAGE>

management of the Issuer. However, in connection with any action as to which
Noteholders are entitled to vote or consent under this Indenture and the Notes,
the Issuer may set a record date for purposes of determining the identity of
Noteholders entitled to vote or consent in accordance with TIA Section 316(c).

      SECTION 5.7 UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL AND
INTEREST. Notwithstanding any other provision in this Indenture, any Noteholder
shall have the right, which is absolute and unconditional, to receive payment of
the principal of and interest on, if any, such Note on or after the respective
due dates thereof expressed in such Note or 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 in accordance with Section 5.6, and such right
shall not be impaired without the consent of such Noteholder.

      SECTION 5.8 RESTORATION OF RIGHTS AND REMEDIES. If the Indenture Trustee
or any Noteholder has instituted any Proceeding to enforce any right or remedy
under this Indenture and such Proceeding has been discontinued or abandoned for
any reason or has been determined adversely to the Indenture Trustee or such
Noteholder, then and in every such case the Issuer, the Indenture Trustee and
the Noteholders shall, subject to any determination in such Proceeding, be
restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Indenture Trustee and the Noteholders
shall continue as though no such Proceeding had been instituted.

      SECTION 5.9 RIGHTS AND REMEDIES CUMULATIVE. No right or remedy herein
conferred upon or reserved to the Indenture Trustee, the Swap Counterparty or
the Noteholders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter
existing at law, in equity or otherwise. The assertion or employment of any
right or remedy hereunder or otherwise shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

      SECTION 5.10 DELAY OR OMISSION NOT A WAIVER. No delay or omission of the
Indenture Trustee or any Noteholder to exercise any right or remedy accruing
upon any Default or Indenture Default shall impair any such right or remedy or
constitute a waiver of any such Default or Indenture Default or an acquiescence
therein. Every right and remedy given by this Article or by law to the Indenture
Trustee or the Noteholders may be exercised from time to time, and as often as
may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the
case may be.

      SECTION 5.11 CONTROL BY NOTEHOLDERS. Subject to the provisions of Sections
5.6, 6.2(d) and 6.2(e), Noteholders holding not less than a majority of the
Outstanding Note Amount shall have the right to direct the time, method and
place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or with respect to the exercise of any trust
or power conferred on the Indenture Trustee, provided that:

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

                                       24
<PAGE>

            (b)   subject to Section 5.4, any direction to the Indenture Trustee
to sell or liquidate the Trust Estate shall be made by Noteholders holding not
less than 100% of the Outstanding Note Amount;

            (c)   if the conditions set forth in Section 5.5 have been satisfied
and the Indenture Trustee elects to retain the Trust Estate pursuant to such
Section, and except in the case of a sale of the Trust Estate pursuant to
Section 9.2 of the Trust Agreement, then any direction to the Indenture Trustee
by Noteholders holding less than 100% of the Outstanding Note Amount to sell or
liquidate the Trust Estate shall be of no force and effect; and

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

      Notwithstanding the rights of Noteholders set forth in this Section,
subject to Section 6.1, the Indenture Trustee need not take any action it
determines might expose it to personal liability or might materially adversely
affect or unduly prejudice the rights of any Noteholders not consenting to such
action.

      SECTION 5.12 WAIVER OF PAST DEFAULTS. Prior to the acceleration of the
maturity of the Notes as provided in Section 5.2, Noteholders holding not less
than a majority of the Outstanding Note Amount may waive any past Indenture
Default and its consequences except an Indenture Default (i) in payment of
principal of or interest on the Notes or (ii) in respect of a covenant or
provision hereof that cannot be modified or amended without the consent of each
Noteholder. In the case of any such waiver, the Issuer, the Indenture Trustee
and the Noteholders shall be restored to their former positions and rights
hereunder, respectively, but no such waiver shall extend to any subsequent or
other Indenture Default or impair any right consequent thereto.

      Upon any such waiver, such Indenture Default shall cease to exist and be
deemed to have been cured and not to have occurred, and any Indenture 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 Indenture Default or impair any right consequent thereto.

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

                                       25
<PAGE>

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

      SECTION 5.15 ACTION ON NOTES. The Indenture Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of
any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Trust Estate or upon any
of the assets of the Issuer. Any money or property collected by the Indenture
Trustee shall be applied in accordance with Section 5.4(b).

      SECTION 5.16 PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS.

            (a)   Promptly following a request from the Indenture Trustee to do
so, the Issuer shall take all such lawful action as the Indenture Trustee may
request to compel or secure the performance and observance by the Servicer of
its obligations to the Issuer under or in connection with the Servicing
Agreement and the Transaction SUBI Servicing Supplement, 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 each
such 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
Servicer thereunder and the institution of legal or administrative actions or
proceedings to compel or secure performance by the Servicer of its obligations
under the Servicing Agreement.

            (b)   If an Indenture Default has occurred and is continuing, the
Indenture Trustee may, and at the direction (which direction shall be in
writing) of Noteholders holding not less than a majority of the Outstanding Note
Amount, shall, exercise all rights, remedies, powers, privileges and claims of
the Issuer against the Transferor and the Servicer under or in connection with
the Servicing Agreement or any other Transaction Document, including the right
or power to take any action to compel or secure performance or observance by the
Servicer of its obligations to the Issuer thereunder and to give any consent,
request, notice, direction, approval, extension or waiver under such Transaction
Document, and any right of the Issuer to take such action shall be suspended.

      SECTION 5.17 SALE OF COLLATERAL. If the Indenture Trustee acts to sell the
Collateral or any part thereof, pursuant to Section 5.4(a), the Indenture
Trustee shall publish a notice in an Authorized Newspaper stating that the
Indenture Trustee intends to effect such a sale in a commercially reasonable
manner and on commercially reasonable terms, which shall include the
solicitation of competitive bids. Following such publication, the Indenture
Trustee shall, unless otherwise prohibited by applicable law from any such
action, sell the Collateral or any part

                                       26
<PAGE>

thereof, in such manner and on such terms as provided above to the highest
bidder, provided, however, that the Indenture Trustee may from time to time
postpone any sale by public announcement made at the time and place of such
sale. The Indenture Trustee shall give notice to the Transferor and Servicer of
any proposed sale, and the Transferor, the Servicer or any Affiliate thereof
shall be permitted to bid for the Collateral at any such sale. The Indenture
Trustee may obtain a prior determination from a conservator, receiver or trustee
in bankruptcy of the Issuer that the terms and manner of any proposed sale are
commercially reasonable. The power to effect any sale of any portion of the
Collateral pursuant to Section 5.4 and this Section 5.17 shall not be exhausted
by any one or more sales as to any portion of the Collateral remaining unsold,
but shall continue unimpaired until the entire Collateral shall have been sold
or all amounts payable on the Notes shall have been paid.

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

      SECTION 6.1 DUTIES OF INDENTURE TRUSTEE.

            (a)   If an Indenture Default has occurred and is continuing, the
Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and in 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 Indenture Default:

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

                  (ii)  the Indenture Trustee may conclusively rely in good
            faith on its part, 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; but in the case of any such
            certificates or opinions which by any provision hereof are
            specifically required to be furnished to the Indenture Trustee, the
            Indenture Trustee shall examine the certificates and opinions to
            determine whether or not they conform to the requirements of this
            Indenture (but need not confirm or investigate the accuracy of
            mathematical calculations or other facts stated therein).

            (c)   The Indenture Trustee shall 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 paragraph
            (b);

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

                                       27
<PAGE>

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

            (d)   Every provision of this Indenture that in any way relates to
the Indenture Trustee is subject to paragraphs (a), (b) and (c) of this Section
6.1.

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

            (f)   Money held in trust by the Indenture Trustee need not be
segregated from other funds of the Indenture Trustee except to the extent
required by law or the terms of this Indenture or any other Transaction Document
to which the Indenture Trustee is a party.

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

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

            (i)   The Indenture Trustee shall not be deemed to have knowledge of
any Indenture Default or other event unless a Responsible Officer has actual
knowledge thereof or has received written notice thereof in accordance with the
provisions of this Indenture or any other Transaction Document.

            (j)   Nothing contained herein shall be deemed to authorize the
Indenture Trustee to engage in any business operations or any activities other
than those set forth in this Indenture. Specifically, the Indenture Trustee
shall have no authority to engage in any business operations, acquire any assets
other than those specifically included in the Trust Estate under this Indenture
or otherwise vary the assets held by the Issuer. Similarly, the Indenture
Trustee shall have no discretionary duties other than performing those
ministerial acts set forth above necessary to accomplish the purpose of the
Issuer as set forth in this Indenture.

      SECTION 6.2 RIGHTS OF INDENTURE TRUSTEE.

            (a)   The Indenture Trustee may conclusively rely and shall be
protected in acting upon or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent,
order, note, direction, demand, election or other paper or document reasonably
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 (with respect to factual matters) or an
Opinion of Counsel, as applicable.

                                       28
<PAGE>

The Indenture Trustee shall not be liable for any action it takes or omits to
take in good faith in reliance on such 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, the Administrator, any co-trustee or separate trustee appointed
in accordance with the provisions of Section 6.10 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 that it believes to be authorized or within
its rights or powers; provided, however, that the Indenture Trustee's conduct
does not constitute willful misconduct, negligence or bad faith.

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

            (f)   The Indenture Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Indenture or to institute,
conduct or defend any litigation under this Indenture or in relation to this
Indenture or to honor the request or direction of any of the Noteholders
pursuant to this Indenture unless such Noteholders shall have offered to the
Indenture Trustee reasonable security or indemnity satisfactory to the Indenture
Trustee against the reasonable costs, expenses, disbursements, advances and
liabilities that might be incurred by it, its agents and its counsel in
compliance with such request or direction.

            (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, unless requested in writing to do so
by the holders of Notes evidencing not less than a majority of the Outstanding
Note Amount; 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, the Indenture Trustee
may require reasonable indemnity against such cost, expense or liability as a
condition to so proceeding. The reasonable expense of each such investigation
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.

            (h)   Any request or direction of the Issuer mentioned herein shall
be sufficiently evidenced by an Issuer Request.

      SECTION 6.3 INDIVIDUAL RIGHTS OF INDENTURE TRUSTEE. Subject to Section 310
of the TIA, the Indenture Trustee in its individual or any other capacity may
become the owner or

                                       29
<PAGE>

pledgee of Notes. The Indenture Trustee may deal with the Transferor, the Owner
Trustee, the Administrator and their respective Affiliates in banking
transactions with the same rights it would have if it were not Indenture
Trustee, and the Transferor, the Owner Trustee, the Administrator and their
respective Affiliates may maintain normal commercial banking relationships with
the Indenture Trustee and its Affiliates. Any Paying Agent, Note Registrar,
co-registrar, co-paying agent, co-trustee or separate trustee may do the same
with like rights. The Indenture Trustee must, however, comply with Section 6.11.

      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 Estate or the Notes, shall not be
accountable for the Issuer's use of the proceeds from the Notes and shall not be
responsible for any statement in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes, all of which shall be
taken as the statements of the Issuer, other than the Indenture Trustee's
certificate of authentication.

      SECTION 6.5 NOTICE OF DEFAULTS. If an Indenture Default occurs and is
continuing, and if it is known to a Responsible Officer of the Indenture
Trustee, the Indenture Trustee shall mail to each Noteholder and each Rating
Agency notice of such Indenture Default within 90 days after it occurs. Except
in the case of an Indenture Default with respect to payment of principal of or
interest on any Note (including payments pursuant to the redemption of Notes),
the Indenture Trustee may withhold such notice if and so long as a Responsible
Officer in good faith determines that withholding such notice is in the
interests of the Noteholders.

      SECTION 6.6 REPORTS BY INDENTURE TRUSTEE TO NOTEHOLDERS. The Indenture
Trustee, at the expense of the Issuer, shall deliver to each Noteholder, not
later than the latest date permitted by law, such information as may be
reasonably requested (and reasonably available to the Indenture Trustee) to
enable such holder to prepare its federal and state income tax returns.

      SECTION 6.7 COMPENSATION AND INDEMNITY. The Issuer shall cause the
Administrator to, (i) pay to the Indenture Trustee from time to time such
compensation as the Issuer, the Administrator and the Indenture Trustee shall
from time to time agree in writing for services rendered by the Indenture
Trustee hereunder in accordance with a fee letter between the Administrator and
the Indenture Trustee, (ii) reimburse the Indenture Trustee for all reasonable
expenses, advances and disbursements reasonably incurred by it in connection
with the performance of its duties as Indenture Trustee and (iii) indemnify the
Indenture Trustee for, and hold it harmless against, any and all loss, liability
or expense (including reasonable attorneys' fees) incurred by it in connection
with the administration of the Issuer or the performance of its duties as
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 Administrator promptly of any claim for which it
may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and
the Administrator shall not relieve the Issuer or the Administrator of its
obligations hereunder. The Issuer shall, or shall cause the Administrator to,
defend any such claim, and the Indenture Trustee may have separate counsel and
the Issuer shall, or shall cause the Administrator to, pay the fees and expenses
of such counsel. The Indenture Trustee shall not be indemnified by the
Administrator, the Issuer, the Transferor or the Servicer against any loss,
liability or expense incurred by it through its own willful misconduct,
negligence or bad faith, except that the Indenture Trustee shall not be liable
(i) for any error of

                                       30
<PAGE>

judgment made by it in good faith unless it is proved that the Indenture Trustee
was negligent in ascertaining the pertinent facts, (ii) with respect to any
action it takes or omits to take in good faith in accordance with a direction
received by it from the Noteholders in accordance with the terms of this
Indenture and (iii) for interest on any money received by it except as the
Indenture Trustee and the Issuer may agree in writing.

      The compensation and indemnity obligations to the Indenture Trustee
pursuant to this Section shall survive the discharge of this Indenture. When the
Indenture Trustee incurs expenses after the occurrence of a Default set forth in
Section 5.1(e) 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.

      SECTION 6.8 REMOVAL, RESIGNATION AND REPLACEMENT OF INDENTURE TRUSTEE. The
Indenture Trustee may resign at any time by so notifying the Issuer, the
Servicer, the Administrator, the Swap Counterparty and each Rating Agency. The
Noteholders holding at least a majority of the Outstanding Note Amount may
remove the Indenture Trustee without cause by so notifying the Indenture
Trustee, the Servicer, the Swap Counterparty and the Issuer, and following that
removal may appoint a successor Indenture Trustee. The Issuer shall remove the
Indenture Trustee if:

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

                  (ii)  a court having jurisdiction in the premises in respect
            of the Indenture Trustee in an involuntary case or proceeding under
            federal or state banking or bankruptcy laws, as now or hereafter
            constituted, or any other applicable federal or state bankruptcy,
            insolvency or other similar law, shall have entered a decree or
            order granting relief or appointing a receiver, liquidator,
            assignee, custodian, trustee, conservator, sequestrator (or similar
            official) for the Indenture Trustee or for any substantial part of
            the Indenture Trustee's property, or ordering the winding-up or
            liquidation of the Indenture Trustee's affairs, provided any such
            decree or order shall have continued unstayed and in effect for a
            period of 30 consecutive days;

                  (iii) the Indenture Trustee commences a voluntary case under
            any federal or state banking or bankruptcy laws, as now or hereafter
            constituted, or any other applicable federal or state bankruptcy,
            insolvency or other similar law, or consents to the appointment of
            or taking possession by a receiver, liquidator, assignee, custodian,
            trustee, conservator, sequestrator or other similar official for the
            Indenture Trustee or for any substantial part of the Indenture
            Trustee's property, or makes any assignment for the benefit of
            creditors or fails generally to pay its debts as such debts become
            due or takes any corporate action in furtherance of any of the
            foregoing; or

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

      Upon the resignation or required removal of the Indenture Trustee, or the
failure of the Noteholders to appoint a successor Indenture Trustee following
the removal without cause of the

                                       31
<PAGE>

Indenture Trustee (the Indenture Trustee in any such event being referred to
herein as the retiring Indenture Trustee), the Issuer shall be required promptly
to appoint a successor Indenture Trustee. Any successor Indenture Trustee must
at all times have a combined capital and surplus of at least $50,000,000, a
long-term debt rating of "A" or better by or is otherwise acceptable to, each
Rating Agency and satisfy the requirements of Section 310(a) of the TIA.
Additionally, prior to the appointment of any successor Indenture Trustee, the
Rating Agency Condition must be satisfied with respect to such successor
Indenture Trustee.

      A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee, the Swap Counterparty and to the
Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee
shall become effective and the successor Indenture Trustee, without any further
act, deed or conveyance, 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 45 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuer or Noteholders holding not less than a majority of the
Outstanding Note Amount may petition any court of competent jurisdiction (at the
expense of the Issuer) 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 this Section and payment of all fees and expenses
owed to the outgoing Indenture Trustee. Notwithstanding the replacement of the
Indenture Trustee pursuant to this Section, the retiring Indenture Trustee shall
be entitled to payment or reimbursement of such amounts as such Person is
entitled pursuant to Section 6.7.

      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 depository institution the resulting, surviving or transferee corporation,
without any further act, shall be the successor Indenture Trustee; provided,
that such corporation or depository institution shall be otherwise qualified and
eligible under Section 6.11. The Indenture Trustee shall provide each Rating
Agency prior written notice of any such transaction.

      In case at the time such successor or successors by merger, conversion or
consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture, 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,

                                       32
<PAGE>

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.

      SECTION 6.10 APPOINTMENT OF CO-TRUSTEE OR SEPARATE 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 Estate may at the time be located, the Indenture
Trustee and the Administrator acting jointly shall have the power and may
execute and deliver all instruments to appoint one or more Persons to act as a
co-trustee or co-trustees, or separate trustee or separate trustees, of all or
any part of the Collateral, and to vest in such Person or Persons, in such
capacity and for the benefit of the Noteholders, such title to the Trust Estate
or any part hereof and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Indenture Trustee and the
Administrator may consider necessary or desirable. If the Administrator shall
not have joined in such appointment within 15 days after it received a request
that it so join, the Indenture Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 6.11 and no
notice to Noteholders of the appointment of any co-trustee or separate trustee
shall be required under Section 6.8.

            (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 intended 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 Collateral 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 separate trustee or co-trustee hereunder shall be
            personally liable by reason of any act or omission of any other
            trustee hereunder; and

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

            (c)   Any notice, request or other writing given to the Indenture
Trustee shall be deemed to have been given to each of the then-separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Indenture and
the conditions of this Article. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property
specified

                                       33
<PAGE>

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 and specifically including every provision of this Indenture relating
to the conduct of, affecting the liability of or affording protection to the
Indenture Trustee. Every such instrument shall be filed with the Indenture
Trustee and a copy thereof given to the Administrator.

            (d)   Any separate trustee or co-trustee may at any time constitute
the Indenture Trustee, its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Indenture on its behalf and in its name. If any separate trustee
or co-trustee shall die, become incapable of acting, resign or be removed, then
all of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Indenture Trustee to the extent permitted by law, without the
appointment of a new or successor trustee. Notwithstanding anything to the
contrary in this Indenture, the appointment of any separate trustee or
co-trustee shall not relieve the Indenture Trustee of its obligations and duties
under this Indenture.

      SECTION 6.11 ELIGIBILITY; DISQUALIFICATION. The Indenture Trustee shall at
all times satisfy the requirements of Section 310(a) of the TIA and shall in
addition have a combined capital and surplus of at least $50,000,000 (as set
forth in its most recent published annual report of condition) and a long-term
debt rating of "A" or better by, or be otherwise acceptable to, each Rating
Agency. The Indenture Trustee shall also satisfy the requirements of Section
310(b) of the TIA. The Transferor, the Administrator, the Servicer and their
respective Affiliates may maintain normal commercial banking relationships with
the Indenture Trustee and its Affiliates, but neither the Issuer nor any
Affiliate of the Issuer may serve as Indenture Trustee.

      SECTION 6.12 TRUSTEE AS HOLDER OF TRANSACTION SUBI CERTIFICATE. Following
the occurrence and continuation of an Indenture Default, to the extent that the
Issuer has rights as a Holder of the Transaction SUBI Certificate, including
rights to distributions and notice, or is entitled to consent to any actions
taken by the Transferor or the Issuer may initiate such action or grant such
consent only with consent of the Indenture Trustee at the direction of the
Noteholders of not less than a majority of the Outstanding Note Amount.
Following the occurrence and continuation of an Indenture Default, the Indenture
Trustee shall exercise rights as a Holder of the Transaction SUBI Certificate or
the right to consent or withhold consent with respect to actions taken by the
Transferor or the Issuer, upon the written direction of holders of a majority of
the Outstanding Note Amount; provided, however, that any direction to the
Indenture Trustee to remove or replace the Servicer upon a Servicer Default
shall be made by Noteholders holding not less than 66 2/3% of the Outstanding
Note Amount.

      SECTION 6.13 REPRESENTATIONS AND WARRANTIES OF INDENTURE TRUSTEE. The
Indenture Trustee hereby makes the following representations and warranties on
which the Issuer and Noteholders shall rely:

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

                                       34
<PAGE>

                  (ii)  the Indenture Trustee has full power, authority and
            legal right to execute, deliver, and perform this Indenture and
            shall have taken all necessary action to authorize the execution,
            delivery and performance by it of this Indenture.

      SECTION 6.14 FURNISHING OF DOCUMENTS. The Indenture Trustee shall furnish
to any Noteholder promptly upon receipt of a written request by such Noteholder
(at the expense of the requesting Noteholder) therefor, duplicates or copies of
all reports, notices, requests, demands, certificates and any other instruments
furnished to the Indenture Trustee under the Transaction Documents.

      SECTION 6.15 PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE ISSUER. The
Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). Any Indenture Trustee who has
resigned or been removed shall be subject to TIA Section 311(a) to the extent
indicated therein.

                                  ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

      SECTION 7.1 ISSUER TO FURNISH INDENTURE TRUSTEE NOTEHOLDER NAMES AND
ADDRESSES. The Issuer shall furnish or cause to be furnished to the Indenture
Trustee (i) not more than five days after each Record Date a list, in such form
as the Indenture Trustee may reasonably require, of the names and addresses of
the Noteholders as of such Record Date and (ii) at such other times as the
Indenture Trustee may request in writing, within 30 days after receipt by the
Issuer of any such request, a list of similar form and content as of a date not
more than ten days prior to the time such list is furnished; provided, however,
that so long as the Indenture Trustee is the Note Registrar or the Notes are
issued as Book-Entry Notes, no such list shall be required to be furnished to
the Indenture Trustee.

      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 Noteholders contained
in the most recent list furnished to the Indenture Trustee as provided in
Section 7.1 and the names and addresses of Noteholders received by the Indenture
Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any
list furnished to it as provided in Section 7.1 upon receipt of a new list so
furnished; provided, however, that so long as the Indenture Trustee is the Note
Registrar or the Notes are issued as Book-Entry Notes, no such list shall be
required to be preserved or maintained.

            (b)   The Noteholders may communicate pursuant to TIA Section 312(b)
with other Noteholders regarding 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 INDENTURE TRUSTEE. If required by TIA Section
313(a), within 60 days after each March 31, beginning with March 31, 2005, the
Indenture Trustee shall

                                       35
<PAGE>

mail to each Noteholder and shall file with the Commission as required by TIA
Sections 313(c) and 313(d), respectively, 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).

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

      SECTION 8.2 ACCOUNTS.

            (a)   There has been established and there shall be maintained an
Eligible Account (initially at Citibank, N.A.) in the name of the Indenture
Trustee until the Outstanding Note Amount is reduced to zero, which is
designated as the "Reserve Account". The Reserve Account shall be held for the
benefit of the Noteholders, and shall bear a designation clearly indicating that
the funds on deposit therein are held for the benefit of the Noteholders. The
Reserve Account shall be under the sole dominion and control of the Indenture
Trustee until the Outstanding Note Amount has been reduced to zero. On or prior
to the Closing Date, the Issuer shall deposit (or cause to be deposited) an
amount equal to $17,094,017.09 into the Reserve Account.

            (b)   There has been established and there shall be maintained an
Eligible Account (initially at Citibank, N.A.) in the name of the Indenture
Trustee until the Outstanding Note Amount is reduced to zero, which is
designated the "Collection Account". The Collection Account shall be held for
the benefit of the Noteholders , and shall bear a designation clearly indicating
that the funds on deposit therein are held for the benefit of the Noteholders.
The Collection Account shall be under the sole dominion and control of the
Indenture Trustee until the Outstanding Note Amount has been reduced to zero.

            (c)   The Swap Termination Payment Account and the Swap Collateral
Account shall be established as set forth in Section 8.7.

            (d)   All monies deposited from time to time in the Accounts
pursuant to this Indenture or the other Transaction Documents shall be held by
the Indenture Trustee as part of the Collateral and shall be applied to the
purposes herein provided. If any Account shall cease to be an Eligible Account,
the Indenture Trustee, until the Outstanding Note Amount has been

                                       36
<PAGE>

reduced to zero, shall, as necessary, assist the Administrator in causing each
Account to be moved to an institution at which it shall be an Eligible Account.

      SECTION 8.3 SERVICER CERTIFICATE.

            (a)   Prior to 11:00 a.m., New York City time, on each Determination
Date, the Issuer shall cause the Servicer to deliver to the Indenture Trustee,
the Issuer, the Administrator and each Paying Agent hereunder, a certificate
(the "Servicer Certificate") including, among other things, the following
information with respect to the related Payment Date and the related Collection
Period:

                  (i)   the amount of Collections for such Collection Period;

                  (ii)  the amount of Available Funds for such Collection
            Period;

                  (iii) the Accrued Class A-1 Note Interest, the Accrued Class
            A-2 Note Interest, the Accrued Class A-3 Note Interest and the
            Accrued Class A-4 Note Interest with respect to such Payment Date;

                  (iv)  Class A-1 Note Balance, the Class A-2 Note Balance, the
            Class A-3 Note Balance, the Class A-4-A Note Balance and the Class
            A-4-B Note Balance, in each case before giving effect to payments on
            such Payment Date;

                  (v)   (A) the amount on deposit in the Reserve Account and the
            Specified Reserve Account Balance, each as of the beginning and end
            of the related Collection Period, (B) the amount deposited in the
            Reserve Account in respect of such Payment Date, if any, (C) the
            amount, if any, to be withdrawn from the Reserve Account on such
            Payment Date, (D) the balance on deposit in the Reserve Account on
            such Payment Date after giving effect to withdrawals therefrom and
            deposits thereto in respect of such Payment Date and (E) the change
            in such balance from the immediately preceding Payment Date;

                  (vi)  the aggregate amount being paid on such Payment Date in
            respect of interest on and principal of each Class of Notes;

                  (vii) the Principal Distribution Amount and any Principal
            Carryover Shortfall for each Class of the Notes on such Payment
            Date;

                  (viii) the Note Factor for each Class of the Notes (after
            giving effect to distributions to the Noteholders on such Payment
            Date);

                  (ix)  the aggregate amount of Residual Losses for such
            Collection Period;

                  (x)   the amount of Advances included in Available Funds for
            such Collection Period;

                                       37
<PAGE>

                  (xi)  any Payment Date Advance Reimbursement for such
            Collection Period;

                  (xii) amounts released to the Certificateholders on such
            Payment Date;

                  (xiii) the Servicing Fee and the Administration Fee for such
            Collection Period;

                  (xiv) the amount of Cumulative Net Residual Losses and
            Cumulative Net Credit Losses through such Collection Period;

                  (xv)  the Net Swap Payments, the Senior Swap Termination
            Payments and the Subordinated Swap Termination Payments for such
            Payment Date; and

                  (xvi) the amount on deposit in the Swap Termination Payment
            Account and the Swap Collateral Account, to the extent such accounts
            exist.

      Each amount set forth pursuant to clauses (iii), (iv), (vi) and (viii)
above shall be expressed in the aggregate and as a dollar amount per $1,000 of
original principal balance of a Note.

            (b)   The Indenture Trustee shall have no duty or obligation to
verify or confirm the accuracy of any of the information or numbers set forth in
the Servicer Certificate delivered to the Indenture Trustee in accordance with
this Section, and the Indenture Trustee shall be fully protected in relying upon
such Servicer Certificate.

      SECTION 8.4 DISBURSEMENT OF FUNDS.

            (a)   On each Payment Date, prior to [1:00 p.m.], New York City
time, the Paying Agent, in accordance with the related Servicer Certificate and
pursuant to the instructions of the Servicer, shall transfer from the Collection
Account all Available Funds and shall apply such amount, in accordance with the
following priorities:

                  (i)   to the Servicer, the Payment Date Advance Reimbursement;

                  (ii)  pro rata, to the Servicer, the Servicing Fee, together
            with any unpaid Servicing Fees in respect of one or more prior
            Collection Periods, and to the Administrator, the Administration
            Fee, together with any unpaid Administration Fees in respect of one
            or more prior Collection Periods;

                  (iii) to the Swap Counterparty, the Net Swap Payment, if any,
            for such Payment Date;

                  (iv)  pro rata, (A) to the Swap Counterparty, any Senior Swap
            Termination Payments for such Payment Date, and (B) pro rata, to the
            Holders of the Class A-1 Notes, the Class A-2 Notes, the Class A-3
            Notes and the Class A-4 Notes, an amount equal to the Accrued Class
            A-1 Note Interest, the Accrued

                                       38
<PAGE>

            Class A-2 Note Interest, the Accrued Class A-3 Note Interest and the
            Accrued Class A-4 Note Interest, respectively, for such Payment
            Date;

                  (v)   to the related Noteholders as payments of principal, the
            lesser of the Principal Distribution Amount for such Payment Date
            and the Available Funds remaining after the payments in clauses (i)
            through (iv) above, which amount shall be paid in the following
            order of priority:

                        (A)   on any Payment Date (so long as the maturity of
                  the Notes has not been accelerated pursuant to Section 5.2),
                  to each Class of the Notes, sequentially, so that no principal
                  will be paid on any Class of Notes until each Class of Notes
                  with a lower numerical designation shall have been paid in
                  full (i.e., until the principal on the Class A-1 Notes shall
                  have been paid in full, no principal will be paid on the Class
                  A-2 Notes, the Class A-3 Notes or the Class A-4 Notes; then
                  until the principal on the Class A-2 Notes shall have been
                  paid in full, no principal will be paid on the Class A-3 Notes
                  or the Class A-4 Notes; then until the principal on the Class
                  A-3 Notes shall have been paid in full, no principal will be
                  paid on the Class A-4 Notes) until all Classes of the Notes
                  have been paid in full; and

                        (B)   on any Payment Date after the maturity of the
                  Notes has been accelerated pursuant to Section 5.2 following
                  an Indenture Default, first, to the Class A-1 Noteholders
                  (until the Class A-1 Notes have been paid in full) and
                  thereafter, to each other Class of the Noteholders pro rata
                  (based on the Outstanding Note Amount of each Class on such
                  Payment Date), until all Class of the Notes have been paid in
                  full;

                  (vi)  to the Reserve Account, until the amount of funds in the
            Reserve Account is equal to the Specified Reserve Account Balance;

                  (vii) to the Swap Counterparty, any Subordinated Swap
            Termination Payment for such Payment Date;

                  (viii) to the Indenture Trustee, the SUBI Trustee or the Owner
            Trustee, as applicable, all amounts due as compensation or indemnity
            payments (to the extent not previously paid) pursuant to the terms
            of this Indenture, the Origination Trust Agreement or the Trust
            Agreement; and

                  (ix)  any remaining funds shall be distributed to or at the
            direction of the Certificateholder.

            (b)   To the extent that Available Funds for any Payment Date are
insufficient to pay in full the amounts specified in clauses (i) through (v) of
Section 8.4(a) on any Payment Date (the "Available Funds Shortfall Amount"), the
Indenture Trustee shall withdraw funds on deposit in the Reserve Account in
accordance with the related Servicer Certificate and pursuant to the
instructions of the Servicer to make such payments. After giving effect to all
payments set

                                       39
<PAGE>

forth in the preceding sentence, funds shall also be withdrawn from the Reserve
Account in accordance with Section 8.4(c).

            (c)   If on any Payment Date, after giving effect to all deposits to
and withdrawals from the Reserve Account, the amount on deposit in the Reserve
Account exceeds the Specified Reserve Account Balance, the Indenture Trustee
shall distribute any such excess to or at the direction of the
Certificateholder. Upon any such distributions to the Certificateholder, the
Noteholders will have no further rights in, or claims to such amounts.

            (d)   On each Payment Date or Redemption Date, from the amounts
allocated therefor in accordance with Section 8.4(a), the Paying Agent shall
duly and punctually distribute payments of principal and interest on the Notes
due and payable by check mailed to the Person whose name appears as the
registered holder of a Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on the related Record Date, except that
with respect to Notes registered on the Record Date in the name of the nominee
of DTC (initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such checks shall be mailed to the Person entitled thereto at the
address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that the Note be submitted for notation of
payment. Any reduction in the principal amount of any Note (or any one or more
Predecessor Notes) affected by any payments made on any Payment Date or
Redemption Date shall be binding upon all future holders of any Note issued upon
the registration of transfer thereof or in exchange hereof or in lieu hereof,
whether or not noted thereon. Amounts properly withheld under the Code by any
Person from payment to any Noteholder of interest or principal shall be
considered to have been paid by the Indenture Trustee to such Noteholder for
purposes of this Indenture. If funds are expected to be available pursuant to a
notice delivered to the Indenture Trustee for payment in full of the remaining
unpaid principal amount of the Notes on a Payment Date or Redemption Date, then
the Indenture Trustee, in the name of and on behalf of the Issuer, will notify
each Person who was the registered holder of a Note as of the Record Date
preceding the most recent Payment Date or Redemption Date by notice mailed
within 30 days (and not less than 15 days) of such Payment Date or Redemption
Date and the amount then due and payable shall be payable only upon presentation
and surrender of the Note at the Corporate Trust Office of the Indenture Trustee
or at the office of the Indenture Trustee's agent appointed for such purposes
located in The City of New York.

            (e)   On each Payment Date, the Indenture Trustee shall send by
first class mail or other reasonable means (including, but not limited to, the
posting on the Indenture Trustee's website at www.sf.citidirect.com) an
unaudited report (which may be or may be based upon the Servicer Certificate
prepared by the Servicer) to each Person that was a Noteholder as of the close
of business on the related Record Date (which shall be Cede & Co. as shown on
the applicable Servicer Certificate as the nominee of DTC unless Definitive
Notes are issued under the limited circumstances described herein) and each
Rating Agency (via electronic delivery in accordance with Section 11.4) setting
forth the information provided in the Servicer's Certificate delivered in
accordance with Section 8.3 with respect to such Payment Date and the related
Collection Period. Note Owners may obtain copies of such reports upon a request
in writing to the Indenture Trustee at the Corporate Trust Office.

                                       40
<PAGE>

            (f)   None of the Noteholders, the Indenture Trustee, the Owner
Trustee, the Transferor, the Administrator or the Servicer shall be required to
refund any amounts properly distributed or paid to them in accordance with this
Indenture, regardless of whether there are sufficient funds on any subsequent
Payment Date to make in full distributions to the Noteholders.

      SECTION 8.5 GENERAL PROVISIONS REGARDING ACCOUNTS.

            (a)   All of the funds in the Reserve Account, the Collection
Account (if the Servicer is required to deposit collections in the Collection
Account within two Business Days of receipt) and the Swap Termination Payment
Account (if such account exists) shall be invested and reinvested by the
Indenture Trustee, until the Outstanding Note Amount has been reduced to zero,
at the direction of the Administrator, in Permitted Investments selected by the
Administrator which mature no later than the day before the Payment Date
succeeding the date of such investment. No such investment shall be sold prior
to maturity. Any investment earnings on the Reserve Account, Collection Account,
or Swap Termination Payment Account will be taxable to the Certificateholder
(or, if the Transferor is the Certificateholder and if the Transferor is
disregarded for tax purposes in the applicable jurisdictions, to VCI). Net
investment earnings on any Account shall be deposited in such Account. Funds on
deposit in the Swap Collateral Account shall be invested pursuant to the
Interest Rate Swap Transaction.

            (b)   Subject to Section 6.1(c), the Indenture Trustee shall not in
any way be held liable by reason of any insufficiency in any Account resulting
from any loss on any Permitted Investment included therein, except for losses
attributable to the Indenture Trustee's failure to make payments on any such
Permitted Investments issued by the Indenture Trustee in its commercial capacity
as principal obligor and not as trustee, in accordance with their terms.

            (c)   If (i) the Administrator shall have failed to give investment
directions for any funds on deposit in the Reserve Account, Collection Account
or Swap Termination Payment Account to the Indenture Trustee by [11:00 a.m.],
New York City time (or such other time as may be agreed by the Administrator and
the Indenture Trustee), on any Business Day or (ii) a Default or Indenture
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
(iii) if the Notes shall have been declared due and payable following an
Indenture Default and amounts collected or receivable from the Collateral 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 investments that are Permitted
Investments in accordance with standing instructions most recently given by the
Administrator.

      SECTION 8.6 RELEASE OF COLLATERAL.

            (a)   Subject to the payment of its fees and expenses under Section
6.7 and the satisfaction of the conditions set forth in Section 4.1, the
Indenture Trustee may, and when required by the provisions of this Indenture
shall, execute instruments to release property from the lien of this Indenture,
or convey the Indenture Trustee's interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture.
No party relying upon an instrument executed by the Indenture Trustee as
provided in this Article shall be

                                       41
<PAGE>

bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
monies.

            (b)   The Indenture Trustee shall, at such time as there are no
Notes Outstanding and all amounts due by the Issuer to the Swap Counterparty
under the Interest Rate Swap Transaction have been paid, release any remaining
portion of the Collateral that secured the Notes from the lien of this Indenture
and release to the Issuer or any other Person entitled thereto any funds then on
deposit in the Accounts. Such release shall include delivery to the Issuer or
its designee of the Transaction SUBI Certificate and release of the lien of this
Indenture and transfer of dominion and control over the Accounts to the Issuer
or its designee. The Indenture Trustee shall release property from the lien of
this Indenture pursuant to this Section only upon receipt of an Issuer Request.

      SECTION 8.7 INTEREST RATE SWAP TRANSACTION.

            (a)   The Issuer shall enter into the Initial Interest Rate Swap
Transaction with the Initial Swap Counterparty. Subject to the requirements of
this Section 8.7, the Issuer may from time to time enter into one or more
Replacement Interest Rate Swap Transactions in the event that any Initial
Interest Rate Swap Transaction is terminated due to any "Termination Event" or
"Event of Default" (each as defined in the Initial Interest Rate Swap
Transaction) prior to its scheduled expiration and in accordance with the terms
of the Initial Interest Rate Swap Transaction.

            (b)   On each Payment Date, the Indenture Trustee shall promptly
deposit into the Collection Account all Net Swap Receipts received by it under
the Interest Rate Swap Transaction.

            (c)   In the event of any early termination of the Interest Rate
Swap Transaction, (i) upon written notice of such early termination, the
Indenture Trustee shall establish the Swap Termination Payment Account, which
shall be an Eligible Account, (ii) any Swap Termination Payments received from
the Swap Counterparty will be remitted to the Swap Termination Payment Account
and (iii) any Swap Replacement Proceeds received from a Replacement Swap
Counterparty will be remitted directly to the Swap Counterparty; provided, that
any such remittance to the Swap Counterparty shall not exceed the amounts, if
any, owed to the Swap Counterparty under the Interest Rate Swap Transaction.
Notwithstanding the foregoing, if any Swap Termination Payments due from such
Swap Counterparty to the Issuer have not been paid in full, any Swap Replacement
Proceeds otherwise payable to the Swap Counterparty shall be remitted to the
Swap Termination Payment Account to the extent of the deficiency. To the extent
not fully paid from Swap Replacement Proceeds, any Swap Termination Payment owed
by the Issuer to such Swap Counterparty under such Interest Rate Swap
Transaction shall be payable to such Swap Counterparty in installments made on
each following Payment Date until paid in full in accordance with the order of
priority specified in Section 8.4(a) of the Indenture. To the extent that the
Swap Replacement Proceeds exceed any such Swap Termination Payments (or if there
are no Swap Termination Payments due to such Swap Counterparty), the Swap
Replacement Proceeds in excess of such Swap Termination Payments, if any, shall
be included in Available Funds and allocated in accordance with the order of
priority specified in Section 8.4(a) of the Indenture on the following Payment
Date.

                                       42
<PAGE>

            (d)   The Issuer shall promptly, following the early termination of
the Initial Interest Rate Swap Transaction due to an "Event of Default" or
"Termination Event" (each as defined in the Initial Interest Rate Swap
Transaction) and in accordance with the terms of the Interest Rate Swap
Transaction, enter into a Replacement Interest Rate Swap Transaction to the
extent possible and practicable through application of funds available in the
Swap Termination Payment Account unless entering into such Replacement Interest
Rate Swap Agreement will cause the Rating Agency Condition not to be satisfied.

            (e)   To the extent that (i) the funds available in the Swap
Termination Payment Account exceed the costs of entering into a Replacement
Interest Rate Swap Transaction or (ii) the Issuer determines not to replace the
Initial Interest Rate Swap Agreement, the amounts in the Swap Termination
Payment Account (other than funds used to pay the costs of entering into a
Replacement Interest Rate Swap Transaction, if applicable) shall be included in
Available Funds and allocated in accordance with the order of priority specified
in Section 8.4(a) on the following Payment Date. The Issuer shall give notice to
the Rating Agencies of any determination not to replace the Initial Interest
Rate Swap Agreement pursuant to the foregoing sentence. In any other situation,
amounts on deposit in the Swap Termination Payment Account at any time shall be
invested pursuant to Section 8.5 and on each Payment Date after the creation of
a Swap Termination Payment Account, the funds therein shall be used to cover any
shortfalls in the amounts payable under clauses (i) through (v) under Section
8.4(a) of the Indenture, provided that in no event will the amount withdrawn
from the Swap Termination Payment Account exceed the amount of Net Swap Receipts
that would have been required to be paid by the Swap Counterparty under the
terminated Interest Rate Swap Transaction had there been no termination of such
transaction. Any amounts remaining in the Swap Termination Payment Account after
payment in full of the Notes shall be included in Available Funds and allocated
in accordance with the order of priority specified in Section 8.4(a) of the
Indenture on the following Payment Date.

            (f)   If the Swap Counterparty is required to post collateral under
the terms of the Interest Rate Swap Transaction, upon written notice of such
requirement, the Indenture Trustee shall establish the Swap Collateral Account
over which the Indenture Trustee shall have exclusive control and the sole right
of withdrawal, and in which no Person other than the Indenture Trustee and the
Indenture Secured Parties shall have any legal or beneficial interest. The
Indenture Trustee shall deposit all collateral received from the Swap
Counterparty into the Swap Collateral Account. Any and all funds at any time on
deposit in, or otherwise to the credit of, the Swap Collateral Account shall be
held in trust by the Indenture Trustee for the benefit of the Indenture Secured
Parties. The only permitted withdrawal from or application of funds on deposit
in, or otherwise to the credit of, the Swap Collateral Account shall be (i) for
application to obligations of the Swap Counterparty to the Issuer under the
Interest Rate Swap Transaction in accordance with the terms of such Interest
Rate Swap Transaction or (ii) to return collateral to the Swap Counterparty when
and as required by the Interest Rate Swap Transaction.

            (g)   If at the time any Interest Rate Swap Transaction becomes
subject to early termination due to the occurrence of an "event of default" or
"termination event" (as defined in the Interest Rate Swap Transaction), the
Issuer and the Indenture Trustee shall use reasonable efforts (following the
expiration of any applicable grace period) to enforce the rights of the Issuer
thereunder as may be permitted by the terms of the Interest Rate Swap
Transaction.

                                       43
<PAGE>

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

      SECTION 9.1 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS.

            (a)   Except as provided in Section 9.2, without the consent of the
Noteholders, the Swap Counterparty or any other Person, the Issuer and the
Indenture Trustee (when so directed by an Issuer Request), may enter into one or
more indentures supplemental hereto for the purpose of adding any provisions to,
or changing in any manner or eliminating any of the provisions of, this
Indenture or for the purpose of modifying in any manner the rights of the
Noteholders under this Indenture; provided that (i) any supplement that
materially and adversely affects the interests of the Noteholders shall require
the consent of Noteholders evidencing not less than a majority of the aggregate
outstanding principal amount of the Outstanding Notes, voting as a single class,
and (ii) any supplement that materially and adversely affects the interests of
the Swap Counterparty, the Indenture Trustee, the Owner Trustee, the Servicer,
the Certificateholders or the Administrator shall require the prior written
consent of the Persons whose interests are materially and adversely affected;
provided further, that such action shall not, as evidenced by an Opinion of
Counsel delivered to the Indenture Trustee, (A) affect the treatment of the
Notes as debt for federal income tax purposes, (B) be deemed to cause a taxable
exchange of the Notes for federal income tax purposes or (C) cause the Issuer,
the Transferor or the Origination Trust to be classified as an association (or a
publicly traded partnership) taxable as a corporation for federal income tax
purposes. A supplement shall be deemed not to materially and adversely affect
the interests of the Noteholders if the Rating Agency Condition is satisfied
with respect to such supplement. The consent of the Swap Counterparty, the
Servicer, the Certificateholders or the Administrator shall be deemed to have
been given if the Servicer does not receive a written objection from such Person
within 10 Business Days after a written request for such consent shall have been
given.

            (b)   It shall not be necessary for the consent of any Person
pursuant to this Section for such Person to approve the particular form of any
proposed supplement, but it shall be sufficient if such Person consents to the
substance thereof.

            (c)   Notwithstanding anything herein to the contrary, any term or
provision of this Indenture may be amended by the Issuer and the Indenture
Trustee (when so directed by an Issuer Request) without the consent of any of
the Noteholders or any other Person to add, modify or eliminate any provisions
as may be necessary or advisable in order to comply with or obtain more
favorable treatment under or with respect to any law or regulation or any
accounting rule or principle (whether now or in the future in effect); it being
a condition to any such amendment that the Rating Agency Condition shall have
been satisfied.

            (d)   Prior to the execution of any supplemental indenture, the
Initial Beneficiary shall provide each Rating Agency with written notice of the
substance of such supplement. No later than 10 Business Days after the execution
of any supplemental indenture, the Issuer shall furnish a copy of such
supplement to each Rating Agency, the Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee and the Swap Counterparty.

                                       44
<PAGE>

            (e)   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 as may be therein contained.

            (f)   Promptly after the execution by the Issuer and the Indenture
Trustee of any supplemental indenture pursuant to this Section or Section 9.2,
the Indenture Trustee shall mail to the Noteholders to which such amendment or
supplemental indenture relates a notice (to be provided by the Issuer) 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 9.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS.

      With the consent of Noteholders holding not less than a majority of the
Outstanding Note Amount, the Issuer and the Indenture Trustee, when directed by
an Issuer Request, may enter into one or more indentures supplemental hereto for
the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or for the purpose of
modifying in any manner the rights of the Noteholders under this Indenture;
provided that no such supplemental indenture shall, without the consent of the
Noteholder of each Outstanding Note affected thereby and prior notice to the
Rating Agencies:

            (a)   reduce the interest rate or principal amount of any Note, or
delay the Final Scheduled Payment Date of any Note without the consent of the
Holder of such Note;

            (b)   reduce the percentage of the Outstanding Note Amount, the
consent of the Noteholders of which is required for any such supplemental
indenture or the Consent of the Noteholders of which is required for any waiver
of compliance with portions of this Indenture or Indenture Defaults hereunder
and the consequences provided for in this Indenture;

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

            (d)   reduce the percentage of the Outstanding Note Amount required
to direct the Indenture Trustee to direct the Issuer to sell the Trust Estate
pursuant to Section 5.4, if the proceeds of such sale would be insufficient to
pay the Outstanding Note Amount plus accrued but unpaid interest on the Notes;

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

            (f)   impair the right to institute suit for the enforcement of
payment as provided in Section 5.7.

      Any such supplemental indenture shall be executed only upon delivery of an
Opinion of Counsel delivered to the Indenture Trustee to the effect that such
action shall not (A) affect the treatment of the Notes as debt for federal
income tax purposes, (B) be deemed to cause a taxable

                                       45
<PAGE>

exchange of the Notes for federal income tax purposes or (C) cause the Issuer,
the Transferor or the Origination Trust to be classified as an association (or a
publicly traded partnership) taxable as a corporation for federal income tax
purposes.

      SECTION 9.3 EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article 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 indemnities 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 shall be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations of
rights, obligations, duties, liabilities and immunities under this Indenture of
the Indenture Trustee, the Issuer and the Noteholders shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and shall be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

      SECTION 9.5 REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and if required by the Indenture Trustee shall,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Issuer or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuer, to any such supplemental indenture may
be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes.

                                   ARTICLE X

                               REDEMPTION OF NOTES

      SECTION 10.1 REDEMPTION.

            (a)   Pursuant to Section 9.4 of the Trust Agreement, the Transferor
shall be permitted at its option to purchase the interest in the Transaction
SUBI evidenced by the Transaction SUBI Certificate from the Issuer on any
Payment Date if the Outstanding Note Balance is less than or equal to 10% of the
Initial Note Balance. The purchase price for the Transaction SUBI Certificate
shall equal the Optional Purchase Price, which amount shall be deposited by the
Transferor into the Collection Account on the Redemption Date. In connection
with an Optional Purchase, the Notes shall be redeemed on the Redemption Date in
whole, but not in part, for the Redemption Price.

                                       46
<PAGE>

            (b)   If the Transferor exercises the Optional Purchase, on the
Redemption Date, prior to [1:00 p.m.], New York City time, the Paying Agent
shall transfer the Optional Purchase Price from the Collection Account to the
Noteholders as the Redemption Price.

            (c)   If on any Payment Date the amount on deposit in the Reserve
Account, after giving effect to withdrawals therefrom and deposits thereto in
respect of that Payment Date, is greater than or equal to the balance of the
Notes then outstanding, then such amount will be used to redeem the then
Outstanding Notes. On such Payment Date, (i) the Indenture Trustee shall
transfer all amounts on deposit in the Reserve Account to the Collection
Account, (ii) the Paying Agent shall transfer an amount equal to the Outstanding
Note Amount to the Noteholders as the Redemption Price, and (iii) the
Outstanding Notes shall be redeemed in whole, but not in part, on such Payment
Date.

            (d)   If the Notes are to be redeemed pursuant to Sections 10.1(a)
and 10.1(b) or Section 10.1(c), the Administrator or the Issuer shall provide at
least 30 days' prior notice of the redemption of the Notes to the Indenture
Trustee and the Issuer, and the Indenture Trustee shall provide prompt (but not
later than 10 days prior to the applicable Redemption Date) notice thereof to
the Noteholders and the Swap Counterparty.

      SECTION 10.2 FORM OF REDEMPTION NOTICE. Notice of redemption under Section
10.1 shall be given by the Indenture Trustee by first-class mail, postage
prepaid, mailed to each Holder of Notes as of the close of business on the
Record Date preceding the applicable Redemption Date at such holder's address
appearing in the Note Register. In addition, the Administrator shall notify each
Rating Agency upon the redemption of the Notes, pursuant to the Administration
Agreement.

      All notices of redemption shall state:

            (a)   the Redemption Date;

            (b)   the Redemption Price;

            (c)   the place where the Notes to be redeemed 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

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

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

      SECTION 10.3 NOTES PAYABLE ON REDEMPTION DATE. The Notes to be redeemed
shall, following notice of redemption as required by Section 10.2, become due
and payable on the Redemption Date at the Redemption Price and (unless the
Issuer shall default in the payment of

                                       47
<PAGE>

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.

            (a)   Upon any application or request by the Issuer to the Indenture
Trustee to take any action under any provision of this Indenture, the Indenture
Trustee and each Rating Agency shall be entitled to receive (i) an Officer's
Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with, (ii) an
Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with, and (iii) in the case of
conditions precedent compliance with which is subject to verification by
accountants, a certificate or opinion of an accountant that satisfies TIA
Section 314(c)(3).

      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 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)   In addition to any obligation imposed in Section 11.1(a) or
elsewhere in this Indenture:

                  (i)   Prior to the deposit of any Collateral or other property
            or securities with the Indenture Trustee that is to be made the
            basis for the release of any property or securities subject to the
            lien of this Indenture, the Issuer shall furnish to the Indenture
            Trustee an Officer's Certificate certifying or stating the opinion
            of each Person signing such certificate as to the fair value (within
            90 days of such deposit) to the Issuer of the Collateral or other
            property or securities to be so deposited.

                                       48
<PAGE>

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

                  (iii) Other than with respect to any release described in
            clause (A) or (B) of Section 11.1(b)(v), whenever any property or
            securities are to be released from the lien of this Indenture, the
            Issuer shall also furnish to the Indenture Trustee an Officer's
            Certificate certifying or stating the opinion of each Person signing
            such certificate as to the fair value (within 90 days of such
            release) of the property or securities proposed to be released and
            stating that in the opinion of such Person, the proposed release
            will not impair the security under this Indenture in contravention
            of the provisions hereof.

                  (iv)  Whenever the Issuer is required to furnish to the
            Indenture Trustee an Officer's Certificate certifying or stating the
            opinion of any signer thereof as to the matters described in clause
            (iii) above, the Issuer shall also furnish to the Indenture Trustee
            an Independent Certificate as to the same matters, if the fair value
            of the property or securities and of all other property, or
            securities (other than property described in clauses (A) or (B) of
            Section 11.1(b)(v)) released from the lien of this indenture since
            the commencement of the then current calendar year, as set forth in
            the Officer's Certificates required by clause (iii) above and this
            clause, equals 10% or more of the Outstanding Note Amount, but such
            officer's 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 Outstanding Note Amount.

                  (v)   Notwithstanding Section 2.8 or any other provision of
            this Section, the Issuer may (A) collect, liquidate, sell or
            otherwise dispose of the Collateral as and to the extent permitted
            or required by the Transaction Documents and (B) make cash payments
            out of the Accounts as and to the extent permitted or required by
            the Transaction 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

                                       49
<PAGE>

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 may be based, insofar
as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel. 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
Administrator, the Transferor or the Issuer, stating that the information with
respect to such factual matters is in the possession of the Administrator, the
Transferor or the Issuer.

      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 terms 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 manner that the Indenture Trustee
deems sufficient.

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

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

                                       50
<PAGE>

      SECTION 11.4 NOTICES. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier
service, or by telecopier, and addressed in each case as follows: (i) if to the
Issuer, at the Corporate Trust Office of the Owner Trustee, with a copy to the
Administrator, at 3800 Hamlin Road, Auburn Hills, Michigan 48326 (telecopier no.
(248) 754-4581), Attention: General Counsel, with a copy to the Indenture
Trustee; (ii) if to the Indenture Trustee, to Citibank, N.A., 111 Wall Street,
14th Floor, Zone 3, New York, New York 10005 (telecopier no. (212) 657- 4009),
Attention: Citibank Agency & Trust, Structured Finance Group; (iii) if to
Moody's, via electronic delivery for all relevant monthly information (including
the reports required by Section 8.4(e)) to ServicerReports@Moodys.com or, to
Moody's Investors Service, Inc., 99 Church Street, New York, New York 10007
(telecopier no. (212) 298-7139), Attention: ABS Monitoring Department-4th Floor;
(iv) if to S&P, via electronic delivery to Servcer_reprots@sandp.com; and for
any information not available in electronic format, to Standard & Poor's Ratings
Services, 55 Water Street, New York, New York 10041-0003 (telecopier no. (212)
438-2664), Attention: Asset Backed Surveillance Group; (v) if to the Swap
Counterparty, to the address specified in the Interest Rate Swap Transaction; or
(vi) at such other address as shall be designated by any of the foregoing in a
written notice to the other parties hereto. Delivery shall occur only upon
receipt or reported tender of such communication by an officer of the recipient
entitled to receive such notices located at the address of such recipient for
notices hereunder.

      SECTION 11.5 NOTICES TO NOTEHOLDERS AND SWAP COUNTERPARTY; 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 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 or the Swap Counterparty 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 of 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 each Rating Agency, failure to
give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute an Indenture Default.

      SECTION 11.6 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.

                                       51
<PAGE>

      SECTION 11.7 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 11.8 SEVERABILITY. In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

      SECTION 11.9 BENEFITS OF INDENTURE. Nothing in this Indenture or in the
Notes, expressed or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, the Noteholders (and, with respect to
Sections 8.3 and 8.4, the Certificateholders), the Swap Counterparty, any other
party secured hereunder and any other Person with an ownership interest in any
part of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

      SECTION 11.10 LEGAL HOLIDAYS. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

      SECTION 11.11 GOVERNING LAW. THIS INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW
YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

      SECTION 11.12 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 11.13 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 accompanied by an Opinion of 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 11.14 TRUST OBLIGATION; NO RECOURSE. Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under this Indenture or any certificate
or other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee, the Transaction SUBI Trustee or the Owner Trustee in their
respective individual capacities, (ii) any Certificateholder or any other owner
of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or
the Origination Trust or (iv) any partner, owner,

                                       52
<PAGE>

beneficiary, agent, officer, director, employee, successor or assign of any
Person described in clauses (i), (ii) and (iii) above, except as any such Person
may have expressly agreed (it being understood that the Indenture Trustee, the
SUBI 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.

      SECTION 11.15 NO PETITION. With respect to each Bankruptcy Remote Party,
each of the Indenture Trustee, by entering into this Indenture, and each
Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner,
a beneficial interest in a Note, hereby covenants and agrees that prior to the
date which is one year and one day after payment in full of all obligations
under each Financing (i) no party hereto shall authorize such Bankruptcy Remote
Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of any party hereto or any other creditor of
such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence
or join with any other Person in commencing any proceeding against such
Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or
insolvency law or statute now or hereafter in effect in any jurisdiction.

      SECTION 11.16 LIMITATION OF LIABILITY OF OWNER TRUSTEE. Notwithstanding
anything contained herein to the contrary, this instrument has been
countersigned by The Bank of New York (Delaware) not in its individual capacity
but solely in its capacity as Owner Trustee of the Issuer and in no event shall
The Bank of New York (Delaware) in its individual capacity or any beneficial
owner of the Issuer have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder, as to all of
which recourse shall be had solely to the assets of the Issuer.

      SECTION 11.17 TIA INCORPORATION AND CONFLICTS. 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. 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 TIA, such required provision shall
control.

      SECTION 11.18 INTENT.

            (a)   It is the intent of the Issuer that the Notes constitute
indebtedness for all financial accounting purposes and the Issuer agrees and
each purchaser of a Note (by virtue of the acquisition of such Note or an
interest therein) shall be deemed to have agreed, to treat the Notes as
indebtedness for all financial accounting purposes.

                                       53
<PAGE>

            (b)   It is the intent of the Issuer that the Notes constitute
indebtedness of the Issuer for all tax purposes and the Issuer agrees and each
purchaser of a Note (by virtue of the acquisition of such Note or an interest
therein) shall be deemed to have agreed to treat the Notes as indebtedness for
all tax purposes.

      SECTION 11.19 EACH SUBI SEPARATE; ASSIGNEES OF SUBI. Each of the Indenture
Trustee, by entering into this Indenture, and each Noteholder or Note Owner, by
accepting a Note, or, in the case of a Note Owner, a beneficial interest in a
Note, hereby covenants and agrees that (a) the Transaction SUBI is a separate
series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38
of Title 12 of the Delaware Code, 12 Del.Code Section 3801 et seq., (b)(i) the
debts, liabilities, obligations and expenses incurred, contracted for or
otherwise existing with respect to the Transaction SUBI and the Transaction SUBI
Portfolio shall be enforceable against the Transaction SUBI Portfolio only, and
not against any Other SUBI Assets or the UTI Portfolio and (ii) the debts,
liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or
the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the
UTI Portfolio only, as applicable, and not against the Transaction SUBI or any
Other SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI
Assets with respect to any SUBI (other than the Transaction SUBI) shall not be
subject to the claims, debts, liabilities, expenses or obligations arising from
or with respect to the Transaction SUBI in respect of such claim, (d)(i) no
creditor or holder of a claim relating to the Transaction SUBI or the
Transaction SUBI Portfolio shall be entitled to maintain any action against or
recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI
or the assets allocated thereto, and (ii) no creditor or holder of a claim
relating to the UTI, the UTI Portfolio or any SUBI other than the Transaction
SUBI or any SUBI Assets other than the Transaction SUBI Portfolio shall be
entitled to maintain any action against or recover any assets allocated to the
Transaction SUBI, and (e) any purchaser, assignee or pledgee of an interest in
the Transaction SUBI or the Transaction SUBI Certificate must, prior to or
contemporaneously with the grant of any such assignment, pledge or security
interest, (i) give to the Origination Trust a non-petition covenant
substantially similar to that set forth in Section 6.9 of the Origination Trust
Agreement, and (ii) execute an agreement for the benefit of each holder,
assignee or pledgee from time to time of the UTI or UTI Certificate and any
Other SUBI or Other SUBI Certificate, to release all claims to the assets of the
Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio
and in the event that such release is not given effect, to fully subordinate all
claims it may be deemed to have against the assets of the Origination Trust
allocated to the UTI Portfolio and each Other SUBI Portfolio.

      SECTION 11.20 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. Each of
the parties hereto hereby irrevocably and unconditionally:

            (a)   submits for itself and its property in any legal action or
proceeding relating to this Indenture or any documents executed and delivered in
connection herewith, or for recognition and enforcement of any judgment in
respect thereof, to the nonexclusive general jurisdiction of the courts of the
State of New York, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof;

            (b)   consents that any such action or proceeding may be brought in
such courts and waives any objection that it may now or hereafter have to the
venue of such action or

                                       54
<PAGE>

proceeding in any such court or that such action or proceeding was brought in an
inconvenient court and agrees not to plead or claim the same;

            (c)   agrees that service of process in any such action or
proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to such
Person at its address determined in accordance with Section 11.4 of this
Indenture;

            (d)   agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law or shall limit the right
to sue in any other jurisdiction; and

            (e)   to the extent permitted by applicable law, waives all right of
trial by jury in any action, proceeding or counterclaim based on, or arising out
of, under or in connection with this Indenture, any other Transaction Document,
or any matter arising hereunder or thereunder.

      SECTION 11.21 SUBORDINATION OF CLAIMS. Each Noteholder or Note Owner, by
accepting a Note, or, in the case of a Note Owner, a beneficial interest in a
Note, hereby covenants and agrees that, to the extent such Person is deemed to
have any interest in any assets of the Transferor, or a securitization vehicle
(other than the Issuer) related to the Transferor, dedicated to other debt
obligations of the Transferor or debt obligations of any other securitization
vehicle (other than the Issuer) related to the Transferor, such Person's
interest in those assets is subordinate to claims or rights of such other
debtholders to those other assets. Furthermore, each Noteholder or Note Owner,
by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a
Note, hereby covenants and agrees that such agreement constitutes a
subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

      SECTION 11.22 LIMITATION OF RIGHTS. All of the rights of the Swap
Counterparty in, to and under this Indenture (including, but not limited to, all
of the Swap Counterparty's rights as a secured party hereunder and as a
beneficiary of this Indenture, and all of the Swap Counterparty's rights to
receive notice of any action hereunder or to give or withhold consent to any
supplemental indenture) shall terminate upon the termination of the Interest
Rate Swap Transaction and the payment in full of all amounts owing to the Swap
Counterparty under the Interest Rate Swap Transaction.

      SECTION 11.23 INFORMATION REQUESTS. The parties hereto shall provide any
information reasonably requested by the Servicer, the Issuer, the Transferor or
any of their Affiliates, at the expense of the Servicer, the Issuer, the
Transferor or any of their Affiliates, as applicable, in order to comply with
or obtain more favorable treatment under any current or future law, rule,
regulation, accounting rule or principle.

                           [Signature Page to Follow]

                                       55
<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.

                                VOLKSWAGEN AUTO LEASE TRUST 2004-A, as Issuer

                                By: The Bank of New York (Delaware),
                                    not in its individual capacity but solely as
                                    Owner Trustee

                                    By:_________________________________________
                                          Name:_________________________________
                                          Title:________________________________

                                CITIBANK, N.A., as Indenture Trustee

                             By:_____________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                                                       Indenture

                                       S-1
<PAGE>

                                   SCHEDULE I

              PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

      In addition to the representations, warranties and covenants contained in
this Indenture, the Issuer hereby represents, warrants, and covenants to the
Indenture Trustee as follows on the Closing Date:

1.    The Indenture creates a valid and continuing security interest (as defined
in the applicable UCC) in the Collateral in favor of the Indenture Trustee,
which security interest is prior to all other Adverse Claims and is enforceable
as such as against creditors of and purchasers from the Issuer.

2.    The Transaction SUBI Certificate constitutes a "general intangible,"
"instrument," "certificated security," or "tangible chattel paper," within the
meaning of the applicable UCC. The Accounts and all subaccounts thereof,
constitute either deposit accounts or securities accounts.

3.    All of the Collateral that constitutes securities entitlements has been or
will have been credited to one of the Accounts. The securities intermediary for
each Account has agreed to treat all assets credited to the Accounts as
"financial assets" within the meaning of the applicable UCC.

4.    The Issuer owns and has good and marketable title to the Collateral free
and clear of any Adverse Claims, claim or encumbrance of any Person, excepting
only liens for taxes, assessments or similar governmental charges or levies
incurred in the ordinary course of business that are not yet due and payable or
as to which any applicable grace period shall not have expired, or that are
being contested in good faith by proper proceedings and for which adequate
reserves have been established, but only so long as foreclosure with respect to
such a lien is not imminent and the use and value of the property to which the
Adverse Claim attaches is not impaired during the pendency of such proceeding.

5.    The Issuer has received all consents and approvals to the grant of the
security interest in the Collateral hereunder to the Indenture Trustee required
by the terms of the Collateral that constitutes instruments or payment
intangibles.

6.    The Issuer has received all consents and approvals required by the terms
of the Collateral that constitutes securities entitlements, certificated
securities or uncertificated securities to the transfer to the Indenture Trustee
of its interest and rights in the Collateral hereunder.

7.    The Issuer has caused or will have caused, within ten days after the
effective date of the Indenture, the filing of all appropriate financing
statements in the proper filing office in the appropriate jurisdictions under
applicable law in order to perfect the security interest in the Collateral
granted to the Indenture Trustee hereunder.

                                                                       Indenture

                                      I-1
<PAGE>

8.    With respect to Collateral that constitutes an instrument or tangible
chattel paper, either:

      (i) All original executed copies of each such instrument or tangible
      chattel paper have been delivered to the Indenture Trustee; or

      (ii) Such instruments or tangible chattel paper are in the possession of a
      custodian and the Indenture Trustee has received a written acknowledgment
      from such custodian that such custodian is holding such instruments or
      tangible chattel paper solely on behalf and for the benefit of the
      Indenture Trustee; or

      (iii) A custodian received possession of such instruments or tangible
      chattel paper after the Indenture Trustee received a written
      acknowledgment from such custodian that such custodian is acting solely as
      agent of the Indenture Trustee;

9.    With respect to the Accounts and all subaccounts thereof that constitute
deposit accounts, either:

      (i) The Issuer has delivered to the Indenture Trustee a fully executed
      agreement pursuant to which the bank maintaining the deposit accounts has
      agreed to comply with all instructions originated by the Indenture Trustee
      directing disposition of the funds in the Accounts without further consent
      by the Issuer; or

      (ii) The Issuer has taken all steps necessary to cause the Indenture
      Trustee to become the account holder of the Accounts.

10.   With respect to Collateral or Accounts or subaccounts thereof that
constitute securities accounts or securities entitlements, either:

      (i) The Issuer has caused or will have caused, within ten days after the
      effective date of the Indenture, the filing of all appropriate financing
      statements in the proper filing office in the appropriate jurisdictions
      under applicable law in order to perfect the security interest granted in
      the Collateral to the Indenture Trustee; or

      (ii) The Issuer has delivered to the Indenture Trustee a fully executed
      agreement pursuant to which the securities intermediary has agreed to
      comply with all instructions originated by the Indenture Trustee relating
      to the Accounts without further consent by the Issuer; or

      (iii) The Issuer has taken all steps necessary to cause the securities
      intermediary to identify in its records the Indenture Trustee as the
      person having a security entitlement against the securities intermediary
      in the Accounts.

11.   With respect to Collateral that constitutes certificated securities (other
than securities entitlements), all original executed copies of each security
certificate that constitutes or evidences the Collateral have been delivered to
the Indenture Trustee, and each such security certificate either (i) is in
bearer form, (ii) has been indorsed by an effective indorsement to the Indenture
Trustee or in blank, or (iii) has been registered in the name of the Indenture
Trustee.

                                                                       Indenture

                                      I-2
<PAGE>

Other than the transfer of the Transaction SUBI and the Transaction SUBI
Certificate from VCI to the Transferor under the SUBI Sale Agreement, the
transfer of the Transaction SUBI and the Transaction SUBI Certificate from the
Transferor to the Issuer under the SUBI Transfer Agreement and the security
interest in the Collateral granted to the Indenture Trustee pursuant to the
Indenture, none of VCI, the Transferor or the Issuer has pledged, assigned,
sold, granted a security interest in, or otherwise conveyed any of the
Collateral or the Accounts or any subaccounts thereof. The Issuer has not
authorized the filing of, or is aware of any financing statements against the
Issuer that include a description of collateral covering the Collateral or the
Accounts or any subaccount thereof other than any financing statement relating
to the security interest granted to the Indenture Trustee hereunder or that has
been terminated.

12.   None of the instruments, certificated securities or tangible chattel paper
that constitute or evidence the Collateral has any marks or notations indicating
that they have been pledged, assigned or otherwise conveyed to any Person other
than the Indenture Trustee.

13.   Neither the Accounts nor any subaccounts thereof are in the name of any
person other than the Issuer or the Indenture Trustee. The Issuer has not
consented to the securities intermediary of any Account to comply with
entitlement orders of any person other than the Indenture Trustee.

                                                                       Indenture

                                      I-3
<PAGE>

                                    EXHIBIT A

                                  FORM OF NOTE

REGISTERED                                                  $___________________
No. R-_______                                               CUSIP NO. __________
                                                            ISIN NO. ___________

                       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), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

      THE PRINCIPAL OF THIS NOTE IS PAYABLE 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.

      TRANSFERS OF THE NOTES MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX
TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE
INDENTURE.

      THE HOLDER, BY ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO
TREAT THE NOTES AS DEBT SOLELY OF THE ISSUER FOR UNITED STATES FEDERAL, STATE
AND LOCAL INCOME AND FRANCHISE TAX PURPOSES.

                       VOLKSWAGEN AUTO LEASE TRUST 2004-A

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

      Volkswagen Auto Lease Trust 2004-A, a Delaware statutory trust (including
any permitted successors and assigns, the "Issuer"), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
_____________________ Dollars ($_____) in monthly installments on the 20th of
each month, or if such day is not a Business Day, on the immediately succeeding
Business Day, commencing on October 20, 2004 (each, a "Payment Date") until the
principal of this Note is paid or made available for payment, and to pay
interest on each Payment Date on the Class [A-1], [A-2], [A-3], [A-4-A], [A-4-B]
Note Balance as of the preceding Payment Date (after giving effect to all
payments of principal made

                                      A-1
<PAGE>

on the preceding Payment Date), or as of the Closing Date in the case of the
first Payment Date or if no interest has yet been paid, [at the rate per annum
shown above](1) [at a floating rate equal to one-month LIBOR/plus __%](2) (the
"Interest Rate"), in each case as and to the extent described below; provided,
however, that the entire Class [A-1], [A-2], [A-3], [A-4-A], [A-4-B] Note
Balance shall be due and payable on the earlier of __________, 200___ (the
"Final Scheduled Payment Date") and the Redemption Date, if any, pursuant to
Section 10.1 of the Indenture. Interest on this Note will accrue for each
Payment Date from and including the preceding Payment Date (or, in the case of
the initial Payment Date or if no interest has yet been paid, from and including
the Closing Date) to but excluding such Payment Date. Interest will be computed
on the basis of [actual days elapsed and a 360-day year](3) [a 360-day year of
twelve 30-day months](4). The Issuer shall pay interest on overdue installments
of interest at the Interest Rate to the extent lawful. 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 as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with
respect to this Note shall be applied first to interest due and payable on this
Note as provided above and then to the unpaid principal of this Note.

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

      Unless the certificate of authentication hereon has been executed by the
Indenture Trustee the name of which 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.

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

(1)   Insert for the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes
      and the Class A-4-A Notes.

(2)   Insert for the Class A-4-B Notes.

(3)   Insert for the Class A-1 Notes and the Class A-4-B Notes.

(4)   Insert for the Class A-2 Notes, the Class A-3 Notes and the Class A-4-A
      Notes.

                                      A-2
<PAGE>

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

      Dated: ____________, 2004

                                VOLKSWAGEN AUTO LEASE
                                TRUST 2004-A,

                                By: The Bank of New York (Delaware), not in
                                    its individual capacity but solely as Owner
                                    Trustee

                                    By__________________________________________
                                       Name:____________________________________
                                       Title:___________________________________

                                      A-3
<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

      Dated: ____________, 2004

                                                     CITIBANK, N.A.,

                                                     as Indenture Trustee

                                                     By:________________________
                                                         Name:__________________
                                                         Title:_________________

                                      A-4
<PAGE>

                                [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its "____% Asset Backed Notes, Class [A-1], [A-2], [A-3], [A-4-A],
[A-4-B]" (herein called the "Notes") issued under an Indenture, dated as of
September 29, 2004 (such indenture, as supplemented or amended, is herein
called the "Indenture"), between the Issuer and Citibank, N.A., 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 Noteholders.
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, the Class
A-4-A Notes and the Class A-4-B Notes are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture. However, to the extent provided in the Indenture, each Class will
receive principal payment sequentially so no principal payments shall be made in
respect of the Class A-2 Notes until the Class A-1 Notes have been paid in full,
no principal payments shall be made in respect of the Class A-3 Notes until the
Class A-2 Notes have been paid in full, and no principal payments shall be made
in respect of the Class A-4-A Notes and the Class A-4-B Notes until the Class
A-3 Notes have been paid in full.

      Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture. As described above, the entire unpaid
principal amount of this Note will be payable on the earlier of the Final
Scheduled Payment and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Notes shall be due and payable following
the occurrence and continuance of an Indenture Default, as described in the
Indenture. In such an event, principal payments on the Class A-1 Notes shall be
made first and principal payments on the remaining Classes of Notes shall be
made pro rata to the Noteholders entitled thereto.

      Payments of principal and interest on this Note due and payable on each
Payment Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of The Depository Trust Company (initially, such
nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Payment Date or Redemption Date shall be binding upon
all future holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the remaining unpaid principal amount of this Note on a
Payment Date or Redemption Date, then the Indenture Trustee, in the name of and
on behalf of the Issuer, will notify the Person who was the registered holder
hereof

                                      A-5
<PAGE>

as of the Record Date preceding such Payment Date or Redemption Date by notice
mailed within five days of such Payment Date or Redemption Date and the amount
then due and payable shall be payable only upon presentation and surrender of
this Note at the Corporate Trust Office of the Indenture Trustee or at the
office of the Indenture Trustee's agent appointed for such purposes located in
The City of New York.

      As provided in the Indenture, the Transferor will be permitted at its
option to purchase the interest in the Transaction SUBI evidenced by the
Transaction SUBI Certificate from the Issuer on any Payment Date if, either
before or after giving effect to any payment of principal required to be made on
such Payment Date, the Note Balance is less than or equal to 10% of the Initial
Note Balance. The purchase price for the Transaction SUBI Certificate shall
equal the Note Balance, together with accrued interest thereon up to but not
including the Redemption Date, plus all payments due to the Swap Counterparty
(the "Optional Purchase Price"), which amount shall be deposited by the
Transferor into the Collection Account on the Payment Date fixed for redemption.
In connection with an Optional Purchase, the Notes will be redeemed on such
Payment Date in whole, but not in part, for the Redemption Price.

      In addition, as provided in the Indenture, if on any Payment Date the
amount on deposit in the Reserve Account, after giving effect to withdrawals
therefrom and deposits thereto in respect of that Payment Date, is greater than
or equal to the balance of the Notes then outstanding, such amount will be used
to redeem the then Outstanding Notes.

      As provided in the Indenture and subject to 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. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

      Each Noteholder or Note Owner, by accepting a Note, or, in the case of a
Note Owner, a beneficial interest in a Note, covenants and agrees that, to the
extent such Person is deemed to have any interest in any assets of the
Transferor, or a securitization vehicle (other than the Issuer) related to the
Transferor, dedicated to other debt obligations of the Transferor or debt
obligations

                                      A-6
<PAGE>

of any other securitization vehicle (other than the Issuer) related to the
Transferor, such Person's interest in those assets is subordinate to claims or
rights of such other debtholders to those other assets. Furthermore, each
Noteholder or Note Owner, by accepting a Note, or, in the case of a Note Owner,
a beneficial interest in a Note, covenants and agrees that such agreement
constitutes a subordination agreement for purposes of Section 510(a) of the
Bankruptcy Code.

      It is the intent of the Issuer that the Notes constitute indebtedness for
all financial accounting and tax purposes and the Issuer agrees and each
purchaser of a Note (by virtue of the acquisition of such Note or an interest
therein) shall be deemed to have agreed, to treat the Notes as indebtedness for
all financial accounting and tax purposes.

      Each Noteholder or Note Owner by acceptance of a Note, or, in the case of
a Note Owner, a beneficial interest in a Note, will be deemed to have
represented that (a) such Noteholder or Note Owner is not, and will not acquire
the Note or beneficial interest therein on behalf or with the assets of, any
"employee benefit plan" as defined in Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), any "plan" as defined in
Section 4975(e)(1) of the Code, an entity whose underlying assets include "plan
assets" of any of the foregoing, or a governmental plan as defined in Section
3(32) of ERISA which is subject to applicable law that is substantially similar
to the fiduciary responsibility provisions of ERISA or Section 4975 of the Code
or (b) the acquisition and holding of the Note or beneficial interest therein
will not give rise to a nonexempt prohibited transaction under ERISA or Section
4975 of the Code (or, in the case of governmental plan, any substantially
similar law).

      The Notes represent obligations of the Issuer only and do not represent
interests in, recourse to or obligations of the Transferor, the UTI
Beneficiaries or any of their respective Affiliates.

      With respect to each Bankruptcy Remote Party, each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, hereby covenants and agrees that prior to the date which is
one year and one day after payment in full of all obligations under each
Financing (i) such Noteholder or Note Owner shall not authorize such Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of any party hereto or any other creditor of
such Bankruptcy Remote Party, and (ii) such Noteholder or Note Owner shall not
commence or join with any other Person in commencing any proceeding against such
Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or
insolvency law or statute now or hereafter in effect in any jurisdiction. Each
Noteholder or Note Owner agrees that, prior to the date which is one year and
one day after the payment in full of all obligations under each Financing, it
will not institute against, or join any other Person in instituting against, any
Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or similar proceeding under the laws of
the United States or any State of the United States.

                                      A-7
<PAGE>

      Prior to the due presentment for registration of transfer of this Note,
the Owner Trustee, the Indenture Trustee and any agent of the Owner Trustee or
the Indenture Trustee may treat the Person in whose name this Note (as of the
day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Owner Trustee, the Indenture Trustee nor
any such agent shall be affected by notice to the contrary.

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

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

      This Note shall governed by, and construed in accordance with, the
Internal SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE
RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

      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 (a) the
Transaction SUBI is a separate series of the Origination Trust as provided in
Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del.Code
Section 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing with respect to the Transaction
SUBI and the Transaction SUBI Portfolio shall be enforceable against the
Transaction SUBI Portfolio only, and not against any Other SUBI Assets or the
UTI Portfolio and (ii) the debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing with respect to any Other SUBI,
any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be enforceable
against such Other SUBI Portfolio or the UTI Portfolio only, as applicable, and
not against the Transaction SUBI or any Other SUBI Assets, (c) except to the
extent required by law, UTI Assets or SUBI Assets with respect to any SUBI
(other than the Transaction SUBI) shall not be subject to the claims, debts,
liabilities, expenses or obligations arising from or with respect to the
Transaction SUBI in respect of such claim, (d)(i) no creditor or holder of a
claim relating to the Transaction SUBI or the Transaction SUBI Portfolio shall
be entitled to maintain any action against or recover any assets allocated to
the UTI or the UTI Portfolio or any Other SUBI or the assets allocated thereto,
and (ii) no creditor or holder of a claim relating to the UTI, the UTI Portfolio

                                      A-8
<PAGE>

or any SUBI other than the Transaction SUBI or any SUBI Assets other than the
Transaction SUBI Portfolio shall be entitled to maintain any action against or
recover any assets allocated to the Transaction SUBI, and (e) any purchaser,
assignee or pledgee of an interest in the Transaction SUBI or the Transaction
SUBI Certificate, must, prior to or contemporaneously with the grant of any such
assignment, pledge or security interest, (i) give to the Origination Trust a
non-petition covenant substantially similar to that set forth in Section 6.9 of
the Origination Trust Agreement and (ii) execute an agreement for the benefit of
each holder, assignee or pledgee from time to time of the UTI or UTI Certificate
and any Other SUBI or Other SUBI Certificate, to release all claims to the
assets of the Origination Trust allocated to the UTI and each Other SUBI
Portfolio and in the event that such release is not given effect, to fully
subordinate all claims it may be deemed to have against the assets of the
Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio.

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

                                      A-9
<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) 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.

                                      A-10
<PAGE>

                                    EXHIBIT B

                          FORM OF DEPOSITORY AGREEMENT

                   [on file with Mayer, Brown, Rowe & Maw LLP]

                                      B-1
<PAGE>

                                   APPENDIX A

                                   DEFINITIONS

      The following terms have the meanings set forth, or referred to, below:

      "Accounts" means the Collection Account, the Reserve Account, the Swap
Termination Payment Account, if any, and the Swap Collateral Account, if any.

      "Accrued Class A-1 Note Interest" shall mean, with respect to any Payment
Date, the sum of the Class A-1 Noteholders' Monthly Accrued Interest for such
Payment Date and the Class A-1 Noteholders' Interest Carryover Shortfall.

      "Accrued Class A-2 Note Interest" shall mean, with respect to any Payment
Date, the sum of the Class A-2 Noteholders' Monthly Accrued Interest for such
Payment Date and the Class A-2 Noteholders' Interest Carryover Shortfall.

      "Accrued Class A-3 Note Interest" shall mean, with respect to any Payment
Date, the sum of the Class A-3 Noteholders' Monthly Accrued Interest for such
Payment Date and the Class A-3 Noteholders' Interest Carryover Shortfall.

      "Accrued Class A-4 Note Interest" shall mean, with respect to any Payment
Date, the sum of the Class A-4 Noteholders' Monthly Accrued Interest for such
Payment Date and the Class A-4 Noteholders' Interest Carryover Shortfall.

      "Accrued Note Interest" shall mean, with respect to any Payment Date, the
sum of the Accrued Class A-1 Note Interest, the Accrued Class A-2 Note Interest,
the Accrued Class A-3 Note Interest and the Accrued Class A-4 Note Interest.

      "Act" has the meaning set forth in Section 11.3(a) of the Indenture.

      "Administration Agreement" means the Administration Agreement, dated as of
the Closing Date, among the Administrator, the Issuer and the Indenture Trustee,
as the same may be amended and supplemented from time to time.

      "Administration Fee" means, with regard to the Administrator of the Issuer
under the Administration Agreement, for any Collection Period, an amount equal
to $5,000.

      "Administrative Trustee" means U.S. Bank, as Administrative Trustee under
the Origination Trust Agreement, and its successors.

      "Administrator" means VCI, or any successor Administrator for the Issuer
under the Administration Agreement.

      "Advance" has the meaning set forth in Section 7.8 of the Transaction SUBI
Servicing Supplement.

<PAGE>

      "Adverse Claim" means, for any asset or property of a Person, a lien,
security interest, mortgage, pledge or encumbrance in, of or on such asset or
property in favor of any other Person, except any Permitted Lien.

      "Affiliate" means, for any specified Person, any other Person which,
directly or indirectly, controls, is controlled by or is under common control
with such specified Person and "affiliated" has a meaning correlative to the
foregoing. For purposes of this definition, "control" means the power, directly
or indirectly, to cause the direction of the management and policies of a
Person.

      "Authenticating Agent" means any Person authorized by the Indenture
Trustee to act on behalf of the Indenture Trustee to authenticate and deliver
the Notes.

      "Authorized Newspaper" means a newspaper of general circulation in The
City of New York, printed in the English language and customarily published on
each Business Day, whether or not published on Saturdays, Sundays and holidays.

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

      "Available Funds" means, for any Payment Date and the related Collection
Period, an amount equal to the sum of the following amounts: (i) the Collections
received by the Servicer during such Collection Period, (ii) Advances made by
the Servicer on such Payment Date, (iii) any amounts paid with respect to such
Payment Date by VCI to the Issuer in accordance with Section 2.3 of the SUBI
Sale Agreement or by the Servicer to the Issuer in accordance with Section 7.12
of the Transaction SUBI Servicing Supplement, (iv) Net Swap Receipts, if any,
for such Payment Date (excluding Swap Termination Payments received from the
Swap Counterparty and deposited into the Swap Termination Payment Account), (v)
amounts on deposit in the Swap Termination Account, to the extent such amounts
are required to be included in Available Funds pursuant to Section 8.7(e) of the
Indenture, (vi) Swap Replacement Proceeds, to the extent such amounts are
required to be included in Available Funds pursuant to Section 8.7(c) of the
Indenture and (vii) all investment earnings (if any) on amounts on deposit in
the Collection Account for the related Collection Period.

                                       2
<PAGE>

      "Available Funds Shortfall Amount" has the meaning set forth in Section
8.4(c) of the Indenture.

      "Bankruptcy Event" means, for any Person, that such Person makes a general
assignment for the benefit of creditors or any proceeding is instituted by or
against such Person seeking to adjudicate it bankrupt or insolvent, or seeking
the liquidation, winding up, reorganization, arrangement, adjustment,
protection, relief or composition of it or its debts under any law relating to
bankruptcy, insolvency or reorganization or relief of debtors, or seeking the
entry of an order for relief or the appointment of a receiver, trustee or other
similar official for it or any substantial part of its property and, in the case
of any proceeding instituted against such Person, such proceeding remains
unstayed for more than 90 days.

      "Bankruptcy Remote Party" means any of the Transferor, the Issuer, the
Origination Trust or any Special Purpose Entity (and the general partner of any
Special Purpose Entity that is a partnership, or the managing member of any
Special Purpose Entity that is a limited liability company) that holds a
beneficial interest in the Origination Trust.

      "Base Residual Value" means, for each Leased Vehicle related to an
Included Unit, the lowest of (a) the MSRP ALG Residual of the related Vehicle,
(b) the Maximum Residualized MSRP ALG Residual of the related Vehicle and (c)
the Stated Residual Value of the related Vehicle.

      "Benefit Plan" means (i) any "employee benefit plan" whether or not
subject to ERISA, (ii) a "plan" described by Section 4975(e)(1) of the Code or
(iii) any entity deemed to hold the assets of any of the foregoing by reason of
an employee benefit plan's or other plan's investment in such entity.

      "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 2.9 of the Indenture.

      "Business Day" means any day other than a Saturday, a Sunday or a day on
which banking institutions in the states of Delaware, Illinois, Michigan, New
York or the principal place of business of the Swap Counterparty are authorized
or obligated by law, executive order or government decree to be closed.

      "Casualty" means, with respect to any Transaction Unit, that the Servicer
has actual knowledge that the Vehicle included in such Unit (a) shall have
suffered damage or destruction resulting in an insurance settlement on the basis
of an actual, constructive or compromised total loss, (b) shall have suffered
destruction or damage beyond repair, (c) shall have suffered damage that makes
repairs uneconomic or (d) shall have suffered destruction, damage, theft, loss
or disappearance that, in accordance with Customary Servicing Practices, results
in a termination of the related User Lease.

      "Certificate" means a certificate evidencing the beneficial interest of
the Certificateholder in the Issuer, substantially in the form of Exhibit A to
the Trust Agreement.

      "Certificateholder" means the registered holder of the Certificate.

                                       3
<PAGE>

      "Class" means a group of Notes whose form is identical except for
variation in denomination, principal amount or owner, and references to "each
Class" thus mean each of the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes, the Class A-4-A Notes and the Class A-4-B Notes.

      "Class A-1 Interest Rate" means [_____]% per annum (computed on the basis
of the actual number of days elapsed, but assuming a 360-day year of twelve
30-day months).

      "Class A-1 Note Balance" means, as of any date, the Initial Class A-1 Note
Balance reduced by all payments of principal made on or prior to such date on
the Class A-1 Notes.

      "Class A-1 Noteholders' Interest Carryover Shortfall" means, with respect
to any Payment Date, the excess of the Class A-1 Noteholders' Monthly Accrued
Interest for the preceding Payment Date and any outstanding Class A-1
Noteholders' Interest Carryover Shortfall on such preceding Payment Date, over
the amount in respect of interest that is actually paid to Holders of Class A-1
Notes on such preceding Payment Date, plus interest on the amount of interest
due but not paid to Holders of Class A-1 Notes on the preceding Payment Date, to
the extent permitted by law, at the Class A-1 Interest Rate for the related
Interest Period.

      "Class A-1 Noteholders' Monthly Accrued Interest" means, with respect to
any Payment Date, the aggregate interest accrued for the related Interest Period
on the Class A-1 Notes at the Class A-1 Interest Rate on the Class A-1 Note
Balance on the immediately preceding Payment Date or the Closing Date, as the
case may be, after giving effect to all payments of principal to the Holders of
the Class A-1 Notes on or prior to such preceding Payment Date.

      "Class A-1 Notes" means the Class of Auto Lease Asset Backed Notes
designated as Class A-1 Notes, issued in accordance with the Indenture.

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

      "Class A-2 Note Balance" means, as of any date, the Initial Class A-2 Note
Balance reduced by all payments of principal made on or prior to such date on
the Class A-2 Notes.

      "Class A-2 Noteholders' Interest Carryover Shortfall" means, with respect
to any Payment Date, the excess of the Class A-2 Noteholders' Monthly Accrued
Interest for the preceding Payment Date and any outstanding Class A-2
Noteholders' Interest Carryover Shortfall on such preceding Payment Date, over
the amount in respect of interest that is actually paid to Holders of the Class
A-2 Notes on such preceding Payment Date, plus interest on the amount of
interest due but not paid to Holders of the Class A-2 Notes on the preceding
Payment Date, to the extent permitted by law, at the Class A-2 Interest Rate for
the related Interest Period.

      "Class A-2 Noteholders' Monthly Accrued Interest" means, with respect to
any Payment Date, the sum of the aggregate interest accrued for the related
Interest Period on the Class A-2 Notes at the Class A-2 Interest Rate on the
Class A-2 Note Balance immediately preceding the Payment Date or the Closing
Date, as the case may be, after giving effect to all payments of principal to
the Holders of the Class A-2 Notes on or prior to such preceding Payment Date.

                                       4
<PAGE>

      "Class A-2 Notes" means the Class of Auto Lease Asset Backed Notes
designated as Class A-2 Notes, issued in accordance with the Indenture.

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

      "Class A-3 Note Balance" means, as of any date, the Initial Class A-3 Note
Balance reduced by all payments of principal made on or prior to such date on
the Class A-3 Notes.

      "Class A-3 Noteholders' Interest Carryover Shortfall" means, with respect
to any Payment Date, the excess of the Class A-3 Noteholders' Monthly Accrued
Interest for the preceding Payment Date and any outstanding Class A-3
Noteholders' Interest Carryover Shortfall on such preceding Payment Date, over
the amount in respect of interest that is actually paid to Holders of the Class
A-3 Notes on such preceding Payment Date, plus interest on the amount of
interest due but not paid to Holders of the Class A-3 Notes on the preceding
Payment Date, to the extent permitted by law, at the Class A-3 Interest Rate for
the Class A-3 Notes for the related Interest Period.

      "Class A-3 Noteholders' Monthly Accrued Interest" means, with respect to
any Payment Date, the sum of the aggregate interest accrued for the related
Interest Period on the Class A-3 Notes at the Class A-3 Interest Rate on the
Class A-3 Note Balance immediately preceding the Payment Date or the Closing
Date, as the case may be, after giving effect to all payments of principal to
the Noteholders of the Class A-3 Notes on or prior to such preceding Payment
Date.

      "Class A-3 Notes" means the Class of Auto Lease Asset Backed Notes
designated as Class A-3 Notes, issued in accordance with the Indenture.

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

      "Class A-4-A Note Balance" means, as of any date, the Initial Class A-4-A
Note Balance reduced by all payments of principal made on or prior to such date
on the Class A-4-A Notes.

      "Class A-4-A Notes" means the Class of Auto Lease Asset Backed Notes
designated as Class A-4-A Notes, issued in accordance with the Indenture.

      "Class A-4-B Interest Rate" means LIBOR + [____]% per annum (computed on
the basis of the actual number of days elapsed, but assuming a 360-day year of
twelve 30-day months).

      "Class A-4-B Note Balance" means, as of any date, the Initial Class A-4-B
Note Balance reduced by all payments of principal made on or prior to such date
on the Class A-4-B Notes.

      "Class A-4-B Notes" means the Class of Auto Lease Asset Backed Notes
designated as Class A-4-B Notes, issued in accordance with the Indenture.

      "Class A-4 Noteholders' Interest Carryover Shortfall" means, with respect
to any Payment Date, the excess of the Class A-4 Noteholders' Monthly Accrued
Interest for the preceding Payment Date and any outstanding Class A-4
Noteholders' Interest Carryover

                                       5
<PAGE>

Shortfall on such preceding Payment Date, over the amount in respect of interest
that is actually paid to Noteholders of the Class A-4 Notes on such preceding
Payment Date, plus interest on the amount of interest due but not paid to
Noteholders of the Class A-4 Notes on the preceding Payment Date, to the extent
permitted by law, at the Class A-4-A Interest Rate for the Class A-4-A Notes for
the related Interest Period and at the Class A-4-B Interest Rate for the Class
A-4-B Notes for the related Interest Period.

      "Class A-4 Noteholders' Monthly Accrued Interest" means, with respect to
any Payment Date, the sum of the aggregate interest accrued for the related
Interest Period on the Class A-4-A Notes at the Class A-4-A Interest Rate on the
Class A-4-A Note Balance and on the Class A-4-B Notes at the Class A-4-B
Interest Rate on the Class A-4-B Note Balance immediately preceding the Payment
Date or the Closing Date, as the case may be, after giving effect to all
payments of principal to the Noteholders of the Class A-4-A Notes and the Class
A-4-B Notes on or prior to such preceding Payment Date.

      "Class A-4 Notes" means the Class A-4-A Notes and the Class A-4-B Notes.

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

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

      "Closing Date" means September 29, 2004.

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

      "Collateral" has the meaning set forth in the Granting Clause of the
Indenture.

      "Collection Account" means the trust account designated as such
established and maintained pursuant to Section 8.2(b) of the Indenture.

      "Collection Period" means the period commencing on the first day of each
fiscal month and ending on the last day of such fiscal month (or, in the case of
the initial Collection Period, the period commencing on the close of business on
the Cut-Off Date and ending on September 25, 2004). As used herein, the
"related" Collection Period with respect to a Payment Date shall be deemed to be
the Collection Period which precedes such Payment Date.

      "Collections" means, with respect to any Collection Period, an amount
equal to the following, but only to the extent relating solely to the
Transaction SUBI Portfolio: (a) all monthly lease payments on any Lease, (b)
Sales Proceeds (it being understood that, with respect to Sales Proceeds, the
Servicer shall not be obligated to remit the actual Sales Proceeds but instead
such actual Sales Proceeds shall be held by the Qualified Intermediary or in a
Qualified Intermediary Account which shall not constitute Collateral) in respect
of any Leased Vehicle, (c) Excess Wear and Tear Charges, Excess Mileage Charges
and any other payments, receipts or Recoveries (including any residual value
insurance proceeds and other insurance proceeds) by or

                                       6
<PAGE>

on behalf of any Lessee or otherwise with respect to any Unit and (d) all
Pull-Ahead Amounts with respect to any Lease ; provided that the term
"Collections" shall not include (i) Supplemental Servicing Fees, (ii) payments
allocable to sales, use or other taxes (which shall be collected by the Servicer
and remitted to the applicable Governmental Authority or used to reimburse the
Servicer for payment of such amounts in accordance with Customary Servicing
Practices), (iii) payments allocable to premiums for force-placed insurance
policies purchased by the Servicer on behalf of any Lessee (which shall be
collected by the Servicer and remitted to the applicable insurance company (or
if such amounts were paid by the Servicer, to the Servicer) in accordance with
Customary Servicing Practices), (iv) payments allocable to fines for parking
violations incurred by any Lessee but assessed to the Origination Trust as the
owner of the related Vehicle (which shall be collected by the Servicer and
remitted to the applicable Governmental Authority (or if such amounts were paid
by the Servicer, to the Servicer) in accordance with Customary Servicing
Practices) and (v) rebates of premiums with respect to the cancellation of any
insurance policy or service contract.

      "Commission" means the U.S. Securities and Exchange Commission.

      "Corporate Trust Office" means:

      (a)   as used in the Indenture, or otherwise with respect to Indenture
Trustee, 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 the Indenture is located at 111 Wall Street, 14th
Floor, Zone 3, New York, New York 10005, or at such other address as the
Indenture Trustee may designate from time to time by notice to the Noteholders,
the Administrator, 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 Owner Trustee); and

      (b)   as used in the Trust Agreement, or otherwise with respect to Owner
Trustee, the corporate trust office of the Owner Trustee located at c/o The Bank
of New York, Corporate Trust Division, 101 Barclay Street FL 8W, New York, New
York 10286, Attention: Corporate Trust Division, or at such other address as the
Owner Trustee may designate by notice to the Certificateholder and the
Transferor, or the principal corporate trust office of any successor Owner
Trustee (the address of which the successor Owner Trustee will notify the
Certificateholder and the Transferor).

         "Credit Losses" means, for any Collection Period, an amount equal to
the excess of (a) the sum of the Securitization Value for all Included Units
charged-off (i.e., that became Terminated Units before maturity of the related
Lease and for which all scheduled payments thereunder have not been made) during
that Collection Period over (b) the Sum of Sales Proceeds and Recoveries
received by the Servicer with respect to charged-off Units during that
Collection Period.

      "Cumulative Net Credit Losses" means, through any Collection Period, the
sum of the Credit Losses for all Collection Periods from and including the
Cut-Off Date to and including such Collection Period.

                                       7
<PAGE>

      "Cumulative Net Residual Losses" means, through any Collection Period, the
sum (which number may be positive or negative) of the Residual Losses for all
Collection Periods from and including the Cut-Off Date to and including such
Collection Period.

      "Customary Servicing Practices" means the customary practices of the
Servicer with respect to Vehicles and Leases held by the Origination Trust,
without regard to whether such Vehicles and Leases have been identified and
allocated into a SUBI Portfolio, as such practices may be changed from time to
time.

      "Cut-Off Date" means the close of business on July 31, 2004.

      "Dealer" means a motor vehicle dealership in the VCI dealer network.

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

      "Defaulted Unit" means any Unit with a related Lease for which any of the
following has occurred during a Collection Period: (a) any payment on such Lease
is past due 90 or more days, (b) the related Vehicle has been repossessed but
has not been charged off or (c) such related Lease has been charged off in
accordance with Customary Servicing Practices.

      "Definitive Note" means a definitive fully registered Note issued pursuant
to Section 2.11 of the Indenture.

      "Delaware Trustee" means Wilmington Trust Company, as Delaware Trustee
under the Origination Trust Agreement.

      "Delinquent Unit" means any Transaction Unit (other than a Defaulted Unit)
with a related Transaction Lease on which any payment is past due for more than
30 days.

      "Depository Agreement" means the agreement among the Issuer, the Indenture
Trustee and DTC, as the initial Clearing Agency, dated as of the Closing Date,
substantially in the form of Exhibit B to the Indenture.

      "Determination Date" means the second Business Day preceding the related
Payment Date, beginning October 18, 2004.

      "Dollar" and "$" mean lawful currency of the United States of America.

      "DTC" means The Depository Trust Company, and its successors.

      "Eligible 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 acting in its fiduciary capacity
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), having corporate trust powers and acting as trustee for funds deposited
in such account, so long as the long-term unsecured debt of such depository
institution shall have a credit rating from each Rating Agency in one of its
generic rating categories which signifies investment grade.

                                       8
<PAGE>

Any such trust account may be maintained with the Owner Trustee, the Indenture
Trustee or any of their respective Affiliates, if such accounts meet the
requirements described in clause (b) of the preceding sentence.

      "Eligible Institution" means a depository institution or trust company
(which may be the Owner Trustee, the Indenture Trustee or any of their
respective Affiliates) 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) (a) which at all times (i) has either (A) a long-term
senior unsecured debt rating of "Aa2" or better by Moody's and "AA-" or better
by Standard & Poor's or such other rating that is acceptable to each Rating
Agency, as evidenced by a letter from such Rating Agency to the Issuer or the
Indenture Trustee or (B) a certificate of deposit rating of "P-1" by Moody's and
"A-1+" by Standard & Poor's or (C) such other rating that is acceptable to each
Rating Agency, as evidenced by a letter from such Rating Agency to the Issuer or
the Indenture Trustee and (b) whose deposits are insured by the Federal Deposit
Insurance Corporation.

      "Eligible Unit" means, at the Cut-Off Date, a Unit:

      (i)   which was originated out of the lease of a new Vehicle;

      (ii)  the Lessee of which (a) is a resident of, or organized under the
laws of and with its chief executive office in, the USA, (b) is not an Affiliate
of VCI, (c) is not a government or a governmental subdivision or agency, (d) is
not shown on the Servicer's records as a debtor in a pending bankruptcy
proceeding and (e) is not the Lessee of any Defaulted Unit;

      (iii) for which the related Lease requires substantially equal monthly
payments;

      (iv)  for which the related Lease has a remaining lease term less than 60
months and had an original lease term greater than 12 months and less than or
equal to 72 months;

      (v)   for which the related Lease is an "account" or "chattel paper"
within the meaning of Section 9-102 of the UCC of all applicable jurisdictions;

      (vi)  for which the related Lease is denominated and payable only in
Dollars;

      (vii) for which the related Lease constitutes the legal, valid and binding
obligation of the related Lessee enforceable against such Lessee in accordance
with its terms subject to no offset, counterclaim, defense or other Adverse
Claim;

      (viii) for which the related Lease arises under a contract that does not
require the Lessee under such contract to consent to the transfer, sale or
assignment of the rights of the Origination Trust under such contract;

      (ix)  which does not, in whole or in part, materially contravene any law,
rule or regulation applicable thereto (including, without limitation, those
relating to usury, truth in lending, fair credit billing, fair credit reporting,
equal credit opportunity, fair debt collection practices and privacy);

                                       9
<PAGE>

      (x)   which has a Securitization Value not greater than $60,000;

      (xi)  which was generated in the ordinary course of the Origination
Trust's business;

      (xii) which is not a Delinquent Unit or a Defaulted Unit;

      (xiii) for which the related Lease provides for level payments that fully
amortize the adjusted capitalized cost of such Lease to the related Stated
Residual Value over the term of such Lease;

      (xiv) which was originated in compliance with Customary Servicing
Practices;

      (xv)  for which there is only one original of the related Lease, which is
held by the Servicer on behalf of the Origination Trust;

      (xvi) for which there is no credit-related recourse to the related Dealer;

      (xvii) for which the related Lease was originated on or after September 1,
2000;

      (xviii) for which the related Lease is in full force and effect, and has
not been satisfied, subordinated or rescinded;

      (xix) for which the related Lease requires the related Lessee to obtain
physical damage insurance covering the related Vehicle in accordance with
Customary Servicing Practices;

      (xx)  for which the related Vehicle is a Volkswagen brand or Audi brand
Vehicle; and

      (xxi) for which the related Lease was originated in compliance, and
complies in all material respects, with all material applicable legal
requirements.

      "End User" means, with respect to each Lease, the lessee thereunder.

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

      "ERISA Affiliate" means at any time, with respect to any Person or entity,
any member of such Person's or entity's "controlled group", within the meaning
of Section 4001 of ERISA or Section 414(b), (c), (m) or (o) of the Code.

      "Event of Loss" means, with respect to any Transaction Unit, a Casualty
with respect to the Vehicle included in such Unit.

      "Excess Mileage Charges" means, with respect to any Unit, the amount of
charges for excess mileage on the related Vehicle received from the Lessee at
the expiration of the Lease.

      "Excess Wear and Tear Charges" means, with respect to any Unit, the amount
of charges for wear and tear to the related Vehicle received from the Lessee at
the expiration of the Lease.

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

                                       10
<PAGE>

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

      "Final Scheduled Payment Date" means, with respect to (i) the Class A-1
Notes, September 20, 2005; (ii) the Class A-2 Notes, January 22, 2007; (iii) the
Class A-3 Notes, July 20, 2007; and (iv) the Class A-4-A Notes and Class A-4-B
Notes, August 20, 2010.

      "Financing" means, collectively, (i) any financing transaction of any sort
undertaken by VCI or any Affiliate of VCI involving, directly or indirectly,
Origination Trust Assets (including, without limitation, any financing
undertaken in connection with the issuance and assignment of any SUBI and
related SUBI Certificate), (ii) any sale or purchase by the Transferor or any
other Special Purpose Entity of any interest in one or more SUBIs and (iii) any
other asset securitization, synthetic lease, sale-leaseback, secured loan or
similar transaction involving Origination Trust Assets or any beneficial
interest therein or in the Origination Trust.

      "GAAP" means generally accepted accounting principles in the USA, applied
on a materially consistent basis; provided, however, that no financial test
contained in the Transaction Documents shall fail to be satisfied as a result of
the adoption or amendment (including any published interpretation) after the
Closing Date by any governmental or accounting body of any financial accounting
standard, and any notices, representations or certifications based on financial
accounting data that are required under the Transaction Documents may be
delivered without giving effect to the adoption or amendment of such financial
accounting standard.

      "Governmental Authority" means any (a) Federal, state, municipal, foreign
or other governmental entity, board, bureau, agency or instrumentality, (b)
administrative or regulatory authority (including any central bank or similar
authority) or (c) court or judicial authority.

      "Grant" means to mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create, grant a lien upon and a
security interest in and right of set-off against, deposit, set over and confirm
pursuant to the 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, 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. Other forms of the verb "to Grant"
shall have correlative meanings.

      "Holder" means, as the context may require, the Certificateholder or a
Noteholder or both.

                                       11
<PAGE>

      "Included Units" means, for any Collection Period, all Transaction Units
as of the beginning of such Collection Period (or, in the case of the initial
Collection Period, the Closing Date), other than Units the beneficial interest
in which were repurchased by VCI during such Collection Period pursuant to
Section 2.3 of the SUBI Sale Agreement. The "Included Units" for any Cut-Off
Date means the Included Units for the Collection Period which begins on the day
after such Cut-Off Date.

      "Indenture" means the Indenture, dated as of the Closing Date, between the
Issuer and Indenture Trustee, as the same may be amended and supplemented from
time to time.

      "Indenture Default" has the meaning set forth in Section 5.1 of the
Indenture.

       "Indenture Secured Parties" means the Noteholders and the Swap
Counterparty.

      "Indenture Trustee" means Citibank, N.A., not in its individual capacity
but as indenture trustee under the Indenture, or any successor trustee under the
Indenture.

      "Independent" means, when used with respect to any specified Person, that
such Person (i) is in fact independent of the Issuer, any other obligor upon the
Notes, the Administrator and any Affiliate of any of the foregoing Persons, (ii)
does not have any direct financial interest or any material indirect financial
interest in the Issuer, any such other obligor, the Administrator or any
Affiliate of any of the foregoing Persons and (iii) is not connected with the
Issuer, any such other obligor, the Administrator 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(b) of the Indenture,
made by an independent appraiser or other expert appointed by an Issuer Order,
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.

      "Initial Beneficiary" means VCI, as initial beneficiary under the
Origination Trust Agreement and its permitted successors and assigns.

      "Initial Class A-1 Note Balance" means $321,000,000.

      "Initial Class A-2 Note Balance" means $437,000,000.

      "Initial Class A-3 Note Balance" means $326,000,000.

      "Initial Class A-4 Note Balance" means $416,000,000, which is the sum of
the Initial Class A-4-A Note Balance and the Initial Class A-4-B Note Balance.

      "Initial Class A-4-A Note Balance" means $[_________].

      "Initial Class A-4-B Note Balance" means $[__________].

      "Initial Interest Rate Swap Transaction" means the ISDA Master Agreement,
dated as of the Closing Date, between the Initial Swap Counterparty and the
Issuer, the Schedule thereto, dated as of the Closing Date, and the
Confirmations thereto, each dated as of the Closing Date, and entered into
pursuant to such ISDA Master Agreement with respect to the Class A-4-B

                                       12
<PAGE>

Notes, as the same may be amended or supplemented from time to time in
accordance with the terms thereof; provided, however, that the Issuer will only
enter into the Initial Interest Rate Swap Transaction if the Initial Class A-4-B
Note Balance is greater than zero.

      "Initial Note Balance" means, for any Class, the Initial Class A-1 Note
Balance, the Initial Class A-2 Note Balance, the Initial Class A-3 Note Balance,
the Initial Class A-4-A Note Balance or the Initial Class A-4-B Note Balance, as
applicable, or with respect to the Notes generally, the sum of the foregoing.

      "Initial Securitization Value" means $1,709,401,709.41.

      "Initial Swap Counterparty" means the swap counterparty under the Initial
Interest Rate Swap Transaction.

      "Initial Trust Agreement" means the Trust Agreement, dated as of September
3, 2004, between the Transferor and the Owner Trustee.

      "Insurance Policy" means (i) any comprehensive and collision, fire, theft
or other insurance policy maintained by a Lessee in which the Servicer or the
Origination Trust is named as loss payee with respect to one or more Transaction
Units and (ii) any credit life or credit disability insurance maintained by a
Lessee in connection with any Transaction Unit.

      "Interest Period" means, with respect to any Payment Date, from and
including the Closing Date (in the case of the first Payment Date) or from and
including the most recent Payment Date to but excluding that Payment Date.

      "Interest Rate" means (a) with respect to the Class A-1 Notes, the Class
A-1 Interest Rate, (b) with respect to the Class A-2 Notes, the Class A-2
Interest Rate, (c) with respect to the Class A-3 Notes, the Class A-3 Interest
Rate, (d) with respect to the Class A-4-A Notes, the Class A-4-A Interest Rate
or (e) with respect to the Class A-4-B Notes, the Class A-4-B Interest Rate.

      "Interest Rate Swap Transaction" means the Initial Interest Rate Swap
Transaction and any Replacement Interest Rate Swap Transaction.

         "Issuer" means Volkswagen Auto Lease Trust 2004-A, a Delaware statutory
trust established pursuant to the Initial Trust Agreement and continued under
the Trust Agreement, until a successor replaces it and, thereafter, means the
successor and, for purposes of any provision contained herein, each other
obligor on the Notes.

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

      "Lease" means a lease of a Vehicle.

      "Lessee" means, with respect to each Lease, the lessee thereunder.

                                       13
<PAGE>

      "LIBOR" means, with respect to any Payment Date and the related LIBOR
Determination Date, the London interbank offered rate for deposits in U.S.
dollars having a maturity of one month commencing on the related LIBOR
Determination Date which appears on Telerate Page 3750 as of 11:00 a.m., London
time, on such LIBOR Determination Date. If the rates used to determine LIBOR do
not appear on the Telerate Page 3750, the rates for that day will be determined
on the basis of the rates at which deposits in U.S. dollars, having a maturity
of one month and in a principal balance of not less than U.S. $1,000,000 are
offered at approximately 11:00 a.m., London time, on such LIBOR Determination
Date to prime banks in the London interbank market by the reference banks. The
Swap Counterparty will request the principal London office of each of such
reference banks to provide a quotation of its rate. If at least two such
quotations are provided, the rate for that day will be the arithmetic mean to
the nearest 1/100,000 of 1.00% (0.0000001), with five one-millionths of a
percentage point rounded upward, of the quotations. If fewer than two such
quotations are provided, the rate for that day will be the arithmetic mean to
the nearest 1/100,000 of 1.00% (0.0000001), with five one-millionths of a
percentage point rounded upward, of the rates quoted by major banks in New York
City, selected by the Swap Counterparty, at approximately 11:00 a.m., New York
City time, on such LIBOR Determination Date for loans in U.S. dollars to leading
European banks having a maturity of one month and a principal balance of not
less than U.S. $1,000,000. The "Telerate Page 3750" is the display page named as
such on the Dow Jones Telerate Services (or any other page that replaces that
page on that service for the purpose of displaying comparable rates). The
reference banks are the four major banks in the London interbank market selected
by the Swap Counterparty.

      "LIBOR Determination Date" means the second London Business Day prior to
the closing date with respect to the first Payment Date and, as to each
subsequent Payment Date, the second London Business Day prior to the immediately
preceding Payment Date.

      "London Business Day" means any day other than a Saturday, Sunday or day
on which banking institutions in London, England are authorized or obligated by
law or government decree be closed.

      "Lien" means any mortgage, pledge, security interest, lien or other
encumbrance of any kind.

      "Maximum Residualized MSRP ALG Residual" means, with respect to any Lease,
the residual value estimate produced by Automotive Lease Guide that is a
percentage of the "Maximum Residualizable MSRP," which consists of the MSRP of
the typically equipped vehicle and value adding options, giving only partial
credit or no credit for those options that add little or no value to the resale
price of the vehicle.

      "Monthly Remittance Condition" has the meaning set forth in Section 7.3 of
the Transaction SUBI Servicing Supplement.

      "Moody's" means Moody's Investors Service, Inc., or any successor that is
a nationally recognized statistical rating organization.

      "MSRP" means, with respect to any Vehicle, the Manufacturer's Suggested
Retail Price for such Vehicle.

                                       14
<PAGE>

      "MSRP ALG Residual" means, with respect to any Lease, residual value
estimates produced by Automotive Lease Guide based on the total MSRP of the base
vehicle and all VCI authorized options, without making a distinction between the
value adding options and non-value adding options.

      "Net Swap Payment" means, for the Interest Rate Swap Transaction, the net
amount with respect to regularly scheduled payments, if any, owed by the Issuer
to the Swap Counterparty on any Payment Date, including prior unpaid Net Swap
Payments and any interest accrued thereon, under the Interest Rate Swap
Transaction; provided, that "Net Swap Payments" do not include Swap Termination
Payments.

      "Net Swap Receipts" means, for the Interest Rate Swap Transaction, the net
amounts owed by the related Swap Counterparty to the Issuer, if any, on any
Payment Date; provided, that "Net Swap Receipts" do not include Swap Termination
Payments.

      "Note" means a Class A-1 Note, Class A-2 Note, Class A-3 Note, Class A-4-A
Note or Class A-4-B Note, in each case substantially in the form of Exhibit A to
the Indenture.

      "Note Balance" means, for any Class, the Class A-1 Note Balance, the Class
A-2 Note Balance, the Class A-3 Note Balance, the Class A-4-A Note Balance or
the Class A-4-B Note Balance, as applicable, or with respect to the Notes
generally, the sum of the foregoing.

      "Note Factor" means, with respect to the Notes or any Class on any Payment
Date, the seven digit decimal equivalent of a fraction the numerator of which is
the Note Balance of the Notes of such Class on such Payment Date (after giving
effect to any payment of principal on such Payment Date) and the denominator of
which is the Initial Note Balance.

      "Noteholder" means, as of any date, the Person in whose name a Note is
registered on the Note Register on such date.

      "Note Owner" means, with respect to a Book-Entry Note, the Person who is
the beneficial owner of such Book-Entry Note, as reflected on the books of the
Clearing Agency or 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 set
forth in Section 2.4 of the Indenture.

      "Officer's Certificate" means a certificate signed by an Authorized
Officer of the Issuer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.1 of the Indenture,
and delivered to, the Indenture Trustee.

      "Opinion of Counsel" means one or more written opinions of counsel who
may, except as otherwise expressly provided in the Indenture or any other
applicable Transaction Document, be employees of or counsel to the Issuer or the
Administrator, and who shall be satisfactory to the Indenture Trustee, and which
opinion or opinions comply with any applicable requirements of the Transaction
Documents and are in form and substance reasonably satisfactory to the

                                       15
<PAGE>

recipient(s). Opinions of Counsel need address matters of law only and may be
based upon stated assumptions as to relevant matters of fact.

      "Optional Purchase" has the meaning set forth in Section 9.4 of the Trust
Agreement.

      "Optional Purchase Price" has the meaning set forth in Section 9.4 of the
Trust Agreement.

      "Origination Trust" means VW Credit Leasing, Ltd., a Delaware statutory
trust formed under the Statutory Trust Act.

      "Origination Trust Agreement" means the Trust Agreement, dated as of June
2, 1999, among VCI as Settlor and Initial Beneficiary, Wilmington Trust Company,
as Delaware Trustee, and U.S. Bank, as Administrative Trustee and UTI Trustee,
as amended, supplemented and modified by the Transaction SUBI Supplement and as
the same may be further amended supplemented or modified from time to time.

      "Origination Trust Assets" means, at any time, all assets owned by the
Origination Trust at such time.

      "Origination Trust Documents" means the Origination Trust Agreement, the
Transaction SUBI Supplement, the Servicing Agreement (including the Transaction
SUBI Servicing Supplement), the Transaction SUBI Certificate and all amendments
or modifications thereto.

      "Origination Trustees" means, collectively, the SUBI Trustee, the UTI
Trustee, the Administrative Trustee and the Delaware Trustee.

      "Other SUBI" means any special unit of beneficial interest in the
Origination Trust other than the Transaction SUBI.

      "Other SUBI Assets" means the Origination Trust Assets allocated to any
SUBI other than the Transaction SUBI.

      "Other SUBI Certificate" means a certificate of beneficial ownership
representing beneficial ownership of the Origination Trust Assets allocated to
any SUBI other than the Transaction SUBI.

      "Other SUBI Portfolio" means a portfolio of Origination Trust Assets other
than the Transaction SUBI Portfolio.

      "Other SUBI Trustee" means the trustee of any Other SUBI appointed under
Section 4.2(d) of the Origination Trust Agreement.

      "Outstanding" means, as of any date, all Notes (or all Notes of an
applicable Class) theretofore authenticated and delivered under this Indenture
except:

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

                                       16
<PAGE>

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

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

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

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

      "Owner Trustee" means The Bank of New York (Delaware), a Delaware banking
corporation, not in its individual capacity but solely as owner trustee under
the Trust Agreement, and any successor Owner Trustee thereunder.

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

      "Payment Date" means the 20th day of each calendar month beginning October
20, 2004; provided, however, whenever a Payment Date would otherwise be a day
that is not a Business Day, the Payment Date shall be the next Business Day. As
used herein, the "related" Payment Date with respect to a Collection Period
shall be deemed to be the Payment Date which follows such Collection Period.

      "Payment Date Advance Reimbursement" means, with respect to any Payment
Date, an amount equal to the sum of all outstanding Advances made by the
Servicer prior to such Payment Date.

      "Permitted Investments" means (a) evidences of indebtedness, maturing
within thirty (30) days after the date of loan thereof, issued by, or guaranteed
by the full faith and credit of, the federal government of the USA, (b)
repurchase agreements with banking institutions or broker-

                                       17
<PAGE>

dealers registered under the Securities Exchange Act of 1934 which are fully
secured by obligations of the kind specified in clause (a), (c) money market
funds (i) rated not lower than the highest rating category from Moody's and "AAA
m" or "AAAm-g" from Standard & Poor's or (ii) which are otherwise acceptable to
each Rating Agency, as evidenced by a letter from such Rating Agency to the
Issuer or the Indenture Trustee or (d) commercial paper issued by any
corporation incorporated under the laws of the USA and rated at least "A-1+" (or
the equivalent) by Standard & Poor's and at least "P-1" (or the equivalent) by
Moody's.

      "Permitted Lien" means (1) with respect to any Unit (a) the interests of
the parties under the Transaction Documents; (b) the interests of the
Origination Trust and any Lessee as provided in any Lease; (c) any liens thereon
for taxes, assessments, levies, fees and other government and similar charges
not due and payable or the amount or validity of which is being contested in
good faith by appropriate proceedings; (d) any liens of mechanics, suppliers,
vendors, materialmen, laborers, employees, repairmen and other like liens
arising in the ordinary course of the Servicer's, the Issuer's or the
Origination Trust's (or if a Lease is then in effect, any Lessee's) business
securing obligations which are not due and payable or the amount or validity of
which is being contested in good faith by appropriate proceedings; (e) liens
arising out of any judgment or award against the Transferor or the Origination
Trust (or if a Lease is then in effect, any Lessee) with respect to which an
appeal or proceeding for review is being taken in good faith and with respect to
which there shall have been secured a stay of execution pending such appeal or
proceeding for review; and (f) any lien of the Origination Trust noted on the
certificate of title of the Vehicle included in such Unit for the sole purpose
of causing the certificate of title for such Vehicle to be returned or otherwise
delivered to the Transferor, the Servicer or the Origination Trust from the
relevant registrar of titles and which does not convey to the Origination Trust
any other rights with respect to such Vehicle; and (2) with respect to any SUBI
or SUBI Certificate, the type of liens described in subclauses (a), (c) and (e)
of the foregoing clause (1).

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

      "Postmaturity Term Extension" means, with respect to any Included Unit,
that the Servicer has granted an extension of the term of the related Lease, and
the Lease term as so extended ends beyond the Collection Period preceding the
Final Scheduled Payment Date for the Class A-4 Notes.

      "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; provided, however, for the purpose of this definition, any
Note authenticated and delivered under Section 2.5 of the Indenture in lieu of a
mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Note.

      "Principal Carryover Shortfall" means, as of the close of business on any
Payment Date, the excess, if any, of the Principal Distribution Amount over the
amount of principal actually received by Noteholders on such Payment Date.

                                       18
<PAGE>

      "Principal Distribution Amount" means, for any Payment Date, the sum of
(i) the Targeted Principal Distributable Amount, (ii) any Principal Carryover
Shortfall as of the preceding Payment Date and (iii) so long as no Indenture
Default has occurred and is continuing, any additional amount necessary to pay
in full any Class of Notes on or after its Final Scheduled Payment Date;
provided that if the amount on deposit in the Reserve Account after giving
effect to all deposits and withdrawals on such Payment Date exceeds the Note
Balance, the unpaid principal amount of the Notes will be paid in full.
Notwithstanding the foregoing, the aggregate amount of principal paid in respect
of a Class of Notes shall not exceed its Initial Note Balance.

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

      "Pull-Ahead Amount" means, with respect to any Included Unit and the
related Lease, an amount equal to (a) the sum of (i) any due and unpaid payments
under such Lease, plus (ii) the monthly payment amount times the number of
monthly payments not yet due with respect to such Lease, minus (b) any unearned
rent charges calculated under the scheduled actuarial method under such Lease.

      "Qualified Intermediary" means any Person acting as a "qualified
intermediary" for VCI's like-kind exchange program pursuant to Section
1.1031(k)-1(g)(4) of the Treasury Regulations promulgated under the Code.

      "Qualified Intermediary Account" means each account established by the
Qualified Intermediary used to receive or hold funds in connection with VCI's
like-kind exchange program.

      "Rating Agency" means either Moody's or Standard & Poor's, as the context
may require. If neither Moody's nor Standard & Poor's nor a successor thereto
remains in existence, "Rating Agency" shall mean any nationally recognized
statistical rating organization or other comparable Person designated by the
Transferor, notice of which shall be given to the Indenture Trustee, the Owner
Trustee, the Servicer and the Swap Counterparty.

      "Rating Agency Condition" means, with respect to any event and each Rating
Agency, either (a) written confirmation by such Rating Agency that the
occurrence of such event will not cause it to downgrade, qualify or withdraw its
rating assigned to the Notes or (b) that such Rating Agency shall have been
given notice of such event at least ten (10) days prior to such event (or, if
(10) days' advance notice is impracticable, as much advance notice as is
practicable) and such rating agency shall not have issued any written notice
that the occurrence of such event will cause it to downgrade, qualify or
withdraw its rating assigned to the Notes. Notwithstanding the foregoing, no
Rating Agency has any duty to review any notice given with respect to any event,
and it is understood that such Rating Agency may not actually review notices
received by it prior to or after the expiration of the ten (10) day period
described in (b) above.  Further, each Rating Agency retains the right to
downgrade, qualify or withdraw its rating assigned to all or any of the Notes at
any time in its sole judgment even if the Rating Agency Condition with respect
to an event had been previously satisfied pursuant to clause (a) or clause (b)
above.

      "Record Date" means, unless otherwise specified in any Transaction
Document, with respect to any Payment Date or Redemption Date, (i) for any
Definitive Notes and for the Certificates, the close of business on the last
Business Day of the calendar month immediately preceding the calendar month in
which such Payment Date or Redemption Date occurs and (ii) for any Book-Entry
Notes, the close of business on the Business Day immediately preceding such
Payment Date or Redemption Date.

                                       19
<PAGE>

      "Records" means, for any Transaction Unit, all contracts, books, records
and other documents or information (including computer programs, tapes, disks,
software and related property and rights, to the extent legally transferable)
relating to such Transaction Unit or the related Lessee.

      "Recoveries" means, with respect to any Transaction Unit that has become a
Defaulted Unit, all monies collected by the Servicer (from whatever source,
including, but not limited to, proceeds of a deficiency balance or insurance
proceeds recovered after the charge-off of the related Transaction Unit) on such
Defaulted Unit, net of any expenses incurred by the Servicer in connection
therewith, Supplemental Servicing Fees and any payments required by law to be
remitted to the Lessee.

      "Redemption Date" means in the case of a redemption of the Notes pursuant
to Section 10.1 of the Indenture, the Payment Date specified by the
Administrator or the Issuer pursuant to Section 10.1 of the Indenture.

      "Redemption Price" means an amount equal to the unpaid principal amount of
the Notes redeemed plus accrued and unpaid interest thereon at the applicable
Interest Rate for the Notes being so redeemed, up to but excluding the
Redemption Date.

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

      "Related Rights" means, with respect to any Vehicle and related Lease, all
Origination Trust Assets to the extent such assets are associated with such
Unit.

      "Replacement Interest Rate Swap Transaction" means, means any ISDA Master
Agreement, dated after the Closing Date, between the Replacement Swap
Counterparty and the Issuer, the Schedule thereto, dated after the Closing Date,
and the Confirmations thereto, each dated after the Closing Date, and entered
into pursuant to such ISDA Master Agreement with respect to the Class A-4-B
Notes, and pursuant to the conditions set forth in the Initial Interest Rate
Swap Transaction, as the same may be amended or supplemented from time to time
in accordance with the terms thereof.

      "Replacement Swap Counterparty" means, with respect to any Swap
Counterparty, any replacement swap counterparty under a Replacement Interest
Rate Swap Transaction that satisfies the conditions set forth in the original
Interest Rate Swap Transaction.

      "Reporting Date" means the second Business Day preceding the related
Payment Date.

      "Reserve Account" means the account designated as such, established and
maintained pursuant to Section 8.2(a) of the Indenture.

      "Residual Losses" means, for any Collection Period, an amount (which, for
the avoidance of doubt, shall be a positive number in the case of residual
losses and a negative number in the case of residual gains) equal to (a) the sum
of all residual losses (i.e., the amount by which the Securitization Value of a
Transaction Unit exceeds the Sales Proceeds for such Unit) for all Included
Units that became Terminated Units during such Collection Period following the

                                       20
<PAGE>

scheduled termination of the related Leases minus (b) the sum of all Excess
Mileage Charges and Excess Wear and Tear Charges received by the Servicer with
respect to Included Units during such Collection Period.

      "Responsible Officer" means, with respect to the Indenture Trustee, any
officer within the corporate trust department of the Indenture Trustee,
including any vice president, assistant vice president, assistant secretary,
assistant treasurer, trust officer or any other officer of the Indenture Trustee
who customarily performs functions similar to those performed by the persons who
at the time shall be such officers, respectively, or to whom any corporate trust
matter is referred because of such person's knowledge of and familiarity with
the particular subject and who shall have direct responsibility for the
administration of the Indenture and, with respect to the Owner Trustee, any
officer within the Corporate Trust Office of the Owner Trustee and having direct
responsibility for the administration of the Issuer, including any Vice
President, Assistant Vice President, Assistant Treasurer, Assistant Secretary,
or any other officer 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.

      "Sales Proceeds" means, with respect to any Transaction Vehicle, an amount
equal to the aggregate amount of proceeds received by the Servicer from the
purchaser in connection with the sale or other disposition of such Transaction
Vehicle, net of any and all out-of-pocket costs and expenses incurred by the
Servicer in connection with such sale or other disposition, including without
limitation, all repossession, auction, painting, repair and any and all other
similar liquidation and refurbishment costs and expenses.

      "Sarbanes-Oxley Act" means the Sarbanes-Oxley Act of 2002, as amended.

      "Securities Act" shall mean the Securities Act of 1933, as amended.

      "Securitization Rate" means, with respect to any Included Unit, the
greater of (i) [___]% and (ii) the implicit lease rate of the related Lease.

      "Securitization Value" means, for each Included Unit, (a) as of the
Cut-Off Date or any date other than the maturity date of the related Lease, the
sum of (i) the present value (discounted at the Securitization Rate) of the
aggregate monthly payments remaining on the Lease (including monthly payments
due and not yet paid for which the Servicer has never made an Advance) and (ii)
the present value (discounted at the Securitization Rate) of the Base Residual
Value of the related Vehicle and (b) as of the maturity date of the related
Lease, the Base Residual Value of the related Vehicle; provided, however, that
the Securitization Value of a Terminated Unit is equal to zero.

      "Securitization Value Reduction Amount" means, for any Payment Date and
the related Collection Period, the sum of the following amounts: (a) for each
Included Unit that did not become a Terminated Unit during that Collection
Period, the excess of the Securitization Value of the Included Unit at the
beginning of that Collection Period over the Securitization Value at the end of
that Collection Period, (b) for each Included Unit that became a Terminated Unit
during that Collection Period, the Securitization Value of the Included Unit as
of the beginning

                                       21
<PAGE>

of that Collection Period, and (c) for each Included Unit the beneficial
interest in which is repurchased by VCI on that Payment Date, the Securitization
Value of the Included Unit at the beginning of that Collection Period.

      "Senior Swap Termination Payment" means any Swap Termination Payment owed
by the Issuer to the Swap Counterparty under the Interest Rate Swap Transaction
arising due to an "Event of Default" (as defined in the Interest Rate Swap
Transaction) with respect to the Issuer specified in Section 5(a)(i) (Failure to
Pay or Deliver) and Section 5(a)(vii) (Bankruptcy), other than events specified
in Section 5(a)(vii)(2) of the Interest Rate Swap Transaction.

      "Servicer" means VCI, initially, and any replacement Servicer appointed
pursuant to the Transaction SUBI Servicing Supplement.

      "Servicer Certificate" has the meaning set forth in Section 8.3(a) of the
Indenture.

      "Servicer Replacement Event" means any one or more of the following that
shall have occurred and be continuing:

      (a)   any failure by the Servicer to deliver or cause to be delivered any
required payment to the Indenture Trustee for distribution to the Noteholders,
which failure continues unremedied for ten business days after discovery thereof
by an officer of the Servicer or receipt by the Servicer of written notice
thereof from the Indenture Trustee or Noteholders evidencing at least a majority
of the Outstanding Note Amount, voting together as a single class;

      (b)   any failure by the Servicer to duly observe or perform in any
material respect any other of its covenants or agreements in the Transaction
SUBI Servicing Supplement or the Servicing Agreement, which failure materially
and adversely affects the rights of any holder of the Transaction SUBI
Certificate or the Noteholders, and which continues unremedied for 90 days after
discovery thereof by an officer of the Servicer or receipt by the Servicer of
written notice thereof from the Indenture Trustee or Noteholders evidencing at
least a majority of the Outstanding Note Amount, voting together as a single
class;

      (c)   any representation or warranty of the Servicer made in the
Transaction SUBI Servicing Supplement or the Servicing Agreement, any other
Transaction Document to which the Servicer is a party or by which it is bound or
any certificate delivered pursuant to the Transaction SUBI Servicing Supplement
or the Servicing Agreement shall prove to be incorrect in any material respect
when made, which failure materially and adversely affects the rights of any
holder of the Transaction SUBI Certificate or the Noteholders, and such failure
continues unremedied for 90 days after discovery thereof by an officer of the
Servicer or receipt by the Servicer of written notice thereof from the Indenture
Trustee or Noteholders evidencing at least a majority of the Outstanding Note
Amount, voting together as a single class; it being understood that any
repurchase of a Unit by VCI pursuant to Section 2.3 of the SUBI Sale Agreement
shall be deemed to remedy any incorrect representation or warranty with respect
to such Unit; or

                                       22
<PAGE>

      (d)   the Servicer suffers a Bankruptcy Event;

provided, however, that a delay in or failure of performance referred to under
clauses (a), (b) or (c) above for a period of 150 days will not constitute a
Servicer Replacement Event if such delay or failure was caused by force majeure
or other similar occurrence.

      "Servicing Agreement" means the Amended and Restated Servicing Agreement,
dated as of December 21, 2000, between the Origination Trust and VCI, as
amended, modified and supplemented by the Transaction SUBI Servicing Supplement,
and as the same may be further amended or modified from time to time.

      "Servicing Fee" means, for any Collection Period, an amount equal to the
product of (a) one-twelfth (or, in the case of the initial Collection Period
(i.e., the period commencing on the close of business on the Cut-Off Date and
ending on September 30, 2004), one-sixth), (b) 1.00% and (c) the aggregate
Securitization Value at the beginning of such Collection Period (or, in the case
of the first Payment Date, at the Cut-Off Date) of all Included Units for such
Collection Period.

      "Settlor" means VCI, as settlor under the Origination Trust Agreement.

      "Special Purpose Entity" means any special purpose corporation,
partnership, limited partnership, trust, business trust, limited liability
company or other entity created for one or more Financings.

      "Specified Reserve Account Balance" means $51,282,051.28.

      "Standard & Poor's" means Standard & Poor's Ratings Services, a division
of the McGraw-Hill Companies, Inc., or any successor that is a nationally
recognized statistical rating organization.

      "Stated Residual Value" means, for any Unit, the stated residual value of
the related Vehicle established at the time of origination of the related Lease
or as subsequently revised in connection with an extension of a Lease in
accordance with Customary Servicing Practices.

      "Statutory Trust Act" means Chapter 38 of Title 12 of the Delaware Code,
12 Del. Code Section 3801 et seq., as the same may be amended from time to time.

      "SUBI" means a special unit of beneficial interest in the Origination
Trust.

      "SUBI Assets" means a separate portfolio of Origination Trust Assets
allocated to a SUBI.

      "SUBI Certificate" means any trust certificate representing any SUBI.

                                       23
<PAGE>

      "SUBI Portfolio" means any portfolio of Origination Trust Assets allocated
to the Transaction SUBI or any Other SUBI.

      "SUBI Sale Agreement" means the SUBI Sale Agreement, dated as of the
Closing Date, between VCI and the Transferor, as the same may be amended or
modified from time to time.

      "SUBI Transfer Agreement" means the SUBI Transfer Agreement, dated as of
the Closing Date, between the Transferor and the Issuer, as amended or
supplemented from time to time.

      "SUBI Trustee" means U.S. Bank, as SUBI Trustee under the Transaction SUBI
Supplement.

      "Subordinated Note" has the meaning set forth in Section 2.4 of the SUBI
Sale Agreement.

      "Subordinated Swap Termination Payment" means any Swap Termination Payment
owed by the Issuer to the Swap Counterparty under the Interest Rate Swap
Transaction other than a Senior Swap Termination Payment.

      "Supplemental Servicing Fees" means any and all (i) late fees, (ii)
extension fees, (iii) prepayment charges, (iv) early termination fees or any
other fees paid to the Servicer in connection with the termination of any Lease
(other than monthly lease payments and Excess Wear and Tear Charges and Excess
Mileage Charges), (v) non-sufficient funds charges and (vi) any and all other
administrative fees or similar charges allowed by applicable law received by or
on behalf of the Servicer, the Transferor, the Issuer or the Origination Trust
with respect to any Unit.

      "Swap Collateral Account" shall mean a single segregated trust account
held in the United States in the name of the Indenture Trustee established
pursuant to Section 8.7 of the Indenture.

      "Swap Counterparty" means either the Initial Swap Counterparty or the
Replacement Swap Counterparty, as applicable.

      "Swap Replacement Proceeds" shall mean any amounts received from a
Replacement Swap Counterparty in consideration for entering into a Replacement
Interest Rate Swap Transaction.

      "Swap Termination Payment" shall mean any payment due to the Swap
Counterparty by the Issuer or to the Issuer by the Swap Counterparty under the
Interest Rate Swap Transaction, including interest that may accrue thereon, due
to the termination of the Interest Rate Swap Transaction due to an "event of
default" or "termination event" under such Interest Rate Swap Transaction.

      "Swap Termination Payment Account" shall mean a single segregated trust
account held in the United States in the name of the Indenture Trustee
established pursuant to Section 8.7 of the Indenture.

                                       24
<PAGE>

      "Targeted Principal Distributable Amount" for any Payment Date and the
related Collection Period will equal the sum of the following amounts:

      (a)   for each Included Unit that did not become a Terminated Unit during
such Collection Period, the excess of the Securitization Value of the Included
Unit at the beginning of such Collection Period over the Securitization Value at
the end of such Collection Period;

      (b)   for each Included Unit that became a Terminated Unit during such
Collection Period, the Securitization Value of the Included Unit as of the
beginning of such Collection Period; and

      (c)   for each Included Unit the beneficial interest in which is
repurchased on such Payment Date by VCI pursuant to Section 2.3 of the SUBI Sale
Agreement or by the Servicer pursuant to Section 7.12 of the Transaction SUBI
Servicing Supplement, the Securitization Value of the Included Unit at the
beginning of such Collection Period.

      "Taxes" means all taxes, charges, fees, levies or other assessments
(including income, gross receipts, profits, withholding, excise, property,
sales, use, license, occupation and franchise taxes and including any related
interest, penalties or other additions) imposed by any jurisdiction or taxing
authority (whether foreign or domestic).

      "Terminated Unit" shall mean an Included Unit for which any of the
following has occurred during a Collection Period:

      (a)   the related Leased Vehicle was sold or otherwise disposed of by the
Servicer following (i) such Unit becoming a Defaulted Unit or (ii) the scheduled
or early termination (including any early termination by the related Lessee) of
the related Lease;

      (b)   such Unit became a Defaulted Unit or the related Lease terminated or
expired more than 90 days prior to the end of such Collection Period and the
related Leased Vehicle was not sold; or

      (c)   the Servicer's records, in accordance with Customary Servicing
Practices, disclose that all insurance proceeds expected to be received have
been received by the Servicer following a Casualty or other loss with respect to
the related Leased Vehicle.

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

      "Transaction Documents" means the Indenture, the Notes, the Depository
Agreement, the Transaction SUBI Servicing Supplement, the Transaction SUBI
Supplement, the Servicing Agreement (to the extent that it deals solely with the
Transaction SUBI and the Transaction SUBI Portfolio), the Origination Trust
Agreement (to the extent that it deals solely with the Transaction SUBI and the
Transaction SUBI Portfolio), the SUBI Sale Agreement, the SUBI Transfer
Agreement, the Administration Agreement, the Trust Agreement, the Interest Rate
Swap Transaction and all other documents, instruments and agreements executed or
furnished on the Closing Date in connection herewith and therewith, as the same
may be amended or modified from time to time.

                                       25
<PAGE>

      "Transaction Lease" means, for any Transaction Vehicle, the Lease for such
Transaction Vehicle.

      "Transaction SUBI" means that special unit of beneficial interest of the
Origination Trust created by the Transaction SUBI Supplement to which
Transaction Units are allocated.

      "Transaction SUBI Certificate" means the certificate of beneficial
ownership, representing beneficial ownership of the Origination Trust Assets
comprising the Transaction SUBI Portfolio, issued pursuant to the Transaction
SUBI Supplement.

      "Transaction SUBI Portfolio" means the Origination Trust Assets that are
from time to time identified and allocated to the Transaction SUBI in accordance
with the terms of the Origination Trust Documents.

      "Transaction SUBI Servicing Supplement" means the Transaction SUBI
Supplement 2004-A to Servicing Agreement, dated as of the Closing Date, among
the Origination Trust, the SUBI Trustee and the Servicer, as the same may be
amended or modified from time to time.

      "Transaction SUBI Supplement" means the Transaction SUBI Supplement 2004-A
to Origination Trust Agreement, dated as of the Closing Date, between VCI, as
Settlor and Initial Beneficiary, and U.S. Bank, as Administrative Trustee, UTI
Trustee and SUBI Trustee, as the same may be amended or modified from time to
time.

      "Transaction Unit" means a Unit that has been allocated to the Transaction
SUBI Portfolio, the entire beneficial ownership interest in which is represented
by the Transaction SUBI Certificate.

      "Transaction Vehicle" means, at any time, a Vehicle then identified and
allocated to the Transaction SUBI.

      "Transferor" means Volkswagen Auto Lease Underwritten Funding, LLC, a
Delaware limited liability company.

      "Treasury Regulations" means regulations, including proposed or temporary
regulations, promulgated under the Code from time to time.

      "Trust Agreement" means the Amended and Restated Trust Agreement, dated as
of the Closing Date, between the Transferor and the Owner Trustee, as the same
may be amended and supplemented from time to time.

      "Trust Estate" means all money, accounts, chattel paper, general
intangibles, goods, instruments, investment property and other property of the
Issuer, including (i) the Transaction SUBI Certificate (transferred pursuant to
the SUBI Transfer Agreement), evidencing a 100% beneficial interest in the
Transaction SUBI, including the right to payments thereunder after the Cut-Off
Date, (ii) the rights of the Issuer to the funds on deposit from time to time in
the Reserve Account, the Collection Account and any other account or accounts
established pursuant to the Indenture and all cash, investment property and
other property from time to time credited thereto and all proceeds thereof
(including investment earnings, net of losses and investment expenses,

                                       26
<PAGE>

on amounts on deposit therein), (iii) the rights of the Transferor, as buyer,
under the SUBI Sale Agreement, (iv) the rights of the Issuer, as buyer, under
the SUBI Transfer Agreement, (v) the rights of the Issuer under the Interest
Rate Swap Transaction, (vi) the rights of the Issuer as a third-party
beneficiary under the Origination Trust Documents, to the extent relating to the
Included Units, and (vii) all proceeds of the foregoing (it being understood
that, with respect to Sales Proceeds, the actual Sales Proceeds shall be held by
the Qualified Intermediary or in a Qualified Intermediary Account and shall not
constitute part of the Trust Estate).

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

      "Unit" means a Vehicle, the related Lease and the Related Rights
associated therewith.

      "United States" or "USA" means the United States of America (including all
states, the District of Columbia and political subdivisions thereof).

      "U.S. Bank" means U.S. Bank National Association, a national banking
association, as successor to U.S. Bank Trust National Association, with a
corporate trust office in Chicago, Illinois.

      "UTI" has the meaning specified in Section 4.1(a) of the Origination Trust
Agreement.

      "UTI Asset" has the meaning specified in Section 4.1(a) of the Origination
Trust Agreement.

      "UTI Certificate" has the meaning specified in Section 4.1(a) of the
Origination Trust Agreement.

      "UTI Portfolio" means the portfolio consisting of all Origination Trust
Assets not allocated to a SUBI Portfolio.

      "UTI Trustee" means U.S. Bank, as UTI Trustee under the Origination Trust
Agreement.

      "VCI" means VW Credit, Inc., a Delaware corporation, and its successors
and assigns.

      "Vehicle" means an automobile, sport utility vehicle, van, luxury vehicle,
mid-range vehicle, economy vehicle or light general purpose truck, together with
any and all non-severable appliances, parts, instruments, accessories,
furnishings, other equipment, accessions, additions, improvements, substitutions
and replacements from time to time in or to such vehicle.

      "Volkswagen AG" means Volkswagen Aktiengesellschaft or its successor in
interest.

      The foregoing definitions shall be equally applicable to both the singular
and plural forms of the defined terms. Unless otherwise inconsistent with the
terms of this Indenture, all accounting terms used herein shall be interpreted,
and all accounting determinations hereunder shall be made, in accordance with
GAAP. Amounts to be calculated hereunder shall be continuously recalculated at
the time any information relevant to such calculation changes.

                                       27<PAGE>

                                                                    EXHIBIT 10.2

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

                             VW CREDIT LEASING, LTD.

                       TRANSACTION SUBI SUPPLEMENT 2004-A
                         TO ORIGINATION TRUST AGREEMENT

                                     Between

                                VW CREDIT, INC.,
                       As Settlor And Initial Beneficiary

                                       And

                         U.S. BANK NATIONAL ASSOCIATION,
             As Administrative Trustee, UTI Trustee And SUBI Trustee

                         Dated as of September 29, 2004

--------------------------------------------------------------------------------
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                  PAGE
<S>                                                                                                               <C>
PART X            DEFINITIONS; THIRD-PARTY BENEFICIARIES........................................................     2

         Section 10.1          Definitions......................................................................     2

         Section 10.2          Third-Party Beneficiaries........................................................     3

PART XI           CREATION OF THE TRANSACTION SUBI..............................................................     3

         Section 11.1          Initial Creation of Transaction SUBI Portfolio and Transaction SUBI..............     3

         Section 11.2          Subsequent Removals From the Transaction SUBI Portfolio..........................     3

         Section 11.3          Issuance and Form of Transaction SUBI Certificate................................     4

         Section 11.4          Filings; Termination of Transaction SUBI; Related Matters........................     4

         Section 11.5          Acceptance by SUBI Trustee.......................................................     5

         Section 11.6          Representations and Warranties of SUBI Trustee...................................     5

         Section 11.7          Merger and Consolidation of Origination Trustees.................................     6

PART XII          ASSIGNMENT OF THE TRANSACTION SUBI............................................................     6

         Section 12.1          Assignment.......................................................................     6

PART XIII         MISCELLANEOUS PROVISIONS......................................................................     7

         Section 13.1          Amendment, Etc...................................................................     7

         Section 13.2          Governing Law....................................................................     8

         Section 13.3          Notices..........................................................................     8

         Section 13.4          Severability of Provisions.......................................................     9

         Section 13.5          Effect of Transaction SUBI Supplement on Origination Trust Agreement and
                               Transaction Documents............................................................     9

         Section 13.6          Each SUBI Separate; Assignees of SUBI............................................     9

         Section 13.7          No Petition; Release of Claims...................................................    10

         Section 13.8          Tax Matters......................................................................    10

         Section 13.9          ENTIRE AGREEMENT.................................................................    11

         Section 13.10         Submission to Jurisdiction; Waiver of Jury Trial.................................    11
</TABLE>

                                      -i-
<PAGE>

                       TRANSACTION SUBI SUPPLEMENT 2004-A
                         TO ORIGINATION TRUST AGREEMENT

      THIS TRANSACTION SUBI SUPPLEMENT 2004-A TO ORIGINATION TRUST AGREEMENT (as
amended, modified or supplemented from time to time, the "Transaction SUBI
Supplement"), dated and effective as of September 29, 2004, is between VW
CREDIT, INC., a Delaware corporation ("VCI"; in its capacity as settlor, the
"Settlor"; or in its capacity as initial beneficiary, the "Initial
Beneficiary"), and U.S. BANK NATIONAL ASSOCIATION, a national banking
association, as successor to U.S. Bank Trust National Association, as
administrative trustee (in such capacity, together with any successor or
permitted assign, the "Administrative Trustee"), as UTI trustee (in such
capacity, together with any successor or permitted assign, the "UTI Trustee")
and as trustee with respect to the Transaction SUBI (in such capacity, together
with any successor or permitted assign, the "SUBI Trustee"; together with the
UTI Trustee, the Administrative Trustee and Wilmington Trust Company, as
Delaware Trustee (the "Delaware Trustee"), the "Origination Trustees").

                                    RECITALS

      A. The Settlor, the UTI Trustee, the Administrative Trustee and the
Delaware Trustee have entered into that certain Trust Agreement dated as of June
2, 1999 (as modified, supplemented or amended from time to time, the
"Origination Trust Agreement") pursuant to which the Settlor formed VW Credit
Leasing, Ltd., a Delaware statutory trust (the "Origination Trust") for the
purpose of acting as agent and nominee owner of various Origination Trust Assets
in accordance with the Origination Trust Agreement.

      B. The Origination Trust and VCI, as servicer (in its capacity as
servicer, the "Servicer"), also have entered into that certain Servicing
Agreement dated as of June 22, 1999 and as amended and restated as of December
21, 2000 (as modified, supplemented or amended from time to time, the "Servicing
Agreement"), which provides, among other things, for the servicing of the
Origination Trust Assets by the Servicer.

      C. The Origination Trust Agreement contemplates that from time to time the
UTI Trustee, on behalf of the Origination Trust and at the direction of the
Initial Beneficiary, will identify and allocate on the Origination Trust's books
and records certain Origination Trust Assets from the Undivided Trust Interest
to separate SUBI Portfolios and will create and issue Certificates to the
Initial Beneficiary representing separate special units of beneficial interest
in the Origination Trust or "SUBIs", the beneficiary or beneficiaries of which
will hold an exclusive 100% undivided beneficial ownership interest in the
related SUBI Portfolios, all as set forth in the Origination Trust Agreement.

      D. The parties hereto desire to supplement the terms of the Origination
Trust Agreement (i) to cause the UTI Trustee to identify and allocate
Origination Trust Assets to a SUBI Portfolio (the "Transaction SUBI Portfolio"),
which shall consist of Transaction Units consisting of Transaction Leases,
Transaction Vehicles and the associated Related Rights, (ii) to create and issue
to the Initial Beneficiary a SUBI Certificate (such SUBI Certificate, together
with any replacements thereof, the "Transaction SUBI Certificate") that will
evidence and represent the entire and exclusive beneficial ownership interest in
the related SUBI (the

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

<PAGE>

"Transaction SUBI") and the interests in the SUBI Portfolio represented thereby,
(iii) to provide for the Origination Trust's continued holding of record title
to the Transaction SUBI Portfolio (including the Transaction Vehicles) as agent
and nominee for (and solely for the benefit of) the holder of the Transaction
SUBI Certificate, and (iv) to set forth the terms and conditions thereof.

      E. Concurrently herewith, (i) VCI and Volkswagen Auto Lease Underwritten
Funding, LLC, a Delaware limited liability company (the "Transferor"), are
entering into a SUBI Sale Agreement, pursuant to which the Transferor will
purchase the Transaction SUBI and (ii) the Transferor and Volkswagen Auto Lease
Trust 2004-A, a Delaware statutory trust (the "Issuer"), are entering into a
SUBI Transfer Agreement, pursuant to which the Transferor will transfer the
Transaction SUBI to the Issuer.

      F. Concurrently herewith, the Issuer is entering into an asset-backed
financing transaction pursuant to, among other agreements, an Indenture dated as
of the date hereof (the "Indenture") between the Issuer and Citibank, N.A., as
indenture trustee (the "Indenture Trustee"), pursuant to which, among other
things, the Issuer will issue notes and will grant a security interest to the
Indenture Trustee in certain of its assets, including the Transaction SUBI.

      G. Also concurrently herewith, the Origination Trust, the Servicer and the
SUBI Trustee are entering into that certain Transaction SUBI Supplement 2004-A
to Servicing Agreement (as amended, modified or supplemented from time to time,
the "Transaction SUBI Servicing Supplement") pursuant to which, among other
things, the terms of the Servicing Agreement will be supplemented insofar as
they apply to the Transaction SUBI Portfolio, providing for specific servicing
obligations.

            NOW THEREFORE, in consideration of the premises and the mutual
covenants contained herein and in the Origination Trust Agreement, the parties
hereto agree to the following supplemental obligations with regard to the
Transaction SUBI Portfolio:

                                     PART X
                     DEFINITIONS; THIRD-PARTY BENEFICIARIES

      Section 10.1 Definitions.

      For all purposes of this Transaction SUBI Supplement, except as otherwise
expressly provided or unless the context otherwise requires, (a) unless
otherwise defined herein, all capitalized terms used herein shall have the
meanings attributed to them in Appendix A to the Indenture, (b) all capitalized
terms used herein which are not defined herein or in the Indenture and which are
defined in the Origination Trust Agreement shall have the meanings attributed to
them by the Origination Trust Agreement, (c) all references to words such as
"herein", "hereof" and the like shall refer to this Transaction SUBI Supplement
as a whole and not to any particular article or section within this Transaction
SUBI Supplement, (d) the term "include" and all variations thereon shall mean
"include without limitation", and (e) the term "or" shall include "and/or".

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                       2
<PAGE>

      Section 10.2 Third-Party Beneficiaries.

      The holder and pledgees of the Transaction SUBI Certificate (including the
Issuer and the Indenture Trustee), and their respective successors, permitted
assigns and pledgees are third-party beneficiaries of the Origination Trust
Agreement and this Transaction SUBI Supplement, insofar as they apply to the
Transaction SUBI.

                                     PART XI
                        CREATION OF THE TRANSACTION SUBI

      Section 11.1 Initial Creation of Transaction SUBI Portfolio and
Transaction SUBI.

      (a) Pursuant to Section 4.2(a) of the Origination Trust Agreement, the
Initial Beneficiary hereby directs the UTI Trustee to identify and allocate or
cause to be identified and allocated on the books and records of the Origination
Trust a separate portfolio of SUBI Assets to be accounted for and held in trust
independently from all other Origination Trust Assets consisting of those Units
(each, a "Transaction SUBI Asset"), which shall include Leased Vehicles which
are identified on Schedule 1 to this Transaction SUBI Supplement, the
Transaction Leases relating thereto and all other Origination Trust Assets to
the extent related thereto (other than cash which does not constitute
Collections received on or after the Cut-Off Date). Based upon their
identification and allocation by the Initial Beneficiary pursuant to such
Schedule 1, the UTI Trustee hereby identifies and allocates as Transaction SUBI
Assets such portfolio of SUBI Assets to be held by the Origination Trust, as
agent and nominee (and solely for the benefit of) the holder of the Transaction
SUBI Certificate, each such SUBI Asset to be identified on the books and
accounts of the Origination Trust as belonging exclusively to the Transaction
SUBI Portfolio; provided that any Collections received on or prior to the
Cut-Off Date for any such Transaction Unit identified on Schedule 1 shall not be
allocated as Transaction SUBI Assets and shall not belong to the Transaction
SUBI Portfolio.

      (b) Also pursuant to Section 4.2(a) of the Origination Trust Agreement,
the UTI Trustee hereby creates a SUBI which shall be known as the "VW Credit
Leasing Ltd. Transaction Special Unit of Beneficial Interest 2004-A Certificate"
or "Transaction SUBI" and which shall represent an exclusive and specific 100%
beneficial ownership interest solely in the Transaction SUBI Portfolio and those
proceeds or assets derived from or earned by such Transaction SUBI Portfolio.

      (c) Pursuant to Section 4.2(d) of the Origination Trust Agreement (which
requires each holder of a SUBI to appoint for such SUBI a trustee), VCI has
appointed U.S. Bank National Association as the SUBI Trustee for the Transaction
SUBI and the Transaction SUBI Portfolio.

      Section 11.2 Subsequent Removals From the Transaction SUBI Portfolio.

      (a) Upon compliance by VCI with the provisions of Section 2.3(c) of the
SUBI Sale Agreement to repurchase the beneficial interest in any Transaction
Unit, such Unit shall be identified on a schedule to the Servicer Certificate
and reallocated from the Transaction SUBI to the Undivided Trust Interest on the
Payment Date that such reallocation payment is made. Upon the Payment Date of
any of the foregoing reallocations, the UTI Trustee and the SUBI Trustee

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                       3
<PAGE>

will each make (or cause to be made) a notation in their respective records
reflecting the reallocation of such Origination Trust Assets as of the time
thereof.

      (b) Upon compliance by the Servicer with the provisions of Section 7.12 of
the Transaction SUBI Servicing Supplement to purchase the beneficial interest in
any Transaction Unit subject to a Postmaturity Term Extension, such Unit will be
identified on a schedule to the Servicer Certificate and reallocated from the
Transaction SUBI to the Undivided Trust Interest (if the Servicer is VCI) or to
an Other SUBI designated by the Servicer (if the Servicer is not VCI) on the
Payment Date that such reallocation payment is made. Upon the Payment Date of
any of the foregoing reallocations, the SUBI Trustee and the UTI Trustee or
Other SUBI Trustee, as applicable, will each make (or cause to be made) a
notation in their respective records reflecting the reallocation of such
Origination Trust Assets as of the time thereof.

      Section 11.3 Issuance and Form of Transaction SUBI Certificate.

      (a) The Transaction SUBI shall be represented by a Transaction SUBI
Certificate which shall represent an exclusive 100% beneficial ownership
interest in the Transaction SUBI and the Transaction SUBI Portfolio, as further
set forth herein. The Transaction SUBI Certificate shall be substantially in the
form of Exhibit A attached hereto, with such appropriate insertions, omissions,
substitutions and other variations as are required by this Transaction SUBI
Supplement and may have such letters, numbers or other marks of identification
and such legends and endorsements placed thereon as may, consistently herewith
and with the Origination Trust Agreement, be directed by the Initial
Beneficiary. Any portion of the Transaction SUBI Certificate may be set forth on
the reverse thereof. The Transaction SUBI Certificate shall be printed,
lithographed, typewritten, mimeographed, photocopied or otherwise produced or
may be produced in any other manner as may, consistently herewith and with the
Origination Trust Agreement, be determined by the Initial Beneficiary.

      (b) The Transaction SUBI Certificate shall contain an express written
release and subordination of any claim by any holder thereof to any proceeds or
assets of any Origination Trustee and to all of the Origination Trust Assets
other than those from time to time included within the Transaction SUBI
Portfolio.

      Section 11.4 Filings; Termination of Transaction SUBI; Related Matters.

      (a) The Settlor, the UTI Trustee and the SUBI Trustee will undertake all
other and future actions and activities as may be required by the Servicer
(pursuant to the Transaction SUBI Servicing Supplement) to perfect (or evidence)
and confirm the foregoing identification and allocation of SUBI Assets to the
Transaction SUBI Portfolio, including filing or causing to be filed UCC
financing statements and executing and delivering all related filings, documents
or writings as may be deemed reasonably necessary by the Servicer hereunder or
under any of the Transaction Documents and as are presented to them in final
execution form; provided, however, that in no event will the Settlor, the
Servicer or any Origination Trustee be required to take any action to indicate
any Person as lienholder or change the Person listed as owner on the Certificate
of Title for any Leased Vehicle allocated to the Transaction SUBI Portfolio
other than as provided in Section 11.4(c) below. The Settlor hereby irrevocably
makes and appoints each of the SUBI Trustee and the Servicer, and any of their
respective officers, employees or agents, as

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                       4
<PAGE>

the true and lawful attorney-in-fact of the Settlor (which appointment is
coupled with an interest and is irrevocable) with power to sign on behalf of the
Settlor any security agreements, mortgages, assignments, affidavits, letters of
authority, notices or similar documents necessary or appropriate to be executed
or filed pursuant to this Section.

      (b) If all of the Transaction Units have been liquidated into cash and all
of such cash shall have been distributed in accordance with the Transaction SUBI
Servicing Supplement, then, at the direction of the holder of the Transaction
SUBI Certificate, the Transaction SUBI shall be terminated and the Transaction
SUBI Certificate shall be returned to the SUBI Trustee and canceled thereby.

      (c) Upon a written direction to the SUBI Trustee to revoke and terminate
the Transaction SUBI by the holder of the Transaction SUBI Certificate, the SUBI
Trustee shall (i) revoke the Transaction SUBI and (ii) promptly, at the expense
of the holder of the Transaction SUBI Certificate, distribute the Transaction
SUBI Assets to the holder of the Transaction SUBI Certificate; provided,
however, that the Transaction SUBI shall not be subject to such revocation prior
to the earlier of (A) the acceleration of the Notes under Section 5.2 of the
Indenture following an Indenture Default or (B) payment in full of principal and
accrued interest on the Notes.

      Section 11.5 Acceptance by SUBI Trustee.

      The SUBI Trustee shall have only the rights, powers and duties as set
forth herein and in the Origination Trust Agreement with respect to the
Transaction SUBI. In accordance with Section 3.1(d) of the Origination Trust
Agreement, the SUBI Trustee hereby accepts its appointment as SUBI Trustee with
respect to the Transaction SUBI hereunder and agrees to act as a trustee of the
Origination Trust for the benefit of the holder or holders of each Transaction
SUBI Certificate in accordance with the terms of this Transaction SUBI
Supplement and the Origination Trust Agreement. Except to execute and deliver
the Transaction Documents to which it is a party and to exercise and carry out
or cause to be exercised and carried out the rights, duties and obligations of
the SUBI Trustee hereunder and thereunder and except as otherwise authorized by
the holder of the Transaction SUBI Certificate, the SUBI Trustee shall have no
power, right, duty or authority to manage, control, possess, sell, lease,
dispose of or in any other manner deal in or with the Transaction SUBI
Certificate, the Transaction SUBI Portfolio or any Transaction SUBI Asset or any
part thereof or interest therein at any time conveyed to or vested in or
registered or otherwise standing in the name of the SUBI Trustee or the
Origination Trust.

      Section 11.6 Representations and Warranties of SUBI Trustee.

      The SUBI Trustee hereby makes the following representations and warranties
on which the Settlor and Initial Beneficiary, each of their permitted assignees
and each holder of the Transaction SUBI Certificate may rely:

      (a) Organization and Good Standing. The SUBI Trustee is a national banking
association, duly organized, validly existing and in good standing under the
laws of the United States.

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                       5
<PAGE>

      (b) Power and Authority. The SUBI Trustee has full power, authority and
right to execute, deliver and perform this Transaction SUBI Supplement and has
taken all necessary action to authorize the execution, delivery and performance
by it of this Transaction SUBI Supplement.

      (c) Due Execution. This Transaction SUBI Supplement has been duly executed
and delivered by the SUBI Trustee, and this Transaction SUBI Supplement and the
Origination Trust Agreement are legal, valid and binding instruments enforceable
against the SUBI Trustee in accordance with their respective terms, except as
such enforceability may be limited by bankruptcy, insolvency and other similar
laws relating to the enforcement of creditors' rights generally and to general
principles of equity.

      (d) No Conflict. Neither the execution and delivery of this Transaction
SUBI Supplement nor the consummation of the transactions herein contemplated,
nor compliance with the provisions hereof, will conflict with or result in a
breach of, or constitute a default (with notice or passage of time or both)
under, any provision of any law, governmental rule, regulation, judgment, decree
or order binding on the SUBI Trustee or the charter or bylaws of the SUBI
Trustee or any provision of any mortgage, indenture, contract, agreement or
other instrument to which the SUBI Trustee is a party or by which it is bound.
No consent, approval or authorization of, or filing, registration or
qualification with, or the giving of notice or the taking of any other action
with respect to, any federal or Delaware state Governmental Authority is
required on the part of the SUBI Trustee in connection with the execution,
delivery and performance by the SUBI Trustee of the Origination Trust Agreement,
the Servicing Agreement, the Transaction SUBI Servicing Supplement and this
Transaction SUBI Supplement.

      (e) Location of Records. The office where the SUBI Trustee keeps its
records concerning the transactions contemplated hereby is located at 400 North
Michigan Avenue, Chicago, Illinois 60611.

      Section 11.7 Merger and Consolidation of Origination Trustees. Each
Origination Trustee shall give notice to the Transferor and the Administrator
within a reasonable time after affecting any merger, consolidation, or other
transaction set forth in Section 6.5 of the Origination Trust Agreement.

                                    PART XII
                       ASSIGNMENT OF THE TRANSACTION SUBI

      Section 12.1 Assignment.

      The parties to this Transaction SUBI Supplement hereby acknowledge and
consent to the mortgage, pledge, assignment and grant of a security interest by
the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of
the Noteholders of all of the Issuer's rights hereunder. In addition, the
parties to this Transaction SUBI Supplement hereby acknowledge and agree that
for so long as the Notes are outstanding, the Indenture Trustee and the Issuer
acting jointly will have the right to exercise all rights, remedies, powers,
privileges and claims of the Issuer under this Transaction SUBI Supplement;
provided, however, that after the occurrence

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                       6
<PAGE>

of an Indenture Default, the Indenture Trustee alone will have the right to
exercise such rights, remedies, powers, privileges and claims.

                                   PART XIII
                            MISCELLANEOUS PROVISIONS

      Section 13.1 Amendment, Etc.

      (a) Notwithstanding Section 9.1 of the Origination Trust Agreement, the
Origination Trust Agreement, as supplemented by this Transaction SUBI
Supplement, to the extent that it deals solely with the Transaction SUBI and the
Transaction SUBI Portfolio, may be amended in accordance with this Section 13.1.

      (b) Any term or provision of the Origination Trust Agreement or this
Transaction SUBI Supplement may be amended by the Initial Beneficiary, without
the consent of any other Person; provided that (i) any amendment that materially
and adversely affects the interests of the Noteholders shall require the consent
of Noteholders evidencing not less than a majority of the aggregate outstanding
principal amount of the Outstanding Notes, voting as a single class, and (ii)
any amendment that materially and adversely affects the interests of the
Origination Trustees, the Swap Counterparty, the Indenture Trustee or the Owner
Trustee shall require the prior written consent of the Persons whose interests
are materially and adversely affected. An amendment shall be deemed not to
materially and adversely affect the interests of the Noteholders if the Rating
Agency Condition is satisfied with respect to such amendment. The consent of the
Certificateholders or the Swap Counterparty shall be deemed to have been given
if the Servicer does not receive a written objection from such Person within 10
Business Days after a written request for such consent shall have been given.

      (c) Notwithstanding the foregoing, no amendment shall (i) reduce the
interest rate or principal amount of any Note, or delay the Final Scheduled
Payment Date of any Note without the consent of the Holder of such Note, or (ii)
reduce the percentage of the aggregate outstanding principal amount of the
Outstanding Notes, the Holders of which are required to consent to any matter
without the consent of the Holders of at least the percentage of the aggregate
outstanding principal amount of the Outstanding Notes which were required to
consent to such matter before giving effect to such amendment.

      (d) Notwithstanding anything herein to the contrary, any term or provision
of this Transaction SUBI Supplement may be amended by the Initial Beneficiary
without the consent of any of the Noteholders or any other Person to add, modify
or eliminate any provisions as may be necessary or advisable in order to comply
with or obtain more favorable treatment under or with respect to any law or
regulation or any accounting rule or principle (whether now or in the future in
effect); it being a condition to any such amendment that the Rating Agency
Condition shall have been satisfied.

      (e) It shall not be necessary for the consent of any Person pursuant to
this Section for such Person to approve the particular form of any proposed
amendment, but it shall be sufficient if such Person consents to the substance
thereof.

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                       7
<PAGE>

      (f) Prior to the execution of any amendment to this Transaction SUBI
Supplement, the Initial Beneficiary shall provide each Rating Agency with
written notice of the substance of such amendment. No later than 10 Business
Days after the execution of any amendment to this Transaction SUBI Supplement,
the Initial Beneficiary shall furnish a copy of such amendment to each Rating
Agency, the Origination Trustees, the Owner Trustee, the Indenture Trustee and
the Swap Counterparty.

      (g) Prior to the execution of any amendment to this Transaction SUBI
Supplement, the Owner Trustee, the Indenture Trustee and the Origination
Trustees shall be entitled to receive and conclusively rely upon an Opinion of
Counsel stating that the execution of such amendment is authorized or permitted
by the Origination Trust Agreement or this Transaction SUBI Supplement and that
all conditions precedent to the execution and delivery of such amendment have
been satisfied.

      Section 13.2 Governing Law.

      THIS TRANSACTION SUBI SUPPLEMENT SHALL BE CREATED UNDER AND GOVERNED BY
AND CONSTRUED UNDER THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD
TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS.

      Section 13.3 Notices.

The notice provisions of Section 9.3 of the Origination Trust Agreement shall
apply equally to this Transaction SUBI Supplement. All demands, notices and
communications under this Transaction SUBI Supplement or the Origination Trust
Agreement shall be in writing and shall be delivered or mailed by registered or
certified first class United States mail, postage prepaid, return receipt
requested, hand delivery, prepaid courier or telecopier and shall be deemed to
have been given upon actual receipt thereof, and (i) if to the SUBI Trustee, the
UTI Trustee or the Administrative Trustee, addressed to: U.S. Bank National
Association, 209 S. LaSalle Street, Suite 300, Chicago, Illinois 60604,
Attention: Corporate Trust Department; Facsimile: (312) 325-8905; (ii) if to the
Delaware Trustee, addressed to: Wilmington Trust Company, 1100 North Market
Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration;
Facsimile: (302) 651-8882; (iii) if to the Transferor, addressed to: Volkswagen
Auto Lease Underwritten Funding, LLC, 3800 Hamlin Road, Auburn Hills, Michigan
48326, Attention: Treasurer; Facsimile: (248) 754-5360; with a copy to: VW
Credit, Inc., 3800 Hamlin Road, Auburn Hills, Michigan 48326, Attention: General
Counsel; Facsimile: (248) 754-5360; (iv) if to the Issuer, addressed to:
Volkswagen Auto Lease Trust 2004-A, c/o The Bank of New York, Corporate Trust
Division, Barclay Street FL 8W, New York, New York 10286, Attention: Corporate
Trust Division; Facsimile: (212) 815-3883; with a copy to: the Administrator,
addressed to: VW Credit, Inc., 3800 Hamlin Road, Auburn Hills, Michigan 48326,
Attention: Treasurer; Facsimile: (248) 754-5360; and (v) if to the Indenture
Trustee, addressed to: Citibank, N.A., 111 Wall Street, 14th Floor, Zone 3, New
York, New York 10005; Attention: Citibank Agency & Trust, Structured Finance
Group; Facsimile: (212) 657- 4009 or at such other address as shall be
designated by any such Person to the other parties hereto.

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                       8

<PAGE>

      Section 13.4 Severability of Provisions.

      If any one or more of the covenants, agreements, provisions or terms of
this Transaction SUBI Supplement shall be for any reason whatsoever held
invalid, then such covenants, agreements, provisions or terms shall be deemed
severable from the remaining covenants, agreements, provisions or terms of this
Transaction SUBI Supplement and shall in no way affect the validity or
enforceability of the other provisions of this Transaction SUBI Supplement or of
the Transaction SUBI Certificate or the rights of the holder thereof. To the
extent permitted by law, the parties hereto waive any provision of law that
renders any provision of this Transaction SUBI Supplement invalid or
unenforceable in any respect.

      Section 13.5 Effect of Transaction SUBI Supplement on Origination Trust
Agreement and Transaction Documents.

      (a) Except as otherwise specifically provided herein: (i) the parties
shall continue to be bound by all provisions of the Origination Trust Agreement;
and (ii) the provisions set forth herein shall operate either as additions to or
modifications of the obligations of the parties under the Origination Trust
Agreement, as the context may require. In the event of any conflict between the
provisions of this Transaction SUBI Supplement and the Origination Trust
Agreement with respect to the Transaction SUBI, the provisions of this
Transaction SUBI Supplement shall prevail.

      (b) For purposes of determining the parties' obligations under this
Transaction SUBI Supplement with respect to the Transaction SUBI, general
references in the Origination Trust Agreement to: (i) the SUBI Portfolio shall
be deemed to refer more specifically to the Transaction SUBI Portfolio; (ii) the
SUBI Supplement shall be deemed to refer more specifically to this Transaction
SUBI Supplement; and (iii) the SUBI Servicing Agreement Supplement shall be
deemed to refer more specifically to the Transaction SUBI Servicing Supplement.

      Section 13.6 Each SUBI Separate; Assignees of SUBI.

      Each party hereto acknowledges and agrees (and each holder or pledgee of
the Transaction SUBI, by virtue of its acceptance of such Transaction SUBI or
pledge thereof acknowledges and agrees) that (a) the Transaction SUBI is a
separate series of the Origination Trust as provided in Section 3806(b)(2) of
Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq.,
(b)(i) the debts, liabilities, obligations and expenses incurred, contracted for
or otherwise existing with respect to the Transaction SUBI or the Transaction
SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only
and not against any Other SUBI Assets or the UTI Portfolio and (ii) the debts,
liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or
the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the
UTI Portfolio only, as applicable, and not against the Transaction SUBI or any
Transaction SUBI Assets, (c) except to the extent required by law, UTI Assets or
SUBI Assets with respect to any SUBI (other than the Transaction SUBI) shall not
be subject to the claims, debts, liabilities, expenses or obligations arising
from or with respect to the Transaction SUBI, in respect of such claim, (d)(i)
no creditor or holder of a claim relating to the Transaction SUBI or the
Transaction SUBI Portfolio shall be entitled to maintain any action against or
recover any assets allocated to

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                       9
<PAGE>

the UTI or the UTI Portfolio or any Other SUBI or the assets allocated thereto,
and (ii) no creditor or holder of a claim relating to the UTI, the UTI Portfolio
or any SUBI other than the Transaction SUBI or any SUBI Assets other than the
Transaction SUBI Portfolio shall be entitled to maintain any action against or
recover any assets allocated to the Transaction SUBI, and (e) any purchaser,
assignee or pledgee of an interest in the Transaction SUBI or the Transaction
SUBI Certificate, must, prior to or contemporaneously with the grant of any such
assignment, pledge or security interest, (i) give to the Origination Trust a
non-petition covenant substantially similar to that set forth in Section 6.9 of
the Origination Trust Agreement, and (ii) execute an agreement for the benefit
of each holder, assignee or pledgee from time to time of the UTI or UTI
Certificate and any Other SUBI or Other SUBI Certificate to release all claims
to the assets of the Origination Trust allocated to the UTI and each Other SUBI
Portfolio and, in the event that such release is not given effect, to fully
subordinate all claims it may be deemed to have against the assets of the
Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio.

      Section 13.7 No Petition; Release of Claims.

      With respect to each Bankruptcy Remote Party, each party hereto (and each
holder and pledgee of the Transaction SUBI, by virtue of its acceptance of such
SUBI or pledge thereof) agrees that, prior to the date which is one year and one
day after payment in full of all obligations under each Financing, (i) no party
hereto shall authorize such Bankruptcy Remote Party to commence a voluntary
winding-up or other voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to such Bankruptcy Remote Party or
its debts under any bankruptcy, insolvency or other similar law now or hereafter
in effect in any jurisdiction or seeking the appointment of an administrator, a
trustee, receiver, liquidator, custodian or other similar official with respect
to such Bankruptcy Remote Party or any substantial part of its property or to
consent to any such relief or to the appointment of or taking possession by any
such official in an involuntary case or other proceeding commenced against such
Bankruptcy Remote Party, or to make a general assignment for the benefit of any
party hereto or any other creditor of such Bankruptcy Remote Party, and (ii)
none of the parties hereto shall commence or join with any other Person in
commencing any proceeding against such Bankruptcy Remote Party under any
bankruptcy, reorganization, liquidation or insolvency law or statute now or
hereafter in effect in any jurisdiction.

      Section 13.8 Tax Matters.

      Each of the Initial Beneficiary, the UTI Trustee, the Delaware Trustee,
the SUBI Trustee and any holder or pledgee of the Transaction SUBI (including
the Issuer and the Indenture Trustee, respectively) agree that for federal and
state income tax purposes it shall not treat this Transaction SUBI Supplement as
creating or constituting a trust, partnership, association taxable as a
corporation or any other type of separate entity (and will report for such
purposes in a consistent manner therewith). Instead, each of such parties
agrees, and will consistently report, that for federal and state income tax
purposes the Origination Trust holds the Transaction SUBI Portfolio and each
asset therein as a mere agent of the Issuer. Each such party further agrees that
the Origination Trust is acting as holder of record title to the Transaction
SUBI Portfolio, including the Transaction Vehicles, solely for the benefit of,
and as agent and nominee of, the

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                       10
<PAGE>

Issuer, and shall not hold itself out or act in a manner inconsistent with it
acting merely as agent and nominee.

      Section 13.9 ENTIRE AGREEMENT.

      THIS TRANSACTION SUBI SUPPLEMENT AND THE OTHER TRANSACTION DOCUMENTS
EXECUTED AND DELIVERED IN CONNECTION HEREWITH REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE
ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

      Section 13.10 Submission to Jurisdiction; Waiver of Jury Trial.

      Each of the parties hereto hereby irrevocably and unconditionally:

      (a) submits for itself and its property in any legal action or proceeding
relating to this Transaction SUBI Supplement or any documents executed and
delivered in connection herewith, or for recognition and enforcement of any
judgment in respect thereof, to the nonexclusive general jurisdiction of the
courts of the State of New York, the courts of the United States of America for
the Southern District of New York and appellate courts from any thereof;

      (b) consents that any such action or proceeding may be brought in such
courts and waives any objection that it may now or hereafter have to the venue
of such action or proceeding in any such court or that such action or proceeding
was brought in an inconvenient court and agrees not to plead or claim the same;

      (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its
address determined in accordance with Section 13.3 of this Transaction SUBI
Supplement; and

      (d) agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law or shall limit the right to sue in
any other jurisdiction.

                            [SIGNATURES ON NEXT PAGE]

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                       11
<PAGE>

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

                                    VW CREDIT, INC.,
                                    as Settlor and Initial Beneficiary

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                    U.S. BANK NATIONAL ASSOCIATION,
                                    as Administrative Trustee, UTI Trustee
                                    and SUBI Trustee

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                      S-1
<PAGE>

                                                                      SCHEDULE 1
                                                     Transaction SUBI Supplement
                                                                          2004-A

                        DESCRIPTION OF TRANSACTION UNITS

               [delivered electronically to the Indenture Trustee]

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                      I-1
<PAGE>

                                                                       EXHIBIT A

                      FORM OF TRANSACTION SUBI CERTIFICATE

                             VW CREDIT LEASING, LTD.

       TRANSACTION SPECIAL UNIT OF BENEFICIAL INTEREST 2004-A CERTIFICATE

      evidencing an exclusive undivided 100% beneficial ownership interest in
      all Transaction SUBI Assets (as defined below).

      (This Certificate does not represent an obligation of, or an interest in,
      VW Credit, Inc. or any of its affiliates (other than the Origination Trust
      (as defined below)).)

Number Transaction SUBI-2004-A-[  ]

      THIS CERTIFIES THAT ______________________________________ is the
registered owner of a 100% nonassessable, fully-paid, exclusive undivided
interest in the Transaction SUBI Portfolio (such interest, a "Transaction SUBI")
of VW Credit Leasing, Ltd., a Delaware statutory trust (the "Origination Trust")
formed by VW Credit, Inc., a Delaware corporation, as settlor ("VCI" or, in its
capacity as settlor thereunder, and, together with any successor or assign, the
"Settlor"), Wilmington Trust Company, a Delaware banking corporation, as
Delaware trustee (the "Delaware Trustee"), and U.S. Bank National Association
(f/k/a U.S. Bank Trust National Association), as administrative trustee (the
"Administrative Trustee") and UTI trustee (the "UTI Trustee"). The Origination
Trust was created pursuant to a Trust Agreement dated as of June 2, 1999 (as
modified, supplemented, or amended from time to time, the "Agreement") among VCI
as the Settlor and as the sole initial beneficiary (in such capacity, and,
together with any successor or permitted assign, the "Initial Beneficiary"), the
UTI Trustee, the Administrative Trustee and the Delaware Trustee, as
supplemented for purposes hereof by that certain Transaction SUBI Supplement
2004-A to Origination Trust Agreement dated as of September 29, 2004 (as
amended, modified or supplemented from time to time, the "Transaction SUBI
Supplement") among the Settlor, the Initial Beneficiary, the UTI Trustee, the
Administrative Trustee and U.S. Bank National Association, as the SUBI Trustee
(the "SUBI Trustee"; together with the UTI Trustee, the Administrative Trustee
and the Delaware Trustee, the "Origination Trustees"). To the extent not
otherwise defined herein, the capitalized terms herein have the meanings set
forth in the Agreement.

      This Certificate is the duly authorized certificate issued under the
Agreement and the Transaction SUBI Supplement and designated as "VW Credit
Leasing, Ltd. Transaction Special Unit of Beneficial Interest 2004-A
Certificate" (the "Transaction SUBI Certificate"). This Transaction SUBI
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement and the Transaction SUBI Supplement, to which
Agreement the holder of this Transaction SUBI Certificate by virtue of the
acceptance hereof assents and by which such holder is bound. Also to be issued
under the Agreement are various other series of Certificates, the first
designated as "VW Credit Leasing, Ltd. Undivided Trust Interest Certificates"
(the "Undivided Trust Interest Certificates"), and the others each designated as
"VW Credit Leasing, Ltd. Special Unit of Beneficial Interest Certificates" (the
"SUBI

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                      A-1
<PAGE>

Certificates" and, together with the Undivided Trust Interest Certificates, the
"Certificates"). The Undivided Trust Interest Certificates, taken together,
evidence an exclusive undivided interest in the assets of the Origination Trust,
other than SUBI Assets (each as defined in the Agreement); each other series of
SUBI Certificates, taken together, will evidence an exclusive undivided interest
in a separate SUBI Portfolio other than the Transaction SUBI Portfolio.

      The Certificates do not represent an obligation of, or an interest in, the
Settlor, any Origination Trustee or any of their respective affiliates (other
than the Origination Trust). A copy of the Agreement may be examined during
normal business hours at the principal office of the Settlor or any Origination
Trustee, and at such other places, if any, designated by the Settlor or any
Origination Trustee, by the holder hereof upon request.

      By accepting this Certificate, the holder hereof releases (or fully
subordinates, but only to the extent such release is not given effect) any claim
in respect of this Certificate to any proceeds or assets of the Origination
Trust and to all of the assets of the Origination Trust other than those from
time to time included within the Transaction SUBI Portfolio (the "Transaction
SUBI Assets") and those proceeds or assets derived from or earned by the
Transaction SUBI Assets.

      Prior to due presentation of this Certificate for registration of a
permitted transfer, the Origination Trustees, the certificate registrar and any
of their respective agents may treat the person or entity in whose name this
Certificate is registered as the owner hereof for the purpose of receiving
distributions and for all other purposes, and, except as provided for in the
Agreement, neither the Origination Trustees, the certificate registrar nor any
such agent shall be affected by any notice to the contrary.

      The holder of this Certificate covenants and agrees that prior to the date
which is one year and one day after the date upon which all obligations under
each Financing have been paid in full, it will not institute against, or join
any other Person in instituting against, the Origination Trust, the Initial
Beneficiary, any Special Purpose Entity, or any general partner of any Special
Purpose Entity that is a partnership, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding or other proceedings under any
federal or state bankruptcy or similar law.

      No bankruptcy, reorganization, arrangement, insolvency or liquidation
proceeding or other proceedings under any federal or state bankruptcy,
insolvency or similar law shall be instituted by the Origination Trust without
the unanimous consent of all Origination Trustees and Certificateholders
hereunder. A SUBI Trustee shall not so consent unless directed to do so by the
holder of the applicable SUBI, and the Delaware Trustee shall not so consent
unless directed to do so by all of the Certificateholders.

      Unless this Certificate shall have been executed by an authorized officer
of the Administrative Trustee and the SUBI Trustee, by manual signature, this
Certificate shall not entitle the holder hereof to any benefit under the
Agreement or be valid for any purpose.

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                      A-2
<PAGE>

      IN WITNESS WHEREOF, the Administrative Trustee and the SUBI Trustee on
behalf of the Origination Trust and not in their individual capacities have
caused this Transaction SUBI Certificate to be duly executed.

Dated:                                  VW CREDIT LEASING, LTD.

                                        By:  U.S. BANK NATIONAL ASSOCIATION,
                                             not in its individual capacity but
                                             solely as Administrative Trustee
                                             and SUBI Trustee

                                        By:  ___________________________________
                                             Authorized Officer

                                           Transaction SUBI Supplement 2004-A to
                                                     Origination Trust Agreement

                                      A-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]