Document:

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                                                                     Exhibit 4.3

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                      _____________________ TRUST 200_-__,

                                   as Issuer,

                                       and

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

                              as Indenture Trustee

                           ---------------------------
                                    INDENTURE

                          Dated as of __________, 200_

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                             CROSS REFERENCE TABLE*

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

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

**   N.A. means Not Applicable.

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     (b)..........................................................     5.07
     (c)..........................................................     N.A.
317  (a)(1).......................................................     5.03
     (a)(2).......................................................     5.03
     (b)..........................................................     3.03
318  (a)..........................................................    11.07

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                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----

                                 Article One
                  DEFINITIONS AND INCORPORATION BY REFERENCE

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

                                   Article Two

                                    THE NOTES

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

                                  Article Three

                                    COVENANTS

Section 3.01.  Payment of Principal and Interest..........................  16
Section 3.02.  Maintenance of Office or Agency............................  16
Section 3.03.  Money for Payments to be Held in Trust.....................  16
Section 3.04.  Existence..................................................  18
Section 3.05.  Protection of Owner Trust Estate...........................  18
Section 3.06.  Opinions as to Owner Trust Estate..........................  19
Section 3.07.  Performance of Obligations; Servicing of Receivables.......  19
Section 3.08.  Negative Covenants.........................................  21

                                       i
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Section 3.09.  Annual Statement as to Compliance..........................  21
Section 3.10.  Issuer May Consolidate, etc., Only on Certain Terms........  22
Section 3.11.  Successor or Transferee....................................  23
Section 3.12.  No Other Business..........................................  23
Section 3.13.  No Borrowing...............................................  24
Section 3.14.  Servicer's Obligations.....................................  24
Section 3.15.  Guarantees, Loans, Advances and Other Liabilities..........  24
Section 3.16.  Capital Expenditures.......................................  24
Section 3.17.  Removal of Administrator...................................  24
Section 3.18.  Restricted Payments........................................  24
Section 3.19.  Notice of Events of Default................................  24
Section 3.20.  Further Instruments and Acts...............................  24
Section 3.21.  Compliance with Laws.......................................  25
Section 3.22.  Amendments of Sale and Servicing Agreement and Trust
               Agreement..................................................  25

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

Section 4.01.  Satisfaction and Discharge of Indenture....................  26
Section 4.02.  Application of Trust Money.................................  27
Section 4.03.  Repayment of Monies Held by Paying Agent...................  27

                                  ARTICLE FIVE

                                    REMEDIES

Section 5.01.  Events of Default..........................................  28
Section 5.02.  Acceleration of Maturity; Rescission and Annulment.........  29
Section 5.03.  Collection of Indebtedness and Suits for Enforcement by
               Indenture Trustee..........................................  29
Section 5.04.  Remedies; Priorities.......................................  31
Section 5.05.  Optional Preservation of the Receivables...................  33
Section 5.06.  Limitation of Suits........................................  33
Section 5.07.  Unconditional Rights of Noteholders to Receive Principal
               and Interest...............................................  34
Section 5.08.  Restoration of Rights and Remedies.........................  34
Section 5.09.  Rights and Remedies Cumulative.............................  34
Section 5.10.  Delay or Omission Not a Waiver.............................  34
Section 5.11.  Control by Noteholders.....................................  34
Section 5.12.  Waiver of Past Defaults....................................  35
Section 5.13.  Undertaking for Costs......................................  35
Section 5.14.  Waiver of Stay or Extension Laws...........................  35
Section 5.15.  Action on Notes............................................  36

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Section 5.16.  Performance and Enforcement of Certain Obligations.........  36

                                   ARTICLE SIX

                              THE INDENTURE TRUSTEE

Section 6.01.  Duties of Indenture Trustee................................  37
Section 6.02.  Rights of Indenture Trustee................................  38
Section 6.03.  Individual Rights of Indenture Trustee.....................  39
Section 6.04.  Indenture Trustee's Disclaimer.............................  39
Section 6.05.  Notice of Defaults.........................................  39
Section 6.06.  Reports by Indenture Trustee to Holders....................  39
Section 6.07.  Compensation and Indemnity.................................  39
Section 6.08.  Replacement of Indenture Trustee...........................  40
Section 6.09.  Successor Indenture Trustee by Merger......................  41
Section 6.10.  Appointment of Co-Trustee or Separate Trustee..............  42
Section 6.11.  Eligibility; Disqualification..............................  43
Section 6.12.  Preferential Collection of Claims Against Issuer...........  43
Section 6.13.  Representations and Warranties of Indenture Trustee........  43

                                  ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

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

                                  ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

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

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                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

Section 9.01.  Supplemental Indentures Without Consent of Noteholders.....  49
Section 9.02.  Supplemental Indentures With Consent of Noteholders........  50
Section 9.03.  Execution of Supplemental Indentures.......................  51
Section 9.04.  Effect of Supplemental Indenture...........................  51
Section 9.05.  Conformity with Trust Indenture Act........................  52
Section 9.06.  Reference in Notes to Supplemental Indentures..............  52

                                   ARTICLE TEN

                               REDEMPTION OF NOTES

Section 10.01. Redemption.................................................  53
Section 10.02. Form of Redemption Notice..................................  53
Section 10.03. Notes Payable on Redemption Date...........................  53

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

Section 11.01. Compliance Certificates and Opinions, etc..................  55
Section 11.02. Form of Documents Delivered to Indenture Trustee...........  56
Section 11.03. Acts of Noteholders........................................  57
Section 11.04. Notices, etc., to Indenture Trustee, Issuer and Rating
               Agencies...................................................  58
Section 11.05. Notices to Noteholders; Waiver.............................  59
Section 11.06. Alternate Payment and Notice Provisions....................  59
Section 11.07. Conflict with Trust Indenture Act..........................  59
Section 11.08. Effect of Headings and Table of Contents...................  59
Section 11.09. Successors and Assigns.....................................  59
Section 11.10. Separability...............................................  60
Section 11.11. Benefits of Indenture......................................  60
Section 11.12. Legal Holidays.............................................  60
Section 11.13. Governing Law..............................................  60
Section 11.14. Counterparts...............................................  60
Section 11.15. Recording of Indenture.....................................  60
Section 11.16. Trust Obligation...........................................  60
Section 11.17. No Petition................................................  61
Section 11.18. Inspection.................................................  61

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                                    SCHEDULES

Schedule A - Schedule of Receivables......................................SA-1

                                    EXHIBITS

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

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      This Indenture, dated as of __________, 200_, is between ____________
Trust 200_-__, a Delaware business trust (the "Issuer"), and______________, a
Delaware banking corporation, as indenture trustee (the "Indenture Trustee").

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

                                 GRANTING CLAUSE

      The Issuer hereby Grants to the Indenture Trustee at the Closing Date, on
behalf of and for the benefit of the Holders of the Notes, without recourse, all
of the Issuer's right, title and interest in, to and under (i) the Receivables
and all monies due thereon and received thereon on and after __________, 200_;
(ii) the security interests in the Financed Vehicles; (iii) any proceeds of any
physical damage insurance policies covering the Financed Vehicles and in any
proceeds of any credit life or credit disability insurance policies relating to
the Receivables or the Obligors; (iv) any proceeds of Dealer Recourse; (v) the
right to realize upon any property (including the right to receive future
Liquidation Proceeds) that shall have secured a Receivable and have been
repossessed by or on behalf of the Issuer; (vi) all funds on deposit from time
to time in the Accounts, including the Reserve Fund Initial Deposit and the
Yield Supplement Account Deposit and in all investment income and proceeds
thereof; (vii) the rights of the Transferor under the Receivables Purchase
Agreement and the rights of the Issuer under the Sale and Servicing Agreement;
(viii) any Servicer Letter of Credit; and (ix) all payments on or under and all
proceeds of every kind and nature whatsoever in respect of any or all of the
foregoing, including all proceeds of the conversion thereof, voluntary or
involuntary, into cash or other liquid property, all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit
accounts, insurance proceeds, condemnation awards, rights to payment of any and
every kind and other forms of obligations and receivables, instruments and other
property which at any time constitute all or part of or are included in the
proceeds of any of the foregoing as each such term is defined in Section 1.01
(collectively, the "Collateral").

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

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

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                                  Article One

                  DEFINITIONS AND INCORPORATION BY REFERENCE

      SECTION 1.01. DEFINITIONS.

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

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

      "ADMINISTRATION AGREEMENT" means the Administration Agreement, dated as of
__________, 200_, among the Administrator, the Issuer, the Depositor and the
Indenture Trustee.

      "ADMINISTRATOR" means ____ or any successor Administrator under the
Administration Agreement.

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

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

      "BUSINESS DAY" means any day other than a Saturday, a Sunday or a day on
which banking institutions or trust companies in Newark, Delaware or New York,
New York are authorized or obligated by law, regulation, executive order or
governmental decree to remain closed.

      "BENEFIT PLAN" means (a) employee benefit plans (as defined in Section
3(3) of ERISA that are subject to Title I of ERISA, (b) plans described in
Section 4975(e)(1) of the Code, including individual retirement accounts or
Keogh Plans, and (c) any entities whose underlying assets include plan assets by
reason of a plan's investment in such entities.

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

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      "CLASS A-1 INTEREST RATE" means ______% per annum (computed on the basis
of the actual number of days in the related Interest Accrual Period divided by
360).

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

      "CLASS A-2 INTEREST RATE" means _____% per annum (computed on the basis of
the actual number of days in the related Interest Accrual Period divided by
360).

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

      "CLASS A-3 INTEREST RATE" means _____% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

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

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

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

      "CLOSING DATE" means __________, 200_.

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

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

      "CORPORATE TRUST OFFICE" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of execution of this Indenture is located
at _______________________, Attention: ___________, or at such other address as
the Indenture Trustee may designate from time to time by notice to the
Noteholders and the Issuer, or the principal corporate trust office of any
successor Indenture Trustee at the address designated by such successor
Indenture Trustee by notice to the Noteholders and the Issuer.

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

      "DEFINITIVE NOTES" shall have the meaning specified in Section 2.11.

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

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      "EVENT OF DEFAULT" shall have the meaning specified in Section 5.01.

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

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

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

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

      "INDENTURE TRUSTEE" means _______________, a ____________ corporation, as
Indenture Trustee under this Indenture, or any successor Indenture Trustee under
this Indenture.

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

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

      "INTEREST ACCRUAL PERIOD" means, with respect to any Distribution Date and
any Class of Notes, the period from and including the immediately preceding
Distribution Date (or, in the case of the first Distribution Date, the Closing
Date) to but excluding such Distribution Date.

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

                                       4
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      "ISSUER" means ____________ Trust 200_-__until a successor replaces it
and, thereafter, means the successor and, for purposes of any provision
contained herein and required by the TIA, each other obligor on the Notes.

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

      "NOTE DEPOSITORY AGREEMENT" means the agreement dated __________, 200_,
among the Issuer, the Indenture Trustee and The Depository Trust Company, as the
initial Clearing Agency, relating to the Notes, substantially in the form of
Exhibit B hereto.

      "NOTEHOLDER" or "HOLDER" means the Person in whose name a Note is
registered on the Note Register.

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

      "NOTE REGISTER" and "NOTE REGISTRAR" shall have the respective meanings
specified in Section 2.04.

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

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

      "OPINION OF COUNSEL" means one or more written opinions of counsel who
may, except as otherwise expressly provided in this Indenture, be an employee of
or counsel to the Issuer and who shall be satisfactory to the Indenture Trustee,
and which opinion or opinions shall be addressed to the Indenture Trustee as
Indenture Trustee, shall comply with any applicable requirements of Section
11.01 and shall be in form and substance satisfactory to the Indenture Trustee.

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

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

          (ii) Notes or portions thereof the payment for which money in the
     necessary amount has been theretofore deposited with the Indenture Trustee
     or any Paying Agent in

                                       5
<PAGE>

     trust for the Holders of such Notes (provided, however, that if such Notes
     are to be redeemed, notice of such redemption has been duly given pursuant
     to this Indenture or provision for such notice has been made, satisfactory
     to the Indenture Trustee); and

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

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

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

      "OWNER TRUST ESTATE" means the Grant of the Collateral to the Indenture
Trustee under this Indenture, including all proceeds thereof.

      "OWNER TRUSTEE" means ___________________, not in its individual capacity
but solely as Owner Trustee under the Trust Agreement, or any successor Owner
Trustee under the Trust Agreement.

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

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

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

      "PROTECTED PURCHASER" shall have the meaning set forth in Article 8 of the
UCC.

                                       6
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      "RATING AGENCY CONDITION" means, with respect to any action, that each
Rating Agency shall have been given ten days (or such shorter period as is
acceptable to each Rating Agency) prior notice thereof and that each Rating
Agency shall have notified the Transferor, the Servicer, the Indenture Trustee
and the Owner Trustee in writing that such action will not result in a
qualification, reduction or withdrawal of the then current rating of the Notes.

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

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

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

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

      "SALE AND SERVICING AGREEMENT" means the Sale and Servicing Agreement,
dated as of __________, 200_, between the Issuer, the Transferor and the
Servicer.

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

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

      "SERVICER" means _________________, in its capacity as servicer under the
Sale and Servicing Agreement, and any Successor Servicer thereunder.

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

      "TRANSFEROR" means Pooled Auto Securities Shelf LLC, in its capacity as
seller under the Sale and Servicing Agreement, and its successors.

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

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

      "UNITED STATES" means the United States of America.

                                       7
<PAGE>

      "YIELD SUPPLEMENT ACCOUNT DEPOSIT" means $_____________.

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

      SECTION 1.02. INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT. Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. The following TIA terms used
in this Indenture have the following meanings:

      "Commission" means the Securities and Exchange Commission.

      "indenture securities" means the Notes.

      "indenture security holder" means a Noteholder.

      "indenture to be qualified" means this Indenture.

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

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

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

      SECTION 1.03. RULES OF CONSTRUCTION. Unless the context otherwise
requires: (i) a term has the meaning assigned to it; (ii) an accounting term not
otherwise defined has the meaning assigned to it in accordance with generally
accepted accounting principles as in effect from time to time; (iii) "or" is not
exclusive; (iv) "including" means including without limitation; (v) words in the
singular include the plural and words in the plural include the singular; (vi)
any agreement, instrument or statute defined or referred to herein or in any
instrument or certificate delivered in connection herewith means such agreement,
instrument or statute as from time to time amended, modified or supplemented and
includes (in the case of agreements or instruments) references to all
attachments thereto and instruments incorporated therein; (vii) references to a
Person are also to its permitted successors and assigns; (viii) the words
"hereof", "herein" and "hereunder" and words of similar import when used in this
Indenture shall refer to this Indenture as a whole and not to any particular
provision of this Indenture; (ix) the term "proceeds" shall have the meaning set
forth in the applicable UCC; and (x) Section, subsection and Schedule references
contained in this Indenture are references to Sections, subsections and
Schedules in or to this Indenture unless otherwise specified.

                                       8
<PAGE>

                                  Article Two

                                    THE NOTES

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

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

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

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

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

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

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

      SECTION 2.03. TEMPORARY NOTES. Pending the preparation of Definitive
Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture
Trustee shall authenticate and deliver,

                                       9
<PAGE>

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

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

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

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

      Upon surrender for registration of transfer of any Note at the office or
agency of the Issuer to be maintained as provided in Section 3.02, provided that
the requirements of Section 8-401 of the UCC are met, the Issuer shall execute,
and the Indenture Trustee shall authenticate and the Noteholder shall obtain
from the Indenture Trustee, in the name of the designated transferee or
transferees, one or more new Notes of the same Class in any authorized
denominations, of a like aggregate principal amount.

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

                                       10
<PAGE>

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

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

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

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

      SECTION 2.05. MUTILATED, DESTROYED, LOST OR STOLEN NOTES. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuer and the Indenture Trustee
harmless and (iii) the requirements of Section 8-405 of the UCC are met, then,
in the absence of notice to the Issuer, the Note Registrar or the Indenture
Trustee that such Note has been acquired by a Protected Purchaser, the Issuer
shall execute, and upon its request the Indenture Trustee shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Note, a replacement Note of the same Class; provided, however, that if
any such destroyed, lost or stolen Note, but not a mutilated Note, shall have
become or within seven days shall be due and payable, or shall have been called
for redemption, instead of issuing a replacement Note, the Issuer may pay such
destroyed, lost or stolen Note when so due or payable or upon the Redemption
Date without surrender thereof. If, after the delivery of such replacement Note
or payment of a destroyed, lost or stolen Note pursuant to the proviso to the
preceding sentence, a Protected Purchaser of the original Note in lieu of which
such replacement Note was issued presents for payment such original Note, the
Issuer and the Indenture Trustee shall be entitled to recover such replacement
Note (or such payment) from the Person to whom it was delivered or any Person
taking such replacement Note from such Person to whom such replacement Note was
delivered or any assignee of such Person, except a protected purchaser, and
shall be entitled to recover upon the security or indemnity provided therefor to
the extent of any loss, damage, cost or expense incurred by the Issuer or the
Indenture Trustee in connection therewith.

                                       11
<PAGE>

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

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

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

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

      SECTION 2.07. PAYMENT OF PRINCIPAL AND INTEREST; DEFAULTED INTEREST.

     (a) Each Class of Notes shall accrue interest at the related Interest Rate,
and such interest shall be payable on each Distribution Date as specified
therein, subject to Section 3.01. Any installment of interest or principal, if
any, payable on any Note that is punctually paid or duly provided for by the
Issuer on the applicable Distribution Date shall be paid to the Person in whose
name such Note (or one or more Predecessor Notes) is registered on the Record
Date by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date, except that, unless Definitive
Notes have been issued pursuant to Section 2.12, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payment will be made by wire
transfer in immediately available funds to the account designated by such
nominee and except for the final installment of principal payable with respect
to such Note on a Distribution Date, a Redemption Date or on the related Final
Distribution Date, as the case may be (and except for the Redemption Price for
any Note called for redemption pursuant to Section 10.01), which shall be
payable as provided below. The funds represented by any such checks returned
undelivered shall be held in accordance with Section 3.03.

     (b) The principal of each Note shall be payable in installments on each
Distribution Date as provided in the form of the related Note set forth in
Exhibit A. Notwithstanding the foregoing, the entire unpaid principal amount of
the Notes shall be due and payable, if not previously paid, on the related Final
Distribution Date or the date on which an Event of Default shall have occurred
and be continuing, if the Indenture Trustee or Holders of the Notes

                                       12
<PAGE>

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

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

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

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

                                       13
<PAGE>

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

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

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

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

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

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

      SECTION 2.11. DEFINITIVE NOTES. If (i)(A) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Book-Entry
Notes and (B) neither the Indenture Trustee nor the Administrator is able to
locate a qualified successor, (ii) the Administrator at its option advises the
Indenture Trustee in writing that it elects to terminate the book-entry system
through the Clearing Agency or (iii) after the occurrence of an Event of Default
or a Servicer Default, Owners of Book-Entry Notes representing beneficial
interests aggregating at least a majority of the Outstanding Amount of such
Notes advise the Indenture Trustee and the Clearing Agency Participants through
the Clearing Agency, in writing that the continuation of a book-entry system
through the Clearing Agency is no longer in the best interests of such Note
Owners, then, in each case, the Indenture Trustee shall notify all Note Owners
of the related Class of Notes through the Clearing Agency of the occurrence of
any such event and of the availability of Definitive Notes of the related Class
of Notes to Note Owners requesting the same. Upon surrender to the Indenture
Trustee of the Note or Notes representing the Book-Entry Notes by the Clearing

                                       14
<PAGE>

Agency, accompanied by registration instructions, the Issuer shall execute and
the Indenture Trustee shall authenticate the Definitive Notes in accordance with
the instructions of the Clearing Agency. None of the Issuer, the Note Registrar
or the Indenture Trustee shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be protected in relying on,
such instructions. Upon the issuance of Definitive Notes of a Class, the
Indenture Trustee shall recognize the Holders of the Definitive Notes as
Noteholders hereunder.

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

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

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

                                       15
<PAGE>

                                 Article Three

                                    COVENANTS

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

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

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

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

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

                                       16
<PAGE>

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

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

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

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

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

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

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

                                       17
<PAGE>

whose Notes have been called but have not been 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 of any Paying Agent,
at the last address of record for each such Holder).

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

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

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

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

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

          (iv) enforce any of the Collateral;

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

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

                                       18
<PAGE>

      SECTION 3.06. OPINIONS AS TO OWNER TRUST ESTATE.

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

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

      SECTION 3.07. PERFORMANCE OF OBLIGATIONS; SERVICING OF RECEIVABLES.

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

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

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

                                       19
<PAGE>

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

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

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

                                       20
<PAGE>

Trustee of such appointment, specifying in such notice the name and address of
such Successor Servicer.

      SECTION 3.08. NEGATIVE COVENANTS. So long as any Notes are Outstanding,
the Issuer shall not:

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

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

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

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

      SECTION 3.09. ANNUAL STATEMENT AS TO COMPLIANCE. The Issuer will deliver
to the Indenture Trustee, within 120 days after the end of each fiscal year of
the Issuer (commencing with the fiscal year ____), an Officer's Certificate
stating, as to the Authorized Officer signing such Officer's Certificate, that:

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

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

                                       21
<PAGE>

      SECTION 3.10. ISSUER MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.

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

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

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

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

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

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

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

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

          (i) the Person that acquires by conveyance or transfer the properties
     or assets of the Issuer shall (A) be a United States citizen or a Person
     organized and existing under the laws of the United States or any State,
     (B) expressly assume, by an indenture supplemental hereto, executed and
     delivered to the Indenture Trustee, in form satisfactory to the Indenture
     Trustee, the due and punctual payment of the principal of and interest on
     all Notes and the performance or observance of every agreement and covenant
     of this Indenture and each other Basic Document on the part of the Issuer
     to be performed or observed, all as provided herein, (C) expressly agree by
     means of such supplemental

                                       22
<PAGE>

     indenture that all right, title and interest so conveyed or transferred
     shall be subject and subordinate to the rights of Holders of the Notes, (D)
     unless otherwise provided in such supplemental indenture, expressly agree
     to indemnify, defend and hold harmless the Issuer against and from any
     loss, liability or expense arising under or related to this Indenture and
     the Notes and (E) expressly agree by means of such supplemental indenture
     that such Person (or if a group of Persons, then one specified Person)
     shall make all filings with the Commission (and any other appropriate
     Person) required by the Exchange Act in connection with the Notes;

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

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

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

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

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

     SECTION 3.11. SUCCESSOR OR TRANSFEREE.

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

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

     SECTION 3.12. NO OTHER BUSINESS. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Receivables in the manner contemplated by this Indenture and the other Basic
Documents and activities incidental thereto.

                                       23
<PAGE>

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

     SECTION 3.14. SERVICER'S OBLIGATIONS. The Issuer shall cause the Servicer
to comply with Sections 3.10, 3.11, 3.12, 4.10 and Article Eight of the Sale and
Servicing Agreement.

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

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

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

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

     SECTION 3.19. NOTICE OF EVENTS OF DEFAULT. The Issuer shall give a
Responsible Officer of the Indenture Trustee and each Rating Agency prompt
written notice of each Event of Default hereunder and each default on the part
of the Servicer or the Transferor of its obligations under the Sale and
Servicing Agreement.

     SECTION 3.20. FURTHER INSTRUMENTS AND ACTS. Upon request of the Indenture
Trustee, the Issuer will execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

                                       24
<PAGE>

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

     SECTION 3.22. AMENDMENTS OF SALE AND SERVICING AGREEMENT AND TRUST
AGREEMENT. The Issuer shall not agree to any amendment to Section 9.01 of the
Sale and Servicing Agreement or Section 11.01 of the Trust Agreement to
eliminate the requirements thereunder that the Indenture Trustee or the Holders
of the Notes consent to amendments thereto as provided therein.

                                       25
<PAGE>

                                  Article Four

                           SATISFACTION AND DISCHARGE

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

          (i) either

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

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

                    (1) have become due and payable,

                    (2) will become due and payable at the Class A-3 Final
               Scheduled Distribution Date within one year, or

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

            and the Issuer, in the case of clauses (1), (2) or (3) above, has
            irrevocably deposited or caused to be irrevocably deposited with the
            Indenture Trustee cash or direct obligations of or obligations
            guaranteed by the United States (which will mature prior to the date
            such amounts are payable), in trust for such purpose, in an amount
            sufficient to pay and discharge the entire indebtedness on such
            Notes not theretofore delivered to the Indenture Trustee for
            cancellation when due to the related Final Scheduled Distribution
            Date or Redemption Date (if Notes shall have been called for
            redemption pursuant to Section 10.01), as the case may be;

                                       26
<PAGE>

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

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

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

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

                                       27
<PAGE>

                                  Article Five

                                    REMEDIES

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

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

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

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

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

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

                                       28
<PAGE>

     to pay its debts as such debts become due, or the taking of any action by
     the Issuer in furtherance of any of the foregoing.

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

     SECTION 5.02. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

     (a) If an Event of Default should occur and be continuing, then and in
every such case the Indenture Trustee or the Holders of Notes representing not
less than a majority of the Outstanding Amount may declare all the Notes to be
immediately due and payable, by a notice in writing to the Issuer (and to the
Indenture Trustee if given by Noteholders), and upon any such declaration the
unpaid principal amount of such Notes, together with accrued and unpaid interest
thereon through the date of acceleration, shall become immediately due and
payable.

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

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

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

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

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

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

     SECTION 5.03. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
INDENTURE TRUSTEE.

     (a) The Issuer covenants that if the Notes are accelerated following the
occurrence of an Event of Default, the Issuer will, upon demand of the Indenture
Trustee, pay to it, for the benefit of the Holders of the Notes, the whole
amount then due and payable on such Notes for principal and interest, with
interest on the overdue principal and, to the extent payment at such rate of

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<PAGE>

interest shall be legally enforceable, on overdue installments of interest at
the related Interest Rate and, in addition thereto, such further amount as shall
be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel.

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

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

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

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

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

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<PAGE>

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

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

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

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

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

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

     SECTION 5.04. REMEDIES; PRIORITIES.

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

          (i) institute Proceedings in its own name and 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;

                                       31
<PAGE>

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

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

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

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

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

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

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

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

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

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

          (vi) to the Issuer for distribution pursuant to the Trust Agreement.

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<PAGE>

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

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

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

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

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

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

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

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

                                       33
<PAGE>

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

     SECTION 5.07. UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL AND
INTEREST. Notwithstanding any other provisions in this Indenture, the Holder of
any Note shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture (or, in
the case of redemption, on or after the Redemption Date) and to institute suit
for the enforcement of any such payment, and such right shall not be impaired
without the consent of such Holder.

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

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

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

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

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

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<PAGE>

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

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

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

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

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

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

     SECTION 5.14. WAIVER OF STAY OR EXTENSION LAWS. The Issuer covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon,
or plead or in any manner whatsoever

                                       35
<PAGE>

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 Owner Trust Estate or upon
any of the assets of the Issuer. Any money or property collected by the
Indenture Trustee shall be applied in accordance with Section 5.04(b).

     SECTION 5.16. PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS.

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

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

                                       36
<PAGE>

                                  Article Six

                              THE INDENTURE TRUSTEE

     SECTION 6.01. DUTIES OF INDENTURE TRUSTEE.

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

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

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

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

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

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

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

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

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

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

                                       37
<PAGE>

     (f) The Indenture Trustee acknowledges that it has reviewed the Sale and
Servicing Agreement and agrees to perform all acts required thereunder. The
Indenture Trustee shall be entitled to the benefits of this Section 6.01 and
references herein to the Indenture shall be read as references to the Indenture
and the Sale and Servicing Agreement.

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

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

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

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

     SECTION 6.02. RIGHTS OF INDENTURE TRUSTEE.

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

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

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

                                       38
<PAGE>

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

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

     SECTION 6.03. INDIVIDUAL RIGHTS OF INDENTURE TRUSTEE. The Indenture Trustee
in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuer or its Affiliates with the same rights it
would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar,
co-registrar or co-paying agent may do the same with like rights. However, the
Indenture Trustee must comply with Sections 6.11 and 6.12.

     SECTION 6.04. INDENTURE TRUSTEE'S DISCLAIMER. The Indenture Trustee shall
not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, the Owner Trust Estate or the Notes, it shall not be
accountable for the Issuer's use of the proceeds from the Notes, and it shall
not be responsible for any statement of the Issuer in this Indenture or in any
document issued in connection with the sale of the Notes or in the Notes other
than the Indenture Trustee's certificate of authentication.

     SECTION 6.05. NOTICE OF DEFAULTS. If a Default occurs and is continuing and
if it is known to a Responsible Officer of the Indenture Trustee, the Indenture
Trustee shall mail to each Noteholder notice of the Default within 90 days after
it occurs. Except in the case of a Default in payment of principal of or
interest on any Note (including payments pursuant to the mandatory redemption
provisions of such Note), the Indenture Trustee may withhold the notice if and
so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders.

     SECTION 6.06. REPORTS BY INDENTURE TRUSTEE TO HOLDERS. The Indenture
Trustee shall deliver to each Noteholder such information as may be required to
enable such holder to prepare its federal and state income tax returns.

     SECTION 6.07. COMPENSATION AND INDEMNITY. The Issuer shall, or shall cause
the Administrator to, (i) pay to the Indenture Trustee from time to time
reasonable compensation for its services, which compensation shall not be
limited by any law on compensation of a trustee of an express trust, (ii)
reimburse the Indenture Trustee for all reasonable out-of-pocket expenses
incurred or made by it, including without limitation, costs of collection, in
addition to the compensation for its services, which expenses shall include the
reasonable compensation and expenses, disbursements and advances of the (x)
Indenture Trustee as Administrator and (y) Indenture Trustee's agents, counsel,
accountants and experts and (iii) indemnify the Indenture Trustee and its
officers, directors, employees and agents against any and all loss, liability or
expense (including reasonable attorneys' fees and expenses) incurred by it in
connection with the administration of this trust and the performance of its
duties hereunder not resulting from its own willful misconduct, negligence or
bad faith. The Indenture Trustee shall notify the Issuer and the

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<PAGE>

Administrator promptly of any claim for which it may seek indemnity. Failure by
the Indenture Trustee to so notify the Issuer and the Administrator shall not
relieve the Issuer or the Administrator of its obligations hereunder. The Issuer
shall, or shall cause the Administrator to, defend any such claim, and the
Indenture Trustee may have separate counsel and the Issuer shall, or shall cause
the Administrator to, pay the fees and expenses of such counsel. Neither the
Issuer nor the Administrator need reimburse any expense or indemnify against any
loss, liability or expense incurred by the Indenture Trustee through the
Indenture Trustee's own willful misconduct, negligence or bad faith.

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

     SECTION 6.08. REPLACEMENT OF INDENTURE TRUSTEE. No resignation or removal
of the Indenture Trustee and no appointment of a successor Indenture Trustee
shall become effective until the acceptance of appointment by the successor
Indenture Trustee pursuant to this Section. The Indenture Trustee may resign at
any time by so notifying the Issuer. Noteholders representing a majority of the
Outstanding Amount may remove the Indenture Trustee at any time and appoint a
successor Indenture Trustee by so notifying the Indenture Trustee. 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.

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<PAGE>

      If the Indenture Trustee resigns or is removed or if a vacancy exists in
the office of the Indenture Trustee for any reason (the Indenture Trustee in
such event being referred to herein as the retiring Indenture Trustee), the
Issuer shall promptly appoint a successor Indenture Trustee.

      A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the
resignation or removal of the retiring Indenture Trustee shall become effective,
and the successor Indenture Trustee shall have all the rights, powers and duties
of the Indenture Trustee under this Indenture. The successor Indenture Trustee
shall mail a notice of its succession to the Noteholders. The retiring Indenture
Trustee shall promptly transfer all property held by it as Indenture Trustee to
the successor Indenture Trustee.

      If a successor Indenture Trustee does not take office within 60 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuer or the Holders of a majority in Outstanding Amount may
petition any court of competent jurisdiction for the appointment of a successor
Indenture Trustee.

      If the Indenture Trustee fails to comply with Section 6.11, any Noteholder
may petition any court of competent jurisdiction for the removal of the
Indenture Trustee and the appointment of a successor Indenture Trustee.

      Any resignation or removal of the Indenture Trustee and appointment of a
successor Indenture Trustee pursuant to the provisions of this Section shall not
become effective until acceptance of appointment by the successor Indenture
Trustee pursuant to this Section and payment of all fees and expenses owed to
the outgoing Indenture Trustee. Notwithstanding the replacement of the Indenture
Trustee pursuant to this Section, the Issuer's and the Administrator's
obligations under Section 6.07 shall continue for the benefit of the retiring
Indenture Trustee.

     SECTION 6.09. SUCCESSOR INDENTURE TRUSTEE BY MERGER. If the Indenture
Trustee consolidates or merges with, converts or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation shall, without
any further act, be the successor Indenture Trustee; provided, that such
corporation or banking association shall be otherwise qualified and eligible
under Section 6.11. The Indenture Trustee shall provide each Rating Agency prior
written notice of any such transaction.

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

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<PAGE>

     SECTION 6.10. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.

     (a) Notwithstanding any other provision of this Indenture, at any time, for
the purpose of meeting any legal requirement of any jurisdiction in which any
part of the Owner Trust Estate may at the time be located, the Indenture Trustee
and the Administrator, acting jointly, shall have the power and may execute and
deliver all instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of the
Trust, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Owner Trust Estate or any part
thereof, and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Indenture Trustee may consider
necessary or desirable. If the Administrator shall not have joined in such
appointment within 15 days after its receipt of a request to do so, the
Indenture Trustee alone shall have the power to make such appointment. No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 6.11 and no notice to
Noteholders of the appointment of any co-trustee or separate trustee shall be
required under Section 6.08.

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

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

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

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

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

                                       42
<PAGE>

protection to, the Indenture Trustee. Every such instrument shall be filed with
the Indenture Trustee and a copy thereof given to the Administrator.

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

     SECTION 6.11. ELIGIBILITY; DISQUALIFICATION. The Indenture Trustee shall at
all times satisfy the requirements of TIA ss. 310(a). The Indenture Trustee
shall have a combined capital and surplus of at least $50,000,000 as set forth
in its most recent published annual report of condition, and the time deposits
of the Indenture Trustee shall be rated at least A-1 by Standard & Poor's and
Prime-1 by Moody's. The Indenture Trustee shall comply with TIA ss. 310(b);
provided, however, that there shall be excluded from the operation of TIA ss.
310(b)(1) any indenture or indentures under which other securities of the Issuer
are outstanding if the requirements for such exclusion set forth in TIA ss.
310(b)(1) are met.

     SECTION 6.12. PREFERENTIAL COLLECTION OF CLAIMS AGAINST ISSUER. The
Indenture Trustee shall comply with TIA ss. 311(a), excluding any creditor
relationship listed in TIA ss. 311(b). An Indenture Trustee who has resigned or
been removed shall be subject to TIA ss. 311(a) to the extent indicated.

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

          (a) (i) it is a corporation duly organized, validly existing and in
     good standing under the laws of its place of incorporation; and

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

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<PAGE>

                                  Article Seven

                         NOTEHOLDERS' LISTS AND REPORTS

     SECTION 7.01. ISSUER TO FURNISH INDENTURE TRUSTEE NAMES AND ADDRESSES OF
NOTEHOLDERS. If Definitive Notes are issued, the Issuer will furnish or cause to
be furnished to the Indenture Trustee (i) not more than five days after the
earlier of (a) each Record Date and (b) three months after the last Record Date,
a list, in such form as the Indenture Trustee may reasonably require, of the
names and addresses of the Holders of Notes as of such Record Date, and (ii) at
such other times as the Indenture Trustee may request in writing, within 30 days
after receipt by the Issuer of any such request, a list of similar form and
content as of a date not more than ten days prior to the time such list is
furnished; provided, however, that so long as the Indenture Trustee is the Note
Registrar, no such list shall be required to be furnished.

     SECTION 7.02. PRESERVATION OF INFORMATION; COMMUNICATIONS, REPORTS AND
CERTAIN DOCUMENTS TO NOTEHOLDERS.

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

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

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

     (d) The Indenture Trustee will provide to Securityholders the reports,
certificates, opinions and documents specified in Section 3.15 of the Sale and
Servicing Agreement, upon written request to the Indenture Trustee.

     SECTION 7.03. REPORTS BY ISSUER.

     (a) The Issuer shall:

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

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<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 additional information, documents and reports with respect to
     compliance by the Issuer with the conditions and covenants of this
     Indenture as may be required from time to time by such rules and
     regulations; and

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

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

     SECTION 7.04. REPORTS BY INDENTURE TRUSTEE. If required by TIA ss. 313(a),
within 60 days after each December 15 beginning with December 15, 1999, the
Indenture Trustee shall mail to each Noteholder as required by TIA ss. 313(c) a
brief report dated as of such date that complies with TIA ss. 313(a). The
Indenture Trustee also shall comply with TIA ss. 313(b).

      A copy of each report at the time of its mailing to Noteholders shall be
filed by the Indenture Trustee with the Commission and each stock exchange, if
any, on which the Notes are listed. The Issuer shall notify the Indenture
Trustee if and when the Notes are listed on any stock exchange.

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<PAGE>

                                  Article Eight

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

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

     SECTION 8.02. ACCOUNTS.

     (a) Pursuant to Section 4.01 of the Sale and Servicing Agreement, there has
been established and there shall be maintained an Eligible Account (initially at
Bankers Trust Company) in the name, and under the sole dominion and control, of
the Indenture Trustee until the Outstanding Amount has been reduced to zero, and
thereafter, in the name, and under the sole dominion and control, of the Owner
Trustee, which is designated as the Yield Supplement Account.

     (b) On or prior to the Closing Date, the Issuer shall cause the Servicer to
establish and maintain, in the name of the Indenture Trustee, Eligible Accounts
for the benefit of the (i) Securityholders, the Collection Account and the
Payahead Account, and (ii) Noteholders, the Note Distribution Account and the
Reserve Fund as provided in Section 4.01 of the Sale and Servicing Agreement.

     (c) On or before each Distribution Date, with respect to the preceding
Collection Period, all amounts required to be deposited in the Collection
Account will be deposited as provided in Sections 4.02 and 4.05 of the Sale and
Servicing Agreement. On or before each Distribution Date, all amounts required
to be deposited in the Note Distribution Account with respect to the preceding
Collection Period pursuant to Sections 4.06 and 4.07 of the Sale and Servicing
Agreement will be transferred from the Collection Account, the Reserve Fund, the
Payahead Account and/or the Yield Supplement Account to the Note Distribution
Account.

     (d) On each Distribution Date and Redemption Date, the Indenture Trustee
shall distribute all amounts on deposit in the Note Distribution Account to
Noteholders in respect of the Notes to the extent of amounts due and unpaid on
the Notes for principal and interest (including any premium) in the following
amounts and in the following order of priority (except as otherwise provided in
Section 5.04(b)):

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<PAGE>

          (i) the Note Interest Distributable Amount; provided, that if there
     are not sufficient funds in the Note Distribution Account to pay the
     allocable portion of the Note Interest Distribution Amount with respect to
     each Class of Notes, the amount in the Note Distribution Account shall be
     applied to the payment of such amount pro rata on the basis of the total
     Note Interest Distributable Amount due on the Notes;

          (ii) the Note Principal Distributable Amount (first to the Class A-1
     Notes until the Class A-1 Notes are paid in full, second to the Class A-2
     Notes until paid in full and third to the Class A-3 Notes until paid in
     full);

          (iii) notwithstanding the foregoing, on each Distribution Date after
     the Notes have been accelerated as provided in Section 5.02(a) following
     the occurrence of an Event of Default, until such time as the Notes have
     been paid in full and this Indenture has been discharged with respect to
     the Notes, the Certificates will not receive any of the Principal
     Distributable Amount, and the Notes will receive 100% of the Principal
     Distributable Amount on a pro rata basis based on the Outstanding Amount of
     each Class of Notes; and

          (iv) in the event that there are insufficient funds in the Note
     Distribution Account, an amount will be withdrawn from the Reserve Fund
     pursuant to Section 4.07(b) of the Sale and Servicing Agreement.

     SECTION 8.03. GENERAL PROVISIONS REGARDING ACCOUNTS.

     (a) So long as no Default or Event of Default shall have occurred and be
continuing, all or a portion of the funds in the Accounts shall be invested in
Permitted Investments and reinvested by the Indenture Trustee upon the written
direction of the Servicer, subject to the provisions of Section 4.01(b) of the
Sale and Servicing Agreement. Except as otherwise provided in Section 4.01(b) of
the Sale and Servicing Agreement, all income or other gain from investments of
monies deposited in the Accounts shall be paid to the Servicer, and any loss
resulting from such investments shall be charged to the related Account.

     (b) Subject to Section 6.01(c), the Indenture Trustee shall not in any way
be held liable by reason of any insufficiency in any of the Accounts resulting
from any loss on any Permitted Investment included therein except for losses
attributable to the Indenture Trustee's failure to make payments on 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 Servicer shall have failed to give investment directions for
any funds on deposit in the Accounts to the Indenture Trustee by 8:00 A.M., New
York Time (or such other time as may be agreed by the Issuer and the Indenture
Trustee) on any Business Day or (ii) to the knowledge of a Responsible Officer
of the Indenture Trustee a Default or Event of Default shall have occurred and
be continuing with respect to the Notes but the Notes shall not have been
declared due and payable pursuant to Section 5.02 or (iii) if such Notes shall
have been declared due and payable following an Event of Default but amounts
collected or receivable from the Owner Trust Estate are being applied in
accordance with Section 5.05 as if there had not been

                                       47
<PAGE>

such a declaration, then the Indenture Trustee upon actual knowledge by a
Responsible Officer of such event shall, to the fullest extent practicable,
invest and reinvest funds in the Accounts in the Permitted Investment listed in
clauses (i) through (viii) of the definition thereof with the highest rated
commercial paper available.

     SECTION 8.04. RELEASE OF OWNER TRUST ESTATE.

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

     (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 have
been paid, release any remaining portion of the Owner Trust Estate that secured
the Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Accounts. The Indenture
Trustee shall release property from the lien of this Indenture pursuant to this
Section 8.04(b) only upon receipt of an Issuer Request accompanied by an
Officer's Certificate, an Opinion of Counsel and (if required by the TIA)
Independent Certificates in accordance with TIA ss.ss. 314(c) and 314(d)(1)
meeting the applicable requirements of Section 11.01.

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

                                       48
<PAGE>

                                  Article Nine

                             SUPPLEMENTAL INDENTURES

     SECTION 9.01. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS.

     (a) Without the consent of the Holders of any Notes but with prior notice
to each Rating Agency, the Issuer and the Indenture Trustee, when authorized by
an Issuer Order, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the provisions of the TIA
as in force at the date of the execution thereof), in form satisfactory to the
Indenture Trustee, for any of the following purposes:

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

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

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

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

          (v) to cure any ambiguity, to correct or supplement any provision
     herein or in any supplemental indenture that may be inconsistent with any
     other provision herein or in any supplemental indenture or the other Basic
     Documents or to make any other provisions with respect to matters or
     questions arising under this Indenture or in any supplemental indenture;
     provided, that such action shall not adversely affect the interests of the
     Holders of the Notes;

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

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

                                       49
<PAGE>

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

     (b) The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, may, also without the consent of any of the Holders of the Notes but with
prior notice to each Rating Agency, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Noteholder.

     SECTION 9.02. SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice to each Rating Agency and with the consent of the Holders of
not less than a majority of the Outstanding Amount, by Act of such Holders
delivered to the Issuer and the Indenture Trustee, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Note affected thereby:

          (i) change the date of payment of any installment of principal of or
     interest on any Note, or reduce the principal amount thereof, the Interest
     Rate thereon or the Redemption Price with respect thereto, change the
     provisions of this Indenture relating to the application of collections on,
     or the proceeds of the sale of, the Owner Trust Estate to payment of
     principal of or interest on the Notes, or change any place of payment
     where, or the coin or currency in which, any Note or the interest thereon
     is payable, or impair the right to institute suit for the enforcement of
     the provisions of this Indenture requiring the application of funds
     available therefor, as provided in Article Five, to the payment of any such
     amount due on the Notes on or after the respective due dates thereof (or,
     in the case of redemption, on or after the Redemption Date);

          (ii) reduce the percentage of the Outstanding Amount, the consent of
     the Holders of which is required for any such supplemental indenture, or
     the consent of the Holders of which is required for any waiver of
     compliance with certain provisions of this Indenture or certain defaults
     hereunder and their consequences provided for in this Indenture;

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

          (iv) reduce the percentage of the Outstanding Amount required to
     direct the Indenture Trustee to direct the Issuer to sell or liquidate the
     Owner Trust Estate pursuant to Section 5.04 or amend the provisions of this
     Article which specify the percentage of the Outstanding Amount required to
     amend this Indenture or the other Basic Documents;

                                       50
<PAGE>

          (v) modify any provision of this Section except to increase any
     percentage specified herein or provide that certain additional provisions
     of this Indenture or the Basic Documents cannot be modified or waived
     without the consent of the Holder of each Outstanding Note affected
     thereby;

          (vi) modify any of the provisions of this Indenture in such manner as
     to affect the calculation of the amount of any payment of interest or
     principal due on any Note on any Distribution Date (including the
     calculation of any of the individual components of such calculation) or
     affect the rights of the Holders of Notes to the benefit of any provisions
     for the mandatory redemption of the Notes contained herein; or

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

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

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

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

     SECTION 9.03. EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article or the modification thereby of the trusts created by
this Indenture, the Indenture Trustee shall be entitled to receive, and subject
to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion
of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Indenture Trustee may, but shall
not be obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee's own rights, duties, liabilities or immunities under this
Indenture or otherwise.

     SECTION 9.04. EFFECT OF SUPPLEMENTAL INDENTURE. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and shall be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations of
rights, obligations, duties, liabilities and immunities under this Indenture of
the Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter
be

                                       51
<PAGE>

determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

     SECTION 9.05. CONFORMITY WITH TRUST INDENTURE ACT. Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article
shall conform to the requirements of the TIA as then in effect so long as this
Indenture shall then be qualified under the TIA.

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

                                       52
<PAGE>

                                   Article Ten

                               REDEMPTION OF NOTES

     SECTION 10.01. REDEMPTION. The Outstanding Notes are subject to redemption
in whole, but not in part, pursuant to Section 8.01 of the Sale and Servicing
Agreement, on any Distribution Date on which the Servicer exercises its option
to purchase the Owner Trust Estate pursuant to said Section, for a purchase
price equal to the Redemption Price; provided that the Issuer has available
funds sufficient to pay the Redemption Price. The Servicer or the Issuer shall
furnish each Rating Agency notice of such redemption. If the outstanding Notes
are to be redeemed pursuant to this Section, the Servicer or the Issuer shall
furnish notice of such election to the Indenture Trustee not later than 20 days
prior to the Redemption Date and the Issuer shall deposit by 8:00 A.M., New York
time, on the Redemption Date with the Indenture Trustee in the Note Distribution
Account the Redemption Price of the Notes to be redeemed, whereupon all such
Notes shall be due and payable on the Redemption Date upon the furnishing of a
notice complying with Section 10.02 to each Holder of the Notes.

     SECTION 10.02. FORM OF REDEMPTION NOTICE. Notice of redemption under
Section 10.01 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile mailed or transmitted not later than ten days
prior to the applicable Redemption Date to each Holder of Notes, as of the close
of business on the Record Date preceding the applicable Redemption Date, at such
Holder's address or facsimile number appearing in the Note Register.

      All notices of redemption shall state:

          (i) the Redemption Date;

          (ii) the Redemption Price;

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

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

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

     SECTION 10.03. NOTES PAYABLE ON REDEMPTION DATE. The Notes or portions
thereof to be redeemed shall, following notice of redemption as required by
Section 10.02, on the Redemption Date become due and payable at the Redemption
Price and (unless the Issuer shall default in the payment of the Redemption
Price) no interest shall accrue on the Redemption Price for any

                                       53
<PAGE>

period after the date to which accrued interest is calculated for purposes of
calculating the Redemption Price.

                                       54
<PAGE>

                                 Article Eleven

                                  MISCELLANEOUS

     SECTION 11.01. COMPLIANCE CERTIFICATES AND OPINIONS, ETC.

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

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

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

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

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

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

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

          (ii) Whenever the Issuer is required to furnish to the Indenture
     Trustee an Officer's Certificate certifying or stating the opinion of any
     signer thereof as to the matters described in clause (i) above, the Issuer
     shall also deliver to the Indenture Trustee

                                       55
<PAGE>

      an Independent Certificate as to the same matters, if the fair value to
      the Issuer of the securities to be so deposited and of all other such
      securities made the basis of any such withdrawal or release since the
      commencement of the then-current fiscal year of the Issuer, as set forth
      in the certificates delivered pursuant to clause (i) above and this clause
      (ii), is 10% or more of the Outstanding Amount, but such a certificate
      need not be furnished with respect to any securities so deposited, if the
      fair value thereof to the Issuer as set forth in the related Officer's
      Certificate is less than $25,000 or less than one percent of the
      Outstanding Amount of the Notes.

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

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

            (v) Notwithstanding Section 2.10 or any other provision of this
      Section, the Issuer may, without compliance with the requirements of the
      other provisions of this Section, (A) collect, liquidate, sell or
      otherwise dispose of Receivables and Financed Vehicles as and to the
      extent permitted or required by the Basic Documents and (B) make cash
      payments out of the Accounts as and to the extent permitted or required by
      the Basic Documents, so long as the Issuer shall deliver to the Indenture
      Trustee every six months, commencing _____, 200_, an Officer's Certificate
      of the Issuer stating that all the dispositions of Collateral described in
      clauses (A) and (B) above that occurred during the preceding six calendar
      months were in the ordinary course of the Issuer's business and that the
      proceeds thereof were applied in accordance with the Basic Documents.

     SECTION 11.02. FORM OF DOCUMENTS DELIVERED TO INDENTURE TRUSTEE. In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to

                                       56
<PAGE>

other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents.

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

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

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

      SECTION 11.03. ACTS OF NOTEHOLDERS.

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

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

                                       57
<PAGE>

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

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

      SECTION 11.04. NOTICES, ETC., TO INDENTURE TRUSTEE, ISSUER AND RATING
AGENCIES. Any request, demand, authorization, direction, notice, consent, waiver
or Act of Noteholders or other documents provided or permitted by this Indenture
shall be in writing and if such request, demand, authorization, direction,
notice, consent, waiver or Act of Noteholders is to be made upon, given or
furnished to or filed with:

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

            (ii) the Issuer by the Indenture Trustee or by any Noteholder shall
      be sufficient for every purpose hereunder if in writing and mailed
      first-class, postage prepaid, overnight courier or facsimile (followed by
      original) to the Issuer addressed to __________ Trust 200_-__, in care of
      ______________________, Attention: __________________, or at any other
      address previously furnished in writing to the Indenture Trustee by the
      Issuer or the Administrator. The Issuer shall promptly transmit any notice
      received by it from the Noteholders to the Indenture Trustee.

      Notices required to be given to each Rating Agency by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally
delivered, couriered or mailed by certified mail, return receipt requested, to
(i) in the case of Fitch, at the following address: One State Street Plaza, New
York, New York 10007, Attention: Asset Backed Surveillance Department, (ii) in
the case of Moody's, at the following address: Moody's Investors Service, Inc.,
ABS Monitoring Department, 99 Church Street, New York, New York 10007 or (iii)
in the case of Standard & Poor's, at the following address: Standard & Poor's
Ratings Services, a division of The McGraw-Hill Companies, Inc., 25 Broadway
(15th Floor), New York, New York 10004, Attention of Asset Backed Surveillance
Department; or at such other address as shall be designated by written notice to
the other parties.

      SECTION 11.05. NOTICES TO NOTEHOLDERS; WAIVER. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at such Holder's address as it appears on the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of

                                       58
<PAGE>

such notice with respect to other Noteholders, and any notice that is mailed in
the manner herein provided shall conclusively be presumed to have been duly
given.

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

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

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

      SECTION 11.06. ALTERNATE PAYMENT AND NOTICE PROVISIONS. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, the Issuer
may enter into any agreement with any Holder of a Note providing for a method of
payment, or notice by the Indenture Trustee or any Paying Agent to such Holder,
that is different from the methods provided for in this Indenture for such
payments or notices. The Issuer will furnish to the Indenture Trustee a copy of
each such agreement and the Indenture Trustee will cause payments to be made and
notices to be given in accordance with such agreements.

      SECTION 11.07. CONFLICT WITH TRUST INDENTURE ACT. If any provision hereof
limits, qualifies or conflicts with another provision hereof that is required to
be included in this Indenture by any of the provisions of the Trust Indenture
Act, such required provision shall control.

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

      SECTION 11.08. EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

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

                                       59
<PAGE>

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

      SECTION 11.11. BENEFITS OF INDENTURE. Nothing in this Indenture or in the
Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, and any other party
secured hereunder, and any other Person with an ownership interest in any part
of the Owner Trust Estate, any benefit or any legal or equitable right, remedy
or claim under this Indenture.

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

      SECTION 11.13. GOVERNING LAW. This Indenture shall be construed in
accordance with the laws of the State of NEW YORK, without reference to its
conflict of law provisions (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
LAW), and the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws.

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

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

      SECTION 11.16. TRUST OBLIGATION. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or
the Indenture Trustee on the Notes or under this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to

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<PAGE>

pay any installment or call owing to such entity. For all purposes of this
Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Articles Six, Seven and Eight of the Trust
Agreement.

      SECTION 11.17. NO PETITION. The Indenture Trustee, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they will not at any time institute against the Issuer, or join in any
institution against the Issuer of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, this Indenture or any of the other Basic
Documents.

      SECTION 11.18. INSPECTION. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the
Issuer's normal business hours, to examine all the books of account, records,
reports and other papers of the Issuer, to make copies and extracts therefrom,
to cause such books to be audited by Independent certified public accountants,
and to discuss the Issuer's affairs, finances and accounts with the Issuer's
officers, employees and Independent certified public accountants, all at such
reasonable times and as often as may be reasonably requested. Notwithstanding
anything herein to the contrary, the foregoing shall not be construed to
prohibit (i) the disclosure of any and all information that is or becomes
publicly known, or information obtained by the Indenture Trustee from sources
other than the Servicer or the Issuer, (ii) the disclosure of any and all
information (A) if required to do so by any applicable law, rule or regulation,
(B) to any government agency or regulatory body having or claiming authority to
regulate or oversee any aspects of the Indenture Trustee's business or that of
its affiliates, (C) pursuant to any subpoena, civil investigative demand or
similar demand or request of any court, regulatory authority, arbitrator or
arbitration to which the Indenture Trustee or any affiliate or an officer,
director, employer or shareholder thereof is a party, (D) in any preliminary or
final offering circular, registration statement or contract or other document
pertaining to the transactions contemplated by the Agreement approved in advance
by the Servicer or the Issuer or (E) to any affiliate, independent or internal
auditor, agent, employee or attorney of the Indenture Trustee having a need to
know the same, provided that the Indenture Trustee advises such recipient of the
confidential nature of the information being disclosed, or (iii) any other
disclosure authorized by the Servicer or the Issuer.

                                       61
<PAGE>

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

                                 ______________________ TRUST 200_-__,

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

                                 By:________________________________________
                                    Name:
                                    Title:

                                 _____________________________________________,
                                        not in its individual capacity but
                                        solely as Indenture Trustee,

                                 By:________________________________________
                                    Name:
                                    Title:

                                       62
<PAGE>

                                                                    SCHEDULE A

                             SCHEDULE OF RECEIVABLES

                   Provided to the Owner Trustee at Closing

                                      SA-1
<PAGE>

                                                                       EXHIBIT A

                              FORM OF CLASS A NOTE

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

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                        $___________

No. R-__                                                 CUSIP NO. ___________

                      _______________________ TRUST 200_-__

              _____% ASSET BACKED NOTES, CLASS [A-1] [A-2] [A-3]

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

      The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from and including the most recent
Distribution Date on which interest has been paid (or, in the case of the first
Distribution Date or if no interest has yet been paid, from the Closing Date),
to but excluding such current Distribution Date. Interest will be computed on
the basis of [the actual number of days in the Class A-1 [Class A-2] [Class A-3]
Interest Accrual Period divided

                                      A-1
<PAGE>

by 360] [a 360-day year consisting of twelve 30-day months]. Such principal of
and interest on this Note shall be paid in the manner specified on the reverse
hereof.

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

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

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

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

Date:                             ____________________________ TRUST 200_-__

                                  By:  ____________________,
                                         not in its individual capacity but
                                         solely as Owner Trustee under the
                                         Trust Agreement,

                                  By: ______________________________________
                                                 Authorized Signatory

                                      A-2
<PAGE>

              INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                            ____________________, not in its individual
                                   capacity but solely as Indenture Trustee,

                                  By: ______________________________________
                                                 Authorized Signatory

                                      A-3
<PAGE>

      This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its _____% Asset Backed Notes, Class [A-1] [A-2] [A-3] (the "Class
[A-1] [A-2] [A-3] Notes"), all issued under the Indenture, to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Notes are subject to all terms of the
Indenture. Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in the Indenture.

      The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes
(collectively, the "Notes") are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.

      Principal payable on the Notes will be paid on each Distribution Date in
the amount specified in the Indenture and in the Sale and Servicing Agreement.
As described above, the entire unpaid principal amount of this Note will be
payable on the earlier of the Class [A-1] [A-2] [A-3] Final Distribution Date
and the Redemption Date, if any, selected pursuant to the Indenture.
Notwithstanding the foregoing, under certain circumstances, the entire unpaid
principal amount of the Class [A-1] [A-2] [A-3] Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class [A-1] [A-2] [A-3] Notes shall
be made pro rata to the Class [A-1] [A-2] [A-3] Noteholders entitled thereto.

      Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Depository (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such nominee. Such checks shall be mailed to
the Person entitled thereto at the address of such Person as it appears on the
Note Register as of the applicable Record Date without requiring that this Note
be submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) affected by any payments made
on any Distribution 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 Distribution
Date or Redemption Date, then the Indenture Trustee, in the name of and on
behalf of the Issuer, will notify the Person who was the registered Holder
hereof as of the Record Date preceding such Distribution Date or Redemption Date
by notice mailed within five days of such Distribution Date or Redemption Date
and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Corporate Trust Office of the Indenture Trustee or
at the office of the Indenture Trustee's agent appointed for such purposes
located in The City of New York.

                                      A-4
<PAGE>

      As provided in the Indenture and subject to the limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent's Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes
of authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

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

      A fiduciary of a Benefit Plan purchasing the Notes with the assets of a
Benefit Plan is deemed to represent that the purchase of one or more Notes is
consistent with its fiduciary duties under ERISA and does not result in a
nonexempt prohibited transaction as defined in Section 406 of ERISA or Section
4975 of the Code.

      The Issuer has entered into the Indenture and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will

                                      A-5
<PAGE>

qualify as indebtedness secured by the Owner Trust Estate. Each Noteholder, by
acceptance of a Note (and each Note Owner by acceptance of a beneficial interest
in a Note), agrees to treat the Notes for federal, state and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

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

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

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

      This Note and the Indenture shall be construed in accordance with the laws
of the State of California, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder
shall be determined in accordance with such laws.

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

                                      A-6
<PAGE>

                                   ASSIGNMENT

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

____________________________________________________________________________

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

____________________________________________________________________________
                        (name and address of assignee)

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

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

Dated: ___________________________        ______________________________*

                                          Signature Guaranteed:

                                          ______________________________*
-----------------------
*  NOTICE: The signature to this assignment must correspond with the name of the
   registered owner as it appears on the face of the within Note in every
   particular, without alteration, enlargement or any change whatever. Such
   signature must be guaranteed by an "eligible guarantor institution" meeting
   the requirements of the Note Registrar, which requirements include membership
   or participation in STAMP or such other "signature guarantee program" as may
   be determined by the Note Registrar in addition to, or in substitution for,
   STAMP, all in accordance with the Securities Exchange Act of 1934, as
   amended.

                                      A-7
<PAGE>

                                                                       EXHIBIT B

                       [Form of Note Depository Agreement]

                          Letter of Representations
              [To be Completed by Issuer and Indenture Trustee]

                      _____________________________________
                                [Name of Issuer]

                      _____________________________________
                           [Name of Indenture Trustee]

                                                               ____________
                                                                 [Date]

Attention: General Counsel's Office
THE DEPOSITORY TRUST COMPANY
55 Water Street; 49th Floor
New York, NY 10041-0099

      Re:
            _______________________________________________________

            _______________________________________________________

            _______________________________________________________
                               [Issue Description]

Ladies and Gentlemen:

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

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

                                      B-1
<PAGE>

      1. Prior to closing on the Securities on _____________________, 200_,
there shall be deposited with DTC one Security certificate registered in the
name of DTC's nominee, Cede & Co., for each stated maturity of the Securities in
the face amounts set forth on Schedule A hereto, the total of which represents
100% of the principal amount of such Securities. If, however, the aggregate
principal amount of any maturity exceeds $400 million, one certificate will be
issued with respect to each $400 million of principal amount and an additional
certificate will be issued with respect to any remaining principal amount. Each
Security certificate shall bear the following legend:

            Unless this certificate is presented by an authorized representative
      of The Depository Trust Company, a New York corporation ("DTC"), to Issuer
      or its agent for registration of transfer, exchange, or payment, and any
      certificate issued is registered in the name of Cede & Co. or in such
      other name as is requested by an authorized representative of DTC (and any
      payment is made to Cede & Co. or to such other entity as is requested by
      an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
      HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as
      the registered owner hereof, Cede & Co., has an interest herein.

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

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

                                      B-2
<PAGE>

been received, such party shall telephone (516) 227-4070. Notices to DTC
pursuant to this Paragraph by mail or by any other means shall be sent to:

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

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

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

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

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

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

      7.    [NOTE: Issuer must represent one of the following, and CROSS OUT
the other:] [The interest accrual period is record date to record date.] [The
interest accrual period is payment date to payment date.]

                                      B-3
<PAGE>

      8. Indenture Trustee must provide DTC, no later than noon (Eastern Time)
on the payment date, CUSIP numbers for each issue for which payment is being
sent, as well as the dollar amount of the payment for each issue. Notification
of payment details should be sent using automated communications.

      9. Interest payments and principal payments that are part of periodic
principal-and-interest payments shall be received by Cede & Co., as nominee of
DTC, or its registered assigns in same-day funds, no later than 2:30 p.m.
(Eastern Time) on each payment date (in accordance with existing arrangements
between Issuer or Indenture Trustee and DTC). Absent any other arrangements
between Issuer or Indenture Trustee and DTC, such funds shall be wired as
follows:

                        The Chase Manhattan Bank
                        ABA 021000021
                        For credit to A/C The Depository Trust Company
                        Dividend Deposit Account 066-026776

Issuer or Indenture Trustee shall provide interest payment information to a
standard announcement service subscribed to by DTC. In the unlikely event that
no such service exists, Issuer or Indenture Trustee shall provide interest
payment information directly to DTC in advance of the interest payment date as
soon as the information is available. This information should be conveyed
directly to DTC electronically. If electronic transmission is not available,
absent any other arrangements between Indenture Trustee and DTC, such
information should be sent by telecopy to DTC's Dividend Department at (212)
709-1723 or (212) 709-1686, and receipt of such notices shall be confirmed by
telephoning (212) 709-1270. Notices to DTC pursuant to the above by mail or by
any other means shall be sent to:

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

      10. DTC shall receive maturity and redemption payments allocated with
respect to each CUSIP number on the payable date in same-day funds by 2:30 p.m.
(Eastern Time). Absent any other arrangements between Indenture Trustee and DTC,
such payments shall be wired as follows:

                        The Chase Manhattan Bank
                        ABA 021000021
                        For credit to A/C The Depository Trust Company
                        Redemption Account 066-027306

in accordance with existing SDFS payment procedures in the manner set forth in
DTC's SDFS Paying Agent Operating Procedures, a copy of which has previously
been furnished to Indenture Trustee.

                                      B-4
<PAGE>

      11. DTC shall receive all reorganization payments and CUSIP-level detail
resulting from corporate actions (such as tender offers, remarketings, or
mergers) on the first payable date in same-day funds by 2:30 p.m. (Eastern
Time). Absent any other arrangements between Indenture Trustee and DTC, such
payments shall be wired as follows:

                        The Chase Manhattan Bank
                        ABA 021000021
                        For credit to A/C The Depository Trust Company
                        Reorganization Account 066-027608

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

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

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

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

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

                                      B-5
<PAGE>

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

NOTES:                                Very truly yours,
-----
A.  If there is a Indenture Trustee
(as defined in this Letter of
Representations), Indenture Trustee  ___________________________________________
as well as Issuer must sign this                       (Issuer)
Letter.  If there is no Indenture
Trustee, in signing this Letter      By:________________________________________
Issuer itself undertakes to perform  (Authorized Officer's Signature)
all of theobligations set forth
herein.
                                      __________________________________________
                                                 (Indenture Trustee)
B.  Schedule B contains statements
that DTC believes accurately          By:_______________________________________
describe DTC, the method of           (Authorized Officer's Signature)
effecting book-entry transfers of
securities distributed
through DTC, and certain
related matters.

Received and Accepted:

THE DEPOSITORY TRUST COMPANY

By:__________________________

cc:   Underwriter
      Underwriter's Counsel

                                      B-6
<PAGE>

                                                                      SCHEDULE A

        _________________________________________________________________

        _________________________________________________________________
                                (Describe Issue)

        CUSIP          PRINCIPAL AMOUNT     MATURITY DATE       INTEREST RATE
        -----          ----------------     -------------       -------------

                                      B-7
<PAGE>

                                                                      SCHEDULE B

                       SAMPLE OFFICIAL STATEMENT LANGUAGE
                       DESCRIBING BOOK-ENTRY-ONLY ISSUANCE
                       -----------------------------------

(Prepared by DTC--bracketed material may be applicable only to certain issues)

      1. The Depository Trust Company ("DTC"), New York, NY, will act as
securities depository for the securities (the "Securities"). The Securities will
be issued as fully-registered securities registered in the name of Cede & Co.
(DTC's partnership nominee). One fully-registered Security certificate will be
issued for [each issue of the Securities, [each] in the aggregate principal
amount of such issue, and will be deposited with DTC. [If, however, the
aggregate principal amount of [any] issue exceeds $400 million, one certificate
will be issued with respect to each $400 million of principal amount and an
additional certificate will be issued with respect to any remaining principal
amount of such issue.]

      2. DTC is a limited-purpose trust company organized under the New York
Banking Law, a "banking organization" within the meaning of the New York Banking
Law, a member of the Federal Reserve System, a "clearing corporation" within the
meaning of the New York Uniform Commercial Code, and a "clearing agency"
registered pursuant to the provisions of Section 17A of the Securities Exchange
Act of 1934. DTC holds securities that its participants ("Participants") deposit
with DTC. DTC also facilitates the settlement among Participants of securities
transactions, such as transfers and pledges, in deposited securities through
electronic computerized book-entry changes in Participants' accounts, thereby
eliminating the need for physical movement of securities certificates. Direct
Participants include securities brokers and dealers, banks, trust companies,
clearing corporations, and certain other organizations. DTC is owned by a number
of its Direct Participants and by the New York Stock Exchange, Inc., the
American Stock Exchange, Inc., and the National Association of Securities
Dealers, Inc. Access to the DTC system is also available to others such as
securities brokers and dealers, banks, and trust companies that clear through or
maintain a custodial relationship with a Direct Participant, either directly or
indirectly ("Indirect Participants"). The Rules applicable to DTC and its
Participants are on file with the Securities and Exchange Commission.

      3. Purchases of Securities under the DTC system must be made by or through
Direct Participants, which will receive a credit for the Securities on DTC's
records. The ownership interest of each actual purchaser of each Security
("Beneficial Owner") is in turn to be recorded on the Direct and Indirect
Participants' records. Beneficial Owners will not receive written confirmation
from DTC of their purchase, but Beneficial Owners are expected to receive
written confirmations providing details of the transaction, as well as periodic
statements of their holdings, from the Direct or Indirect Participant through
which the Beneficial Owner entered into the transaction. Transfers of ownership
interests in the Securities are to be accomplished by entries made on the books
of Participants acting on behalf of Beneficial Owners. Beneficial Owners will
not receive certificates representing their ownership interests in Securities,
except in the event that use of the book-entry system for the Securities is
discontinued.

                                      SB-1
<PAGE>

      4. To facilitate subsequent transfers, all Securities deposited by
Participants with DTC are registered in the name of DTC's partnership nominee,
Cede & Co. The deposit of Securities with DTC and their registration in the name
of Cede & Co. effect no change in beneficial ownership. DTC has no knowledge of
the actual Beneficial Owners of the Securities; DTC's records reflect only the
identity of the Direct Participants to whose accounts such Securities are
credited, which may or may not be the Beneficial Owners. The Participants will
remain responsible for keeping account of their holdings on behalf of their
customers.

      5. Conveyance of notices and other communications by DTC to Direct
Participants, by Direct Participants to Indirect Participants, and by Direct
Participants and Indirect Participants to Beneficial Owners will be governed by
arrangements among them, subject to any statutory or regulatory requirements as
may be in effect from time to time.

      [6. Redemption notices shall be sent to Cede & Co. If less than all of the
Securities within an issue are being redeemed, DTC's practice is to determine by
lot the amount of the interest of each Direct Participant in such issue to be
redeemed.]

      7. Neither DTC nor Cede & Co. will consent or vote with respect to
Securities. Under its usual procedures, DTC mails an Omnibus Proxy to the Issuer
as soon as possible after the record date. The Omnibus Proxy assigns Cede &
Co.'s consenting or voting rights to those Direct Participants to whose accounts
the Securities are credited on the record date (identified in a listing attached
to the Omnibus Proxy).

      8. Principal and interest payments on the Securities will be made to DTC.
DTC's practice is to credit Direct Participants' accounts on payable date in
accordance with their respective holdings shown on DTC's records unless DTC has
reason to believe that it will not receive payment on payable date. Payments by
Participants to Beneficial Owners will be governed by standing instructions and
customary practices, as is the case with securities held for the accounts of
customers in bearer form or registered in "street name," and will be the
responsibility of such Participant and not of DTC, Indenture Trustee, or Issuer,
subject to any statutory or regulatory requirements as may be in effect from
time to time. Payment of principal and interest to DTC is the responsibility of
the Issuer or Indenture Trustee, disbursement of such payments to Direct
Participants shall be the responsibility of DTC, and disbursement of such
payments to the Beneficial Owners shall be the responsibility of Direct and
Indirect Participants.

      [9. A Beneficial Owner shall give notice to elect to have its Securities
purchased or tendered, through its Participant, to Indenture Trustee [or
Tender/Remarketing Agent], and shall effect delivery of such Securities by
causing the Direct Participant to transfer the Participant's interest in the
Securities, on DTC's records, to Indenture Trustee [or Tender/Remarketing
Agent]. The requirement for physical delivery of Securities in connection with
an optional tender or a mandatory purchase will be deemed satisfied when the
ownership rights in the Securities are transferred by Direct Participants on
DTC's records and followed by a book-entry credit of tendered Securities to
Indenture Trustee [or Tender/Remarketing Agent's] DTC account.]

      10. DTC may discontinue providing its services as securities depository
with respect to the Securities at any time by giving reasonable notice to Issuer
or Agent. Under such

                                      SB-2
<PAGE>

circumstances, in the event that a successor securities depository is not
obtained, Security certificates are required to be printed and delivered.

      11. The Issuer may decide to discontinue use of the system of book-entry
transfers through DTC (or a successor securities depository). In that event,
Security certificates will be printed and delivered.

      12. The information in this section concerning DTC and DTC's book-entry
system has been obtained from sources that Issuer believes to be reliable, but
Issuer takes no responsibility for the accuracy thereof.

                                      SB-3<PAGE>

                                                                    Exhibit 10.1

================================================================================

                         ________________ TRUST 200_-__,

                                   as Issuer,

                       POOLED AUTO SECURITIES SHELF LLC.,
                                 as Transferor,

                                       and

                       ----------------------------------,
                                   as Servicer

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

                       FORM OF SALE AND SERVICING AGREEMENT

                          Dated as of __________, 200_

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

================================================================================

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE

                                   ARTICLE ONE

                                   DEFINITIONS

Section 1.01.       General Definitions......................................  1
Section 1.02.       Other Definitional Provisions............................ 19
Section 1.03.       Interpretive Provisions.................................. 19

                                   ARTICLE TWO

             CONVEYANCE OF RECEIVABLES; CUSTODY OF RECEIVABLES FILES

Section 2.01.    Conveyance of Receivables................................... 20
Section 2.02.    Custody of Receivable Files................................. 21
Section 2.03.    Representations and Warranties of Transferor as to
                     the Receivables......................................... 21
Section 2.04.    Repurchase of Receivables Upon Breach....................... 24
Section 2.05.    Duties of Servicer as Custodian............................. 25
Section 2.06.    Instructions; Authority to Act.............................. 26
Section 2.07.    Indemnification by Custodian................................ 26
Section 2.08.    Effective Period and Termination............................ 26

                               ARTICLE THREE

                ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 3.01.    Duties of Servicer.......................................... 28
Section 3.02.    Collection of Receivable Payments........................... 28
Section 3.03.    Rebates on Full Prepayments................................. 29
Section 3.04.    Realization Upon Receivables................................ 29
Section 3.05.    Maintenance of Physical Damage Insurance Policies........... 30
Section 3.06.    Maintenance of Security Interests in Financed Vehicles...... 30
Section 3.07.    Covenants of Servicer....................................... 30
Section 3.08.    Purchase of Receivables Upon Breach......................... 30
Section 3.09.    Total Servicing Fee; Payment of Certain Expenses by
                     Servicer................................................ 31
Section 3.10.    Servicer's Certificate...................................... 31
Section 3.11.    Annual Statement as to Compliance; Notice of Default........ 31
Section 3.12.    Annual Accountants' Report.................................. 32
Section 3.13.    Access to Certain Documentation and Information
                     Regarding Receivables................................... 32
Section 3.14.    Amendments to Schedule of Receivables....................... 32

                                       i
<PAGE>

                                                                            PAGE

Section 3.15.    Reports to Securityholders and Rating Agencies.............. 33

                               ARTICLE FOUR

           DISTRIBUTIONS; RESERVE FUND; STATEMENTS TO SECURITYHOLDERS

Section 4.01.    Establishment of Accounts................................... 34
Section 4.02.    Collections................................................. 35
Section 4.03.    Application of Collections.................................. 36
Section 4.04.    Advances.................................................... 37
Section 4.05.    Additional Deposits......................................... 38
Section 4.06.    Distributions............................................... 39
Section 4.07.    Reserve Fund................................................ 40
Section 4.08.    Yield Supplement Account.................................... 41
Section 4.09.    Net Deposits................................................ 41
Section 4.10.    Statements to Securityholders............................... 41

                               ARTICLE FIVE

                              THE TRANSFEROR

Section 5.01.    Representations of Transferor............................... 43
Section 5.02.    Liability of Transferor; Indemnities........................ 44
Section 5.03.    Merger, Consolidation or Assumption of the Obligations
                     of Transferor; Certain Limitations...................... 45
Section 5.04.    Limitation on Liability of Transferor and Others............ 47
Section 5.05.    Transferor May Own Notes.................................... 47

                                ARTICLE SIX

                               THE SERVICER

Section 6.01.    Representations of Servicer................................. 48
Section 6.02.    Indemnities of Servicer..................................... 49
Section 6.03.    Merger, Consolidation or Assumption of the Obligations
                     of Servicer............................................. 49
Section 6.04.    Limitation on Liability of Servicer and Others.............. 50
Section 6.05.    _____ Not to Resign as Servicer............................. 50

                                       ii
<PAGE>

                                                                            PAGE

                                  ARTICLE SEVEN

                                SERVICER DEFAULTS

Section 7.01.    Servicer Defaults........................................... 51
Section 7.02.    Appointment of Successor Servicer........................... 52
Section 7.03.    Notification of Servicer Termination........................ 53
Section 7.04.    Waiver of Past Defaults..................................... 53
Section 7.05.    Repayment of Advances....................................... 53

                               ARTICLE EIGHT

                                TERMINATION

Section 8.01.    Optional Purchase of All Receivables........................ 54

                               ARTICLE NINE

                               MISCELLANEOUS

Section 9.01.    Amendment................................................... 55
Section 9.02.    Protection of Title to Trust................................ 56
Section 9.03.    Notices..................................................... 58
Section 9.04.    Assignment.................................................. 58
Section 9.05.    Limitations on Rights of Others............................. 58
Section 9.06.    Severability................................................ 59
Section 9.07.    Separate Counterparts....................................... 59
Section 9.08.    Headings.................................................... 59
Section 9.09.    Governing Law............................................... 59
Section 9.10.    Nonpetition Covenants....................................... 59
Section 9.11.    Limitation of Liability of Owner Trustee and
                     Indenture Trustee....................................... 59

                                    SCHEDULES

Schedule A - Schedule of Receivables......................................  SA-1
Schedule B - Location of Receivable Files.................................  SB-1

                                    EXHIBITS

Exhibit A - Form of Distribution Statement to Securityholders.............   A-1
Exhibit B - Form of Servicer's Certificate................................   B-1

                                      iii
<PAGE>

     This Sale and Servicing Agreement, dated as of ______, 200_, is among
Pooled Auto Securities Shelf LLC, a Delaware limited liability company ("PASS"
or, in its capacity as Transferor, the "Transferor"), ____________, a _______,
as servicer, (the "Servicer"), and ___________ Trust 200_-_, a Delaware business
trust, as issuer (the "Issuer").

     WHEREAS the Issuer desires to purchase from the Transferor a portfolio of
receivables arising in connection with retail installment sale or conditional
sale contracts (the "Receivables") generated by _____ in the ordinary course of
its business, which Receivables have been sold by ____ to PASS;

     WHEREAS, PASS is willing to sell the Receivables to the Issuer pursuant to
the terms hereof; and

     WHEREAS, ____ is willing to service the Receivables pursuant to the terms
hereof;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, the parties hereto agree as follows:

                                  Article One

                                   DEFINITIONS

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

     "ACCOUNTS" means the Collection Account, the Note Distribution Account, the
Payahead Account, the Yield Supplement Account and the Reserve Fund.

     "ACCOUNT PROPERTY" means, with respect to each Account, such Account,
together with all cash, securities, financial assets and investments and other
property from time to time deposited or credited to such Account and all
proceeds thereof, including, with respect to the (i) Reserve Fund, the Reserve
Fund Initial Deposit and (ii) Yield Supplement Account, the Yield Supplement
Account Deposit.

     "ACTUAL PAYMENT" means, with respect to a Receivable and a Collection
Period, all payments received by the Servicer from or for the account of the
related Obligor on such Receivable during such Collection Period, net of any
Supplemental Servicing Fees attributable to such Receivable. Actual Payments do
not include Applied Payments Ahead.

     "ACTUARIAL RECEIVABLE" means any Receivable which provides for the
allocation of payments according to the "actuarial" method.

     "ADMINISTRATIVE PURCHASE PAYMENT" means, with respect to a Distribution
Date and to an Administrative Receivable purchased by the Transferor or the
Servicer as of the end of the related Collection Period, which Receivable is (i)
a Precomputed Receivable, (a) the sum of (1) all Scheduled Payments on such
Receivable due after the last day of such Collection Period,

<PAGE>

(2) an amount equal to any reimbursement of Outstanding Advances made pursuant
to the first sentence of Section 4.04(c) with respect to such Receivable (plus
all Outstanding Advances made in respect of such Receivable, in the case of an
Administrative Purchase Payment made by the Transferor) and (3) all past due
Scheduled Payments for which an Advance has not been made, minus (b) the sum of
(1) all Payments Ahead in respect of such Administrative Receivable held by the
Servicer or on deposit in the Payahead Account, (2) any Rebate and (3) any
proceeds of the liquidation of such Receivable previously received (to the
extent applied to reduce the Principal Balance of such Receivable) or (ii) a
Simple Interest Receivable, the sum of (a) the unpaid principal balance owed by
the related Obligor in respect of such Receivable and (b) interest on such
unpaid principal balance at a rate equal to the APR of the related Receivable to
the last day of such Collection Period.

     "ADMINISTRATIVE RECEIVABLE" means a Receivable which the Transferor or the
Servicer is required to purchase pursuant to Section 2.04 or 3.08 or which the
Transferor or the Servicer has elected to purchase pursuant to Section 8.01.

     "ADVANCE" means a Precomputed Advance or a Simple Interest Advance.

     "AFFILIATE" means, with respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified Person.
For the purpose of this definition, "control", when used with respect to any
specified Person, means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

     "AGGREGATE NET LOSSES" means, with respect to a Collection Period, an
amount equal to the aggregate Principal Balance of all Receivables that became
Defaulted Receivables during such Collection Period minus all Net Liquidation
Proceeds collected during such Collection Period with respect to all Defaulted
Receivables.

     "AGREEMENT" means this Sale and Servicing Agreement, and all amendments
hereof and supplements hereto.

     "AMOUNT FINANCED" in respect of a Receivable means the aggregate amount
advanced under such Receivable toward the purchase price of the related Financed
Vehicle and any related costs, including but not limited to accessories,
insurance premiums, service and warranty contracts and other items customarily
financed as part of motor vehicle retail installment contracts.

     "ANNUAL PERCENTAGE RATE" or "APR" of a Receivable means the annual rate of
finance charges stated in such Receivable.

     "APPLIED PAYMENT AHEAD" means, with respect to a Precomputed Receivable and
a Collection Period as to which (i) the Actual Payment is less than the
Scheduled Payment and (ii) a Deferred Prepayment is on deposit in the Payahead
Account or otherwise retained by the

                                       2
<PAGE>

Servicer pursuant to Section 4.02(c), an amount equal to the lesser of (a) such
Deferred Prepayment and (b) the amount by which the Scheduled Payment exceeds
the Actual Payment.

     "AVAILABLE AMOUNT" means, with respect to any Distribution Date, the sum of
Available Interest and Available Principal.

     "AVAILABLE INTEREST" means, with respect to any Distribution Date, the
total of the following amounts allocable to interest received by the Servicer on
or in respect of the Receivables during the related Collection Period (computed,
in the case of Precomputed Receivables, by the actuarial method and, in the case
of Simple Interest Receivables, by the simple interest method): (i) the sum of
the interest component of all (a) collections on or in respect of all
Receivables other than Defaulted Receivables (including the interest portion of
Applied Payments Ahead, but excluding Payments Ahead to be applied in one or
more future Collections Periods), (b) Net Liquidation Proceeds, (c) Advances
made by the Servicer, (d) Warranty Purchase Payments, (e) Administrative
Purchase Payments and (f) the Yield Supplement Withdrawal Amount, if any, for
the related Distribution Date, less (ii) the sum of all (a) amounts received on
or in respect of a particular Receivable (other than a Defaulted Receivable) to
the extent of the aggregate Outstanding Interest Advances in respect of such
Receivable and (b) Net Liquidation Proceeds with respect to a particular
Receivable to the extent of the aggregate Outstanding Interest Advances in
respect of such Receivable.

     "AVAILABLE PRINCIPAL" means, with respect to any Distribution Date, the
total of the following amounts allocable to principal received by the Servicer
on or in respect of the Receivables during the related Collection Period
(computed, in the case of Precomputed Receivables, by the actuarial method and,
in the case of Simple Interest Receivables, by the simple interest method): (i)
the sum of the principal component of all (a) collections on or in respect of
all Receivables other than Defaulted Receivables (including the principal
portion of Applied Payments Ahead but excluding Payments Ahead), (b) Net
Liquidation Proceeds, (c) Advances made by the Servicer, (d) Warranty Purchase
Payments and (e) Administrative Purchase Payments, less (ii) an amount equal to
all (a) amounts received on or in respect of a particular Receivable (other than
a Defaulted Receivable) to the extent of the aggregate Outstanding Principal
Advances in respect of such Receivable and (b) Net Liquidation Proceeds with
respect to a particular Receivable to the extent of the aggregate Outstanding
Principal Advances in respect of such Receivable.

     "BASIC DOCUMENTS" means this Agreement, the Administration Agreement, the
Indenture, the Note Depository Agreement, the Receivables Purchase Agreement,
the Amended and Restated Trust Agreement and the Control Agreement and any other
documents or certificates delivered in connection therewith as the same may be
amended, supplemented or otherwise modified and in effect.

     "BASIC SERVICING FEE" means the fee payable pursuant to Section 3.09 to the
Servicer on each Distribution Date for services rendered during the related
Collection Period, which shall be equal to one-twelfth of the Servicing Fee Rate
multiplied by the Pool Balance as of the first day

<PAGE>

of the related Collection Period or, with respect to the first Distribution
Date, the Original Pool Balance.

     "CERTIFICATE BALANCE" means, on any Distribution Date, the Original
Certificate Balance reduced by all distributions of principal previously made in
respect of the Certificates.

     "CERTIFICATE DISTRIBUTABLE AMOUNT" means, with respect to any Distribution
Date, the sum of the Certificate Interest Distributable Amount and the
Certificate Principal Distributable Amount for such Distribution Date.

     "CERTIFICATE DISTRIBUTION ACCOUNT" has the meaning specified in the Trust
Agreement.

     "CERTIFICATE INTEREST CARRYOVER SHORTFALL" means, with respect to any
Distribution Date, the excess sum of the Certificate Monthly Interest
Distributable Amount plus any outstanding Certificate Interest Carryover
Shortfall for the preceding Distribution Date, over the amount in respect of
interest on the Certificates that is actually paid as interest on the
Certificates on such Distribution Date.

     "CERTIFICATE INTEREST DISTRIBUTABLE AMOUNT" means, with respect to any
Distribution Date, the sum of the Certificate Monthly Interest Distributable
Amount for such Distribution Date and the Certificate Interest Carryover
Shortfall for such Distribution Date.

     "CERTIFICATE MONTHLY INTEREST DISTRIBUTABLE AMOUNT" means, with respect to
any Distribution Date, interest accrued for the related Interest Accrual Period
at the Certificate Rate on the Certificate Balance on the immediately preceding
Distribution Date after giving effect to all payments of principal to
Certificateholders on or prior to such Distribution Date (or, in the case of the
first Distribution Date, on the Original Certificate Balance).

     "CERTIFICATE MONTHLY PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect to
any Distribution Date, the Certificate Percentage of the Principal Distributable
Amount for such Distribution Date.

     "CERTIFICATE PERCENTAGE" means (i) for each Distribution Date until the
principal amount of the Class A-1 Notes has been paid in full, 0%; (ii) for each
Distribution Date to and including the Distribution Date on which the principal
amount of the Class A-4 Notes is reduced to zero, 5%; and (iii) for each
Distribution Date after the Distribution Date on which the principal amount of
the Class A-4 Notes is reduced to zero, 100%.

     "CERTIFICATE POOL FACTOR" means, with respect to the Certificates on any
Distribution Date, a seven-digit decimal figure equal to the outstanding
principal balance of the Certificates on such Distribution Date (after giving
effect to any reductions thereof to be made on such Distribution Date) divided
by the Original Certificate Balance.

     "CERTIFICATE PRINCIPAL CARRYOVER SHORTFALL" means, with respect to any
Distribution Date, the excess of the Certificate Monthly Principal Distributable
Amount plus any outstanding

                                       4
<PAGE>

Certificate Principal Carryover Shortfall for the preceding Distribution Date,
over the amount in respect of principal that is actually paid as principal on
the Certificates on such Distribution Date.

     "CERTIFICATE PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect to any
Distribution Date, the sum of the Certificate Monthly Principal Distributable
Amount for each Distribution Date and any outstanding Certificate Principal
Carryover Shortfall as of the close of the immediately preceding Distribution
Date; provided, however, that the Certificate Principal Distributable Amount
shall not exceed the Certificate Balance. In addition, on the Certificate Final
Distribution Date, the principal required to be deposited into the Certificate
Distribution Account will include the amount necessary to reduce the Certificate
Balance to zero.

     "CERTIFICATE RATE" means _____ per annum (computed on the basis of a 360
day year consisting of twelve 30-day months).

     "CERTIFICATEHOLDERS" has the meaning specified in the Trust Agreement.

     "CHARGE-OFF RATE" with respect to a Collection Period will equal the
Aggregate Net Losses with respect to the Receivables expressed, on an annualized
basis, as a percentage of the average of the (i) Pool Balance on the last day of
the immediately preceding Collection Period and (ii) Pool Balance on the last
day of such current Collection Period.

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

     "CLASS A-1 FINAL DISTRIBUTION DATE" means the ________ Distribution Date.

     "CLASS A-1 NOTEHOLDER" means a Person in whose name a Class A-1 Note is
registered in the Note Register.

     "CLASS A-2 FINAL DISTRIBUTION DATE" means the _______ Distribution Date.

     "CLASS A-2 NOTEHOLDER" means a Person in whose name a Class A-2 Note is
registered in the Note Register.

     "CLASS A-3 FINAL DISTRIBUTION DATE" means the ________ Distribution Date.

     "CLASS A-3 NOTEHOLDER" means a Person in whose name a Class A-3 Note is
registered in the Note Register.

     "CLASS A-4 FINAL DISTRIBUTION DATE" means the ________ Distribution Date.

     "CLASS A-4 NOTEHOLDER" means the Person in whose name a Class A-4 Note is
registered in the Note Register.

     "COLLECTION ACCOUNT" means the account designated as such, and established
and maintained pursuant to Section 4.01.

                                       5
<PAGE>

     "COLLECTION PERIOD" means each calendar month during the term of this
Agreement (or, in the case of the first Collection Period, the period of time
since the Cutoff Date through the last day of the calendar month immediately
preceding the month in which the first Distribution Date occurs).

     "COMMISSION" means the Securities and Exchange Commission, and its
successors.

     "CONTROL" shall have the meaning specified in Section 8-106 of the UCC.

     "CONTROL AGREEMENT" means the control agreement, dated as of ______, 200_,
among PASS, the Issuer, the Servicer, the Indenture Trustee and _________, as
securities intermediary, as amended or supplemented from time to time.

     "CORPORATE TRUST OFFICE" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of the execution of this Agreement is
located ___________________ Attention:____; or at such other address as the
Indenture Trustee may designate from time to time by notice to the Noteholders
and the Transferor, or the principal corporate trust office of any successor
Indenture Trustee (of which address such successor Indenture Trustee will notify
the Noteholders and the Transferor).

     "CURRENT RECEIVABLE" means each Receivable that is not a Defaulted
Receivable or a Liquidated Receivable.

     "CUTOFF DATE" means ________, 200_.

     "CUTOFF DATE POOL BALANCE" means $__________, the aggregate unpaid
principal balance of the Receivables as of the Cutoff Date.

     "DEALER" means the dealer of motor vehicles who sold a Financed Vehicle and
who originated and assigned the Receivable relating to such Financed Vehicle to
________ under an existing agreement between such dealer and __________.

     "DEALER RECOURSE" means, with respect to a Receivable, all recourse rights
against the Dealer which originated the Receivable, and any successor to such
Dealer.

     "DEFAULTED RECEIVABLE" means a Receivable (other than an Administrative
Receivable or a Warranty Receivable) as to which (i) all or any part of a
Scheduled Payment is 120 or more days past due and the Servicer has not
repossessed the related Financed Vehicle or (ii) the Servicer has, in accordance
with its customary servicing procedures, determined that eventual payment in
full is unlikely and either repossessed and liquidated the related Financed
Vehicle or repossessed and held the related Financed Vehicle in its repossession
inventory for 90 days, whichever occurs first.

     "DEFERRED PREPAYMENT" means, with respect to a Receivable and a Collection
Period, the aggregate amount, if any, of Payments Ahead remitted to the Servicer
in respect of such

                                       6
<PAGE>

Receivable during one or more prior Collection Periods and currently held by the
Servicer or in the Payahead Account.

     "DELINQUENCY PERCENTAGE" means, with respect to a Collection Period, the
percentage equivalent of a fraction, the numerator of which is the number of (i)
outstanding Receivables 61 days or more delinquent (after taking into account
permitted extensions) as of the last day of such Collection Period, determined
in accordance with the Servicer's normal practices, plus (ii) all Receivables
the related Financed Vehicles of which have been repossessed but have not been
liquidated (to the extent the related Receivable is not otherwise reflected in
clause (i) above or is not a Defaulted Receivable), and the denominator of which
is the aggregate number of Current Receivables on the last day of such
Collection Period.

     "DEPOSIT DATE" means, with respect to any Collection Period and
Distribution Date, the Business Day immediately preceding such Distribution
Date.

     "DEPOSITOR" means the Transferor in its capacity as Depositor under the
Trust Agreement.

     "DETERMINATION DATE" means, with respect to any Distribution Date, the
tenth calendar day of the month in which such Distribution Date occurs or, if
such day is not a Business Day, the immediately succeeding Business Day.

     "DISCOUNT RECEIVABLE" means any Receivable that has an APR which is less
than the Required Rate.

     "DISTRIBUTION DATE" means, with respect to a Collection Period, the
fifteenth calendar day of the next succeeding calendar month or, if such day is
not a Business Day, the next succeeding Business Day, commencing ________, 200_.

     "ELIGIBLE ACCOUNT" means either (A) a segregated deposit account over which
the applicable Trustee has sole signature authority, maintained with an Eligible
Institution meeting the requirements of clause (i) thereof or (B) a segregated
trust account maintained with an Eligible Institution meeting the requirements
of clause (ii) thereof, in each case bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the
Securityholders, the Noteholders or the Certificateholders, as the case may be.

     "ELIGIBLE INSTITUTION" means a depository institution or trust company, (i)
the commercial paper or other short-term unsecured debt obligations of which
have the Required Deposit Rating or (ii) having corporate trust powers and
organized under the laws of the United States, any state thereof, the District
of Columbia or the Commonwealth of Puerto Rico which has a long-term deposit
rating from (A) Moody's of at least Baa3 or (B) Standard and Poor's of at least
BBB- (or such lower rating as either Rating Agency shall approve in writing).

     "ENTITLEMENT HOLDER" shall have the meaning specified in Section 8-102 of
the UCC.

     "ENTITLEMENT ORDER" shall have the meaning specified in Section 8-102 of
the UCC.

                                       7
<PAGE>

     "EXCESS PAYMENT" means, with respect to a Receivable and a Collection
Period, the amount, if any, by which the Actual Payment exceeds the sum of (i)
the Scheduled Payment and (ii) any Overdue Payment.

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

     "FDIC" means the Federal Deposit Insurance Corporation.

     "FHLMC" means the Federal Home Loan Mortgage Corporation, and its
successors.

     "FNMA" means the Federal National Mortgage Association, and its successors.

     "FINAL DISTRIBUTION DATES" means, collectively, the Class A-1 Final
Distribution Date, the Class A-2 Final Distribution Date, the Class A-3 Final
Distribution Date and the Class A-4 Final Distribution Date.

     "FINAL SCHEDULED MATURITY DATE" means _______.

     "FINANCED VEHICLE" means, with respect to any retail installment sale or
conditional sale contract, the related new or used motor vehicle, together with
all accessions thereto, securing the related Obligor's indebtedness under such
retail installment sale or conditional sale contract.

     "FINANCIAL ASSET" shall have the meaning specified in Section 8-102(a)(9)
of the UCC.

     "FITCH" means Fitch IBCA, Inc., or its successors.

     "INDENTURE" means the indenture, dated as of ______, 200_, between the
Issuer and the Indenture Trustee.

     "INDENTURE TRUSTEE" means the Person acting as Indenture Trustee under the
Indenture, its successors in interest and any successor trustee under the
Indenture.

     "INDEPENDENT DIRECTOR" means a director of the Transferor who is not (i) a
director, officer or employee of any Affiliate of the Transferor, (ii) a natural
person related to any director or officer of any Affiliate of the Transferor,
(iii) a holder (directly or indirectly) of more than 10% of any voting
securities of any Affiliate of the Transferor or (iv) a natural person related
to a holder (directly or indirectly) of more than 10% of any voting securities
of any Affiliate of the Transferor.

     "INSOLVENCY EVENT" means, with respect to a specified Person, (i) the
filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of such Person or any substantial part of its property in an
involuntary case under any applicable federal or state bankruptcy, insolvency or
other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for
such Person or for any substantial part of its property, or ordering the
winding-up or liquidation of such Person's affairs, and such decree or order
shall remain unstayed and in effect for a period of 90 consecutive days; or (ii)
the commencement by such Person of a voluntary case under any applicable federal
or

                                       8
<PAGE>

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

     "INSURANCE POLICY" means, with respect to a Receivable, an insurance policy
covering physical damage, credit life, credit disability, theft, mechanical
breakdown or any similar event relating to the related Financed Vehicle or
Obligor.

     "LETTER OF CREDIT BANK" means any Person who has provided a Servicer Letter
of Credit pursuant to Section 4.02(b).

     "LIEN" means any security interest, lien, charge, pledge, equity or
encumbrance of any kind other than tax liens, mechanics' liens and any liens
that attach to a Receivable or any property, as the context may require, by
operation of law.

     "LIQUIDATED RECEIVABLE" means a Receivable that (i) has been the subject of
a Prepayment in full or (ii) has been paid in full or the final amounts in
respect of such payment have been paid with respect to a Defaulted Receivable,
regardless of whether all or any part of such payment has been made by the
Obligor under such Receivable, the Transferor pursuant to this Agreement, _____
pursuant to the Receivables Purchase Agreement, the Servicer pursuant hereto, an
insurer pursuant to an Insurance Policy or otherwise.

     "LIQUIDATION EXPENSES" means, with respect to a Defaulted Receivable, the
amount charged by the Servicer, in accordance with its customary servicing
procedures, to or for its account for repossessing, refurbishing and disposing
of the related Financed Vehicle and other out-of-pocket costs related to such
liquidation.

     "LIQUIDATION PROCEEDS" means, with respect to a Defaulted Receivable, all
amounts realized with respect to such Receivable from whatever sources
(including, without limitation, proceeds of any Insurance Policy), net of
amounts that are required by law or such Receivable to be refunded to the
related Obligor.

     "MAXIMUM YIELD SUPPLEMENT AMOUNT" means with respect to any Collection
Period and the related Deposit Date, after giving effect to the Yield Supplement
Amount, the maximum amount required to be on deposit in the Yield Supplement
Account on the immediately succeeding Distribution Date.

     "MONTHLY PAYMENT" means, with respect to any Receivable, the amount of each
fixed monthly payment payable to the obligee under such Receivable in accordance
with the terms thereof, net of any portion of such monthly payment that
represents late payment charges, extension fees or collections allocable to
payments to be made by Obligors for payment of insurance premiums, extended
service contracts or similar items.

                                       9
<PAGE>

     "MOODY'S" means Moody's Investors Service, Inc., or its successors.

     "MOTOR VEHICLE RECEIVABLES" shall have the meaning specified in Section
5.03(b)(ii)(A).

     "NET LIQUIDATION PROCEEDS" means, with respect to a Defaulted Receivable,
Liquidation Proceeds less Liquidation Expenses.

     "NONRECOVERABLE ADVANCE" shall have the meaning specified in Section
4.04(c).

     "NOTE AMOUNT" means, with respect to any Distribution Date, the aggregate
outstanding principal amount of the Notes after giving effect to payments of
principal made on the Notes on such Distribution Date.

     "NOTE DISTRIBUTABLE AMOUNT" means, with respect to any Distribution Date,
the sum of the Note Interest Distributable Amount and the Note Principal
Distributable Amount for such Distribution Date.

     "NOTE DISTRIBUTION ACCOUNT" means the account designated as such, and
established and maintained pursuant to Section 4.01.

     "NOTE INTEREST CARRYOVER SHORTFALL" means, with respect to any Distribution
Date and a Class of Notes, the excess, if any, of the sum of the Note Monthly
Interest Distributable Amount for such Class for the preceding Distribution Date
plus any outstanding Note Interest Carryover Shortfall for such Class on such
preceding Distribution Date, over the amount of interest that is actually paid
on the Notes on such preceding Distribution Date, plus, to the extent permitted
by law, interest on the Note Interest Carryover Shortfall at the related
Interest Rate for the related Interest Accrual Period.

     "NOTE INTEREST DISTRIBUTABLE AMOUNT" means, with respect to any
Distribution Date and a Class of Notes, the sum of the Note Monthly Interest
Distributable Amount for such Distribution Date and the Note Interest Carryover
Shortfall for such Class of Notes for one or more prior Distribution Dates. For
all purposes of this Agreement and the other Basic Documents, interest with
respect to the Class A-3 and Class A-4 Notes shall be computed on the basis of a
360-day year consisting of twelve 30-day months; and interest with respect to
the Class A-1 and the Class A-2 Notes shall be computed on the basis of the
actual number of days in each applicable Interest Accrual Period, divided by
360.

     "NOTE MONTHLY INTEREST DISTRIBUTABLE AMOUNT" means, with respect to any
Distribution Date, interest accrued for the related Interest Accrual Period at
the related Interest Rate for each Class of Notes on the Outstanding Amount of
the Notes of each such Class on the immediately preceding Distribution Date (or,
in the case of the first Distribution Date, the original principal amount of
each such Class of Notes), after giving effect to all distributions of principal
to the Noteholders of each such Class on or prior to such Distribution Date.

     "NOTE MONTHLY PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect to any
Distribution Date, the Note Percentage of the Principal Distributable Amount for
such Distribution Date.

                                       10
<PAGE>

     "NOTE PERCENTAGE" means (i) for each Distribution Date until the principal
amount of the Class A-1 Notes has been paid in full, __%; (ii) for each
Distribution Date on or after the principal amount of the Class A-1 Notes has
been paid in full to and including the Distribution Date on which the principal
amount of the Class A-4 Notes is reduced to zero, __%; and (iii) for each
Distribution Date after the Distribution Date on which the principal amount of
the Class A-4 Notes is reduced to zero, 0%.

     "NOTE POOL FACTOR" means, with respect to each Class of Notes as of any
Distribution Date, a seven-digit decimal figure equal to the Outstanding Amount
of such Class of Notes as of such Distribution Date (after giving effect to any
reductions thereof to be made on such Distribution Date) divided by the original
outstanding principal balance of such Class of Notes.

     "NOTE PRINCIPAL CARRYOVER SHORTFALL" means, with respect to any
Distribution Date, the excess, if any, of the sum of the Note Monthly Principal
Distributable Amount plus any outstanding Note Principal Carryover Shortfall for
the preceding Distribution Date, over the amount in respect of principal that is
actually paid as principal on the Notes on such Distribution Date.

     "NOTE PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect to any
Distribution Date, the sum of (i) the Note Monthly Principal Distributable
Amount, (ii) any outstanding Note Principal Carryover Shortfall as of the close
of the immediately preceding Distribution Date and, (iii) on the Final
Distribution Date for a Class of Notes or the Distribution Date as of which all
of the Receivables are to be purchased pursuant to Section 8.01, the amount
necessary (after giving effect to all amounts allocable to principal required to
be deposited in the Note Distribution Account on such Distribution Date) to
reduce the Outstanding Amount of each related Class of Notes to zero; provided,
however, that the Note Principal Distributable Amount with respect to a Class of
Notes shall not exceed the Outstanding Amount of such Class of Notes.

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

     "OBLIGOR" on a Receivable means the purchaser or co-purchasers of the
related Financed Vehicle purchased in part or in whole by the execution and
delivery of a retail installment contract or any other Person who owes or may be
liable for payments under such retail installment contract.

     "OFFERED SECURITIES" shall have the meaning specified in Section
5.03(b)(ii)(B).

     "OFFICERS' CERTIFICATE" means a certificate signed by the president, any
Vice President, the treasurer or the secretary of the Transferor or the
Servicer, as the case may be, and delivered to the Trustee.

     "OPINION OF COUNSEL" means a written opinion of counsel (who, in the case
of counsel to the Transferor or the Servicer, may be an employee of or outside
counsel to the Transferor or the Servicer), which counsel shall be acceptable to
the Trustee.

                                       11
<PAGE>

     "ORIGINAL CERTIFICATE BALANCE" means $_________.

     "ORIGINAL POOL BALANCE" means $___________.

     "ORIGINATOR" means __________.

     "OUTSTANDING ADVANCES" means, with respect to a Receivable and the last day
of a Collection Period, the sum of all Advances made as of or prior to such
date, minus all payments or collections as of or prior to such date which are
specified in Section 4.04(b) as applied to reimburse all unpaid Advances with
respect to such Receivable.

     "OUTSTANDING INTEREST ADVANCES" means, as of the last day of a Collection
Period with respect to a Receivable, the portion of Outstanding Advances
allocable to interest.

     "OUTSTANDING PRINCIPAL ADVANCES" means, as of the last day of a Collection
Period with respect to a Receivable, the portion of Outstanding Advances
allocable to principal.

     "OVERDUE PAYMENT" shall have the meaning specified in Section 4.03(a).

     "OWNER TRUST ESTATE" shall have the meaning specified in the Trust
Agreement.

     "OWNER TRUSTEE" means the Person acting as Owner Trustee under the Trust
Agreement, its successors in interest and any successor owner trustee under the
Trust Agreement.

     "PAYAHEAD ACCOUNT" means the account designated as such and established and
maintained pursuant to Section 4.01.

     "PAYMENT AHEAD" means, with respect to a Precomputed Receivable and a
Collection Period, any Excess Payment (not representing prepayment in full of
such Precomputed Receivable) which the Servicer, in accordance with its
customary servicing practices, will apply towards the payment of Scheduled
Payments due in one or more future Collection Periods.

     "PERCENTAGE INTERESTS" shall have the meaning specified in the Trust
Agreement.

     "PERMITTED INVESTMENTS" means, at any time, any one or more of the
following obligations and securities:

          (i) obligations of, and obligations fully guaranteed as to timely
     payment of principal and interest by, the United States or any agency
     thereof, provided such obligations are backed by the full faith and credit
     of the United States;

          (ii) general obligations of or obligations guaranteed by FNMA, any
     state of the United States, the District of Columbia or the Commonwealth of
     Puerto Rico then rated the highest available credit rating of each Rating
     Agency for such obligations;

          (iii) securities bearing interest or sold at a discount issued by any
     corporation incorporated under the laws of the United States or any state
     thereof, the District of

                                       12
<PAGE>

     Columbia or the Commonwealth of Puerto Rico, so long as at the time of such
     investment or contractual commitment providing for such investment either
     the long-term unsecured debt of such corporation has the highest available
     credit rating from each Rating Agency for such obligations or the
     commercial paper or other short-term debt which is then rated has the
     highest available credit rating of each Rating Agency for such obligations;

          (iv) certificates of deposit issued by any depository institution or
     trust company (including the Trustee) incorporated under the laws of the
     United States or any state thereof, the District of Columbia or the
     Commonwealth of Puerto Rico and subject to supervision and examination by
     banking authorities of one or more of such jurisdictions, provided that the
     short-term unsecured debt obligations of such depository institution or
     trust company has the highest available credit rating of each Rating Agency
     for such obligations;

          (v) certificates of deposit issued by any bank, trust company, savings
     bank or other savings institution and fully insured by the FDIC;

          (vi) repurchase obligations held by the Trustee that are acceptable to
     the Trustee with respect to any security described in clauses (i) or (ii)
     hereof or any other security issued or guaranteed by any other agency or
     instrumentality of the United States, in either case entered into with a
     federal agency or a depository institution or trust company (acting as
     principal) described in clause (iv) above;

          (vii) any mutual fund, money market fund, common trust fund or other
     pooled investment vehicle which has the highest applicable credit rating by
     each Rating Agency (including, but not limited to funds of which Bankers
     Trust Company is the manager or financial advisor);

          (viii) such other investments acceptable to each Rating Agency in
     writing as will not result in the qualification, downgrading or withdrawal
     of the rating then assigned to any Rated Securities by such Rating Agency;

provided that each of the foregoing investments shall mature no later than the
Deposit Date immediately following the date of purchase (other than in the case
of the investment of monies in instruments of which the entity at which the
related Account or the Certificate Distribution Account, as the case may be, is
located is the obligor, which may mature on the related Distribution Date), and
shall be required to be held to such maturity.

     Notwithstanding anything to the contrary contained in this definition, (a)
no Permitted Investment may be purchased at a premium, and (b) no obligation or
security is a "Permitted Investment" unless (i) the Trustee has Control over
such obligation or security and (ii) at the time such obligation or security was
delivered to the Trustee or the Trustee became the related Entitlement Holder,
the Trustee did not have notice of any adverse claim with respect thereto within
the meaning of Section 8-105 of the UCC.

                                       13
<PAGE>

     For purposes of this definition, any reference to the highest available
credit rating of an obligation shall mean the highest available credit rating
for such obligation, or such lower credit rating (as approved in writing by each
Rating Agency) as will not result in the qualification, downgrading or
withdrawal of the rating then assigned to any Rated Securities by such Rating
Agency.

     "PERSON" means any legal person, including any individual, corporation,
partnership, joint venture, association, joint stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     "POOL BALANCE" means, as of any date, the aggregate Principal Balance of
the Receivables (exclusive of all Administrative Receivables for which the
Servicer has paid the Administrative Purchase Payment, Warranty Receivables for
which the Transferor has paid the Warranty Purchase Payment and Defaulted
Receivables) as of the close of business on such date.

     "PRECOMPUTED ADVANCE" shall have the meaning specified in Section 4.04(a).

     "PRECOMPUTED RECEIVABLE" means any Actuarial Receivable or Rule of 78s
Receivable.

     "PREPAYMENT" means (i) with respect to any Precomputed Receivable, any
Excess Payment other than a Payment Ahead or (ii) with respect to any Simple
Interest Receivable, any prepayment, whether in part or in full, in respect of
such Simple Interest Receivable.

     "PREPAYMENT SURPLUS" means, with respect to any Distribution Date on which
a Prepayment is to be applied with respect to a Precomputed Receivable, that
portion of such Prepayment, net of any Rebate, which is not attributable to
principal in accordance with the actuarial method, net of one month's interest
at the Weighted Average Interest Rate on the Principal Balance of such
Receivable as of the first day of the related Collection Period.

     "PRINCIPAL BALANCE" means, with respect to any Receivable as of any date,
the Amount Financed minus the sum of the following amounts: (i) in the case of a
Precomputed Receivable, that portion of all Scheduled Payments due on or prior
to such date allocable to principal, computed in accordance with the actuarial
method, (ii) in the case of a Simple Interest Receivable, that portion of all
Scheduled Payments actually received on or prior to such date allocable to
principal, computed in accordance with the simple interest method, (iii) any
Warranty Purchase Payment or Administrative Purchase Payment with respect to
such Receivable allocable to principal and (iv) any Prepayments or other
payments applied to reduce the unpaid principal balance of such Receivable.

     "PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect to any Distribution
Date, the sum of the following amounts (i) in the case of (a) Precomputed
Receivables, the principal portion of all Scheduled Payments due during the
related Collection Period, computed in accordance with the actuarial method and
(b) Simple Interest Receivables, the principal portion of all Scheduled Payments
actually received during the related Collection Period, computed in accordance
with the simple interest method, (ii) the principal portion of all Prepayments,
and in the case of Simple Interest Receivables, partial prepayments, received
during such Collection Period (to the extent such amounts are not included in
clause (i) above) and (iii) the Principal Balance of each Receivable that became
an Administrative Receivable, a Warranty Receivable or a Defaulted Receivable
during such Collection Period (to the

                                       14
<PAGE>

     extent such amounts are not included in clauses (i) or (ii) above).

     "RATED SECURITIES" means each Class of Securities that has been rated by a
Rating Agency at the request of the Transferor.

     "RATING AGENCY" means Fitch, Moody's and Standard & Poor's.

     "RATING AGENCY CONDITION" means, with respect to any action, that each
Rating Agency shall have been given ten days' (or such shorter period as shall
be acceptable to each Rating Agency) prior notice thereof and that each Rating
Agency shall have notified the Transferor, the Servicer and the Trustees in
writing that such action will not result in a reduction or withdrawal of the
then current rating of the Rated Securities.

     "REBATE" means, with respect to a Precomputed Receivable and any date, the
rebate, calculated in accordance with the actuarial method, under such
Receivable that is or would be payable to the related Obligor for unearned
finance charges or any other charges rebatable to the Obligor if such Obligor
were to prepay such Receivable in full on such date.

     "RECEIVABLE" means any retail installment contract executed by an Obligor
in respect of a Financed Vehicle, and all proceeds thereof and payments
thereunder, which Receivables shall be identified in a Schedule of Receivables.

     "RECEIVABLE FILES" means the documents specified in Section 2.02.

     "RECEIVABLES PURCHASE AGREEMENT" means the receivables purchase agreement,
dated as of ____, 200_, between _____ and the Transferor, as amended or
supplemented from time to time.

     "RELEASED ADMINISTRATIVE AMOUNT" means, with respect to a Distribution Date
and to an Administrative Receivable, the Deferred Prepayment, if any, for such
Administrative Receivable.

     "RELEASED WARRANTY AMOUNT" means, with respect to a Distribution Date and
to a Warranty Receivable, the Deferred Prepayment, if any, for such Warranty
Receivable.

     "REQUIRED RATE" means the sum of the Class A-4 Interest Rate and the
Servicing Fee Rate.

     "REQUIRED DEPOSIT RATING" means the short-term credit rating of the related
entity is at least equal to Prime-1 by Moody's and A-1+ by Standard & Poor's.

     "REQUIRED SERVICER RATING" means, with respect to the Servicer, that the
then short-term unsecured debt obligations of the Servicer are rated at least
equal to Prime-1 by Moody's, A-1 by Standard & Poor's and F1 by Fitch.

                                       15
<PAGE>

     "RESERVE FUND" means the account designated as such, and established and
maintained pursuant to Section 4.01.

     "RESERVE FUND INITIAL DEPOSIT" means the initial deposit of cash in the
amount of $______________ made by the Transferor into the Reserve Fund on the
Closing Date.

     "RESERVE FUND PROPERTY" means, the Reserve Fund Initial Deposit and all
proceeds thereof and all other amounts deposited in or credited to the Reserve
Fund from time to time under this Agreement, all Permitted Investments made with
amounts on deposit therein, all earnings and distributions thereon and proceeds
thereof.

     "RESPONSIBLE OFFICER" means, in the case of the Indenture Trustee, any
officer within the Corporate Trust Office of the Indenture Trustee, including
any Principal, Managing Director, Vice President, assistant Vice President,
assistant treasurer, assistant secretary or any other officer of the Indenture
Trustee customarily performing functions similar to those performed by any of
the above designated officers and also, with respect to a particular matter, any
other officer to whom such matter is referred because of such officer's
knowledge of and familiarity with the particular subject and, with respect to
the Owner Trustee, any officer in the Corporate Trust Administration Department
of the Owner Trustee with direct responsibility for the administration of the
Trust Agreement and the Basic Documents on behalf of the Owner Trustee.

     "RETAIL INSTALLMENT CONTRACTS" means retail installment sale and
conditional sale contracts.

     "RULE OF 78s RECEIVABLE" means any Receivable which provides for the
allocation of payments according to the "sum of periodic balances" or "sum of
monthly payments" method.

     "SCHEDULE OF RECEIVABLES" means the schedule of Receivables attached as
Schedule A to this Agreement, as it may be amended from time to time.

     "SCHEDULED PAYMENT" means, with respect to any Distribution Date and to a
Receivable, the payment set forth in such Receivable as due from the Obligor in
the related Collection Period; provided, however, that in the case of the first
Collection Period, the Scheduled Payment shall include all such payments due
from the Obligor on or after the Cutoff Date.

     "SCHEDULED SURPLUS" means, with respect to any Distribution Date for any
Receivable having an APR which exceeds the Required Rate, the product of (i) the
interest portion of the related Scheduled Payment (determined in accordance with
the actuarial method if such Receivable is a Precomputed Receivable) and (ii)
the remainder of (a) one minus (b) a fraction, the numerator of which equals the
Required Rate and the denominator of which equals such APR.

     "SECURED OBLIGATIONS" means collectively, the payments to Securityholders
pursuant to Section 8.02 of the Indenture and Section 5.02 of the Trust
Agreement.

     "SECURITIES" means the Notes and the Trust Certificates.

                                       16
<PAGE>

     "SECURITY ENTITLEMENT" shall have the meaning specified in Section
8-102(a)(17) of the UCC.

     "SECURITYHOLDERS" means the Noteholders and the Certificateholders.

     "SERVICER" means ____, in its capacity as servicer of the Receivables
pursuant to this Agreement, and each successor thereto (in the same capacity)
pursuant to Section 6.03.

     "SERVICER DEFAULT" shall have the meaning specified in Section 7.01.

     "SERVICER LETTER OF CREDIT" means, if the Servicer desires to remit
collections on or in respect of the Receivables to the Collection Account on a
monthly basis upon satisfaction of the conditions described in Section
4.02(b)(ii), (i) an irrevocable letter of credit, issued by a Letter of Credit
Bank and naming the Indenture Trustee a beneficiary or (ii) a surety bond,
insurance policy or deposit of cash or securities satisfactory to the Indenture
Trustee, in each case, which is satisfactory to each Rating Agency.

     "SERVICER'S CERTIFICATE" means an Officers' Certificate of the Servicer
delivered pursuant to Section 3.10, substantially in the form of Exhibit B.

     "SERVICING FEE RATE" means 1.00% per annum.

     "SIMPLE INTEREST ADVANCE" shall have the meaning specified in Section
4.04(a).

     "SIMPLE INTEREST RECEIVABLE" means any Receivable which provides for the
allocation of payments according to the "simple interest" method.

     "SPECIFIED RESERVE FUND BALANCE" means, with respect to any Distribution
Date $_________.

     "STANDARD & POOR'S" means Standard & Poor's Ratings Services, a division of
The McGraw-Hill Companies, Inc., or its successors.

     "SUCCESSOR SERVICER" means any entity appointed as a successor to the
Servicer pursuant to Section 7.02.

     "SUPPLEMENTAL SERVICING FEE" means any interest earned on investment of the
monies on deposit in the Accounts (other than the Yield Supplement Account and
the Reserve Fund) during a Collection Period, net of any investment expenses and
losses from such investments, plus all late fees, prepayment charges and other
administrative fees and expenses or similar charges allowed by applicable law
with respect to the Receivables, including, in the case of a Rule of 78s
Receivable and that is prepaid in full, the difference between the Principal
Balance of a Rule of 78s Receivable, minus the Principal Balance of such
Receivable computed according to the actuarial method (plus accrued interest to
the date of prepayment), received by the Servicer during such Collection Period.

                                       17
<PAGE>

     "TOTAL SERVICING FEE" means the sum of the Basic Servicing Fee and the
Supplemental Servicing Fee.

     "TRANSFEROR" means PASS, in its capacity as Transferor of the Receivables
under this Agreement, and each successor thereto (in the same capacity) pursuant
to Section 5.03.

     "TRUST" means the Issuer.

     "TRUST AGREEMENT" means the trust agreement, dated as of_________, as
amended and restated, dated as of________, between the Depositor and the Owner
Trustee.

     "TRUST FEES AND EXPENSES" means all accrued and unpaid Trustees' fees, any
amounts due to the Trustees for reimbursement of expenses or in respect of
indemnification and other administrative fees of the Trust.

     "TRUSTEE" means either the Owner Trustee or the Indenture Trustee, as the
context requires.

     "TRUSTEES" means the Owner Trustee and the Indenture Trustee.

     "UCC" means the Uniform Commercial Code as in effect in the respective
jurisdiction.

     "UNITED STATES" means the United States of America.

     "VICE PRESIDENT" of any Person means any vice president of such Person,
whether or not designated by a number or words before or after the title "Vice
President", who is a duly elected officer of such Person.

     "WARRANTY PURCHASE PAYMENT" means, with respect to a Distribution Date and
to a Warranty Receivable repurchased by the Transferor as of the end of the
related Collection Period, which Receivable is (i) a Precomputed Receivable, (a)
the sum of (1) all Scheduled Payments on such Receivable due after the last day
of such Collection Period, (2) all past due Scheduled Payments for which an
Advance has not been made, (3) all Outstanding Advances made in respect of such
Receivable and (4) an amount equal to any reimbursement of Outstanding Advances
made pursuant to the first sentence of Section 4.04(c) with respect to such
Receivable minus (b) the sum of (1) all Payments Ahead in respect of such
Warranty Receivable held by the Servicer or on deposit in the Payahead Account,
(2) any Rebate and (3) any proceeds of the liquidation of such Receivable
previously received (to the extent applied to reduce the Principal Balance of
such Receivable) or (ii) a Simple Interest Receivable, the sum of (a) the unpaid
principal balance owed by the related Obligor in respect of such Receivable and
(b) interest on such unpaid principal balance at a rate equal to the APR of the
related Receivable to the last day of such Collection Period.

     "WARRANTY RECEIVABLE" means a Receivable which the Transferor is required
to repurchase pursuant to Section 2.04.

                                       18
<PAGE>

     "YIELD SUPPLEMENT ACCOUNT" means the account designated as such, and
established and maintained pursuant to Section 4.01.

     "YIELD SUPPLEMENT ACCOUNT DEPOSIT" means the initial deposit of cash in the
amount of $_____________ made by the Transferor into the Yield Supplement
Account on the Closing Date.

     "YIELD SUPPLEMENT AMOUNT" means, with respect to any Collection Period and
the related Deposit Date, the aggregate amount by which one month's interest on
the Principal Balance as of the first day of such Collection Period of each
Discount Receivable (other than a Discount Receivable that is a Defaulted
Receivable) at a rate equal to the Required Rate, exceeds one month's interest
on such Principal Balance at the APR of each such Receivable.

     "YIELD SUPPLEMENT WITHDRAWAL AMOUNT" means, with respect to any Collection
Period and the related Deposit Date, the sum of (i) the Yield Supplement Amount
and (ii) after giving effect to the withdrawal of the Yield Supplement Amount,
the amount by which the amount on deposit in the Yield Supplement Account
exceeds the Maximum Yield Supplement Amount.

     Section 1.02. OTHER DEFINITIONAL PROVISIONS.

     (a) Capitalized terms used herein that are not otherwise defined herein
shall have the meanings ascribed thereto in the Indenture.

     (b) All terms defined in this Agreement shall have the defined meanings
when used in any certificate or other document made or delivered pursuant hereto
unless otherwise defined therein.

     Section 1.03. INTERPRETIVE PROVISIONS.

     (a) For all purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires, (i) terms used herein
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 Agreement as a whole and not to any particular part, article or section
within this Agreement, (iii) references to a section such as "Section 1.01" and
the like shall refer to the applicable section of this Agreement, (iv) the term
"include" and all variations thereof shall mean "include without limitation",
(v) the term "or" shall include "and/or", and (vi) the term "proceeds" shall
have the meaning set forth in the applicable UCC.

     (b) As used in this Agreement and in any certificate or other document made
or delivered pursuant hereto or thereto, accounting terms not defined in this
Agreement or in any such certificate or other document, and accounting terms
partly defined in this Agreement 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 Agreement 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 Agreement or in any
such certificate or other document shall control.

                                       19
<PAGE>

                                  Article Two

             CONVEYANCE OF RECEIVABLES; CUSTODY OF RECEIVABLES FILES

     Section 2.01. CONVEYANCE OF RECEIVABLES.

     (a) In consideration of the Issuer's delivery to or upon the order of the
Transferor of the Certificates and $__________, less an amount equal to the
Reserve Fund Initial Deposit to be deposited to the Reserve Fund and the Yield
Supplement Account Deposit to be deposited to the Yield Supplement Account, each
on the Closing Date, the Transferor does hereby sell, transfer, assign, set over
and otherwise convey to the Issuer, without recourse (subject to the obligations
of the Transferor set forth herein), all right, title and interest of the
Transferor in, to and under:

          (i) the Receivables and all monies due thereon or paid thereunder or
     in respect thereof (including proceeds of the repurchase of Receivables by
     the Transferor pursuant to Section 2.04 or 8.01 or the purchase of
     Receivables by the Servicer pursuant to Section 3.08 or 8.01) on or after
     the Cutoff Date;

          (ii) the security interests in the Financed Vehicles;

          (iii) any proceeds of any physical damage insurance policies covering
     the Financed Vehicles and in any proceeds of any credit life or credit
     disability insurance policies relating to the Receivables or the Obligors;

          (iv) any proceeds of Dealer Recourse;

          (v) the Receivables Purchase Agreement, but not the obligations of the
     Transferor thereunder;

          (vi) the right to realize upon any property (including the right to
     receive future Liquidation Proceeds) that shall have secured a Receivable
     and have been repossessed by or on behalf of the Issuer;

          (vii) all funds on deposit from time to time in the Accounts,
     including the Reserve Fund Initial Deposit and the Yield Supplement Account
     Deposit, and in all investment income and proceeds thereof;

          (viii) any Servicer Letter of Credit; and

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

     (b) The parties hereto intend that the conveyance hereunder be a sale. In
the event that the conveyance hereunder is not for any reason considered a sale,
the Transferor hereby grants to the Issuer a first priority perfected security
interest in all of its right, title and interest in, to and under the
Receivables, and all other property conveyed hereunder and all proceeds of any
of the foregoing. The parties hereto intend that this Agreement constitute a
security agreement under applicable law. Such grant is made to secure the
payment of all amounts payable hereunder.

                                       20
<PAGE>

     Section 2.02. CUSTODY OF RECEIVABLE FILES. To assure uniform quality in
servicing the Receivables and to reduce administrative costs, the Issuer hereby
revocably appoints the Servicer, and the Servicer accepts such appointment, to
act for the benefit of the Issuer and the Indenture Trustee as custodian of the
following documents or instruments which are hereby constructively delivered to
the Indenture Trustee, as pledgee of the Issuer, as of the Closing Date with
respect to each Receivable:

          (a) the fully executed original of the Receivable;

          (b) documents evidencing or related to any Insurance Policy;

          (c) the original credit application of each Obligor, fully executed by
     such Obligor;

          (d) the original certificate of title (or evidence that such
     certificate of title has been applied for) or such documents that the
     Servicer shall keep on file, in accordance with its customary procedures,
     evidencing the security interest in the related Financed Vehicle; and

          (e) any and all other documents that the Transferor or the Servicer,
     as the case may be, shall keep on file, in accordance with its customary
     procedures, relating to such Receivable or the related Obligor or Financed
     Vehicle.

     Section 2.03. REPRESENTATIONS AND WARRANTIES OF TRANSFEROR AS TO THE
RECEIVABLES. The Transferor makes the following representations and warranties
as to the Receivables on which the Issuer shall rely in acquiring the
Receivables. Such representations and warranties speak as of the execution and
delivery of this Agreement and as of the Closing Date, but shall survive the
sale, transfer and assignment of the Receivables to the Issuer and the pledge
thereof to the Indenture Trustee.

          (a) CHARACTERISTICS OF RECEIVABLES. Each Receivable (i) shall have
     been originated in the United States by a Dealer for the retail sale of the
     related Financed Vehicle in the ordinary course of such Dealer's business,
     shall have been fully and properly executed by the parties thereto, shall
     have been purchased by the Originator from such Dealer under an existing
     agreement with the Originator, shall have been validly assigned by such
     Dealer to the Originator in accordance with the terms of such agreement and
     shall have been subsequently sold by the Originator to the Transferor
     pursuant to the Receivables Purchase Agreement, (ii) shall have created or
     shall create a valid, subsisting and enforceable first priority security
     interest in favor of the Originator in the related Financed Vehicle, which
     security interest has been assigned by the Originator to the Transferor and
     shall be assignable, and shall be so assigned, by the Transferor to the
     Owner Trustee, (iii) shall contain customary and enforceable provisions
     such that the rights and remedies of the holder thereof shall be adequate
     for realization against the collateral of the benefits of the security,
     (iv) shall, except as otherwise provided in this Agreement, provide for
     level Monthly Payments (provided that the payment in the first or last
     month in the life of the Receivable may be minimally different from the
     level

                                       21
<PAGE>

     payment) that fully amortize the Amount Financed over its original term and
     shall provide for a finance charge or shall yield interest at its APR, (v)
     shall provide for, in the event that such Receivable is prepaid, a
     prepayment that fully pays the Principal Balance and includes accrued but
     unpaid interest at least through the date of prepayment in an amount
     calculated by using an interest rate at least equal to its APR, (vi) shall
     have an Obligor that is not a federal, state or local governmental entity
     and (vii) is a retail installment contract.

          (b) SCHEDULE OF RECEIVABLES. The information set forth in the Schedule
     of Receivables shall be true and correct in all material respects as of the
     opening of business on the Cutoff Date, and no selection procedures
     believed to be adverse to the Securityholders were utilized in selecting
     the Receivables from those motor vehicle receivables of the Originator
     which met the selection criteria set forth in this Agreement.

          (c) COMPLIANCE WITH LAW. Each Receivable and each sale of the related
     Financed Vehicle shall have complied at the time it was originated or made,
     and shall comply at the time of execution of this Agreement, in all
     material respects with all requirements of applicable federal, state and
     local laws, and regulations thereunder, including usury laws, the Federal
     Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit
     Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection
     Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty
     Act, Federal Reserve Board Regulations B and Z, state adaptations of the
     National Consumer Act and of the Uniform Consumer Credit Code and other
     consumer credit, equal credit opportunity and disclosure laws.

          (d) BINDING OBLIGATION. Each Receivable shall constitute the genuine,
     legal, valid and binding payment obligation in writing of the related
     Obligor, enforceable by the holder thereof in accordance with its terms,
     except as enforceability may be subject to or limited by bankruptcy,
     insolvency, reorganization, moratorium, liquidation or other similar laws
     affecting the enforcement of creditors' rights in general and by general
     principles of equity, regardless of whether such enforceability shall be
     considered in a proceeding in equity or at law.

          (e) NO BANKRUPT OBLIGORS. According to the records of the Transferor,
     as of the Cutoff Date, no Obligor is the subject of a bankruptcy
     proceeding.

          (f) SECURITY INTEREST IN FINANCED VEHICLES. According to the records
     of the Transferor, as of the Cutoff Date, no Financed Vehicle has been
     repossessed and not reinstated and immediately prior to the sale,
     assignment and transfer thereof, each Receivable shall be secured by a
     validly perfected first priority security interest in the related Financed
     Vehicle in favor of the Originator as secured party or all necessary and
     appropriate action with respect to such Receivable shall have been taken to
     perfect a first priority security interest in such Financed Vehicle in
     favor of the Originator as secured party.

                                       22
<PAGE>

          (g) RECEIVABLES IN FORCE. No Receivable shall have been satisfied,
     subordinated or rescinded, nor shall any Financed Vehicle have been
     released in whole or in part from the lien granted by the related
     Receivable.

          (h) NO WAIVERS. No provision of a Receivable shall have been waived in
     such a manner that such Receivable fails to meet all of the other
     representations and warranties made by the Transferor herein with respect
     thereto.

          (i) NO AMENDMENTS. No Receivable shall have been amended or modified
     in such a manner that the total number of Scheduled Payments has been
     increased or that the related Amount Financed has been increased or that
     such Receivable fails to meet all of the other representations and
     warranties made by the Transferor herein with respect thereto.

          (j) NO DEFENSES. No facts shall be known to the Transferor which would
     give rise to any right of rescission, setoff, counterclaim or defense, nor
     shall the same have been asserted or threatened, with respect to any
     Receivable.

          (k) NO LIENS. To the knowledge of the Transferor, no liens or claims
     shall have been filed, including liens for work, labor or materials
     relating to a Financed Vehicle, that shall be liens prior to, or equal or
     coordinate with, the security interest in such Financed Vehicle granted by
     the related Receivable.

          (l) NO DEFAULTS. Except for payment defaults that, as of the Cutoff
     Date, have been continuing for a period of not more than 30 days, no
     default, breach, violation or event permitting acceleration under the terms
     of any Receivable shall have occurred as of the Cutoff Date and no
     continuing condition that with notice or the lapse of time would constitute
     a default, breach, violation or event permitting acceleration under the
     terms of any Receivable shall have arisen; and the Transferor shall not
     have waived any of the foregoing except as otherwise permitted hereunder.

          (m) INSURANCE. Pursuant to the Receivables, each Obligor has been
     required to obtain physical damage insurance covering the related Financed
     Vehicle and the Obligor is required under the terms of the related
     Receivable to maintain such insurance.

          (n) TITLE. It is the intention of the Transferor that the transfer and
     assignment herein contemplated, taken as a whole, constitute a sale of the
     Receivables from the Transferor to the Issuer and that the beneficial
     interest in and title to the Receivables not be part of the debtor's estate
     in the event of the filing of a bankruptcy petition by or against the
     Transferor under any bankruptcy law. No Receivable has been sold,
     transferred, assigned or pledged by the Transferor to any Person other than
     the Issuer, and no provision of a Receivable shall have been waived, except
     as provided in clause (h) above; immediately prior to the transfer and
     assignment herein contemplated, the Transferor had good and marketable
     title to each Receivable free and clear of all Liens and

                                       23
<PAGE>

     rights of others; immediately upon the transfer and assignment thereof, the
     Issuer shall have good and marketable title to each Receivable, free and
     clear of all Liens and rights of others; and the transfer and assignment
     herein contemplated has been perfected under the UCC.

          (o) LAWFUL ASSIGNMENT. No Receivable shall have been originated in, or
     shall be subject to the laws of, any jurisdiction under which the sale,
     transfer and assignment of such Receivable under this Agreement or pursuant
     to a transfer of the Securities shall be unlawful, void or voidable.

          (p) ALL FILINGS MADE. All filings (including UCC filings) necessary in
     any jurisdiction to give the Issuer a first priority perfected security
     interest in the Receivables, and to give the Indenture Trustee a first
     priority perfected security interest therein, shall have been made.

          (q) ONE ORIGINAL. There shall be only one original executed copy of
     each Receivable.

          (r) CHATTEL PAPER. Each Receivable constitutes "chattel paper" as
     defined in the UCC.

          (s) MATURITY OF RECEIVABLES. Each Receivable shall have an original
     maturity of not less than __ months nor greater than __ months and, as of
     the Cutoff Date, a remaining maturity of not less than _ months nor greater
     than __ months.

          (t) FINANCE CHARGE. Each Receivable provides for the payment of a
     finance charge calculated on the basis of an ----------------------- APR
     ranging from ___% to ____%.

          (u) PRINCIPAL BALANCE. Each Receivable had an original principal
     balance of not less than $____ nor more than $______ and an average unpaid
     principal balance, as of the Cutoff Date, of $_____.

          (v) ORIGINATION. Each Receivable was originated on or before _______,
     200_.

          (w) NO OVERDUE PAYMENTS. No Receivable shall have a Scheduled Payment
     that is more than 30 days past due as of the Cutoff Date.

          (x) LOCATION OF RECEIVABLE FILES. Each Receivable File shall be kept
     at one of the locations listed in Schedule B hereto.

          (y) FINANCED VEHICLES. Each Financed Vehicle shall be a new or used
     motor vehicle.

          (z) ADDRESSES OF OBLIGORS. The Obligor under each Receivable had a
     current billing address in the United States as of the Cutoff Date.

     Section 2.04. REPURCHASE OF RECEIVABLES UPON BREACH. Upon discovery by the
Transferor, the Servicer or the Owner Trustee or upon the actual knowledge of
the Indenture Trustee of a breach of any of the representations and warranties
of the Transferor set forth in Section 2.03 that

                                       24
<PAGE>

materially and adversely affects the interests of the Issuer, the Trustees or
the Securityholders in any Receivable, the party discovering such breach shall
give prompt written notice to the others. As of the last day of the second
Collection Period following the Collection Period in which it discovers or
receives notice of such breach (or, at the Transferor's election, the last day
of the first Collection Period following the Collection Period in which it
discovers or receives notice of such breach), the Transferor shall, unless such
breach shall have been cured in all material respects, repurchase such
Receivable, and, if necessary, the Transferor shall enforce the obligation of
the Originator under the Receivables Purchase Agreement to repurchase such
Receivable from the Transferor. This repurchase obligation shall apply to all
representations and warranties of the Transferor contained in Section 2.03
whether or not the Transferor has knowledge of the breach at the time of the
breach or at the time the representations and warranties were made. In
consideration of the repurchase of any such Receivable, on the related Deposit
Date, the Transferor shall remit the Warranty Purchase Payment in respect of
such Receivable to the Collection Account in the manner specified in Section
4.05 and shall be entitled to receive the Released Warranty Amount. In the event
that, as of the date of execution and delivery of this Agreement, any Liens or
claims shall have been filed, including Liens for work, labor or materials
relating to a Financed Vehicle, that shall be prior to, or equal or coordinate
with, the lien granted by the related Receivable, which Liens or claims shall
not have been satisfied or otherwise released in full as of the Closing Date,
and such breach materially and adversely affects the interests of the Issuer,
the Trustees or the Securityholders in such Receivable, the Transferor shall
repurchase such Receivable on the terms and in the manner specified above. Upon
any such repurchase, the Issuer shall, without further action, be deemed to
transfer, assign, set-over and otherwise convey to the Transferor, all right,
title and interest of the Issuer in, to and under such repurchased Receivable,
all monies due or to become due with respect thereto and all proceeds thereof.
The Issuer and the Trustees shall execute such documents and instruments of
transfer and assignment and take such other actions as shall be reasonably
requested by the Transferor to effect the conveyance of such Receivable pursuant
to this Section. The sole remedy of the Issuer, the Trustees and the
Securityholders with respect to a breach of the Transferor's representations and
warranties pursuant to Section 2.03 or with respect to the existence of any such
Liens or claims shall be to require the Transferor to repurchase the related
Receivable pursuant to this Section and to enforce the Originator's obligation
to repurchase such Receivables from the Transferor pursuant to the Receivables
Purchase Agreement. Neither the Owner Trustee nor the Indenture Trustee shall
have any duty to conduct an affirmative investigation as to the occurrence of
any condition requiring the repurchase of any Receivable pursuant to Section
2.04 or the eligibility of any Receivables for purposes of this Agreement.

     Section 2.05. DUTIES OF SERVICER AS CUSTODIAN.

     (a) SAFEKEEPING. The Servicer, in its capacity as custodian, shall hold the
Receivable Files for the benefit of the Issuer and maintain such accurate and
complete accounts, records and computer systems pertaining to each Receivable
File as shall enable the Issuer to comply with this Agreement. In performing its
duties as custodian, the Servicer shall act with reasonable care, using that
degree of skill and attention that it exercises with respect to the receivable
files of comparable motor vehicle receivables that the Servicer services for
itself or others. The Servicer

                                       25
<PAGE>

shall conduct, or cause to be conducted, periodic examinations of the files of
all receivables owned or serviced by it which shall include the Receivable Files
held by it under this Agreement, and of the related accounts, records and
computer systems, in such a manner as shall enable the Issuer or the Indenture
Trustee to verify the accuracy of the Servicer's record keeping. The Servicer
shall promptly report to the Issuer and the Indenture Trustee any failure on its
part to hold the Receivable Files and maintain its accounts, records and
computer systems as herein provided and promptly take appropriate action to
remedy any such failure. Nothing herein shall be deemed to require an initial
review or any periodic review of the Receivable Files by the Issuer or the
Indenture Trustee.

     (b) MAINTENANCE OF AND ACCESS TO RECORDS. The Servicer shall maintain each
Receivable File solely in its capacity as Servicer at one of its offices
specified in Schedule B hereto or at such other office as shall be specified to
the Issuer and the Indenture Trustee by 30 days' prior written notice. The
Servicer shall make available to the Issuer and the Indenture Trustee or its
duly authorized representatives, attorneys or auditors the Receivable Files and
the related accounts, records and computer systems maintained by the Servicer at
such times as the Issuer and the Indenture Trustee shall reasonably instruct.

     (c) RELEASE OF DOCUMENTS. Upon instruction from the Indenture Trustee, the
Servicer shall release any document in the Receivable Files to the Indenture
Trustee or its agent or designee, as the case may be, at such place or places as
the Indenture Trustee may designate, as soon as practicable. The Servicer shall
not be responsible for any loss occasioned by the failure of the Indenture
Trustee to return any document or any delay in doing so.

     Section 2.06. INSTRUCTIONS; AUTHORITY TO ACT. The Servicer shall be deemed
to have received proper instructions with respect to the Receivable Files upon
its receipt of written instructions signed by a Responsible Officer of the
Indenture Trustee. A certified copy of a bylaw or of a resolution of the board
of directors of the Indenture Trustee shall constitute conclusive evidence of
the authority of any such Responsible Officer to act and shall be considered in
full force and effect until receipt by the Servicer of written notice to the
contrary given by the Indenture Trustee.

     Section 2.07. INDEMNIFICATION BY CUSTODIAN. The Servicer, as custodian of
the Receivable Files, shall fully indemnify and hold harmless the Issuer and the
Trustees for any and all liabilities, obligations, losses, compensatory damages,
payments, costs or expenses of any kind whatsoever that may be imposed on,
incurred or asserted against the Issuer and the Trustees as the result of any
improper act or omission in any way relating to the maintenance and custody of
the Receivable Files by the Servicer, as custodian; provided, however, that the
Servicer shall not be liable for any portion of any such amount resulting from
the willful misfeasance, bad faith or negligence of the Owner Trustee or the
Indenture Trustee.

     Section 2.08. EFFECTIVE PERIOD AND TERMINATION. The Servicer's appointment
as custodian of the Receivable Files shall become effective as of the Cutoff
Date and shall continue in full force and effect until terminated pursuant to
this Section. If the Servicer shall resign as Servicer pursuant to Section 6.05
or if all of the rights and obligations of the Servicer have been terminated

                                       26
<PAGE>

pursuant to Section 7.02, the appointment of the Servicer as custodian of the
Receivable Files shall be terminated by the Indenture Trustee or by the Holders
of Notes evidencing not less than 25% of the Outstanding Amount of the Notes or,
with the consent of Holders of the Notes evidencing not less than 25% of the
Outstanding Amount of the Notes, by the Owner Trustee, in the same manner as the
Indenture Trustee or such Holders may terminate the rights and obligations of
the Servicer under Section 7.01. The Indenture Trustee or, with the consent of
the Indenture Trustee, the Owner Trustee may terminate the Servicer's
appointment as custodian of the Receivable Files with cause at any time
immediately upon written notification to the Servicer and, without cause, upon
30 days' prior written notification by the Servicer. As soon as practicable
after any termination of such appointment, the Servicer shall deliver the
Receivable Files to the Indenture Trustee or its agent at such place or places
as the Indenture Trustee may reasonably designate. Notwithstanding the
termination of the Servicer as custodian of the Receivable Files, the Indenture
Trustee agrees that upon any such termination, the Indenture Trustee shall
provide, or cause its agent to provide, access to the Receivable Files to the
Servicer for the purpose of carrying out its duties and responsibilities with
respect to the servicing of the Receivables pursuant to this Agreement.

                                       27
<PAGE>

                                 Article Three

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

     Section 3.01. DUTIES OF SERVICER. The Servicer, for the benefit of the
Issuer (to the extent provided herein), shall manage, service, administer and
make collections on the Receivables (other than Administrative Receivables and
Warranty Receivables) with reasonable care, using that degree of skill and
attention that the Servicer exercises with respect to all comparable motor
vehicle receivables that it services for itself or others. The Servicer's duties
shall include collection and posting of all payments, responding to inquiries of
Obligors or by federal, state or local government authorities with respect to
the Receivables, investigating delinquencies, sending payment coupons to
Obligors, reporting tax information to Obligors in accordance with its customary
practices, policing the collateral, accounting for collections and furnishing
monthly and annual statements to the Trustees with respect to distributions,
generating federal income tax information, making Advances and performing the
other duties specified herein. The Servicer shall follow its customary
standards, policies and procedures and shall have full power and authority,
acting alone, to do any and all things in connection with such managing,
servicing, administration and collection that it may deem necessary or
desirable. Without limiting the generality of the foregoing, the Servicer shall
be authorized and empowered to execute and deliver, on behalf of itself, the
Issuer, the Trustees, the Securityholders or any of them, any and all
instruments of satisfaction or cancellation, or of partial or full release or
discharge and all other comparable instruments, with respect to the Receivables
and the Financed Vehicles. The Servicer is hereby authorized to commence, in its
own name or in the name of the Issuer, a legal proceeding to enforce a Defaulted
Receivable pursuant to Section 3.04 or to commence or participate in a legal
proceeding (including without limitation a bankruptcy proceeding) relating to or
involving a Receivable, including a Defaulted Receivable. If the Servicer
commences or participates in such a legal proceeding in its own name, the Issuer
shall thereupon be deemed to have automatically assigned, solely for the purpose
of collection on behalf of the party retaining an interest in such Receivable,
such Receivable and the other property conveyed to the Issuer pursuant to
Section 2.01 with respect to such Receivable to the Servicer for purposes of
commencing or participating in any such proceeding as a party or claimant, and
the Servicer is authorized and empowered by the Issuer to execute and deliver in
the Servicer's name any notices, demands, claims, complaints, responses,
affidavits or other documents or instruments in connection with any such
proceeding. If in any enforcement suit or legal proceeding it shall be held that
the Servicer may not enforce a Receivable on the grounds that it shall not be a
real party in interest or a holder entitled to enforce such Receivable, the
Owner Trustee shall, at the Servicer's expense and written direction, take steps
to enforce such Receivable, including bring suit in its name or the name of the
Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholders.
The Owner Trustee shall furnish the Servicer with any powers of attorney and
other documents and take any other steps which the Servicer may deem necessary
or appropriate to enable the Servicer to carry out its servicing and
administrative duties hereunder.

     Section 3.02. COLLECTION OF RECEIVABLE PAYMENTS. The Servicer shall make
reasonable efforts to collect all payments called for under the terms and
provisions of the Receivables as and when the same shall become due, and shall
follow such collection procedures as it follows with respect to

                                       28
<PAGE>

all comparable motor vehicle receivables that it services for itself or others.
The Servicer shall be authorized to grant extensions, rebates or adjustments on
a Receivable without the prior consent of the Owner Trustee. If, as a result of
the extending of payments in accordance with the customary servicing standards
of the Servicer, any Receivable will be outstanding later than the Final
Scheduled Maturity Date occurs, the Servicer shall be obligated to repurchase
such Receivable pursuant to Section 3.08. In addition, in the event that any
such rescheduling or extension of a Receivable modifies the terms of such
Receivable in such a manner as to constitute a cancellation of such Receivable
and the creation of a new motor vehicle receivable that results in a deemed
exchange thereof within the meaning of Section 1001 of the Code, the Servicer
shall purchase such Receivable pursuant to Section 3.08, and the receivable
created shall not be included in the Issuer. Notwithstanding the foregoing,
extensions or modifications of the payment schedule of a Receivable can be made
only in accordance with the customary servicing procedures of the Servicer,
provided that the amount of any extension fee charged in connection with the
extension of a Receivable is deposited into the Collection Account by the
Servicer in accordance with Section 4.05(a). The Servicer may, in accordance
with its customary servicing procedures, waive any prepayment charge, late
payment charge or any other fees that may be collected in the ordinary course of
servicing the Receivables.

     Section 3.03. REBATES ON FULL PREPAYMENTS. In the event that the amount of
a full Prepayment by an Obligor under a Precomputed Receivable, after adjustment
for the applicable Rebate, is less than the amount that would be payable under
the actuarial method if a full Prepayment were made at the end of the billing
month under such Precomputed Receivable, either because the Rebate calculated
under the terms of such Precomputed Receivable is greater than the amount
calculable under the actuarial method or because the Servicer's customary
servicing procedure is to credit a greater Rebate, the Servicer, as part of its
servicing duties, shall remit such difference to the Trust by deposit into the
Collection Account pursuant to Section 4.05(a).

     Section 3.04. REALIZATION UPON RECEIVABLES. On behalf of the Issuer, the
Servicer shall use its best efforts, consistent with its customary servicing
procedures, to repossess or otherwise comparably convert the ownership of any
Financed Vehicle that it has reasonably determined should be repossessed or
otherwise converted following a default under the Receivable secured by the
Financed Vehicle (and shall specify such Receivables to the Trustees no later
than the Determination Date following the end of the Collection Period in which
the Servicer shall have made such determination). The Servicer shall follow such
practices and procedures as it shall deem necessary or advisable and as shall be
customary and usual in its servicing of motor vehicle receivables, which
practices and procedures may include reasonable efforts to realize upon any
Dealer Recourse, selling the related Financed Vehicle at public or private sale
and other actions by the Servicer in order to realize upon such a Receivable.
The Servicer shall be entitled to recover its reasonable Liquidation Expenses
with respect to each Defaulted Receivable. All Net Liquidation Proceeds realized
in connection with any such action with respect to a Receivable shall be
deposited by the Servicer in the Collection Account in the manner specified in
Section 4.02(a). The foregoing is subject to the proviso that, in any case in
which the Financed Vehicle shall have suffered damage, the Servicer shall not
expend funds in connection with any repair or towards the repossession of such
Financed Vehicle unless it shall determine in its discretion that

                                       29
<PAGE>

such repair and/or repossession shall increase the Liquidation Proceeds of the
related Receivable by an amount greater than the amount of such expenses.

     Section 3.05. MAINTENANCE OF PHYSICAL DAMAGE INSURANCE POLICIES. The
Servicer shall, in accordance with its customary servicing procedures and
underwriting standards, require that each Obligor shall have obtained physical
damage insurance covering each Financed Vehicle as of the origination of the
related Receivable.

     Section 3.06. MAINTENANCE OF SECURITY INTERESTS IN FINANCED VEHICLES. The
Servicer shall, in accordance with its customary servicing procedures and at its
own expense, take such steps as are necessary to maintain perfection of the
security interest created by each Receivable in the related Financed Vehicle.
The Servicer is hereby authorized to take such steps as are necessary to
reperfect such security interest on behalf of the Issuer in the event of the
relocation of a Financed Vehicle or for any other reason. In the event that the
assignment of a Receivable to the Issuer is insufficient, without a notation on
the related Financed Vehicle's certificate of title, to grant to the Issuer a
first priority perfected security interest in the related Financed Vehicle, the
Servicer hereby agrees to serve as the agent of the Issuer for the purpose of
perfecting the security interest of the Issuer in such Financed Vehicle and
agrees that the Servicer's listing as the secured party on the certificate of
title is solely in its capacity as agent of the Issuer.

     Section 3.07. COVENANTS OF SERVICER. The Servicer makes the following
covenants on which the Issuer shall rely in accepting the Receivables in trust
pursuant to Section 2.01:

          (a) LIENS IN FORCE. Except as otherwise contemplated by this
     Agreement, the Servicer shall not release in whole or in part any Financed
     Vehicle from the security interest securing the related Receivable.

          (b) NO IMPAIRMENT. The Servicer shall do nothing to impair the rights
     of the Issuer in the Receivables.

          (c) NO AMENDMENTS. Subject to Section 3.02, the Servicer shall not
     amend or otherwise modify any Receivable such that the total number of
     Scheduled Payments is extended beyond the Final Scheduled Maturity Date, or
     either the Amount Financed or the APR is altered.

     Section 3.08. PURCHASE OF RECEIVABLES UPON BREACH. Upon discovery by the
Transferor, the Servicer or the Owner Trustee or upon the actual knowledge of
the Indenture Trustee of a breach of any of the covenants of the Servicer set
forth in Section 3.07 that materially and adversely affects the interests of the
Issuer, the Trustees or the Securityholders in any Receivable, or if an improper
extension, rescheduling or modification of a Receivable is made by the Servicer
as described in Section 3.02, the party discovering such breach shall give
prompt written notice to the others. As of the last day of the second Collection
Period following the Collection Period in which it discovers or receives notice
of such breach (or, at the Servicer's election, the last day of the first
Collection Period following the Collection Period in which it discovers or
receives notice of such breach), the Servicer shall, unless such breach or
impropriety shall have been cured in all material respects, purchase from the
Issuer such Receivable. In consideration of the

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<PAGE>

purchase of any such Receivable, on the related Deposit Date the Servicer shall
remit the Administrative Purchase Payment to the Collection Account in the
manner specified in Section 4.05, and shall be entitled to receive the Released
Administrative Amount. Upon such deposit of the Administrative Purchase Payment,
the Servicer shall for all purposes of this Agreement be deemed to have released
all claims for reimbursement of Outstanding Advances made in respect of such
Receivable. The sole remedy of the Issuer, the Trustees or the Securityholders
against the Servicer with respect to a breach pursuant to Section 3.02 or 3.07
shall be to require the Servicer to purchase the related Receivables pursuant to
this Section, except as otherwise provided in Section 6.02. Neither the Owner
Trustee nor the Indenture Trustee shall have any duty to conduct any affirmative
investigation as to the occurrence of any condition requiring the repurchase of
any Receivable pursuant to this Section.

     Section 3.09. TOTAL SERVICING FEE; PAYMENT OF CERTAIN EXPENSES BY SERVICER.
As compensation for the performance of its obligations hereunder, the Servicer
shall be entitled to receive on each Distribution Date the Total Servicing Fee.
The Basic Servicing Fee in respect of a Collection Period shall be calculated
based on a 360 day year comprised of twelve 30-day months. Except to the extent
otherwise provided herein, the Servicer shall be required to pay all expenses
incurred by it in connection with its activities under this Agreement (including
fees and disbursements of the Trustees and independent accountants, taxes
imposed on the Servicer, expenses incurred in connection with distributions and
reports to Securityholders and all other fees and expenses not expressly stated
under this Agreement to be for the account of the Securityholders).

     Section 3.10. SERVICER'S CERTIFICATE. On or before each Determination Date,
the Servicer shall deliver to the Trustees and each Rating Agency a Servicer's
Certificate containing all information necessary to make the distributions
required by Sections 4.06 and 4.07 in respect of the related Collection Period
and all information necessary for the Trustees to send statements to
Securityholders pursuant to Section 4.10. The Servicer shall also specify to the
Trustees, no later than the Determination Date following the last day of a
Collection Period as of which the Transferor shall be required to repurchase or
the Servicer shall be required to purchase a Receivable, the identity of any
such Receivable and the identity of any Receivable which the Servicer shall have
determined to be a Defaulted Receivable during such Collection Period.
Receivables purchased or to be purchased by the Servicer or the Transferor and
Receivables as to which the Servicer has determined during such Collection
Period to be Defaulted Receivables and with respect to which payment of the
Administrative Purchase Payment or Warranty Purchase Payment has been provided
from whatever source as of last day of such Collection Period shall be
identified by the Transferor's account number with respect to such Receivable
(as specified in the Schedule of Receivables).

     Section 3.11. ANNUAL STATEMENT AS TO COMPLIANCE; NOTICE OF DEFAULT.

     (a) The Servicer shall deliver to the Trustees and each Rating Agency, on
or before 90 days after the end of each fiscal year, commencing with the fiscal
year ended _____, 200_, an Officer's Certificate of the Servicer, stating that
(i) a review of the activities of the Servicer during the preceding 12-month
period ended ____ (or, if applicable, such shorter period in the

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<PAGE>

case of the first such Officer's Certificate) and of its performance under this
Agreement has been made under such officer's supervision, and (ii) to such
officer's knowledge, based on such review, the Servicer has fulfilled all its
obligations under this Agreement throughout such period, or, if there has been a
default in the fulfillment of any such obligation, specifying each such default
known to such officer and the nature and status thereof.

     (b) The Servicer shall deliver to the Trustees and each Rating Agency,
promptly after having obtained knowledge thereof, but in no event later than
five Business Days thereafter, an Officer's Certificate specifying the nature
and status of any event which with the giving of notice or lapse of time, or
both, would become a Servicer Default.

     Section 3.12. ANNUAL ACCOUNTANTS' REPORT. The Servicer shall cause a firm
of independent accountants (who may also render other services to the Servicer
or to the Transferor) to deliver to the Trustees on or before _____ of each
year, beginning with the ____ that is at least six months after the Closing
Date, a report with respect to the preceding 12-month period ended ______ (or,
if applicable, such shorter period in the case of the first such report) to the
effect that such accountants have examined certain records and documents
relating to the servicing of the Receivables under this Agreement (using
procedures specified in such report, which procedures shall be substantially in
compliance with generally accepted auditing standards and which procedure shall
be specified to the Trustees by the Servicer in writing; and the Trustees make
no independent inquiry or investigation as to, and shall have no obligation or
liability in respect of, the sufficiency, validity or correctness of such
procedures) and that nothing has come to their attention indicating that such
servicing has not been conducted in compliance with the customary servicing
procedures of the Servicer, including but not limited to the procedures set
forth in this Agreement, except for (i) such exceptions as such firm shall
believe to be immaterial and (ii) such other exceptions as shall be set forth in
such report. Such report shall also indicate that the firm is independent with
respect to the Transferor and the Servicer within the meaning of the Code of
Professional Ethics of the American Institute of Certified Public Accountants.

     Section 3.13. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
RECEIVABLES. The Servicer shall provide to the Trustees reasonable access to the
documentation regarding the Receivables. The Servicer shall provide such access
to any Securityholder only in such cases where a Securityholder is required by
applicable statutes or regulations to review such documentation. In each case,
such access shall be afforded without charge but only upon reasonable request
and during normal business hours at the respective offices of the Servicer.
Nothing in this Section shall derogate from the obligation of the Servicer to
observe any applicable law prohibiting disclosure of information regarding the
Obligors, and the failure of the Servicer to provide access as provided in this
Section as a result of such obligation shall not constitute a breach of this
Section.

     Section 3.14. AMENDMENTS TO SCHEDULE OF RECEIVABLES. If the Servicer,
during a Collection Period, assigns to a Receivable an account number that
differs from the original account number identifying such Receivable on the
Schedule of Receivables, the Servicer shall deliver to the Transferor and the
Trustees on or before the Distribution Date relating to such Collection Period
an amendment to the Schedule of Receivables reporting the newly assigned account
number,

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<PAGE>

together with the old account number of each such Receivable. The first such
delivery of amendments to the Schedule of Receivables shall include monthly
amendments reporting account numbers appearing on the Schedule of Receivables
with the new account numbers assigned to such Receivables during any prior
Collection Period.

     Section 3.15. REPORTS TO SECURITYHOLDERS AND RATING AGENCIES.

     (a) At the expense of the Issuer, the Indenture Trustee shall provide to
any Note Owner and the Owner Trustee shall provide to any Certificateholder who
so requests in writing a copy of (i) any Servicer's Certificate, (ii) any annual
statement as to compliance described in Section 3.11(a), (iii) any annual
accountants' report described in Section 3.12, (iv) any statement to
Securityholder pursuant to Section 4.10, (v) the Trust Agreement, (vi) the
Indenture or (vii) this Agreement (without Exhibits). The Indenture Trustee or
the Owner Trustee, as applicable, may require such Securityholder or Note Owner
to pay a reasonable sum to cover the cost of the Trustee's complying with such
request.

     (b) The Servicer shall forward to each Rating Agency a copy of each (i)
Servicer's Certificate, (ii) annual statement as to compliance described in
Section 3.11(a), (iii) Officer's Certificate of the Servicer described in
Section 3.11(b), (iv) annual accountants' report pursuant to Section 3.12, (v)
statement to Securityholders pursuant to Section 4.10 and (vi) other report it
may receive pursuant to this Agreement, the Trust Agreement or the Indenture.

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<PAGE>

                                  Article Four

                          DISTRIBUTIONS; RESERVE FUND;
                          STATEMENTS TO SECURITYHOLDERS

     Section 4.01. ESTABLISHMENT OF ACCOUNTS.

     (a) The Servicer shall establish and maintain an Eligible Account with and
in the name of the Indenture Trustee for the benefit of (i) the Securityholders
(the "Collection Account"), (ii) the Noteholders (the "Note Distribution
Account"), (iii) the Noteholders (the "Reserve Fund"), (iv) the Securityholders
(the "Yield Supplement Account") and (v) the Securityholders (the "Payahead
Account"), in each case, bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the related Securityholders.
Except as otherwise provided in this Agreement, in the event that the Indenture
Trustee is no longer an Eligible Institution, the Servicer shall, with the
assistance of the Indenture Trustee as necessary, cause the Accounts to be moved
to an Eligible Institution.

     (b) To the extent permitted by applicable laws, rules and regulations, all
amounts held in (i) the Collection Account, the Note Distribution Account, the
Reserve Fund and the Yield Supplement Account shall be either invested by the
Indenture Trustee in Permitted Investments selected in writing by the Servicer
or maintained in cash and (ii) the Payahead Account shall be either invested by
the Indenture Trustee in investments defined in clause (vii) of the definition
of the term "Permitted Investments" selected in writing by the Servicer or
maintained in cash. Earnings on investment of funds in the Accounts (other than
the Yield Supplement Account and the Reserve Fund) (net of losses and investment
expenses) shall be paid to the Servicer as part of the Supplemental Servicing
Fee and any losses and investment expenses shall be charged against the funds on
deposit in the related Account.

          (i) Except as otherwise provided in Section 4.01(b), the Indenture
     Trustee shall possess all right, title and interest in all funds on deposit
     from time to time in the Accounts and in all proceeds thereof (including
     all income thereon) and all such funds, investments, proceeds and income
     shall be part of the Owner Trust Estate. The Accounts shall be under the
     sole dominion and control of the Indenture Trustee for the benefit of the
     Noteholders or the Securityholders, as the case may be.

          (ii) Notwithstanding anything else contained herein, the Servicer
     agrees that each Account and the Certificate Distribution Account will be
     established only with an Eligible Institution which agrees substantially as
     follows: (A) it will comply with Entitlement Orders related to such account
     issued by the Indenture Trustee without further consent by the Servicer;
     (B) until termination of this Agreement, it will not enter into any other
     agreement related to such account pursuant to which it agrees to comply
     with Entitlement Orders of any Person other than the Indenture Trustee; (C)
     all Account Property delivered or credited to it in connection with such
     account and all proceeds thereof will be promptly credited to such account;
     (D) it will treat all Account Property as Financial Assets; and (E) all
     Account Property will be physically delivered (accompanied

<PAGE>

     by any required endorsements) to, or credited to an account in the name of,
     the Eligible Institution maintaining the related Account in accordance with
     such Eligible Institution's customary procedures such that such Eligible
     Institution establishes a Security Entitlement in favor of the Indenture
     Trustee with respect thereto over which the Indenture Trustee (or such
     other Eligible Institution) has Control.

          (iii) The Servicer shall have the power, revocable by the Indenture
     Trustee or by the Owner Trustee with the consent of the Indenture Trustee,
     to instruct the Indenture Trustee to make withdrawals and payments from the
     Accounts for the purpose of permitting the Servicer or the Owner Trustee to
     carry out its respective duties hereunder or permitting the Indenture
     Trustee to carry out its duties under the Indenture.

     Section 4.02. COLLECTIONS.

     (a) The Servicer shall remit daily to the Collection Account all payments
received from or on behalf of the Obligors on or in respect of the Receivables
(other than, in the case of Precomputed Receivables, payments constituting
Payments Ahead) and all Net Liquidation Proceeds within two Business Days after
receipt thereof.

     (b) Notwithstanding the provisions of Section 4.02(a), so long as ______ is
acting as the Servicer, and subject to the conditions set forth below, the
Servicer may be permitted to make remittances of collections on a less frequent
basis than that specified in Section 4.02(a) upon compliance with the specific
terms and conditions set forth below in this Section and for so long as such
terms and conditions are fulfilled. Accordingly, notwithstanding the provisions
of Section 4.02(a), the Servicer will be permitted to remit such collections to
the Collection Account in immediately available funds no later than 9:00 A.M.,
Los Angeles time, on each Deposit Date but only for so long as (i)(A) the
Servicer shall be ____, (B) except as provided in clause (ii) below, the
short-term credit rating of the Servicer is at least equal to the Required
Servicer Rating by each Rating Agency and (C) no Servicer Default shall have
occurred and be continuing, provided, however, that immediately following the
non-compliance with clause (B) above or in the event that an event of the nature
specified in Section 7.01(c) has occurred (notwithstanding any period of grace
contained in such clause), the Servicer shall remit such collections to the
Collection Account on a daily basis within two Business Days of receipt thereof,
or (ii)(A) if the conditions specified in clause (i)(A) and (C) above are
satisfied, and (B) the Servicer shall have obtained (1) a Servicer Letter of
Credit issued by a depository institution or insurance company, as the case may
be, having a short-term credit rating at least equal to the Required Servicer
Rating and providing that the Indenture Trustee may draw thereon in the event
that the Servicer fails to deposit collections into the Collection Account on a
monthly basis or (2) a surety bond, insurance policy or other deposit of cash or
securities satisfactory to the Indenture Trustee and each Rating Agency;
provided that in connection with clause (ii) above, the Servicer provides to the
Indenture Trustee, from each Rating Agency for which the Servicer's then-current
short-term credit rating is not at least equal to the Required Servicer Rating
for such Rating Agency, a letter to the effect that the satisfaction of the
conditions in clause (ii) above and allowing the Servicer to make monthly
deposits will not result in a qualification, reduction or withdrawal of its
then-current rating of any Class of Notes and, if

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<PAGE>

applicable, an Officer's Certificate from the Servicer to the effect that the
Servicer's then-current short-term credit rating is at least equal to the
Required Servicer Rating from each other Rating Agency, if any; and, provided
further, that if the Servicer shall have obtained a Servicer Letter of Credit in
accordance with clause (ii) above, the Servicer shall be required to remit
collections to the Collection Account on each Business Day to the extent that
the aggregate amount of collections described in Section 4.02(a) and received
during such Collection Period exceeds the Servicer Letter of Credit Amount. The
Indenture Trustee shall not be deemed to have knowledge of any event or
circumstance under clause (i)(C) above that would require daily remittance by
the Servicer to the Collection Account unless a Responsible Officer has received
notice of such event or circumstance from the Transferor or the Servicer in an
Officer's Certificate, from Securityholders as provided in Section 7.01 or from
the Letter of Credit Bank. For purposes of this Article the phrase "payments
made on behalf of Obligors" shall mean payments made by Persons other than the
Transferor, the Servicer or the Letter of Credit Bank, if any.

     Any funds held by the Servicer which it determines are to be remitted (or
any of its own funds which the Transferor or the Servicer determines to pay to
the Letter of Credit Bank) in respect of a failure previously to remit
collections which failure resulted in a payment under the Servicer Letter of
Credit, if any, shall not be remitted to the Collection Account, but shall
instead be paid immediately and directly to the Letter of Credit Bank. Any such
payment to the Letter of Credit Bank shall be accompanied by a copy of the
Servicer's Certificate related to the previous failure to remit funds and an
Officer's Certificate which includes a statement identifying, by reference to
the items in such related Servicer's Certificate, each shortfall in Servicer
remittances to which such payment relates. The Servicer will also provide the
Indenture Trustee with copies of each such Servicer's Certificate and Officer's
Certificate delivered with any such payment to the Letter of Credit Bank.

     (c) The Servicer shall deposit all Payments Ahead in the Payahead Account
within two Business Days after receipt thereof, which Payments Ahead shall be
transferred to the Collection Account pursuant to Section 4.06(a)(i).
Notwithstanding the foregoing, so long as the Servicer is permitted to remit
collections to the Collection Account on a monthly basis pursuant to Section
4.02(b), the Servicer will not be required to deposit Payments Ahead in the
Payahead Account within two Business Days after receipt thereof but shall be
entitled to retain such Payments Ahead, without segregation from its other
funds, until such time as the Servicer shall be required to remit Applied
Payments Ahead to the Collection Account pursuant to Section 4.06(a)(ii).
Commencing with the first day of the first Collection Period that begins at
least two Business Days after the day on which the Servicer is no longer
permitted to remit collections to the Collection Account on a monthly basis
pursuant to Section 4.02(b), and until such time as the Servicer is once again
permitted by Section 4.02(b) to remit collections to the Collection Account on a
monthly basis, all Payments Ahead then held by the Servicer shall be immediately
deposited into the Payahead Account and all future Payments Ahead shall be
remitted by the Servicer to the Payahead Account within two Business Days after
receipt thereof.

     Section 4.03. APPLICATION OF COLLECTIONS. On each Distribution Date, all
collections for the related Collection Period shall be applied by the Servicer
as follows:

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<PAGE>

     (a) With respect to each Receivable (other than an Administrative
Receivable or a Warranty Receivable), payments made by or on behalf of the
Obligor which are not Supplemental Servicing Fees shall be applied first to
reimburse the Servicer for Outstanding Advances made with respect to such
Receivable (each such payment, an "Overdue Payment"). Next, the amount of any
payment in excess of Supplemental Servicing Fees and Outstanding Advances with
respect to such Receivable shall be applied to the Scheduled Payment with
respect to such Receivable. If the amount of such payment remaining after the
applications described in the two preceding sentences (i) equals (together with
any Deferred Prepayment) the unpaid principal balance of such Receivable, it
shall be applied to prepay the principal balance of such Receivable, or (ii) is
less than the unpaid principal balance of such Receivable, it shall constitute
an Excess Payment with respect to such Receivable.

     (b) With respect to each Administrative Receivable and Warranty Receivable,
payments made by or on behalf of the Obligor shall be applied in the same
manner, except that any Released Administrative Amount or Released Warranty
Amount shall be remitted to the Servicer or the Transferor, as applicable. A
Warranty Purchase Payment or an Administrative Purchase Payment shall be applied
to reduce Outstanding Advances and such Warranty Purchase Payment or
Administrative Purchase Payment, as applicable, shall be applied to the
Scheduled Payment, in each case to the extent that the payments by the Obligor
shall be insufficient, and then to prepay the unpaid principal balance of such
Receivable in full.

     Section 4.04. ADVANCES.

     (a) As of the last day of a Collection Period, if the payments during such
Collection Period by or on behalf of the Obligor on or in respect of a
Receivable (other than an Administrative Receivable or a Warranty Receivable)
after application under Section 4.03(a) shall be less than the Scheduled
Payment, whether as a result of any extension granted to the Obligor or
otherwise, then (i) in the case of a Precomputed Receivable, the Deferred
Prepayment, if any, with respect to such Precomputed Receivable shall be applied
by the Servicer to the extent of the shortfall, and such Deferred Prepayment
shall be reduced accordingly and the Servicer shall advance to the Trust an
amount equal to such shortfall (each, a "Precomputed Advance") and (ii) in the
case of a Simple Interest Receivable, the Servicer shall advance to the Trust an
amount equal to the product of the principal balance of such Receivable as of
the first day of such Collection Period and one-twelfth of its APR minus the
amount of interest actually received on such Receivable during such Collection
Period (each, a "Simple Interest Advance"). If the calculation in clause (ii)
above in respect of a Simple Interest Receivable results in a negative number,
an amount equal to such negative amount shall be paid to the Servicer in
reimbursement of any Outstanding Advances in respect of Simple Interest
Receivables. In addition, in the event that a Simple Interest Receivable becomes
a Liquidated Receivable, the amount of accrued and unpaid interest thereon (but
not including interest for the current Collection Period) shall, up to the
amount of Outstanding Advances in respect of Simple Interest Receivables in
respect thereof, be withdrawn from the Collection Account and paid to the
Servicer in reimbursement of such Outstanding Advances. No Advances will be made
with respect to the Principal Balance of Simple Interest Receivables.
Notwithstanding the foregoing, the Servicer shall not be required to make any
Advance (other than a Simple Interest Advance in respect of an interest
shortfall

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<PAGE>

arising from the Prepayment of a Simple Interest Receivable) to the extent that
the Servicer, in its sole discretion, shall determine that such Advance is
unlikely to be recovered from subsequent payments made by or on behalf of the
related Obligor, Liquidation Proceeds, by the Administrative Purchase Payment or
by the Warranty Purchase Payment, in each case, with respect to such Receivable
or otherwise. On each Deposit Date, the Servicer will deposit into the
Collection Account an amount equal to all Advances to be made in respect of the
related Collection Period. The Successor Servicer shall only be required to make
Advances for payments on behalf of Obligors in respect of Receivables arising on
or after the Collection Period in which the (i) Successor Servicer accepts its
appointment or (ii) the Indenture Trustee is automatically appointed Successor
Servicer.

     (b) The Servicer shall be entitled to reimbursement for Outstanding
Advances, without interest, with respect to a Receivable from the following
sources with respect to such Receivable: (i) subsequent payments made by or on
behalf of the related Obligor, (ii) Liquidation Proceeds, (iii) the
Administrative Purchase Payment and (iv) the Warranty Purchase Payment.

     (c) To the extent that during any Collection Period any funds described
above in Section 4.04(b) with respect to a Receivable as to which the Servicer
previously has made an unreimbursed Advance are received by the Issuer or the
Servicer, and the Servicer determines that any Outstanding Advances with respect
to such Receivable are unlikely to be recovered from payments made on or with
respect to such Receivable (each, a "Nonrecoverable Advance"), then, on the
related Distribution Date, upon the Servicer providing the Transferor and the
Trustees with an Officer's Certificate setting forth the basis for its
determination of any such Nonrecoverable Advance, the Indenture Trustee shall
promptly remit to the Servicer from the Collection Account, (i) from Available
Interest an amount equal to the portion of such Nonrecoverable Advance allocable
to interest and (ii) from Available Principal an amount equal to the portion of
such Nonrecoverable Advance allocable to principal, in each case without
interest, in accordance with Section 4.06(c)(i). In lieu of causing the
Indenture Trustee to remit any such amounts or the amounts described in clauses
(i) through (iv) in Section 4.04(b), the Servicer may deduct such amounts from
deposits otherwise to be made into the Collection Account in accordance with
Section 4.09.

     Section 4.05. ADDITIONAL DEPOSITS.

     (a) The following additional deposits shall be made to the Collection
Account: (i) the Transferor shall remit the aggregate Warranty Purchase Payments
with respect to Warranty Receivables pursuant to Section 2.04 or the amount
required upon the optional purchase of all Receivables by the Transferor
pursuant to Section 8.01 and (ii) the Servicer shall remit (A) any extension fee
charged in connection with the extension of a Receivable pursuant to Section
3.02, (B) the amount required to be remitted in respect of certain full
Prepayments pursuant to Section 3.03, (C) the aggregate Advances pursuant to
Section 4.04(a), (D) the aggregate Administrative Purchase Payments with respect
to Administrative Receivables pursuant to Section 3.08 and (E) the amount
required upon the optional purchase of all Receivables by the Servicer or any
successor to the Servicer pursuant to Section 8.01.

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<PAGE>

     (b) All deposits required to be made in respect of a Collection Period
pursuant to this Section by the Transferor or the Servicer, as the case may be,
may be made in the form of a single deposit and shall be made in immediately
available funds, no later than 2:00 P.M., Los Angeles time, on the related
Deposit Date.

     Section 4.06. DISTRIBUTIONS.

     (a) On each Deposit Date, the Indenture Trustee shall cause to be made the
following transfers and distributions in immediately available funds in the
amounts set forth in the Servicer's Certificate for such Distribution Date:

          (i) from the Payahead Account (or directly from the Servicer in the
     case of Payments Ahead held by the Servicer pursuant to Section 4.02(b) or
     (c)) to the Collection Account, the aggregate Applied Payments Ahead;

          (ii) if the Servicer is not permitted to hold Payments Ahead pursuant
     to Section 4.02(b) or (c), from the Collection Account to the Payahead
     Account, the aggregate Payments Ahead for the related Collection Period;
     and

          (iii) from the Yield Supplement Account to the Collection Account, an
     amount equal to the Yield Supplement Withdrawal Amount, if any, for such
     Distribution Date.

     (b) On each Determination Date, the Servicer shall calculate all amounts
required to be deposited in the Note Distribution Account and the Certificate
Distribution Account and to make all distributions on the related Distribution
Date.

     (c) On each Distribution Date, the Servicer shall instruct the Indenture
Trustee in writing (based on the information contained in the Servicer's
Certificate delivered on the related Determination Date pursuant to Section
3.10) to make the following deposits and distributions for receipt by the
Servicer or deposit in the applicable account by 8:00 A.M., Los Angeles time, to
the extent of the Available Amount, in the following order of priority:

          (i) to the Servicer, Nonrecoverable Advances;

          (ii) to the Servicer, the Total Servicing Fee (including any unpaid
     Total Servicing Fees from one or more prior Collection Periods);

          (iii) to the Indenture Trustee and the Owner Trustee, any accrued and
     unpaid Trust Fees and Expenses, in each case to the extent such fees and
     expenses have not been previously paid by the Servicer, provided that,
     until the Notes have been paid in full, the annual amount paid to the
     Trustees out of the Available Amount allocation as described in this clause
     (iii) shall not exceed $100,000.00;

          (iv) to the Note Distribution Account, the Note Interest Distributable
     Amount to be distributed to the holders of the Notes at their respective
     Interest Rates;

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<PAGE>

          (v) to the Note Distribution Account, the Note Principal Distributable
     Amount;

          (vi) to the Reserve Fund, the amount, if any, necessary to reinstate
     the balance in the Reserve Fund up to the Specified Reserve Fund Balance;

          (vii) to the Indenture Trustee and the Owner Trustee, any accrued and
     unpaid Trust Fees and Expenses remaining after application of the payments
     described in clause (iii) above;

          (viii) to the Certificate Distribution Account, the Certificate
     Interest Distributable Amount to be distributed to Certificateholders;

          (ix) to the Certificate Distribution Account, the Certificate
     Principal Distributable Amount; and

          (x) to the Transferor, any Available Amount remaining (after giving
     effect to the reduction in the Available Amount described in clauses (i)
     through (ix) above.

     Notwithstanding that the Notes have been paid in full, the Indenture
Trustee shall continue to maintain the Collection Account hereunder until the
Pool Balance has been reduced to zero.

     Section 4.07. RESERVE FUND.

     (a) On the Closing Date, the Owner Trustee will deposit, on behalf of the
Transferor, the Reserve Fund Initial Deposit into the Reserve Fund from the net
proceeds of the sale of the Notes. The Reserve Fund shall be the property of the
Issuer subject to the rights of the Indenture Trustee in the Reserve Fund
Property.

     (b) In the event that the Note Distributable Amount exceeds the sum of the
amounts deposited into the Note Distribution Account pursuant to Sections
4.06(c)(iv) and (v) on each Distribution Date, (or, if the Reserve Fund is not
maintained by the Indenture Trustee, on the related Deposit Date), the Indenture
Trustee shall cause an amount equal to the lesser of (A) the amount on deposit
in the Reserve Fund and (B) such excess, to be deposited into the Note
Distribution Account in immediately available funds in the amounts set forth in
the Servicer's Certificate for such Distribution Date; provided that such amount
shall be applied first, to the payment of interest due on the Notes to the
extent, if any, that the amount deposited pursuant to Section 4.06(c)(iv) is not
sufficient to cover such payment of interest and, second, to the payment of
principal of the Notes.

     (c) All interest and other income (net of losses and investment expenses)
on funds on deposit in the Reserve Fund shall upon the written direction of the
Servicer, be paid to the Transferor to the extent that the funds therein exceed
the Specified Reserve Fund Balance. Upon any distribution to the Transferor of
amounts in excess of the Specified Reserve Fund Balance, the Noteholders will
not have any rights in, or claims to, such amounts.

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<PAGE>

     Section 4.08. YIELD SUPPLEMENT ACCOUNT. On the Closing Date, the Transferor
will deposit the Yield Supplement Account Deposit to the Yield Supplement
Account from the net proceeds of sale of the Notes. The Yield Supplement Account
shall be the property of the Issuer subject to the rights of the Indenture
Trustee for the benefit of the Securityholders.

     Section 4.09. NET DEPOSITS. For so long as ____ shall be the Servicer, the
Transferor, the Servicer and the Indenture Trustee may make any remittances
pursuant to this Article net of amounts to be distributed by the applicable
recipient to such remitting party. Nonetheless, each such party shall account
for all of the above described remittances and distributions as if the amounts
were deposited and/or transferred separately.

     Section 4.10. STATEMENTS TO SECURITYHOLDERS.

     (a) On each Distribution Date, the Servicer shall provide to the Owner
Trustee to forward to each Certificateholder of record and to the Indenture
Trustee to forward to each Noteholder of record a statement, based on the
Servicer's Certificate furnished pursuant to Section 3.10, setting forth at
least the following information as to the Securities, to the extent applicable:

          (i) the amount of such distribution allocable to principal, as
     allocated to each Class of Notes and to the Certificates (stated separately
     for each Class of Notes and the Certificates);

          (ii) the amount of such distribution allocable to interest, as
     allocated to each Class of Notes and to the Certificates (stated separately
     for each Class of Notes and the Certificates);

          (iii) the Yield Supplement Amount, the Yield Supplement Withdrawal
     Amount and the amount on deposit in the Yield Supplement Account after
     giving effect to the distributions made on such Distribution Date;

          (iv) the Pool Balance as of the close of business on the last day of
     the related Collection Period, after giving effect to payments allocated to
     principal reported under clause (i) above;

          (v) the Note Distributable Amount, the Certificate Distributable
     Amount and the Available Amount;

          (vi) the Total Servicing Fee paid to the Servicer with respect to the
     related Collection Period;

          (vii) the amount of non-recoverable Advances;

          (viii) total Payments Ahead and the Applied Payments Ahead;

          (ix) the amount of Trust Fees and Expenses;

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<PAGE>

          (x) the amount of any Note Interest Carryover Shortfall and Note
     Principal Carryover Shortfall on such Distribution Date and the change in
     such amounts from those with respect to the immediately preceding
     Distribution Date;

          (xi) the amount of any Certificate Interest Carryover Shortfall and
     Certificate Principal Carryover Shortfall on such Distribution Date and the
     change in such amounts from those with respect to the immediately preceding
     Distribution Date;

          (xii) the Note Pool Factor for each Class of Notes and the Certificate
     Pool Factor, in each case as of such Distribution Date;

          (xiii) the balance on deposit in the Reserve Fund on such Distribution
     Date, after giving effect to distributions made on the Distribution Date,
     if any, and the change in such balance from the immediately preceding
     Distribution Date; and

          (xiv) the amount available under the Servicer Letter of Credit, if
     any, and such amount as a percentage of the Pool Balance as of the last day
     of such Collection Period.

     Each amount set forth on the Distribution Date statement under clauses (i),
(ii), (vi), (x) and (xi) above shall be expressed as a dollar amount per $1,000
of original principal balance of a Note or the Original Certificate Balance of a
Certificate, as the case may be.

     (b) Within the prescribed period of time for tax reporting purposes after
the end of each calendar year during the term of the Issuer, but not later than
the latest date permitted by law, the related Trustee shall mail to each Person
who at any time during such calendar year shall have been a Securityholder, a
statement, prepared by the Servicer, containing certain information for such
calendar year or, in the event such Person shall have been a Securityholder
during a portion of such calendar year, for the applicable portion of such year,
for the purposes of such Securityholder's preparation of federal income tax
returns. In addition, the Servicer shall furnish to the Trustees for
distribution to such Person at such time any other information necessary under
applicable law for the preparation of such income tax returns.

                                       42
<PAGE>

                                  Article Five

                                 THE TRANSFEROR

     Section 5.01. REPRESENTATIONS OF TRANSFEROR. The Transferor makes the
following representations on which the Issuer is deemed to have relied in
acquiring the Receivables. The representations speak as of the execution and
delivery of this Agreement and as of the Closing Date, and shall survive the
sale of the Receivables to the Issuer and the pledge thereof to the Indenture
Trustee pursuant to the Indenture.

          (a) ORGANIZATION AND GOOD STANDING. The Transferor has been duly
     formed and is validly existing as a limited liability company in good
     standing under the laws of the State of Delaware, with power and authority
     to own its properties and to conduct its business as such properties are
     currently owned and such business is presently conducted, and had at all
     relevant times, and has, power, authority and legal right to acquire, own
     and sell the Receivables.

          (b) DUE QUALIFICATION. The Transferor is duly qualified to do business
     as a foreign entity in good standing, and has obtained all necessary
     licenses and approvals in all jurisdictions in which the ownership or lease
     of property or the conduct of its business shall require such
     qualifications.

          (c) POWER AND AUTHORITY. The Transferor has the power and authority to
     execute and deliver this Agreement and to carry out its terms, the
     Transferor has full power and authority to sell and assign the property to
     be sold and assigned to and deposited with the Issuer and has duly
     authorized such sale and assignment by all necessary legal action; and the
     execution, delivery and performance of this Agreement has been duly
     authorized by the Transferor by all necessary legal action.

          (d) VALID SALE; BINDING OBLIGATION. This Agreement evidences a valid
     sale, transfer and assignment of the Receivables, enforceable against
     creditors of and purchasers from the Transferor, and constitutes a legal,
     valid and binding obligation of the Transferor enforceable in accordance
     with its terms, except as enforceability may be subject to or limited by
     bankruptcy, insolvency, reorganization, moratorium or other similar laws
     affecting the enforcement of creditors' rights in general and by general
     principles of equity, regardless of whether such enforceability shall be
     considered in a proceeding in equity or at law.

          (e) NO VIOLATION. The execution, delivery and performance by the
     Transferor of this Agreement and the consummation of the transactions
     contemplated by this Agreement and the fulfillment of the terms of this
     Agreement does not conflict with, result in any breach of any of the terms
     and provisions of, nor constitute (with or without notice or lapse of time)
     a default under, the limited liability company agreement of the Transferor,
     or conflict with or violate any of the material terms or provisions of, or
     constitute (with or without notice or lapse of time) a default under, any
     indenture, agreement or other instrument to which the Transferor is a party
     or by which it shall be

                                       43
<PAGE>

     bound; nor result in the creation or imposition of any Lien upon any of its
     properties pursuant to the terms of any such indenture, agreement or other
     instrument (other than this Agreement); nor violate any law or, to the
     Transferor's knowledge, any order, rule or regulation applicable to the
     Transferor of any court or of any federal or state regulatory body,
     administrative agency or other governmental instrumentality having
     jurisdiction over the Transferor or its properties, which breach, default,
     conflict, lien or violation would have a material adverse effect on the
     earnings, business affairs or business prospects of the Transferor.

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

     Section 5.02. LIABILITY OF TRANSFEROR; INDEMNITIES. The Transferor shall be
liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Transferor under this Agreement, which obligations shall
include the following:

          (a) The Transferor shall indemnify, defend and hold harmless the
     Issuer, the Trustees and the Servicer and any of the officers, directors,
     employees and agents of the Issuer, the Owner Trustee and the Indenture
     Trustee from and against any taxes that may at any time be asserted against
     any such Person with respect to the transactions contemplated herein and in
     the other Basic Documents, including any sales, gross receipts, general
     corporation, tangible personal property, privilege or license taxes (but,
     in the case of the Issuer, not including any taxes asserted with respect
     to, and as of the date of, the sale of the Receivables to the Issuer or the
     issuance and original sale of the Securities, or asserted with respect to
     ownership of the Receivables, or federal or other income taxes arising out
     of distributions on the Securities) and costs and expenses in defending
     against the same.

          (b) The Transferor shall indemnify, defend and hold harmless the
     Issuer, the Trustees and the Securityholders and any of the officers,
     directors, employees and agents of the Issuer, the Owner Trustee and the
     Indenture Trustee from and against any loss, liability or expense incurred
     by reason of (i) the Transferor's willful misfeasance, bad faith or
     negligence in the performance of its duties under this Agreement, or by
     reason of reckless disregard of its obligations and duties under this
     Agreement and (ii) the Transferor's or the Issuer's violation of federal or
     state securities laws in connection with the offering and sale of the
     Securities.

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<PAGE>

          (c) The Transferor shall indemnify, defend and hold harmless the
     Trustees and their respective officers, directors, employees and agents
     from and against all costs, expenses, losses, claims, damages and
     liabilities arising out of or incurred in connection with the acceptance or
     performance of the trusts and duties herein and contained in the Trust
     Agreement, in the case of the Owner Trustee, and contained in the
     Indenture, in the case of the Indenture Trustee, except to the extent that
     such cost, expense, loss, claim, damage or liability: (i) in the case of
     the Owner Trustee, shall be due to the willful misfeasance, bad faith or
     negligence (except for errors in judgment) of the Owner Trustee or shall
     arise from the breach by the Owner Trustee of any of its representations or
     warranties set forth in Section 7.03 of the Trust Agreement, or (ii) in the
     case of the Indenture Trustee, shall be due to the willful misfeasance, bad
     faith or negligence (except for errors in judgment) of the Indenture
     Trustee.

          (d) The Transferor shall pay any and all taxes levied or assessed upon
     all or any part of the Owner Trust Estate.

     Indemnification under this Section shall survive the resignation or removal
of the Owner Trustee or the Indenture Trustee, as the case may be, and the
termination of this Agreement and shall include reasonable fees and expenses of
counsel and expenses of litigation. If the Transferor shall have made any
indemnity payments pursuant to this Section and the Person to or on behalf of
whom such payments are made thereafter shall collect any of such amounts from
others, such Person shall promptly repay such amounts to the Transferor, without
interest.

     Section 5.03. MERGER, CONSOLIDATION OR ASSUMPTION OF THE OBLIGATIONS OF
TRANSFEROR; CERTAIN LIMITATIONS.

          (a) Any corporation (i) into which the Transferor may be merged or
     consolidated, (ii) which may result from any merger, conversion or
     consolidation to which the Transferor shall be a party or (iii) which may
     succeed to all or substantially all of the business of the Transferor,
     which corporation in any of the foregoing cases executes an agreement of
     assumption to perform every obligation of the Transferor under this
     Agreement, shall be the successor to the Transferor under this Agreement
     without the execution or filing of any document or any further act on the
     part of any of the parties to this Agreement, except that if the Transferor
     in any of the foregoing cases is not the surviving entity, then the
     surviving entity shall execute an agreement of assumption to perform every
     obligation of the Transferor hereunder. The Transferor shall provide notice
     of any merger, consolidation or succession pursuant to this Section to each
     Rating Agency and shall receive from each Rating Agency a letter to the
     effect that such merger, consolidation or succession will not result in a
     qualification, downgrading or withdrawal of its then-current rating of any
     Class of Notes.

          (b) (i)Subject to paragraph (ii) below, the purpose of the Transferor
     shall be to engage in any lawful activity for which a limited liability
     company may be organized under the general companies law of Delaware.

                                       45
<PAGE>

          (ii) Notwithstanding paragraph (b)(i) above, the purpose of the
     Transferor shall be limited to the following purposes, and activities
     incident to and necessary or convenient to accomplish the following
     purposes: (A) to acquire, own, hold, sell, transfer, assign, pledge,
     finance, refinance and otherwise deal with, retail installment contracts or
     wholesale loans secured by, new and used motor vehicles (the "Motor Vehicle
     Receivables"); (B) to authorize, issue, sell and deliver one or more series
     of obligations, consisting of one or more classes of certificates and/or
     notes or other evidence of indebtedness (the "Offered Securities") that are
     collateralized by or evidence an interest in Motor Vehicle Receivables; and
     (C) to negotiate, authorize, execute, deliver and assume the obligations or
     any agreement relating to the activities set forth in clauses (A) and (B)
     above, including but not limited to any pooling and servicing agreement,
     sale and servicing agreement, indenture, reimbursement agreement, credit
     support agreement, receivables purchase agreement or underwriting agreement
     and to engage in any lawful activity which is incidental to the activities
     contemplated by any such agreement. So long as any outstanding debt of the
     Transferor or Offered Securities are rated by any nationally recognized
     statistical rating organization, the Transferor shall not issue notes or
     otherwise borrow money unless (1) the Transferor has made a written request
     to the related nationally recognized statistical rating organization to
     issue notes or incur borrowings, which notes or borrowings are rated by the
     related nationally recognized statistical rating organization the same as
     or higher than the rating afforded any outstanding rated debt or Offered
     Securities, or (2) such notes or borrowings (X) are fully subordinated (and
     which shall provide for payment only after payment in respect of all
     outstanding rated debt and/or Offered Securities) or are nonrecourse
     against any assets of the Transferor other than the assets pledged to
     secure such notes or borrowings, (Y) do not constitute a claim against the
     Transferor in the event such assets are insufficient to pay such notes or
     borrowings and (Z) where such notes or borrowings are secured by the rated
     debt or Offered Securities, are fully subordinated (and which shall provide
     for payment only after payment in respect of all outstanding rated debt
     and/or Offered Securities) to such rated debt or Offered Securities.

          (c) Notwithstanding any other provision of this Section and any
     provision of law, the Transferor shall not do any of the following:

               (i) engage in any business or activity other than as set forth in
          clause (b) above;

               (ii) without the affirmative vote of a majority of the members of
          the Board of Directors of the Transferor (which must include the
          affirmative vote of all duly appointed Independent Directors, as
          required by the limited liability company agreement of the
          Transferor), (A) dissolve or liquidate, in whole or in part, or
          institute proceedings to be adjudicated bankrupt or insolvent, (B)
          consent to the institution of bankruptcy or insolvency proceedings
          against it, (C) file a petition seeking or consent to reorganization
          or relief under any applicable federal or state law relating to
          bankruptcy, (D) consent to the appointment of a receiver, liquidator,
          assignee, trustee, sequestrator or other similar official of the

                                       46
<PAGE>

          corporation or a substantial part of its property, (E) make a general
          assignment for the benefit of creditors, (F) admit in writing its
          inability to pay its debts generally as they become due or (G) take
          any corporate action in furtherance of the actions set forth in
          clauses (A) through (F) above; provided, however, that no director may
          be required by any shareholder of the Transferor to consent to the
          institution of bankruptcy or insolvency proceedings against the
          Transferor so long as it is solvent; or

               (iii) merge or consolidate with any other corporation, company or
          entity or sell all or substantially all of its assets or acquire all
          or substantially all of the assets or capital stock or other ownership
          interest of any other corporation, company or entity (except for the
          acquisition of Motor Vehicle Receivables of ____ and the sale of Motor
          Vehicle Receivables to one or more trusts in accordance with the terms
          of clause (b)(ii) above, which shall not be otherwise restricted by
          this Section).

     Section 5.04. LIMITATION ON LIABILITY OF TRANSFEROR AND OTHERS. The
Transferor and any director, officer, employee or agent of the Transferor may
rely in good faith on the advice of counsel or on any document of any kind,
prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Transferor shall not be under any obligation to appear
in, prosecute or defend any legal action that shall not be incidental to its
obligations under this Agreement, and that in its opinion may involve it in any
expense or liability.

     Section 5.05. TRANSFEROR MAY OWN NOTES. The Transferor and any Affiliate
thereof may in its individual or any other capacity become the owner or pledgee
of Securities with the same rights as it would have if it were not the
Transferor or an Affiliate thereof, except as expressly provided herein or in
any other Basic Document.

                                       47
<PAGE>

                                  Article Six

                                  THE SERVICER

     Section 6.01. REPRESENTATIONS OF SERVICER. The Servicer makes the following
representations on which the Issuer is deemed to have relied in acquiring the
Receivables. The representations speak as of the execution and delivery of this
Agreement and as of the Closing Date, and shall survive the sale of the
Receivables to the Issuer and the pledge thereof to the Indenture Trustee
pursuant to the Indenture:

          (a) ORGANIZATION AND GOOD STANDING. The Servicer has been duly
     organized and is validly existing as a ______ in good standing under the
     laws of the State of _______, with power and authority to own its
     properties and to conduct its business as such properties are currently
     owned and such business is presently conducted, and had at all relevant
     times, and has, power, authority and legal right to acquire, own, sell and
     service the Receivables and to hold the Receivable Files as custodian on
     behalf of the Issuer.

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

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

          (d) BINDING OBLIGATION. This Agreement constitutes a legal, valid and
     binding obligation of the Servicer enforceable in accordance with its
     terms, except as enforceability may be subject to or limited by bankruptcy,
     insolvency, reorganization, moratorium, liquidation or other similar laws
     affecting the enforcement of creditors' rights in general and by general
     principles of equity, regardless of whether such enforceability shall be
     considered in a proceeding in equity or in law.

          (e) NO VIOLATION. The execution, delivery and performance by the
     Servicer of this Agreement and the execution, delivery and performance by
     the Transferor of this Agreement and the consummation of the transactions
     contemplated by this Agreement and the fulfillment of the terms of this
     Agreement shall not conflict with, result in any breach of any of the terms
     and provisions of, nor constitute (with or without notice or lapse of time)
     a default under, the articles of incorporation or bylaws of the Servicer,
     or conflict with or breach any of the material terms or provisions of, or
     constitute (with or without notice or lapse of time) a default under, any
     indenture, agreement or other instrument to which the Servicer is a party
     or by which it shall be bound; nor result in the creation or imposition of
     any Lien upon any of its properties pursuant to the terms of any such
     indenture, agreement or other instrument (other than this Agreement); nor
     violate

                                       48
<PAGE>

     any law or, to the Servicer's knowledge, any order, rule or regulation
     applicable to the Servicer of any court or of any federal or state
     regulatory body, administrative agency or other governmental
     instrumentality having jurisdiction over the Servicer or its properties,
     which breach, default, conflict, lien or violation would have a material
     adverse effect on the earnings, business affairs or business prospects of
     the Servicer.

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

     Section 6.02. INDEMNITIES OF SERVICER.

     (a) The Servicer shall be liable in accordance herewith only to the extent
of the obligations specifically undertaken by the Servicer under this Agreement.
In this regard, the Servicer shall indemnify, defend and hold harmless the
Issuer, the Trustees, the Securityholders and the Transferor and any of the
officers, directors, employees and agents of the Issuer, the Owner Trustee and
the Indenture Trustee from and against any and all costs, expenses, losses,
damages, claims and liabilities (i) arising out of or resulting from the use,
ownership or operation by the Servicer or any Affiliate thereof of a Financed
Vehicle, and (ii) to the extent that such cost, expense, loss, claim, damage or
liability arose out of, or was imposed upon any such Person through, the
negligence, willful misfeasance or bad faith of the Servicer in the performance
of its duties under this Agreement or by reason of reckless disregard of its
obligations and duties under this Agreement.

     For purposes of this Section, in the event of the termination of the rights
and obligations of ____ (or any successor thereto pursuant to Section 6.03) as
Servicer pursuant to Section 7.01, or a resignation by such Servicer pursuant to
this Agreement, such Servicer shall be deemed to be the Servicer pending
appointment of a Successor Servicer (other than the Indenture Trustee) pursuant
to Section 7.02.

     (b) Indemnification under this Section shall survive the resignation or
removal of the Owner Trustee or the Indenture Trustee, as the case may be, or
the termination of this Agreement and shall include reasonable fees and expenses
of counsel and expenses of litigation. If the Servicer shall have made any
indemnity payments pursuant to this Section and the Person to or on behalf of
whom such payments are made thereafter collects any of such amounts from others,
such Person shall promptly repay such amounts to the Servicer, without interest.

     Section 6.03. MERGER, CONSOLIDATION OR ASSUMPTION OF THE OBLIGATIONS OF
SERVICER. Any corporation (i) into which the Servicer may be merged or
consolidated, (ii) which may result

                                       49
<PAGE>

from any merger, conversion or consolidation to which the Servicer shall be a
party or (iii) which may succeed to all or substantially all of the business of
the Servicer, which corporation in any of the foregoing cases executes an
agreement of assumption to perform every obligation of the Servicer under this
Agreement, shall be the successor to the Servicer under this Agreement without
the execution or filing of any paper or any further act on the part of any of
the parties to this Agreement. The Servicer shall provide notice of any merger,
consolidation or succession pursuant to this Section to the Trustees and each
Rating Agency.

     Section 6.04. LIMITATION ON LIABILITY OF SERVICER AND OTHERS. Neither the
Servicer nor any of the directors, officers, employees or agents of the Servicer
shall be under any liability to the Issuer or any Securityholder, except as
provided under this Agreement, for any action taken or for refraining from the
taking of any action pursuant to this Agreement or for errors in judgment;
provided, however, that this provision shall not protect the Servicer or any
such person against any liability that would otherwise be imposed by reason of
willful misfeasance, bad faith or negligence in the performance of duties or by
reason of reckless disregard of obligations and duties under this Agreement. The
Servicer and any director, officer, employee or agent of the Servicer may rely
in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising under this Agreement.

     Except as otherwise provided in this Agreement, the Servicer shall not be
under any obligation to appear in, prosecute or defend any legal action that
shall not be incidental to its duties to service the Receivables in accordance
with this Agreement and that in its opinion may involve it in any expense or
liability; provided, however, that the Servicer may undertake any reasonable
action that it may deem necessary or desirable in respect of this Agreement and
the other Basic Documents and the rights and duties of the parties to this
Agreement and the other Basic Documents and the interests of the
Certificateholders under this Agreement and the Noteholders under the Indenture.
The legal expenses and costs of such action and any liability resulting
therefrom will be expenses, costs and liabilities of the Issuer.

     Section 6.05. _______ NOT TO RESIGN AS SERVICER. Subject to the provisions
of Section 6.03, ____ shall not resign from the obligations and duties hereby
imposed on it as Servicer under this Agreement except upon a determination that
the performance of its duties under this Agreement shall no longer be
permissible under applicable law. Notice of any such determination permitting
the resignation of ____ shall be communicated to the Trustees at the earliest
practicable time (and, if such communication is not in writing, shall be
confirmed in writing at the earliest practicable time) and any such
determination shall be evidenced by an Opinion of Counsel to such effect
delivered to the Trustees concurrently with or promptly after such notice. No
such resignation shall become effective until the Indenture Trustee or a
Successor Servicer shall have (i) assumed the responsibilities and obligations
of ____ in accordance with Section 7.02 and (ii) become the Administrator
pursuant to Section 1.09 of the Administration Agreement.

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<PAGE>

                                 Article Seven

                                SERVICER DEFAULTS

     Section 7.01. SERVICER DEFAULTS. If any one of the following events (each,
a "Servicer Default") shall occur and be continuing:

          (a) any failure by the Servicer to deliver to the related Trustee for
     deposit in any of the Accounts or the Certificate Distribution Account any
     required payment or to direct the Indenture Trustee to make any required
     distributions therefrom, which failure continues unremedied for a period of
     three Business Days after discovery of such failure by an officer of the
     Servicer or after the date on which written notice of such failure,
     requiring the same to be remedied, shall have been given (i) to the
     Servicer by the related Trustee or (ii) to the Servicer and to the Trustees
     by the Holders of Notes or Certificates, as the case may be, evidencing not
     less than 25% of the Outstanding Amount of the Notes or Percentage
     Interests aggregating at least 25%;

          (b) failure by the Servicer (or so long as the Servicer is ____, the
     Transferor) duly to observe or to perform in any material respect any other
     covenants or agreements of the Servicer (or so long as the Servicer is
     ____, the Transferor) set forth in this Agreement or any other Basic
     Document, which failure shall (i) materially and adversely affect the
     rights of Certificateholders or Noteholders and (ii) continue unremedied
     for a period of 90 days after the date on which written notice of such
     failure, requiring the same to be remedied, shall have been given (A) to
     the Servicer or the Transferor (as the case may be) by the related Trustee
     or (B) to the Servicer or the Transferor (as the case may be), and to the
     related Trustee by the Holders of Notes or Certificates, as the case may
     be, evidencing not less than 25% of the Outstanding Amount of the Notes or
     Percentage Interests aggregating at least 25%; or

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

then, and in each and every case, so long as the Servicer Default shall not have
been remedied, either the Indenture Trustee or the Holders of Notes evidencing
not less than 25% of the Outstanding Amount of the Notes (or, if the Notes have
been paid in full and the Indenture has been discharged in accordance with its
terms, by holders of Certificates evidencing not less than 25% of the Percentage
Interests) by notice then given in writing to the Servicer (and to the Indenture
Trustee and the Owner Trustee if given by the Noteholders) may terminate all the
rights and obligations (other than the obligations set forth in Section 6.02) of
the Servicer under this Agreement. On or after the receipt by the Servicer of
such written notice, all authority and power of the Servicer under this
Agreement, whether with respect to the Notes, the Certificates or the
Receivables or otherwise, shall, without further action, pass to and be vested
in the Indenture Trustee or such Successor Servicer as may be appointed under
Section 7.02; and, without limitation, the Indenture Trustee and the Owner
Trustee are hereby authorized and empowered to execute and deliver, for the
benefit of the predecessor Servicer, as attorney-in-fact

                                       51
<PAGE>

or otherwise, any and all documents and other instruments, and to do or
accomplish all other acts or things necessary or appropriate to effect the
purposes of such notice of termination, whether to complete the transfer and
endorsement of the Receivables and related documents, or otherwise. The
predecessor Servicer shall cooperate with the Successor Servicer and the
Trustees in effecting the termination of the responsibilities and rights of the
predecessor Servicer under this Agreement, including the transfer to the
Successor Servicer for administration by it of all cash amounts that shall at
the time be held by the predecessor Servicer for deposit, or have been deposited
by the predecessor Servicer, in the Accounts or the Certificate Distribution
Account or thereafter received with respect to the Receivables and all Payments
Ahead that shall at that time by held by the predecessor Servicer. All
reasonable costs and expenses (including servicer conversion costs and
attorneys' fees) incurred in connection with transferring the Receivable Files
to the Successor Servicer and amending this Agreement to reflect such succession
as Servicer pursuant to this Section shall be paid by the predecessor Servicer
upon presentation of reasonable documentation of such costs and expenses. Any
costs or expenses incurred in connection with to a Servicer Default shall
constitute an expense of administration under Title 11 of the United States
Bankruptcy Code or any other applicable Federal or State bankruptcy laws. Upon
receipt of notice of the occurrence of a Servicer Default, the Indenture Trustee
shall give notice thereof to each Rating Agency.

     Section 7.02. APPOINTMENT OF SUCCESSOR SERVICER.

     (a) Upon the Servicer's receipt of notice of termination pursuant to
Section 7.01 or the Servicer's resignation pursuant to Section 6.05, the
predecessor Servicer shall continue to perform its functions as Servicer under
this Agreement, in the case of termination, only until the date specified in
such termination notice or, if no such date is specified in a notice of
termination, until receipt of such notice and, in the case of resignation, until
the later of (i) the date 45 days from the delivery to the Trustees of written
notice of such resignation (or written confirmation of such notice) in
accordance with the terms of this Agreement and (ii) the date upon which the
predecessor Servicer shall become unable to act as Servicer, as specified in the
notice of resignation and accompanying Opinion of Counsel. In the event of the
Servicer's termination hereunder, the Indenture Trustee shall appoint a
Successor Servicer, and the Successor Servicer shall accept its appointment
(including its appointment as Administrator under the Administration Agreement
as set forth in Section 7.02(b)) by a written assumption in form acceptable to
the Trustees. In the event that a Successor Servicer has not been appointed at
the time when the predecessor Servicer has ceased to act as Servicer in
accordance with this Section, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer and the Indenture Trustee
shall be entitled to receive the Total Servicing Fee. Notwithstanding the above,
the Indenture Trustee shall, if it shall be legally unable or unwilling so to
act, appoint or petition a court of competent jurisdiction to appoint any
established institution, having a net worth of not less than $50,000,000 and
whose regular business shall include the servicing of motor vehicle receivables,
as the successor to the Servicer under this Agreement.

     (b) Upon appointment, the Successor Servicer (including the Indenture
Trustee acting as Successor Servicer) shall (i) be the successor in all respects
to the predecessor Servicer and shall

                                       52
<PAGE>

be subject to all the responsibilities, duties and liabilities arising
thereafter relating thereto placed on the predecessor Servicer and shall be
entitled to the Total Servicing Fee and all the rights granted to the
predecessor Servicer by the terms and provisions of this Agreement and (ii)
become the Administrator pursuant to Section 1.09 of the Administration
Agreement.

     Section 7.03. NOTIFICATION OF SERVICER TERMINATION. Upon any termination
of, or appointment of a successor to, the Servicer pursuant to this Article, the
Owner Trustee shall give prompt written notice thereof to Certificateholders,
and the Indenture Trustee shall give prompt written notice thereof to
Noteholders and each Rating Agency.

     Section 7.04. WAIVER OF PAST DEFAULTS. The Holders of Notes evidencing not
less than a majority of the Outstanding Amount of the Notes or the Holders (as
defined in the Trust Agreement) of Certificates evidencing not less than a
majority of the Percentage Interests (in the case of a default by the Servicer
that does not adversely affect the Indenture Trustee or the Noteholders or if
all Notes have been paid in full and the Indenture Trustee has been discharged
in accordance with its terms) may, on behalf of all Securityholders waive in
writing any default by the Servicer in the performance of its obligations
hereunder and its consequences, except a default in making any required deposits
to or payments from any of the Accounts or the Certificate Distribution Account
in accordance with this Agreement or in respect of a covenant or provision
hereof that cannot be modified with the consent of each Securityholder. Upon any
such waiver of a past default, such default shall cease to exist, and any
Servicer Default arising therefrom shall be deemed to have been remedied for
every purpose of this Agreement. No such waiver shall extend to any subsequent
or other default or impair any right consequent thereto except to the extent
expressly so waived.

     Section 7.05. REPAYMENT OF ADVANCES. If a Successor Servicer replaces the
Servicer, the predecessor Servicer shall be entitled to receive reimbursement
for all outstanding Advances made by the predecessor Servicer.

                                       53
<PAGE>

                                  Article Eight

                                   TERMINATION

     Section 8.01. OPTIONAL PURCHASE OF ALL RECEIVABLES.

     (a) On the Distribution Date following the last day of any Collection
Period as of which the Pool Balance is 10% or less of the Original Pool Balance,
the Transferor, the Servicer or any successor to the Servicer shall have the
option to purchase the Owner Trust Estate, other than the Accounts and the
Certificate Distribution Account. Notwithstanding the foregoing, the Transferor,
the Servicer or any successor to the Servicer, as the case may be, may not
effect any such purchase if the long-term unsecured debt obligations of the
related entity are rated less than Baa3 by Moody's or BBB- by Standard & Poor's
unless the Owner Trustee and the Indenture Trustee shall have received an
Opinion of Counsel to the effect that such purchase would not constitute a
fraudulent conveyance or the Rating Agency is otherwise satisfied as evidenced
by written notice from the Rating Agency to the Indenture Trustee. To exercise
such option, on the related Deposit Date the Servicer shall deposit pursuant to
Section 4.05(a) in the Collection Account an amount equal to the aggregate
Administrative Purchase Payments for the Receivables (including Defaulted
Receivables), plus the appraised value of any such other property held by the
Issuer other than the Accounts and the Certificate Distribution Account, such
value to be determined by an appraiser mutually agreed upon by the Servicer and
the Trustees, and shall succeed to all interests in and to the Issuer.
Notwithstanding the foregoing, the Transferor, the Servicer or any successor to
the Servicer shall not be permitted to exercise such option if the amount to be
distributed to Securityholders on the related Distribution Date would be less
than the Note Distributable Amount and Certificate Distributable Amount. In the
event that both the Transferor and the Servicer, or any successor to the
Servicer, elect to purchase the Receivables pursuant to this Section, the party
first notifying the Indenture Trustee (based on the Indenture Trustee's receipt
of such notice) shall be permitted to purchase the Receivables.

     (b) As described in Article Nine of the Trust Agreement, notice of any
termination of the Trust shall be given by the Servicer to the Owner Trustee and
the Indenture Trustee as soon as practicable after the Servicer has received
notice thereof.

     (c) Following the satisfaction and discharge of the Indenture and the
payment in full of the principal of and interest on the Notes, the
Certificateholders will succeed to the rights of the Noteholders hereunder and
the Owner Trustee will succeed to the rights of, and assume the obligations of,
the Indenture Trustee pursuant to this Agreement.

                                       54
<PAGE>

                                  Article Nine

                                  MISCELLANEOUS

     Section 9.01. AMENDMENT.

     (a) This Agreement may be amended by the Transferor, the Servicer and the
Issuer, with the consent of the Indenture Trustee, but without the consent of
any Securityholders, (i) to cure any ambiguity, to correct or supplement any
provision in this Agreement which may be inconsistent with any other provision
of this Agreement, to add, change or eliminate any other provision of this
Agreement with respect to matters or questions arising under this Agreement that
shall not be inconsistent with the provisions of this Agreement, (ii) to change
the formula for determining the Specified Reserve Fund Balance or the manner in
which the Reserve Fund is funded or to amend or modify any provisions of this
Agreement relating to the remittance schedule with respect to collections
deposited into the Collection Account or the Payahead Account pursuant to
Section 4.02 or (iii) to amend or modify any provisions in this Agreement
relating to the Servicer Letter of Credit, if any, or the acquisition thereof
and including replacing the Servicer Letter of Credit with a surety bond,
insurance policy or deposit of cash or securities satisfactory to the Indenture
Trustee and each Rating Agency; provided, however, that any such action shall
not, as evidenced by an Opinion of Counsel, adversely affect in any material
respect the interests of any Securityholder and provided, further, that in
connection with any amendment pursuant to clause (ii) or (iii) above, the
Servicer shall deliver to the Trustees a letter from each Rating Agency to the
effect that such amendment will not cause its then-current rating on the Rated
Securities to be qualified, reduced or withdrawn.

     (b) This Agreement may also be amended from time to time by the Transferor,
the Servicer and the Issuer, with the consent of the Indenture Trustee, the
consent of the Holders of Notes evidencing not less than a majority of the
Outstanding Amount of the Notes and the Owner Trustee, consent of the Holders
(as defined in the Trust Agreement) of outstanding Certificates evidencing not
less than a majority of the Percentage Interests, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Securityholders;
provided, however, that no such amendment shall (i) except as otherwise provided
in Section 9.01(a) increase or reduce in any manner the amount of, or accelerate
or delay the timing of, collections of payments on Receivables or distributions
that shall be required to be made for the benefit of the Securityholders or (ii)
reduce the aforesaid percentage of the Outstanding Amount of the Notes and the
Percentage Interests, the Holders of which are required to consent to any such
amendment, without the consent of all of the Securityholders.

     (c) Promptly after the execution of any such amendment or consent, the
Owner Trustee shall furnish written notification of the substance of such
amendment or consent to each Certificateholder, the Indenture Trustee and each
Rating Agency. It shall not be necessary for the consent of Securityholders
pursuant to this Section to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of

                                       55
<PAGE>

Certificateholders of the execution thereof shall be subject to such reasonable
requirements as the Owner Trustee may require.

     (d) Prior to the execution of any amendment to this Agreement, the Trustees
shall be entitled to receive and rely upon an Opinion of Counsel stating that
the execution of such amendment is authorized or permitted by this Agreement and
the Opinion of Counsel referred to in Section 9.02(i)(1). The Trustees may, but
shall not be obligated to, enter into any such amendment which affects the Owner
Trustee's or the Indenture Trustee's, as applicable, own rights, duties or
immunities under this Agreement or otherwise.

     Section 9.02. PROTECTION OF TITLE TO TRUST.

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

     (b) Neither the Transferor nor the Servicer shall change its name, identity
or corporate structure in any manner that would, could or might make any
financing statement or continuation statement filed in accordance with Section
9.02(a) seriously misleading within the meaning of Section 9-402(7) of the UCC,
unless it shall have given the Trustees at least 30 days' prior written notice
thereof and shall have promptly filed appropriate amendments to all previously
filed financing statements or continuation statements.

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

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

     (e) The Servicer shall maintain its computer systems so that, from and
after the time of sale under this Agreement of the Receivables, the Servicer's
master computer records (including any backup archives) that refer to a
Receivable shall indicate clearly the interest of the Issuer and the Indenture
Trustee in such Receivable and that such Receivable is owned by the Issuer and
has been pledged to the Indenture Trustee. Indication of the Issuer's and the
Indenture Trustee's

                                       56
<PAGE>

interest in a Receivable shall be deleted from or modified on the Servicer's
computer systems when, and only when, the related Receivable shall have been
paid in full or repurchased.

     (f) If at any time the Transferor or the Servicer shall propose to sell,
grant a security interest in, or otherwise transfer any interest in motor
vehicle receivables to any prospective purchaser, lender or other transferee,
the Servicer shall give to such prospective purchaser, lender or other
transferee computer tapes, records or printouts (including any restored from
backup archives) that, if they shall refer in any manner whatsoever to any
Receivable, shall indicate clearly that such Receivable has been sold and is
owned by the Issuer and has been pledged to the Indenture Trustee.

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

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

     (i) The Servicer shall deliver to the Trustees:

          (1) promptly after the execution and delivery of this Agreement and of
     each amendment hereto, an Opinion of Counsel stating that, in the opinion
     of such counsel, either (A) all financing statements and continuation
     statements have been executed and filed that are necessary fully to
     preserve and protect the interest of the Trustees in the Receivables, and
     reciting the details of such filings or referring to prior Opinions of
     Counsel in which such details are given, or (B) no such action shall be
     necessary to preserve and protect such interest; and

          (2) within 90 days after the beginning of each fiscal year of the
     Issuer beginning with the first fiscal year beginning more than three
     months after the Cutoff Date, an Opinion of Counsel, dated as of a date
     during such 90-day period, stating that, in the opinion of such counsel,
     either (A) all financing statements and continuation statements have been
     executed and filed that are necessary fully to preserve and protect the
     interest of the Trustees in the Receivables, and reciting the details of
     such filings or referring to prior Opinions of Counsel in which such
     details are given, or (B) no such action shall be necessary to preserve and
     protect such interest.

     Each Opinion of Counsel referred to in clause (1) or (2) above shall
specify any action necessary (as of the date of such opinion) to be taken in the
following year to preserve and protect such interest.

                                       57
<PAGE>

     (j) The Transferor shall, to the extent required by applicable law, cause
the Notes to be registered with the Commission pursuant to Section 12(b) or
Section 12(g) of the Exchange Act within the time periods specified in such
sections.

     Section 9.03. NOTICES. All demands, notices and communications under this
Agreement shall be in writing, personally delivered or mailed by certified mail,
return receipt requested, and shall be deemed to have been duly given upon
receipt (i) in the case of the Transferor, to _____________, Attention:
_________ (ii) in the case of the Servicer, to __________________, Attention:
President, (iii) in the case of the Issuer or the Owner Trustee, at the
Corporate Trust Office (as such term is defined in the Trust Agreement), (iv) in
the case of the Indenture Trustee, at the Corporate Trust Office (as such term
is herein defined), (v) in the case of Moody's, to Moody's Investors Service,
Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007,
(vi) in the case of Standard & Poor's, to Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc., 25 Broadway (15th Floor), New York,
New York 10004, Attention: Asset Backed Surveillance Department, (vii) in the
case of Fitch, to Fitch IBCA, Inc., One State Street Plaza, New York, New York
10007, Attention: Asset Backed Surveillance Department or (viii) as to each of
the foregoing, at such other address as shall be designated by written notice to
the other parties.

     Section 9.04. ASSIGNMENT.

     (a) Notwithstanding anything to the contrary contained herein, except as
provided in the remainder of this Section, as provided in Sections 5.03, 6.03
and 6.05, this Agreement may not be assigned by the Transferor or the Servicer
without the prior written consent of Holders of Notes evidencing not less than a
majority of the Outstanding Amount of the Notes and Holders (as such term is
defined in the Trust Agreement) of Certificates evidencing not less than a
majority of the Percentage Interests. And as provided in the provisions of this
Agreement concerning the resignation of the Servicer, this Agreement may not be
assigned by the Transferor or the Servicer.

     (b) The Transferor hereby acknowledges and consents 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 right, title and interest of the Issuer in, to and under the Receivables
and/or the assignment of any or all of the Issuer's rights and obligations
hereunder to the Indenture Trustee.

     Section 9.05. LIMITATIONS ON RIGHTS OF OTHERS. The provisions of this
Agreement are solely for the benefit of the Transferor, the Servicer, the
Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee and the
Noteholders, and nothing in this Agreement, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or
claim in the Owner Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein. The Owner Trustee is a
third-party beneficiary of Sections 2.07 and 6.02 of this Agreement and is
entitled to the rights and benefits thereof and may enforce the provisions as if
it were a party hereto.

                                       58
<PAGE>

     Section 9.06. SEVERABILITY. If any one or more of the covenants,
agreements, provisions or terms of this Agreement 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 Agreement and shall in no way affect the validity or
enforceability of the other covenants, agreements, provisions or terms of this
Agreement.

     Section 9.07. SEPARATE COUNTERPARTS. This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

     Section 9.08. HEADINGS. The headings of the various Articles and Sections
herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.

     Section 9.09. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS (OTHER THAN SECTION 5-1401 OF
THE GENERAL OBLIGATIONS LAW), RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 9.10. NONPETITION COVENANTS.

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

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

     Section 9.11. LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE
TRUSTEE.

     (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by __________ not in its individual capacity
but solely in its capacity as Owner Trustee of the Issuer and in no event shall
_____________ in its individual capacity or, except as expressly provided in the
Trust Agreement, as beneficial owner of the Issuer have any liability

                                       59
<PAGE>

for the representations, warranties, covenants, agreements or other obligations
of the Issuer hereunder or in any of the certificates, notices or agreements
delivered pursuant hereto, as to all of which recourse shall be had solely to
the assets of the Issuer. For all purposes of this Agreement, in the performance
of its duties or obligations hereunder or in the performance of any duties or
obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of Articles Six, Seven and
Eight of the Trust Agreement.

     (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been accepted by ____________, not in its individual capacity but
solely as Indenture Trustee and in no event shall ____________ have any
liability for the representations, warranties, covenants, agreements or other
obligations of the Issuer hereunder or in any of the certificates, notices or
agreements delivered pursuant hereto, as to all of which recourse shall be had
solely to the assets of the Issuer.

                                       60
<PAGE>

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

                           __________________________ TRUST 200_-_

                           By:  _______________, not in its individual capacity
                                but solely as Owner Trustee on behalf of the
                                Trust

                           By:  ________________________________________________
                                  Name:
                                  Title:

                           POOLED AUTO SECURITIES SHELF LLC.,
                             as Transferor

                           By:  ________________________________________________
                                  Name:
                                  Title:

                           ___________________________, as Servicer

                           By:__________________________________________________
                                  Name:
                                  Title:

Acknowledged and accepted as of the day
and year first above written:

________________________, not in its
individual capacity but solely as Indenture
Trustee

By:_________________________________________
    Name:
    Title:

                                       61
<PAGE>

                                                                      SCHEDULE A

                             SCHEDULE OF RECEIVABLES

        Delivered to the Owner Trustee and Indenture Trustee at Closing.

                                      SA-1
<PAGE>

                                                                      SCHEDULE B

                          LOCATION OF RECEIVABLE FILES

                                      SB-1
<PAGE>

                                                                       EXHIBIT A

                FORM OF DISTRIBUTION STATEMENT TO SECURITYHOLDERS

___________ Trust 200_-_

<TABLE>
<S>                         <C>                                                         <C>
NOTE PRINCIPAL DISTRIBUTABLE AMOUNT                                                     $___________________
     Class A-1 Notes:      ($        per $1,000 original principal amount)
     Class A-2 Notes:      ($        per $1,000 original principal amount)
     Class A-3 Notes:      ($        per $1,000 original principal amount)
     Class A-4 Notes:      ($        per $1,000 original principal amount)

NOTE INTEREST DISTRIBUTABLE AMOUNT                                                      $___________________
     Class A-1 Notes:      ($        per $1,000 original principal amount)
     Class A-2 Notes:      ($        per $1,000 original principal amount)
     Class A-3 Notes:      ($        per $1,000 original principal amount)
     Class A-4 Notes:      ($        per $1,000 original principal amount)

NOTE PRINCIPAL CARRYOVER SHORTFALL                                                      $___________________
     change from immediately preceding Distribution Date                                $___________________
     Class A-1 Notes:      ($        per $1,000 original principal amount)
     Class A-2 Notes:      ($        per $1,000 original principal amount)
     Class A-3 Notes:      ($        per $1,000 original principal amount)
     Class A-4 Notes:      ($        per $1,000 original principal amount)

NOTE INTEREST CARRYOVER SHORTFALL                                                       $___________________
     change from immediately preceding Distribution Date                                $___________________
     Class A-1 Notes:      ($        per $1,000 original principal amount)
     Class A-2 Notes:      ($        per $1,000 original principal amount)
     Class A-3 Notes:      ($        per $1,000 original principal amount)
     Class A-4 Notes:      ($        per $1,000 original principal amount)

AVAILABLE AMOUNT                                                                        $___________________
     Available Interest                                                                 $___________________
     Available Principal                                                                $___________________

CERTIFICATE INTEREST DISTRIBUTABLE AMOUNT                                               $___________________
     ($______ per 1,000 original principal amount)

CERTIFICATE PRINCIPAL DISTRIBUTABLE AMOUNT                                              $___________________
     ($______ per 1,000 original principal amount)

NOTE DISTRIBUTABLE AMOUNT                                                               $___________________

CERTIFICATE DISTRIBUTABLE AMOUNT                                                        $___________________

CERTIFICATE PRINCIPAL CARRYOVER SHORTFALL                                               $___________________
     change from immediately preceding Distribution Date                                $___________________

CERTIFICATE INTEREST CARRYOVER SHORTFALL                                                $___________________
     change from immediately preceding Distribution Date                                $___________________

                                      A-1
<PAGE>

POOL BALANCE                                                                            $___________________

NOTE POOL FACTOR                                                                        $___________________
  Class A-1 Notes                                                                       $___________________
  Class A-2 Notes                                                                       $___________________
  Class A-3 Notes                                                                       $___________________
  Class A-4 Notes                                                                       $___________________

CERTIFICATE POOL FACTOR                                                                 $___________________

RESERVE FUND BALANCE                                                                    $___________________
     change from immediately preceding Distribution Date                                $___________________

PAYMENTS AHEAD                                                                          $___________________

APPLIED PAYMENTS AHEAD                                                                  $___________________

TOTAL SERVICING FEE                                                                     $___________________
     ($_____ per 1,000 original principal amount)

NONRECOVERABLE ADVANCES                                                                 $___________________

YIELD SUPPLEMENT WITHDRAWAL AMOUNT                                                      $___________________

YIELD SUPPLEMENT AMOUNT                                                                 $___________________

AMOUNT ON DEPOSIT IN YIELD SUPPLEMENT ACCOUNT                                           $___________________

TRUST FEES AND EXPENSES                                                                 $___________________

PRINCIPAL PAYMENT AMOUNT                                                                $___________________
</TABLE>

                                      A-2
<PAGE>

                                                                       EXHIBIT B

                         FORM OF SERVICER'S CERTIFICATE

                                      B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00011-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00011-of-00352.parquet"}]]