Document:

EXHIBIT 4.1

                            AMENDED AND RESTATED

                              TRUST AGREEMENT

                                  between

                        MMCA AUTO RECEIVABLES TRUST,
                               as Depositor,

                                    and

                         WILMINGTON TRUST COMPANY,
                              as Owner Trustee

                         Dated as of March 1, 2002

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

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                             TABLE OF CONTENTS
                                                                                       Page

ARTICLE I - DEFINITIONS..................................................................1

ARTICLE II - ORGANIZATION OF THE TRUST...................................................1

<S>                      <C>                                                            <C>
         Section 2.1      Name...........................................................1
         Section 2.2      Office.........................................................1
         Section 2.3      Purposes and Powers............................................1
         Section 2.4      Appointment of Owner Trustee...................................2
         Section 2.5      Initial Capital Contribution of Owner
                            Trust Estate.................................................2
         Section 2.6      Declaration of Trust...........................................2
         Section 2.7      Title to Trust Property........................................3
         Section 2.8      Situs of Trust.................................................3
         Section 2.9      Representations and Warranties of the
                            Depositor....................................................3
         Section 2.10     Federal Income Tax Matters.....................................4
         Section 2.11     Characterization of the Trust..................................4

ARTICLE III - TRUST CERTIFICATES AND TRANSFER OF INTERESTS...............................5

         Section 3.1      Initial Ownership..............................................5
         Section 3.2      The Certificates...............................................5
         Section 3.3      Authentication of Certificates.................................5
         Section 3.4      Registration of Certificates; Transfer and
                            Exchange of Certificates.....................................5
         Section 3.5      Mutilated, Destroyed, Lost or Stolen
                            Certificates................................................10
         Section 3.6      Persons Deemed Owners of Certificates.........................10
         Section 3.7      Access to List of Certificateholders'
                            Names and Addresses.........................................10
         Section 3.8      Maintenance of Office or Agency...............................11
         Section 3.9      Appointment of Paying Agent...................................11

ARTICLE IV - ACTIONS BY OWNER TRUSTEE...................................................11

         Section 4.1      Prior Notice to Certificateholders with
                            Respect to Certain Matters..................................11
         Section 4.2      Action by Certificateholders with Respect
                            to Certain Matters..........................................12
         Section 4.3      Action by Certificateholders with Respect
                            to Bankruptcy...............................................12
         Section 4.4      Restrictions on Certificateholders' Power.....................12
         Section 4.5      Majority Control..............................................12

ARTICLE V - APPLICATION OF TRUST FUNDS; CERTAIN DUTIES..................................13

         Section 5.1      Establishment of Certificate Distribution
                            Account.....................................................13
         Section 5.2      Application of Trust Funds....................................13
         Section 5.3      Method of Payment.............................................13
         Section 5.4      No Segregation of Monies; No Interest.........................14
         Section 5.5      Accounting and Reports to the Certificateholders,
                            the Internal Revenue Service and Others.....................14
         Section 5.6      Signature on Returns; Tax Matters Partner.....................14

ARTICLE VI - AUTHORITY AND DUTIES OF OWNER TRUSTEE......................................15

         Section 6.1      General Authority.............................................15
         Section 6.2      General Duties................................................15
         Section 6.3      Action upon Instruction.......................................15
         Section 6.4      No Duties Except as Specified in this
                            Agreement or in Instructions................................16
         Section 6.5      Restrictions..................................................16

ARTICLE VII - REGARDING THE OWNER TRUSTEE...............................................17

         Section 7.1      Acceptance of Trusts and Duties...............................17
         Section 7.2      Furnishing of Documents.......................................18
         Section 7.3      Representations and Warranties................................18
         Section 7.4      Reliance; Advice of Counsel...................................18
         Section 7.5      Not Acting in Individual Capacity.............................19
         Section 7.6      Owner Trustee Not Liable
                            for Certificates or Receivables.............................19
         Section 7.7      Owner Trustee May Own Certificates and Notes..................19

ARTICLE VIII - COMPENSATION OF OWNER TRUSTEE............................................19

         Section 8.1      Owner Trustee's Fees and Expenses.............................19
         Section 8.2      Indemnification...............................................19
         Section 8.3      Payments to the Owner Trustee.................................20

ARTICLE IX - TERMINATION................................................................20

         Section 9.1      Termination of Trust Agreement................................20
         Section 9.2      Prepayment of the Certificates................................21

ARTICLE X - SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES......................22

         Section 10.1     Eligibility Requirements for Owner Trustee....................22
         Section 10.2     Resignation or Removal of Owner Trustee.......................22
         Section 10.3     Successor Owner Trustee.......................................23
         Section 10.4     Merger or Consolidation of Owner Trustee......................23
         Section 10.5     Appointment of Co-Trustee or Separate Trustee.................23

ARTICLE XI - MISCELLANEOUS..............................................................24

         Section 11.1     Supplements and Amendments....................................24
         Section 11.2     No Legal Title to Owner Trust Estate in Certificateholders....26
         Section 11.3     Limitation on Rights of Others................................26
         Section 11.4     Notices.......................................................26
         Section 11.5     Severability..................................................26
         Section 11.6     Separate Counterparts.........................................27
         Section 11.7     Successors and Assigns........................................27
         Section 11.8     Covenants of the Depositor....................................27
         Section 11.9     No Petition; Subordination; Claims Against Depositor..........27
         Section 11.10    No Recourse...................................................28
         Section 11.11    Headings......................................................28
         Section 11.12    Governing Law.................................................28

                                  EXHIBITS

Form of Certificate ....................................................................Exhibit A
Form of Certificate of Trust ...........................................................Exhibit B
Form of Rule 144A Transferor Certificate ...............................................Exhibit C
Form of Investment Letter - Qualified Institutional Buyer ..............................Exhibit D
Form of Investment Letter - Institutional Accredited Investor ..........................Exhibit E
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                  AMENDED AND RESTATED TRUST AGREEMENT, dated as of March
1, 2002 (as the same may be further amended, supplemented or otherwise
modified and in effect from time to time, this "Agreement"), between MMCA
AUTO RECEIVABLES TRUST, a Delaware business trust, as depositor (the
"Depositor"), having its principal executive office at 6363 Katella Avenue,
Cypress, California 90630-5205; and WILMINGTON TRUST COMPANY, a Delaware
banking corporation, as trustee under this agreement (in such capacity,
together with any successor or permitted assign, the "Owner Trustee"),
having its principal corporate trust office at Rodney Square North, 1100
North Market Street, Wilmington, Delaware 19890-0001.

                  WHEREAS, the parties hereto intend to amend and restate
that certain Trust Agreement, dated as of January 2, 2002 between the
Depositor and the Owner Trustee, on the terms and conditions hereinafter
set forth;

                  NOW, THEREFORE, in consideration of the premises and
mutual covenants herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the Depositor and the Owner Trustee hereby agree as follows:

                           ARTICLE I - DEFINITIONS

                  Except as otherwise specified herein or as the context
may otherwise require, capitalized terms used but not otherwise defined
herein are defined in Appendix A to the Indenture (the "Indenture"), dated
as of March 1, 2002, between the Trust, as issuer, and Bank of
Tokyo-Mitsubishi Trust Company, as indenture trustee (the "Indenture
Trustee"), which also contains rules as to usage that shall be applicable
herein.

                    ARTICLE II - ORGANIZATION OF THE TRUST

                  Section 2.1 Name. The Trust created hereby shall be known as
"MMCA Auto Owner Trust 2002-1," in which name the Owner Trustee may conduct
the business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued.

                  Section 2.2 Office. The office of the Trust shall be in care
of the Owner Trustee at the Corporate Trust Office or at such other address in
the State of Delaware as the Owner Trustee may designate by written notice to
the Certificateholders and the Depositor.

                  Section 2.3 Purposes and Powers. (a) The purpose of the
Trust is, and the Trust shall have the power and authority, to engage solely
in the following activities:

                           (i) to issue the Notes pursuant to the Indenture,
         and the Certificates pursuant to this Agreement, and to sell the
         Notes upon the written order of the Depositor;

                           (ii) to enter into and perform its obligations
         under any interest rate protection agreement or agreements between
         the Trust and one or more counterparties, including any confirmations
         evidencing the transactions thereunder, each of which is an interest
         rate swap, an interest rate cap, an obligation to enter into any of
         the foregoing, or any combination of any of the foregoing;

                           (iii) with the proceeds of the sale of the Notes to
         fund the Reserve Account, the Pre-Funding Account, the Negative Carry
         Account and the Yield Supplement Account, to pay the organizational,
         start-up and transactional expenses of the Trust, and to pay the
         balance to the Depositor pursuant to the Sale and Servicing
         Agreement;

                           (iv) to pay interest on and principal of the Notes
         and distributions on the Certificates;

                           (v) to assign, grant, transfer, pledge, mortgage
         and convey the Owner Trust Estate (other than the Certificate
         Distribution Account and the proceeds thereof) to the Indenture
         Trustee pursuant to the Indenture;

                           (vi) to enter into and perform its obligations
         under the Basic Documents to which it is to be a party;

                           (vii) to engage in those activities, including
         entering into agreements, that are necessary, suitable or convenient
         to accomplish the foregoing or are incidental thereto or connected
         therewith; and

                           (viii) subject to compliance with the Basic
         Documents, to engage in such other activities as may be required in
         connection with conservation of the Owner Trust Estate and the making
         of distributions to the Noteholders and the Certificateholders.

The Trust is hereby authorized to engage in the foregoing activities. The
Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this
Agreement or the other Basic Documents. In addition, notwithstanding
anything to the contrary herein or in any other Basic Document, the Trust
shall not take any action (i) inconsistent with the derecognition of the
Receivables under GAAP or (ii) that would cause the Trust to become a
member of MMCA's consolidated group under GAAP.

                  Section 2.4 Appointment of Owner Trustee. The Depositor
hereby appoints the Owner Trustee as trustee of the Trust effective as of the
date hereof, to have all the rights, powers and duties set forth herein and in
the Business Trust Statute.

                  Section 2.5 Initial Capital Contribution of Owner Trust
Estate. As of January 2, 2002, the Depositor sold, assigned, transferred,
conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee
hereby acknowledges receipt in trust from the Depositor, as of such date, of
the foregoing contribution, which shall constitute the initial Owner Trust
Estate and shall be deposited in the Certificate Distribution Account. The
Depositor shall pay organizational expenses of the Trust as they may arise or
shall, upon the request of the Owner Trustee, promptly reimburse the Owner
Trustee for any such expenses paid by the Owner Trustee.

                  Section 2.6 Declaration of Trust. The Owner Trustee hereby
declares that it will hold the Owner Trust Estate in trust upon and subject to
the conditions set forth herein for the use and benefit of the
Certificateholders, subject to the obligations of the Trust under the Basic
Documents. It is the intention of the parties hereto that (i) the Trust
constitute a business trust under the Business Trust Statute and that this
Agreement constitute the governing instrument of such business trust and (ii)
solely for income and franchise tax purposes, the Trust shall be treated (a)
if it has a single beneficial owner, as a nonentity and (b) if it has more
than one beneficial owner, as a partnership, with the assets of the
partnership being the Receivables, the Trust's rights under the Interest Rate
Swap Agreement and other assets held by the Trust, the partners of the
partnership being the Certificateholders and the Notes constituting
indebtedness of the partnership. The parties agree that, unless otherwise
required by the appropriate tax authorities, the Trust will file or cause to
be filed annual or other necessary returns, reports and other forms consistent
with the characterization of the Trust either as a nonentity or as a
partnership for such tax purposes. Effective as of the date hereof, the Owner
Trustee shall have all rights, powers and duties set forth herein and in the
Business Trust Statute with respect to accomplishing the purposes of the
Trust. The Owner Trustee has filed the Certificate of Trust with the Secretary
of State.

                  Section 2.7 Title to Trust Property. Legal title to the
entirety of the Owner Trust Estate shall be vested at all times in the Trust
as a separate legal entity, except where applicable law in any jurisdiction
requires title to any part of the Owner Trust Estate to be vested in a trustee
or trustees, in which case title shall be deemed to be vested in the Owner
Trustee, a co-trustee and/or a separate trustee, as the case may be.

                  Section 2.8 Situs of Trust. The Trust shall be located and
administered in the State of Delaware. All bank accounts maintained by the
Owner Trustee on behalf of the Trust shall be located in the State of Delaware
or the State of New York. The Trust shall not have any employees in any state
other than the State of Delaware; provided, however, that nothing herein shall
restrict or prohibit the Owner Trustee from having employees within or without
the State of Delaware. Payments will be received by the Trust only in Delaware
or New York, and payments will be made by the Trust only from Delaware or New
York. The only office of the Trust will be at the Corporate Trust Office in
the State of Delaware.

                  Section 2.9 Representations and Warranties of the Depositor.
The Depositor hereby represents and warrants to the Owner Trustee that:

                  (a) The Depositor is duly organized and validly existing as
a business trust 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.

                  (b) The Depositor is duly qualified to do business as a
foreign business trust 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) The Depositor has the power and authority to execute and
deliver this Agreement and to carry out its terms, and the Depositor has full
power and authority to sell and assign the property to be sold and assigned
to, and deposited with, the Trust, and the Depositor has duly authorized such
sale and assignment and deposit to the Trust by all necessary corporate
action; and the execution, delivery and performance of this Agreement has been
duly authorized by the Depositor by all necessary corporate action.

                  (d) The consummation of the transactions contemplated by
this Agreement and the fulfillment of the terms hereof do not conflict with,
result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time or both) a default under, the
Certificate of Trust or amended and restated trust agreement of the Depositor,
or any indenture, agreement or other instrument to which the Depositor is a
party or by which it is 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 pursuant to the Basic Documents);
nor violate any law or, to the best of the Depositor's knowledge, any order,
rule or regulation applicable to the Depositor of any court or of any Federal
or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Depositor or its properties.

                  (e) There are no proceedings or investigations pending or,
to the Depositor's best knowledge, threatened before any court, regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over the Depositor or its properties: (i) asserting the
invalidity of this Agreement, the Indenture, any of the other Basic Documents,
the Notes or the Certificates, (ii) seeking to prevent the issuance of the
Notes or the Certificates or the consummation of any of the transactions
contemplated by this Agreement, the Indenture or any of the other Basic
Documents, (iii) seeking any determination or ruling that might materially and
adversely affect the performance by the Depositor of its obligations under, or
the validity or enforceability of, this Agreement or (iv) which might
adversely affect the Federal income tax attributes or Applicable Tax State
franchise or income tax attributes, of the Notes.

                  (f) The representations and warranties of the Depositor in
Section 3.1 of the Purchase Agreement are true and correct.

                  Section 2.10 Federal Income Tax Matters. The
Certificateholders acknowledge that it is their intent and that they
understand it is the intent of the Depositor and the Servicer that, for
purposes of Federal income, state and local income and franchise tax and any
other income taxes, the Trust will be treated either as a "nonentity" under
Treasury Regulation ss. 301.7701-3 or as a partnership, and the
Certificateholders (including the Depositor) will be treated as partners in
that partnership. The Depositor and the other Certificateholders by acceptance
of a Certificate agree to such treatment and agree to take no action
inconsistent with such treatment. For each taxable year (or portion thereof),
other than periods in which there is only one Certificateholder:

                  (a) amounts paid to the Depositor pursuant to Sections
4.1(e), 4.7(a), 4.7(b) and 4.9 of the Sale and Servicing Agreement or clause
(i) of the fourth paragraph of Section 5.1(a) of the Sale and Servicing
Agreement for such year (or other period) shall be treated as a guaranteed
payment within the meaning of Section 707(c) of the Code; and

                  (b) all remaining net income or net loss, as the case may
be, of the Trust for such year (or other period) as determined for Federal
income tax purposes (and each item of income, gain, credit, loss or deduction
entering into the computation thereof) shall be allocated to the
Certificateholders pro rata in accordance with the outstanding principal
balances of their respective Certificates.

The Depositor is authorized to modify the allocations in this paragraph if
necessary or appropriate, in its sole discretion, for the allocations to
fairly reflect the economic income, gain or loss to the Depositor or the
Certificateholders or as otherwise required by the Code.

                  Section 2.11 Characterization of the Trust. For purposes of
SFAS 140, the parties hereto intend that the Trust shall be treated as a
"qualifying special purpose entity" as such term is used in SFAS 140 and any
successor rule thereto and its permitted activities shall be limited in
accordance with paragraphs 35 through 45 thereof. The Depositor agrees that it
does not have the right to prepay the Notes prior to the maturity date thereof
under any circumstances and does hereby irrevocably waive and relinquish such
right.

          ARTICLE III - TRUST CERTIFICATES AND TRANSFER OF INTERESTS

                  Section 3.1 Initial Ownership. Upon the formation of the
Trust by the contribution by the Depositor pursuant to Section 2.5 and until
the issuance of the Certificates, the Depositor shall be the sole beneficiary
of the Trust.

                  Section 3.2 The Certificates. The Certificates shall be
issued in one or more registered, definitive, physical certificates, in
substantially the form set forth in Exhibit A, in minimum denominations of at
least $1,000,000 and multiples of $1,000 in excess thereof; provided, however,
that a single Certificate may be issued in a denomination equal to the Initial
Certificate Balance less the aggregate denominations of all other Certificates
or a denomination less than $1,000. No Certificate may be sold, transferred,
assigned, participated, pledged, or otherwise disposed of (any such act, a
"Transfer") to any Person except in accordance with the provisions of Section
3.4, and any attempted Transfer in violation of this Section or Section 3.4
shall be null and void (each, a "Void Transfer"). Notwithstanding the
foregoing, following the delivery to the Owner Trustee of an Opinion of
Counsel to the effect that the elimination of restrictions on transfer will
not cause the Trust to be taxable as a corporation for Federal income tax
purposes or for purposes of the tax laws of any Applicable Tax State, this
Agreement may be amended to modify or delete transfer restrictions in
accordance with such Opinion of Counsel.

                  The Certificates may be in printed or typewritten form
and shall be executed on behalf of the Trust by manual or facsimile
signature of a Responsible Officer of the Owner Trustee. Certificates
bearing the manual or facsimile signatures of individuals who were, at the
time when such signatures shall have been affixed, authorized to sign on
behalf of the Trust, shall be validly issued and entitled to the benefits
of this Agreement, notwithstanding that such individuals or any of them
shall have ceased to be so authorized prior to the authentication and
delivery of such Certificates or did not hold such offices at the date of
authentication and delivery of such Certificates.

                  If Transfer of the Certificates is permitted pursuant to
this Section 3.2 and Section 3.4, a transferee of a Certificate shall
become a Certificateholder, and shall be entitled to the rights and subject
to the obligations of a Certificateholder hereunder upon such transferee's
acceptance of a Certificate duly registered in such transferee's name
pursuant to Section 3.4.

                  Section 3.3 Authentication of Certificates. Concurrently
with the sale of the Receivables to the Trust pursuant to the Sale and
Servicing Agreement, the Owner Trustee shall cause the Certificates, in an
aggregate principal amount equal to the Initial Certificate Balance, to be
executed on behalf of the Trust, authenticated and delivered to or upon the
written order of the Depositor, signed by its chief executive officer, chief
financial officer or chief accounting officer, without further corporate
action by the Depositor, in authorized denominations. No Certificate shall
entitle its Holder to any benefit under this Agreement, or shall be valid for
any purpose, unless there shall appear on such Certificate a certificate of
authentication substantially in the form set forth in Exhibit A attached
hereto executed by the Owner Trustee or Wilmington Trust Company, as the Owner
Trustee's authenticating agent, by manual signature; such authentication shall
constitute conclusive evidence that such Certificate shall have been duly
authenticated and delivered hereunder. All Certificates shall be dated the
date of their authentication.

                  Section 3.4 Registration of Certificates; Transfer and
Exchange of Certificates. (a) The Certificate Registrar shall keep or cause to
be kept, at the office or agency maintained pursuant to Section 3.8, a
Certificate Register in which, subject to such reasonable regulations as it
may prescribe, the Trust shall provide for the registration of Certificates
and of Transfers and exchanges of Certificates as herein provided. Wilmington
Trust Company shall be the initial Certificate Registrar. No Transfer of a
Certificate shall be recognized except upon registration of such Transfer in
the Certificate Register.

                  (b) No Certificateholder shall Transfer any Certificate
initially held by it unless such transfer is made pursuant to an effective
registration statement or otherwise in accordance with the requirements under
the Securities Act and effective registration or qualification under
applicable state securities laws, or is made in a transaction which does not
require such registration or qualification. If a transfer is to be made in
reliance upon an exemption from the Securities Act, and under the applicable
state securities laws, (i) the Certificate Registrar shall require an Opinion
of Counsel reasonably satisfactory to the Certificate Registrar and the
Depositor that such transfer may be made pursuant to an exemption, describing
the applicable exemption and the basis therefor, from the Securities Act,
applicable state securities laws and other relevant laws, which Opinion of
Counsel shall not be an expense of the Certificate Registrar, the Depositor or
the Trustee, and (ii) the Certificate Registrar shall require the transferee
to execute a certification acceptable to and in form and substance
satisfactory to the Certificate Registrar setting forth the facts surrounding
such transfer.

                  (c) No Transfer of any Certificate shall be permitted,
recognized or recorded unless the Depositor has consented in writing to such
Transfer, which consent may be withheld in the sole discretion of the
Depositor; provided, however, that no such consent of the Depositor shall be
required where the proposed transferee is, and at the time of the Transfer
will be, a Certificateholder. Each Certificate shall bear a legend to the
following effect unless determined otherwise by the Administrator (as
certified to the Certificate Registrar in an Officer's Certificate) consistent
with applicable law:

         "THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
         THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR
         UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE
         UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE,
         AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT THIS
         CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
         TRANSFERRED ONLY IN A DENOMINATION OF AT LEAST $1,000,000, ONLY IN
         COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND
         ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE
         144A") TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A
         QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A (A
         "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
         QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
         RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON
         RULE 144A, SUBJECT TO (A) THE RECEIPT BY THE TRUST AND THE
         CERTIFICATE REGISTRAR OF A CERTIFICATE SUBSTANTIALLY IN THE FORM
         ATTACHED AS EXHIBIT C TO THE TRUST AGREEMENT AND (B) THE RECEIPT
         BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A LETTER
         SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT D TO THE TRUST
         AGREEMENT, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED
         BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), SUBJECT TO
         THE RECEIPT BY THE TRUST, AND THE CERTIFICATE REGISTRAR OF SUCH
         EVIDENCE ACCEPTABLE TO THE TRUST THAT SUCH REOFFER, RESALE, PLEDGE
         OR TRANSFER IS IN COMPLIANCE WITH THE TRUST AGREEMENT AND THE
         SECURITIES ACT AND OTHER APPLICABLE LAWS, (3) TO AN INSTITUTIONAL
         "ACCREDITED INVESTOR" WITHIN THE MEANING THEREOF IN RULE
         501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
         ACT PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION
         REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO (A) THE RECEIPT BY
         THE TRUST AND THE CERTIFICATE REGISTRAR OF A LETTER SUBSTANTIALLY
         IN THE FORM ATTACHED AS EXHIBIT E TO THE TRUST AGREEMENT OR (B)
         THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF SUCH
         OTHER EVIDENCE ACCEPTABLE TO THE TRUST THAT SUCH REOFFER, RESALE,
         PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE TRUST AGREEMENT AND
         THE SECURITIES ACT AND OTHER APPLICABLE LAWS, OR (4) TO THE
         DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL
         APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND
         BLUE SKY LAWS OF THE STATES OF THE UNITED STATES. IN ADDITION,
         EXCEPT IN THE CASE OF TRANSFERS TO EXISTING CERTIFICATEHOLDERS,
         THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
         TRANSFERRED ONLY WITH THE EXPRESS WRITTEN CONSENT OF THE DEPOSITOR
         (WHICH CONSENT MAY BE WITHHELD FOR ANY REASON OR FOR NO REASON)."

                  As a condition to the registration of any Transfer of a
Certificate, the prospective transferee of such a Certificate shall
represent to the Owner Trustee and the Certificate Registrar the following:

                           (i) It has neither acquired nor will it Transfer
         any Certificate it purchases (or any interest therein) or cause any
         such Certificates (or any interest therein) to be marketed on or
         through an "established securities market" within the meaning of
         Section 7704(b)(1) of the Code, including, without limitation, an
         over-the-counter-market or an interdealer quotation system that
         regularly disseminates firm buy or sell quotations.

                           (ii) It either (A) is not, and will not become, a
         partnership, Subchapter S corporation, or grantor trust for U.S.
         Federal income tax purposes, or (B) is such an entity, but none of
         the direct or indirect beneficial owners of any of the interests in
         such transferee have allowed or caused, or will allow or cause, 80%
         or more (or such other percentage as the Depositor may establish
         prior to the time of such proposed Transfer) of the value of such
         interests to be attributable to such transferee's ownership of
         Certificates.

                           (iii) It understands that no subsequent Transfer of
         the Certificates is permitted unless (A) such Transfer is of a
         Certificate with a denomination of at least $1,000,000 and (B) the
         Depositor consents in writing (which consent may be withheld for any
         reason or for no reason) to the proposed Transfer; provided, however,
         that no such consent shall be required where the proposed transferee
         is, and at the time of the Transfer will be, a Holder of a
         Certificate.

                           (iv) It understands that the opinion of tax counsel
         that the Trust is not a publicly traded partnership taxable as a
         corporation is dependent in part on the accuracy of the
         representations in paragraphs (i), (ii) and (iii) above.

                           (v) If it is acquiring any Certificates as a
         fiduciary or agent for one or more investor accounts, it has sole
         investment discretion with respect to each such account and it has
         full power to make the acknowledgments, representations and
         agreements contained herein on behalf of each such account.

                           (vi) It is not (A) an employee benefit plan, as
         defined in Section 3(3) of ERISA, that is subject to Title I of
         ERISA, (B) a plan described in Section 4975(e)(1) of the Code, (C) a
         governmental plan, as defined in Section 3(32) of ERISA, subject to
         any Federal, state or local law which is, to a material extent,
         similar to the provisions of Section 406 of ERISA or Section 4975 of
         the Code, (D) an entity whose underlying assets include plan assets
         by reason of a plan's investment in the entity (within the meaning of
         Department of Labor Regulation 29 C.F.R.ss. 2510.3-101) or (E) a
         person investing "plan assets" of any such plan (excluding, for
         purposes of this clause (E), any entity registered under the
         Investment Company Act of 1940, as amended).

                           (vii) It is a Person who is either (A) (1) a
         citizen or resident of the United States, (2) a corporation,
         partnership or other entity organized in or under the laws of the
         United States or any political subdivision thereof or (3) a Person
         not described in (1) or (2) whose ownership of the Certificates is
         effectively connected with such Person's conduct of a trade or
         business within the United States (within the meaning of the Code)
         and who provides the Depositor and the Owner Trustee an IRS Form
         W-8ECI (and such other certifications, representations or opinions of
         counsel as may be requested by the Depositor or the Owner Trustee) or
         (B) an estate or trust the income of which is includible in gross
         income for United States Federal income tax purposes, regardless of
         source.

                           (viii) It understands that any purported Transfer
         of any Certificate (or any interest therein) in contravention of any
         of the restrictions and conditions (including any violation of the
         representation in paragraph (ii) above by an investor who continues
         to hold such Certificates occurring any time after the Transfer in
         which it acquired such Certificates) in this Section 3.4 shall be a
         Void Transfer, and the purported transferee in a Void Transfer shall
         not be recognized by the Trust or any other Person as a
         Certificateholder for any purpose.

                           (ix) It agrees that if it determines to Transfer
         any of the Certificates it will cause its proposed transferee to
         provide to the Trust and the Certificate Registrar a letter
         substantially in the form of Exhibit D or E hereof, as applicable, or
         such other written statement as the Depositor shall prescribe.

                  (d) By acceptance of any Certificate, the Certificateholder
thereof specifically agrees with and represents to the Depositor, the
Certificate Registrar and the Trust that no Transfer of such Certificate shall
be made unless the registration requirements of the Securities Act and any
applicable state securities laws are complied with, or such Transfer is exempt
from the registration requirements under the Securities Act because the
Transfer satisfies one of the following:

                           (i) such Transfer is in compliance with Rule 144A
         under the Securities Act ("Rule 144A"), to a transferee who the
         transferor reasonably believes is a Qualified Institutional Buyer
         that is purchasing for its own account or for the account of a
         Qualified Institutional Buyer and to whom notice is given that such
         transfer is being made in reliance upon Rule 144A and (x) the
         transferor executes and delivers to the Trust and the Certificate
         Registrar a Rule 144A transferor certificate substantially in the
         form attached as Exhibit C and (y) the transferee executes and
         delivers to the Trust and the Certificate Registrar an investment
         letter substantially in the form attached as Exhibit D;

                           (ii) after the appropriate holding period, such
         Transfer is pursuant to an exemption from registration under the
         Securities Act provided by Rule 144 under the Securities Act and the
         transferee, if requested by the Trust or the Certificate Registrar,
         delivers an Opinion of Counsel in form and substance satisfactory to
         the Trust and the Depositor; or

                           (iii) such Transfer is to an institutional
         accredited investor as defined in rule 501(a)(1), (2), (3) or (7) of
         Regulation D promulgated under the Securities Act in a transaction
         exempt from the registration requirements of the Securities Act, such
         Transfer is in accordance with any applicable securities laws of any
         state of the United States or any other jurisdiction, and such
         investor executes and delivers to the Trust and the Certificate
         Registrar an investment letter substantially in the form attached as
         Exhibit E.

                  (e) The Trust shall make available to the prospective
transferor and transferee information requested to satisfy the requirements of
paragraph (d)(4) of Rule 144A (the "Rule 144A Information"). The Rule 144A
Information shall include any or all of the following items requested by the
prospective transferee:

                           (i) each statement delivered to Certificateholders
         pursuant to Section 4.9 of the Sale and Servicing Agreement on each
         Payment Date preceding such request; and

                           (ii) such other information as is reasonably
         available to the Owner Trustee in order to comply with requests for
         information pursuant to Rule 144A under the Securities Act.

                  None of the Depositor, the Certificate Registrar or the
Trust is under an obligation to register any Certificate under the
Securities Act or any other securities law.

                  (f) Upon surrender for registration of Transfer of any
Certificate at the office or agency maintained pursuant to Section 3.8 and
upon compliance with any provisions of this Agreement relating to such
Transfer, the Owner Trustee shall execute, authenticate and deliver (or shall
cause Wilmington Trust Company, as its authenticating agent, to authenticate
and deliver), in the name of the designated transferee or transferees, one or
more new Certificates in authorized denominations of a like aggregate amount
dated the date of authentication by the Owner Trustee or any authenticating
agent.

                  Subject to Sections 3.4(b) and 3.4(c), at the option of a
Certificateholder, Certificates may be exchanged for other Certificates of
authorized denominations of a like aggregate amount upon surrender of the
Certificates to be exchanged at the office or agency maintained pursuant to
Section 3.8.

                  Every Certificate presented or surrendered for
registration of Transfer or exchange shall be accompanied by a written
instrument of transfer and accompanied by IRS Form W-8ECI in form
satisfactory to the Owner Trustee and the Certificate Registrar, duly
executed by the Certificateholder or his attorney duly authorized in
writing. Each Certificate surrendered for registration of Transfer or
exchange shall be cancelled and subsequently disposed of by the Certificate
Registrar in accordance with its customary practice.

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

                  (g) The provisions of this Section 3.4 and of this Agreement
generally are intended to prevent the Trust from being characterized as a
"publicly traded partnership" within the meaning of Section 7704 of the Code,
in reliance on Treasury Regulation ss. 1.7704-1(e) and (h), and the Depositor
shall take such intent into account in determining whether or not to consent
to any proposed Transfer of any Certificate.

                  The preceding provisions of this Section 3.4
notwithstanding, the Owner Trustee shall not make and the Certificate
Registrar shall not register any Transfer or exchange of Certificates for a
period of 15 days preceding the due date for any payment with respect to
the Certificates.

                  Notwithstanding anything contained herein to the
contrary, the Owner Trustee shall not be responsible for ascertaining
whether any transfer complies with the registration provisions or
exemptions from the Securities Act, the Exchange Act, applicable state
securities law or the Investment Company Act of 1940, as amended; provided,
however, that if a certification is specifically required to be delivered
to the Owner Trustee by a purchaser or transferee of a Certificate, the
Owner Trustee shall be under a duty to examine the same to determine
whether it conforms to the requirements of this Trust Agreement and to
register transfers only upon receipt of documents and certifications
specified herein and shall promptly notify the party delivering the same if
such certification does not so conform.

                  Section 3.5 Mutilated, Destroyed, Lost or Stolen
Certificates. If (a) any mutilated Certificate shall be surrendered to the
Certificate Registrar, or if the Certificate Registrar shall receive evidence
to its satisfaction of the destruction, loss or theft of any Certificate and
(b) there shall be delivered to the Certificate Registrar and the Owner
Trustee such security or indemnity as may be required by them to save each of
them harmless, then, in the absence of notice that such Certificate shall have
been acquired by a bona fide purchaser, the Owner Trustee on behalf of the
Trust shall execute and the Owner Trustee, or Wilmington Trust Company, as the
Owner Trustee's authenticating agent, shall authenticate and deliver, in
exchange for, or in lieu of, any such mutilated, destroyed, lost or stolen
Certificate, as the case may be, a new Certificate of like tenor and
denomination. In connection with the issuance of any new Certificate under
this Section 3.5, the Owner Trustee or the Certificate Registrar may require
the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith. Any duplicate Certificate issued
pursuant to this Section 3.5 shall constitute conclusive evidence of ownership
in the Trust, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.

                  Section 3.6 Persons Deemed Owners of Certificates. Prior to
due presentation of a Certificate for registration of transfer, the Owner
Trustee, the Certificate Registrar and any Paying Agent may treat the Person
in whose name any Certificate shall be registered in the Certificate Register
as the owner of such Certificate for the purpose of receiving distributions
pursuant to Section 5.2 and for all other purposes whatsoever, and none of the
Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by
any notice to the contrary.

                  Section 3.7 Access to List of Certificateholders' Names and
Addresses. The Owner Trustee shall furnish or cause to be furnished to the
Servicer and the Depositor, or to the Indenture Trustee, within 15 days after
receipt by the Owner Trustee of a written request therefor from the Servicer,
the Depositor, or the Indenture Trustee, as the case may be, a list, in such
form as the requesting party may reasonably require, of the names and
addresses of the Certificateholders as of the most recent Record Date. If
three or more Certificateholders or one or more Holders of Certificates
evidencing not less than 25% of the Certificate Balance apply in writing to
the Owner Trustee, and such application states that the applicants desire to
communicate with other Certificateholders with respect to their rights under
this Agreement or under the Certificates and such application is accompanied
by a copy of the communication that such applicants propose to transmit, then
the Owner Trustee shall, within five Business Days after the receipt of such
application, afford such applicants access during normal business hours to the
current list of Certificateholders. Each Certificateholder, by receiving and
holding a Certificate, shall be deemed to have agreed not to hold any of the
Depositor, the Certificate Registrar or the Owner Trustee accountable by
reason of the disclosure of its name and address, regardless of the source
from which such information was derived.

                  Section 3.8 Maintenance of Office or Agency. The Owner
Trustee shall maintain in Wilmington, Delaware, an office or offices or agency
or agencies where Certificates may be surrendered for registration of Transfer
or exchange and where notices and demands to or upon the Owner Trustee in
respect of the Certificates and the Basic Documents may be served. The Owner
Trustee shall give prompt written notice to the Depositor and to the
Certificateholders of any change in the location of the Certificate Registrar
or any such office or agency.

                  Section 3.9 Appointment of Paying Agent. The Paying Agent
shall make distributions to Certificateholders from the Certificate
Distribution Account pursuant to Section 5.2 and shall report the amounts of
such distributions to the Owner Trustee. Any Paying Agent shall have the
revocable power to withdraw funds from the Certificate Distribution Account
for the purpose of making the distributions referred to above. The Owner
Trustee may revoke such power and remove the Paying Agent if the Owner Trustee
determines in its sole discretion that the Paying Agent shall have failed to
perform its obligations under this Agreement in any material respect. The
Paying Agent shall initially be Wilmington Trust Company, and any co-paying
agent chosen by the Owner Trustee. Wilmington Trust Company shall be permitted
to resign as Paying Agent upon 30 days' written notice to the Owner Trustee.
In the event that Wilmington Trust Company shall no longer be the Paying
Agent, the Owner Trustee shall appoint a successor to act as Paying Agent
(which shall be a bank or trust company). The Owner Trustee shall cause such
successor Paying Agent or any additional Paying Agent appointed by the Owner
Trustee to execute and deliver to the Owner Trustee an instrument in which
such successor Paying Agent or additional Paying Agent shall agree with the
Owner Trustee that as Paying Agent, such successor Paying Agent or additional
Paying Agent will hold all sums, if any, held by it for payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. The Paying
Agent shall return all unclaimed funds to the Owner Trustee and upon removal
of a Paying Agent such Paying Agent shall also return all funds in its
possession to the Owner Trustee. The provisions of Sections 7.1, 7.3, 7.4 and
8.1 shall apply to the Owner Trustee also in its role as Paying Agent, for so
long as the Owner Trustee shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in
this Agreement to the Paying Agent shall include any co-paying agent unless
the context requires otherwise.

                    ARTICLE IV - ACTIONS BY OWNER TRUSTEE

                  Section 4.1 Prior Notice to Certificateholders with Respect
to Certain Matters. With respect to the following matters, the Owner Trustee
shall not take action unless, (i) at least 30 days before the taking of such
action, the Owner Trustee shall have notified the Certificateholders and the
Rating Agencies in writing of the proposed action and (ii) Certificateholders
holding not less than a majority of the aggregate Certificate Balance shall
not have notified the Owner Trustee in writing prior to the 30th day after
such notice is given that such Certificateholders have withheld consent or
provided alternative direction:

                  (a) the initiation of any claim or lawsuit by the Trust
(except claims or lawsuits brought by the Servicer in connection with the
collection of the Receivables) and the settlement of any action, claim or
lawsuit brought by or against the Trust (except with respect to the
aforementioned claims or lawsuits for collection by the Servicer of the
Receivables);

                  (b) the election by the Trust to file an amendment to the
Certificate of Trust (unless such amendment is required to be filed under the
Business Trust Statute);

                  (c) the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder or Swap
Counterparty is required;

                  (d) the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder or Swap
Counterparty is not required and such amendment materially adversely affects
the interests of the Certificateholders;

                  (e) the amendment, change or modification of the Sale and
Servicing Agreement or the Administration Agreement, except to cure any
ambiguity or to amend or supplement any provision in a manner or add any
provision that would not materially adversely affect the interests of the
Certificateholders; or

                  (f) the appointment pursuant to the Indenture of a successor
Note Registrar, Paying Agent for the Notes or Indenture Trustee or pursuant to
this Agreement of a successor Certificate Registrar, or the consent to the
assignment by the Note Registrar, Paying Agent for the Notes or Indenture
Trustee or Certificate Registrar of its obligations under the Indenture or
this Agreement, as applicable.

                  Section 4.2 Action by Certificateholders with Respect to
Certain Matters. The Owner Trustee may not, except upon the occurrence of an
Event of Servicing Termination subsequent to the payment in full of the Notes
and in accordance with the written direction of Certificateholders holding not
less than a majority of the aggregate Certificate Balance, (a) remove the
Servicer under the Sale and Servicing Agreement pursuant to Article VIII
thereof, (b) appoint a successor Servicer pursuant to Article VIII of the Sale
and Servicing Agreement, (c) remove the Administrator under the Administration
Agreement pursuant to Section 8 thereof, (d) appoint a successor Administrator
pursuant to Section 8 of the Administration Agreement or (e) sell the
Receivables after the termination of the Indenture, except as expressly
provided in the Basic Documents.

                  Section 4.3 Action by Certificateholders with Respect to
Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary
proceeding in bankruptcy relating to the Trust unless the Notes have been paid
in full and each Certificateholder approves of such commencement in advance
and delivers to the Owner Trustee a certificate certifying that such
Certificateholder reasonably believes that the Trust is insolvent.

                  Section 4.4 Restrictions on Certificateholders' Power. The
Certificateholders shall not direct the Owner Trustee to take or refrain from
taking any action if such action or inaction would be contrary to any
obligation of the Trust or the Owner Trustee under this Agreement or any of
the other Basic Documents or would be contrary to Section 2.3, nor shall the
Owner Trustee be obligated to follow any such direction, if given.

                  Section 4.5 Majority Control. Except as expressly provided
herein, any action that may be taken by the Certificateholders under this
Agreement may be taken by the Holders of Certificates evidencing not less than
a majority of the Certificate Balance. Except as expressly provided herein,
any written notice of the Certificateholders delivered pursuant to this
Agreement shall be effective if signed by Holders of Certificates evidencing
not less than a majority of the Certificate Balance at the time of the
delivery of such notice.

            ARTICLE V - APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

                  Section 5.1 Establishment of Certificate Distribution
Account. Pursuant to Section 4.1(e) of the Sale and Servicing Agreement, there
has been established and there shall be maintained a segregated trust account
in the name of the Owner Trustee which shall be designated as the "Certificate
Distribution Account." The Certificate Distribution Account shall be held in
trust in the name of the Owner Trustee for the benefit of the
Certificateholders. Except as expressly provided in Section 3.9, the
Certificate Distribution Account shall be under the sole dominion and control
of the Owner Trustee. All monies deposited from time to time in the
Certificate Distribution Account pursuant to the Sale and Servicing Agreement
or the Indenture shall be applied as provided in this Agreement and the Sale
and Servicing Agreement or the Indenture.

                  Section 5.2 Application of Trust Funds.

                  (a) On each Payment Date, the Owner Trustee (if other than
the Paying Agent) shall, based on the information contained in the Servicer's
Certificate delivered on the relevant Determination Date pursuant to Section
3.9 of the Sale and Servicing Agreement, transfer the amount deposited in the
Certificate Distribution Account pursuant to Section 2.8(a) of the Indenture
on such Payment Date to the Paying Agent, or the Paying Agent, based upon such
information, shall withdraw from the Certificate Distribution Account, for
distribution to the Certificateholders pro rata based on the outstanding
principal balance of the Certificates funds available therein.

                  (b) On each Payment Date, the Owner Trustee shall, or shall
cause the Paying Agent to, send to each Certificateholder the statement
provided to the Owner Trustee by the Servicer pursuant to Section 4.9 of the
Sale and Servicing Agreement with respect to such Payment Date.

                  (c) In the event that any withholding tax is imposed on the
Trust's payment (or allocations of income) to a Certificateholder, such tax
shall reduce the amount otherwise distributable to the Certificateholder in
accordance with this Section 5.2. The Owner Trustee and each Paying Agent is
hereby authorized and directed to retain from amounts otherwise distributable
to the Certificateholders sufficient funds for the payment of any such
withholding tax that is legally owed by the Trust (but such authorization
shall not prevent the Owner Trustee from contesting any such tax in
appropriate proceedings, and withholding payment of such tax, if permitted by
law, pending the outcome of such proceedings). The amount of any withholding
tax imposed with respect to a Certificateholder shall be treated as cash
distributed to such Certificateholder at the time it is withheld by the Trust
and remitted to the appropriate taxing authority. If there is a possibility
that withholding tax is payable with respect to a distribution (such as a
distribution to a non-U.S. Certificateholder), the Owner Trustee may, in its
sole discretion, withhold such amounts in accordance with this paragraph (d).
In the event that a Certificateholder wishes to apply for a refund of any such
withholding tax, the Owner Trustee shall reasonably cooperate with such
Certificateholder in making such claim so long as such Certificateholder
agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred.

                  Section 5.3 Method of Payment. Subject to Section 9.1(c),
distributions required to be made to Certificateholders on any Payment Date
shall be made to each Certificateholder of record on the preceding Record Date
either by wire transfer, in immediately available funds, to the account of
such Holder at a bank or other entity having appropriate facilities therefor,
if (i) such Certificateholder shall have provided to the Certificate Registrar
appropriate written instructions at least five Business Days prior to such
Payment Date, or (ii) such Certificateholder is the Depositor or, if not, by
check mailed to such Certificateholder at the address of such Holder appearing
in the Certificate Register. Notwithstanding the foregoing, the final
distribution in respect of any Certificate (whether on the Certificateholders'
Final Scheduled Payment Date or otherwise) will be payable only upon
presentation and surrender of such Certificate at the office or agency
maintained for that purpose by the Owner Trustee pursuant to Section 3.8.

                  Section 5.4 No Segregation of Monies; No Interest. Subject
to Sections 5.1 and 5.2, monies received by the Owner Trustee hereunder need
not be segregated in any manner except to the extent required by law, the
Indenture or the Sale and Servicing Agreement and may be deposited under such
general conditions as may be prescribed by law, and the Owner Trustee shall
not be liable for any interest thereon.

                  Section 5.5 Accounting and Reports to the
Certificateholders, the Internal Revenue Service and Others. The Owner Trustee
shall, based on information provided by the Depositor, (a) maintain (or cause
to be maintained) the books of the Trust on the basis of a fiscal year ending
December 31 and based on the accrual method of accounting, (b) deliver to each
Certificateholder, as may be required by the Code and applicable Treasury
Regulations, such information as may be required (including Schedule K-1) to
enable each Certificateholder to prepare its Federal and state income tax
returns, (c) file such tax returns relating to the Trust (including a
partnership information return, IRS Form 1065), and make such elections as may
from time to time be required or appropriate under any applicable state or
Federal statute or rule or regulation thereunder so as to maintain the Trust's
characterization as a partnership for Federal income tax purposes, (d) cause
such tax returns to be signed in the manner required by law and (e) collect or
cause to be collected any withholding tax as described in and in accordance
with Section 5.2(c) with respect to income or distributions to
Certificateholders. The Owner Trustee shall elect under Section 1278 of the
Code to include in income currently any market discount that accrues with
respect to the Receivables. The Owner Trustee shall not make the election
provided under Section 754 of the Code.

                  The Owner Trustee may satisfy its obligations with
respect to this Section 5.5 by retaining, at the expense of the Depositor,
a firm of independent public accountants (the "Accountants") chosen by the
Depositor which shall perform the filing obligations of the Owner Trustee
hereunder. The Accountants will provide prior to March 31, 2002, a letter
in form and substance satisfactory to the Owner Trustee as to whether any
Federal tax withholding on Certificates is then required and, if required,
the procedures to be followed with respect thereto to comply with the
requirements of the Code. The Accountants shall be required to update the
letter in each instance that any additional tax withholding is subsequently
required or any previously required tax withholding shall no longer be
required. The Owner Trustee shall be deemed to have discharged its
obligations pursuant to this Section upon its retention of the Accountants,
and the Owner Trustee shall not have any liability with respect to the
default or misconduct of the Accountants.

                  Section 5.6 Signature on Returns; Tax Matters Partner. (a)
The Depositor, as general partner for income tax purposes, shall sign, on
behalf of the Trust, the tax returns of the Trust.

                  (b) The Depositor shall be designated the "tax matters
partner" of the Trust pursuant to Section 6231(a)(7)(A) of the Code and
applicable Treasury Regulations.

              ARTICLE VI - AUTHORITY AND DUTIES OF OWNER TRUSTEE

                  Section 6.1 General Authority. The Owner Trustee is
authorized and directed to execute and deliver the Basic Documents to which
the Trust is to be a party and each certificate or other document attached as
an exhibit to or contemplated by the Basic Documents to which the Trust is to
be a party and any amendment or other agreement, in each case, in such form as
the Depositor shall approve, as evidenced conclusively by the Owner Trustee's
execution thereof and the Depositor's execution of this Agreement, and to
direct the Indenture Trustee to authenticate and deliver Notes in the
aggregate principal amount of $[ ] (comprised of $[ ] in aggregate principal
amount of Class A-1 Notes, $[ ] in aggregate principal amount of Class A-2
Notes, $[ ] in aggregate principal amount of Class A-3 Notes, $[ ] in
aggregate principal amount of Class A-4 Notes, $[ ] in aggregate principal
amount of Class B Notes and $[ ] in aggregate principal amount of Class C
Notes). In addition to the foregoing, the Owner Trustee is authorized to take
all actions required of the Trust pursuant to the Basic Documents. The Owner
Trustee is further authorized from time to time to take such action on behalf
of the Trust as is permitted by the Basic Documents and which the Servicer or
the Administrator recommends with respect to the Basic Documents, except to
the extent that this Agreement expressly requires the consent of
Certificateholders for such action.

                  Section 6.2 General Duties. It shall be the duty of the
Owner Trustee to discharge (or cause to be discharged) all of its
responsibilities pursuant to the terms of this Agreement and the other Basic
Documents to which the Trust is a party and to administer the Trust in the
interest of the Certificateholders, subject to the lien of the Indenture and
in accordance with the provisions of this Agreement and the other Basic
Documents. Notwithstanding the foregoing, the Owner Trustee shall be deemed to
have discharged its duties and responsibilities hereunder and under the Basic
Documents to the extent the Administrator or any other Person is required in
the Administration Agreement or any of the Basic Documents to perform any act
or to discharge such duty of the Owner Trustee or the Trust hereunder or under
any other Basic Document, and the Owner Trustee shall not be held liable for
the default or failure of the Administrator or any other Person to carry out
its obligations under the Administration Agreement or any of the Basic
Documents.

                  Section 6.3 Action upon Instruction. (a) Subject to Article
IV, and in accordance with the terms of the Basic Documents, the
Certificateholders may, by written instruction, direct the Owner Trustee in
the management of the Trust.

                  (b) The Owner Trustee shall not be required to take any
action hereunder or under any Basic Document if the Owner Trustee shall have
reasonably determined, or shall have been advised by counsel, that such action
is likely to result in liability on the part of the Owner Trustee or is
contrary to the terms hereof or of any Basic Document or is otherwise contrary
to law.

                  (c) Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this
Agreement or any other Basic Document, the Owner Trustee shall promptly give
notice (in such form as shall be appropriate under the circumstances) to the
Certificateholders requesting instruction as to the course of action to be
adopted, and to the extent the Owner Trustee acts in good faith in accordance
with any written instruction of the Certificateholders received, the Owner
Trustee shall not be liable on account of such action to any Person. If the
Owner Trustee shall not have received appropriate instruction within ten days
of such notice (or within such shorter period of time as reasonably may be
specified in such notice or may be necessary under the circumstances) it may,
but shall be under no duty to, take or refrain from taking such action, not
inconsistent with this Agreement or the other Basic Documents, as it shall
deem to be in the best interests of the Certificateholders, and shall have no
liability to any Person for such action or inaction.

                  (d) In the event the Owner Trustee is unsure as to the
application of any provision of this Agreement or any other Basic Document or
any such provision is ambiguous as to its application, or is, or appears to
be, in conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to
take with respect to a particular set of facts, the Owner Trustee may give
notice (in such form as shall be appropriate under the circumstances) to the
Certificateholders requesting instruction and, to the extent that the Owner
Trustee acts or refrains from acting in good faith in accordance with any such
instruction received, the Owner Trustee shall not be liable, on account of
such action or inaction, to any Person. If the Owner Trustee shall not have
received appropriate instruction within ten days of such notice (or within
such shorter period of time as reasonably may be specified in such notice or
may be necessary under the circumstances) it may, but shall be under no duty
to, take or refrain from taking such action not inconsistent with this
Agreement or the other Basic Documents, as it shall deem to be in the best
interests of the Certificateholders and shall have no liability to any Person
for such action or inaction.

                  Section 6.4 No Duties Except as Specified in this Agreement
or in Instructions. The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of,
or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain
from taking any action under, or in connection with, any document contemplated
hereby to which the Owner Trustee or the Trust is a party, except as expressly
provided by the terms of this Agreement or in any document or written
instruction received by the Owner Trustee pursuant to Section 6.3; and no
implied duties or obligations shall be read into this Agreement or any other
Basic Document against the Owner Trustee. The Owner Trustee shall have no
responsibility for filing any financing or continuation statement in any
public office at any time or to otherwise perfect or maintain the perfection
of any security interest or lien granted to it hereunder or to prepare or file
any Securities and Exchange Commission filing for the Trust or to record this
Agreement or any other Basic Document. The Owner Trustee nevertheless agrees
that it will, at its own cost and expense, promptly take all action as may be
necessary to discharge any lien (other than the lien of the Indenture) on any
part of the Owner Trust Estate that results from actions by, or claims
against, the Owner Trustee that are not related to the ownership or the
administration of the Owner Trust Estate.

                  Section 6.5 Restrictions. The Owner Trustee shall not take
any action (a) that is inconsistent with the purposes of the Trust set forth
in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer
of the Owner Trustee, would (i) affect the treatment of the Notes as
indebtedness for Federal income or Delaware or California income or franchise
tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for
Federal income or Delaware or California income or franchise tax purposes or
(iii) cause the Trust or any portion thereof to be taxable as an association
or publicly traded partnership taxable as a corporation for Federal income or
Delaware or California income or franchise tax purposes. The
Certificateholders shall not direct the Owner Trustee to take action that
would violate the provisions of this Section 6.6.

                  ARTICLE VII - REGARDING THE OWNER TRUSTEE

                  Section 7.1 Acceptance of Trusts and Duties. The Owner
Trustee accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this
Agreement. The Owner Trustee also agrees to disburse all monies actually
received by it constituting part of the Owner Trust Estate upon the terms of
this Agreement to which the Trust or Owner Trustee is a party and the other
Basic Documents. The Owner Trustee shall not be answerable or accountable
hereunder or under any other Basic Document under any circumstances, except
(i) for its own willful misconduct, bad faith or negligence or (ii) in the
case of the inaccuracy of any representation or warranty contained in Section
7.3 expressly made by the Owner Trustee, in its individual capacity. In
particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

                  (a) the Owner Trustee shall not be liable for any error of
judgment made in good faith by a responsible officer or employee of the Owner
Trustee;

                  (b) the Owner Trustee shall not be liable with respect to
any action taken or omitted to be taken by it in accordance with the
provisions of this Agreement at the instructions of any Certificateholder, the
Indenture Trustee, the Depositor, the Administrator or the Servicer;

                  (c) no provision of this Agreement or any other Basic
Document shall require the Owner Trustee to expend or risk its personal funds
or otherwise incur any financial liability in the performance of any of its
rights or duties hereunder, or under any other Basic Document, if the Owner
Trustee shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably
assured or provided to it;

                  (d) under no circumstances shall the Owner Trustee be
personally liable for indebtedness evidenced by or arising under any of the
Basic Documents, including the principal of and interest on the Notes or
distributions on the Certificates;

                  (e) the Owner Trustee shall not be responsible for or in
respect of the validity or sufficiency of this Agreement or for the due
execution hereof by the Depositor or for the form, character, genuineness,
sufficiency, value or validity of any of the Owner Trust Estate or for or in
respect of the validity or sufficiency of the other Basic Documents, other
than the certificate of authentication on the Certificates, and the Owner
Trustee shall in no event assume or incur any liability, duty, or obligation
to any Noteholder or to any Certificateholder, other than as expressly
provided for herein and in the other Basic Documents;

                  (f) the Owner Trustee shall not be liable for the default or
misconduct of the Servicer, the Administrator, the Depositor, the Indenture
Trustee or any other Person under any of the Basic Documents or otherwise and
the Owner Trustee shall have no obligation or liability to perform or monitor
the performance of the obligations of the Trust under this Agreement or the
other Basic Documents that are required to be performed by the Administrator
under the Administration Agreement, the Servicer under the Sale and Servicing
Agreement or the Indenture Trustee under the Indenture; and

                  (g) the Owner Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Agreement, or to
institute, conduct or defend any litigation under this Agreement or otherwise
or in relation to this Agreement or any other Basic Document, at the request,
order or direction of any of the Certificateholders, unless such
Certificateholders have offered to the Owner Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be
incurred by the Owner Trustee therein or thereby; the right of the Owner
Trustee to perform any discretionary act enumerated in this Agreement or in
any other Basic Document shall not be construed as a duty, and the Owner
Trustee shall not be answerable for other than its willful misconduct, bad
faith or negligence in the performance of any such act.

                  Section 7.2 Furnishing of Documents. The Owner Trustee shall
furnish to the Certificateholders promptly upon receipt of a written request
therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the
Owner Trustee under the Basic Documents.

                  Section 7.3 Representations and Warranties. The Owner
Trustee, in its individual capacity, hereby represents and warrants to the
Depositor, for the benefit of the Certificateholders, that:

                  (a) It is a banking corporation duly organized and validly
existing in good standing under the laws of the State of Delaware. It has all
requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement.

                  (b) It has taken all corporate action necessary to authorize
the execution and delivery by it of this Agreement, and this Agreement will be
executed and delivered by one of its officers who is duly authorized to
execute and deliver this Agreement on its behalf.

                  (c) Neither the execution nor the delivery by it of this
Agreement, nor the consummation by it of the transactions contemplated hereby
nor compliance by it with any of the terms or provisions hereof will
contravene any Federal or Delaware law, governmental rule or regulation
governing the banking or trust powers of the Owner Trustee or any judgment or
order binding on it, or constitute any default under its charter documents or
bylaws or any indenture, mortgage, contract, agreement or instrument to which
it is a party or by which any of its properties may be bound.

                  Section 7.4 Reliance; Advice of Counsel. (a) The Owner
Trustee may rely upon, shall be protected in relying upon, and shall incur no
liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond, or
other document or paper believed by it to be genuine and believed by it to be
signed by the proper party or parties. The Owner Trustee may accept a
certified copy of a resolution of the board of directors or other governing
body of any corporate party as conclusive evidence that such resolution has
been duly adopted by such body and that the same is in full force and effect.
As to any fact or matter the method of the determination of which is not
specifically prescribed herein, the Owner Trustee may for all purposes hereof
rely on a certificate, signed by the president or any vice president or by the
treasurer or other authorized officers of the relevant party, as to such fact
or matter and such certificate shall constitute full protection to the Owner
Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon.

                  (b) In the exercise or administration of the trusts
hereunder and in the performance of its duties and obligations under this
Agreement or the other Basic Documents, the Owner Trustee (i) may act directly
or through its agents or attorneys pursuant to agreements entered into with
any of them, and the Owner Trustee shall not be liable for the conduct or
misconduct of such agents or attorneys if such agents or attorneys shall have
been selected by the Owner Trustee with reasonable care, and (ii) may consult
with counsel, accountants and other skilled Persons to be selected with
reasonable care and employed by it. The Owner Trustee shall not be liable for
anything done, suffered or omitted in good faith by it in accordance with the
written opinion or advice of any such counsel, accountants or other such
Persons and not contrary to this Agreement or any other Basic Document.

                  Section 7.5 Not Acting in Individual Capacity. Except as
provided in this Article VII, in accepting the trusts hereby created,
Wilmington Trust Company acts solely as Owner Trustee hereunder and not in its
individual capacity, and all Persons having any claim against the Owner
Trustee by reason of the transactions contemplated by this Agreement or any
other Basic Document shall look only to the Owner Trust Estate for payment or
satisfaction thereof.

                  Section 7.6 Owner Trustee Not Liable for Certificates or
Receivables. The recitals contained herein and in the Certificates (other than
the signature and countersignature of the Owner Trustee on the Certificates)
shall be taken as the statements of the Depositor, and the Owner Trustee
assumes no responsibility for the correctness thereof. The Owner Trustee makes
no representations as to the validity or sufficiency of this Agreement, of any
other Basic Document or of the Certificates (other than the signature and
countersignature of the Owner Trustee on the Certificates) or the Notes, or of
any Receivable or related documents. The Owner Trustee shall at no time have
any responsibility or liability for or with respect to the legality, validity
and enforceability of any Receivable, or the perfection and priority of any
security interest created by any Receivable in any Financed Vehicle or the
maintenance of any such perfection and priority, or for or with respect to the
sufficiency of the Owner Trust Estate or its ability to generate the payments
to be distributed to Certificateholders under this Agreement or the
Noteholders under the Indenture, including: the existence, condition and
ownership of any Financed Vehicle; the existence and enforceability of any
insurance thereon; the existence and contents of any Receivable on any
computer or other record thereof; the validity of the assignment of any
Receivable to the Trust or any intervening assignment; the completeness of any
Receivable; the performance or enforcement of any Receivable; the compliance
by the Depositor or the Servicer with any warranty or representation made
under any Basic Document or in any related document, or the accuracy of any
such warranty or representation or any action of the Indenture Trustee, the
Administrator or the Servicer or any subservicer taken in the name of the
Owner Trustee.

                  Section 7.7 Owner Trustee May Own Certificates and Notes.
The Owner Trustee, in its individual or any other capacity, may become the
owner or pledgee of Certificates or Notes and may deal with the Depositor, the
Servicer, the Administrator and the Indenture Trustee in banking transactions
with the same rights as it would have if it were not Owner Trustee.

                 ARTICLE VIII - COMPENSATION OF OWNER TRUSTEE

                  Section 8.1 Owner Trustee's Fees and Expenses. The Owner
Trustee shall receive as compensation for its services hereunder such fees as
have been separately agreed upon before the date hereof between the Depositor
and the Owner Trustee, and the Owner Trustee shall be entitled to and
reimbursed by the Depositor for its other reasonable expenses hereunder,
including the reasonable compensation, expenses and disbursements of such
agents, representatives, experts and counsel as the Owner Trustee may employ
in connection with the exercise and performance of its rights and its duties
hereunder.

                  Section 8.2 Indemnification. The Depositor shall be liable
as prime obligor for, and shall indemnify Wilmington Trust Company and the
Owner Trustee and its successors, assigns, agents and servants (each, an
"Indemnified Party" and collectively, the "Indemnified Parties") from and
against, any and all liabilities, obligations, losses, damages, taxes, claims,
actions and suits, and any and all reasonable costs, expenses and
disbursements (including reasonable legal fees and expenses) of any kind and
nature whatsoever (collectively, "Expenses") which may at any time be imposed
on, incurred by, or asserted against Wilmington Trust Company or the Owner
Trustee or any Indemnified Party in any way relating to or arising out of this
Agreement, the other Basic Documents, the Owner Trust Estate, the
administration of the Owner Trust Estate or the action or inaction of the
Owner Trustee hereunder; provided that the Depositor shall not be liable for
or required to indemnify an Indemnified Party from and against Expenses
arising or resulting from any of the matters described in the third sentence
of Section 7.1. The Depositor will in no event be entitled to make any claim
upon the Trust Property for the payment or reimbursement of any Expenses. The
indemnities contained in this Section 8.2 shall survive the resignation or
termination of the Owner Trustee or the termination of this Agreement. In the
event of any claim, action or proceeding for which indemnity will be sought
pursuant to this Section 8.2, the Owner Trustee's choice of legal counsel
shall be subject to the approval of the Depositor, which approval shall not be
unreasonably withheld.

                  Section 8.3 Payments to the Owner Trustee. Any amounts paid
to the Owner Trustee pursuant to this Article VIII shall be deemed not to be a
part of the Owner Trust Estate immediately after such payment.

                           ARTICLE IX - TERMINATION

                  Section 9.1 Termination of Trust Agreement. (a) This
Agreement (other than the provisions of Article VIII) and the Trust shall
dissolve, wind-up and terminate in accordance with Section 3808 of the
Business Trust Statute and be of no further force or effect (i) upon the
payment to the Noteholders and the Certificateholders of all amounts required
to be paid to them pursuant to the terms of the Indenture, the Sale and
Servicing Agreement and Article V or (ii) on the Payment Date next succeeding
the month which is one year after the maturity or other liquidation of the
last Receivable and the disposition of any amounts received upon liquidation
of any property remaining in the Trust in accordance with the terms and
priorities set forth in the Indenture, the Sale and Servicing Agreement and
Article V. The bankruptcy, liquidation, dissolution, death or incapacity of
any Certificateholder shall not (x) operate to terminate this Agreement or the
Trust, nor (y) entitle such Certificateholder's legal representatives or heirs
to claim an accounting or to take any action or proceeding in any court for a
partition or winding up of all or any part of the Trust or Owner Trust Estate
nor (z) otherwise affect the rights, obligations and liabilities of the
parties hereto.

                  (b) No Certificateholder shall be entitled to revoke or
terminate the Trust.

                  (c) Notice of any termination of the Trust, specifying the
Payment Date upon which the Certificateholders shall surrender their
Certificates, to the Paying Agent for payment of the final distribution and
cancellation, shall be given by the Owner Trustee by letter to
Certificateholders mailed within five Business Days of receipt of notice of
such termination from the Servicer, stating (i) the Payment Date upon or with
respect to which final payment of the Certificates shall be made upon
presentation and surrender of the Certificates, at the office of the Paying
Agent therein designated, (ii) the amount of any such final payment and (iii)
that the Record Date otherwise applicable to such Payment Date is not
applicable, payments being made only upon presentation and surrender of the
Certificates at the office of the Paying Agent therein specified. The Owner
Trustee shall give such notice to the Certificate Registrar (if other than the
Owner Trustee) and the Paying Agent at the time such notice is given to
Certificateholders. Upon presentation and surrender of the Certificates, the
Paying Agent shall cause to be distributed to Certificateholders, amounts
distributable on such Payment Date pursuant to Section 5.2.

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

                  (d) Upon the winding up of the Trust and its termination,
the Owner Trustee shall cause the Certificate of Trust to be cancelled by
filing a certificate of cancellation with the Secretary of State in accordance
with the provisions of Section 3810 of the Business Trust Statute.

                  Section 9.2 Prepayment of the Certificates. (a) The
Certificates shall be prepaid in whole, but not in part, at the direction of
the Servicer pursuant to Section 9.1(a) of the Sale and Servicing Agreement,
on any Payment Date on which the Servicer exercises its option to purchase the
assets of the Trust pursuant to said Section 9.1(a), and the amount paid by
the Servicer shall be treated as collections of Receivables and applied to pay
the unpaid principal amount of the Notes plus accrued and unpaid interest
thereon, together with the unpaid principal amount of the Certificates. The
Servicer shall furnish the Rating Agencies and the Certificateholders notice
of such prepayment. If the Certificates are to be prepaid pursuant to this
Section 9.2(a), the Servicer shall furnish notice of such election to the
Owner Trustee not later than 20 days prior to the Prepayment Date and the
Trust shall deposit by 10:00 A.M. (New York City time) on the Prepayment Date
in the Certificate Distribution Account the Prepayment Price of the
Certificates to be prepaid, whereupon all such Certificates shall be due and
payable on the Prepayment Date.

                  (b) In addition, following payment in full of the Notes, the
Holders of 100% of the Certificate Balance may agree to liquidate the Trust
and prepay the Certificates.

                  (c) Notice of prepayment under Section 9.2(a) shall be given
by the Owner Trustee by first-class mail, postage prepaid, or by facsimile
mailed or transmitted immediately following receipt of notice from the Trust
or Servicer pursuant to Section 9.2(a), but not later than ten days prior to
the applicable Prepayment Date, to each Holder of Certificate as of the close
of business on the Record Date preceding the applicable Prepayment Date, at
such Holder's address or facsimile number appearing in the Certificate
Register.

                  All notices of prepayment shall state:

                           (i) the Prepayment Date;

                           (ii) the Prepayment Price; and

                           (iii) the place where such Certificates are to be
         surrendered for payment of the Prepayment Price (which shall be the
         office or agency of the Owner Trustee to be maintained as provided in
         Section 3.8).

Notice of prepayment of the Certificates shall be given by the Owner
Trustee in the name and at the expense of the Trust. Failure to give notice
of prepayment, or any defect therein, to any Holder of any Certificate
shall not impair or affect the validity of the prepayment of any other
Certificate.

                  (d) The Certificates to be prepaid shall, following notice
of prepayment as required by Section 9.2(a), on the Prepayment Date be paid by
the Trust at the Prepayment Price and (unless the Trust shall default in the
payment of the Prepayment Price) no interest shall accrue on the Prepayment
Price for any period after the date to which accrued interest is calculated
for purposes of calculating the Prepayment Price. Following payment in full of
the Prepayment Price, this Agreement and the Trust shall terminate.

                     ARTICLE X - SUCCESSOR OWNER TRUSTEES
                         AND ADDITIONAL OWNER TRUSTEES

                  Section 10.1 Eligibility Requirements for Owner Trustee. The
Owner Trustee shall at all times (i) be a corporation satisfying the
provisions of Section 3807(a) of the Business Trust Statute; (ii) be
authorized to exercise corporate trust powers; (iii) have a combined capital
and surplus of at least $50,000,000 and shall be subject to supervision or
examination by Federal or state authorities; and (iv) shall have (or shall
have a parent that has) a long-term debt rating of investment grade by each of
the Rating Agencies or be otherwise acceptable to the Rating Agencies. If such
corporation shall publish reports of condition at least annually, pursuant to
law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section 10.1, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of this Section 10.1, the Owner Trustee shall resign
immediately in the manner and with the effect specified in Section 10.2.

                  Section 10.2 Resignation or Removal of Owner Trustee. The
Owner Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Administrator. Upon receiving
such notice of resignation, the Administrator shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Owner Trustee and one copy to
the successor Owner Trustee. If no successor Owner Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of
such notice of resignation, the resigning Owner Trustee may, at the expense of
the Trust, petition any court of competent jurisdiction for the appointment of
a successor Owner Trustee.

                  If at any time the Owner Trustee shall cease to be
eligible in accordance with the provisions of Section 10.1 and shall fail
to resign after written request therefor by the Administrator, or if at any
time the Owner Trustee shall be legally unable to act, or shall be adjudged
bankrupt or insolvent, or a receiver of the Owner Trustee or of its
property shall be appointed, or any public officer shall take charge or
control of the Owner Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation, then the Administrator may
remove the Owner Trustee. If the Administrator shall remove the Owner
Trustee under the authority of the immediately preceding sentence, the
Administrator shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered
to the outgoing Owner Trustee so removed and one copy to the successor
Owner Trustee and payment of all fees owed to the outgoing Owner Trustee.

                  Any resignation or removal of the Owner Trustee and
appointment of a successor Owner Trustee pursuant to any of the provisions
of this Section 10.2 shall not become effective until acceptance of
appointment by the successor Owner Trustee pursuant to Section 10.3 and
payment of all fees and expenses owed to the outgoing Owner Trustee. The
Administrator shall provide notice of such resignation or removal of the
Owner Trustee to the Certificateholders, the Indenture Trustee, the
Noteholders and each of the Rating Agencies.

                  Section 10.3 Successor Owner Trustee. Any successor Owner
Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and
deliver to the Administrator and to its predecessor Owner Trustee an
instrument accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Owner Trustee shall become
effective, and such successor Owner Trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties, and
obligations of its predecessor under this Agreement, with like effect as if
originally named as Owner Trustee. The predecessor Owner Trustee shall, upon
payment of its fees and expenses, deliver to the successor Owner Trustee all
documents and statements and monies held by it under this Agreement, and the
Administrator and the predecessor Owner Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully
and certainly vesting and confirming in the successor Owner Trustee all such
rights, powers, duties, and obligations.

                  No successor Owner Trustee shall accept appointment as
provided in this Section 10.3 unless, at the time of such acceptance, such
successor Owner Trustee shall be eligible pursuant to Section 10.1.

                  Any successor Owner Trustee appointed pursuant to this
Section 10.3 shall file an amendment to the Certificate of Trust reflecting
the name and principal place of business of such succession in the state of
Delaware.

                  Upon acceptance of appointment by a successor Owner
Trustee pursuant to this Section 10.3, the Administrator shall mail notice
of the successor of such Owner Trustee to all Certificateholders, the
Indenture Trustee, the Noteholders and the Rating Agencies. If the
Administrator shall fail to mail such notice within ten days after
acceptance of appointment by the successor Owner Trustee, the successor
Owner Trustee shall cause such notice to be mailed at the expense of the
Administrator.

                  Section 10.4 Merger or Consolidation of Owner Trustee. Any
corporation into which the Owner Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Owner Trustee shall be a party, or
any corporation succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall be the successor to the Owner Trustee
hereunder; provided that such corporation shall be eligible pursuant to
Section 10.1, without the execution or filing of any instrument or any further
act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided further, however, that the Owner Trustee shall mail
notice of such merger or consolidation to the Rating Agencies.

                  Section 10.5 Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, for the purpose of
meeting any legal requirements of any jurisdiction in which any part of the
Owner Trust Estate or any Financed Vehicle may at the time be located, the
Administrator and the Owner Trustee acting jointly shall at any time have the
power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Owner Trustee to act as co-trustee, jointly with the
Owner Trustee, or separate trustee or separate trustees, of all or any part of
the Owner Trust Estate, and to vest in such Person, in such capacity, such
title to the Trust, or any part thereof, and, subject to the other provisions
of this Section 10.5, such powers, duties, obligations, rights and trusts as
the Administrator and the Owner Trustee may consider necessary or desirable.
If the Administrator shall not have joined in such appointment within 15 days
after the receipt by it of a request so to do, the Owner Trustee alone shall
have the power to make such appointment. No co-trustee or separate trustee
under this Agreement shall be required to meet the terms of eligibility as a
successor trustee pursuant to Section 10.1 and no notice of the appointment of
any co-trustee or separate trustee shall be required pursuant to Section 10.3.

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

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

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

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

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

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

                          ARTICLE XI - MISCELLANEOUS

                  Section 11.1 Supplements and Amendments. (a) This Agreement
may be amended by the Depositor and the Owner Trustee, with prior written
notice to the Rating Agencies, without the consent of any of the Noteholders,
the Certificateholders or the Swap Counterparty (if any Interest Rate Swap
Agreements are then in effect) to: (i) cure any ambiguity, to revise, correct
or supplement any provisions herein, (ii) enable the Trust to avoid becoming a
member of MMCA's consolidated group under GAAP or (iii) enable the Transferor
or any Affiliate of the Transferor or any of their Affiliates to otherwise
comply with or obtain more favorable treatment under any law or regulation or
any accounting rule or principle; provided, however, that such action shall
not (x) adversely affect the rights or obligations of the Swap Counterparty
under the Interest Rate Swap Agreement or impair the ability of the Trust to
fully perform any of its obligations under the Interest Rate Swap Agreement),
(y) as evidenced by an Opinion of Counsel satisfactory to the Owner Trustee
and the Indenture Trustee, adversely affect in any material respect the
interests of any Noteholder or Certificateholder (unless each such Holder has
consented thereto), or (z) as evidenced by an Opinion of Counsel, (i)
materially adversely affect the Federal or any Applicable Tax State income or
franchise taxation of any outstanding Note or Certificate, or any Holder
thereof or (ii) cause the Trust to be taxable as a corporation for Federal or
any Applicable Tax State income or franchise tax purposes; provided, further,
that no such amendment shall be inconsistent with the derecognition by MMCA of
the Receivables under GAAP or cause the Trust to become a member of MMCA's
consolidated group under GAAP.

                  (b) This Agreement may also be amended from time to time by
the Depositor and the Owner Trustee, with prior written notice of the
substance of such amendment to the Rating Agencies and the Indenture Trustee,
with the consent of (i) the Holders (as defined in the Indenture) of Notes
evidencing not less than a majority of the aggregate principal amount of the
then outstanding Notes, voting as a group, (ii) the consent of the Holders of
Certificates evidencing not less than a majority of the Certificate Balance
and (iii) the Swap Counterparty to the extent such amendment adversely affects
the rights or obligations of the Swap Counterparty or modifies or impairs the
ability of the Trust to fully perform any of its obligations under the
Interest Rate Swap Agreement, 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 Noteholders or the
Certificateholders; provided, however, that no such amendment shall (i)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, or change the allocation or priority of, collections of payments on
Receivables or distributions that are required to be made on any Note or
Certificate, or change any Note Interest Rate, or (ii) reduce the aforesaid
percentage of the principal amount of the then outstanding Notes and the
Certificate Balance required to consent to any such amendment, without the
consent of the holders of all the outstanding Notes and Certificates affected
thereby or (iii) adversely affect the ratings of any Class of Notes by the
Rating Agencies without the consent, respectively, of holders of Notes
evidencing not less than 66 2/3% of the aggregate principal amount of the then
outstanding Notes of such Class or (iv) amend the activities of the Trust as
permitted in Section 2.3; and provided further that an Opinion of Counsel
shall be furnished to the Indenture Trustee and the Owner Trustee to the
effect that such amendment (A) will not materially adversely affect the
Federal or any Applicable Tax State income or franchise taxation of any
outstanding Note or Certificate, or any Holder thereof and (B) will not cause
the Trust to be taxable as a corporation for Federal or any Applicable Tax
State income or franchise tax purposes. A Swap Counterparty's consent will be
deemed to have been given if the Swap Counterparty does not object in writing
within ten Business Days of receipt of a written request for such consent.

                  (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,
the Swap Counterparty (to the extent the Interest Rate Swap Agreement is in
effect) and each of the Rating Agencies.

                  (d) It shall not be necessary for the consent of
Certificateholders, the Noteholders, the Swap Counterparty or the Indenture
Trustee pursuant to this Section 11.1 to approve the particular form of any
proposed amendment or consent, but it shall be sufficient if such consent
shall approve the substance thereof. The manner of obtaining such consents
(and any other consents of Certificateholders provided for in this Agreement
or in any other Basic Document) and of evidencing the authorization of the
execution thereof by Certificateholders shall be subject to such reasonable
requirements as the Owner Trustee may prescribe.

                  (e) Promptly after the execution of any amendment to the
Certificate of Trust, the Owner Trustee shall cause the filing of such
amendment with the Secretary of State.

                  (f) The Owner Trustee may, but shall not be obligated to,
enter into any such amendment which affects the Owner Trustee's own rights,
duties or immunities under this Agreement or otherwise.

                  (g) Prior to the execution of any amendment to this Trust
Agreement or any amendment to any other agreement to which the Trust is a
party, the Owner Trustee shall be entitled to receive and conclusively rely
upon an Opinion of Counsel, a copy of which will be sent to the Rating
Agencies, to the effect that such amendment is authorized or permitted by the
Basic Documents and that all conditions precedent in the Basic Documents for
the execution and delivery thereof by the Trust or the Owner Trustee, as the
case may be, have been satisfied.

                  Section 11.2 No Legal Title to Owner Trust Estate in
Certificateholders. The Certificateholders shall not have legal title to any
part of the Owner Trust Estate. The Certificateholders shall be entitled to
receive distributions with respect to their undivided beneficial interest
therein only in accordance with Articles V and IX. No transfer, by operation
of law or otherwise, of any right, title, or interest of the
Certificateholders to and in their beneficial interest in the Owner Trust
Estate shall operate to terminate this Agreement or the trusts hereunder or
entitle any transferee to an accounting or to the transfer to it of legal
title to any part of the Owner Trust Estate.

                  Section 11.3 Limitation on Rights of Others. The provisions
of this Agreement are solely for the benefit of the Owner Trustee, the
Depositor, the Administrator, the Certificateholders the Servicer and, to the
extent expressly provided herein, 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.

                  Section 11.4 Notices. (a) Unless otherwise expressly
specified or permitted by the terms hereof, all notices shall be in writing
and shall be deemed given upon receipt by the intended recipient or three
Business Days after mailing if mailed by certified mail, postage prepaid
(except that notice to the Owner Trustee shall be deemed given only upon
actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to
the Corporate Trust Office; if to the Depositor, addressed to MMCA Auto
Receivables Trust at the address of its principal executive office first above
written; or, as to each party, at such other address as shall be designated by
such party in a written notice to each other party.

                  (b) Any notice required or permitted to be given to a
Certificateholder shall be given by first-class mail, postage prepaid, at the
address of such Holder as shown in the Certificate Register. Any notice so
mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Certificateholder
receives such notice.

                  Section 11.5 Severability. Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

                  Section 11.6 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 11.7 Successors and Assigns. All covenants and
agreements contained herein shall be binding upon, and inure to the benefit
of, the Depositor, the Owner Trustee and their respective successors and each
Certificateholder and its successors and permitted assigns, all as herein
provided. Any request, notice, direction, consent, waiver or other instrument
or action by a Certificateholder shall bind the successors and assigns of such
Certificateholder.

                  Section 11.8 Covenants of the Depositor. In the event that
(a) the principal balance of Receivables underlying the Certificates shall be
reduced by Realized Losses and (b) any litigation with claims in excess of
$1,000,000 to which the Depositor is a party which shall be reasonably likely
to result in a material judgment against the Depositor that the Depositor will
not be able to satisfy shall be commenced by a Certificateholder, during the
period beginning nine months following the commencement of such litigation and
continuing until such litigation is dismissed or otherwise terminated (and, if
such litigation has resulted in a final judgment against the Depositor, such
judgment has been satisfied), the Depositor shall not pay any dividend to
MMCA, or make any distribution on or in respect of its capital stock to MMCA,
or repay the principal amount of any indebtedness of the Depositor held by
MMCA, unless (i) after giving effect to such payment, distribution or
repayment, the Depositor's liquid assets shall not be less than the amount of
actual damages claimed in such litigation or (ii) the Rating Agency Condition
shall have been satisfied with respect to any such payment, distribution or
repayment. The Depositor will not at any time institute against the Trust any
bankruptcy proceedings under any United States Federal or state bankruptcy or
similar law in connection with any obligations relating to the Certificates,
the Notes, this Agreement or any of the other Basic Documents.

                  Section 11.9 No Petition; Subordination; Claims Against
Depositor. The Owner Trustee (not in its individual capacity but solely as
Owner Trustee), by entering into this Agreement, each Certificateholder, by
accepting a Certificate, and the Indenture Trustee and each Noteholder by
accepting the benefits of this Agreement, hereby covenant and agree that:

                  (a) they will not at any time institute against the
Depositor or the Trust, or join in any institution against the Depositor or
the Trust 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 Certificates, the Notes, this Agreement or any of the other Basic
Documents;

                  (b) any claim that they may have at any time against the
Subtrust Assets of any Subtrust unrelated to the Notes or the Certificates,
and any claim that they may have at any time against the Depositor that they
may seek to enforce against the Subtrust Assets of any Subtrust unrelated to
the Notes or the Certificates, shall be subordinate to the payment in full,
including post-petition interest, in the event that the Depositor becomes a
debtor or debtor in possession in a case under any applicable Federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect or
otherwise subject to any insolvency, reorganization, liquidation,
rehabilitation or other similar proceedings, of the claims of the holders of
any Securities related to such unrelated Subtrust and the holders of any other
notes, bonds, contracts or other obligations that are related to such
unrelated Subtrust; and

                  (c) they hereby irrevocably make the election afforded by
Title 11 United States Code Section 1111(b)(1)(A)(i) to secured creditors to
receive the treatment afforded by Title 11 United States Code Section
1111(b)(2) with respect to any secured claim that they may have at any time
against the Depositor. The obligations of the Depositor under this Agreement
and the Certificates are limited to the related Subtrust and the related
Subtrust Assets.

                  Section 11.10 No Recourse. Each Certificateholder, by
accepting a Certificate, acknowledges that such Certificateholder's
Certificates represent beneficial interests in the Trust only and do not
represent interests in or obligations of the Depositor, the Servicer, the
Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate
thereof, and no recourse may be had against such parties or their assets,
except as may be expressly set forth or contemplated in this Agreement, the
Certificates, or the other Basic Documents.

                  Section 11.11 Headings. The headings of the various Articles
and Sections herein are for convenience of reference only and shall not define
or limit any of the terms or provisions hereof.

                  Section 11.12 Governing Law. This Agreement shall be
construed in accordance with the laws of the State of Delaware and the
obligations, rights and remedies of the parties hereunder shall be determined
in accordance with such laws.

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

                                               MMCA AUTO RECEIVABLES TRUST,
                                as Depositor

                                               By:_____________________________
                                                      Name:
                                                      Title:

                                               WILMINGTON TRUST COMPANY,
                                               not in its individual capacity
                                               but solely as Owner Trustee

                                               By:_____________________________
                                                      Name:
                                                      Title:

                                                                   EXHIBIT A

NUMBER                                                         $_____________
R-1
                                                              THIS
                                                              CERTIFICATE
                                                              MAY NOT BE
                                                              TRANSFERRED
                                                              BY A STOCK
                                                              POWER BUT
                                                              ONLY AS SET
                                                              FORTH BELOW.

                    SEE REVERSE FOR CERTAIN DEFINITIONS

                  THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR
UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE UNITED
STATES. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES FOR THE
BENEFIT OF THE TRUST AND THE DEPOSITOR THAT THIS CERTIFICATE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN A DENOMINATION
OF AT LEAST $1,000,000, ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND
OTHER APPLICABLE LAWS, AND ONLY (1) PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT ("RULE 144A") TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE
144A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB,
WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, SUBJECT
TO (A) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
CERTIFICATE SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT C TO THE TRUST
AGREEMENT REFERRED TO BELOW AND (B) THE RECEIPT BY THE TRUST AND THE
CERTIFICATE REGISTRAR OF A LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS
EXHIBIT D TO THE TRUST AGREEMENT, (2) PURSUANT TO AN EXEMPTION FROM
REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE),
SUBJECT TO THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF SUCH
EVIDENCE ACCEPTABLE TO THE TRUST THAT SUCH REOFFER, RESALE, PLEDGE OR
TRANSFER IS IN COMPLIANCE WITH THE TRUST AGREEMENT AND THE SECURITIES ACT
AND OTHER APPLICABLE LAWS, (3) TO AN INSTITUTIONAL "ACCREDITED INVESTOR"
WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT PURSUANT TO ANY OTHER EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO (A) THE RECEIPT
BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A LETTER SUBSTANTIALLY IN THE
FORM ATTACHED AS EXHIBIT E TO THE TRUST AGREEMENT OR (B) THE RECEIPT BY THE
TRUST AND THE CERTIFICATE REGISTRAR OF SUCH OTHER EVIDENCE ACCEPTABLE TO
THE TRUST THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
OR (4) TO THE DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH
ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE
SKY LAWS OF THE STATES OF THE UNITED STATES. IN ADDITION, EXCEPT IN THE
CASE OF TRANSFERS TO EXISTING CERTIFICATEHOLDERS, THIS CERTIFICATE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY WITH THE EXPRESS
WRITTEN CONSENT OF THE DEPOSITOR (WHICH CONSENT MAY BE WITHHELD FOR ANY
REASON OR FOR NO REASON).

                  THE PRINCIPAL OF THIS CERTIFICATE IS DISTRIBUTABLE AS SET
FORTH IN THE TRUST AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF
THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

                         MMCA AUTO OWNER TRUST 2002-1

                          ASSET BACKED CERTIFICATE

evidencing a beneficial interest in the property of the Trust, as defined
below, which property includes a pool of retail installment sale contracts
secured by new and used automobiles and light-duty trucks sold from time to
time to MMCA Auto Receivables Trust by Mitsubishi Motors Credit of America,
Inc. and sold by MMCA Auto Receivables Trust from time to time to the
Trust. The property of the Trust (other than the Certificate Distribution
Account and the proceeds thereof) has been pledged to the Indenture Trustee
pursuant to the Indenture to secure the payment of the Notes issued
thereunder.

(This Certificate does not represent an interest in or obligation of
Mitsubishi Motors Credit of America, Inc., MMCA Auto Receivables Trust or
any of their respective affiliates, except to the extent described below.)

                  THIS CERTIFIES THAT MMCA AUTO RECEIVABLES TRUST is the
registered owner of a ____________________________ DOLLARS nonassessable,
fully paid, beneficial interest in Certificates of MMCA Auto Owner Trust
2002-1 (the "Trust") formed by MMCA Auto Receivables Trust, a Delaware
business trust (the "Depositor"). The Certificates have an aggregate
Initial Certificate Balance of $ .

               OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:______________
                    -

WILMINGTON TRUST COMPANY                      WILMINGTON TRUST COMPANY
not in its individual capacity but     or     not in its individual capacity but
solely as Owner Trustee                       solely as Owner Trustee

By:      _______________________              By:  WILMINGTON TRUST COMPANY
         Responsible Officer                  as Authenticating Agent

                                              By:      ________________________
                                                       Responsible Officer

                  The Trust was created pursuant to a Trust Agreement,
dated as of January 2, 2002 (as amended, supplemented or otherwise modified
and in effect from time to time, the "Trust Agreement"), by and between the
Depositor and Wilmington Trust Company, as owner trustee (the "Owner
Trustee"), a summary of certain of the pertinent provisions of which is set
forth below. To the extent not otherwise defined herein, the capitalized
terms used herein have the meanings assigned to them in the Trust Agreement
or the Sale and Servicing Agreement, dated as of March 1, 2002 (as amended,
supplemented or otherwise modified and in effect from time to time, the
"Sale and Servicing Agreement"), by and among the Trust, the Depositor, as
seller (in such capacity, the "Seller"), and Mitsubishi Motors Credit of
America, Inc., as servicer (the "Servicer"), as applicable.

                  This Certificate is one of the duly authorized
Certificates designated as "Asset Backed Certificates" (herein called the
"Certificates"). This Certificate is issued under and is subject to the
terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound. The property of the Trust
includes (i) a pool of retail installment sale contracts for new and used
automobiles and light-duty trucks and certain rights and obligations
thereunder (the "Receivables"), (ii) with respect to Actuarial Receivables,
monies due thereunder on or after the related Cutoff Date (including
Payaheads) and, with respect to Simple Interest Receivables, monies
received thereunder on or after the related Cutoff Date; (iii) the security
interests in the Financed Vehicles granted by Obligors pursuant to the
Receivables and any other interest of the Trust in the Financed Vehicles;
(iv) all rights to receive proceeds with respect to the Receivables from
claims on any physical damage, theft, credit life or disability insurance
policies covering the Financed Vehicles or Obligors; (v) all rights to
receive proceeds with respect to the Receivables from recourse to Dealers
thereon pursuant to the Dealer Agreements; (vi) all of the Seller's rights
to the Receivable Files; (vii) the Trust Accounts and all amounts,
securities, financial assets, investments and other property deposited in
or credited to any of the foregoing and all proceeds thereof; (viii) all of
the rights under the Sale and Servicing Agreement and the Yield Supplement
Agreement, (ix) all of the rights under the Purchase Agreement, including
the right of the Seller to cause MMCA to repurchase Receivables from the
Seller; (x) all payments and proceeds with respect to the Receivables held
by the Servicer; (xi) all property (including the right to receive
Liquidation Proceeds and Recoveries and Financed Vehicles and the proceeds
thereof acquired by the Trust pursuant to the terms of the Final Payment
Receivables), guarantees and other collateral securing a Receivable (other
than a Receivable repurchased by the Servicer or purchased by the Seller);
(xii) all rebates of premiums and other amounts relating to insurance
policies and other items financed under the Receivables in effect as of the
related Cutoff Date; (xiii) the Issuer's rights under the Interest Rate
Swap Agreement; and (xiv) all present and future claims, demands, causes of
action and choses in action in respect of any or all of the foregoing and
all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all of the foregoing, including all
proceeds of the conversion 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. The rights of the Trust in the foregoing
property of the Trust (other than the Certificate Distribution Account and
the proceeds thereof) have been pledged to the Indenture Trustee to secure
the payment of the Notes and payments to the Swap Counterparty pursuant to
the Interest Rate Swap Agreement.

                  Under the Trust Agreement, there will be distributed on
the fifteenth day of each month or, if such fifteenth day is not a Business
Day, the next Business Day (each, a "Payment Date"), commencing [April] 15,
2002, to the Person in whose name this Certificate is registered at the
close of business on the fourteenth day of such calendar month (the "Record
Date") such Certificateholder's percentage interest in the amount to be
distributed to Certificateholders on such Payment Date; provided, however,
that principal will be distributed to the Certificateholders on each
Payment Date (to the extent of funds remaining after the Total Servicing
Fee, all required payments on Notes and any required deposit to the Reserve
Account have been made on such Payment Date). Notwithstanding the
foregoing, following the occurrence and during the continuation of an Event
of Default under the Indenture which has resulted in an acceleration of the
Notes or following certain events of insolvency with respect to the
Depositor, no distributions of principal or interest will be made on the
Certificates until all the Notes have been paid in full.

                  The Holder of this Certificate acknowledges and agrees
that its rights to receive distributions in respect of this Certificate are
subordinated to the rights of the Noteholders and the Swap Counterparty as
described in the Sale and Servicing Agreement, the Indenture and the Trust
Agreement.

                  It is the intent of the Depositor, the Servicer and the
Certificateholders that, for purposes of Federal income, state and local
income tax and any other income taxes, the Trust will be treated as a
partnership and the Certificateholders (including the Depositor) will be
treated as partners in that partnership. The Depositor and the other
Certificateholders by acceptance of a Certificate, agree to treat, and to
take no action inconsistent with the treatment of, the Certificates for
such tax purposes as partnership interests in the Trust.

                  Each Certificateholder, by its acceptance of a
Certificate, covenants and agrees that such Certificateholder will not at
any time institute against the Depositor or the Trust, or join in any
institution against the Depositor or the Trust of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or
other proceedings under any United States Federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes, the
Certificates, the Trust Agreement or any of the other Basic Documents.

                  Distributions on this Certificate will be made as
provided in the Trust Agreement by the Owner Trustee or the Paying Agent by
wire transfer or check mailed to the Certificateholder of record in the
Certificate Register without the presentation or surrender of this
Certificate or the making of any notation hereon. Except as otherwise
provided in the Trust Agreement and notwithstanding the above, the final
distribution on this Certificate will be made after due notice by the Owner
Trustee of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency maintained for the
purpose by the Owner Trustee in Wilmington, Delaware.

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

                  Unless the certificate of authentication hereon shall
have been executed by a Responsible Officer of the Owner Trustee, by manual
signature, this Certificate shall not entitle the Holder hereof to any
benefit under the Trust Agreement or the Sale and Servicing Agreement or be
valid for any purpose.

                  This Certificate shall be construed in accordance with
the laws of the State of Delaware, and the obligations, rights and remedies
of the parties hereunder shall be determined in accordance with such laws.

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

                                               MMCA AUTO OWNER TRUST 2002-1

                                               By: WILMINGTON TRUST COMPANY,
                                               not in its individual capacity
                                               but solely as Owner Trustee

                                               By: ____________________________
                                                      Responsible Officer

                           [REVERSE OF CERTIFICATE]

                  The Certificates do not represent an obligation of, or an
interest in, the Depositor, the Servicer, the Administrator, the Owner
Trustee or any Affiliates of any of them and no recourse may be had against
such parties or their assets, except as may be expressly set forth or
contemplated herein, in the Trust Agreement or in the other Basic
Documents. This Certificate has been executed by Wilmington Trust Company
not in its individual capacity but solely in its capacity as Owner Trustee
of the Trust, and in no event shall Wilmington Trust Company in its
individual capacity have any liability for the representations, warranties,
covenants, agreements or other obligations of the Trust hereunder, as to
all of which recourse shall be solely to the assets of the Trust. In
addition, this Certificate is not guaranteed by any governmental agency or
instrumentality and is limited in right of payment to certain collections
with respect to the Receivables (and certain other amounts), all as more
specifically set forth herein and in the Sale and Servicing Agreement. The
Trust will furnish, upon the request of any holder of a Certificate, such
information as is specified in paragraph (d)(4) of Rule 144A of the
Securities Act with respect to the Trust. A registration statement, which
includes the Trust Agreement as an exhibit thereto, has been filed with the
Securities and Exchange Commission with respect to the Notes of the Trust
issued concurrently with this Certificate.

                  The Trust Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights
and obligations of the Depositor and the rights of the Certificateholders
under the Trust Agreement at any time by the Depositor and the Owner
Trustee with the consent of the Holders of the Notes and the Holders of the
Certificates each voting as a class evidencing not less than a majority of
the principal amount of the then outstanding Notes and the Certificate
Balance, respectively, and the consent of the Swap Counterparty. Any such
consent by the Holder of this Certificate shall be conclusive and binding
on such Holder and on all future Holders of this Certificate and of any
Certificate issued upon the registration of Transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent is made
upon this Certificate. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Swap
Counterparty or the Holders of any of the Certificates.

                  This Certificate may be Transferred only under the
circumstances described in Section 3.4 of the Trust Agreement, which, among
other things, requires that each prospective transferee represent in
writing in the form provided as an exhibit to the Trust Agreement that it
will not acquire or Transfer the Certificates through an established
securities market, is not and will not become, except in certain
circumstances, a partnership, Subchapter S corporation or grantor trust for
U.S. Federal income tax purposes, and will not acquire the Certificates for
or on behalf of an employee benefit plan, except in certain limited
circumstances. Any attempted Transfer in contravention of the restrictions
and conditions of Section 3.4 of the Trust Agreement shall be null and
void. As provided in the Trust Agreement, the Transfer of this Certificate
is registerable in the Certificate Register upon surrender of this
Certificate for registration of Transfer at the offices or agencies of the
Certificate Registrar maintained by the Owner Trustee in Wilmington,
Delaware, accompanied by the written representations required by the Trust
Agreement and, if the Depositor has consented to such transfer, a written
instrument of transfer in form satisfactory to the Certificate Registrar
duly executed by the Holder hereof or such Holder's attorney duly
authorized in writing, and thereupon one or more new Certificates of
authorized denominations evidencing the same aggregate interest in the
Trust will be issued to the designated transferee. The initial Certificate
Registrar appointed under the Trust Agreement is Wilmington Trust Company.

                  Except for Certificates issued to the Depositor, the
Certificates are issuable only as registered Certificates without coupons
in denominations of $1,000,000 and in integral multiples of $1,000 in
excess thereof. Certificates are exchangeable for new Certificates of
authorized denominations evidencing the same aggregate denomination, as
requested by the Holder surrendering the same. No service charge will be
made for any such registration of Transfer or exchange, but the Owner
Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge payable in connection
therewith.

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

                  The obligations and responsibilities created by the Trust
Agreement and the Trust created thereby shall terminate upon the payment to
the Noteholders, the Swap Counterparty and the Certificateholders of all
amounts required to be paid to them pursuant to the Indenture, the Trust
Agreement, the Sale and Servicing Agreement and the Interest Rate Swap
Agreement, and any remaining assets of the Trust shall be distributed to
the Depositor, in its capacity as Depositor. The Servicer of the
Receivables may at its option purchase the assets of the Trust at a price
specified in the Sale and Servicing Agreement, and such purchase of the
Receivables and other property of the Trust will effect early retirement of
the Notes and the Certificates; however, such right of purchase is
exercisable only as of the last day of any Collection Period as of which
the Pool Balance is less than or equal to 10% of the Initial Pool Balance.

                  The Holder of this Certificate, by acceptance of this
Certificate, covenants and agrees by accepting the benefits of the Trust
Agreement that any claim that such Holder may have at any time against the
Subtrust Assets of any Subtrust unrelated to the Certificates, and any
claim that such Holder may have against the Depositor that such Holder may
seek to enforce against the Subtrust Assets of any Subtrust unrelated to
the Certificates, shall be subordinate to the payment in full, including
post-petition interest, in the event that the Depositor becomes a debtor or
debtor in possession in a case under any applicable Federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect or
otherwise subject to any insolvency, reorganization, liquidation,
rehabilitation or other similar proceedings, of the claims of the holders
of any Securities related to such unrelated Subtrust and the holders of any
other notes, bonds, contracts or other obligations that are related to such
unrelated Subtrust. The obligations of the Depositor represented by this
Certificate are limited to the related Subtrust and the related Subtrust
Assets.

                  EACH HOLDER, BY ACCEPTANCE OF A CERTIFICATE, HEREBY
IRREVOCABLY MAKES THE ELECTION AFFORDED BY TITLE 11 UNITED STATES CODE
SECTION 1111(b)(1)(A)(i) TO SECURED CREDITORS TO RECEIVE THE TREATMENT
AFFORDED BY TITLE 11 UNITED STATES CODE SECTION 1111(b)(2) WITH RESPECT TO
ANY SECURED CLAIM THAT SUCH HOLDER MAY HAVE AT ANY TIME AGAINST THE
DEPOSITOR.

                                 ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

-------------------------------------------------------------------------------
the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

-------------------------------------------------------------------------------
Attorney to transfer said Certificate on the books of the Certificate
Registrar, with full power of substitution in the premises.

Dated:

                                                                 */
--------------------------------------------------------------------------------
                                                        Signature Guaranteed:

                                                                 */
--------------------------------------------------------------------------------
                                                        Signature Guaranteed:

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

                                                                     EXHIBIT B

                        FORM OF CERTIFICATE OF TRUST

                          CERTIFICATE OF TRUST OF
                        MMCA AUTO OWNER TRUST 2002-1

                  This Certificate of Trust of MMCA AUTO OWNER TRUST 2002-1
(the "Trust") is being duly executed and filed by the Undersigned as
trustee, to form a business trust under the Delaware Business Trust Act (12
Del. Code, ss. 3801 et seq.) (the "Act").

                  1. Name. The name of the business trust formed hereby is
MMCA AUTO OWNER TRUST 2002-1.

                  2. Delaware Trustee. The name and business address of the
trustee of the Trust in the State of Delaware is Wilmington Trust Company,
Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890-0001, Attention: Corporate Trust Administration.

                  3. Effective Date. This Certificate of Trust shall be
effective upon filing.

                  IN WITNESS WHEREOF, the undersigned, being the sole
trustee of the Trust, has executed this Certificate of Trust in accordance
with Section 3811 of the Act.

                                           WILMINGTON TRUST COMPANY,
                                           as trustee

                                           By: _____________________________
                                               Name:
                                               Title:

                                                                    EXHIBIT C

                  [FORM OF RULE 144A TRANSFEROR CERTIFICATE]

                                                    [Date]

Wilmington Trust Company
  as Owner Trustee
Rodney Square North
1100 North Market Street
Wilmington, Delaware  19890-0001
Attention:  Corporate Trust Administration

Wilmington Trust Company
  as Certificate Registrar
Rodney Square North
1100 North Market Street
Wilmington, Delaware  19890-0001
Attention:  Corporate Trust Administration

Ladies and Gentlemen:

                  This is to notify you as to the transfer of $ [*] in
denomination of Asset Backed Certificates (the "Certificates") of MMCA Auto
Owner Trust 2002-1 (the "Trust").

                  The undersigned is the holder of the Certificates and
with this notice hereby deposits with the Owner Trustee $ [*] in
denomination of Certificates and requests that Certificates in the same
aggregate denomination be issued, executed and authenticated and registered
to the purchaser on , , as specified in the Amended and Restated Trust
Agreement dated as of March 1, 2002 relating to the Certificates, as
follows:

      Name:                              Denominations:  [*]
      Address:
      Taxpayer I.D. No:

                  The undersigned represents and warrants that the
undersigned (i) reasonably believes the purchaser is a "qualified
institutional buyer," as defined in Rule 144A under the Securities Act of
1933 (the "Act"), (ii) such purchaser has acquired the Certificates in a
transaction effected in accordance with the exemption from the registration
requirements of the Act provided by Rule 144A and, (iii) if the purchaser
has purchased the Certificates for one or more accounts for which it is
acting as fiduciary or agent, (A) each such account is a qualified
institutional buyer and (B) the purchaser is acquiring Certificates for its
own account or for one or more institutional accounts for which it is
acting as fiduciary or agent in a minimum amount equivalent to at least
$1,000,000 for each such account.

                             Very truly yours,

                                               [NAME OF HOLDER OF CERTIFICATES]

                                               By: ____________________________
                                                     Name:
                                                     Title:
-------

[*  minimum of $1,000,000]

                                                                 EXHIBIT D

           FORM OF INVESTMENT LETTER - QUALIFIED INSTITUTIONAL BUYER

                                                        [Date]

MMCA Auto Owner Trust 2002-1,
  as Issuer
Wilmington Trust Company,
  as Owner Trustee
Rodney Square North
1100 North Market Street
Wilmington, Delaware  19890-0001
Attention:  Corporate Trust Administration

Wilmington Trust Company,
  as Certificate Registrar
Rodney Square North
1100 North Market Street
Wilmington, Delaware  19890-0001
Attention:  Corporate Trust Administration

Ladies and Gentlemen:

                  In connection with our proposed purchase of the Asset
Backed Certificates (the "Certificates") of MMCA Auto Owner Trust 2002-1
(the "Trust"), a trust formed by MMCA Auto Receivables Trust (the
"Depositor" or "Seller"), we confirm that:

                  1. We agree to be bound by the restrictions and conditions
set forth in the Amended and Restated Trust Agreement dated as of March 1,
2002 (the "Trust Agreement") relating to the Certificates and we agree to be
bound by, and not to resell, transfer, assign, participate, pledge, or
otherwise dispose of (any such act, a "Transfer") the Certificates except in
compliance with, such restrictions and conditions and the Securities Act of
1933, as amended (the "Securities Act").

                  2. We have neither acquired nor will we Transfer any
Certificate we purchase (or any interest therein) or cause any such
Certificates (or any interest therein) to be marketed on or through an
"established securities market" within the meaning of Section 7704(b)(1) of
the Internal Revenue Code of 1986, as amended (the "Code"), including, without
limitation, an over-the-counter-market or an interdealer quotation system that
regularly disseminates firm buy or sell quotations.

                  3. We either (a) are not, and will not become, a
partnership, Subchapter S corporation, or grantor trust for U.S. Federal
income tax purposes or (b) are such an entity, but none of the direct or
indirect beneficial owners of any of the interests in us have allowed or
caused, or will allow or cause, 80% or more (or such other percentage as the
Seller may establish prior to the time of such proposed Transfer) of the value
of such interests to be attributable to our ownership of Certificates.

                  4. We understand that no subsequent Transfer of the
Certificates is permitted unless (i) such Transfer is of a Certificate with a
denomination of at least $1,000,000 and (ii) the Depositor consents in writing
(which consent may be withheld for any reason or for no reason) to the
proposed Transfer; provided, however, that no such consent shall be required
where the proposed transferee is, and at the time of the Transfer will be, a
holder of a Certificate.

                  5. We understand that the opinion of tax counsel that the
Trust is not a publicly traded partnership taxable as a corporation is
dependent in part on the accuracy of the representations in paragraphs 2, 3
and 4.

                  6. We are a "qualified institutional buyer" (within the
meaning of Rule 144A under the Securities Act) (a "QIB") and we are acquiring
the Certificates for our own account or for the account of a QIB for
investment purposes and not with a view to, or for offer or sale in connection
with, any distribution in violation of the Securities Act, and have such
knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of our investment in the Certificates, and we
and any accounts for which we are acting are each able to bear the economic
risk of our or their investment. We acknowledge that the sale of the
Certificates to us is being made in reliance on Rule 144A.

                  7. We are acquiring each of the Certificates purchased by us
for our own account or for a single account (which is a QIB and from which no
resale, pledge, or other transfer may be made) as to which we exercise sole
investment discretion.

                  8. We are not (A) an employee benefit plan (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA")) that is subject to Title I of ERISA, (B) a plan described
in Section 4975(e)(1) of the Code, (C) a governmental plan, as defined in
Section 3(32) of ERISA, subject to any Federal, state or local law which is,
to a material extent, similar to the provisions of Section 406 of ERISA or
Section 4975 of the Code, (D) an entity whose underlying assets include plan
assets by reason of a plan's investment in the entity (within the meaning of
Department of Labor Regulation 29 C.F.R. ss. 2510.3-101) or (E) a person
investing "plan assets" of any such plan (excluding, for purposes of this
clause (E), any entity registered under the Investment Company Act of 1940, as
amended).

                  9. We are a person who is either (A) (i) a citizen or
resident of the United States, (ii) a corporation, partnership or other entity
organized in or under the laws of the United States or any political
subdivision thereof or (iii) a person not described in (i) or (ii) whose
ownership of the Certificates is effectively connected with such person's
conduct of a trade or business within the United States (within the meaning of
the Code) and who provides the Depositor and the Trust an IRS Form W-8ECI (and
such other certifications, representations or opinions of counsel as may be
requested by the Depositor or the Trust) or (B) an estate or trust the income
of which is includible in gross income for United States Federal income tax
purposes, regardless of source.

                  10. We understand that any purported Transfer of any
Certificate (or any interest therein) in contravention of the restrictions and
conditions (including any violation of the representation in paragraph 3 by an
investor who continues to hold such Certificates occurring any time after the
Transfer in which it acquired such Certificates) in paragraphs 1 through 9
above shall be null and void (each, a "Void Transfer"), and the purported
transferee in a Void Transfer shall not be recognized by the Trust or any
other person as a Certificateholder for any purpose.

                  11. We agree that if we determine to Transfer any of the
Certificates we will cause our proposed transferee to provide to the Trust and
the Certificate Registrar a letter substantially in the form of this Exhibit D
or Exhibit E to the Trust Agreement, as applicable.

                  You are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official
inquiry with respect to the matters covered hereby.

                             Very truly yours,

                             By:_____________________________
                                    Name:
                                    Title:

Securities To Be Purchased:
$            principal balance of Certificates

                                                                  EXHIBIT E

         FORM OF INVESTMENT LETTER C INSTITUTIONAL ACCREDITED INVESTOR

                                                     [Date]

MMCA Auto Owner Trust 2002-1
c/o Wilmington Trust Company,
     as Owner Trustee
Rodney Square North
1100 North Market Street
Wilmington, Delaware  19890-0001
Attention:  Corporate Trust Administration

Wilmington Trust Company,
  as Certificate Registrar
Rodney Square North
1100 North Market Street
Wilmington, Delaware  19890-0001
Attention:  Corporate Trust Administration

Ladies and Gentlemen:

                  In connection with our proposed purchase of the Asset
Backed Certificates (the "Certificates") of MMCA Auto Owner Trust 2002-1
(the "Trust"), a trust formed by MMCA Auto Receivables Trust (the
"Depositor" or "Seller"), we confirm that:

                  1. We agree to be bound by the restrictions and conditions
set forth in the Amended and Restated Trust Agreement dated as of March 1,
2002 (the "Trust Agreement") relating to the Certificates and we agree to be
bound by, and not to resell, transfer, assign, participate, pledge, or
otherwise dispose of (any such act, a "Transfer") the Certificates except in
compliance with, such restrictions and conditions and the Securities Act of
1933, as amended (the "Securities Act").

                  2. We have neither acquired nor will we Transfer any
Certificate we purchase (or any interest therein) or cause any such
Certificates (or any interest therein) to be marketed on or through an
"established securities market" within the meaning of Section 7704(b)(1) of
the Internal Revenue Code of 1986, as amended (the "Code"), including, without
limitation, an over-the-counter-market or an interdealer quotation system that
regularly disseminates firm buy or sell quotations.

                  3. We either (a) are not, and will not become, a
partnership, Subchapter S corporation, or grantor trust for U.S. Federal
income tax purposes or (b) are such an entity, but none of the direct or
indirect beneficial owners of any of the interests in us have allowed or
caused, or will allow or cause, 80% or more (or such other percentage as the
Depositor may establish prior to the time of such proposed Transfer) of the
value of such interests to be attributable to our ownership of Certificates.

                  4. We understand that no subsequent Transfer of the
Certificates is permitted unless (i) such Transfer is of a Certificate with a
denomination of at least $1,000,000 and (ii) the Depositor consents in writing
(which consent may be withheld for any reason or for no reason) to the
proposed Transfer; provided, however, that no such consent shall be required
where the proposed transferee is, and at the time of the Transfer will be, a
holder of a Certificate.

                  5. We understand that the opinion of tax counsel that the
Trust is not a publicly traded partnership taxable as a corporation is
dependent in part on the accuracy of the representations in paragraphs 2, 3
and 4 and that in addition to being subject to having its purchase rescinded,
it will be liable for damages.

                  6. We are an institutional "accredited investor" (as defined
in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and we are
acquiring the Certificates for investment purposes and not with a view to, or
for offer or sale in connection with, any distribution in violation of the
Securities Act, and have such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of our
investment in the Certificates, and we and any accounts for which we are
acting are each able to bear the economic risk of our or their investment.

                  7. We are acquiring each of the Certificates purchased by us
for our own account or for a single account (each of which is an institutional
"accredited investor" and from which no resale, pledge or other transfer may
be made) as to which we exercise sole investment discretion.

                  8. We are not (A) an employee benefit plan (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA")) that is subject to Title I of ERISA, (B) a plan described
in Section 4975(e)(1) of the Code, (C) a governmental plan, as defined in
Section 3(32) of ERISA, subject to any Federal, state or local law which is,
to a material extent, similar to the provisions of Section 406 of ERISA or
Section 4975 of the Code, (D) an entity whose underlying assets include plan
assets by reason of a plan's investment in the entity (within the meaning of
Department of Labor Regulation 29 C.F.R. ss. 2510.3-101) or (E) a person
investing "plan assets" of any such plan (excluding, for purposes of this
clause (E), any entity registered under the Investment Company Act of 1940, as
amended).

                  9. We are a person who is either (A) (i) a citizen or
resident of the United States, (ii) a corporation, partnership or other entity
organized in or under the laws of the United States or any political
subdivision thereof or (iii) a person not described in (i) or (ii) whose
ownership of the Certificates is effectively connected with such person's
conduct of a trade or business within the United States (within the meaning of
the Code) and who provides the Depositor and the Trust an IRS Form W-8ECI (and
such other certifications, representations or opinions of counsel as may be
requested by the Depositor or the Trust) or (B) an estate or trust the income
of which is includible in gross income for United States Federal income tax
purposes, regardless of source.

                  10. We understand that any purported Transfer of any
Certificate (or any interest therein) in contravention of the restrictions and
conditions (including any violation of the representation in paragraph 3 by an
investor who continues to hold such Certificates occurring any time after the
Transfer in which it acquired such Certificates) in paragraphs 1 through 9
above shall be null and void (each, a "Void Transfer"), and the purported
transferee in a Void Transfer shall not be recognized by the Trust or any
other person as a Certificateholder for any purpose.

                  11. We agree that if we determine to Transfer any of the
Certificates, we will cause our proposed transferee to provide to the Trust
and the Certificate Registrar a letter substantially in the form of this
Exhibit F or Exhibit E to the Trust Agreement, as applicable.

                  You are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official
inquiry with respect to the matters covered hereby.

                             Very truly yours,

                             By: ______________________
                                    Name:
                                    Title:EXHIBIT 4.2

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

                        SALE AND SERVICING AGREEMENT

                                by and among

                       MMCA AUTO OWNER TRUST 2002-1,
                                as the Trust

                        MMCA AUTO RECEIVABLES TRUST,
                                 as Seller

                                    and

                 MITSUBISHI MOTORS CREDIT OF AMERICA, INC.,
                                as Servicer

                         Dated as of March 1, 2002

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

                             TABLE OF CONTENTS
                                                                            Page

ARTICLE I - DEFINITIONS AND USAGE                                              1

         Section 1.1       Definitions.........................................1
         Section 1.2       Business Day Certificate............................1

ARTICLE II - TRUST PROPERTY                                                    1

         Section 2.1       Conveyance of Trust Property........................1
         Section 2.2       Representations and Warranties of the Seller
                           as to the Receivables...............................6
         Section 2.3       Repurchase upon Breach.............................12
         Section 2.4       Custody of Receivable Files........................12
         Section 2.5       Duties of Servicer as Custodian....................13
         Section 2.6       Instructions; Authority to Act.....................13
         Section 2.7       Custodian's Indemnification........................14
         Section 2.8       Effective Period and Termination...................14

ARTICLE III - ADMINISTRATION AND SERVICING OF RECEIVABLES
              AND TRUST  PROPERTY                                             14

         Section 3.1       Duties of Servicer.................................14
         Section 3.2       Collection and Allocation of Receivable
                           Payments...........................................17
         Section 3.3       Realization upon Receivables.......................19
         Section 3.4       Physical Damage Insurance..........................20
         Section 3.5       Maintenance of Security Interests in
                           Financed Vehicles..................................20
         Section 3.6       Covenants of Servicer..............................20
         Section 3.7       Purchase by Servicer upon Breach...................20
         Section 3.8       Servicing Compensation.............................21
         Section 3.9       Servicer's Certificate.............................21
         Section 3.10      Annual Statement as to Compliance; Notice
                           of Event of Servicing Termination..................21
         Section 3.11      Annual Independent Certified Public
                           Accountants' Reports...............................22
         Section 3.12      Access to Certain Documentation and Information
                           Regarding Receivables..............................22
         Section 3.13      Reports to the Commission..........................22
         Section 3.14      Reports to Rating Agencies.........................23

ARTICLE IV - DISTRIBUTIONS; RESERVE ACCOUNT;
             STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS                 23

         Section 4.1       Accounts...........................................23
         Section 4.2       Collections........................................28
         Section 4.3       Application of Collections.........................29
         Section 4.4       Advances...........................................29
         Section 4.5       Additional Deposits................................31
         Section 4.6       Allocation of Total Available Funds................31
         Section 4.7       Reserve Account....................................33
         Section 4.8       Net Deposits.......................................34
         Section 4.9       Statements to Noteholders and
                           Certificateholders.................................35
         Section 4.10      Control of Securities Accounts.....................36

ARTICLE V - YIELD SUPPLEMENT LETTER OF CREDIT AND
            THE YIELD SUPPLEMENT ACCOUNT                                      38

         Section 5.1       Yield Supplement Letter of Credit and the
                           Yield Supplement Account...........................38

ARTICLE VI - THE SELLER                                                       40

         Section 6.1       Representations, Warranties and Covenants
                           of Seller..........................................40
         Section 6.2       Liability of Seller; Indemnities...................42
         Section 6.3       Merger or Consolidation of, or Assumption
                           of the Obligations of, Seller......................42
         Section 6.4       Limitation on Liability of Seller and Others.......43
         Section 6.5       Seller May Own Notes or Certificates...............43

ARTICLE VII - THE SERVICER                                                    43

         Section 7.1       Representations and Warranties of Servicer.........43
         Section 7.2       Liability of Servicer; Indemnities.................44
         Section 7.3       Merger or Consolidation of, or Assumption
                           of the Obligations of, Servicer....................46
         Section 7.4       Limitation on Liability of Servicer
                           and Others.........................................46
         Section 7.5       Servicer Not to Resign.............................47
         Section 7.6       Servicer May Own Notes or Certificates.............47

ARTICLE VIII - SERVICING TERMINATION                                          47

         Section 8.1       Events of Servicing Termination....................47
         Section 8.2       Indenture Trustee to Act;
                           Appointment of Successor Servicer..................49
         Section 8.3       Effect of Servicing Transfer.......................49
         Section 8.4       Notification to Noteholders and
                           Certificateholders.................................50
         Section 8.5       Waiver of Past Events of Servicing
                           Termination........................................50

ARTICLE IX - TERMINATION                                                      50

         Section 9.1       Optional Purchase of All Receivables...............50

ARTICLE X - MISCELLANEOUS PROVISIONS                                          51

         Section 10.1      Amendment..........................................51
         Section 10.2      Protection of Title to Trust.......................52
         Section 10.3      Representations of the Seller and the Purchaser....54
         Section 10.4      Governing Law......................................54
         Section 10.5      Notices............................................54
         Section 10.6      Severability of Provisions.........................56
         Section 10.7      Assignment.........................................56
         Section 10.8      Further Assurances.................................56
         Section 10.9      No Waiver; Cumulative Remedies.....................56
         Section 10.10     Third-Party Beneficiaries..........................56
         Section 10.11     Actions by Noteholder or Certificateholders........56
         Section 10.12     Counterparts.......................................57
         Section 10.13     Agent for Service..................................57
         Section 10.14     No Bankruptcy Petition; Subordination;
                           Claims Against Seller..............................57
         Section 10.15     Limitation of Liability of Owner Trustee
                           and Indenture Trustee..............................57

                                 SCHEDULES

SCHEDULE A        Schedule of Initial Receivables...................Schedule A-1
SCHEDULE B        Locations of Receivable Files.....................Schedule B-1

                                  EXHIBITS

EXHIBIT A         Form of Servicer's Certificate.......................Exhibit A
EXHIBIT B         Form of Statement to Noteholders.....................Exhibit B
EXHIBIT C         Form of Statement to Certificateholders..............Exhibit C
EXHIBIT D         Form of Yield Supplement Agreement.................. Exhibit D
EXHIBIT E         Form of Second-Tier Subsequent Assignment............Exhibit E

          SALE AND SERVICING AGREEMENT, dated as of March 1, 2002 (as
amended, supplemented or otherwise modified and in effect from time to
time, this "Agreement"), by and among MMCA AUTO OWNER TRUST 2002-1, a
Delaware business trust (the "Trust"), MMCA AUTO RECEIVABLES TRUST, a
Delaware business trust (the "Seller"), and MITSUBISHI MOTORS CREDIT OF
AMERICA, INC., a Delaware corporation (the "Servicer").

          WHEREAS, the Trust desires to purchase portfolios of receivables
arising in connection with motor vehicle retail installment sale contracts
generated by Mitsubishi Motors Credit of America, Inc. in the ordinary
course of its business and sold to the Seller as of the date hereof and
from time to time hereafter;

          WHEREAS, the Seller is willing to sell such receivables to the
Trust as of the date hereof and from time to time hereafter; and

          WHEREAS, Mitsubishi Motors Credit of America, Inc. is willing to
service such receivables on behalf of the Trust;

          NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties
hereto, intending to be legally bound, agree as follows:

                     ARTICLE I - DEFINITIONS AND USAGE

          Section 1.1 Definitions. Except as otherwise specified herein or
as the context may otherwise require, capitalized terms used but not
otherwise defined herein are defined in Appendix A to the Indenture (the
"Indenture"), dated as of March 1, 2002, between MMCA Auto Owner Trust
2002-1, as issuer, and Bank of Tokyo-Mitsubishi Trust Company, as indenture
trustee (the "Indenture Trustee"), which also contains rules as to usage
that shall be applicable herein.

          Section 1.2 Business Day Certificate. On the Closing Date (with
respect to the calendar year 2002) and thereafter, within 15 days prior to
the end of each succeeding calendar year while this Agreement remains in
effect, the Servicer shall deliver to the Indenture Trustee and to
Wilmington Trust Company, not in its individual capacity but solely as
owner trustee (the "Owner Trustee"), an Officer's Certificate specifying
the days on which banking institutions or trust companies in New York, New
York, Wilmington, Delaware or Los Angeles, California are authorized or
obligated by law, executive order or governmental decree to remain closed.

                        ARTICLE II - TRUST PROPERTY

          Section 2.1 Conveyance of Trust Property. (a) In consideration of
the Trust's delivery to, or upon the written order of, the Seller of
authenticated Notes and Certificates, in authorized denominations in
aggregate principal amounts equal to the initial principal amount of the
Notes and the Initial Certificate Balance, respectively, the Seller hereby
irrevocably sells, transfers, assigns and otherwise conveys to the Trust,
without recourse (subject to the obligations herein), all right, title and
interest of the Seller, whether now owned or hereafter acquired, in, to and
under the following:

               (i) the Initial Receivables;

               (ii) with respect to Initial Receivables that are Actuarial
     Receivables, monies due thereunder after the Initial Cutoff Date
     (including Payaheads) and, with respect to Initial Receivables that
     are Simple Interest Receivables, monies received thereunder after the
     Initial Cutoff Date;

               (iii) the security interests in Financed Vehicles granted by
     Obligors pursuant to the Initial Receivables and any other interest of
     the Seller in such Financed Vehicles;

               (iv) all rights to receive proceeds with respect to the
     Initial Receivables from claims on any physical damage, theft, credit
     life or disability insurance policies covering the related Financed
     Vehicles or related Obligors;

               (v) all rights to receive proceeds with respect to the
     Initial Receivables from recourse to Dealers thereon pursuant to
     Dealer Agreements;

               (vi) all of the Seller's rights to the Receivable Files that
     relate to the Initial Receivables;

               (vii) the Trust Accounts and all amounts, securities,
     investments in financial assets, and other property deposited in or
     credited to any of the foregoing and all proceeds thereof;

               (viii) all of the Seller's rights under the Yield Supplement
     Agreement and the Purchase Agreement, including the right of the
     Seller to cause MMCA to repurchase Receivables from the Seller;

               (ix) all payments and proceeds with respect to the Initial
     Receivables held by MMCA;

               (x) all property (including the right to receive Liquidation
     Proceeds and Recoveries and Financed Vehicles and the proceeds thereof
     acquired by the Seller pursuant to the terms of an Initial Receivables
     that is a Final Payment Receivable), guarantees and other collateral
     securing an Initial Receivable (other than an Initial Receivable
     purchased by the Servicer or repurchased by the Seller);

               (xi) all rebates of premiums and other amounts relating to
     insurance policies and other items financed under the Initial
     Receivables in effect as of the Initial Cutoff Date; and

               (xii) all present and future claims, demands, causes of
     action and choses in action in respect of any or all of the foregoing
     and all payments on or under and all proceeds of every kind and nature
     whatsoever in respect of any or all of the foregoing, including all
     proceeds of the conversion 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.

               (xiii) It is the intention of the Seller and the Trust that
     the transfer of the Trust Property contemplated by Section 2.1(a)
     constitutes a sale of the Trust Property from the Seller to the Trust,
     conveying good title to the Trust Property free and clear of any liens
     and, in the event of the filing of a bankruptcy petition by or against
     the Seller under any bankruptcy or similar law, that the Trust
     Property shall not be part of the Seller's estate. However, in the
     event that such transfer is deemed to be a pledge, the Seller hereby
     grants to the Trust a first priority security interest in all of the
     Seller's right, title and interest in, to and under the Trust
     Property, and all proceeds thereof, to secure a loan deemed to have
     been made by the Trust to the Seller in an amount equal to the sum of
     the initial principal amount of the Notes plus accrued interest
     thereon and the Initial Certificate Balance.

          (b) Subject to satisfaction of the conditions set forth in
Section 2.1(d), in consideration of the Indenture Trustee's delivery on or
prior to any Subsequent Transfer Date to the Seller of the amount described
in Section 4.11(a) to be delivered to the Seller, the Seller shall,
pursuant to a Second-Tier Subsequent Assignment, irrevocably sell,
transfer, assign and otherwise convey to the Trust, without recourse
(subject to the obligations herein), on each Subsequent Transfer Date, all
right, title and interest of the Seller, whether now owned or hereafter
acquired, in, to and under the following:

               (i) the Subsequent Receivables listed on Schedule A to the
     related Second-Tier Subsequent Assignment;

               (ii) with respect to the Subsequent Receivables that are
     Actuarial Receivables, monies due thereunder on or after the related
     Subsequent Cutoff Date (including Payaheads) and, with respect to
     Subsequent Receivables that are Simple Interest Receivables, monies
     received thereunder on or after the related Subsequent Cutoff Date;

               (iii) the security interests in Financed Vehicles granted by
     Obligors pursuant to the Subsequent Receivables and any other interest
     of the Seller in such Financed Vehicles;

               (iv) all rights to receive proceeds with respect to such
     Subsequent Receivables from claims on any physical damage, theft,
     credit life or disability insurance policies covering the related
     Financed Vehicles or related Obligors;

               (v) all rights to receive proceeds with respect to such
     Subsequent Receivables from recourse to Dealers thereon pursuant to
     Dealer Agreements;

               (vi) all of the Seller's rights to the Receivable Files that
     relate to such Subsequent Receivables;

               (vii) all payments and proceeds with respect to such
     Subsequent Receivables held by the Servicer;

               (viii) all property (including the right to receive
     Liquidation Proceeds and Recoveries and Financed Vehicles and the
     proceeds thereof acquired by the Seller pursuant to the terms of a
     Subsequent Receivable that is a Final Payment Receivable), guarantees
     and other collateral securing a Subsequent Receivable (other than a
     Subsequent Receivable purchased by the Servicer or repurchased by the
     Seller);

               (ix) all of the Seller's rights under the related First-Tier
     Subsequent Assignment;

               (x) all rebates of premiums and other amounts relating to
     insurance policies and other items financed under such Subsequent
     Receivables in effect as of the related Subsequent Cutoff Date; and

               (xi) all present and future claims, demands, causes of
     action and choses in action in respect of any or all of the foregoing
     and all payments on or under and all proceeds of every kind and nature
     whatsoever in respect of any or all of the foregoing, including all
     proceeds of the conversion 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.

          (c) It is the intention of the Seller and the Trust that the
transfer of the Trust Property contemplated by Section 2.1(a) and any
Second-Tier Subsequent Assignments executed pursuant to Section 2.1(b)
constitute sales of the Trust Property from the Seller to the Trust,
conveying good title to the Trust Property free and clear of any liens and,
in the event of the filing of a bankruptcy petition by or against the
Seller under any bankruptcy or similar law, that the Trust Property shall
not be part of the Seller's estate. However, in the event that such
transfer is deemed to be a pledge, the Seller hereby grants to the Trust a
first priority security interest in all of the Seller's right, title and
interest in, to and under the Trust Property, and all proceeds thereof, to
secure a loan deemed to have been made by the Trust to the Seller in an
amount equal to the sum of the initial principal amount of the Notes plus
accrued interest thereon and the Initial Certificate Balance.

          (d) The Seller shall sell, transfer, assign and otherwise convey
to the Trust on any Subsequent Transfer Date the Subsequent Receivables and
the other property and rights related thereto described in Section 2.1(b)
only upon the satisfaction of each of the following conditions on or prior
to such Subsequent Transfer Date:

               (i) the Seller shall have provided the Indenture Trustee,
     the Owner Trustee and the Rating Agencies (A) written notification of
     the addition of such Subsequent Receivables at least five Business
     Days prior to the Subsequent Transfer Date and (B) on or prior to the
     Subsequent Transfer Date, a statement listing the approximate
     aggregate Principal Balance of such Subsequent Receivables as of the
     related Subsequent Cutoff Date and any other information reasonably
     requested by any of the foregoing;

               (ii) the Seller shall have delivered to each of the Owner
     Trustee and the Indenture Trustee a duly executed written assignment
     in substantially the form of Exhibit E hereto (the "Second-Tier
     Subsequent Assignment"), which shall include a Schedule A attached
     thereto listing the related Subsequent Receivables;

               (iii) the Seller shall, to the extent required by Section
     4.2, have deposited in the Collection Account all collections in
     respect of the Subsequent Receivables that are property of the Trust;

               (iv) as of such Subsequent Transfer Date: (A) the Seller
     shall not be insolvent and shall not become insolvent as a result of
     the transfer of Subsequent Receivables on such Subsequent Transfer
     Date, (B) the Seller shall not intend to incur or believe that it
     would incur debts that would be beyond the Seller's ability to pay as
     such debts matured, (C) such transfer shall not be made by the Seller
     with actual intent to hinder, delay or defraud any Person and (D) the
     assets of the Seller shall not constitute unreasonably small capital
     to carry out its business as conducted;

               (v) the applicable Subsequent Reserve Account Deposit for
     such Subsequent Transfer Date shall have been made;

               (vi) the applicable Subsequent Payahead Account Deposit for
     such Subsequent Transfer Date shall have been made;

               (vii) the applicable Subsequent Yield Supplement Account
     Deposit for such Subsequent Transfer Date shall have been made;

               (viii) the Receivables, including the Subsequent Receivables
     to be conveyed to the Trust on the Subsequent Transfer Date, shall
     meet the following criteria as of the related Subsequent Cutoff Date:
     (A) the weighted average number of payments remaining until the
     maturity of the Receivables will not be more than 66 payments; and (B)
     the aggregate principal balance of the Last Scheduled Payments as a
     percentage of the Pool Balance will not be greater than 15.2%;

               (ix) the Pre-Funding Period shall not have terminated prior
     to the Subsequent Transfer Date;

               (x) each of the representations and warranties made by the
     Seller pursuant to Sections 2.2 and 6.1 of this Agreement and by MMCA
     pursuant to Section 3.2 of the Purchase Agreement, with respect to the
     Seller, MMCA or the Subsequent Receivables, as applicable, shall be
     true and correct as of the date as of which such representations and
     warranties are made;

               (xi) the Seller shall, at its own expense, on or prior to
     the Subsequent Transfer Date, indicate in its computer files that the
     Subsequent Receivables have been sold to the Trust pursuant to this
     Agreement and the related Second-Tier Subsequent Assignment and
     deliver to the Owner Trustee the related Schedule of Subsequent
     Receivables certified by an officer of the Seller to be true, correct
     and complete;

               (xii) the Seller shall have taken any action required to
     maintain the first perfected ownership interest of the Trust in the
     Trust Property and the first perfected security interest of the
     Indenture Trustee in the Collateral;

               (xiii) no selection procedures believed by the Seller to be
     adverse to the interests of the Trust, the Noteholders or the
     Certificateholders shall have been utilized in selecting the
     Subsequent Receivables;

               (xiv) the addition of the Subsequent Receivables will not
     result in a material adverse tax consequence to the Trust, the
     Noteholders or the Certificateholders;

               (xv) the Seller shall have delivered to the Owner Trustee,
     the Indenture Trustee and the Rating Agencies an Opinion of Counsel
     relating to the security interests of the Owner Trustee and the
     Indenture Trustee in the Subsequent Receivables in substantially the
     form of the Opinion of Counsel delivered the Owner Trustee, the
     Indenture Trustee and the Rating Agencies regarding such matters on
     the Closing Date;

               (xvi) the Seller shall have delivered to the Owner Trustee
     and the Indenture Trustee an Officer's Certificate confirming the
     satisfaction of each condition specified in this Section 2.1(d)
     (substantially in the form attached as Annex A to the form of
     Second-Tier Subsequent Assignment attached hereto as Exhibit E);

               (xvii) all the conditions to the transfer of the Subsequent
     Receivables by MMCA to the Seller specified in Section 4.1(b) of the
     Purchase Agreement shall be satisfied; and

               (xviii) the Servicer shall have provided to each of the
     Trust and the Indenture Trustee the Officer's Certificate required to
     be provided by the Servicer pursuant to Section 2.4.

          (e) The sales, transfers, assignments and conveyances of the
Trust Property made under Section 2.1(a) shall not constitute and are not
intended to result in an assumption by the Trust of any obligation of the
Seller to the Obligors, the Dealers or any other Person in connection with
the Receivables and the other Trust Property or any agreement, document or
instrument related thereto.

          Section 2.2 Representations and Warranties of the Seller as to
the Receivables. The Seller makes the following representations and
warranties as to the Receivables on which the Trust relies in accepting the
Receivables. Such representations and warranties speak as of the execution
and delivery of this Agreement in the case of the Initial Receivable and as
of the applicable Subsequent Transfer Date in the case of the Subsequent
Receivables, except in each case to the extent otherwise provided in the
following representations and warranties, but shall survive the sale,
transfer and assignment of the Receivables to the Trust and the pledge
thereof to the Indenture Trustee pursuant to the Indenture.

               (i) Characteristics of Receivables. Each Receivable (a)
     shall have been originated (x) in the United States of America by a
     Dealer for the consumer or commercial sale of a Financed Vehicle in
     the ordinary course of such Dealer's business or (y) by MMCA in
     connection with the refinancing of a motor vehicle retail installment
     sale contract of the type described in subclause (x) above, shall have
     been fully and properly executed by the parties thereto, shall have
     been purchased by the Seller from MMCA, which in turn shall have
     purchased such Receivable from such Dealer under an existing Dealer
     Agreement with MMCA (unless such Receivable was originated by MMCA in
     connection with a refinancing), and shall have been validly assigned
     by such Dealer to MMCA in accordance with its terms (unless such
     Receivable was originated by MMCA in connection with a refinancing),
     which in turn shall have been validly assigned by MMCA to the Seller
     in accordance with its terms, (b) shall have created or shall create a
     valid, binding, subsisting and enforceable first priority security
     interest in favor of MMCA on the related Financed Vehicle, which
     security interest has been validly assigned by MMCA to the Seller,
     which in turn shall be validly assigned by the Seller to the Trust and
     by the Trust to the Indenture Trustee, (c) 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, (d) in the case of Standard Receivables,
     shall provide for monthly payments that fully amortize the Amount
     Financed by maturity of the Receivable and yield interest at the APR,
     (e) in the case of Balloon Payment Receivables and Final Payment
     Receivables, shall provide for a series of fixed level monthly
     payments and a larger payment due after such level monthly payments
     that fully amortize the Amount Financed by maturity and yield interest
     at the APR, (f) shall provide for, in the event that such contract is
     prepaid, a prepayment that fully pays the Principal Balance and all
     accrued and unpaid interest thereon, (g) is a retail installment sale
     contract, (h) is secured by a new or used automobile or sports-utility
     vehicle and (i) is an Actuarial Receivable or a Simple Interest
     Receivable (and may also be a Balloon Payment Receivable or a Final
     Payment Receivable).

               (ii) Schedule of Receivables. The information set forth in
     the related Schedule of Receivables shall be true and correct in all
     material respects as of the opening of business on the related Cutoff
     Date and no selection procedures believed to be adverse to the
     Noteholders or the Certificateholders shall have been utilized in
     selecting the Receivables from those receivables which meet the
     criteria contained herein. The compact disk or other listing regarding
     the Receivables made available to the Trust and its assigns (which
     compact disk or other listing is required to be delivered as specified
     herein) is true and correct in all respects.

               (iii) Compliance with Law. Each Receivable and the sale of
     the related Financed Vehicle shall have complied, at the time it was
     originated or made, and shall comply on the Closing Date (with respect
     to each Initial Receivable) or the related Subsequent Transfer Date
     (with respect to each Subsequent Receivable) in all material respects
     with all requirements of applicable Federal, state, and local laws,
     and regulations thereunder, including, without limitation, usury laws,
     the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act,
     the Fair Credit Reporting Act, the Fair Credit Billing Act, the Fair
     Debt Collection Practices Act, the Federal Trade Commission Act, the
     Magnuson-Moss Warranty Act, the Federal Reserve Board's Regulations B
     and Z, the Soldiers' and Sailors' Civil Relief Act of 1940, the Texas
     Consumer Credit Code, and State adaptations of the Uniform Consumer
     Credit Code, and other consumer credit laws and equal credit
     opportunity and disclosure laws.

               (iv) Binding Obligation. Each Receivable shall represent the
     genuine, legal, valid and binding payment obligation in writing of the
     Obligor, enforceable by the holder thereof in accordance with its
     terms, except as enforceability may be limited by bankruptcy,
     insolvency, reorganization, or other similar laws affecting the
     enforcement of creditors' rights generally and by general principles
     of equity.

               (v) No Government Obligor. None of the Receivables is due
     from the United States of America or any state or from any agency,
     department or instrumentality of the United States of America or any
     state.

               (vi) Security Interest in Financed Vehicle. 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 MMCA as secured
     party and, at such time as enforcement of such security interest is
     sought, there shall exist a valid, subsisting and enforceable first
     priority perfected security interest in such Financed Vehicle for the
     benefit of the Seller and the Trust, respectively (subject to any
     statutory or other lien arising by operation of law after the Closing
     Date (with respect to each Initial Receivable) or the related
     Subsequent Transfer Date (with respect to each Subsequent Receivable)
     which is prior to such security interest), or all necessary and
     appropriate action with respect to such Receivables shall have been
     taken to perfect a first priority security interest in such Financed
     Vehicle for the benefit of the Seller and the Purchaser, respectively.

               (vii) Receivables in Force. No Receivable shall have been
     satisfied, subordinated, or rescinded, nor shall any Financed Vehicle
     have been released from the Lien granted by the related Receivable in
     whole or in part, which security interest shall be assignable by MMCA
     to the Seller and by the Seller to the Trust.

               (viii) No Waiver. No provision of a Receivable shall have
     been waived in such a manner that such Receivable fails to meet all of
     the representations and warranties made by the Seller in this Section
     2.2 with respect thereto.

               (ix) No Defenses. No right of rescission, setoff,
     counterclaim, or defense shall have been asserted or threatened with
     respect to any Receivable.

               (x) No Liens. To the best of the Seller's knowledge, no
     liens or claims shall have been filed 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 the Financed Vehicle
     granted by the Receivable.

               (xi) No Default; Repossession. Except for payment defaults
     continuing for a period of not more than 30 days or payment defaults
     of 10% or less of a Scheduled Payment, in each case as of the related
     Cutoff Date, or the failure of the Obligor to maintain satisfactory
     physical damage insurance covering the Financed Vehicle, no default,
     breach, violation, or event permitting acceleration under the terms of
     any Receivable shall have occurred; no continuing condition that with
     notice or the lapse of time or both would constitute a default,
     breach, violation, or event permitting acceleration under the terms of
     any Receivable shall have arisen; the Seller shall not have waived any
     of the foregoing; and no Financed Vehicle shall have been repossessed
     as of the related Cutoff Date.

               (xii) Insurance. Each Contract shall require the related
     Obligor to maintain physical damage insurance (which insurance shall
     not be force placed insurance) covering the Financed Vehicle, in the
     amount determined by MMCA in accordance with its customary procedures.

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

               (xiv) Valid 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 the Indenture or pursuant to transfers of the
     Certificates shall be unlawful, void, or voidable. The Seller has not
     entered into any agreement with any obligor that prohibits, restricts
     or conditions the assignment of any portion of the Receivables.

               (xv) All Filings Made. All filings (including, without
     limitation, filings under the Relevant UCC) necessary in any
     jurisdiction to give the Trust a first priority perfected security
     interest in the Receivables, and to give the Indenture Trustee a first
     priority perfected security interest therein, shall be made within ten
     days of the Closing Date (with respect to the Initial Receivables) or
     ten days of the related Subsequent Transfer Date (with respect to the
     Subsequent Receivables).

               (xvi) Chattel Paper. Each Receivable constitutes "chattel
     paper" as defined in the Relevant UCC.

               (xvii) One Original. There shall be only one original
     executed copy of each Receivable in existence.

               (xviii) Principal Balance. Each Receivable had an original
     principal balance (net of unearned precomputed finance charges) of not
     more than $60,000, and a remaining Principal Balance as of the related
     Cutoff Date of not less than $100.

               (xix) No Bankrupt Obligors. No Receivable was due from an
     Obligor who, as of the related Cutoff Date, was the subject of a
     proceeding under the Bankruptcy Code of the United States or was
     bankrupt.

               (xx) New and Used Vehicles. Approximately [ ]% of the
     Initial Pool Balance, constituting approximately [ ]% of the total
     number of the Initial Receivables, relate to new automobiles and
     sports-utility vehicles, substantially all of which were manufactured
     or distributed by Mitsubishi Motors. Approximately [ ]% of the Initial
     Pool Balance, constituting approximately [ ]% of the total number of
     Initial Receivables, relate to used automobiles and sports-utility
     vehicle, substantially all of which were manufactured or distributed
     by Mitsubishi Motors. Approximately [ ]% of the Initial Pool Balance,
     constituting approximately [ ]% of the total number of Initial
     Receivables, relate to program automobiles and sports-utility
     vehicles, substantially all of which were manufactured or distributed
     by Mitsubishi Motors. Approximately [ ]% of the Initial Pool Balance,
     constituting approximately [ ]% of the total number of Initial
     Receivables, relate to other used automobiles and sports-utility
     vehicles.

               (xxi) Origination. Each Receivable shall have an origination
     date during or after [January 27, 1999].

               (xxii) Maturity of Receivables. Each Receivable shall have,
     as of the related Cutoff Date, not more than [66] remaining Scheduled
     Payments due under the Receivable.

               (xxiii) Weighted Average Maturity of Receivables. As of the
     Initial Cutoff Date, the weighted average number of Scheduled Payments
     remaining until the maturity of the Initial Receivables shall be not
     more than [59] Scheduled Payments. As of the related Subsequent Cutoff
     Date, the weighted average number of Scheduled Payments remaining
     until the maturity of any Subsequent Receivables transferred to the
     Trust on the same Subsequent Transfer Date shall be not more than [ ]
     Scheduled Payments.

               (xxiv) Annual Percentage Rate. Each Receivable shall have an
     APR of at least 0% and not more than 30%.

               (xxv) Scheduled Payments. No Receivable shall have a payment
     of which more than 10% of such payment is more than 30 days overdue as
     of the related Cutoff Date.

               (xxvi) Location of Receivable Files. The Receivable Files
     shall be kept at one or more of the locations listed in Schedule B
     hereto.

               (xxvii) Capped Receivables and Simple Interest Receivables.
     Except to the extent that there has been no material adverse effect on
     Noteholders or Certificateholders, each Capped Receivable has been
     treated consistently by the Seller and the Servicer as a Simple
     Interest Receivable and payments with respect to each Simple Interest
     Receivable have been allocated consistently in accordance with the
     Simple Interest Method.

               (xxviii) Agreement. The representations and warranties of
     the Seller in Section 6.1 are true and correct.

               (xxix) Other Data. The tabular data and the numerical data
     relating to the characteristics of the Receivables contained in the
     Prospectus (as defined in the Purchase Agreement) are true and correct
     in all material respects.

               (xxx) Last Scheduled Payments. The aggregate principal
     balance of the Last Scheduled Payments of Balloon Payment Receivables
     and Final Payment Receivables that are Initial Receivables, as a
     percentage of the Initial Pool Balance as of the Initial Cutoff Date,
     shall be not greater than [ ]%. The aggregate principal balance of the
     Last Scheduled Payments of Balloon Payment Receivables and Final
     Payment Receivables that are Subsequent Receivables sold to the
     Purchaser on a Subsequent Transfer Date, as of the related Subsequent
     Cutoff Date, as a percentage of the aggregate principal balance of all
     of such Subsequent Receivables as of such related Subsequent Cutoff
     Date, shall be not greater than [ ]%.

               (xxxi) Receivable Yield Supplement Amounts. An amount equal
     to the sum of all projected Yield Supplement Amounts for all future
     Payment Dates with respect to each Deferred Payment Receivable and
     each Deferred Balloon Payment Receivable, assuming that no prepayments
     are made on the Deferred Payment Receivable or the Deferred Balloon
     Payment Receivable, as the case may be, has been deposited to the
     Yield Supplement Account on or prior to the Closing Date or the
     related Subsequent Transfer Date, as applicable.

               (xxxii) Prepaid Receivables. No Receivable shall have been
     pre-paid by more than six monthly payments as of the related Cutoff
     Date.

               (xxxiii) Limited Credit Experience. The aggregate principal
     balance of the Initial Receivables on which the Obligor has limited
     credit experience, as a percentage of the aggregate principal balance
     of all Receivables, as of the Initial Cutoff Date, is not greater than
     [ ]%. The aggregate principal balance of the Subsequent Receivables
     sold to the Purchaser on a Subsequent Transfer Date on which the
     Obligor has limited credit experience, as of the related Subsequent
     Cutoff Date, as a percentage of the aggregate principal balance of all
     of such Subsequent Receivables as of such related Subsequent Cutoff
     Date, shall be not greater than [ ]%.

               (xxxiv) Deferred Payment Receivables. As of the Initial
     Cutoff Date $[ ] total Principal Balance of Deferred Payment
     Receivables included in the Initial Receivables had a first payment
     that, as of the date of inception of the Receivable, was deferred for
     300 days or greater. As of the Initial Cutoff Date $[ ] total
     Principal Balance of Deferred Payment Receivables included in the
     Initial Receivables had a first payment that, as of the date of
     inception of the Receivables, was deferred for a period of between 200
     and 299 days. As of the Initial Cutoff Date $[ ] total Principal
     Balance of Deferred Payment Receivables included in the Initial
     Receivables had a first payment that, as of the date of inception of
     the Receivables, was deferred for a period of between 100 and 199
     days. As of the Initial Cutoff Date $[ ] total Principal Balance of
     Deferred Payment Receivables included in the Initial Receivables had a
     first payment that, as of the date of inception of the Receivables,
     was deferred for a period of 99 days or less. In no case will the
     first payment on a Deferred Payment Receivable be due later than 480
     days after the date of inception of that Receivable.

               (xxxv) Long Deferment Period Receivables. As of the Initial
     Cutoff Date $[ ] total Principal Balance of Deferred Payment
     Receivables included in the Initial Receivables were Long Deferment
     Period Receivables.

               (xxxvi) Reinvested Receivables. With respect to Reinvested
     Receivables transferred to the Issuer on the same Subsequent Transfer
     Date; (A) not less than [95]% of the aggregate Principal Balance of
     such Reinvested Receivables shall relate to new automobiles and sports
     utility vehicles, substantially all of which shall be manufactured or
     distributed by Mitsubishi Motors; (B) the Obligors on not less than
     [70]% of the aggregate Principal Balance of such Reinvested
     Receivables shall be included in MMCA's "Triple Diamond" credit tier;
     (C) the weighted average FICO score of the Obligors on such Reinvested
     Receivables shall be not less than [695]; and (D) none of such
     Reinvested Receivables shall be Deferred Payment Receivables.

               (xxxvii) Deferred Balloon Payment Receivables. As of the
     Initial Cutoff Date, $[ ] total principal balance of Deferred Balloon
     Payment Receivables were originated with a deferral period of 90 days,
     and $[ ] total principal balance of Deferred Balloon Payment
     Receivables were originated with a deferral period of 180 days.

               (xxxviii) Modified Receivables. The APR of any Modified
     Receivable is equal to the APR of the related Deferred Payment
     Receivable. The date on which the final Scheduled Payment is due on a
     Modified Receivable is not different than the date set forth in the
     related Contract as the date on which the final Scheduled Payment
     under such Receivable is due. No Deferred Payment Receivable became a
     Modified Receivable after 90 days following the date the first
     Scheduled Payment on the Receivable was due.

          Section 2.3 Repurchase upon Breach. The Seller, the Servicer, or
the Owner Trustee, as the case may be, shall inform the other parties to
this Agreement, the Indenture Trustee and MMCA promptly, in writing, upon
the discovery of any breach or failure to be true of the representations
and warranties made by the Seller pursuant to Section 2.2. If the breach or
failure shall not have been cured by the close of business on the last day
of the Collection Period which includes the 60th day after the date on
which the Seller becomes aware of, or receives written notice from the
Owner Trustee or the Servicer of, such breach or failure, and such breach
or failure materially and adversely affects the interest of the Trust in a
Receivable, the Seller shall repurchase from the Trust such Receivable, on
the Payment Date immediately following such Collection Period. In
consideration of the repurchase of a Receivable hereunder, the Seller shall
remit the Purchase Amount of such Receivable in the manner specified in
Section 4.5(a). The sole remedy of the Trust, the Owner Trustee, the
Indenture Trustee, the Noteholders and the Certificateholders with respect
to a breach or failure to be true of the representations and warranties
made by the Seller pursuant to Section 2.2 shall be to require the Seller
to repurchase Receivables pursuant to this Section 2.3 and to enforce the
obligation of MMCA to the Seller to repurchase such Receivable pursuant to
the 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 this Section 2.3 or the eligibility of any Receivable for
purposes of this Agreement.

          Section 2.4 Custody of Receivable Files. To assure uniform
quality in servicing the Receivables and to reduce administrative costs,
the Trust, upon the execution and delivery of this Agreement, hereby
revocably appoints the Servicer as its agent, and the Servicer hereby
accepts such appointment, to act as custodian on behalf of the Trust and
the Indenture Trustee of the following documents or instruments, which are
hereby constructively delivered to the Indenture Trustee, as pledgee of the
Trust pursuant to the Indenture (or, in the case of the Subsequent
Receivables, will as of the applicable Subsequent Transfer Date be
constructively delivered to the Indenture Trustee, as pledgee of the Trust
pursuant to the Indenture), with respect to each Receivable (collectively,
a "Receivable File"):

               (i) the single original of the Receivable;

               (ii) the original credit application fully executed by the
     Obligor or a photocopy thereof or a record thereof on a computer file
     tape, microfiche or other electronic medium;

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

               (iv) documents evidencing the existence, at the time of
     origination of the Receivable, of any insurance covering the Financed
     Vehicle; and

               (v) any and all other documents (including any computer
     tape, microfiche or other electronic medium) that the Servicer or the
     Seller shall keep on file, in accordance with its customary
     procedures, relating to a Receivable, an Obligor, or a Financed
     Vehicle.

          On the Closing Date (with respect to the Initial Receivables) and
each Subsequent Transfer Date (with respect to the related Subsequent
Receivables), the Servicer shall provide an Officer's Certificate to the
Trust and the Indenture Trustee confirming that the Servicer has received,
on behalf of the Trust and the Indenture Trustee, all the documents and
instruments necessary for the Servicer to act as the agent of the Trust and
the Indenture Trustee for the purposes set forth in this Section 2.4,
including the documents referred to herein, and the Trust, the Owner
Trustee and the Indenture Trustee are hereby authorized to rely on such
Officer's Certificate.

          Section 2.5 Duties of Servicer as Custodian.

          (a) Safekeeping. The Servicer, in its capacity as custodian, shall
hold the Receivable Files for the benefit of the Trust and the Indenture
Trustee and maintain such accurate and complete accounts, records, and
computer systems pertaining to each Receivable File as shall enable the
Servicer and the Trust to comply with the terms and provisions of this
Agreement, and the Indenture Trustee to comply with the terms and
conditions of the Indenture. In performing its duties as custodian, the
Servicer shall act with reasonable care, using that degree of skill and
attention that the Servicer exercises with respect to the receivable files
relating to all comparable motor vehicle receivables that the Servicer
services for itself or others. In accordance with its customary practices
and procedures with respect to its retail installment sale contracts, the
Servicer shall conduct, or cause to be conducted, periodic audits of the
Receivable Files held by it under this Agreement, and of the related
accounts, records, and computer systems, in such a manner as shall enable
the Trust or the Indenture Trustee to verify the accuracy of the Servicer's
record keeping. The Servicer shall promptly report to the Owner Trustee 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
by the Trust, the Owner Trustee or the Indenture Trustee of the Receivable
Files and none of the Trust, the Owner Trustee and the Indenture Trustee
shall be liable or responsible for any action or failure to act by the
Servicer in its capacity as custodian hereunder.

          (b) Maintenance of and Access to Records. The Servicer shall
maintain each Receivable File at one of its offices specified in Schedule B
to this Agreement, or at such other office as shall be specified to the
Trust and the Indenture Trustee by written notice not later than 90 days
after any change in location. The Servicer shall make available to the
Trust and the Indenture Trustee or its duly authorized representatives,
attorneys, or auditors a list of locations of the Receivable Files, and the
related accounts, records, and computer systems maintained by the Servicer
at such times as the Trust or the Indenture Trustee shall instruct.

          (c) Release of Documents. Upon written instructions from the
Indenture Trustee, the Servicer shall release any document in the
Receivable Files to the Indenture Trustee, the Indenture Trustee's agent,
or the Indenture Trustee's designee, as the case may be, at such place or
places as the Indenture Trustee may designate, as soon thereafter as is
practicable. Any document so released shall be handled by the Indenture
Trustee with due care and returned to the Servicer for safekeeping as soon
as the Indenture Trustee or its agent or designee, as the case may be,
shall have no further need therefor.

          (d) Title to Receivables. The Servicer agrees that, in respect of
any Receivable held by the Servicer as custodian hereunder, the Servicer
will not at any time have or in any way attempt to assert any interest in
such Receivable or the related Receivable File, other than for collecting
or enforcing the Receivable for the benefit of the Trust and that the
entire equitable interest in such Receivable and the related Receivable
File shall at all times be vested in the Trust.

          Section 2.6 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 excerpts of
authorizing resolutions 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 2.7 Custodian's Indemnification. The Servicer, in its
capacity as custodian, shall indemnify and hold harmless the Trust, the
Owner Trustee and the Indenture Trustee and each of their respective
officers, directors, employees and agents from and against any and all
liabilities, obligations, losses, compensatory damages, payments, costs or
expenses (including legal fees if any) of any kind whatsoever that may be
imposed on, incurred, or asserted against the Trust, the Owner Trustee and
the Indenture Trustee or any of their respective officers, directors,
employees and agents as the result of any act or omission by the Servicer
relating to the maintenance and custody of the Receivable Files; provided,
however, that the Servicer shall not be liable hereunder to the Owner
Trustee to the extent, but only to the extent, that such liabilities,
obligations, losses, compensatory damages, payments, costs or expenses
result from the willful misfeasance, bad faith, or negligence of the Owner
Trustee and shall not be liable hereunder to the Indenture Trustee to the
extent, but only to the extent, that such liabilities, obligations, losses,
compensatory damages, payments, costs or expenses result from the willful
misfeasance, bad faith, or negligence of the Indenture Trustee.

          Section 2.8 Effective Period and Termination. The Servicer's
appointment as custodian shall become effective as of the Initial Cutoff
Date and shall continue in full force and effect until terminated pursuant
to this Section 2.8. If the Servicer shall resign as Servicer under Section
7.5, or if all of the rights and obligations of the Servicer shall have
been terminated under Section 8.1, the appointment of the Servicer as
custodian hereunder may be terminated by the Indenture Trustee or by the
Holders of Notes evidencing not less than 25% of the principal amount of
the then Outstanding Notes or, with the consent of Holders of Notes
evidencing not less than 25% of the principal amount of the then
Outstanding Notes, by the Owner Trustee or by Holders of Certificates
evidencing not less than 25% of the Certificate Balance, in the same manner
as the Indenture Trustee or such Holders may terminate the rights and
obligations of the Servicer under Section 8.1. As soon as practicable after
any termination of such appointment, the Servicer shall deliver, or cause
to be delivered, the Receivable Files and the related accounts and records
maintained by the Servicer to the Indenture Trustee, the Indenture
Trustee's agent or the Indenture Trustee's designee at such place or places
as the Indenture Trustee may reasonably designate.

               ARTICLE III - ADMINISTRATION AND SERVICING OF
                       RECEIVABLES AND TRUST PROPERTY

          Section 3.1 Duties of Servicer. (a) The Servicer, acting alone
and/or through subservicers as provided in this Section 3.1, shall
administer the Receivables with reasonable care. The Servicer's duties
shall include, but not be limited to, the collection and posting of all
payments, responding to inquiries by Obligors on the Receivables, or by
federal, state, or local governmental authorities, investigating
delinquencies, reporting tax information to Obligors, furnishing monthly
and annual statements to the Owner Trustee and the Indenture Trustee with
respect to distributions, providing collection and repossession services in
the event of Obligor default, coordinating or arranging inspection of
Financed Vehicles relating to Final Payment Receivables at the end of the
related Contract term, refinancing or selling Financed Vehicles relating to
Final Payment Receivables at the end of the related Contract term depending
upon the options chosen by the Obligors and making Advances pursuant to
Sections 4.4(a) and (c). The Servicer shall also administer and enforce all
rights and responsibilities of the holder of the Receivables provided for
in the Dealer Agreements, to the extent that such Dealer Agreements relate
to the Receivables, the Financed Vehicles or the Obligors. In performing
its duties as Servicer hereunder, the Servicer will exercise 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.
Subject to Section 3.2, the Servicer shall follow its customary standards,
policies, practices and procedures in performing its duties hereunder as
Servicer. Without limiting the generality of the foregoing, the Servicer is
hereby authorized and empowered to execute and deliver, on behalf of
itself, the Trust, the Owner Trustee, the Indenture Trustee, the
Certificateholders, the Noteholders or any one or more 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 or to the Financed Vehicles, all in accordance with this
Agreement; provided, however, that notwithstanding the foregoing, the
Servicer shall not, except pursuant to an order from a court of competent
jurisdiction, release an Obligor from payment of any unpaid amount under
any Receivable or waive the right to collect the unpaid balance (including
accrued interest) of any Receivable from the Obligor, except in connection
with a de minimis deficiency, Excess Wear and Tear, Excess Mileage or
disposition fees which the Servicer would not attempt to collect in
accordance with its customary procedures, in which event the Servicer shall
indemnify the Trust for such deficiency, Excess Wear and Tear, Excess
Mileage or disposition fee. If the Servicer shall commence a legal
proceeding to enforce a Receivable, the Owner Trustee shall thereupon be
deemed to have automatically assigned such Receivable to the Servicer,
which assignment shall be solely for purposes of collection. If in any
enforcement suit or legal proceeding it shall be held that the Servicer may
not enforce a Receivable on the ground that it shall not be a real party in
interest or a holder entitled to enforce the Receivable, the Owner Trustee
shall, at the Servicer's expense and direction, take steps to enforce the
Receivable, including bringing suit in its name or the names of the
Indenture Trustee, the Certificateholders, the Noteholders or any of them.
The Owner Trustee shall execute and deliver to the Servicer any powers of
attorney and other documents as shall be prepared by the Servicer and
reasonably necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties hereunder. The Servicer, at its
expense, shall obtain on behalf of the Trust or the Owner Trustee all
licenses, if any, required by the laws of any jurisdiction to be held by
the Trust or the Owner Trustee in connection with ownership of the
Receivables, and shall make all filings and pay all fees as may be required
in connection therewith during the term hereof.

          The Servicer may enter into subservicing agreements with one or
more subservicers for the servicing and administration of certain of the
Receivables and may perform its duties as Servicer hereunder utilizing the
employees of MMSA. Notwithstanding anything to the contrary herein, the
Servicer shall remain fully liable hereunder for the performance of the
duties of Servicer, including such duties as may be performed by employees
of MMSA or by any subservicer. In addition, any subservicer shall be and
shall remain, for so long as it is acting as subservicer, an Eligible
Servicer, and any fees paid to such subservicer shall be paid by the
Servicer and not out of the proceeds of the Trust, and any such subservicer
shall agree to service the Receivables in a manner consistent with the
terms of this Agreement.

          (b) References in this Agreement to actions taken, to be taken,
permitted to be taken, or restrictions on actions permitted to be taken by
the Servicer in servicing the Receivables and other actions taken, to be
taken, permitted to be taken, or restrictions on actions to be taken with
respect to the Trust Property shall include actions taken, to be taken,
permitted to be taken, or restrictions on actions permitted to be taken by
a subservicer on behalf of the Servicer and references herein to payments
received by the Servicer shall include payments received by a subservicer,
irrespective of whether such payments are actually deposited in the
Collection Account by such subservicer. Any such subservicing agreement
will contain terms and provisions substantially identical to the terms and
provisions of this Agreement and such other terms and provisions as are not
inconsistent with this Agreement and as the Servicer and the subservicer
have agreed.

          (c) The Servicer shall be entitled to terminate any subservicing
agreement in accordance with the terms and conditions of such subservicing
agreement and without any limitation by virtue of this Agreement; provided,
however, that, in the event of termination of any subservicing agreement by
the Servicer, the Servicer shall either act directly as Servicer of the
related Receivables or enter into a subservicing agreement with a successor
subservicer which will be bound by the terms of the related subservicing
agreement.

          (d) As a condition to the appointment of any subservicer, the
Servicer shall notify the Owner Trustee, the Indenture Trustee and the
Rating Agencies in writing before such assignment becomes effective and
such subservicer shall be required to execute and deliver an instrument in
which it agrees that, for so long as it acts as subservicer of the
Receivables and the other Trust Property being serviced by it, the
covenants, conditions, indemnities, duties, obligations and other terms and
provisions of this Agreement applicable to the Servicer hereunder shall be
applicable to it as subservicer, that it shall be required to perform its
obligations as subservicer for the benefit of the Trust as if it were
Servicer hereunder (subject, however, to the right of the Servicer to
direct the performance of such obligations in accordance with this
Agreement) and that, notwithstanding any provision of a subservicing
agreement to the contrary, such subservicer shall be directly liable to the
Owner Trustee and the Trust (notwithstanding any failure by the Servicer to
perform its duties and obligations hereunder) for the failure by such
subservicer to perform its obligations hereunder or under any subservicing
agreement, and that (notwithstanding any failure by the Servicer to perform
its duties and obligations hereunder) the Owner Trustee may enforce the
provisions of this Agreement and any subservicing agreement against the
subservicer for the benefit of the Trust, without diminution of such
obligations or liabilities by virtue of any subservicing agreement, by
virtue of any indemnification provided thereunder or by virtue of the fact
that the Servicer is primarily responsible hereunder for the performance of
such duties and obligations, as if a subservicer alone were servicing and
administering, under this Agreement, the Receivables and the other Trust
Property being serviced by it under the subservicing agreement.

          (e) Notwithstanding any subservicing agreement, any of the
provisions of this Agreement relating to agreements or arrangements between
the Servicer or a subservicer or reference to actions taken through such
Persons or otherwise, the Servicer shall remain obligated and liable to the
Trust and the Owner Trustee for the servicing and administering of the
Receivables and the other Trust Property in accordance with the provisions
of this Agreement (including for the deposit of payments received by a
subservicer, irrespective of whether such payments are actually remitted to
the Servicer or deposited in the Collection Account by such subservicer;
provided that if such amounts are so deposited, the Servicer shall have no
further obligation to do so) without diminution of such obligation or
liability by virtue of such subservicing agreements or arrangements or by
virtue of indemnification from a subservicer, to the same extent and under
the same terms and conditions as if the Servicer alone were servicing and
administering the Receivables and the other Trust Property. The Servicer
shall be entitled to enter into any agreement with a subservicer for
indemnification of the Servicer and nothing contained in this Agreement
shall be deemed to limit or modify such indemnification.

          (f) In the event the Servicer for any reason no longer shall be
acting as such (including by reason of the occurrence of an Event of
Servicing Termination), the successor Servicer may, in its discretion,
thereupon assume all of the rights and obligations of the outgoing Servicer
under a subservicing agreement. In such event, the successor Servicer shall
be deemed to have assumed all of the Servicer's interest therein and to
have replaced the outgoing Servicer as a party to such subservicing
agreement to the same extent as if such subservicing agreement had been
assigned to the successor Servicer, except that the outgoing Servicer shall
not thereby be relieved of any liability or obligation on the part of the
outgoing Servicer to the subservicer under such subservicing agreement. The
outgoing Servicer shall, upon request of the Indenture Trustee, but at the
expense of the outgoing Servicer, deliver to the successor Servicer all
documents and records relating to each such subservicing agreement and the
Receivables and the other Trust Property then being serviced thereunder and
an accounting of amounts collected and held by it and otherwise use its
best efforts to effect the orderly and efficient transfer of the
subservicing agreement to the successor Servicer. In the event that the
successor Servicer elects not to assume a subservicing agreement, such
subservicing agreement shall be immediately cancellable by the successor
Servicer upon written notice to the subservicer and the outgoing Servicer,
at its expense, shall cause the subservicer to deliver to the successor
Servicer all documents and records relating to the Receivables and the
other Trust Property being serviced thereunder and all amounts held (or
thereafter received) by such subservicer (together with an accounting of
such amounts) and shall otherwise use its best efforts to effect the
orderly and efficient transfer of servicing of the Receivables and the
other Trust Property being serviced by such subservicer to the successor
Servicer.

          (g) The Servicer shall be required to provide a computer tape or
compact disk each month to Lewtan Technologies, Inc. containing information
relating to the Receivables, including the name, address and telephone
number of each Obligor and the balance on the Receivables. Lewtan
Technologies shall provide a copy of the tape or disk to the Indenture
Trustee, the Indenture Trustee's agent, or the Indenture Trustee's designee
upon the written request of the Indenture Trustee. Lewtan Technologies,
Inc. shall be paid a fee for such services and shall be reimbursed for any
expenses incurred by it in connection with such services. The Servicer
shall pay these amounts from its monthly Servicing Fee.

          Section 3.2 Collection and Allocation of Receivable Payments. (a)
The Servicer shall make reasonable efforts to collect all payments called
for under the terms and provisions of the Receivables as and when the same
shall become due and shall follow such collection procedures as it follows
with respect to all comparable motor vehicle receivables that it services
for itself or others. The Servicer shall allocate collections between
principal and interest in accordance with the customary servicing practices
and procedures it follows with respect to all comparable motor vehicle
receivables that it services for itself or others. The Servicer shall not
increase or decrease the number or amount of any Scheduled Payment, or the
Amount Financed under a Receivable or the APR of a Receivable, or extend,
rewrite or otherwise modify the payment terms of a Receivable; provided,
however, that:

               (i) in the case of a Deferred Payment Receivable or a
     Deferred Balloon Payment Receivable upon which the related Obligor has
     made one or more partial pre-payments on or prior to the date on which
     the first Scheduled Payment is due under the related Contract, the
     Servicer may, at any time on or before 90 days after that first
     Scheduled Payment is due, modify the terms of the Receivable including
     by reducing the amount of each Scheduled Payment; provided, that the
     Servicer may not change (x) the APR of such Receivable, and (y) the
     date on which the final Scheduled Payment under the Receivable is due
     from the date set forth in the related Contract as the date on which
     such final Scheduled Payment shall be due (any such Receivable, a
     "Modified Receivable"); and

               (ii) the Servicer may extend the due date for one or more
     payments due on a Receivable for credit-related reasons that would be
     acceptable to the Servicer with respect to comparable motor vehicle
     receivables that it services for itself and others and in accordance
     with its customary standards, policies, practices and procedures if
     the cumulative extensions with respect to any Receivable shall not
     cause the term of such Receivable to extend beyond [ ] and that such
     extensions, in the aggregate, do not exceed two months for each 12
     months of the original term of the Receivable.

          In the event that the Servicer fails to comply with the
provisions of the preceding sentence, the Servicer shall be required to
purchase the Receivable or Receivables affected thereby, for the Purchase
Amount, in the manner specified in Section 3.7, as of the close of the
Collection Period in which such failure occurs. The Servicer may, in its
discretion, (but only in accordance with its customary standards, policies,
practices and procedures), waive any late payment charge or any other fee
that may be collected in the ordinary course of servicing a Receivable.

          (b) With respect to each Final Payment Receivable, the Servicer,
in accordance with its customary servicing standards, policies, practices
and procedures, shall contact the Obligor on or before the due date of the
Last Scheduled Payment specified in the related Contract. If, at such time,
the Obligor under the Final Payment Receivable has notified MMCA on behalf
of the Trust that it elects to sell the Financed Vehicle to MMCA on behalf
of the Trust in accordance with the terms of the Receivable, the Servicer
shall, upon delivery of the Financed Vehicle by the Obligor to MMCA on
behalf of the Trust, inspect the Financed Vehicle for Excess Wear and Tear
and Excess Mileage, and determine the necessity of any repairs. If the
Servicer determines that such Financed Vehicle requires repairs as a result
of Excess Wear and Tear, the Servicer shall require the Obligor to pay the
estimated cost of such repairs to the Servicer. If the Obligor disputes the
Servicer's estimate of the cost of such repairs, the Obligor may obtain, at
the Obligor's own expense, a professional appraisal of the Financed
Vehicle's value by an independent third-party appraiser acceptable to both
the Obligor and the Servicer, and the cost of repairs for Excess Wear and
Tear as determined by such appraisal shall be binding on the Obligor and
the Servicer. The Servicer shall, pursuant to the related Contract, offset
(x) the cost of repairs for Excess Wear and Tear as determined by the
appraisal, any charges for Excess Mileage and the disposition fee payable
to the Servicer pursuant to the related Contract, and the Principal
Balance, accrued interest and any other amounts owed by the Obligor on the
Receivable against (y) the purchase price otherwise due to the Obligor for
the Financed Vehicle, and shall collect any excess of (x) over (y) from the
Obligor.

          (c) In connection with an Obligor's transfer of a Financed
Vehicle to MMCA on behalf of the Trust in satisfaction of its obligation to
pay the Last Scheduled Payment under a Final Payment Receivable, pursuant
to the terms of the Contract related to such Last Scheduled Payment, the
Servicer shall require the Obligor to pay a disposition fee (which the
Servicer will retain as servicing compensation), whereupon the Servicer
shall take possession of the related Financed Vehicle and shall prepare
such Financed Vehicle for sale at auction or otherwise in accordance with
the Servicer's customary servicing standards, policies, practices and
procedures.

          (d) Proceeds received by the Servicer from the payment by an
Obligor of a Financed Vehicle of amounts attributable to Last Scheduled
Payments and other amounts (including Excess Wear and Tear and Excess
Mileage) owed by the Obligor and from the sale of a Financed Vehicle at
auction or otherwise constitute proceeds of Last Scheduled Payments and
collections on the Receivables, and shall be deposited into the Collection
Account. Following the sale of the Financed Vehicle, the Servicer, on
behalf of the Trust, shall deliver the related certificate of title to the
purchaser of such Financed Vehicle. Following the Servicer's receipt of
proceeds from the sale of such Financed Vehicle and amounts to be paid by
the Obligor pursuant to subparagraph (b) above, the Servicer shall record
on its books and records the termination of the Trust's ownership and
security interest in the related Final Payment Receivable (and shall
deliver copies thereof to the Indenture Trustee and the Owner Trustee upon
written request within ten days of receipt of such request).

          (e) If the Obligor under any Balloon Payment Receivable or Final
Payment Receivable has notified the Dealer that it desires to refinance the
amount that it owes on termination of the Receivable, MMCA will, in
accordance with its customary servicing standards, policies, practices and
procedures, make a decision to grant or deny credit, except for Contracts
for which the Obligors have the right to refinance without such an
assessment, in which case MMCA shall honor the Obligor's right to
refinance. If credit is denied, the Servicer shall require the Obligor to
satisfy its obligation to pay the remaining amounts owed in accordance with
the terms of the Balloon Payment Receivable or Final Payment Receivable. If
credit is granted, MMCA shall deposit an amount equal to the total amount
owed by the Obligor on the Receivable to the Collection Account. Upon
deposit of such amount into the Collection Account, the Trust's ownership
and security interest in the related Financed Vehicle shall terminate, and
the Trust will assign all interest in, to and under the Receivable and the
related Financed Vehicle to MMCA. The Servicer shall record such
termination on its books and records (and shall deliver copies thereof to
the Indenture Trustee and the Owner Trustee upon written request within ten
days of receipt of such request). If MMCA is no longer the Servicer, the
Trust or any Holder of the Certificates may make arrangements for the
successor Servicer or another party to provide refinancing of Last
Scheduled Payments to Obligors who desire to satisfy the Last Scheduled
Payment through refinancing and who meet such party's credit criteria, and
any reasonable costs and expenses of the successor Servicer or such third
party in determining whether to provide such refinancing shall be payable
from amounts, if any, which would otherwise be released from the Reserve
Account and paid to the Seller.

          Section 3.3 Realization upon Receivables.

          (a) On behalf of the Trust, the Servicer shall use reasonable
efforts, in accordance with the standard of care required by Section 3.1,
to repossess or otherwise convert the ownership of each Financed Vehicle
securing a Defaulted Receivable. In taking such action, the Servicer shall
follow such customary and usual practices and procedures as it shall deem
necessary or advisable in its servicing of comparable automotive
receivables, and as are otherwise consistent with the standard of care
required under Section 3.1, which shall include the exercise of any rights
of recourse to Dealers under the Dealer Agreements. The Servicer shall be
entitled to recover all reasonable expenses incurred by it in the course of
repossessing and liquidating a Financed Vehicle into cash proceeds, but
only out of the cash proceeds of such Financed Vehicle and any deficiency
obtained from the Obligor. The foregoing shall be subject to the provision
that, in any case in which a Financed Vehicle shall have suffered damage,
the Servicer shall not expend funds in connection with the repair or the
repossession of such Financed Vehicle unless it shall determine in its
discretion that such repair and/or repossession will increase the
Liquidation Proceeds (or Recoveries) of the related Receivable by an amount
equal to or greater than the amount of such expenses.

          (b) If the Servicer elects to commence a legal proceeding to
enforce a Dealer Agreement, the act of commencement shall be deemed to be
an automatic assignment from the Trust to the Servicer of the rights of
recourse under such Dealer Agreement. If, however, in any enforcement suit
or legal proceeding, it is held that the Servicer may not enforce a Dealer
Agreement on the grounds that it is not a real party in interest or a
Person entitled to enforce the Dealer Agreement, the Owner Trustee, at the
Servicer's expense and direction, shall take such steps as the Servicer
deems necessary to enforce the Dealer Agreement, including bringing suit in
its name or the names of the Indenture Trustee, the Certificateholders, the
Noteholders or any of them.

          Section 3.4 Physical Damage Insurance. The Servicer shall follow
its customary servicing procedures to determine whether or not each Obligor
shall have maintained physical damage insurance covering the related
Financed Vehicle.

          Section 3.5 Maintenance of Security Interests in Financed
Vehicles. The Servicer, in accordance with the standard of care required
under Section 3.1, shall take such steps as are necessary to maintain
perfection of the security interest created by each Receivable in the
related Financed Vehicle. The Trust hereby authorizes the Servicer, and the
Servicer hereby agrees, to take such steps as are necessary to re-perfect
such security interest on behalf of the Trust and the Indenture Trustee in
the event the Servicer receives notice of, or otherwise has actual
knowledge of, the relocation of a Financed Vehicle or for any other reason.

          Section 3.6 Covenants of Servicer. The Servicer hereby makes the
following covenants:

          (a) Security Interest to Remain in Force. The Financed Vehicle
securing each Receivable will not be released from the security interest
granted by the Receivable in whole or in part, except as contemplated
herein.

          (b) No Impairment. The Servicer will not (nor will it permit any
subservicer to) impair in any material respect the rights of the Trust, the
Owner Trustee, the Indenture Trustee, the Certificateholders or the
Noteholders in the Receivables or, subject to clause (c) below, otherwise
amend or alter the terms thereof if, as a result of such amendment or
alteration, the interests of the Trust, the Owner Trustee, the Indenture
Trustee, the Certificateholders or the Noteholders hereunder would be
materially adversely affected.

          (c) Amendments. The Servicer will not increase or decrease the
number or amount of Scheduled Payments or the Amount Financed under a
Receivable, or extend, rewrite or otherwise modify the payment terms of a
Receivable, except pursuant to Section 3.2(a).

          Section 3.7 Purchase by Servicer upon Breach. The Seller, the
Servicer or the Owner Trustee, as the case may be, shall inform the other
parties to this Agreement promptly, in writing, upon the discovery of any
breach of Section 3.2(a), 3.5 or 3.6. If the breach shall not have been
cured by the last day of the Collection Period which includes the 60th day
after the date on which the Servicer becomes aware of, or receives written
notice of, such breach, and such breach materially and adversely affects
the interests of the Trust in a Receivable, the Servicer shall purchase
such Receivable or Receivables on the immediately succeeding Payment Date;
provided, however, that with respect to a breach of Section 3.2(a), the
Servicer shall repurchase the affected Receivable from the Trust at the end
of the Collection Period in which such breach occurs. In consideration of
the purchase of a Receivable hereunder, the Servicer shall remit the
Purchase Amount of such Receivable in the manner specified in Section
4.5(a). Except as provided in Section 7.2, the sole remedy of the Trust,
the Owner Trustee, the Indenture Trustee, the Certificateholders or the
Noteholders against the Servicer with respect to a breach pursuant to
Section 3.2, 3.5 or 3.6 shall be to require the Servicer to repurchase
Receivables pursuant to this Section 3.7. 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 this Section 3.7 or the
eligibility of any Receivable for purposes of this Agreement.

          Section 3.8 Servicing Compensation. The "Servicing Fee" with
respect to a Collection Period shall be an amount equal to the product of
one-twelfth (1/12) of the sum of (x) 1% of the aggregate Principal Balance
of all Receivables other than Deferred Payment Receivables and Deferred
Balloon Payment Receivables and (y) 0.25% of the aggregate Principal
Balance of Deferred Payment Receivables and Deferred Balloon Payment
Receivables, in each case as of the first day of such Collection Period. As
additional servicing compensation, the Servicer shall also be entitled to
earnings (net of losses and investment expenses) on amounts on deposit in
the Payahead Account, disposition fees paid with respect to Final Payment
Receivables and any administrative fees and charges and all late payment
fees actually collected (from whatever source) on the Receivables other
than fees paid in connection with the extension or deferral of payments on
a Receivable (the "Supplemental Servicing Fee"). The Servicer shall be
required to pay all expenses incurred by it in connection with its
activities hereunder (including fees and expenses of the Owner Trustee and
the Indenture Trustee (and any custodian appointed by the Owner Trustee and
the Indenture Trustee) and independent accountants, any subservicer, taxes
imposed on the Servicer or any subservicer (to the extent not paid by such
subservicer), expenses incurred in connection with distributions and
reports to the Certificateholders and the Noteholders, and any fees and
reimbursements for expenses paid to Lewtan Technologies, Inc.), except
expenses incurred in connection with realizing upon Receivables under
Section 3.3.

          Section 3.9 Servicer's Certificate. On or before the
Determination Date immediately preceding each Payment Date, the Servicer
shall deliver to the Owner Trustee, each Paying Agent, the Indenture
Trustee, the Swap Counterparty and the Seller, with a copy to the Rating
Agencies, a certificate of a Servicing Officer substantially in the form of
Exhibit A hereto (a "Servicer's Certificate") and attached to a Servicer's
report containing all information necessary to make the transfers and
distributions pursuant to Sections 4.3, 4.4, 4.5, 4.6 and 4.7, together
with the written statements to be furnished by the Owner Trustee to
Certificateholders pursuant to Section 4.9 and by the Indenture Trustee to
the Noteholders pursuant to Section 4.9 hereof and Section 6.6 of the
Indenture. Upon written request of the Owner Trustee or the Indenture
Trustee, the Servicer also shall separately identify (by account number of
the Receivable as it appears in the related Schedule of Receivables) in a
written notice to the Owner Trustee or the Indenture Trustee, as the case
may be, the Receivables to be repurchased by the Seller or to be purchased
by the Servicer, as the case may be, on the related Payment Date, and, also
upon written request of one of the foregoing parties, each Receivable which
became a Defaulted Receivable during the related Collection Period. The
Servicer shall deliver to the Rating Agencies any information, to the
extent it is available to the Servicer, that the Rating Agencies reasonably
request in order to monitor the Trust.

          Section 3.10 Annual Statement as to Compliance; Notice of Event
of Servicing Termination.

          (a) The Servicer shall deliver to the Owner Trustee and the
Indenture Trustee, on or before March 31 of each year, commencing March 31,
2003, an Officer's Certificate, stating that (i) a review of the activities
of the Servicer during the preceding calendar year (or such shorter period,
with respect to the first such Officer's Certificate) and of its
performance of its obligations under this Agreement has been made under
such officer's supervision and (ii) to the best of such officer's
knowledge, based on such review, the Servicer has fulfilled all its
obligations under this Agreement throughout such year (or such shorter
period with respect to the first such Officer's Certificate), 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.
A copy of such certificate shall be delivered by the Indenture Trustee to
each Noteholder, promptly following the Indenture Trustee's receipt of such
certificate, pursuant to Section 7.4 of the Indenture. In addition, a copy
of such certificate may be obtained by any Certificateholder by a request
in writing to the Owner Trustee or by any Person certifying that it is a
Note Owner by a request in writing to the Indenture Trustee, in either case
addressed to the applicable Corporate Trust Office. Upon the telephone
request of the Owner Trustee, the Indenture Trustee shall promptly furnish
the Owner Trustee a list of Noteholders as of the date specified by the
Owner Trustee.

          (b) The Servicer shall deliver to the Owner Trustee, the
Indenture Trustee and the Rating Agencies, promptly upon having knowledge
thereof, but in no event later than five Business Days thereafter, written
notice in an Officer's Certificate of any event which constitutes or, with
the giving of notice or lapse of time or both, would become, an Event of
Servicing Termination under Section 8.1.

          Section 3.11 Annual Independent Certified Public Accountants'
Reports. The Servicer shall cause a firm of independent certified public
accountants (who may also render other services to the Servicer, the Seller
or to MMCA) to deliver to the Owner Trustee and the Indenture Trustee on or
before March 31 of each year, commencing March 31, 2003, a report addressed
to the Board of Directors of the Servicer with respect to the preceding
calendar year (or such shorter period, with respect to the first such
report) to the effect that such firm has audited the financial statements
of the Servicer and issued its report thereon and that such audit (1) was
made in accordance with generally accepted auditing standards, (2) included
tests relating to motor vehicle loans serviced for others in accordance
with the requirements of the Uniform Single Attestation Program for
Mortgage Bankers (the "Program"), to the extent the procedures in such
Program are applicable to the servicing obligations set forth in this
Agreement, and (3) except as described in the report, disclosed no
exceptions or errors in the records relating to automobile and
sports-utility vehicle loans serviced for others that such firm is required
to report under the Program. Such report shall also indicate that the firm
is independent with respect to the Seller and the Servicer within the
meaning of the Code of Professional Ethics of the American Institute of
Certified Public Accountants. A copy of such report shall be delivered by
the Indenture Trustee to each Noteholder, promptly following the Indenture
Trustee's receipt of such report, pursuant to Section 7.4 of the Indenture.
In addition, a copy of such report may be obtained by any Certificateholder
by a request in writing to the Owner Trustee, or by any Person certifying
that it is a Note Owner by a request in writing to the Indenture Trustee,
in either case addressed to the applicable Corporate Trust Office.

          Section 3.12 Access to Certain Documentation and Information
Regarding Receivables. The Servicer shall provide the Certificateholders,
the Indenture Trustee and the Noteholders with access to the Receivable
Files in the cases where the Certificateholders, the Indenture Trustee or
the Noteholders shall be required by applicable statutes or regulations to
have access to such documentation. Such access shall be afforded without
charge, but only upon reasonable request and during normal business hours
at the offices of the Servicer. Nothing in this Section 3.12 shall affect
the obligation of the Servicer to observe any applicable law prohibiting
disclosure of information regarding the Obligors, and the failure of the
Servicer to provide access to information as a result of such obligation
shall not constitute a breach of this Section 3.12. Any Certificateholder
or Noteholder, by its acceptance of a Certificate or Note, as the case may
be, shall be deemed to have agreed to keep any information obtained by it
pursuant to this Section confidential, except as may be required by
applicable law.

          Section 3.13 Reports to the Commission. The Servicer shall, on
behalf of the Trust, cause to be filed with the Commission any periodic
reports required to be filed under the provisions of the Exchange Act , and
the rules and regulations of the Commission thereunder. The Seller shall,
at its expense, cooperate in any reasonable request made by the Servicer in
connection with such filings.

          Section 3.14 Reports to Rating Agencies. The Servicer shall
deliver to each Rating Agency, at such address as each Rating Agency may
request, a copy of all reports or notices furnished or delivered pursuant
to this Article and a copy of any amendments, supplements or modifications
to this Agreement and any subservicing agreement and any other information
reasonably requested by such Rating Agency to monitor this transaction.

               ARTICLE IV - DISTRIBUTIONS; RESERVE ACCOUNT;
              STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS

          Section 4.1 Accounts. (a) The Servicer shall, prior to the
Closing Date, establish and maintain a segregated trust account in the name
of the Indenture Trustee, at a Qualified Institution or Qualified Trust
Institution (which shall initially be the corporate trust department of
Bank of Tokyo-Mitsubishi Trust Company), which shall be designated as the
"Collection Account." The Collection Account shall be held in trust for the
benefit of the Noteholders and the Certificateholders. The Collection
Account shall be under the sole dominion and control of the Indenture
Trustee; provided, that the Servicer may make deposits to and direct the
Indenture Trustee in writing to make withdrawals from the Collection
Account in accordance with the terms of this Agreement, the Indenture and
the Trust Agreement. All monies deposited from time to time in the
Collection Account shall be held by the Indenture Trustee as part of the
Trust Property and all deposits to and withdrawals therefrom shall be made
only upon the terms and conditions of the Basic Documents.

          If the Servicer is required to remit collections pursuant
to the first sentence of Section 4.2(a), all amounts held in the Collection
Account shall, to the extent permitted by applicable law, rules and
regulations, be invested, as directed in writing by the Servicer, by the
bank or trust company then maintaining the Collection Account, in Permitted
Investments that mature not later than the Business Day immediately prior
to the Payment Date for the Collection Period to which such amounts relate
and such Permitted Investments shall be held to maturity. All interest and
other income (net of losses and investment expenses) on funds on deposit in
the Collection Account shall be withdrawn from the Collection Account at
the written direction of the Servicer and shall be deposited in the
Certificate Distribution Account. In the event that the Collection Account
is no longer to be maintained at the corporate trust department of Bank of
Tokyo-Mitsubishi Trust Company, the Servicer shall, with the Indenture
Trustee's or Owner Trustee's assistance as necessary, cause the Collection
Account to be moved to a Qualified Institution or a Qualified Trust
Institution within ten Business Days (or such longer period not to exceed
30 calendar days as to which each Rating Agency may consent).

          (b) The Servicer shall, prior to the Closing Date, establish and
maintain a segregated trust account in the name of the Indenture Trustee,
at a Qualified Institution or Qualified Trust Institution (which shall
initially be the corporate trust department of Bank of Tokyo-Mitsubishi
Trust Company), which shall be designated as the "Pre-Funding Account." The
Pre-Funding Account shall be held in trust for the benefit of the
Noteholders and the Certificateholders. The Pre-Funding Account shall be
under the sole dominion and control of the Indenture Trustee; provided,
that the Servicer may make deposits to and direct the Indenture Trustee in
writing to make withdrawals from the Pre-Funding Account in accordance with
the terms of this Agreement and the other Basic Documents. All monies
deposited from time to time in the Pre-Funding Account shall be held by the
Indenture Trustee as part of the Trust Property and all deposits to and
withdrawals therefrom shall be made only upon the terms and conditions of
the Basic Documents.

          All amounts held in the Pre-Funding Account shall, to the extent
permitted by applicable law, rules and regulations, be invested, as
directed in writing by the Servicer, by the bank or trust company then
maintaining the Pre-Funding Account, in Permitted Investments that mature
not later than the Business Day immediately prior to each Payment Date and
such Permitted Investments shall be held until maturity. On the Business
Day preceding each Payment Date, the Servicer shall instruct the Indenture
Trustee to withdraw from the Pre-Funding Account for deposit to the
Collection Account on such date an amount equal to the Pre-Funding Account
Investment Earnings, if any, for the related Collection Period. In the
event that the Pre-Funding Account is no longer to be maintained at the
corporate trust department of Bank of Tokyo-Mitsubishi Trust Company, the
Servicer shall, with the Indenture Trustee's or Owner Trustee's assistance
as necessary, cause the Pre-Funding Account to be moved to a Qualified
Institution or a Qualified Trust Institution within ten Business Days (or
such longer period not to exceed thirty calendar days as to which each
Rating Agency may consent).

          With respect to any amounts, securities, investments, financial
assets and other property deposited in or credited to the Pre-Funding
Account:

               (i) any such property that is a "financial asset" as defined
     in Section 8-102(a)(9) of the UCC shall be physically delivered to, or
     credited to an account in the name of, the Qualified Institution or
     Qualified Trust Institution maintaining the Pre-Funding Account, as
     applicable, in accordance with such institution's customary procedures
     such that such institution establishes a "securities entitlement" in
     favor of the Indenture Trustee with respect thereto;

               (ii) any such property that is held in deposit accounts
     shall be held solely in the name of the Indenture Trustee at one or
     more depository institutions having the Required Rating and each such
     deposit account shall be subject to the exclusive custody and control
     of the Indenture Trustee, and the Indenture Trustee shall have sole
     signature authority with respect thereto; and

          except for any deposit accounts specified in clause (ii) above,
the Pre-Funding Account shall only be invested in securities or in other
assets which the Qualified Institution or Qualified Trust Institution
maintaining the Pre-Funding Account, as applicable, agrees to treat as
"financial assets" as defined in Section 8-102(a)(9) of the UCC.

          (c) The Servicer shall, prior to the Closing Date, establish and
maintain a segregated trust account in the name of the Indenture Trustee,
at a Qualified Institution or Qualified Trust Institution (which shall
initially be the corporate trust department of Bank of Tokyo-Mitsubishi
Trust Company), which shall be designated as the "Reinvestment Account."
The Reinvestment Account shall be held in trust for the benefit of the
Noteholders and the Certificateholders. The Reinvestment Account shall be
under the sole dominion and control of the Indenture Trustee; provided,
that the Servicer may make deposits to and direct the Indenture Trustee in
writing to make withdrawals from the Reinvestment Account in accordance
with the terms of this Agreement and the other Basic Documents. All monies
deposited from time to time in the Reinvestment Account shall be held by
the Indenture Trustee as part of the Trust Property and all deposits to and
withdrawals therefrom shall be made only upon the terms and conditions of
the Basic Documents.

          All amounts held in the Reinvestment Account shall, to the extent
permitted by applicable law, rules and regulations, be invested, as
directed in writing by the Servicer, by the bank or trust company then
maintaining the Reinvestment Account, in Permitted Investments that mature
not later than the Business Day immediately prior to each Payment Date and
such Permitted Investments shall be held until maturity. On the Business
Day preceding each Payment Date, the Servicer shall instruct the Indenture
Trustee to withdraw from the Reinvestment Account for deposit to the
Collection Account on such date an amount equal to the Reinvestment Account
Investment Earnings, if any, for the related Collection Period. In the
event that the Reinvestment Account is no longer to be maintained at the
corporate trust department of Bank of Tokyo-Mitsubishi Trust Company, the
Servicer shall, with the Indenture Trustee's or Owner Trustee's assistance
as necessary, cause the Reinvestment Account to be moved to a Qualified
Institution or a Qualified Trust Institution within ten Business Days (or
such longer period not to exceed thirty calendar days as to which each
Rating Agency may consent).

          With respect to any amounts, securities, investments, financial
assets and other property deposited in or credited to the Reinvestment
Account:

               (i) any such property that is a "financial asset" as defined
     in Section 8-102(a)(9) of the UCC shall be physically delivered to, or
     credited to an account in the name of, the Qualified Institution or
     Qualified Trust Institution maintaining the Reinvestment Account, as
     applicable, in accordance with such institution's customary procedures
     such that such institution establishes a "securities entitlement" in
     favor of the Indenture Trustee with respect thereto;

               (ii) any such property that is held in deposit accounts
     shall be held solely in the name of the Indenture Trustee at one or
     more depository institutions having the Required Rating and each such
     deposit account shall be subject to the exclusive custody and control
     of the Indenture Trustee, and the Indenture Trustee shall have sole
     signature authority with respect thereto; and

               (iii) except for any deposit accounts specified in clause
     (ii) above, the Reinvestment Account shall only be invested in
     securities or in other assets which the Qualified Institution or
     Qualified Trust Institution maintaining the Reinvestment Account, as
     applicable, agrees to treat as "financial assets" as defined in
     Section 8-102(a)(9) of the UCC.

          (d) The Servicer shall, prior to the Closing Date, establish and
maintain a segregated trust account in the name of the Indenture Trustee,
at a Qualified Institution or Qualified Trust Institution (which shall
initially be the corporate trust department of Bank of Tokyo-Mitsubishi
Trust Company), which shall be designated as the "Negative Carry Account."
The Negative Carry Account shall be held in trust for the exclusive benefit
of the Noteholders. The Negative Carry Account shall be under the sole
dominion and control of the Indenture Trustee; provided, that the Servicer
may make deposits to and direct the Indenture Trustee in writing to make
withdrawals from the Negative Carry Account in accordance with the terms of
this Agreement and the other Basic Documents. All monies deposited from
time to time in the Negative Carry Account shall be held by the Indenture
Trustee as part of the Trust Property and all deposits to and withdrawals
therefrom shall be made only upon the terms and conditions of the Basic
Documents.

          All amounts held in the Negative Carry Account shall, to the
extent permitted by applicable law, rules and regulations, be invested, as
directed in writing by the Servicer, by the bank or trust company then
maintaining the Negative Carry Account, in Permitted Investments that
mature not later than the Business Day immediately prior to each Payment
Date and such Permitted Investments shall be held until maturity. All
interest and other income (net of losses and investment expenses) on funds
on deposit in the Negative Carry Account shall be withdrawn from the
Negative Carry Account for deposit to the Collection Account or release to
the Seller at the time and in the manner provided in Section 4.12. In the
event that the Negative Carry Account is no longer to be maintained at the
corporate trust department of Bank of Tokyo-Mitsubishi Trust Company, the
Servicer shall, with the Indenture Trustee's or Owner Trustee's assistance
as necessary, cause the Collection Account to be moved to a Qualified
Institution or a Qualified Trust Institution within ten Business Days (or
such longer period not to exceed 30 calendar days as to which each Rating
Agency may consent).

          With respect to any amounts, securities, investments, financial
assets and other property deposited in or credited to the Negative Carry
Account:

               (i) any such property that is a "financial asset" as defined
     in Section 8-102(a)(9) of the UCC shall be physically delivered to, or
     credited to an account in the name of, the Qualified Institution or
     Qualified Trust Institution maintaining the Negative Carry Account, as
     applicable, in accordance with such institution's customary procedures
     such that such institution establishes a "securities entitlement" in
     favor of the Indenture Trustee with respect thereto;

               (ii) any such property that is held in deposit accounts
     shall be held solely in the name of the Indenture Trustee at one or
     more depository institutions having the Required Rating and each such
     deposit account shall be subject to the exclusive custody and control
     of the Indenture Trustee and the Indenture Trustee shall have sole
     signature authority with respect thereto; and

          except for any deposit accounts specified in clause (ii) above,
the Negative Carry Account shall only be invested in securities or in other
assets which the Qualified Institution or Qualified Trust Institution
maintaining the Negative Carry Account, as applicable, agrees to treat as
"financial assets" as defined in Section 8-102(a)(9) of the UCC.

          (e) The Servicer shall, prior to the Closing Date, establish and
maintain a segregated trust account in the name of the Indenture Trustee at
a Qualified Institution or Qualified Trust Institution (which shall
initially be the corporate trust department of Bank of Tokyo-Mitsubishi
Trust Company), which shall be designated as the "Note Payment Account."
The Note Payment Account shall be held in trust for the exclusive benefit
of the Noteholders. The Note Payment Account shall be under the sole
dominion and control of the Indenture Trustee. All monies deposited from
time to time in the Note Payment Account pursuant to this Agreement and the
Indenture shall be held by the Indenture Trustee as part of the Trust
Property and shall be applied as provided in this Agreement and the
Indenture. In the event that the Note Payment Account is no longer to be
maintained at the corporate trust department of Bank of Tokyo-Mitsubishi
Trust Company, the Servicer shall, with the Indenture Trustee's assistance
as necessary, cause the Note Payment Account to be moved to a Qualified
Institution or a Qualified Trust Institution within ten Business Days (or
such longer period not to exceed 30 calendar days as to which each Rating
Agency may consent).

          (f) The Servicer shall, prior to the Closing Date, establish and
maintain a segregated trust account in the name of the Trust at a Qualified
Institution or Qualified Trust Institution (which shall initially be
Wilmington Trust Company), which shall be designated as the "Certificate
Distribution Account." Except as provided in the Trust Agreement, the
Certificate Distribution Account shall be held in trust for the benefit of
the Certificateholders. The Certificate Distribution Account shall be under
the sole dominion and control of the Owner Trustee; provided that the
Indenture Trustee may make deposits to such account in accordance with the
directions of the Servicer pursuant to this Agreement and the Indenture.
All monies deposited from time to time in the Certificate Distribution
Account pursuant to this Agreement and the Indenture shall be held by the
Owner Trustee as part of the Trust Property and shall be applied as
provided in this Agreement and the Trust Agreement. In the event that the
Certificate Distribution Account is no longer to be maintained at
Wilmington Trust Company, the Servicer shall, with the Owner Trustee's
assistance as necessary, cause the Certificate Distribution Account to be
moved to a Qualified Institution or a Qualified Trust Institution within
ten Business Days (or such longer period not to exceed 30 calendar days as
to which each Rating Agency may consent) and shall promptly notify the
Indenture Trustee of the account number and location of such account.

          (g) The Servicer shall, prior to the Closing Date, establish and
maintain a segregated trust account in the name of the Indenture Trustee at
a Qualified Institution or Qualified Trust Institution (which shall
initially be the corporate trust department of Bank of Tokyo-Mitsubishi
Trust Company), which shall be designated as the "Payahead Account." The
Payahead Account shall be held in trust for the benefit of the Noteholders
and the Certificateholders. The Payahead Account shall be under the sole
dominion and control of the Indenture Trustee provided, that the Servicer
may make deposits to and direct the Indenture Trustee in writing to make
withdrawals from the Payahead Account in accordance with this Agreement and
the Indenture. All monies deposited from time to time in the Payahead
Account shall be held by the Indenture Trustee as part of the Trust
Property and all deposits to and withdrawals therefrom shall be made only
upon the terms and conditions of the Basic Documents.

          On the Closing Date, the Seller shall deposit an amount equal to
the Initial Payahead Account Deposit into the Payahead Account from the net
proceeds of the sale of the Notes and the Certificates. On each Subsequent
Transfer Date, the Servicer shall instruct the Indenture Trustee to
withdraw from the Pre-Funding Account and deposit to the Payahead Account
an amount equal to the applicable Subsequent Payahead Account Deposit.

          If the Servicer is required to remit collections pursuant to the
first sentence of Section 4.2(a), all amounts held in the Payahead Account
shall, to the extent permitted by applicable law, rules and regulations, be
invested, as directed in writing by the Servicer, by the bank or trust
company then maintaining the Payahead Account, in Permitted Investments
that mature not later than the Business Day immediately prior to the
Payment Date for the Collection Period to which such amounts relate and
such Permitted Investments shall be held to maturity. All interest and
other income (net of losses and investment expenses) on funds on deposit in
the Payahead Account shall be withdrawn from the Payahead Account at the
direction of the Servicer and shall be paid to the Servicer as additional
servicing compensation. In the event that the Payahead Account is no longer
to be maintained at the corporate trust department of Bank of
Tokyo-Mitsubishi Trust Company, the Servicer shall, with the Indenture
Trustee's or Owner Trustee's assistance as necessary, cause the Payahead
Account to be moved to a Qualified Institution or a Qualified Trust
Institution within ten Business Days (or such longer period not to exceed
30 calendar days as to which each Rating Agency may consent).

          (h) Notwithstanding the provisions of clause (g) above, for so
long as (i) MMCA is the Servicer, (ii) the rating of MMCA's short-term
unsecured debt is at least "Prime-1" by Moody's, at least "A-1" by S&P and
at least "F1" by Fitch Ratings and (iii) no Events of Servicing Termination
shall have occurred (each, a "Monthly Remittance Condition"), Payaheads
need not be remitted to and deposited in the Payahead Account but instead
may be remitted to and held by the Servicer. So long as such Monthly
Remittance Conditions are met, the Servicer shall not be required to
segregate or otherwise hold separate any Payaheads remitted to the Servicer
as aforesaid but shall be required to remit Payaheads to the Collection
Account in accordance with Section 4.6(a)(i). At all times as such Monthly
Remittance Conditions are not met, the Servicer shall deposit in the
Payahead Account the amount of any Payaheads then held or received by it.
Notwithstanding the foregoing, if a Monthly Remittance Condition is not
satisfied, the Servicer may utilize, with respect to Payaheads, an
alternative remittance schedule (which may include the remittance schedule
utilized by the Servicer before the Monthly Remittance Condition became
unsatisfied), if the Servicer provides to the Owner Trustee and the
Indenture Trustee written confirmation from the Rating Agencies that such
alternative remittance schedule will not result in the downgrading or
withdrawal by the Rating Agencies of the ratings then assigned to the Notes
and the Certificates. The Owner Trustee and the Indenture Trustee shall not
be deemed to have knowledge of any event or circumstance under clauses (ii)
or (iii) of the first sentence of this Section 4.1(h) that would require
remittance of the Payaheads to the Payahead Account unless the Owner
Trustee or the Indenture Trustee has received written notice of such event
or circumstance from the Seller or the Servicer in an Officer's Certificate
or from the Holders of Notes evidencing not less than 25% of the principal
balance of the then Outstanding Notes or from the Holders of Certificates
evidencing not less than 25% of the Certificate Balance or unless a
Responsible Officer in the Corporate Trust Office with knowledge hereof and
familiarity herewith has actual knowledge of such event or circumstance.

          (i) The Servicer shall be permitted to remit to any Obligor, upon
the request of such Obligor, the Payahead Balance with respect to such
Obligor's Receivable or such lesser amount as is requested by such Obligor,
in accordance with the Servicer's customary standards, policies, practices
and procedures, to the extent that such amount is not then due on such
Receivable. Upon any such remittance, the Payahead Balance with respect to
such Receivable shall be reduced by the amount of such remittance.

          Section 4.2 Collections. (a) Subject to the provisions of
subsection (b) below, the Servicer shall remit to the Collection Account
(i) all payments by or on behalf of the Obligors (including, subject to the
next two sentences, Payaheads on the Receivables, but excluding payments
with respect to Purchased Receivables and amounts included in the
Supplemental Servicing Fee), including amounts treated as collections on
Balloon Payment Receivables and Final Payment Receivables pursuant to
Section 3.2(d) and (ii) all Liquidation Proceeds and all Recoveries,
received by the Servicer during any Collection Period, as soon as
practicable, but in no event after the close of business on the second
Business Day after receipt thereof. Collections of Payaheads shall be
deposited in the Collection Account, pursuant to the preceding sentence for
purposes of administrative convenience only, pending determination of the
amount to be deposited in the Payahead Account (or in the event that the
Monthly Remittance Conditions are satisfied, remitted to the Servicer
pursuant to Section 4.1(h)), which amount shall be deposited in the
Payahead Account as soon as practicable but in no event later than the
Payment Date immediately following collection, and such amounts shall not
be transferred to the Collection Account until due.

          MMCA, for so long as it is acting as the Servicer, may make
remittances of collections on a less frequent basis than that specified in
the immediately preceding paragraph. It is understood that such less
frequent remittances may be made only on the specific terms and conditions
set forth below in this Section 4.2(a) and only for so long as such terms
and conditions are fulfilled. Accordingly, notwithstanding the provisions
of the first sentence of this Section 4.2(a), the Servicer shall remit
collections received during a Collection Period to the Collection Account
in immediately available funds on the Business Day prior to the related
Payment Date but only for so long as each Monthly Remittance Condition is
satisfied. Notwithstanding the foregoing, if a Monthly Remittance Condition
is not satisfied, the Servicer may utilize an alternative remittance
schedule (which may include the remittance schedule utilized by the
Servicer before the Monthly Remittance Condition became unsatisfied), if
the Servicer provides to the Owner Trustee and the Indenture Trustee
written confirmation from the Rating Agencies that such alternative
remittance schedule will not result in the downgrading or withdrawal by the
Rating Agencies of the ratings then assigned to the Notes and the
Certificates. The Owner Trustee or the Indenture Trustee shall not be
deemed to have knowledge of any event or circumstance under clauses (ii) or
(iii) of the definition of Monthly Remittance Condition that would require
daily remittance by the Servicer to the Collection Account unless the Owner
Trustee or the Indenture Trustee has received notice of such event or
circumstance from the Seller or the Servicer in an Officer's Certificate or
written notice from the Holders of Notes evidencing not less than 25% of
the principal balance of the then outstanding Notes or from the Holders of
Certificates evidencing not less than 25% of the Certificate Balance or a
Responsible Officer in the Corporate Trust Office with knowledge hereof or
familiarity herewith has actual knowledge of such event or circumstance.

          (b) In those cases where a subservicer is servicing a Receivable,
the Servicer shall cause the subservicer to remit to the Collection
Account, as soon as practicable, but in no event after the close of
business on the second Business Day after receipt thereof by the
subservicer (but subject to the provisions of Section 4.2(a)) the amounts
referred to in Section 4.2(a) in respect of a Receivable being serviced by
the subservicer.

          Section 4.3 Application of Collections. (a) For the purposes of
this Agreement, as of the close of business on the last day of each
Collection Period, all collections received pursuant to Section 4.2 for
such Collection Period for each Receivable (excluding the amounts actually
collected with respect to the Supplemental Servicing Fee and amounts
collected with respect to a Purchased Receivable) shall be applied by the
Servicer, in the case of (i) a Simple Interest Receivable that is a
Standard Receivable, to interest and principal on the Receivable in
accordance with the Simple Interest Method, (ii) a Simple Interest
Receivable that is a Balloon Payment Receivable or a Final Payment
Receivable, to interest and principal in accordance with the Simple
Interest Method first, to accrued but unpaid interest, second, to the Level
Pay Balance of such Receivable, third, to the principal portion of the Last
Scheduled Payment to the extent a Last Scheduled Payment Advance has not
been made by the Servicer with respect to such Last Scheduled Payment and
fourth, to the extent of any unreimbursed Last Scheduled Payment Advance
with respect to such Simple Interest Receivable, to reimburse the Servicer
for such Last Scheduled Payment Advance and (iii) an Actuarial Receivable,
first, to the Scheduled Payment of such Actuarial Receivable, second to the
extent of any unreimbursed Actuarial Advances with respect to such
Actuarial Receivable, to reimburse the Servicer for any such Actuarial
Advances, third, to the extent of any unreimbursed Last Scheduled Payment
Advance with respect to such Actuarial Receivable, to reimburse the
Servicer for such Last Scheduled Payment Advance and fourth, to the extent
that any amounts are remaining then due to a prepayment of such Actuarial
Receivable, if the sum of such remaining amount and the previous Payahead
Balance shall be sufficient to prepay the Actuarial Receivable in full, and
otherwise to the Payahead Account (or, if all Monthly Remittance Conditions
are satisfied, to the Servicer) as a Payahead.

          (b) All Liquidation Proceeds and any Recoveries, and any proceeds
realized upon the liquidation, sale or dissolution of the Owner Trust
Estate (or any part thereof) upon the occurrence of an Event of Default
under the Indenture shall, with respect to any Balloon Payment Receivable
or Final Payment Receivable be applied first to accrued but unpaid interest
thereon, second, to the Level Pay Balance of such Receivable and third, to
the principal portion of the related Last Scheduled Payment.

          Section 4.4 Advances. (a) As of the close of business on the last
day of each Collection Period, if the payments during such Collection
Period by or on behalf of the Obligor on or in respect of an Actuarial
Receivable (other than a Purchased Receivable) after application under
Section 4.3 shall be less than the Scheduled Payment, the Payahead Balance
of such Receivable shall be applied by the Indenture Trustee to the extent
of the shortfall, and such Payahead Balance shall be reduced accordingly.
Subject to the last sentence of this Section 4.4(a), on each Payment Date
the Servicer shall advance an amount equal to the excess, if any, of the
Scheduled Payment with respect to an Actuarial Receivable over the sum of
the (x) payments received on or in respect of such Actuarial Receivable
during the preceding Collection Period and (y) the Payahead Balance with
respect to such Actuarial Receivable (such advance, an "Actuarial
Advance"); provided that the Servicer shall make Actuarial Advances with
respect to the Last Scheduled Payment on Actuarial Receivables that are
Final Payment Receivables in accordance with Section 4.4(b). All
applications of the Payahead Balance of a Receivable by the Indenture
Trustee and all Actuarial Advances by the Servicer pursuant to this Section
4.4(a) shall be made based on the information set forth in the Servicer's
report attached to the Servicer's Certificate delivered pursuant to Section
3.9. Notwithstanding anything in this Agreement to the contrary, no
successor to Mitsubishi Motors Credit of America, Inc. as Servicer shall be
required to make Actuarial Advances.

          (b) As of the last day of the Collection Period in which the Last
Scheduled Payment with respect to a Final Payment Receivable is due, if the
payments during such Collection Period by or on behalf of the related
Obligor on or in respect of such Last Scheduled Payment after application
under Section 4.3(a) and, in the case of an Actuarial Receivable, the
amounts, if any, in the Payahead Account allocable to such Last Scheduled
Payment, shall be less than the amount of such Last Scheduled Payment, the
Servicer shall advance an amount equal to the shortfall by depositing such
amount into the Collection Account on the related Payment Date (such
advance, a "Last Scheduled Payment Advance"). Notwithstanding anything in
this Agreement to the contrary, no successor to Mitsubishi Motors Credit of
America, Inc. as Servicer shall be required to make Last Scheduled Payment
Advances.

          (c) (i) Upon either the written instructions of the Servicer or
based solely upon the information contained in the Servicer's Certificate
delivered on the related Determination Date pursuant to Section 3.9, the
Indenture Trustee shall release from amounts available in the Payahead
Account, the amounts required to be released from amounts available in the
Payahead Account pursuant to Sections 4.4(a) and (b) with respect to each
Collection Period and shall deposit such amounts in the Collection Account
on the related Payment Date pursuant to Section 4.5(a).

               (ii) On each Payment Date, the Servicer shall deposit into
     the Collection Account an amount equal to the aggregate amount of
     Actuarial Advances required to be made with respect to related
     Collection Period.

          (d) On each Payment Date, the Servicer shall instruct the
Indenture Trustee to withdraw from the Collection Account for distribution
to the Servicer, in immediately available funds, an amount equal to the sum
of (i) the aggregate amount of collections on Actuarial Receivables with
respect to which the Servicer has made Actuarial Advances in a prior
Collection Period that are allocable to the reimbursement of such Actuarial
Advances pursuant to Section 4.3(a) and (ii) the aggregate amount of
Actuarial Advances that the Servicer has not been reimbursed for pursuant
to this Section 4.4(d) or Section 4.5(b) with respect to Actuarial
Receivables that became Defaulted Receivables in the related Collection
Period.

          (e) On each Payment Date, the Servicer shall instruct the
Indenture Trustee to withdraw from the Collection Account for distribution
to the Servicer, in immediately available funds, an amount equal to the sum
of (i) the aggregate amount of collections on Final Payment Receivables in
the related Collection Period that are allocable to the reimbursement of
Last Scheduled Payment Advances pursuant to Section 4.3(a) and (ii) the
aggregate amount of losses on Last Scheduled Payments that the Servicer has
recorded in its books and records during the related Collection Period to
the extent such losses are allocable to Last Scheduled Payments with
respect to which the Servicer has made Last Scheduled Payment Advances, but
only to the extent such Last Scheduled Payment Advances have not already
been reimbursed pursuant to this Section 4.4(e) or Section 4.5(b).

          Section 4.5 Additional Deposits. (a) The Indenture Trustee shall
deposit in the Collection Account amounts required pursuant to Section
4.4(c). The Servicer shall deposit in the Collection Account amounts
required to be advanced by the Servicer pursuant to Sections 4.4(a) and
(b). The Seller and the Servicer shall deposit or cause to be deposited in
the Collection Account the aggregate Purchase Amount with respect to
Purchased Receivables pursuant to Section 2.3, 3.7 or 9.1. The Indenture
Trustee shall deposit in the Collection Account any amounts received
pursuant to the Yield Supplement Agreement and any amounts received from
the Letter of Credit Bank or the Yield Supplement Account pursuant to
Article V on the date of receipt thereof. All such deposits with respect to
a Collection Period shall be made in immediately available funds no later
than 10:00 a.m., New York City time, on the Payment Date related to such
Collection Period.

          (b) The Indenture Trustee shall, on or prior to 10:00 a.m., New
York City time, on the Payment Date relating to each Collection Period make
the following withdrawals from the Reserve Account in the following order
of priority (in each case as set forth in the Servicer's Certificate for
such Payment Date): (i) an amount equal to the Reserve Account Advance Draw
Amount, if any, calculated by the Servicer pursuant to Section 4.6(b), and
shall pay such amount to the Servicer and (ii) an amount equal to the
Reserve Account TRP Draw Amount, if any, calculated by the Servicer
pursuant to Section 4.6(b), and shall deposit to the Collection Account.

          Section 4.6 Allocation of Total Available Funds. (a) On each
Payment 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 Payment Date:

               (i) To the Collection Account from the Payahead Account (if
     the Monthly Remittance Conditions are not then satisfied) or otherwise
     from amounts remitted by the Servicer pursuant to Section 4.1(h) an
     amount equal to the sum of:

                    (1) the aggregate portion of Payaheads constituting
          Scheduled Payments with respect to the preceding Collection
          Period and prepayments in full received during the preceding
          Collection Period, as required by Sections 4.3 and 4.4(a); and

                    (2) the Payahead Balance, if any, relating to any
          Purchased Receivable;

               (ii) From the Collection Account to the Payahead Account or,
     if the Monthly Remittance Conditions are then satisfied, to the
     Servicer, the aggregate Payaheads received during the preceding
     Collection Period, as required by Section 4.3.

          (b) On each Determination Date, the Servicer shall calculate the
Available Funds, the Total Servicing Fee, the Accrued Note Interest for
each Class of Notes, the Principal Distribution Amount, the Total Yield
Supplement Overcollateralization Amount, the Yield Supplement Amount, the
Last Scheduled Payment Principal Collections and the Negative Carry Amount,
if any, in each case with respect to the following Payment Date. In
addition, on each Determination Date the Servicer shall calculate the
following amounts with respect to such Payment Date:

               (i) an amount equal to the lesser of (x) the amount, if any,
     by which the aggregate amount payable to the Servicer out of the
     Collection Account on such Payment Date as reimbursement for Actuarial
     Advances pursuant to Section 4.4(d) and for Last Scheduled Payment
     Advances pursuant to Section 4.4(e) exceeds the amount in the
     Collection Account available for such purpose (without giving effect
     to any deposits thereto from amounts in the Reserve Account but giving
     effect to all other deposits to the Collection Account required to be
     made on such Payment Date) and (y) the Reserve Account Amount for such
     Payment Date (without giving effect to any deposits of Total Available
     Funds but giving effect to all other deposits to the Reserve Account
     on such Payment Date) (the "Reserve Account Advance Draw Amount");

               (ii) an amount equal to the lesser of (x) the amount, if
     any, by which the Total Required Payment for such Payment Date exceeds
     the Available Funds for such Payment Date and (y) an amount equal to
     the Reserve Account Amount (without giving effect to any deposits of
     Total Available Funds on such Payment Date) for such Payment Date,
     less the Reserve Account Advance Draw Amount for such Payment Date
     (the "Reserve Account TRP Draw Amount");

               (iii) the Total Available Funds for such Payment Date;

               (iv) the Reserve Account Amount with respect to such Payment
     Date after giving effect to the Reserve Account Advance Draw Amount
     and the Reserve Account TRP Draw Amount for such Payment Date, and the
     difference, if any, between the Reserve Account Amount and the
     Specified Reserve Balance for such Payment Date; and

               (v) any Net Swap Payments, any Net Swap Receipts and any
     Swap Termination Payments.

          (c) On each Payment Date, the Servicer shall instruct the
Indenture Trustee (based on the information contained in the Servicer's
Certificate delivered on the related Determination Date pursuant to Section
3.9) to withdraw the Total Available Funds on deposit in the Collection
Account for the related Collection Period and make the following payments
and deposits for such Payment Date in the following order of priority:

               (i) to the Servicer, the Total Servicing Fee;

               (ii) to the Swap Counterparty, the amount of any Net Swap
     Payments then due under the Interest Rate Swap Agreement (exclusive of
     Swap Termination Payments);

               (iii) with the same priority and ratably, in accordance with
     the outstanding principal balance of the Class A Notes and the amount
     of any Swap Termination Payments due and payable by the Issuer to the
     Swap Counterparty,

                    (1) to the Note Payment Account, the Accrued Note
          Interest for the Class A Notes; and

                    (2) to the Swap Counterparty, any Swap Termination
          Payments;

provided, that, if any amounts allocable to the Class A Notes are not
needed to pay interest due on such Notes, such amounts shall be applied to
pay the portion, if any, of any Swap Termination Payments remaining unpaid,
pro rata based on the amount of the Swap Termination Payments, and
provided, further, that if there are not sufficient funds available to pay
the entire amount of the Accrued Note Interest for the Class A Notes, the
amounts available shall be applied to the payment of such interest on the
Class A Notes on a pro rata basis;

               (iv) to the Note Payment Account, the Accrued Note Interest
     for the Class B Notes;

               (v) to the Note Payment Account, the Accrued Note Interest
     for the Class C Notes;

               (vi) to the Note Payment Account, the Principal Distribution
     Amount;

               (vii) to the Reserve Account, the amount, if any, necessary
     to reinstate the balance in the Reserve Account up to the Specified
     Reserve Balance; and

               (viii) to the Certificate Distribution Account, any
     remaining portion of the Total Available Funds.

          Notwithstanding the foregoing, following the occurrence and
during the continuation of an Event of Default which has resulted in an
acceleration of the Notes, on each Payment Date the Total Available Funds
shall be deposited in the Note Payment Account and applied in accordance
with Section 2.8(f) of the Indenture.

          Section 4.7 Reserve Account. (a) The Seller shall, prior to the
Closing Date, establish and maintain a segregated trust account in the name
of the Indenture Trustee at a Qualified Institution or Qualified Trust
Institution (which shall initially be the corporate trust department of
Bank of Tokyo-Mitsubishi Trust Company), which shall be designated as the
"Reserve Account." The Reserve Account shall be under the sole dominion and
control of the Indenture Trustee; provided, that the Servicer may make
deposits to the Reserve Account in accordance with this Agreement and the
Indenture. On the Closing Date, the Seller will deposit the Reserve Account
Initial Deposit into the Reserve Account from the net proceeds of the sale
of the Notes. On each Subsequent Transfer Date, the Seller shall deposit to
the Reserve Account an amount equal to the applicable Subsequent Reserve
Amount Deposit. It shall be a condition to the purchase by the Trust of
Subsequent Receivables from the Seller with funds on deposit in the
Pre-Funding Account that the Seller make such deposit. The Reserve Account
and all amounts, securities, investments, financial assets and other
property deposited in or credited to the Reserve Account (the "Reserve
Account Property") has been conveyed by the Seller to the Trust pursuant to
Section 2.1(a). Pursuant to the Indenture, the Trust will pledge all of its
right, title and interest in, to and under the Reserve Account and the
Reserve Account Property to the Indenture Trustee on behalf of the
Noteholders to secure its obligations under the Notes and the Indenture.

          The Reserve Account Property shall, to the extent permitted by
applicable law, rules and regulations, be invested, as directed in writing
by the Servicer, by the bank or trust company then maintaining the Reserve
Account, in Permitted Investments that mature not later than the Business
Day immediately preceding the next Payment Date, and such Permitted
Investments shall be held to maturity. All interest and other income (net
of losses and investment expenses) on funds on deposit in the Reserve
Account shall, upon the written direction of the Servicer, be paid to the
Seller on any Payment Date to the extent that funds on deposit therein, as
certified by the Servicer, exceed the Specified Reserve Balance. In the
event the Reserve Account is no longer to be maintained at the corporate
trust department of Bank of Tokyo-Mitsubishi Trust Company, the Servicer
shall, with the Indenture Trustee's or Owner Trustee's assistance as
necessary, cause the Reserve Account to be moved to a Qualified Institution
or a Qualified Trust Institution within ten Business Days (or such longer
period not to exceed 30 calendar days as to which each Rating Agency may
consent).

          (b) With respect to any Reserve Account Property:

               (i) any Reserve Account Property that is a "financial asset"
     as defined in Section 8-102(a)(9) of the UCC shall be physically
     delivered to, or credited to an account in the name of, the Qualified
     Institution or Qualified Trust Institution maintaining the Reserve
     Account in accordance with such institution's customary procedures
     such that such institution establishes a "securities entitlement" in
     favor of the Indenture Trustee with respect thereto;

               (ii) any Reserve Account Property that is held in deposit
     accounts shall be held solely in the name of the Indenture Trustee at
     one or more depository institutions having the Required Rating and
     each such deposit account shall be subject to the exclusive custody
     and control of the Indenture Trustee and the Indenture Trustee shall
     have sole signature authority with respect thereto; and

               (iii) except for any deposit accounts specified in clause
     (ii) above, the Reserve Account shall only be invested in securities
     or in other assets which the Qualified Institution or Qualified Trust
     Institution maintaining the Reserve Account agrees to treat as
     "financial assets" as defined in Section 8-102(a)(9) of the UCC.

          (c) If the amount on deposit in the Reserve Account on any
Payment Date (after giving effect to all deposits thereto or withdrawals
therefrom on such Payment Date) is greater than the Specified Reserve
Balance for such Payment Date, the Servicer shall instruct the Indenture
Trustee to distribute the amount of such excess to the Seller; provided
that the Indenture Trustee and the Owner Trustee hereby release, on each
Payment Date, their security interest in, to and under Reserve Account
Property distributed to the Seller.

          (d) Following the payment in full of the aggregate principal
balance of the Notes and the Certificate Balance and of all other amounts
owing or to be distributed hereunder or under the Indenture or the Trust
Agreement to Noteholders or Certificateholders and the termination of the
Trust, any remaining Reserve Account Property shall be distributed to the
Seller.

          Section 4.8 Net Deposits. As an administrative convenience only,
unless the Servicer is required to remit collections pursuant to the first
sentence of Section 4.2(a), the Seller and the Servicer may make any
remittance pursuant to this Article IV with respect to a Collection Period
net of distributions to be made to the Seller or the Servicer with respect
to such Collection Period. Nonetheless, such obligations shall remain
separate obligations, no party shall have a right of offset, and 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 4.9 Statements to Noteholders and Certificateholders. On
or prior to each Payment Date, the Servicer shall provide to the Indenture
Trustee (with copies to the Rating Agencies, the Swap Counterparty and each
Paying Agent) for the Indenture Trustee to forward to each Noteholder of
record as of the most recent Record Date and to the Owner Trustee (with
copies to the Rating Agencies and to each Paying Agent) for the Owner
Trustee to forward to each Certificateholder of record as of the most
recent Record Date a statement in substantially the forms of Exhibits B and
C, respectively, setting forth at least the following information as to the
Notes and the Certificates to the extent applicable:

               (i) the amount of such distribution allocable to principal
     paid to each Class of Notes and to the Certificates;

               (ii) the amount of such distribution allocable to interest
     paid to each Class of Notes;

               (iii) the Yield Supplement Amount;

               (iv) the amount of the Total Servicing Fee with respect to
     the related Collection Period;

               (v) the amount of the Net Swap Payments or Net Swap
     Receipts, if any, due on that Payment Date;

               (vi) the amount of any Swap Termination Payments due on that
     Payment Date;

               (vii) the aggregate outstanding principal balance of each
     Class of Notes, the applicable Note Pool Factor, the Certificate
     Balance and the Certificate Pool Factor as of the close of business on
     the last day of the preceding Collection Period, after giving effect
     to payments allocated to principal reported under clause (i) above;

               (viii) the Pool Balance, the Level Pay Pool Balance and the
     Last Scheduled Payment Pool Balance, in each case as of the close of
     business on the last day of the related Collection Period;

               (ix) the amounts of the Interest Carryover Shortfall, if
     any, for the next Payment Date and the portion thereof attributable to
     each Class of Notes;

               (x) the amount of the aggregate Realized Losses, if any,
     with respect to the related Collection Period;

               (xi) the balance of the Reserve Account on such Payment
     Date, after giving effect to changes therein on such Payment Date;

               (xii) the aggregate Purchase Amount of Receivables
     repurchased by the Seller or purchased by the Servicer, if any, with
     respect to the related Collection Period;

               (xiii) the amount of Actuarial Advances and Last Scheduled
     Payment Advances, if any, with respect to the related Collection
     Period;

               (xiv) for each such Payment Date during the Pre-Funding
     Period, (A) the amount, if any, withdrawn from the Pre-Funding Account
     to purchase Subsequent Receivables during the related Collection
     Period, (B) the Remaining Pre-Funded Amount, if any, (C) the Negative
     Carry Amount, if any, for the related Collection Period, and (D) the
     amount remaining on deposit in the Negative Carry Account, if any,
     after all withdrawals, if any, made on such Payment Date;

               (xv) for each Payment Date during the Reinvestment Period,
     the excess, if any, of the Minimum Adjusted Principal Balance of Long
     Deferment Period Receivables, as of the last day of the preceding
     Collection Period, over the sum of (x) the aggregate Adjusted
     Principal Balance of Long Deferment Period Receivables, as of the last
     day of the preceding Collection Period, (y) the aggregate Adjusted
     Principal Balance of Reinvested Receivables as of the last day of the
     preceding Collection Period, and (z) the Excess Reinvestment Amount as
     of the last day of the preceding Collection Period;

               (xvi) for each Payment Date during the Reinvestment Period,
     the excess, if any, of the Minimum Adjusted Receivables Principal
     Balance, over the Adjusted Principal Balance of all Receivables, in
     each case, as of the last day of the preceding Collection Period;

               (xvii) the Required Reinvestment Amount for the preceding
     Collection Period; and

               (xviii) for the first Payment Date on or immediately
     following the end of the Pre-Funding Period, the Remaining Pre-Funded
     Amount, if any.

          Each amount set forth on the Payment Date statement pursuant to
clauses (i), (ii), (iv) and (vii) above shall be expressed as a dollar
amount per $1,000 of original principal balance of a Certificate or Note,
as applicable.

          Section 4.10 Control of Securities Accounts. Notwithstanding
anything else contained herein, the Trust agrees that each of the
Collection Account, the Pre-Funding Account, the Reinvestment Account, the
Note Payment Account, the Reserve Account, the Negative Carry Account and
the Yield Supplement Account will only be established at a Qualified
Institution or Qualified Trust Institution that agrees substantially as
follows: (i) it will comply with "entitlement orders" (as defined in
Section 8-102(a)(8) of the UCC; i.e., orders directing the transfer or
redemption of any financial asset) relating to such accounts issued by the
Indenture Trustee without further consent by the Seller or the Trust; (ii)
until the termination of the Indenture, it will not enter into any other
agreement relating to any such account pursuant to which it agrees to
comply with entitlement orders of any Person other than the Indenture
Trustee; and (iii) all assets delivered or credited to it in connection
with such accounts and all investments thereof will be promptly credited to
such accounts.

          Section 4.11 Pre-Funding Account.

          (a) On the Closing Date, the Seller shall deposit in the
Pre-Funding Account $[ ] from the net proceeds of the sale of the Notes. On
or prior to the Business Day immediately preceding each Subsequent Transfer
Date, the Servicer shall calculate the following amounts: (i) the aggregate
Principal Balance of the Subsequent Receivables transferred to the Trust on
such Subsequent Transfer Date, and (ii) the Subsequent Payahead Account
Deposit. The Servicer shall instruct the Indenture Trustee to distribute
the amount in clause (i) to the Seller and to deposit the amount in clause
(ii) to the Payahead Account on behalf of the Seller on such Subsequent
Transfer Date.

          (b) If the Pre-Funding Account has not been reduced to zero on
the Payment Date on which the Pre-Funding Period ends (or, if the
Pre-Funding Period does not end on a Payment Date, on the first Payment
Date following the end of the Pre-Funding Period), after giving effect to
any reductions in the Pre-Funding Account on such date pursuant to
paragraph (a), the Servicer shall instruct the Indenture Trustee to
withdraw from the Pre-Funding Account on such Payment Date (or, if the
Pre-Funding Period does not end on a Payment Date, on the first Payment
Date following the end of the Pre-Funding Period), the amount remaining in
the Pre-Funding Account at such time exclusive of the Pre-Funding Account
Investment Earnings, if any, for the related Collection Period (such
remaining amount being the "Remaining Pre-Funded Amount") and deposit such
amount in the Collection Account for inclusion in the Available Funds for
such Payment Date. The Pre-Funding Account Investment Earnings for the
related Collection Period (together with any other interest and other
income (net of losses and expenses) earned on amounts on deposit in the
Pre-Funding Account that are on deposit in the Pre-Funding Account) shall
be deposited to the Collection Account.

          Section 4.12 Negative Carry Account. (a) On the Closing Date, the
Seller shall deposit the Negative Carry Account Initial Deposit into the
Negative Carry Account. On each Payment Date, the Servicer shall instruct
the Indenture Trustee to withdraw from the Negative Carry Account and
deposit into the Collection Account an amount equal to the lesser of (x)
the amount, if any, on deposit in the Negative Carry Account on such
Payment Date and (y) the Negative Carry Amount, if any, for such Payment
Date. If the amount on deposit in the Negative Carry Account on any Payment
Date (after giving effect to the withdrawal therefrom of the Negative Carry
Amount, if any, for such Payment Date) is greater than the Required
Negative Carry Account Balance for such Payment Date, the excess shall be
released to the Seller on such Payment Date. On the Payment Date on which
the Pre-Funding Period ends (or, if the Pre-Funding Period does not end on
a Payment Date, on the first Payment Date following the end of the
Pre-Funding Period), the Servicer shall instruct the Indenture Trustee to
release to the Seller on such Payment Date all amounts remaining on deposit
in the Negative Carry Account after giving effect to any withdrawals of the
Negative Carry Amount on such Payment Date.

          Section 4.13 Reinvestment Period. (a) On or prior to each
Determination Date during the Reinvestment Period, the Servicer shall
determine the Required Reinvestment Amount for the related Collection
Period. If the Required Reinvestment Amount for any Collection Period is
greater than zero, the Servicer also shall determine, on or prior to such
Determination Date, (i) the aggregate Adjusted Principal Balance of
Eligible Receivables available to be transferred to the Trust on or prior
to the related Payment Date, (ii) the Excess Reinvestment Amount, if any,
for such Collection Period, and (iii) the Required Negative Carry Amount
for such Payment Date after giving effect to any deposit of Excess
Reinvestment Amount to the Reinvestment Account on the related Payment
Date.

          (b) If the Required Reinvestment Amount for any Collection Period
is greater than zero, the Servicer shall, or shall direct the Indenture
Trustee to, withdraw from the Collection Account on the Business Day
preceding the following Payment Date an amount equal to the lesser of (x)
the Required Reinvestment Amount for such Collection Period and (y) the
aggregate Adjusted Principal Balance of Eligible Receivables available to
be transferred to the Trust on such date (the "Reinvested Amount") and pay
such amount to the Seller against transfer to the Trust of such Receivables
on such date.

          (c) If the Excess Reinvestment Amount for any Collection Period
is greater than zero, the Servicer shall determine whether there is a
Negative Carry Account Shortfall after giving effect to any deposit of such
Excess Reinvestment Amount to the Reinvestment Account. Within two Business
Days of each Determination Date during the Reinvestment Period, the
Servicer shall inform the Seller of the amount of any Negative Carry
Account Shortfall. Pursuant to Section 5.6(c) of the Purchase Agreement,
MMCA shall have the option, but not the obligation, to pay to the Seller
the amount of any such Negative Carry Account Shortfall by depositing such
amount to the Negative Carry Account on or prior to the second Business Day
preceding the Payment Date following such Determination Date. If MMCA makes
such deposit, then the Servicer shall direct the Indenture Trustee to
withdraw from the Collection Account and deposit to the Reinvestment
Account on the Business Day preceding the Payment Date following such
Determination Date an amount equal to the Excess Reinvestment Amount for
the preceding Collection Period. If an amount equal to the Negative Carry
Account Shortfall shall not have been deposited to the Negative Carry
Account on or prior to such date, the Excess Reinvestment Amount shall be
included in the Available Funds for the following Payment Date.

             ARTICLE V - YIELD SUPPLEMENT LETTER OF CREDIT AND
                        THE YIELD SUPPLEMENT ACCOUNT

          Section 5.1 Yield Supplement Letter of Credit and the Yield
Supplement Account. (a) The Servicer shall, prior to the Closing Date,
establish and maintain a segregated trust account in the name of the
Indenture Trustee at a Qualified Institution or Qualified Trust Institution
(which shall initially be the corporate trust department of Bank of
Tokyo-Mitsubishi Trust Company), which shall be designated as the "Yield
Supplement Account" (the Yield Supplement Account, together with the
Payahead Account, the Collection Account, the Pre-Funding Account, the
Reinvestment Account, the Note Payment Account, the Negative Carry Account
and the Reserve Account, the "Trust Accounts"). Amounts on deposit in the
Yield Supplement Account will be used for the payment of any Yield
Supplement Amounts required to be paid on any Payment Date pursuant to the
Yield Supplement Agreement which MMCA has not paid as of such Payment Date.
The Yield Supplement Account shall be under the sole dominion and control
of the Indenture Trustee provided, that the Servicer may make deposits to
and direct the Indenture Trustee to make withdrawals from the Yield
Supplement Account in accordance with this Agreement and the Yield
Supplement Agreement. On the Closing Date, the Seller shall deposit an
amount equal to the Initial Yield Supplement Amount into the Yield
Supplement Account from the net proceeds of the sale of the Notes. On each
Subsequent Transfer Date, the Seller shall deposit to the Yield Supplement
Account an amount equal to the applicable Subsequent Yield Supplement
Account Deposit unless the Yield Supplement Account has been replaced by a
Yield Supplement Letter of Credit on or prior to such Subsequent Transfer
Date, in which case the Servicer shall cause the amount available to be
drawn under the Yield Supplement Letter of Credit as of such Subsequent
Transfer Date to be no less than the Specified Yield Supplement Account
Balance as of such Subsequent Transfer Date after giving effect to the
transfer to the Trust of the related Subsequent Receivables. It shall be a
condition to the sale of Subsequent Receivables that are Deferred Payment
Receivables to the Trust that the Seller make such deposit. To the extent,
on any Payment Date, the amount on deposit in the Yield Supplement Account
(after giving effect to any withdrawals to be made on such Payment Date,
but exclusive of net investment income) is greater than the Specified Yield
Supplement Account Balance for such Payment Date, then, in such event, the
Servicer shall instruct the Indenture Trustee in writing to pay such excess
amount to the Seller.

          All amounts held in the Yield Supplement Account shall be
invested, as directed in writing by the Servicer, by the bank or trust
company then maintaining the Yield Supplement Account in Permitted
Investments that mature not later than the Business Day immediately
preceding the next Payment Date and such Permitted Investments shall be
held to maturity. All interest and other income (net of losses and
investment expenses) on funds on deposit in the Yield Supplement Account
shall be withdrawn from the Yield Supplement Account at the written
direction of the Servicer and shall be paid to the Seller. In the event
that the Yield Supplement Account is no longer to be maintained at the
corporate trust department of Bank of Tokyo-Mitsubishi Trust Company, the
Servicer shall, with the Indenture Trustee's assistance as necessary, cause
the Yield Supplement Account to be moved to a Qualified Institution or a
Qualified Trust Institution within ten Business Days (or such longer period
not to exceed 30 calendar days as to which each Rating Agency may consent).

          The Seller hereby sells, conveys and transfers to the Trust the
Yield Supplement Account, all funds and investments on deposit therein or
credited thereto and all proceeds thereof, subject, however, to the
limitations set forth below.

          Pursuant to the Indenture, the Trust will pledge its rights under
the Yield Supplement Agreement (including its rights to amounts on deposit
in the Yield Supplement Account) to the Indenture Trustee to secure its
obligations under the Notes and the Indenture. Such sale, conveyance and
transfer of the Yield Supplement Account by the Seller to the Trust, and
such pledge by the Trust of its rights to amounts in the Yield Supplement
Account to the Indenture Trustee, shall be subject to the following
limitations:

               (i) All or a portion of the Yield Supplement Account may be
     invested and reinvested in the manner specified in Section 5.1(a) in
     accordance with written instructions from the Servicer. All such
     investments shall be made in the name of the Indenture Trustee and all
     income and gain realized thereon shall be solely for the benefit of
     the Seller and shall be payable by the Indenture Trustee to the Seller
     upon written direction of the Servicer as specified in Section 5.1(a);

               (ii) If, with respect to any Collection Period, MMCA shall
     have failed to make or cause to be made in full the remittance of the
     Yield Supplement Amount on the date required by the Yield Supplement
     Agreement, the Indenture Trustee not later than 10:00 a.m. (New York
     City time) on the Payment Date, shall, upon the written direction of
     the Servicer, withdraw from the Yield Supplement Account and deposit
     into the Collection Account the amount of the shortfall between the
     amount of funds that are required to be remitted by MMCA with respect
     to the Yield Supplement Agreement as set forth in the Servicer's
     Certificate and the amount of funds actually so remitted and to the
     extent of any remaining shortfall, the Indenture Trustee shall
     withdraw an amount equal thereto from the Reserve Account, and deposit
     such amounts in the Collection Account; and

               (iii) Upon termination of this Agreement in accordance with
     Section 9.1 or (a) in the event that the Seller obtains a Yield
     Supplement Letter of Credit or (b) the Seller otherwise satisfies the
     requirements with respect to the Yield Supplement Agreement
     established by the Rating Agencies, in either case as evidenced by
     satisfaction of the Rating Agency Condition and an Officer's
     Certificate of the Seller that all conditions to the liquidation of
     the Yield Supplement Account have been satisfied, any amounts on
     deposit in the Yield Supplement Account shall, upon written request of
     the Seller, be paid to the Seller.

          (b) If a Yield Supplement Letter of Credit has been obtained by
MMCA, and if, with respect to any Collection Period, MMCA shall have failed
to make or cause to be made in full the remittance of the Yield Supplement
Amount, upon written notice by the Servicer of such failure (which notice
shall be given no later than 10:00 a.m. (New York City time) on the Payment
Date for such Collection Period), the Indenture Trustee shall draw on the
Yield Supplement Letter of Credit in accordance with the terms thereof, in
the amount of the shortfall between the amount of funds with respect to the
Yield Supplement Amount that are required to be remitted by MMCA with
respect to the Yield Supplement Agreement as set forth in the Servicer's
Certificate and the amount of funds actually so remitted as set forth in
the Servicer's Certificate. Any such draw on the Yield Supplement Letter of
Credit shall be made after receipt of the related Servicer's Certificate on
or before 11:00 a.m. (New York City time) on the Payment Date for such
Collection Period. Upon receipt of a request for a draw by the Indenture
Trustee under the Yield Supplement Letter of Credit, the Letter of Credit
Bank is to promptly make a payment to the Indenture Trustee in an amount
equal to the Yield Supplement Amount (minus payments made on the Yield
Supplement Agreement), and the Indenture Trustee shall deposit into the
Collection Account pursuant to Section 4.5(a) the amount received from the
Letter of Credit Bank in respect of such drawing. The Servicer shall
include in each Servicer's Certificate, or in an Officer's Certificate
provided to the Indenture Trustee with each Servicer's Certificate, the
Stated Amount (as defined in the Yield Supplement Letter of Credit) of the
Yield Supplement Letter of Credit as of the close of business on the last
day of the Collection Period preceding the date of such Servicer's
Certificate. In the event that the rating of the Letter of Credit Bank
declines below the Required Rating, the Servicer shall promptly notify the
Indenture Trustee in writing of such decline, and upon receipt of such
notification, the Indenture Trustee shall, unless a suitable replacement
letter of credit shall have been delivered, promptly draw the full amount
available under the Yield Supplement Letter of Credit and deposit such
amount in the Yield Supplement Account.

                          ARTICLE VI - THE SELLER

          Section 6.1 Representations, Warranties and Covenants of Seller.
The Seller makes the following representations, warranties and covenants on
which the Trust is deemed to have relied in acquiring the Trust Property.
The representations, warranties and covenants speak as of the Closing Date
in the case of the Initial Receivables and the other Trust Property related
thereto, and as of the related Subsequent Transfer Date in the case of the
Subsequent Receivables and the other Trust Property related thereto, and
shall survive the sale of the Trust Property to the Trust and the pledge
thereof by the Trust to the Indenture Trustee pursuant to the Indenture:

          (a) Organization and Good Standing. The Seller has been duly
established and is validly existing as a business trust 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 shall be
currently owned and such business is presently conducted, and had at all
relevant times, and shall have, power, authority, and legal right to
acquire and own the Receivables.

          (b) Due Qualification. The Seller is duly qualified to do
business as a foreign business trust 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 Seller has the power and authority
to execute and deliver this Agreement and the other Basic Documents to
which it is a party and to carry out their terms. The Seller has full power
and authority to sell and assign the property to be sold and assigned to
and deposited with the Trust and has duly authorized such sale and
assignment to the Trust by all necessary corporate action; and the
execution, delivery, and performance of this Agreement and the other Basic
Documents to which it is a party have been, and the execution, delivery and
performance of each Second-Tier Subsequent Assignment has been or will be
on or before the related Subsequent Transfer Date, duly authorized by the
Seller by all necessary corporate action.

          (d) Valid Sale; Binding Obligation. This Agreement effects a
valid sale, transfer and assignment of the Initial Receivables and the
other Trust Property related thereto conveyed by the Seller to the Trust
hereunder and this Agreement together with each Second-Tier Subsequent
Assignment will effect a valid sale, transfer and assignment of the related
Subsequent Receivables and the other Trust Property related thereto, in
each case enforceable against creditors of and purchasers from the Seller;
and this Agreement and the other Basic Documents to which the Seller is a
party constitute, and each Second-Tier Subsequent Assignment when executed
and delivered by the Seller will constitute, legal, valid, and binding
obligations of the Seller, enforceable against the Seller in accordance
with their terms, subject, as to enforceability, to applicable bankruptcy,
insolvency, reorganization, conservatorship, receivership, liquidation and
other similar laws and to general equitable principles.

          (e) No Violation. The execution, delivery and performance by the
Seller of this Agreement and the other Basic Documents to which the Seller
is a party and the consummation of the transactions contemplated hereby and
thereby and the fulfillment of the terms hereof and thereof will not
conflict with, result in any breach of any of the terms and provisions of,
or constitute (with or without notice or lapse of time or both) a default
under, the certificate of trust or amended and restated trust agreement of
the Seller, or conflict with, or breach any of the terms or provisions of,
or constitute (with or without notice or lapse of time or both) a default
under, any indenture, agreement, mortgage, deed of trust or other
instrument to which the Seller is a party or by which the Seller is bound
or any of its properties are subject, or result in the creation or
imposition of any lien upon any of its properties pursuant to the terms of
any such indenture, agreement, mortgage, deed of trust or other instrument
(other than this Agreement), or violate any law, order, rule, or
regulation, applicable to the Seller or its properties, of any federal or
state regulatory body, any court, administrative agency, or other
governmental instrumentality having jurisdiction over the Seller or any of
its properties.

          (f) No Proceedings. There are no proceedings or investigations
pending, or, to the best knowledge of the Seller, threatened, before any
court, regulatory body, administrative agency, or other tribunal or
governmental instrumentality having jurisdiction over the Seller or its
properties: (i) asserting the invalidity of this Agreement, the Indenture,
any of the other Basic Documents, the Notes or the Certificates, (ii)
seeking to prevent the issuance of the Notes, the Certificates or the
consummation of any of the transactions contemplated by this Agreement, the
Indenture or any of the other Basic Documents, (iii) seeking any
determination or ruling that might materially and adversely affect the
performance by the Seller of its obligations under, or the validity or
enforceability of, this Agreement, the Indenture, any of the other Basic
Documents, the Notes or the Certificates, or (iv) that may adversely affect
the Federal or Applicable Tax State income, excise, franchise or similar
tax attributes of the Notes or the Certificates.

          (g) Florida Securities and Investor Protection Act. In connection
with the offering of the Notes in the State of Florida, the Seller hereby
certifies that it has complied with all provisions of Section 517.075 of
the Florida Securities and Investor Protection Act.

          Section 6.2 Liability of Seller; Indemnities. The Seller shall be
liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Seller under this Agreement, and hereby
agrees to the following:

          (a) The Seller shall indemnify, defend, and hold harmless the
Trust, 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, and as of the date of, the sale of the Receivables to the Trust or the
issuance and original sale of the Notes or the Certificates, including any
sales, gross receipts, general corporation, tangible personal property,
privilege, or license taxes (but, in the case of the Trust, not including
any taxes asserted with respect to ownership of the Receivables or Federal
or other Applicable Tax State income taxes arising out of the transactions
contemplated by this Agreement and the other Basic Documents) and costs and
expenses in defending against the same.

          (b) The Seller shall indemnify, defend, and hold harmless the
Trust, the Owner Trustee, the Indenture Trustee, the Noteholders and the
Certificateholders from and against any loss, liability or expense incurred
by reason of (i) the Seller's willful misfeasance, bad faith, or negligence
(other than errors in judgment) 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 Seller's violation of Federal or state
securities laws in connection with the registration or the sale of the
Notes or the Certificates.

          (c) The Seller shall indemnify, defend and hold harmless the
Owner Trustee and the Indenture Trustee 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
contained herein and in the Trust Agreement, in the case of the Owner
Trustee, and in the Indenture, in the case of the Indenture Trustee, except
to the extent that such cost, expense, loss, claim, damage or liability:
(i) shall be due to the willful misfeasance, bad faith or negligence
(except for errors in judgment) of the Owner Trustee or the Indenture
Trustee, as applicable; (ii) in the case of the Owner Trustee shall arise
from the breach by the Owner Trustee of any of its representations or
warranties set forth in Section 7.3 of the Trust Agreement or (iii) in the
case of the Indenture Trustee shall arise from the breach by the Indenture
Trustee of any of its representations and warranties set forth in the
Indenture.

          (d) The Seller shall pay any and all taxes levied or assessed
upon all or any part of the Owner Trust Estate.

          (e) Indemnification under this Section 6.2 shall survive the
resignation or removal of the Owner Trustee or the Indenture Trustee and
the termination of this Agreement and shall include reasonable fees and
expenses of counsel and expenses of litigation. If the Seller shall have
made any indemnity payments pursuant to this Section 6.2 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 Seller, without interest.

          Section 6.3 Merger or Consolidation of, or Assumption of the
Obligations of, Seller. Any Person (i) into which the Seller may be merged
or consolidated, (ii) resulting from any merger, conversion, or
consolidation to which the Seller shall be a party or (iii) that may
succeed by purchase and assumption to all or substantially all of the
business of the Seller, which Person in any of the foregoing cases executes
an agreement of assumption to perform every obligation of the Seller under
this Agreement, will be the successor to the Seller 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; provided, however, that (x)
the Seller shall have delivered to the Owner Trustee and the Indenture
Trustee an Officer's Certificate and an Opinion of Counsel each stating
that such merger, conversion, consolidation or succession and such
agreement of assumption comply with this Section 6.3, and (y) the Seller
shall have delivered to the Owner Trustee and the Indenture Trustee an
Opinion of Counsel either (A) stating that, in the opinion of such counsel,
all financing statements and continuation statements and amendments thereto
have been authorized and filed that are necessary to fully preserve and
protect the interest of the Trust and the Indenture Trustee, respectively,
in the Receivables and the other Trust Property, and reciting the details
of such filings, or (B) stating that, in the opinion of such counsel, no
such action shall be necessary to fully preserve and protect such interest.
The Seller shall provide notice of any merger, conversion, consolidation,
or succession pursuant to this Section 6.3 to the Rating Agencies.
Notwithstanding anything herein to the contrary, the execution of the
foregoing agreement of assumption and compliance with clauses (x) or (y)
above shall be conditions to the consummation of the transactions referred
to in clauses (i), (ii) or (iii) above.

          Section 6.4 Limitation on Liability of Seller and Others. The
Seller, and any director or officer or employee or agent of the Seller, 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 Seller 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 6.5 Seller May Own Notes or Certificates. The Seller, and
any Affiliate of the Seller, may in its individual or any other capacity
become the owner or pledgee of Notes not to exceed 20% (calculated on an
aggregate basis of the Seller and any Affiliates which are owners or
pledgees of the Notes) of the Outstanding Notes or Certificates with the
same rights as it would have if it were not the Seller or an Affiliate
thereof, except as otherwise expressly provided herein or in the other
Basic Documents. Except as set forth herein or in the other Basic
Documents, Notes and Certificates so owned by or pledged to the Seller or
such controlling, controlled or commonly controlled Person shall have an
equal and proportionate benefit under the provisions of this Agreement and
the other Basic Documents, without preference, priority, or distinction as
among all of the Notes and Certificates.

                        ARTICLE VII - THE SERVICER

          Section 7.1 Representations and Warranties of Servicer. The
Servicer makes the following representations and warranties on which the
Trust is deemed to have relied in acquiring the Trust Property, and such
representations and warranties speak as of the Closing Date, in the case of
the Initial Receivables and the other Trust Property related thereto, and
as of the related Subsequent Transfer Date, in the case of the Subsequent
Receivables and the other Trustee Property related thereto, and shall
survive the sale of the Trust Property to the Trust and the pledge thereof
by the Trust pursuant to the Indenture:

          (a) Organization and Good Standing. The Servicer has been duly
organized and is validly existing as a corporation in good standing under
the laws of the state of its incorporation, with power and authority to own
its properties and to conduct its business as such properties shall be
currently owned and such business is presently conducted, and had at all
relevant times, and shall have, 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 Trustee.

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

          (c) Power and Authority. The Servicer has the power and authority
to execute and deliver this Agreement and the other Basic Documents to
which it is a party and to carry out their terms, and the execution,
delivery and performance of this Agreement and the other Basic Documents to
which it is a party have been duly authorized by the Servicer by all
necessary corporate action.

          (d) Binding Obligation. This Agreement and the other Basic
Documents to which it is a party constitute legal, valid, and binding
obligations of the Servicer, enforceable against the Servicer in accordance
with their terms, subject, as to enforceability, to applicable bankruptcy,
insolvency, reorganization, conservatorship, receivership, liquidation and
other similar laws and to general equitable principles.

          (e) No Violation. The execution, delivery and performance by the
Servicer of this Agreement and the other Basic Documents to which it is a
party, the consummation of the transactions contemplated hereby and thereby
and the fulfillment of the terms hereof and thereof will not conflict with,
result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time or both) a default under, the
certificate of incorporation or bylaws of the Servicer, or conflict with,
or breach any of the terms or provisions of, or constitute (with or without
notice or lapse of time or both) a default under, any indenture, agreement,
mortgage, deed of trust or other instrument to which the Servicer is a
party or by which the Servicer is bound or to which any of its properties
are subject, or result in the creation or imposition of any lien upon any
of its properties pursuant to the terms of any such indenture, agreement,
mortgage, deed of trust or other instrument (other than this Agreement), or
violate any law, order, rule, or regulation applicable to the Servicer or
its properties of any Federal or state regulatory body, any court,
administrative agency, or other governmental instrumentality having
jurisdiction over the Servicer or any of its properties.

          (f) No Proceedings. There are no proceedings or investigations
pending, or, to the Servicer's knowledge, threatened, before any court,
regulatory body, administrative agency, or tribunal or other governmental
instrumentality having jurisdiction over the Servicer or its properties:
(a) asserting the invalidity of this Agreement, the Indenture, any of the
other Basic Documents, the Notes, or the Certificates, (b) seeking to
prevent the issuance of the Notes or the Certificates or the consummation
of any of the transactions contemplated by this Agreement, the Indenture or
any of the other Basic Documents, (c) seeking any determination or ruling
that might materially and adversely affect the performance by the Servicer
of its obligations under, or the validity or enforceability of, this
Agreement, the Indenture, any of the other Basic Documents, the Notes or
the Certificates, or (d) that may adversely affect the Federal or
Applicable Tax State income, excise, franchise or similar tax attributes of
the Notes or the Certificates.

          Section 7.2 Liability of Servicer; Indemnities. The Servicer
shall be liable in accordance herewith only to the extent of the
obligations specifically undertaken by the Servicer under this Agreement,
and hereby agrees to the following:

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

          (b) The Servicer shall indemnify, defend and hold harmless the
Trust, 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 or in the other Basic Documents, if
any, including, without limitation, any sales, gross receipts, general
corporation, tangible personal property, privilege or license taxes (but,
in the case of the Trust, not including any taxes asserted with respect to,
and as of the date of, the sale of the Receivables to the Trust or the
issuance and original sale of the Notes and the Certificates and the
issuance of the Certificates, or asserted with respect to ownership of the
Receivables, or Federal or other Applicable Tax State income taxes arising
out of the transactions contemplated by this Agreement and the other Basic
Documents) and costs and expenses in defending against the same.

          (c) The Servicer shall indemnify, defend and hold harmless the
Trust, the Owner Trustee, the Indenture Trustee, the Noteholders, the
Certificateholders and the Seller from and against any and all costs,
expenses, losses, claims, damages and liabilities to the extent that such
cost, expense, loss, claim, damage or liability arose out of, or was
imposed upon any such Person through, the negligence, willful misfeasance
or bad faith of the Servicer in the performance of its duties under this
Agreement or any other Basic Document to which it is a party (except for
errors in judgment), or by reason of reckless disregard of its obligations
and duties under this Agreement or any other Basic Document to which it is
a party.

          (d) The Servicer shall indemnify, defend and hold harmless the
Owner Trustee and the Indenture Trustee, as applicable, 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 contained herein and in the other Basic Documents, if any,
except to the extent that such cost, expense, loss, claim, damage or
liability: (a) shall be due to the willful misfeasance, bad faith or
negligence (except for errors in judgment) of the Owner Trustee or the
Indenture Trustee, as applicable; (b) relates to any tax other than the
taxes with respect to which either the Seller or the Servicer shall be
required to indemnify the Owner Trustee or the Indenture Trustee, as
applicable; (c) in the case of the Owner Trustee, shall arise from the
Owner Trustee's breach of any of its representations or warranties set
forth in Section 7.3 of the Trust Agreement or, in the case of the
Indenture Trustee, from the Indenture Trustee's breach of any of its
representations or warranties set forth in the Indenture; or (d) in the
case of the Indenture Trustee, shall arise out of or be incurred in
connection with the performance by the Indenture Trustee of the duties of
successor Servicer hereunder.

          In addition to the foregoing indemnities, if the Owner Trustee or
the Indenture Trustee is entitled to indemnification by the Seller pursuant
to Section 6.2 and the Seller is unable for any reason to provide such
indemnification to the Owner Trustee or the Indenture Trustee, then the
Servicer shall be liable for any indemnification that the Owner Trustee or
the Indenture Trustee is entitled to under Section 6.2.

          For purposes of this Section 7.2, in the event of the termination
of the rights and obligations of MMCA (or any successor thereto pursuant to
Section 8.2) as Servicer pursuant to Section 8.1, 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 8.2.

          Indemnification under this Section 7.2 by MMCA (or any successor
thereto pursuant to Section 8.2) as Servicer, with respect to the period
such Person was (or was deemed to be) the Servicer, shall survive the
termination of such Person as Servicer or a resignation by such Person as
Servicer as well as the termination of this Agreement or the resignation or
removal of the Owner Trustee or the Indenture Trustee and shall include
reasonable fees and expenses of counsel and expenses of litigation. If the
Servicer shall have made any indemnity payments pursuant to this Section
and the recipient thereafter collects any of such amounts from others, the
recipient shall promptly repay such amounts to the Servicer, without
interest.

          Section 7.3 Merger or Consolidation of, or Assumption of the
Obligations of, Servicer. Any Person (i) into which the Servicer may be
merged or consolidated, (ii) resulting from any merger, conversion, or
consolidation to which the Servicer shall be a party, or (iii) that may
succeed by purchase and assumption to all or substantially all of the
business of the Servicer, which Person in any of the foregoing cases is an
Eligible Servicer and executes an agreement of assumption to perform every
obligation of the Servicer under this Agreement, will 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; provided, however, that (x) the Servicer shall have delivered to
the Owner Trustee and the Indenture Trustee an Officer's Certificate and an
Opinion of Counsel each stating that such merger, conversion, consolidation
or succession and such agreement of assumption comply with this Section
7.3, and (y) the Servicer shall have delivered to the Owner Trustee and the
Indenture Trustee an Opinion of Counsel either (A) stating that, in the
opinion of such counsel, all financing statements and continuation
statements and amendments thereto have been authorized and filed that are
necessary to fully preserve and protect the interest of the Trust and the
Indenture Trustee, respectively, in the Receivables, and reciting the
details of such filings, or (B) stating that, in the opinion of such
Counsel, no such action shall be necessary to fully preserve and protect
such interests. The Servicer shall provide notice of any merger,
conversion, consolidation or succession pursuant to this Section 7.3 to the
Rating Agencies. Notwithstanding anything herein to the contrary, the
execution of the foregoing agreement or assumption and compliance with
clauses (x) and (y) above shall be conditions to the consummation of the
transactions referred to in clauses (i), (ii) or (iii) above.

          Section 7.4 Limitation on Liability of Servicer and Others. (a)
Neither the Servicer nor any of the directors or officers or employees or
agents of the Servicer shall be under any liability to the Trust, the
Noteholders or the Certificateholders, except as provided under this
Agreement, for any action taken or for refraining from the taking of any
action pursuant to this Agreement or for errors in judgment; provided,
however, that this provision shall not protect the Servicer or any such
Person against any liability that would otherwise be imposed by reason of
willful misfeasance or bad faith in the performance of duties or by reason
of reckless disregard of obligations and duties under this Agreement, or by
reason of negligence in the performance of its duties under this Agreement
(except for errors in judgment). The Servicer and any director, officer or
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 in
respect of any matters arising under this Agreement.

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

          Section 7.5 Servicer Not to Resign. Subject to the provisions of
Section 7.3, the Servicer shall not resign from its obligations and duties
under this Agreement except upon a determination that the performance of
its duties is no longer permissible under applicable law. Any such
determination permitting the resignation of the Servicer shall be evidenced
by an Opinion of Counsel to such effect delivered to the Owner Trustee and
the Indenture Trustee. No such resignation shall become effective until the
Indenture Trustee or a successor Servicer shall have (i) assumed the
responsibilities and obligations of the Servicer in accordance with Section
8.2 and (ii) become the Administrator under the Administration Agreement
pursuant to Section 8 thereof.

          Section 7.6 Servicer May Own Notes or Certificates. The Servicer,
and any Affiliate of the Servicer, may, in its individual or any other
capacity, become the owner or pledgee of Notes or Certificates with the
same rights as it would have if it were not the Servicer or an Affiliate
thereof, except as otherwise expressly provided herein or in the other
Basic Documents. Except as set forth herein or in the other Basic
Documents, Notes and Certificates so owned by or pledged to the Servicer or
such Affiliate shall have an equal and proportionate benefit under the
provisions of this Agreement, without preference, priority or distinction
as among all of the Notes and Certificates.

                   ARTICLE VIII - SERVICING TERMINATION

          Section 8.1 Events of Servicing Termination. (a) The occurrence
of any one of the following events shall constitute an event of servicing
termination hereunder (each, an "Event of Servicing Termination"):

               (i) Any failure by the Servicer to deliver to the Owner
     Trustee or the Indenture Trustee the Servicer's Certificate for any
     Collection Period, which shall continue beyond the earlier of three
     Business Days from the date such Servicer's Certificate was due to be
     delivered and the related Payment Date, or any failure by the Servicer
     to make any required payment or deposit under this Agreement, which
     shall continue unremedied for a period of five Business Days following
     the due date therefor (or, in the case of a payment or deposit to be
     made no later than a Payment Date, the failure to make such payment or
     deposit by such Payment Date); or

               (ii) Any failure on the part of the Servicer duly to observe
     or to perform in any material respect any other covenant or agreement
     set forth in the Notes, the Certificates, or in this Agreement, which
     failure shall materially and adversely affect the rights of
     Noteholders or Certificateholders and continue unremedied for a period
     of 30 days after the date on which written notice of such failure,
     requiring the same to be remedied, shall have been given to the
     Servicer by the Owner Trustee or the Indenture Trustee or to the Owner
     Trustee, the Indenture Trustee, the Seller and the Servicer by the
     Holders of Notes or Certificates, as applicable, evidencing not less
     than 25% of the principal balance of the then Notes Outstanding, in
     the aggregate, or 25% of the Certificate Balance; or

               (iii) The entry of a decree or order by a court or agency or
     supervisory authority of competent jurisdiction for the appointment of
     a conservator, receiver, liquidator or trustee for the Seller or the
     Servicer in any bankruptcy, insolvency, readjustment of debt,
     marshalling of assets and liabilities, or similar proceedings, or for
     the winding up or liquidation of its affairs, and any such decree or
     order continues unstayed and in effect for a period of 60 consecutive
     days; or

               (iv) The consent by the Seller or the Servicer to the
     appointment of a conservator, receiver, liquidator or trustee in any
     bankruptcy, insolvency, readjustment of debt, marshalling of assets
     and liabilities, or similar proceedings of or relating to the Seller
     or the Servicer or relating to substantially all of its property, the
     admission in writing by the Servicer of its inability to pay its debts
     generally as they become due, the filing by the Seller or the Servicer
     of a petition to take advantage of any applicable bankruptcy,
     insolvency or reorganization statute, the making by the Seller or the
     Servicer of an assignment for the benefit of its creditors or the
     voluntary suspension by the Seller or the Servicer of payment of its
     obligations; or

               (v) The failure by the Servicer to be an Eligible Servicer;

then, and in each and every case and for so long as an Event of Servicing
Termination shall not have been remedied, either the Indenture Trustee, or
the Holders of Notes evidencing not less than 51% of the aggregate
principal amount of the Notes Outstanding, voting as a group, or if no
Notes are Outstanding, the Owner Trustee pursuant to the Trust Agreement by
notice then given in writing to the Servicer (with a copy to the Indenture
Trustee and the Owner Trustee if given by the Noteholders), may terminate
all of the rights and obligations 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 Trust Property or otherwise, shall pass to
and be vested in the Indenture Trustee or a successor Servicer appointed
under Section 8.2; and, without limitation, the Indenture Trustee and the
Owner Trustee shall be authorized and empowered to execute and deliver, on
behalf of the Servicer, as attorney-in-fact or otherwise, any and all
documents and other instruments, and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement of the
Receivable Files, the certificates of title to the Financed Vehicles, or
otherwise. The Servicer shall cooperate with the Indenture Trustee, the
Owner Trustee and such successor Servicer in effecting the termination of
its responsibilities and rights as Servicer under this Agreement, including
the transfer to the Indenture Trustee or such successor Servicer for
administration of all cash amounts that are at the time held by the
Servicer for deposit or thereafter shall be received with respect to a
Receivable, all Receivable Files and all information or documents that the
Indenture Trustee or such successor Servicer may require. In addition, the
Servicer shall transfer its electronic records relating to the Receivables
to the successor Servicer in such electronic form as the successor Servicer
may reasonably request. All reasonable costs and expenses incurred by the
successor Servicer, including allowable compensation of employees and
overhead costs, in connection with the transfer of servicing shall be paid
by the outgoing Servicer (or by the initial Servicer if the outgoing
Servicer is the Indenture Trustee acting on an interim basis) upon
presentation of reasonable documentation of such costs and expenses.

          (b) If any of the foregoing Events of Servicing Termination
occur, the Indenture Trustee and the Owner Trustee shall have no obligation
to notify Noteholders, Certificateholders or any other Person of such
occurrence prior to the continuance of such event through the end of any
cure period specified in Section 8.1(a).

          Section 8.2 Indenture Trustee to Act; Appointment of Successor
Servicer. Upon the Servicer's resignation pursuant to Section 7.5 or upon
the Servicer's receipt of notice of termination as Servicer pursuant to
Section 8.1(a), the Indenture Trustee (or an Affiliate of the Indenture
Trustee that is an Eligible Servicer appointed by the Indenture Trustee)
shall be the successor in all respects to the Servicer in its capacity as
Servicer under this Agreement (provided that neither the Indenture Trustee
nor any other successor Servicer shall have any obligation, but may elect,
to make available to an Obligor any refinancing of a Last Scheduled Payment
in the manner specified in the last sentence of Section 3.2(e) hereof), and
shall be subject to all the responsibilities, duties and liabilities
relating thereto placed on the Servicer by the terms and provisions of this
Agreement. As compensation therefor, the Indenture Trustee shall be
entitled to such compensation (whether payable out of the Collection
Account or otherwise) as the Servicer would have been entitled to under
this Agreement if no such notice of termination or resignation had been
given, except that all collections shall be deposited in the Collection
Account within two Business Days of receipt and shall not be retained by
the Servicer. Notwithstanding the above, the Indenture Trustee may, if it
shall be unwilling so to act, or shall, if it is legally unable so to act,
appoint, or petition a court of competent jurisdiction to appoint, an
Eligible Servicer as the successor to the terminated Servicer under this
Agreement. In connection with such appointment, the Indenture Trustee may
make such arrangements for the compensation of such successor Servicer out
of payments on Receivables as it and such successor shall agree, which, in
no event, shall be greater than that payable to MMCA as Servicer hereunder.
The Indenture Trustee and such successor shall take such action, consistent
with this Agreement, as shall be necessary to effectuate any such
succession including, but not limited to, making arrangements in respect of
the last sentence of Section 3.2(e) of this Agreement. The Indenture
Trustee shall not be relieved of its duties as successor Servicer under
this Section 8.2 until a newly appointed Servicer shall have assumed the
responsibilities and obligations of the terminated Servicer under this
Agreement.

          Section 8.3 Effect of Servicing Transfer. (a) After the transfer
of servicing hereunder, the Indenture Trustee or successor Servicer shall
notify Obligors to make directly to the successor Servicer payments that
are due under the Receivables after the effective date of such transfer.

          (b) Except as provided in Section 8.2 after the transfer of
servicing hereunder, the outgoing Servicer shall have no further
obligations with respect to the administration, servicing, custody or
collection of the Receivables and the successor Servicer shall have all of
such obligations, except that the outgoing Servicer will transmit or cause
to be transmitted directly to the successor Servicer for its own account,
promptly on receipt and in the same form in which received, any amounts
held by the outgoing Servicer (properly endorsed where required for the
successor Servicer to collect any such items) received as payments upon or
otherwise in connection with the Receivables and the outgoing Servicer
shall continue to cooperate with the successor Servicer by providing
information and in the enforcement of the Dealer Agreements.

          (c) Any successor Servicer shall provide the Seller with access
to the Receivable Files and to the successor Servicer's records (whether
written or automated) with respect to the Receivable Files. Such access
shall be afforded without charge, but only upon reasonable request and
during normal business hours at the offices of the successor Servicer.
Nothing in this Section 8.3 shall affect the obligation of the successor
Servicer to observe any applicable law prohibiting disclosure of
information regarding the Obligors, and the failure of the Servicer to
provide access to information as a result of such obligation shall not
constitute a breach of this Section 8.3.

          Section 8.4 Notification to Noteholders and Certificateholders.
Upon any notice of an Event of Servicing Termination or upon any
termination of, or appointment of a successor to, the Servicer pursuant to
this Article VIII, the Indenture Trustee shall give prompt written notice
thereof to Noteholders, and the Owner Trustee shall give prompt written
notice thereof to Certificateholders at their addresses of record and to
the Rating Agencies.

          Section 8.5 Waiver of Past Events of Servicing Termination. The
Holders of Notes evidencing not less than 51% of the Notes Outstanding or
the Holders of Certificates evidencing not less than 51% of the Certificate
Balance (in the case of an Event of Servicing Termination which does not
adversely affect the Indenture Trustee or the Noteholders) may, on behalf
of all Noteholders and Certificateholders, waive any Event of Servicing
Termination hereunder and its consequences, except an event resulting from
the failure to make any required deposits to, or payments from, any of the
Trust Accounts and the Certificate Distribution Account in accordance with
this Agreement. Upon any such waiver of a past Event of Servicing
Termination, such event shall cease to exist, and shall be deemed to have
been remedied for every purpose of this Agreement. No such waiver shall
extend to any subsequent or other event or impair any right arising
therefrom, except to the extent expressly so waived.

                         ARTICLE IX - TERMINATION

          Section 9.1 Optional Purchase of All Receivables. (a) On each
Payment Date following the last day of a Collection Period as to which the
Pool Balance shall be less than or equal to the Optional Purchase
Percentage (expressed as a seven-digit decimal) multiplied by the Initial
Pool Balance, the Servicer shall have the option to purchase the Owner
Trust Estate, other than the Trust Accounts and the Certificate
Distribution Account. To exercise such option, the Servicer shall notify
the Owner Trustee and the Indenture Trustee no later than the fifteenth day
of the month immediately preceding the month in which such repurchase is to
be effected and shall deposit an amount equal to the aggregate Purchase
Amount for the Receivables, plus the appraised value of any other property
held in the Trust other than in the Trust Accounts and the Certificate
Distribution Account, such value to be determined by an appraiser mutually
agreed upon by the Servicer, the Owner Trustee and the Indenture Trustee,
into the Collection Account on the Payment Date occurring in the month in
which such repurchase is to be effected. Upon such payment, the Servicer
shall succeed to and own all interests in and to the Trust. Notwithstanding
the foregoing, the Servicer shall not be permitted to exercise such option
unless the amount to be deposited in the Collection Account pursuant to the
second preceding sentence is greater than or equal to the sum of the
outstanding principal balance of the Notes and all accrued but unpaid
interest (including any overdue interest) thereon and the Certificate
Balance. The Purchase Amount, any Negative Carry Amounts and any Yield
Supplement Amounts for such Payment Date, plus to the extent necessary all
amounts in the Reserve Account, shall be used to make payments in full to
Noteholders and Certificateholders in the manner set forth in Article IV.

          (b) Unless otherwise required by the Rating Agencies as set forth
in writing delivered to the Owner Trustee and the Indenture Trustee, if at
the time the Servicer exercises its purchase option hereunder the
Servicer's long-term unsecured debt has a rating lower than investment
grade by the Rating Agencies, the Servicer shall deliver to the Owner
Trustee and the Indenture Trustee on such Payment Date a letter from an
Independent investment bank or an Independent public accountant to the
effect that the price paid by the Servicer for the Receivables at the time
of transfer pursuant to such purchase option represented a fair market
price for such Receivables.

          (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 Indenture Trustee will continue to carry out its obligations
hereunder with respect to the Certificateholders, including without
limitation making distributions from the Payahead Account and the
Collection Account in accordance with Section 4.6 and making withdrawals
from the Reserve Account in accordance with Sections 4.5(b) and 4.7.

                   ARTICLE X - MISCELLANEOUS PROVISIONS

          Section 10.1 Amendment. (a) This Agreement may be amended by the
Seller, the Servicer and the Trust with the consent of the Indenture
Trustee (which consent may not be unreasonably withheld), but without the
consent of any of the Noteholders, the Certificateholders or the Swap
Counterparty to add, change or eliminate any other provisions with respect
to matters or questions arising under this Agreement as may be necessary or
advisable in order to: (i) cure any ambiguity, to revise, correct or
supplement any provisions herein, (ii) enable the Trust to avoid becoming a
member of MMCA's consolidated group under GAAP or (iii) enable the
Transferor or any Affiliate of the Transferor or any of their Affiliates to
otherwise comply with or obtain more favorable treatment under any law or
regulation or any accounting rule or principle; provided, however, that
such action shall not, as evidenced by an Opinion of Counsel delivered to
the Owner Trustee and the Indenture Trustee materially and adversely affect
the interests of any Noteholder or Certificateholder; provided, further,
that no such amendment shall be inconsistent with the derecognition by MMCA
of the Receivables under GAAP or cause the Trust to become a member of
MMCA's consolidated group under GAAP; and provided, further, that (x) such
action shall not materially adversely affect the rights or obligations of
the Swap Counterparty under the Interest Rate Swap Agreement or modify the
obligations of, or impair the ability of, the Issuer to fully perform any
of its obligations under the Interest Rate Swap Agreement or (y) the Swap
Counterparty shall have consented thereto.

          (b) This Agreement may also be amended from time to time by the
Seller, the Servicer and the Trust with the consent of (i) the Indenture
Trustee, (ii) the Swap Counterparty, to the extent such amendment adversely
affects the rights or obligations of the Swap Counterparty under the
Interest Rate Swap Agreement, or modifies the obligations of, or impairs
the ability of the Issuer to fully perform any of its obligations under,
the Interest Rate Swap Agreement (which consent may not be unreasonably
withheld), (iii) the Holders of Notes evidencing not less than 51% of
Outstanding Amount of all of the Notes, voting as a group, and (iv) the
Holders of Certificates evidencing not less than 51% of the Certificate
Balance 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 Noteholders or the
Certificateholders; provided, however, that no such amendment shall (a)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, or change the allocation or priority of, collections of payments
on Receivables or distributions that shall be required to be made on any
Note or Certificate or change the Note Interest Rate or the Specified
Reserve Balance, without the consent of all adversely affected Noteholders
or Certificateholders, (b) reduce the aforesaid percentage required to
consent to any such amendment, without the consent of the Holders of all
Notes and Certificates affected thereby or (c) adversely affect the rating
of any Class of Notes by the Rating Agencies without the consent, as
applicable, of Noteholders evidencing not less than 66 2/3% of the Notes of
such Class Outstanding.

          (c) Prior to the execution of any amendment or consent pursuant
to Section 10.1(b), the Servicer shall provide written notification of the
substance of such amendment or consent to each Rating Agency.

          (d) Promptly after the execution of any amendment or consent
pursuant to this Section 10.1, the Owner Trustee shall mail a copy to the
Swap Counterparty and shall furnish written notification of the substance
of such amendment or consent to each Certificateholder, the Indenture
Trustee and each of the Rating Agencies. It shall not be necessary for the
consent of Noteholders or the Certificateholders pursuant to this Section
10.1 to approve the particular form of any proposed amendment or consent,
but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents (and any other consents of
Noteholders and Certificateholders provided for in this Agreement) and of
evidencing the authorization of the execution thereof by Noteholders and
Certificateholders shall be subject to such reasonable requirements as the
Owner Trustee and the Indenture Trustee may prescribe.

          (e) Prior to the execution of any amendment to this Agreement,
the Owner Trustee and the Indenture Trustee shall be entitled to receive
and rely upon (i) an Opinion of Counsel stating that the execution of such
amendment (A) is authorized or permitted by this Agreement, (B) will not
materially adversely affect the Federal or any Applicable Tax State income
or franchise taxation of any Outstanding Note or Certificate or any Holder
thereof, and (C) will not cause the Trust to be taxable as a corporation
for Federal or any Applicable Tax State income or franchise tax purposes
and (ii) an Officer's Certificate of the Servicer that all conditions to
the execution of such amendment have been complied with. The Owner Trustee
or the Indenture Trustee may, but shall not be obligated to, enter into any
such amendment which affects such Owner Trustee's or Indenture Trustee's
own rights, duties or immunities under this Agreement or otherwise.

          Section 10.2 Protection of Title to Trust. (a) The Seller or
Servicer, or both, shall authorize and file such financing statements and
cause to be authorized 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 Trust and the Indenture Trustee
for the benefit of the Noteholders in the Receivables and in the proceeds
thereof. The Seller or Servicer, or both, shall deliver (or cause to be
delivered) to the Owner Trustee and the Indenture Trustee file-stamped
copies of, or filing receipts for, any document filed as provided above, as
soon as available following such filing.

          (b) Neither the Seller 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 by the Seller
or the Servicer in accordance with paragraph (a) above seriously misleading
within the meaning of ss. 9-506(b) of the Relevant UCC, unless it shall
have given the Owner Trustee and the Indenture Trustee at least 60 days'
prior written notice thereof and shall have promptly filed appropriate
amendments to all previously filed financing statements or continuation
statements.

          (c) The Seller and the Servicer shall give the Owner Trustee and
the Indenture Trustee at least 60 days' prior written notice of any change
in its jurisdiction of organization if, as a result of such relocation or
change, the applicable provisions of the Relevant 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, continuation statement or any new financing statement. The
Servicer shall at all times maintain each office from which it shall
service Receivables and its jurisdiction of organization within the United
States of America.

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

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

          (f) If at any time the Seller or the Servicer shall propose to
sell, grant a security interest in, or otherwise transfer any interest in
any automobile or sports-utility vehicle receivables to any prospective
purchaser, lender, or other transferee, the Servicer shall give to such
prospective purchaser, lender, or other transferee computer tapes, compact
disks, records, or print-outs (including any restored from back-up
archives) that, if they shall refer in any manner whatsoever to any
Receivable, shall indicate clearly that such Receivable has been sold and
is owned by the Trust and has been pledged to the Indenture Trustee unless
such Receivable has been paid in full or repurchased by the Seller or
purchased by the Servicer.

          (g) The Servicer shall permit the Owner Trustee, the Indenture
Trustee and their respective 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 and the
Indenture Trustee, within ten Business Days, a list of all Receivables (by
contract number and name of Obligor) then held as part of the Trust,
together with a reconciliation of such list to the Schedules of Receivables
and to each of the Servicer's Certificates furnished before such request
indicating removal of Receivables from the Trust.

               (i) The Servicer shall deliver to the Owner Trustee and the
     Indenture Trustee:

                    (1) promptly after the execution and delivery of each
          amendment to any financing statement, an Opinion of Counsel
          either (A) stating that, in the opinion of such Counsel, all
          financing statements and continuation statements have been
          authorized and filed that are necessary fully to preserve and
          protect the interest of the Trust and the Indenture Trustee 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) stating that, in the opinion of such Counsel, no
          such action shall be necessary to preserve and protect such
          interest; and

                    (2) within 90 days after the beginning of each calendar
          year commencing in the year 2003, an Opinion of Counsel, dated as
          of a date during such 90-day period, either (A) stating that, in
          the opinion of such Counsel, all financing statements and
          continuation statements have been authorized and filed that are
          necessary fully to preserve and protect the interest of the Trust
          and the Indenture Trustee 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) stating that, in the
          opinion of such Counsel, no such action shall be necessary to
          preserve and protect such interest.

          Each Opinion of Counsel referred to in clause (i)(1) or (i)(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.

          (j) The Seller 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 10.3 Representations of the Seller and the Purchaser. The
respective agreements, representations, warranties and other statements by
the Seller and the Purchaser set forth in or made pursuant to this
Agreement shall remain in full force and effect and will survive the
Closing.

          SECTION 10.4 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS
CONFLICT OF LAWS 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 10.5 Notices. All demands, notices, and communications
under this Agreement shall be in writing, personally delivered, sent via
facsimile, overnight courier or mailed by certified mail, return receipt
requested, and shall be deemed to have been duly given upon receipt,

          (a) in the case of the Seller or the Servicer, to the agent for
service as specified in Section 10.13 hereof, or at such other address as
shall be designated by the Seller or the Servicer in a written notice to
the Owner Trustee and the Indenture Trustee;

          (b) in the case of the Owner Trustee, at the Corporate Trust
Office of the Owner Trustee;

          (c) in the case of the Indenture Trustee, at the Corporate Trust
Office of the Indenture Trustee;

          (d) 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
                           Fax: (212) 553-0573

          (e) in the case of S&P, at the following address:

                           Standard & Poor's
                           55 Water Street, 40th Floor
                           New York, New York 10041
                           Fax: (212) 438-2649

          (f) in the case of Fitch Ratings, at the following address:

                           Fitch Ratings
                           One State Street Plaza
                           New York, New York  10004
                           Attention:  Asset Backed Surveillance Department
                           Fax: (212) 480-4438

          (g) in the case of the initial Swap Counterparty, at the
following address:

                           Morgan Stanley Capital Services Inc.
                           1585 Broadway, 3rd Floor
                           New York, New York  10036
                           Attention:  William C. Thum, Fixed Income
                             Derivatives - Transaction
                             Management Manager
                           Fax: (212) 761-0162

                           with a copy to:

                           Morgan Stanley Dean Witter & Co.
                           1221 Avenue of the Americas, 27th Floor
                           Legal Department
                           New York, New York  10020
                           Attention:  James Hill (Fixed Income Derivatives)
                           Fax: (212) 762-8896

                           and with a copy to:

                           Morgan Stanley Capital Services
                           1585 Broadway, 2nd Floor
                           New York, New York  10036
                           Attention:  Fixed Income Derivatives -
                             Corporate Derivatives Group Manager
                           Fax: (212) 761-0268

          Any notice required or permitted to be mailed to a Noteholder or
Certificateholder shall be given by first class mail, postage prepaid, at
the address of such Holder as shown in the Note Register or the Certificate
Register, as applicable. Any notice so mailed within the time prescribed in
this Agreement shall be conclusively presumed to have been duly given,
whether or not the Noteholder or Certificateholder shall receive such
notice.

          Section 10.6 Severability of Provisions. 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 provisions of
this Agreement or of the Notes, the Certificates, or the rights of the
Holders thereof.

          Section 10.7 Assignment. Notwithstanding anything to the contrary
contained herein, except as provided in Sections 7.3 and 8.2 and as
provided in the provisions of this Agreement concerning the resignation of
the Servicer, this Agreement may not be assigned by the Seller or the
Servicer without the prior written consent of the Owner Trustee, the
Indenture Trustee, the Holders of Notes evidencing not less than 66 2/3% of
the Outstanding Amount of the Notes and the Holders of Certificates
evidencing not less than 66 2/3% of the Certificate Balance and any such
assignment without the required consents shall be null and void.

          Section 10.8 Further Assurances. The Seller and the Servicer
agree to do and perform, from time to time, any and all acts and to execute
any and all further instruments required or reasonably requested by the
Owner Trustee or the Indenture Trustee more fully to effect the purposes of
this Agreement, including, without limitation, the execution of any
financing statements or continuation statements relating to the Receivables
for filing under the provisions of the Relevant UCC of any applicable
jurisdiction.

          Section 10.9 No Waiver; Cumulative Remedies. No failure to
exercise and no delay in exercising, on the part of the Owner Trustee, the
Indenture Trustee, the Noteholders or the Certificateholders, any right,
remedy, power or privilege hereunder, shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges therein provided are cumulative and not
exhaustive of any rights, remedies, powers and privileges provided by law.

          Section 10.10 Third-Party Beneficiaries. This Agreement will
inure to the benefit of and be binding upon the parties hereto, the
Noteholders, the Certificateholders, and their respective successors and
permitted assigns. Except as otherwise provided in this Article X, no other
Person will have any right or obligation hereunder. The parties hereto
hereby acknowledge and consent to the pledge of this Agreement by the Trust
to the Indenture Trustee for the benefit of Noteholders pursuant to the
Indenture.

          Section 10.11 Actions by Noteholder or Certificateholders. (a)
Wherever in this Agreement a provision is made that an action may be taken
or a notice, demand, or instruction given by Noteholders or
Certificateholders, such action, notice, or instruction may be taken or
given by any Noteholder or Certificateholder, as applicable, unless such
provision requires a specific percentage of Noteholders or
Certificateholders.

          (b) Any request, demand, authorization, direction, notice,
consent, waiver, or other act by a Noteholder or Certificateholder shall
bind such Noteholder or Certificateholder and every subsequent Holder of
such Note or Certificate issued upon the registration of transfer thereof
or in exchange therefor or in lieu thereof in respect of anything done or
omitted to be done by the Owner Trustee, the Indenture Trustee or the
Servicer in reliance thereon, whether or not notation of such action is
made upon such Note or Certificate.

          Section 10.12 Counterparts. For the purpose of facilitating the
execution of this Agreement and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which
counterparts shall constitute but one and the same instrument.

          Section 10.13 Agent for Service. The agent for service of the
Seller and the Servicer in respect of this Agreement shall be Executive
Vice President and Treasurer, Mitsubishi Motors Credit of America, Inc.,
6363 Katella Avenue, Cypress, California 90630-5205, mailing address: P.O.
Box 6038, Cypress, California 90630-0038.

          Section 10.14 No Bankruptcy Petition; Subordination; Claims
Against Seller. The Owner Trustee, the Indenture Trustee, the Trust and the
Servicer each covenants and agrees that:

          (a) prior to the date which is one year and one day after the
payment in full of all securities issued by the Seller or by a trust for
which the Seller was the depositor which securities were rated by any
nationally recognized statistical rating organization, it will not
institute against, or join any other Person in instituting against, the
Seller any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any federal or state
bankruptcy or similar law;

          (b) any claim that it may have at any time against the Subtrust
Assets of any Subtrust unrelated to the Receivables, and any claim that it
may have at any time against the Seller that it may seek to enforce against
the Subtrust Assets of any Subtrust unrelated to the Receivables, shall be
subordinate to the payment in full, including post-petition interest, in
the event that the Seller becomes a debtor or debtor in possession in a
case under any applicable federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect or otherwise subject to any
insolvency, reorganization, liquidation, rehabilitation or other similar
proceedings, of the claims of the holders of any Securities related to such
unrelated Subtrust and the holders of any other notes, bonds, contracts or
other obligations that are related to such unrelated Subtrust; and

          (c) it hereby irrevocably makes the election afforded by Title 11
United States Code Section 1111(b)(1)(A)(i) to secured creditors to receive
the treatment afforded by Title 11 United States Code Section 1111(b)(2)
with respect to any secured claim that it may have at any time against the
Seller. The obligations of the Seller under this Agreement are limited to
the related Subtrust and the related Subtrust Assets. This Section 10.13
shall survive the resignation or removal of the Owner Trustee under the
Trust Agreement or the Indenture Trustee under the Indenture or the
termination of such Agreement.

          Section 10.15 Limitation of Liability of Owner Trustee and
Indenture Trustee. (a) Notwithstanding anything contained herein to the
contrary, this Agreement has been countersigned by Wilmington Trust
Company, not in its individual capacity but solely in its capacity as Owner
Trustee of the Trust and in no event shall Wilmington Trust Company in its
individual capacity or, except as expressly provided in the Trust
Agreement, as Owner Trustee of the Trust, have any liability for the
representations, warranties, covenants, agreements or other obligations of
the Trust 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 Trust. 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 Trust hereunder, the Owner Trustee shall
be subject to, and entitled to the benefits of, the terms and provisions of
Articles VI, VII and VIII of the Trust Agreement.

          (b) Notwithstanding anything contained herein to the contrary,
this Agreement has been accepted by Bank of Tokyo-Mitsubishi Trust Company,
not in its individual capacity but solely as Indenture Trustee, and in no
event shall Bank of Tokyo-Mitsubishi Trust Company have any liability for
the representations, warranties, covenants, agreements or other obligations
of the Trust 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 Trust.

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

                                  MMCA AUTO RECEIVABLES TRUST,
                                  as Seller,

                                  By:  _________________________________________
                                          Name:
                                          Title:

                                  MMCA AUTO OWNER TRUST 2002-1

                                  By:  WILMINGTON TRUST COMPANY,
                                        not in its individual capacity but
                                        solely as Owner Trustee

                                  By:  _________________________________________
                                          Name:
                                          Title:

                                  MITSUBISHI MOTORS CREDIT OF
                                  AMERICA, INC., as Servicer

                                  By:  _________________________________________
                                          Name:
                                          Title:

Accepted and agreed:

BANK OF TOKYO-MITSUBISHI TRUST COMPANY,
as Indenture Trustee

By: _________________________________
     Name:
     Title:

                                                                 Schedule A

                      SCHEDULE OF INITIAL RECEIVABLES
                      -------------------------------

                    Exhibit B to the Purchase Agreement
                      Incorporated by Reference Herein

                                                                 Schedule B

                       LOCATIONS OF RECEIVABLES FILES

                              Corporate Office
                            6363 Katella Avenue
                               P.O. Box 6038
                           Cypress, CA 90630-5205

                          National Service Center
                      10805 Holder Street, Third Floor
                               P.O. Box 6043
                           Cypress, CA 90630-0040

                                                                  Exhibit A

                       FORM OF SERVICER'S CERTIFICATE

          The undersigned certifies that he is a _____________________ of
Mitsubishi Motors Credit of America, Inc., a corporation in good standing
under the laws of the state of its incorporation (the "Company"), and that
as such he is duly authorized to execute and deliver this certificate on
behalf of the Company pursuant to Section 3.9 of the Sale and Servicing
Agreement, dated as of __________, _____, by and among the Company, as
Servicer, MMCA Auto Receivables Trust, as Seller, and MMCA Auto Owner Trust
2002-__ (the "Sale and Servicing Agreement") (all capitalized terms used
herein without definition have the respective meanings specified in the
Sale and Servicing Agreement), and further certifies that:

                           (a) The Servicer's report for the period from
         __________ to ____________ attached to this certificate is
         complete and accurate and contains all information required by
         Section 3.9 of the Sale and Servicing Agreement; and

                           (b) As of the date hereof, no Event of Servicing
         Termination or event that with notice or lapse of time or both
         would become an Event of Servicing Termination has occurred.

          IN WITNESS WHEREOF, I have affixed hereunto my signature and the
corporate seal of the Company this ___ day of ----------, -----.

                                    MITSUBISHI MOTORS CREDIT OF AMERICA, INC.

                                    By: ________________________________________
                                    Name:
                                    Title:

                                                                  Exhibit B
================================================================================

                      FORM OF STATEMENT TO NOTEHOLDERS

                 MITSUBISHI MOTORS CREDIT OF AMERICA, INC.
                          Statement to Noteholders
                        MMCA Auto Owner Trust ___-__
                    July 1, ____ through June 30, _____
<TABLE>
<CAPTION>
                                                                                                     Per Original
                                                                                   Aggregate        $1,000 Note or
                                                                                                      Certificate
<S>      <C>
I.       A.  Distribution of Note Principal
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
              5.  Class B
              6,. Class C
         B.  Distribution of Certificate Principal

II.      Distribution of Note Interest
         A.  Class A-1
         B.  Class A-2
         C.  Class A-3
         D.  Class A-4
         E.  Class B
         F.  Class C

III.     Yield Supplement Amount

IV.      Total Servicing Fee

V.       Principal Balances and Pool Factors
         A.  Note Principal Balance
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
               5.  Class B
               6.  Class C
         B.  Note Pool Factors
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
               5.  Class B
               6.  Class C
         C.  Certificate Balance
         D.  Certificate Pool Factor

VI.      A.  Pool Balance at End of This Collection Period
         B.  Yield Supplement Overcollateralization Amount
         C.  Adjusted Principal Balance of Receivables Pool

VII.     A.  Level Pay Pool Balance
         B.  Last Scheduled Payment Pool Balance

VIII.    Principal Balance of Deferred Receivables

IX.      Interest Carryover Shortfall
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
               5.  Class B
               6.  Class C

X.       Principal Carryover Shortfall
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
               5.  Class B
               6.  Class C

XI.      Aggregate Realized Losses for This Collection Period

XII.     Reserve Account Balance on Payment Date

XIII.    Amount of Advances for This Collection Period
         A.  Actuarial Advances
         B.  Last Scheduled Payment Advances

XIV.     Purchase Amount of Receivables Repurchased by Seller or Purchased
         by Servicer
</TABLE>
================================================================================

                                                                  Exhibit C

                  FORM OF STATEMENT TO CERTIFICATEHOLDERS

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

                 MITSUBISHI MOTORS CREDIT OF AMERICA, INC.
                      Statement to Certificateholders
                        MMCA Auto Owner Trust ___-__
                    July 1, ____ through June 30, _____

<TABLE>
<CAPTION>
                                                                                                     Per Original
                                                                                   Aggregate        $1,000 Note or
                                                                                                      Certificate

<S>     <C>
I.       A.  Distribution of Note Principal
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
              5.  Class B
              6.  Class C
         B.  Distribution of Certificate Principal

II.      Distribution of Note Interest
         A.  Class A-1
         B.  Class A-2
         C.  Class A-3
         D.  Class A-4
         E.  Class B
         F.  Class C

III.     Yield Supplement Amount

IV.      Total Servicing Fee

V.       Principal Balances and Pool Factors
         A.  Note Principal Balance
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
               5.  Class B
               6.  Class C
         B.  Note Pool Factors
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
               5.  Class B
               6.  Class C
         C.  Certificate Balance
         D.  Certificate Pool Factor

VI.      A.  Pool Balance at End of This Collection Period
         B.  Yield Supplement Overcollateralization Amount
         C.  Adjusted Principal Balance of Receivables Pool

VII.     A.  Level Pay Pool Balance
         B.  Last Scheduled Payment Pool Balance

VIII.    Principal Balance of Deferred Receivables

IX.      Interest Carryover Shortfall
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
               5.  Class B
               6.  Class C

X.       Principal Carryover Shortfall
              1.  Class A-1
              2.  Class A-2
              3.  Class A-3
              4.  Class A-4
               5.  Class B
               6.  Class C

XI.      Aggregate Realized Losses for This Collection Period

XII.     Reserve Account Balance on Payment Date

XIII.    Amount of Advances for This Collection Period
         A.  Actuarial Advances
         B.  Last Scheduled Payment Advances

XIV.     Purchase Amount of Receivables Repurchased by Seller or Purchased
         by Servicer
</TABLE>
================================================================================

                                                                  Exhibit D

                     FORM OF YIELD SUPPLEMENT AGREEMENT

                        MMCA Auto Receivables Trust
                            6363 Katella Avenue
                       Cypress, California 90630-5205

                  Re:  MMCA Auto Owner Trust 2002-

Ladies and Gentlemen:

          We hereby confirm arrangements made as of the date hereof with
you to be effective upon (i) receipt by us of the enclosed copy of this
letter agreement (as amended, supplemented or otherwise modified and in
effect from time to time, the "Yield Supplement Agreement"), executed by
you, and (ii) execution of the Purchase Agreement referred to below and
payment of the purchase price specified thereunder. Capitalized terms used
and not otherwise defined herein shall have the meanings assigned to such
terms in, or incorporated by reference into, the Purchase Agreement, dated
as of __________, _____ (as amended, supplemented or otherwise modified and
in effect from time to time, the "Purchase Agreement"), between Mitsubishi
Motors Credit of America, Inc., as seller (the "Seller"), and MMCA Auto
Receivables Trust, as purchaser (the "Purchaser").

          1. On or prior to the Determination Date preceding each Payment
Date, the Servicer shall notify the Purchaser and the Seller of the Yield
Supplement Amount for such Payment Date.

          2. In consideration for the Purchaser entering into the Purchase
Agreement and the purchase price paid to the Seller for the Receivables
under the Purchase Agreement, we agree to make a payment of the Yield
Supplement Amount to the Purchaser, or to the pledgee of the assignee of
the Purchaser referred to in Section 5 hereof, on the Business Day prior to
each Payment Date.

          3. All payments pursuant hereto shall be made by federal wire
transfer (same day) funds or in immediately available funds, to such
account as the Purchaser or the pledgee of the assignee of the Purchaser
referred to in Section 5 hereof, may designate in writing to the Seller,
prior to the relevant Payment Date.

          4. Our agreements set forth in this Yield Supplement Agreement
are our primary obligations and such obligations are irrevocable, absolute
and unconditional, shall not be subject to any counterclaim, setoff or
defense and shall remain in full force and effect without regard to, and
shall not be released, discharged or in any way affected by, any
circumstances or condition whatsoever.

          5. Pursuant to the Sale and Servicing Agreement, the Purchaser
will sell, transfer, assign and convey its interest in this Yield
Supplement Agreement to MMCA Auto Owner Trust 2002-__ (the "Trust"), and
the Seller hereby acknowledges and consents to such sale, transfer,
assignment and conveyance. Concurrent with such sale, transfer, assignment
and conveyance, pursuant to the Indenture, the Trust will pledge its rights
under this Yield Supplement Agreement, along with certain other assets of
the Trust, to Bank of Tokyo-Mitsubishi Trust Company, as Indenture Trustee,
to secure its obligations under the Notes and the Indenture, and the Seller
hereby acknowledges and consents to such pledge. The Seller hereby agrees,
for the benefit of the Trust, that following such sale, transfer,
assignment, conveyance and pledge, this Yield Supplement Agreement shall
not be amended, modified or terminated without the consent of Wilmington
Trust Company, as Owner Trustee on behalf of the Trust, and, prior to the
payment in full of the Notes, the Indenture Trustee.

          6. This Yield Supplement Agreement will be governed by, and
construed in accordance with, the laws of the State of New York.

          7. Except as otherwise provided herein, all notices pursuant to
this Yield Supplement Agreement shall be in writing and shall be effective
upon receipt thereof. All notices shall be directed as set forth below, or
to such other address or to the attention of such other person as the
relevant party shall have designated for such purpose in a written notice.

                  If to the Purchaser:
                  -------------------

                  MMCA Auto Receivables Trust
                  6363 Katella Avenue
                  Cypress, California  90630-5205
                  Attention:  Secretary/Treasurer
                  Telephone:  (714) 236-1614
                  Fax:  (714) 236-1600

                  If to the Seller:
                  ----------------

                  Mitsubishi Motors Credit of America, Inc.
                  6363 Katella Avenue
                  Cypress, California  90630-5205
                  Attention:  Executive Vice President and Treasurer
                  Telephone:  (714) 236-1500
                  Fax:  (714) 236-1300

          8. This Yield Supplement Agreement may be executed in one or more
counterparts and by the different parties hereto on separate counterparts,
all of which shall be deemed to be one and the same document.

          If the foregoing satisfactorily sets forth the terms and
conditions of our agreement, please indicate your acceptance thereof by
signing in the space provided below and returning to us the enclosed
duplicate original of this letter.

                          Very truly yours,

                          MITSUBISHI MOTORS CREDIT
                          OF AMERICA, INC.,
                          as Seller

                          By: __________________________________________________
                                 Name:
                                 Title:

Agreed and accepted as of the date first above written:

MMCA AUTO RECEIVABLES TRUST,
         as Purchaser

By: _____________________________________
       Name:
       Title:

                                                                  EXHIBIT E

                 FORM OF SECOND-TIER SUBSEQUENT ASSIGNMENT

                          Dated:__________, _____

          For value received, in accordance with and subject to the Sale
and Servicing Agreement, dated as of March 1, 2002 (the "Sale and Servicing
Agreement"), among MMCA Auto Owner Trust 2002-1 (the "Trust"), MMCA Auto
Receivables Trust, as the Seller (the "Seller"), and Mitsubishi Motors
Credit of America, Inc., as the Servicer (the "Servicer"), the Seller
hereby irrevocably sells, transfers, assigns and otherwise conveys to the
Trust, without recourse (subject to the obligations herein), all right,
title and interest of the Seller, whether now owned or hereafter acquired,
in, to and under the following:

     (i) the Subsequent Receivables listed on Schedule A hereto;

     (ii) with respect to the Subsequent Receivables that are Actuarial
     Receivables, monies due thereunder on or after __________, _____ (the
     "Subsequent Cutoff Date") (including Payaheads), and, with respect to
     Subsequent Receivables that are Simple Interest Receivables, monies
     received thereunder on or after the Subsequent Cutoff Date;

     (iii) the security interests in Financed Vehicles granted by Obligors
     pursuant to such Subsequent Receivables and any other interest of the
     Trust in such Financed Vehicles;

     (iv) all rights to receive proceeds with respect to such Subsequent
     Receivables from claims on any physical damage, theft, credit life or
     disability insurance policies covering the related Financed Vehicles
     or related Obligors;

     (v) all rights to receive proceeds with respect to such Subsequent
     Receivables from recourse to Dealers thereon pursuant to Dealer
     Agreements;

     (vi) all of the Seller's rights to the Receivable Files that relate to
     such Subsequent Receivables;

     (vii) all payments and proceeds with respect to such Subsequent
     Receivables held by the Servicer;

     (viii) all property (including the right to receive Liquidation
     Proceeds and Recoveries and Financed Vehicles and the proceeds thereof
     acquired by the Seller pursuant to the terms of a Subsequent
     Receivable that is a Final Payment Receivable), guarantees and other
     collateral securing a Subsequent Receivable (other than a Subsequent
     Receivable purchased by the Servicer or repurchased by the Seller);

     (ix) all of the Seller's rights under the related First-Tier
     Subsequent Assignment;

     (x) all rebates of premiums and other amounts relating to insurance
     policies and other items financed under such Subsequent Receivables in
     effect as of the Subsequent Cutoff Date; and

     (xi) all present and future claims, demands, causes of action and
     choses in action in respect of any or all of the foregoing and all
     payments on or under and all proceeds of every kind and nature
     whatsoever in respect of any or all of the foregoing, including all
     proceeds of the conversion 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.

          The Seller hereby represents that as of the Subsequent Cutoff
Date, the aggregate Principal Balance of the Subsequent Receivables was
$______________.

          The foregoing sale, transfer, assignment and conveyance shall not
constitute and is not intended to result in an assumption by the Trust of
any obligation of the Seller to the Obligors, the Dealers or any other
Person with respect the Subsequent Receivables set forth in Schedule A
attached hereto and the other Trust Property related thereto or any
agreement, document or instrument related thereto.

          In the event that the foregoing sale, transfer, assignment and
conveyance is deemed to be a pledge, the Seller hereby grants to the Trust
a first priority security interest in all of the Seller's right to and
interest in the Subsequent Receivables and other property described in
clauses (i) through (xi) above to secure a loan deemed to have been made by
the Trust to the Seller in an amount equal to the sum of the initial
principal amount of the Notes plus accrued interest thereon and the Initial
Certificate Balance.

          This Second-Tier Subsequent Assignment shall be construed in
accordance with the laws of the State of New York and the obligations of
the Seller under this Second-Tier Subsequent Assignment shall be determined
in accordance with such laws.

                  This Second-Tier Subsequent Assignment is made pursuant
to and upon the representations, warranties and agreements on the part of
the Seller contained in the Sale and Servicing Agreement (including the
Officer's Certificate of the Seller accompanying this Second-Tier
Subsequent Assignment) and is to be governed in all respects by the Sale
and Servicing Agreement. Capitalized terms used but not otherwise defined
herein shall have the meanings assigned to them in the Sale and Servicing
Agreement.

          IN WITNESS WHEREOF, the undersigned has caused this Second-Tier
Subsequent Assignment to be duly executed as of the day hereinabove set
forth.

                                  MMCA AUTO RECEIVABLES TRUST

                                 By:  __________________________________________
                                         Name:
                                         Title:

                                                  Schedule A (to Exhibit E)

             SCHEDULE OF SUBSEQUENT RECEIVABLES PROVIDED TO THE
          INDENTURE TRUSTEE ON THE SUBSEQUENT CLOSING DATE, WHICH
            MAY BE ON COMPUTER TAPE, COMPACT DISK, OR MICROFICHE

                                                     Annex A (to Exhibit E)

                           OFFICER'S CERTIFICATE

          The undersigned officer of MMCA Auto Receivables Trust (the
"Company"), does hereby certify, pursuant to Section 2.1(d)(xvi) of the
Sale and Servicing Agreement, dated as of March 1, 2002 among MMCA Auto
Owner Trust 2002-1 (the "Trust"), MMCA Auto Receivables Trust, as the
Seller, and Mitsubishi Motors Credit of America, Inc., as the Servicer (as
amended, supplemented or otherwise modified as of the date hereof, the
"Agreement") that all of the conditions to the transfer to the Trust of the
Subsequent Receivables listed on Schedule A to the Second-Tier Subsequent
Assignment delivered herewith and the other property and rights related to
such Subsequent Receivable, as described in Section 2.1(d) of the
Agreement, have been satisfied on or prior to the related Subsequent
Transfer Date.

          Capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Agreement.

          IN WITNESS WHEREOF, the undersigned have caused this certificate
to be duly executed this ____ day of __________, ____.

                                        By: ____________________________________
                                               Name:
                                               Title:

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