Document:

<PAGE>   1

                                                                     EXHIBIT 4.1

                              AMENDED AND RESTATED

                                 TRUST AGREEMENT

                                 BY AND BETWEEN

               ORIX CREDIT ALLIANCE RECEIVABLES 2000-B CORPORATION
                               AS TRUST DEPOSITOR,

                                       and

                         THE BANK OF NEW YORK (DELAWARE)
                                AS OWNER TRUSTEE

                           DATED AS OF AUGUST __, 2000

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                  Page
                                                                                  ----
                                  ARTICLE ONE
                                  DEFINITIONS

<S>                                                                                <C>
Section 1.01    Capitalized Terms....................................................1
Section 1.02    Other Definitional Provisions........................................4
Section 1.03    Usage of Terms.......................................................4
Section 1.04    Section References...................................................4
Section 1.05    Accounting Terms.....................................................5

                                  ARTICLE TWO
                                  ORGANIZATION

Section 2.01.   Name.................................................................5
Section 2.02.   Office...............................................................5
Section 2.03.   Purposes and Powers..................................................5
Section 2.04.   Appointment of Owner Trustee.........................................6
Section 2.05.   Capital Contribution of Owner Trust Estate...........................6
Section 2.06.   Declaration of Trust.................................................6
Section 2.07.   Liability of Trust Depositor.........................................7
Section 2.08.   Title to Trust Property..............................................7
Section 2.09.   Situs of Trust.......................................................7
Section 2.10.   Representations and Warranties of the Trust Depositor................8
Section 2.11.   Federal Income Tax Treatment.........................................9
Section 2.12    Covenants of the Trust Depositor....................................10

                                 ARTICLE THREE
                  TRUST CERTIFICATE AND TRANSFER OF INTERESTS

Section 3.01.   Ownership...........................................................11
Section 3.02.   The Trust Certificate...............................................11
Section 3.03.   Authentication and Delivery of Trust Certificate....................12
Section 3.04.   Registration of Transfer and Exchange of Trust Certificate..........12
Section 3.05.   Mutilated, Destroyed, Lost or Stolen Trust Certificates.............13
Section 3.06.   Persons Deemed Owners...............................................13
Section 3.07.   Access to List of Certificateholder's Name and Addresses............13
Section 3.08.   Maintenance of Office or Agency.....................................14
Section 3.09.   Temporary Trust Certificate.........................................14
Section 3.10.   Appointment of Paying Agent.........................................14
Section 3.11.   Ownership by Trust Depositor of Trust Certificate...................15

                                  ARTICLE FOUR
                            ACTIONS BY OWNER TRUSTEE

Section 4.01.   Prior Notice to Certificateholder with Respect to
                Certain Matters.....................................................15
</TABLE>

                                      -2-
<PAGE>   3

<TABLE>
<CAPTION>

<S>                                                                                          <C>
Section 4.02.    Action by Owner with Respect to Certain Matters...............................16
Section 4.03.    Action by Owner with Respect to Bankruptcy....................................16
Section 4.04.    Restrictions on Owner's Power.................................................17

                                  ARTICLE FIVE
                          APPLICATION OF TRUST FUNDS;
                                 CERTAIN DUTIES

Section 5.01.    Establishment of Trust Account................................................17
Section 5.02.    Application of Trust Funds....................................................17
Section 5.03.    Method of Payment.............................................................18
Section 5.04.    No Segregation of Moneys; No Interest.........................................18
Section 5.05.    Accounting and Reports to the Certificateholder, the Internal Revenue
                 Service and Others............................................................18
Section 5.06.    Signature on Returns; Tax Matters Partner.....................................19

                                  ARTICLE SIX
                     AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 6.01.    General Authority.............................................................19
Section 6.02.    General Duties................................................................19
Section 6.03.    Action Upon Instruction.......................................................20
Section 6.04.    No Duties Except as Specified in this Agreement or in Instructions............21
Section 6.05.    No Action Except Under Specified Documents or Instructions....................21
Section 6.06.    Restrictions..................................................................22

                                 ARTICLE SEVEN
                          CONCERNING THE OWNER TRUSTEE

Section 7.01.    Acceptance of Trusts and Duties...............................................22
Section 7.02.    Furnishing of Documents.......................................................23
Section 7.03.    Representations and Warranties................................................24
Section 7.04.    Reliance; Advice of Counsel...................................................24
Section 7.05.    Not Acting in Individual Capacity.............................................25
Section 7.06.    Owner Trustee Not Liable for Trust Certificate, Notes or Contracts............25
Section 7.07.    Owner Trustee May Own Trust Certificate and Notes.............................26

                                 ARTICLE EIGHT
                         COMPENSATION OF OWNER TRUSTEE

Section 8.01.    Owner Trustee's Fees and Expenses.............................................26
Section 8.02.    Indemnification...............................................................26
Section 8.03.    Payments to the Owner Trustee.................................................27

                                  ARTICLE NINE
                         TERMINATION OF TRUST AGREEMENT

Section 9.01.    Termination of Trust Agreement................................................27
Section 9.02.    Dissolution upon Bankruptcy of Trust Depositor or Withdrawal or Removal
                 of Trust Depositor............................................................28

                                  ARTICLE TEN
                          SUCCESSOR OWNER TRUSTEES AND

                           ADDITIONAL OWNER TRUSTEES
</TABLE>

                                      -3-
<PAGE>   4

<TABLE>
<CAPTION>

<S>                                                                            <C>
Section 10.01.    Eligibility Requirements for Owner Trustee....................28
Section 10.02.    Resignation or Removal of Owner Trustee.......................29
Section 10.03.    Successor Owner Trustee.......................................30
Section 10.04.    Merger or Consolidation of Owner Trustee......................30
Section 10.05.    Appointment of Co-Trustee or Separate Trustee.................30

                                 ARTICLE ELEVEN
                                 MISCELLANEOUS

Section 11.01.    Supplements and Amendments....................................32
Section 11.02.    No Legal Title to Trust Estate in Owner.......................33
Section 11.03.    Limitations on Rights of Others...............................33
Section 11.04.    Notices.......................................................34
Section 11.05.    Severability of Provisions....................................36
Section 11.06.    Counterparts..................................................36
Section 11.07.    Successors and Assigns........................................36
Section 11.08.    No Petition...................................................36
Section 11.09.    No Recourse...................................................36
Section 11.10.    Headings......................................................37
Section 11.11.    Governing Law and Jury Waiver.................................37
Section 11.12.    Trust Certificate Transfer Restrictions.......................37
Section 11.13.    Trust Depositor Payment Obligation............................38
</TABLE>

EXHIBIT A -   Certificate of Trust of ORIX Credit Alliance Receivables Trust
              2000-B
EXHIBIT B -   Form of Trust Certificate

                                      -4-
<PAGE>   5

This AMENDED AND RESTATED TRUST AGREEMENT dated as of August __, 2000, is
between ORIX CREDIT ALLIANCE RECEIVABLES 2000-B CORPORATION, a Delaware
corporation, as Trust Depositor (the "Trust Depositor"), and THE BANK OF NEW
YORK (DELAWARE), a Delaware state chartered bank, as owner trustee (the "Owner
Trustee").

       WHEREAS, pursuant to that certain Trust Agreement, dated as of August __,
2000, the Depositor and the Owner Trustee formed the Trust as a Delaware
statutory business trust;

       WHEREAS, the parties wish to amend and restate the original Trust
Agreement to provide more fully for the operation of the Trust;

       WHEREAS, in connection herewith, the Trust Depositor is willing to assume
certain obligations pursuant hereto; and

       WHEREAS, in connection herewith, the Trust Depositor is willing to
purchase the Trust Certificate (as defined herein) to be issued pursuant to this
Agreement and to assume certain obligations pursuant hereto;

         NOW, THEREFORE, the parties hereto hereby agree as follows:

                                  ARTICLE ONE

                                  DEFINITIONS

       SECTION 1.01. CAPITALIZED TERMS. Except as otherwise provided in this
Agreement, whenever used in this Agreement the following words and phrases,
unless the context otherwise requires, shall have the following meanings:

       "Administration Agreement" means the Administration Agreement, dated as
of the date hereof, among the Trust, the Trust Depositor, the Indenture Trustee
and ORIX Credit Alliance, Inc., as Administrator.

       "Agreement" means this Trust Agreement, as the same may be amended and
supplemented from time to time.

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

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

                                      -5-
<PAGE>   6

       "Certificate Balance" means $[____________].

       "Certificate Distribution Account" means the account established and
maintained as such pursuant to Section 5.01.

       "Certificate of Trust" means the Certificate of Trust filed for the Trust
pursuant to Section 3810(a) of the Business Trust Statute, substantially in the
form of Exhibit A hereto.

       "Certificate Register" and "Certificate Registrar" mean the register
maintained and the registrar (or any successor thereto) appointed pursuant to
Section 3.04.

       "Certificateholder" or "Holder" means with respect to a Definitive Trust
Certificate the Person in whose name the Trust Certificate is registered in the
Certificate Register.

       "Closing Date" means [_________], 2000.

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

       "Definitive Trust Certificate" shall have the meaning set forth in
Section 3.09.

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

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

       "Expenses" shall have the meaning assigned to such term in Section 8.02.

       "Foreign Person" means any Person other than (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,
(iii) an estate the income of which is subject to U.S. federal income taxation
regardless of its source, or (iv) a trust whose administration is subject to the
primary supervision of a court within the United States and which has one or
more U.S. fiduciaries who have authority to control all substantial decisions of
the trust.

       "Indemnified Parties" shall have the meaning assigned to such term in
Section 8.02.

       "Indenture" means the Indenture dated as of the date hereof between the
Trust and The Bank of New York, as Indenture Trustee.

       "Note Depository Agreement" means the agreement dated as of the Closing
Date

                                      -6-
<PAGE>   7

among the Trust, the Indenture Trustee, the Administrator and The Depository
Trust Company, as the Clearing Agency, relating to the Notes, as the same may be
amended and supplemented from time to time.

       "Notes" means the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes in each case
issued pursuant to the Indenture.

       "OCAI" means ORIX Credit Alliance, Inc., a New York corporation.

       "Owner" means the Holder of the Trust Certificate.

       "Owner Trustee" means The Bank of New York (Delaware), a Delaware state
chartered bank, not in its individual capacity but solely as owner trustee under
this Agreement, and any successor Owner Trustee hereunder.

       "Owner Trustee Corporate Trust Office" means the office of the Owner
Trustee at which its corporate trust business shall be administered, which
initially shall be 502 White Clay Center, P.O. Box 6973, Newark, Delaware 19714,
Attn: Corporate Trust Administration, or such other office at such other address
as the Owner Trustee may designate from time to time by notice to the
Certificateholder, the Servicer, the Indenture Trustee, the Trust Depositor and
OCAI.

       "Paying Agent" means any paying agent or co-paying agent appointed
pursuant to Section 3.10.

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

       "Record Date" means, with respect to any Distribution Date, the last
Business Day of the preceding calendar month.

       "Secretary of State" means the Secretary of State of the State of
Delaware.

       "Tax Matters Partner" shall have the meaning provided in Section 5.06(b)
hereof.

       "Transfer and Servicing Agreement" means the Transfer and Servicing
Agreement, dated as of the date hereof, among the Trust, the Trust Depositor,
OCAI, as Servicer and as Originator and the Indenture Trustee named therein, as
the same may be amended or supplemented from time to time.

                                      -7-
<PAGE>   8

       "Treasury Regulations" means regulations, including proposed or temporary
regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury
Regulations.

       "Trust" means the trust established by this Agreement.

       "Trust Certificate" means the trust certificate evidencing the beneficial
equity interest of an Owner in the Trust, substantially in the form of Exhibit B
hereto.

       "Trust Depositor" means ORIX Credit Alliance Receivables 2000-B
Corporation in its capacity as Trust Depositor hereunder, and its successors.

       "Trust Estate" means all right, title and interest of the Trust in and to
the property and rights assigned to the Trust pursuant to Article Two of the
Transfer and Servicing Agreement, all funds on deposit from time to time in the
Trust Accounts and the Certificate Distribution Account and all other property
of the Trust from time to time, including any rights of the Owner Trustee and
the Trust pursuant to the Transfer and Servicing Agreement and the
Administration Agreement.

       "Underwriter" means First Union Securities, Inc.

       SECTION 1.02. OTHER DEFINITIONAL PROVISIONS. Capitalized terms used that
are not otherwise defined herein shall have the meanings ascribed thereto in the
Transfer and Servicing Agreement or, if not defined therein, in the Indenture.

       SECTION 1.03. USAGE OF TERMS. With respect to all terms in this
Agreement, the singular includes the plural and the plural the singular; words
importing any gender include the other genders; references to "writing" include
printing, typing, lithography and other means of reproducing words in a visible
form; references to agreements and other contractual instruments include all
amendments, modifications and supplements thereto or any changes therein entered
into in accordance with their respective terms and not prohibited by this
Agreement; references to Persons include their permitted successors and assigns;
and the term "including" means "including without limitation".

       SECTION 1.04. SECTION REFERENCES. All section references, unless
otherwise indicated, shall be to Sections in this Agreement.

       SECTION 1.05. ACCOUNTING TERMS. All accounting terms used but not
specifically defined herein shall be construed in accordance with generally
accepted accounting principles in the United States.

                                  ARTICLE TWO

                                      -8-
<PAGE>   9

                                  ORGANIZATION

       SECTION 2.01. NAME. The Trust created hereby shall be known as "ORIX
Credit Alliance Receivables Trust 2000-B", in which name the Owner Trustee may
conduct the activities of the Trust, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued.

       SECTION 2.02. OFFICE. The office of the Trust shall be in care of the
Owner Trustee at the Owner Trustee Corporate Trust Office or at such other
address in Delaware as the Owner Trustee may designate by written notice to the
Owner and the Trust Depositor.

       SECTION 2.03. PURPOSES AND POWERS.

       (a) The sole purpose of the Trust is, and the Trust shall have the power
and authority, to manage the Trust Estate and collect and disburse the periodic
income therefrom for the use and benefit of the Owner, and in furtherance of
such purpose to engage in the following ministerial activities:

                     (i)    to issue the Notes pursuant to the Indenture and the
                            Trust Certificate pursuant to this Agreement and to
                            sell the Notes and the Trust Certificate;

                     (ii)   with the proceeds of the sale of the Notes and the
                            Trust Certificate, to purchase the Contracts and
                            other Trust Assets, and to pay the balance, if any,
                            to the Trust Depositor pursuant to the Transfer and
                            Servicing Agreement;

                     (iii)  to assign, grant, transfer, pledge, mortgage and
                            convey the Trust Estate pursuant to the Indenture
                            and to hold, manage and distribute to the Owner
                            pursuant to the Transfer and Servicing Agreement any
                            portion of the Trust Estate released from the Lien
                            of, and remitted to the Trust pursuant to, the
                            Indenture;

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

                     (v)    to engage in those activities, including entering
                            into agreements, that are necessary, suitable or
                            convenient to accomplish the foregoing or are
                            incidental thereto or

                                      -9-
<PAGE>   10

                            connected therewith; and

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

The Trust shall not engage in any activities  other than in connection  with the
foregoing.  Nothing  contained  herein  shall be deemed to  authorize  the Owner
Trustee to engage in any business  operations or any activities other than those
set forth in the introductory sentence of this Section.  Specifically, the Owner
Trustee shall have no authority to engage in any business operations, or acquire
any assets  other than those  specifically  included in the Trust  Estate  under
Section 1.01,  or otherwise  vary the assets held by the Trust.  Similarly,  the
Owner Trustee shall have no  discretionary  duties other than  performing  those
ministerial  acts set forth above  necessary to  accomplish  the purpose of this
Trust as set forth in the introductory sentence of this Section.

       SECTION 2.04. APPOINTMENT OF OWNER TRUSTEE. The Trust 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 the
Owner Trustee hereby accepts such appointment.

       SECTION 2.05. CAPITAL CONTRIBUTION OF OWNER TRUST ESTATE. The Trust
Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee, as of the date hereof, the sum of $10. The Owner Trustee hereby
acknowledges receipt in trust from the Trust Depositor, as of the date hereof,
of the foregoing contribution, which shall constitute the initial Trust Estate
(prior to giving effect to the conveyances described in the Transfer and
Servicing Agreement) and shall be deposited in the Certificate Distribution
Account. The Trust 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 2.06. DECLARATION OF TRUST. The Owner Trustee hereby declares
that it will hold the Trust Estate in trust upon and subject to the conditions
set forth herein for the sole purpose of conserving the Trust Estate and
collecting and disbursing the periodic income therefrom for the use and benefit
of the Owner, subject to the obligations of the Trust under the Transaction
Documents. It is the intention of the parties hereto that the Trust constitute a
business trust under the Business Trust Statute and that this Agreement
constitute the governing instrument of such business trust. It is the intention
of the parties hereto that the Trust be disregarded as a separate entity for
federal income tax purposes pursuant to Treasury Regulation Section
301.7701-3(b)(1)(ii) as in effect for periods after January 1, 1997. The parties
agree not to take any action inconsistent with such intended federal income tax
treatment. Effective as of the date hereof, the Owner

                                      -10-
<PAGE>   11

Trustee shall have all rights, powers and duties set forth herein and in the
Business Trust Statute for the sole purpose and to the extent necessary to
accomplish the purpose of this Trust as set forth in the introductory sentence
of Section 2.03.

       SECTION 2.07. LIABILITY OF TRUST DEPOSITOR.

       (a) Pursuant to Section 3803(a) of the Business Trust Statute, the Trust
Depositor shall be liable directly to and will indemnify any injured party or
any other creditor of the Trust for all losses, claims, damages, liabilities and
expenses of the Trust to the extent that the Trust Depositor would be liable if
the Trust were a partnership under the Delaware Revised Uniform Limited
Partnership Act in which Trust Depositor were a general partner (including any
New Jersey personal property replacement tax that is imposed on the Trust as a
partnership); provided, however, that Trust Depositor shall not be liable for
any losses incurred by a Certificateholder in the capacity of an investor in the
Trust Certificate or a Noteholder in the capacity of an investor in the Notes.
In addition, any third party creditors of the Trust (other than in connection
with the obligations described in the immediately preceding sentence for which
the Trust Depositor shall not be liable) shall be deemed third party
beneficiaries of this paragraph. The obligations of the Trust Depositor under
this paragraph shall be evidenced by the Trust Certificate described in Section
3.11.

       (b) Other than to the extent set forth in Section 2.07(a), no Owner,
solely by virtue of its being the Holder of the Trust Certificate, shall have
any personal liability for any liability or obligation of the Trust.

       Section 2.08. TITLE TO TRUST PROPERTY. Legal title to the 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 Trust
Estate to be vested in an Owner Trustee or Owner 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 2.09. SITUS OF TRUST. The Trust will be located and administered
in the State of Delaware [or the State of Illinois]. All bank accounts
maintained by the Owner Trustee on behalf of the Trust shall be located in [the
State of Illinois or] the State of Delaware. The Trust shall not have any
employees in any state other than 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 Illinois] and payments will be made by the Trust only from Delaware
[or Illinois]. The only office of the Trust will be at the Owner Trustee
Corporate Trust Office.

                                      -11-
<PAGE>   12

SECTION 2.10. REPRESENTATIONS AND WARRANTIES OF THE TRUST DEPOSITOR.

The Trust Depositor hereby represents and warrants to the Owner Trustee that:

       (i)    The Trust Depositor is duly organized and validly existing as a
              corporation organized and existing and in good standing under the
              laws of the State of Delaware, with power and authority to own its
              properties and to conduct its business and had at all relevant
              times, and has, power, authority and legal right to acquire and
              own the Contracts.

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

       (iii)  The Trust Depositor has the power and authority to execute and
              deliver this Agreement and to carry out its terms; the Trust
              Depositor has full power and authority to sell and assign the
              property to be sold and assigned to and deposited with the Owner
              Trustee on behalf of the Trust as part of the Trust Estate and has
              duly authorized such sale and assignment and deposit with the
              Owner Trustee on behalf of the Trust by all necessary corporate
              action; and the execution, delivery and performance of this
              Agreement have been duly authorized by the Trust Depositor by all
              necessary corporate action. This Agreement constitutes the legal,
              valid and binding obligation of the Trust Depositor and is
              enforceable in accordance with its terms, except as enforcement of
              such terms may be limited by bankruptcy, insolvency or similar
              laws affecting the enforcement of creditors' rights generally and
              by the availability of equitable remedies.

       (iv)   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,
              nor constitute (with or without notice or lapse of time) a default
              under, the articles of incorporation or bylaws of the Trust
              Depositor, or any indenture, agreement or other instrument to
              which the Trust Depositor is a party or by which it is bound; nor
              result in the creation or imposition of any Lien upon any of the
              properties of the Trust Depositor pursuant to the terms of any
              such indenture, agreement or other instrument (other than pursuant
              to the Transaction Documents); nor violate any law or any order,
              rule or regulation applicable to the Trust Depositor of any court
              or of any federal or state regulatory body, administrative agency
              or other governmental instrumentality having jurisdiction over the
              Trust Depositor or its

                                      -12-
<PAGE>   13

              properties.

       (v)    All approvals, authorizations, consents, orders or other actions
              of any person or any governmental entity required in connection
              with the execution and delivery of this Agreement and the
              fulfillment of the terms hereof have been obtained.

       (vi)   There are no proceedings or investigations pending, or to the
              Trust Depositor's best knowledge threatened, before any court,
              regulatory body, administrative agency or other governmental
              instrumentality having jurisdiction over the Trust Depositor or
              its properties: (A) asserting the invalidity of this Agreement,
              any of the other Transaction Documents or the Trust Certificate,
              (B) seeking to prevent the issuance of the Trust Certificate or
              the consummation of any of the transactions contemplated by this
              Agreement or any of the other Transaction Documents, (C) seeking
              any determination or ruling that might materially and adversely
              affect the performance by the Trust Depositor of its obligations
              under, or the validity or enforceability of, this Agreement, any
              of the other Transaction Documents or the Trust Certificate or (D)
              involving the Trust Depositor and which might adversely affect the
              federal income tax or other federal, state or local tax attributes
              of the Trust Certificate.

       SECTION 2.11. FEDERAL INCOME TAX TREATMENT. It is the intention of the
Trust Depositor that the Trust be disregarded as a separate entity for federal
income tax purposes pursuant to Treasury Regulations Section
301.7701-3(b)(1)(ii) as in effect for periods after January 1, 1997. The Trust
Certificate constitutes the sole equity interest in the Trust and must at all
times be held by either the Trust Depositor or its transferee as sole owner. The
Trust Depositor agrees not to take any action inconsistent with such intended
federal income tax treatment. Because for federal income tax purposes the Trust
will be disregarded as a separate entity, Trust items of income, gain, loss and
deduction for any month as determined for federal income tax purposes shall be
allocated entirely to the Trust Depositor (or subsequent purchaser of the Trust
Certificate) as the sole Certificateholder.

       Section 2.12 COVENANTS OF THE TRUST DEPOSITOR. The Trust Depositor
agrees and covenants that during the term of this Agreement, and to the fullest
extent permitted by applicable law, that:

       (a) in the event that (i) the Certificate Balance shall be reduced by
realized losses and (ii) any litigation with claims in excess of $1,000,000 to
which the Trust Depositor is a party which shall be reasonably likely to result
in a material judgment against the Trust

                                      -13-
<PAGE>   14

Depositor that the Trust Depositor will not be able to satisfy shall be
commenced, during the period beginning immediately 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
Trust Depositor, such judgment has been satisfied), the Trust Depositor shall
not pay any dividend to OCAI, or make any distribution on or in respect of its
capital stock to OCAI, or repay the principal amount of any indebtedness of the
Trust Depositor held by OCAI, unless (i) after giving effect to such payment,
distribution or repayment, the Trust Depositor's liquid assets shall not be less
than the amount of actual damages claimed in such litigation or (ii) the Rating
Agencies shall not downgrade the then existing rating on the Certificate with
respect to any such payment, distribution or repayment;

       (b) it shall not, for any reason, institute proceedings for the Trust to
be adjudicated a bankrupt or insolvent, or consent to the institution of
bankruptcy or insolvency proceedings against the Trust, or file a petition
seeking or consenting to reorganization or relief under any applicable federal
or state law relating to the bankruptcy of the Trust, or consent to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of the Trust or a substantial part of the property of the
Trust or cause or permit the Trust to make any assignment for the benefit of
creditors, or admit in writing the inability of the Trust to pay its debts
generally as they become due, or declare or effect a moratorium on the debt of
the Trust or take any action in furtherance of any such action;

       (c) it shall not create, incur or suffer to exist any indebtedness or
engage in any business, except, in each case, as permitted by its articles of
incorporation, by-laws and the Transaction Documents;

       (d) it shall obtain from each other party to each Transaction Document to
which it or the Trust is a party and each other agreement entered into on or
after the date hereof to which it or the Trust is a party, an agreement by each
such counterparty that prior to the occurrence of the event specified in Section
9.01(e) such counterparty shall not institute against, or join any other Person
in instituting against, it or the Trust, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceedings
under the laws of the United States or any state of the United States; and

       (e) it shall not, for any reason, withdraw or attempt to withdraw from
this Agreement, dissolve, institute proceedings for it to be adjudicated a
bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency
proceedings against it, or file a petition seeking or consenting to
reorganization or relief under any applicable federal or state law relating to
bankruptcy, or consent to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator (or other similar official) of it or a substantial

                                      -14-
<PAGE>   15

part of its property, or make any assignment for the benefit of creditors, or
admit in writing its inability to pay its debts generally as they become due, or
declare or effect a moratorium on its debt or take any action in furtherance of
any such action.

                                  ARTICLE THREE

                  TRUST CERTIFICATE AND TRANSFER OF INTERESTS

       SECTION 3.01. OWNERSHIP.

       (a) Upon the formation of the Trust by the contribution by the Trust
Depositor pursuant to Section 2.05 and until the issuance of the Trust
Certificate, the Trust Depositor shall be the sole beneficiary of the Trust. The
Trust Certificate must at all times be held by either the Trust Depositor or its
transferee as sole owner.

       (b) No transfer of the Trust Certificate shall be made unless such
transfer is made in a transaction which does not require registration or
qualification under the Securities Act of 1933 or qualification under any state
securities or "Blue Sky" laws. Neither the Owner Trustee nor the Certificate
Registrar shall effect the registration of any transfer of the Trust Certificate
unless, (i) prior to such transfer the Owner Trustee shall have received a Tax
Opinion, and (ii) following such transfer, there would be no more than one
Holder of the Trust Certificate and the Holder of the Trust Certificate would
not be a Foreign Person, a partnership, Subchapter S corporation or grantor
trust.

       SECTION 3.02. THE TRUST CERTIFICATE. The Trust Certificate shall be
substantially in the form of Exhibit B hereto. The Trust Certificate shall be
issued in an amount equal to the Certificate Balance. The Trust Certificate
shall be executed by the Owner Trustee on behalf of the Trust by manual or
facsimile signature of an authorized officer of the Owner Trustee and shall be
deemed to have been validly issued when so executed. The Trust Certificate
bearing the manual or facsimile signature of individuals who were, at the time
when such signatures were affixed, authorized to sign on behalf of the Owner
Trustee shall be a valid and binding obligation of the Trust, notwithstanding
that such individuals or any of them have ceased to be so authorized prior to
the authentication and delivery of such Trust Certificate or did not hold such
offices at the date of such Trust Certificate. The Trust Certificate shall be
dated the date of its authentication.

       SECTION 3.03. AUTHENTICATION AND DELIVERY OF TRUST CERTIFICATE. The Owner
Trustee shall cause to be authenticated and delivered upon the order of the
Trust Depositor, in exchange for the Contracts and the other Trust Assets,
simultaneously with the sale, assignment and transfer to the Trust of the
Contracts and other Trust Assets, and the constructive delivery to the Owner
Trustee of the Contract Files and the other Trust Assets, a Trust Certificate
duly authenticated by the Owner Trustee, in the amount of the Certificate
Balance evidencing the entire ownership of the Trust, and Notes issued by the

                                      -15-
<PAGE>   16

Owner Trustee and authenticated by the Indenture Trustee in aggregate principal
amount of, in the case of (i) Class A-1 Notes, $__________, (ii) Class A-2
Notes, $__________, (iii) Class A-3 Notes $____________, (iv) Class A-4 Notes
$___________, (v) Class B Notes, $__________ and (vi) Class C Notes, $__________
 . No Trust Certificate shall be entitled to any benefit under this Agreement, or
be valid for any purpose, unless there appears on such Trust Certificate a
certificate of authentication substantially in the form set forth in the form of
Trust Certificate attached hereto as Exhibit B, executed by the Owner Trustee or
its authenticating agent, by manual signature, and such certificate upon any
Trust Certificate shall be conclusive evidence, and the only evidence, that such
Trust Certificate has been duly authenticated and delivered hereunder. Upon
issuance, authorization and delivery pursuant to the terms hereof, the Trust
Certificate will be entitled to the benefits of this Agreement.

       SECTION 3.04. REGISTRATION OF TRANSFER AND EXCHANGE OF TRUST CERTIFICATE.

       (a) The Certificate Registrar shall keep or cause to be kept, a
Certificate Register, subject to such reasonable regulations as it may
prescribe. The Certificate Register shall provide for the registration of the
Trust Certificate and transfers and exchanges of the Trust Certificate as
provided herein. The Owner Trustee is hereby initially appointed Certificate
Registrar for the purpose of registering the Trust Certificate and transfers and
exchanges of the Trust Certificate as herein provided. The Owner Trustee will
arrange to have the Certificate Registrar's duties performed by its affiliate,
The Bank of New York. In the event that, subsequent to the Closing Date, the
Owner Trustee notifies the Servicer that it is unable to act as Certificate
Registrar, the Servicer shall appoint another bank or trust company, having an
office or agency located in New York, New York, agreeing to act in accordance
with the provisions of this Agreement applicable to it, and otherwise acceptable
to the Owner Trustee, to act as successor Certificate Registrar hereunder.

       (b) Upon surrender for registration of transfer of any Trust Certificate
at the Owner Trustee Corporate Trust Office, the Owner Trustee shall execute,
authenticate and deliver (or shall cause its authenticating agent to
authenticate and deliver), in the name of the designated transferee, one new
Trust Certificate having the same aggregate principal amount.

       (c) Every Trust Certificate presented or surrendered for registration of
transfer shall be accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by
the Holder thereof or his attorney duly authorized in writing.

       (d) No service charge shall be made for any registration of transfer or
exchange of the Trust Certificate, but the Owner Trustee may require payment of
a sum sufficient to

                                      -16-
<PAGE>   17

cover any tax or governmental charge that may be imposed in connection with any
transfer of the Trust Certificate.

       (e) All Trust Certificates surrendered for registration of transfer shall
be canceled and subsequently destroyed by the Owner Trustee.

       SECTION 3.05. MUTILATED, DESTROYED, LOST OR STOLEN TRUST CERTIFICATES.
If (i) any mutilated Trust Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Trust Certificate, and (ii) there is
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 Trust Certificate has been acquired by a bona fide
purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner
Trustee or its authenticating agent shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Trust
Certificate, a new Trust Certificate of like tenor and fractional undivided
interest. In connection with the issuance of any new Trust Certificate under
this Section, the Owner Trustee may require the payment by the Holder of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto. Any duplicate Trust Certificate issued pursuant to this
Section shall constitute complete and indefeasible evidence of ownership in the
Trust, as if originally issued, whether or not the lost, stolen or destroyed
Trust Certificate shall be found at any time.

       SECTION 3.06. PERSONS DEEMED OWNERS. Prior to due presentation of a
Trust Certificate for registration of transfer, the Owner Trustee, the
Certificate Registrar and any of their respective agents may treat the Person in
whose name any Trust Certificate is registered as the owner of such Trust
Certificate for the purpose of receiving distributions pursuant to Section 5.02
and for all other purposes whatsoever, and none of the Owner Trustee, the
Certificate Registrar, any Paying Agent or any of their respective agents shall
be affected by any notice of the contrary.

       SECTION 3.07. ACCESS TO LIST OF CERTIFICATEHOLDER'S NAME AND ADDRESSES.
The Owner Trustee shall furnish or cause to be furnished to the Servicer and the
Trust Depositor, within 15 days after receipt by the Certificate Registrar of a
written request therefor from the Servicer or the Trust Depositor, the name and
address of the Certificateholder as of the most recent Record Date in such form
as the Servicer or the Trust Depositor may reasonably require. Every
Certificateholder, by receiving and holding a Trust Certificate, agrees with the
Servicer, the Trust Depositor and the Owner Trustee that none of the Servicer,
the Trust Depositor or the Owner Trustee shall be held accountable by reason of
the disclosure of any such information as to the name and address of the
Certificateholder hereunder, regardless of the source from which such

                                      -17-
<PAGE>   18

information was derived.

       SECTION 3.08. MAINTENANCE OF OFFICE OR AGENCY. The Owner Trustee shall
maintain in Delaware, an office or offices or agency or agencies where the Trust
Certificate may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Owner Trustee in respect of the Trust
Certificate and this Agreement may be served. The Owner Trustee hereby
designates the Owner Trustee Corporate Trust Office as its office for such
purposes. The Owner Trustee shall give prompt written notice to the Trust
Depositor, the Servicer and to the Certificateholder of any change in the
location of the Certificate Register or any such office or agency.

       SECTION 3.09. TEMPORARY TRUST CERTIFICATE. Pending the preparation of
the definitive fully registered Trust Certificate (the "Definitive Trust
Certificate"), the Owner Trustee, on behalf of the Trust, may execute,
authenticate and deliver, a temporary Trust Certificate that is printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the Definitive Trust Certificate in
lieu of which it is issued. If a temporary Trust Certificate is issued, the
Trust Depositor will cause the Definitive Trust Certificate to be prepared
without unreasonable delay. After the preparation of the Definitive Trust
Certificate, the temporary Trust Certificate shall be exchangeable for the
Definitive Trust Certificate upon surrender of the temporary Trust Certificate
at the office or agency to be maintained as provided in Section 3.08, without
charge to the Holder. Upon surrender for cancellation of the temporary Trust
Certificate, the Owner Trustee shall execute and authenticate and deliver in
exchange therefor a like principal amount of the Definitive Trust Certificate.
Until so exchanged, the temporary Trust Certificate shall in all respects be
entitled to the same benefits hereunder as a Definitive Trust Certificate.

       SECTION 3.10. APPOINTMENT OF PAYING AGENT. The Paying Agent shall make
distributions to the Certificateholder from the Certificate Distribution Account
pursuant to Section 5.02(a) 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 initially shall
be The Bank of New York, and any co-paying agent chosen by the Paying Agent that
is acceptable to the Owner Trustee. Each Paying Agent shall be permitted to
resign as Paying Agent upon 30 days' written notice to the Owner Trustee. In the
event that The Bank of New York 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

                                      -18-
<PAGE>   19

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 Certificateholder in trust for the benefit of the Certificateholder entitled
thereto until such sums shall be paid to such Certificateholder. 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 7.01, 7.03, 7.04 and 8.01 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.

       SECTION 3.11. OWNERSHIP BY TRUST DEPOSITOR OF TRUST CERTIFICATE. Trust
Depositor shall on the Closing Date purchase from the Trust a Trust Certificate
representing the Certificate Balance.

                      ARTICLE FOURACTIONS BY OWNER TRUSTEE

       SECTION 4.01. PRIOR NOTICE TO CERTIFICATEHOLDER WITH RESPECT TO CERTAIN
MATTERS. Subject to the provisions and limitation of Section 4.04, with respect
to the following matters, the Owner Trustee shall not take action unless at
least 30 days before the taking of such action, the Owner Trustee shall have
notified the Certificateholder in writing of the proposed action, the Indenture
Trustee shall have consented to such action in the event any Notes are
outstanding and the Certificateholder shall not have notified the Owner Trustee
in writing prior to the 30th day after such notice is given that such
Certificateholder has withheld consent or provided alternative direction:

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

       (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 is required;

                                      -19-
<PAGE>   20

       (d)    the amendment of the Indenture by a supplemental indenture in
              circumstances where the consent of any Noteholder is not required
              and such amendment materially and adversely affects the interest
              of the Owner;

       (e)    the amendment, change or modification of 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 and adversely affect the interests of the Owner; or

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

       SECTION 4.02. ACTION BY OWNER WITH RESPECT TO CERTAIN MATTERS. Subject
to the provisions and limitations of Section 4.04, the Owner Trustee shall not
have the power, except upon the direction of the Owner, to (a) remove the
Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint
a successor Administrator pursuant to Section 8 of the Administration Agreement,
(c) remove the Servicer pursuant to Section 8.02 of the Transfer and Servicing
Agreement, (d) except as expressly provided in the Transaction Documents, sell
the Contracts or other Trust Assets after the termination of the Indenture, (e)
initiate any claim, suit or proceeding by the Trust or compromise any claim,
suit or proceeding brought by or against the Trust, (f) authorize the merger or
consolidation of the Trust with or into any other business trust or entity
(other than in accordance with Section 3.10 of the Indenture) or (g) amend the
Certificate of Trust. The Owner Trustee shall take the actions referred to in
the preceding sentence only upon written instructions signed by the Owner.

     SECTION 4.03. ACTION BY OWNER WITH RESPECT TO BANKRUPTCY. Subject to
Section 2.12(b), the Owner Trustee shall not have the power to commence a
voluntary proceeding in a bankruptcy relating to the Trust without the prior
approval of the Owner and the delivery to the Owner Trustee by such Owner of a
certificate certifying that such Owner reasonably believes that the Trust is
insolvent.

     SECTION 4.04. RESTRICTIONS ON OWNER'S POWER. The Owner shall not
direct the Owner Trustee to take or to 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 Transaction Documents or would be
contrary to the purpose of this Trust as set forth in Section 2.03, nor shall
the Owner Trustee be obligated to follow

                                      -20-
<PAGE>   21

any such direction, if given.

                                  ARTICLE FIVE

                          APPLICATION OF TRUST FUNDS;
                                 CERTAIN DUTIES

       SECTION 5.01. ESTABLISHMENT OF TRUST ACCOUNT. The Owner Trustee, for the
benefit of the Certificateholder, shall establish and maintain in the name of
the Trust an Eligible Account (the "Certificate Distribution Account"), bearing
a designation clearly indicating that the funds deposited therein are held for
the benefit of the Certificateholder.

       The Owner Trustee shall possess all right, title and interest in all
funds on deposit from time to time in the Certificate Distribution Account and
in all proceeds thereof. Except as otherwise expressly provided herein, the
Certificate Distribution Account shall be under the sole dominion and control of
the Owner Trustee for the benefit of the Certificateholder. If, at any time, the
Certificate Distribution Account ceases to be an Eligible Account, the Owner
Trustee (or the Trust Depositor on behalf of the Owner Trustee, if the
Certificate Distribution Account is not then held by the Owner Trustee or an
Affiliate thereof) shall within ten Business Days (or such longer period, not to
exceed 30 calendar days, as to which each Rating Agency may consent) establish a
new Certificate Distribution Account as an Eligible Account and shall transfer
any cash and/or any investments to such new Certificate Distribution Account.

       SECTION 5.02. APPLICATION OF TRUST FUNDS.

       (a) On each Distribution Date, the Paying Agent will deposit in the
Certificate Distribution Account and distribute to the Certificateholder amounts
received pursuant to Section 7.05 of the Transfer and Servicing Agreement with
respect to such Distribution Date.

       (b) On each Distribution Date, the Paying Agent shall send to the
Certificateholder the statement or statements provided to the Owner Trustee by
the Servicer pursuant to Section 9.01 of the Transfer and Servicing Agreement
with respect to such Distribution Date.

       (c) In the event that any withholding tax is imposed on the Trust's
payment (or allocation of income) to the Certificateholder, such tax shall
reduce the amount otherwise distributable to the Certificateholder in accordance
with this Section. The Paying Agent is hereby authorized and directed to retain
from amounts otherwise distributable to the Owner sufficient funds for the
payment of any 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,

                                      -21-
<PAGE>   22

pending the outcome of such proceedings). The amount of any withholding tax
imposed with respect to the 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, the Paying Agent may
in its sole discretion withhold such amounts in accordance with this paragraph
(c).

       SECTION 5.03. METHOD OF PAYMENT. Subject to Section 9.01(c) respecting
the final payment upon retirement of the Certificate, distributions required to
be made to the Certificateholder of record on the related Record Date shall be
made by wire transfer of immediately available funds to the bank account of such
Certificateholder appearing in the Certificate Register.

       SECTION 5.04. NO SEGREGATION OF MONEYS; NO INTEREST. Subject to Sections
5.01 and 5.02, moneys received by the Owner Trustee hereunder need not be
segregated in any manner except to the extent required by law or the Transfer
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 5.05. ACCOUNTING AND REPORTS TO THE CERTIFICATEHOLDER, THE
INTERNAL REVENUE SERVICE AND OTHERS. The Administrator shall (a) maintain (or
cause to be maintained) the books of the Trust on a fiscal year basis that is
consistent with the fiscal year basis used by the Originator and on a cash basis
method of accounting, (b) deliver to the Owner, as may be required by the Code
and applicable Treasury Regulations, such information as may be required to
enable the Owner to prepare its federal and state income tax returns, (c) file
such tax returns relating to the Trust and make such elections as from time to
time may be required or appropriate under any applicable state or federal
statute or any rule or regulation thereunder so as to maintain the federal
income tax treatment for the Trust as set forth in Section 2.11, (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 5.02(c) with respect to income or distributions to Owner. 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 Contracts. If
applicable, the Owner Trustee shall not make the election provided under Section
754 or Section 761 of the Code.

       SECTION 5.06. SIGNATURE ON RETURNS; TAX MATTERS PARTNER.

       (a) The Trust Depositor shall sign on behalf of the Trust the tax returns
of the Trust.

                                      -22-
<PAGE>   23

       (b) If Subchapter K of the Code should be applicable to the Trust, the
Certificateholder 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 SIX

                     AUTHORITY AND DUTIES OF OWNER TRUSTEE

       SECTION 6.01. GENERAL AUTHORITY. Subject to the provisions and
limitations of Sections 2.03 and 2.06, the Owner Trustee is authorized and
directed to execute and deliver the Transaction 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 Transaction Documents to which the Trust is to be a party
and any amendment or other agreement, as evidenced conclusively by the Owner
Trustee's execution thereof. In addition to the foregoing, the Owner Trustee is
authorized, but shall not be obligated, to take all actions required of the
Trust pursuant to the Transaction Documents. The Owner Trustee is further
authorized from time to time to take such action as the Administrator recommends
with respect to the Transaction Documents.

       SECTION 6.02. GENERAL DUTIES. Subject to the provisions and limitations
of Sections 2.03 and 2.06, it shall be the duty of the Owner Trustee to
discharge (or cause to be discharged through the Administrator) all of its
responsibilities pursuant to the terms of this Agreement and the Transaction
Documents to which the Trust is a party and under which it has expressly assumed
any responsibility and to administer the Trust in the interest of the Owner,
subject to the Transaction Documents and in accordance with the provisions of
this Agreement. Without limiting the foregoing, the Owner Trustee shall on
behalf of the Trust file and prove any claim or claims that may exist against
OCAI in connection with any claims paying procedure as part of an insolvency or
receivership proceeding involving OCAI. Notwithstanding the foregoing, the Owner
Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the Transaction Documents to the extent the Administrator
has agreed in the Administration Agreement to perform any act or to discharge
any duty of the Owner Trustee hereunder or under any Transaction Document, and
the Owner Trustee shall not be held liable for the default or failure of the
Administrator to carry out its obligations under the Administration Agreement.

       SECTION 6.03. ACTION UPON INSTRUCTION.

       (a) Subject to Article Four, in accordance with the terms of the
Transaction Documents the Owner 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

                                      -23-
<PAGE>   24

any other Transaction 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 other Transaction 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 under
any other Transaction Document, the Owner Trustee shall promptly give notice (in
such form as shall be appropriate under the circumstances) to the Owner
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 Owner 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 and the
other Transaction Documents, as it shall deem to be in the best interests of the
Owner, and shall have no liability to any Person for such action or inaction.

       (d) In the event that the Owner Trustee is unsure as to the applicability
of any provision of this Agreement or any other Transaction 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
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 Owner
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
Transaction Documents, as it shall deem to be in the best interests of the
Owner, and shall have no liability to any Person for such action or inaction.

       (e) Notwithstanding anything contained herein to the contrary, the Owner
Trustee shall not be required to take any action in any jurisdiction other than
in the State of Delaware if the taking of such action will (i) require the
registration with, licensing by or the taking of any other similar action in
respect of, any state or other governmental authority or agency of any
jurisdiction other than the State of Delaware by or with respect

                                      -24-
<PAGE>   25

to the Owner Trustee; (ii) result in any fee, tax or other governmental charge
under the laws of any jurisdiction or any political subdivisions thereof in
existence on the date hereof other than the State of Delaware being payable by
the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction
in any jurisdiction other than the State of Delaware for causes of action
arising from acts unrelated to the consummation of the transactions by the Owner
Trustee contemplated in this Agreement. In the event that the Owner Trustee has
determined that any action set forth in clauses (i)-(iii) will result in the
consequences stated therein, the Administrator and the Owner Trustee shall
appoint one or more Persons to act as co-trustee pursuant to Section 10.05.

       SECTION 6.04. 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 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 is a party, except as expressly provided by the terms
of this Agreement or any document or written instruction received by the Owner
Trustee pursuant to Section 6.03; and no implied duties or obligations shall be
read into this Agreement or any other Transaction 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 Commission filing for the Trust or to
record this Agreement or any other Transaction Document, which shall be the
responsibility of the Administrator pursuant to the Administration Agreement.
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 liens on any part
of the Trust Estate that result from actions by, or claims against, the Owner
Trustee in its individual capacity that are not related to the ownership or the
administration of the Trust Estate.

       SECTION 6.05. NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR INSTRUCTIONS.
The Owner Trustee shall not manage, control, use, sell, dispose of or
otherwise deal with any part of the Trust Estate except (i) in accordance with
the powers granted to and the authority conferred upon the Owner Trustee
pursuant to this Agreement, (ii) in accordance with the other Transaction
Documents and (iii) in accordance with any document or instruction delivered to
the Owner Trustee pursuant to Section 6.03.

       SECTION 6.06. RESTRICTIONS. The Owner Trustee shall not take any action
(i) that is inconsistent with the purposes of the Trust set forth in Section
2.03 or (ii) that, to the actual knowledge of a Responsible Officer of the Owner
Trustee, would result in the Trust's becoming taxable as a corporation for
federal or state income tax purposes. The Owner shall not direct the Owner
Trustee to take actions that would violate the provisions

                                      -25-
<PAGE>   26

of this Section.

                                  ARTICLE SEVEN

                          CONCERNING THE OWNER TRUSTEE

       SECTION 7.01. 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 moneys actually received by it constituting
part of the Trust Estate upon the terms of the Transaction Documents and this
Agreement. The Owner Trustee shall not be answerable or accountable hereunder or
under any other Transaction Document under any circumstances, except (i) for its
own willful misconduct or gross negligence or (ii) in the case of the inaccuracy
of any representation or warranty contained in Section 7.03 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 by a responsible officer of the Owner Trustee which did not result
       from gross negligence on the part of such responsible officer;

       (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
              instructions of the Administrator or any Owner;

       (c)    no provision of this Agreement or any other Transaction Document
              shall require the Owner Trustee to expend or risk funds or
              otherwise incur any financial liability in the performance of any
              of its rights or powers hereunder or under any Transaction
              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 liable for
              indebtedness evidenced by or arising under any of the Transaction
              Documents, including the principal of and interest on the Notes;

       (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 Trust Depositor or for the form,
              character, genuineness, sufficiency, value or validity of any of
              the Trust Estate, or for or in respect of the validity or
              sufficiency of the Transaction Documents, other than the
              certificate of authentication on the Trust Certificate, and the
              Owner Trustee shall in no

                                      -26-
<PAGE>   27

              event assume or incur any liability, duty, or obligation to any
              Noteholder or to any Owner, other than as expressly provided for
              herein or expressly agreed to in the Transaction Documents;

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

       (g)    the Owner Trustee shall be under no obligation to exercise any of
              the rights or powers vested in it by the Agreement, or to
              institute, conduct or defend any litigation under this Agreement
              or otherwise or in relation to this Agreement or any other
              Transaction Document, at the request, order or direction of the
              Owner, unless such Owner has 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
              Transaction Document shall not be construed as a duty, and the
              Owner Trustee shall not be answerable for other than its
              negligence or willful misconduct in the performance of any such
              act.

       SECTION 7.02. FURNISHING OF DOCUMENTS. The Owner Trustee shall furnish
to the Owner 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
Transaction Documents.

       SECTION 7.03. REPRESENTATIONS AND WARRANTIES. The Owner Trustee hereby
represents and warrants to the Trust Depositor and the Owner 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

                                      -27-
<PAGE>   28

              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 or result in the
              creation or imposition of any lien, charge or encumbrance on the
              Trust Estate resulting from actions by or claims against the Owner
              Trustee individually which are unrelated to this Agreement or the
              other Transaction Documents.

       SECTION 7.04. RELIANCE; ADVICE OF COUNSEL.

       (a) The Owner Trustee 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 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
Transaction Documents, the Owner Trustee (i) may, at the expense of the Trust
Depositor, act directly or through its agents or attorneys pursuant to
agreements entered into by any of them, and the Owner Trustee shall not be
liable for the conduct or misconduct of such agents or attorneys as shall have
been selected by the Owner Trustee with reasonable care, and (ii) may, at the
expense of the Trust Depositor, 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

                                      -28-
<PAGE>   29

such persons.

       SECTION 7.05. NOT ACTING IN INDIVIDUAL CAPACITY . Except as provided in
this Article Seven, in accepting the trusts hereby created, The Bank of New York
(Delaware) 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 Transaction
Document shall look only to the Trust Estate for payment or satisfaction
thereof.

       SECTION 7.06. OWNER TRUSTEE NOT LIABLE FOR TRUST CERTIFICATE, NOTES OR
CONTRACTS. The recitals contained herein and in the Trust Certificate (other
than the signature and countersignature of the Owner Trustee and the certificate
of authentication on the Trust Certificate) shall be taken as the statements of
the Trust 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, any other Transaction Document or the
Trust Certificate (other than the signature and countersignature of the Owner
Trustee and the certificate of authentication on the Trust Certificate) or the
Notes, or of any Contract 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 Contract, or the perfection and priority of
any security interest created by any Contract in any Equipment or the
maintenance of any such perfection and priority, or for or with respect to the
sufficiency of the Trust Estate or its ability to generate the payments to be
distributed to the Certificateholder under this Agreement or the Noteholders
under the Indenture, including, without limitation, the existence, condition and
ownership of any Equipment; the existence and enforceability of any insurance
thereon; the existence and contents of any Contract on any computer or other
record thereof; the validity of the assignment of any Contract to the Trust or
of any intervening assignment; the completeness of any Contract; the performance
or enforcement of any Contract; the compliance by the Trust Depositor or the
Servicer with any warranty or representation made under any Transaction Document
or in any related document or the accuracy of any such warranty or
representation; or any action of the Administrator, the Indenture Trustee or the
Servicer or any subservicer taken in the name of the Owner Trustee.

       SECTION 7.07. OWNER TRUSTEE MAY OWN TRUST CERTIFICATE AND NOTES. The
Owner Trustee in its individual or any other capacity may become the owner or
pledgee of the Trust Certificate or Notes and may deal with the Trust Depositor,
the Administrator, the Indenture Trustee and the Servicer in banking
transactions with the same rights as it would have if it were not Owner Trustee.

                                 ARTICLE EIGHT

                                      -29-
<PAGE>   30

                         COMPENSATION OF OWNER TRUSTEE

       SECTION 8.01. 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 and which shall be paid consistent with Section 5.19 of
the Transfer and Servicing Agreement. Additionally, the Owner Trustee shall be
entitled to be reimbursed by the Trust Depositor or Servicer 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 8.02. INDEMNIFICATION. The Trust Depositor shall be liable as
primary obligor for, and shall indemnify the Owner Trustee and its successors,
assigns and servants (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 the Owner Trustee or any Indemnified Party in any way relating
to or arising out of this Agreement, the other Transaction Documents, the Trust
Estate, the administration of the Trust Estate or the action or inaction of the
Owner Trustee hereunder, except only that the Trust 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 7.01. The indemnities contained in this Section 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, the Owner Trustee's choice of
legal counsel shall be subject to the approval of the Trust Depositor, which
approval shall not be unreasonably withheld.

       SECTION 8.03. PAYMENTS TO THE OWNER TRUSTEE. Any amounts paid to the
Owner  Trustee  pursuant to this Article shall be deemed not to be a part of the
Trust Estate immediately after such payment.

                                  ARTICLE NINE

                         TERMINATION OF TRUST AGREEMENT

       SECTION 9.01. TERMINATION OF TRUST AGREEMENT.

       (a) This Trust shall dissolve upon the earlier of (i) the day following
the final distribution by the Owner Trustee of all moneys or other property or
proceeds of the

                                      -30-
<PAGE>   31

Trust Estate in accordance with the terms of the Indenture, the Transfer and
Servicing Agreement and Article Five, provided that the Trust Depositor shall
have delivered a written notice to the Owner Trustee electing to terminate the
Trust, and (ii) the time provided in Section 9.02. The bankruptcy, liquidation,
dissolution, death or incapacity of any Owner, other than the Trust Depositor as
described in Section 9.02, shall not (i) operate to terminate this Agreement or
the Trust, (ii) entitle such Owner'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 Trust Estate or (iii) otherwise
affect the rights, obligations and liabilities of the parties hereto.

       (b) Except as provided in Section 9.01(a), neither the Trust Depositor
nor any Holder shall be entitled to revoke or terminate the Trust.

       (c) Notice of any dissolution of the Trust, specifying the Distribution
Date upon which the Certificateholder shall surrender its Trust Certificate to
the Paying Agent for payment of the final distribution and cancellation, shall
be given by the Owner Trustee by letter to the Certificateholder mailed within
five Business Days of receipt of notice of termination from the Servicer given
pursuant to Section 10.01 of the Transfer and Servicing Agreement, stating (i)
the Distribution Date upon or with respect to which final payment of the Trust
Certificate shall be made upon presentation and surrender of the Trust
Certificate 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 Distribution Date is not applicable, payments being made only
upon presentation and surrender of the Trust Certificate 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 the Certificateholder. Upon presentation and
surrender of the Trust Certificates, the Paying Agent shall cause to be
distributed to the Certificateholder amounts distributable on such Distribution
Date pursuant to Section 5.02.

       (d) In the event that the Certificateholder shall not surrender its Trust
Certificate 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 such Certificateholder to surrender its Trust Certificate for
cancellation and receive the final distribution with respect thereto. If within
one year after the second notice the Trust Certificate 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 Certificateholder
concerning surrender of its Trust Certificates, and the cost thereof shall be
paid out of the funds and other assets that shall remain subject to this
Agreement. Any funds remaining in the Trust after exhaustion of such remedies
shall be distributed by the Owner Trustee to the Trust Depositor.

                                      -31-
<PAGE>   32

       (e) Upon the winding up of the Trust and payment of all liabilities in
accordance with Section 3808 of the Business Trust Statute, the Owner Trustee
shall cause the Certificate of Trust to be canceled by filing a certificate of
cancellation with the Secretary of State in accordance with the provisions of
Section 3810 of the Business Trust Statute at which time the Trust shall
terminate. The Administrator shall be the liquidator of the Trust.

       SECTION 9.02. DISSOLUTION UPON BANKRUPTCY OF TRUST DEPOSITOR OR
WITHDRAWAL OR REMOVAL OF TRUST DEPOSITOR. In the event that an Insolvency Event
shall occur with respect to the Trust Depositor or the Trust Depositor shall
withdraw, liquidate or be removed from the Trust, this Agreement shall be
terminated in accordance with Section 9.01 90 days after the date of such event,
unless within such 90 day period, the Owner Trustee shall have received written
instructions from the Required Holders not to dissolve or terminate the Trust.
Promptly after the occurrence of any Insolvency Event with respect to the Trust
Depositor, the Trust Depositor shall give the Indenture Trustee and Owner
Trustee written notice thereof, and the Indenture Trustee shall give prompt
written notice to the Noteholders thereof. Upon a termination pursuant to this
Section, the Owner Trustee shall direct the Indenture Trustee promptly to sell,
at the expense of the Trust, the Trust Assets in a commercially reasonable
manner and on commercially reasonable terms. The proceeds of such a sale of the
Trust Assets shall be treated as Collections under the Transfer and Servicing
Agreement.

                                   ARTICLE TEN

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

       SECTION 10.01. ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE. The Owner
Trustee shall at all times be a corporation satisfying the provisions of Section
3807(a) of the Business Trust Statute; authorized to exercise corporate trust
powers; and (a) having a combined capital and surplus of at least $50,000,000
and subject to supervision or examination by federal or state authorities; and
having (or having a parent that has) a rating of at least Baa3 by Moody's, BBB-
by S&P, and BBB- by Fitch (if rated by Fitch); or (b) which the Rating Agencies
have otherwise indicated in writing is an entity acceptable to act as Owner
Trustee hereunder. If such corporation shall publish reports of condition at
least annually pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purpose of this Section, the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. In case at any time the Owner Trustee shall cease to be eligible
in accordance with the provisions of this Section, the Owner Trustee shall
resign immediately in the manner and with the effect

                                      -32-
<PAGE>   33

specified in Section 10.02.

       SECTION 10.02. 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 petition any court of competent
jurisdiction for the appointment of a successor Owner Trustee. Any successor
Owner Trustee appointed hereunder shall promptly file an amendment to the
Certificate of Trust to the extent required by Delaware law.

       If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 10.01 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 shall pay 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 shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 10.03 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 each Rating Agency.

       SECTION 10.03. SUCCESSOR OWNER TRUSTEE. Any successor Owner Trustee
appointed pursuant to Section 10.02 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

                                      -33-
<PAGE>   34

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 unless at the time of such acceptance such successor Owner Trustee shall
be eligible pursuant to Section 10.01.

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

       SECTION 10.04. 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 of the Owner Trustee hereunder, 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, that such corporation shall be eligible pursuant to Section 10.01 and,
provided, further, that the Owner Trustee shall mail notice of such merger or
consolidation to each Rating Agency.

       SECTION 10.05. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Estate or any financed Equipment may at the time be located, the
Administrator and the Owner Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Administrator and Owner Trustee to act as co-trustee, jointly
with the Owner Trustee, or as separate trustee or separate trustees, of all or
any part of the 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, 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

                                      -34-
<PAGE>   35

under this Agreement shall be required to meet the terms of eligibility as a
successor Owner Trustee pursuant to Section 10.01 and no notice of the
appointment of any co-trustee or separate trustee shall be required pursuant to
Section 10.03.

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

       (a)    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 Estate or any portion thereof in any such
              jurisdiction) shall be exercised and performed singly by such
              separate trustee or co-trustee, but solely at the direction of the
              Owner Trustee;

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

       (c)    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. 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

                                      -35-
<PAGE>   36

exercised by the Owner Trustee, to the extent permitted by law, without the
appointment of a new or successor co-trustee or separate trustee.

                                 ARTICLE ELEVEN

                                 MISCELLANEOUS

       SECTION 11.01. SUPPLEMENTS AND AMENDMENTS.

       (a) The Agreement may be amended by the Trust Depositor, and the Owner
Trustee, without the consent of any of the Noteholders or the Certificateholder,
to cure any ambiguity, to correct or supplement any provisions in this Agreement
or to add any other provisions with respect to matters or questions arising
under this Agreement that shall not be inconsistent with the provisions of this
Agreement; provided, however, that any such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Noteholder or the Certificateholder.

         (b) This  Agreement  may also be amended from time to time by the Trust
Depositor,  and the Owner Trustee, with the consent of the Required Holders, 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 Certificateholder;  provided,  however, that no
such  amendment  shall  increase  or  reduce in any  manner  the  amount  of, or
accelerate or delay the timing of, (i)  collections  of payments on Contracts or
distributions  that  shall  be  required  to be  made  for  the  benefit  of the
Noteholders or the  Certificateholder,  or (ii) eliminate the  Certificateholder
consent or reduce the  aforesaid  percentage  of the  Outstanding  Amount of the
Notes  required  to consent to any such  amendment,  without  the consent of the
Holders of all outstanding Notes and the Trust Certificate.

       (c) Prior to the execution of any such amendment or consent, the Trust
Depositor shall furnish written notification of the substance of such amendment
or consent, together with a copy thereof, to the Indenture Trustee, the
Administrator and each Rating Agency.

       (d) 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. It shall not be necessary for
the consent of the Certificateholder, Noteholders or the Indenture Trustee
pursuant to this Section to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents (and any other
consents of the Certificateholder provided for in this Agreement or in any other
Transaction Document) and of evidencing the authorization

                                      -36-
<PAGE>   37

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

       SECTION 11.02. NO LEGAL TITLE TO TRUST ESTATE IN OWNER. The Owner shall
not have legal title to any part of the Trust Estate. The Owner shall be
entitled to receive distributions with respect to its undivided ownership
interest herein only in accordance with Articles Five and Nine. No transfer, by
operation of law or otherwise, of any right, title or interest of the Owner to
and in its ownership interest in the 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 Trust
Estate.

       SECTION 11.03. LIMITATIONS ON RIGHTS OF OTHERS. Except for Section 2.07,
the provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Trust Depositor, the Owner, the Administrator and, to the extent
expressly provided herein, the Indenture Trustee and the Noteholders, and
nothing in this Agreement (other than Section 2.07), whether express or implied,
shall be construed to give to any other Person any legal or equitable right,
remedy or claim in the Trust Estate or under or in respect of this Agreement or
any covenants, conditions or provisions contained herein.

                                      -37-
<PAGE>   38

         Section 11.04. Notices. All notices, demands, certificates, requests
and communications hereunder ("notices") shall be in writing and shall be
effective (a) upon receipt when sent through the U.S. mails, registered or
certified mail, return receipt requested, postage prepaid, with such receipt to
be effective the date of delivery indicated on the return receipt, or (b) one
Business Day after delivery to an overnight courier, or (c) on the date
personally delivered to an Authorized Officer of the party to which sent, or (d)
on the date transmitted by legible telecopier transmission with a confirmation
of receipt, in all cases addressed to the recipient as follows:

       (i)    If to the Servicer or any Seller:

              ORIX Credit Alliance, Inc.
              300 Lighting Way
              Secaucus, New Jersey
              Attention: Chief Financial Officer/Asset Securitization
              Fax No.: (201) 348-2914

       (ii)   If to the Trust Depositor:

              ORIX Credit Alliance Receivables 2000-B Corporation
              300 Lighting Way
              Secaucus, New Jersey
              Attention: President/Asset Securitization
              Fax No.: (201) 348-2914

       (iii)  If to the Indenture Trustee:

              The Bank of New York
              [_________________]
              [_________________]
              Attention:  [_________________]
              Fax No.:  [_________________]

       (iv)   If to the Owner Trustee:

              The Bank of New York (Delaware)
              502 White Clay Center
              P.O. Box 6973
              Newark, Delaware 19714-6973
              Attention:  Corporate Trust Administration
              Fax No.:  (302) 283-8279

                                      -38-
<PAGE>   39

              With a copy to:

              The Bank of New York
              101 Barclay Street
              12 East
              New York, New York 10286
              Attn: Asset-Backed Finance Group
              Fax No.: (212) 815-4135

       (v)           If to Moody's:

              Moody's Investors Service, Inc.
              99 Church Street
              4th Floor
              New York, New York 10007
              Attention: ABS Monitoring Department
              Fax No.: (212) 553-0344

       (vi)          If to S&P:

              Standard & Poors Ratings Service
              55 Water Street
              41st Floor
              New York, New York 10041
              Attention: Surveillance: Asset Backed Services
              Fax No.: (212) 438-2662

       (vii)  If to Fitch:

             [_____________]
             [_________________]
             [____________]
             [_________________]
             Attention:  [__________________]
             Fax No.:  [______________]

       (viii) If to the Underwriter:

              First Union Securities, Inc.

                                      -39-
<PAGE>   40

              One First Union Center, TW-9
              301 South College Street
              Charlotte, North Carolina 28288-0610
              Attention: Asset Securitization Division
              Fax No.: (704) 374-3254

Each party hereto may, by notice given in accordance herewith to each of the
       other parties hereto, designate any further or different address to which
       subsequent notices shall be sent.

       SECTION 11.05. 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 Trust Certificate or the rights of the Holder
       thereof.

       SECTION 11.06. COUNTERPARTS. This Agreement may be executed by facsimile
       signature and in several counterparts, each of which shall be an original
       and all of which shall constitute but one and the same instrument.

       SECTION 11.07. SUCCESSORS AND ASSIGNS. All covenants and agreements
       contained herein shall be binding upon, and inure to the benefit of, each
       of the Trust Depositor, and the Owner Trustee and their respective
       successors and permitted assigns and each Owner and its successors and
       permitted assigns, all as herein provided. Any request, notice,
       direction, consent, waiver or other instrument or action by an Owner
       shall bind the successors and assigns of such Owner.

       SECTION 11.08. NO PETITION. The Owner Trustee, by entering into this
       Agreement, each Certificateholder, by accepting a Trust Certificate, and
       the Indenture Trustee and each Noteholder, by accepting the benefits of
       this Agreement, hereby covenant and agree that they will not at any time
       institute against the Trust Depositor or the Trust, or join in any
       institution against the Trust Depositor, or the Trust of, any bankruptcy
       proceedings under any United States federal or state bankruptcy or
       similar law in connection with any obligations relating to the Trust
       Certificate, the Notes, this Agreement or any of the other Transaction
       Documents.

       SECTION 11.09. NO RECOURSE. Each Certificateholder by accepting a Trust
       Certificate acknowledges that such Certificateholder's Trust Certificate
       represent beneficial interests in the Trust only and do not represent
       interests in or obligations of the Trust Depositor, the Servicer, the
       Originator, the Administrator, the Owner Trustee, the Indenture Trustee
       or any of the respective Affiliates 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

                                      -40-
<PAGE>   41

       Trust Certificate or the other Transaction Documents. The Owner by
       accepting the Trust Certificate (i) acknowledges that such Trust
       Certificate represents a beneficial interest in the Trust and Trust
       Assets only and does not represent an interest in or an obligation of the
       Trust Depositor, the Servicer, the Originator, the Administrator, the
       Owner Trustee, the Indenture Trustee, or any Affiliate of the foregoing,
       and no recourse may be had against any such party or their assets, except
       as may be expressly set forth or contemplated in the Transaction
       Documents and (ii) enters into the undertakings and agreements provided
       for such Certificateholder set forth in Section 13.09 of the Transfer and
       Servicing Agreement.

       SECTION 11.10. 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 11.11. GOVERNING LAW AND JURY WAIVER. (a) THIS AGREEMENT SHALL
       BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE,
       WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
       RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
       ACCORDANCE WITH SUCH LAWS; and

       (b)    EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
       BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
       ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
       CONNECTION WITH THIS AGREEMENT. Each person hereto (i) certifies that no
       representative, agent or attorney of any other party has represented,
       expressly or otherwise, that such other party would not, in the event of
       litigation, seek to enforce the foregoing waiver and (ii) acknowledges
       that it and the other parties hereto have been induced to enter into this
       Agreement by, among other things, the mutual waivers and certifications
       in this Section 11.11(b).

       SECTION 11.12. TRUST CERTIFICATE TRANSFER RESTRICTIONS. THE TRUST
       Certificate may not be acquired by or for the account of a Benefit Plan.
       By accepting and holding a Trust Certificate, the Holder thereof shall be
       deemed to have represented and warranted that it is not a Benefit Plan
       nor will it hold such Trust Certificate for the account of a Benefit
       Plan.

       SECTION 11.13. TRUST DEPOSITOR PAYMENT OBLIGATION. The Trust Depositor
       shall be responsible for payment of the Administrator's compensation
       pursuant to Section 3 of the Administration Agreement and shall reimburse
       the Administrator for all expenses and liabilities of the Administrator
       incurred thereunder.

                                      -41-
<PAGE>   42

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

                                   ORIX CREDIT ALLIANCE RECEIVABLES
                                   2000-B CORPORATION
                                   as Trust Depositor

                                   By:
                                      -----------------------------------
                                      Printed Name:  Joseph J. McDevitt, Jr.
                                                   ----------------------------
                                      Title:    President
                                            ---------------

                                   THE BANK OF NEW YORK (DELAWARE)

                                   By:
                                      --------------------
                                      Printed Name:
                                      Title:
                                            --------------------------------

                                      -42-
<PAGE>   43

                                                                       EXHIBIT A

                             CERTIFICATE OF TRUST OF
                  ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-B

       This Certificate of Trust of ORIX Credit Alliance Receivables Trust
2000-B (the "Trust"), dated , 2000, 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, Section 3801 et seq.) (the "Act").

       1.     Name. The name of the business trust formed hereby is ORIX Credit
Alliance Receivables Trust 2000-B.

       2.     Delaware Trustee. The name and business address of the Owner
Trustee of the Trust in the State of Delaware is 502 White Clay Center, Newark,
Delaware 19714-6973 (Attn: Corporate Trust Administration).

       3.     Effective Date. This Certificate 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(e) of the
Act.

                                  THE BANK OF NEW YORK (DELAWARE)
                                  not in its individual capacity but solely
                                  as trustee

                                  By:
                                      Printed Name:
                                      Title:

                                      A-43
<PAGE>   44

                                                                       EXHIBIT B

THIS TRUST  CERTIFICATE IS  SUBORDINATED IN RIGHT OF PAYMENT TO THE NOTES TO THE
EXTENT DESCRIBED IN THE TRANSFER AND SERVICING  AGREEMENT AND INDENTURE REFERRED
TO HEREIN.

THIS TRUST CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR AN INTEREST IN
ORIX CREDIT ALLIANCE CORPORATION, ORIX CREDIT ALLIANCE, INC., OR ANY AFFILIATE
THEREOF, EXCEPT TO THE EXTENT SET FORTH IN THE TRUST AGREEMENT. THIS TRUST
CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY
STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR PLEDGED UNLESS THE
CONDITIONS SET FORTH IN SECTION 3.04 OF THE TRUST AGREEMENT HAVE BEEN COMPLIED
WITH.

THIS CERTIFICATE IS TRANSFERRABLE ONLY IN WHOLE AND NOT IN PART.

THIS TRUST CERTIFICATE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND THIS TRUST
CERTIFICATE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.

           ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-B CERTIFICATE

NO. 1                                            Trust Certificate
                                                 Principal Balance $[__________]

       THIS CERTIFIES THAT ORIX Credit Alliance Receivables 2000-B Corporation
is the registered owner of [____________________________________] Dollars
($[___________]) of a nonassessable, fully-paid, fractional undivided beneficial
equity interest in the ORIX Credit Alliance Receivables Trust 2000-B (the
"Trust") formed by ORIX Credit Alliance Receivables 2000-B Corporation, a
Delaware corporation (the "Trust Depositor").

       The Trust was created pursuant to an Amended and Restated Trust
Agreement, dated as of August __, 2000 (as amended, restated and/or supplemented
from time to time, the "Trust Agreement"), among ORIX Credit Alliance
Receivables 2000-B Corporation, as Trust Depositor (the "Trust Depositor"), and
The Bank of New York (Delaware), 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 (i) the Trust Agreement, (ii) the Transfer and
Servicing Agreement, dated as of August __, 2000 (the "Transfer and Servicing
Agreement"), among the Trust, ORIX Credit Alliance

Receivables  Corporation III, as depositor (the "Trust Depositor"),  ORIX Credit
Alliance Inc. ("OCAI"),  as Servicer (in such capacity,  the "Servicer";  in its
capacity as the originator and its successor and assigns, the "Originator"), and
The Bank of New York, as Indenture  Trustee (the  "Indenture  Trustee") or (iii)
the Indenture, dated as of

                                      -44-
<PAGE>   45

August __, 2000 (the "Indenture"), between the Trust and the Indenture Trustee.

       This Trust Certificate is the duly authorized Trust Certificate
designated as "ORIX Credit Alliance Receivables-Backed Certificate" (the "Trust
Certificate"). Also issued under the Indenture are six classes of notes
designated as "ORIX Credit Alliance Receivables Trust Class A-1
Receivable-Backed Notes" and "ORIX Credit Alliance Receivables Trust Class A-2
Receivable-Backed Notes", and "ORIX Credit Alliance Receivables Trust Class A-3
Receivable-Backed Notes", and "ORIX Credit Alliance Receivables Trust Class A-4
Receivable-Backed Notes" and "ORIX Credit Alliance Receivables Trust Class B
Receivable-Backed Notes" and "ORIX Credit Alliance Receivables Trust Class C
Receivable-Backed Notes," (collectively, the "Notes"). This Trust 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 Trust Certificate by
virtue of its acceptance hereof assents and by which such Holder is bound. The
property of the Trust includes, among other things, all the right, title and
interest of the Trust Depositor and the Originator in the Contract Assets as
defined in Section 2.01(b) of the Transfer and Servicing Agreement and Section
2.01 of the OCAI Transfer and Servicing Agreement.

       Under the Trust Agreement, there will be distributed on the fifteenth day
of each month or if such day is not a Business Day the next succeeding Business
Day commencing [__________] 15, 2000 (each, a "Distribution Date"), and ending
no later than the Distribution Date in [___________] to the person in whose name
this Trust Certificate is registered at the close of business on the last day of
the immediately preceding calendar month (each, a "Record Date"), the amount to
be distributed to the Certificateholder pursuant to the Trust Agreement on such
Distribution Date.

       The Holder of this Trust Certificate acknowledges and agrees that its
rights to receive distributions in respect of this Trust Certificate are
subordinated to the rights of the Noteholders to the extent described in the
Transfer and Servicing Agreement and the Indenture.

       It is the intent of the Originator, the Servicer, the Trust Depositor,
Owner Trustee, Indenture Trustee and the Certificateholder that, for purposes of
federal income, state and local income and single business tax and any other
income taxes, the Trust will be disregarded as a separate entity for federal
income tax purposes pursuant to Treasury Regulations Section
301.7701-3(b)(1)(ii) and that all items of income, deduction, gain, loss or
credit of the Trust will be treated as such items of the Certificateholder. The
Trust Depositor and any other Certificateholder, by acceptance of a Trust
Certificate, agrees to treat, and to take no action inconsistent with such
treatment of, the Trust for federal, state and local income tax purposes.

         Each  Certificateholder,  by its  acceptance of a Trust  Certificate or
beneficial

                                      -45-
<PAGE>   46

interest in a Trust Certificate, covenants and agrees that such
Certificateholder will not at any time institute against the Trust or the Trust
Depositor, or join in any institution against the Trust or the Trust Depositor
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
Trust Certificate, the Notes, the Trust Agreement or any of the other
Transaction Documents.

       Distributions on this Trust Certificate will be made as provided in the
Trust Agreement by the Owner Trustee or its Agent by wire transfer or check
mailed to the Certificateholder of record in the Certificate Register without
the presentation or surrender of this Trust 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 Trust 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 Trust Certificate
at the office or agency maintained for that purpose by the Owner Trustee's
affiliate, The Bank of New York, in the City of New York, State of New York.

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

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

                                      -46-
<PAGE>   47

THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

                            {REVERSE OF CERTIFICATE}

       The Trust Certificate does not represent an obligation of, or an interest
in the Trust Depositor, ORIX Credit Alliance, as the Originator or Servicer, the
Owner Trustee, the Indenture Trustee or any of their respective Affiliates and
no recourse may be had against such parties or their assets, except as expressly
set forth or contemplated herein or in the Trust Agreement or the other
Transaction Documents. In addition, this Trust Certificate is not guaranteed by
any governmental agency or instrumentality and is limited in right of payment to
certain collections and recoveries with respect to the Contracts and certain
other amounts, in each case as more specifically set forth herein and in the
Transfer and Servicing Agreement. A copy of each of the Transfer and Servicing
Agreement and the Trust Agreement may be examined by any Certificateholder upon
written request during normal business hours at the principal office of the
Trust Depositor and at such other places, if any, designated by the Trust
Depositor.

       The Trust Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Trust Depositor and the rights of the Certificateholder under the Trust
Agreement at any time by the Trust Depositor and the Owner Trustee with the
consent of the Required Holders (as defined in the Transfer and Servicing
Agreement). Any such consent shall be conclusive and binding on the Holder and
on all future Holders of this Trust Certificate and of any Trust Certificate
issued upon the transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent is made upon this Trust Certificate. The Trust
Agreement also permits the amendment thereof, in certain limited circumstances,
without the consent of the Holder of the Trust Certificate or any Noteholder.

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

                                      -47-
<PAGE>   48

the Trust Agreement is the Owner Trustee.

       Except as provided in the Trust Agreement, the Trust Certificate is
issuable only as a registered Trust Certificate without coupons. No service
charge will be made for any registration of transfer of such Trust Certificate,
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 of their respective
agents may treat the Person in whose name this Trust 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 Certificateholder
of all amounts required to be paid to such Holder pursuant to the Trust
Agreement and the Transfer and Servicing Agreement and the deposition of all
property held as part of the Trust Estate. The Trust Depositor may at its option
purchase the Trust Estate at the times and at the prices specified in the
Transfer and Servicing Agreement.

       The Trust Certificate may not be acquired by a Benefit Plan. By accepting
and holding this Trust Certificate, the Holder hereof shall be deemed to have
represented and warranted that it is not a Benefit Plan and is not acquiring
this Trust Certificate or an interest therein for the account of such an entity.

                                      -48-
<PAGE>   49

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

Dated:  August___,2000              ORIX CREDIT ALLIANCE RECEIVABLES
                                    TRUST 2000-B

                                    By: THE BANK OF NEW YORK
                                        (DELAWARE), not in its individual
                                        capacity but solely as Owner Trustee

                                    By:
                                       ---------------------------------------
                                                Authorized Signatory

                                    OWNER TRUSTEE'S CERTIFICATE OF
                                    AUTHENTICATION

                                    This is the Trust Certificate referred to in
                                    the within-mentioned Trust Agreement.

                                    THE BANK OF NEW YORK (DELAWARE)
                                    not in its individual capacity
                                    but solely as Owner Trustee

                                    By:
                                       ----------------------------------------
                                                Authorized Signatory

                                      -49-
<PAGE>   50

                                   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 Trust Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

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

Dated:
      --------------

Signature Guaranteed:

-----------------------------------------------
NOTICE:  Signature(s) must be guaranteed by an
eligible guarantor institution.

-----------------------------------------------
NOTICE:  The signature to this  assignment  must
correspond with the name of the registered  owner
as it appears on the face of the within Trust
Certificate  in every particular, without alteration
or enlargement or any change whatever.

                                      -50-<PAGE>   1

                                                                     EXHIBIT 4.2

                              THE BANK OF NEW YORK
            NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY IN ITS CAPACITY
                              AS INDENTURE TRUSTEE

                                       AND

                 ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-B,
                                    AS ISSUER

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

                                    INDENTURE

                           DATED AS OF AUGUST __, 2000

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

                 $[____________] CLASS A-1 RECEIVABLE-BACKED NOTES
                 $[____________] CLASS A-2 RECEIVABLE-BACKED NOTES
                 $[____________] CLASS A-3 RECEIVABLE-BACKED NOTES
                 $[____________] CLASS A-4 RECEIVABLE-BACKED NOTES
                 $[____________] CLASS B RECEIVABLE-BACKED NOTES
                 $[____________] CLASS C RECEIVABLE-BACKED NOTES

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                         Page
                                                                         ----
<S>                                                                     <C>
                                  ARTICLE ONE
                   DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.01.  Definitions .................................................2
Section 1.02.  Incorporation by Reference of Trust Indenture Act ...........8
Section 1.03.  Rules of Construction .......................................9

                                  ARTICLE TWO
                                   THE NOTES
Section 2.01.  Form ........................................................9
Section 2.02.  Execution, Authentication and Delivery .....................10
Section 2.03.  Temporary Notes ............................................10
Section 2.04.  Registration; Registration of Transfer and Exchange ........11
Section 2.05.  Mutilated, Destroyed, Lost or Stolen Notes .................12
Section 2.06.  Persons Deemed Owner .......................................13
Section 2.07.  Payment of Principal and Interest; Defaulted Interest ......13
Section 2.08.  Cancellation ...............................................14
Section 2.09.  Book-Entry Notes ...........................................15
Section 2.10.  Notices to Clearing Agency .................................16
Section 2.11.  Definitive Notes ...........................................16
Section 2.12.  Release of Collateral ......................................16
Section 2.13.  Tax Treatment ..............................................17
Section 2.14.  CUSIP Numbers ..............................................17

                                 ARTICLE THREE
                   COVENANTS; REPRESENTATIONS AND WARRANTIES
Section 3.01.  Payment of Principal and Interest ..........................17
Section 3.02.  Maintenance of Office or Agency ............................17
Section 3.03.  Money for Payments to be Held in Trust .....................18
Section 3.04.  Existence ..................................................19
Section 3.05.  Protection of Collateral ...................................20
Section 3.06.  {Reserved} .................................................21
Section 3.07.  Performance of Obligations; Servicing of Contracts .........21
Section 3.08.  Negative Covenants .........................................22
Section 3.09.  Issuer May Consolidate, etc. Only on Certain Terms .........23
Section 3.10.  Successor or Transferee ....................................25
Section 3.11.  No Other Business ..........................................25
Section 3.12.  No Borrowing ...............................................25
Section 3.13.  Notice of Events of Default ................................25
Section 3.14.  Further Instruments and Acts ...............................25
</TABLE>

                                      -2-
<PAGE>   3

<TABLE>
<S>                                                                     <C>
Section 3.15.  Compliance with Laws .......................................25
Section 3.16.  Amendments of Trust Agreement ..............................26
Section 3.17.  Removal of Administrator ...................................26
Section 3.18.  Representations and Warranties of Issuer                    26

                                  ARTICLE FOUR
                           SATISFACTION AND DISCHARGE
Section 4.01.  Satisfaction and Discharge of Indenture ....................28
Section 4.02.  Application of Trust Money .................................29
Section 4.03.  Repayment of Moneys Held by Paying Agent ...................29
Section 4.04.  Release of Collateral ......................................29

                                  ARTICLE FIVE
                                    REMEDIES
Section 5.01.  Events of Default ..........................................30
Section 5.02.  Rights Upon Event of Default; Notice .......................31
Section 5.03.  Collection of Indebtedness and Suits for Enforcement
                    by Indenture Trustee; Authority of Indenture Trustee ..32
Section 5.04.  Remedies ...................................................34
Section 5.05.  Optional Preservation of the Contracts .....................35
Section 5.06.  Priorities .................................................36
Section 5.07.  Limitation of Suits ........................................39
Section 5.08.  Unconditional Rights of Noteholders to Receive
                    Principal and Interest ................................40
Section 5.09.  Restoration of Rights and Remedies .........................40
Section 5.10.  Rights and Remedies Cumulative .............................40
Section 5.11.  Delay or Omission Not a Waiver .............................40
Section 5.12.  Control by Noteholders .....................................40
Section 5.13.  Waiver of Past Defaults ....................................41
Section 5.14.  Undertaking for Costs ......................................41
Section 5.15.  Waiver of Stay or Extension Laws ...........................42
Section 5.16.  Action on Notes ............................................42
Section 5.17.  Performance and Enforcement of Certain Obligations .........42

                                  ARTICLE SIX
                             THE INDENTURE TRUSTEE
Section 6.01.  Duties of Indenture Trustee ................................43
Section 6.02.  Rights of Indenture Trustee ................................44
Section 6.03.  Individual Rights of Indenture Trustee .....................46
Section 6.04.  Indenture Trustee's Disclaimer .............................46
Section 6.05.  Notice of Defaults .........................................46
Section 6.06.  Reports by Indenture Trustee to Holders ....................46
Section 6.07.  Compensation and Indemnity .................................47
Section 6.08.  Replacement of Indenture Trustee ...........................47
Section 6.09.  Successor Indenture Trustee by Merger ......................49
</TABLE>

                                      -3-
<PAGE>   4

<TABLE>
<S>                                                                     <C>
Section 6.10.  Appointment of Co-Indenture Trustee or Separate
                    Indenture Trustee .....................................49
Section 6.11.  Eligibility ................................................51
Section 6.12.  Preferential Collection of Claims Against Issuer ...........51
Section 6.13.  Representations and Warranties of Indenture Trustee ........51

                                 ARTICLE SEVEN
                         NOTEHOLDERS' LISTS AND REPORTS
Section 7.01.  Issuer to Furnish Indenture Trustee Names
                    and Addresses of Noteholders ..........................53
Section 7.02.  Preservation of Information:  Communication to Noteholders .53
Section 7.03.  Reports by Issuer ..........................................53
Section 7.04.  Reports by Indenture Trustee ...............................54

                                 ARTICLE EIGHT
                      ACCOUNTS, DISBURSEMENTS AND RELEASES
Section 8.01.  Collection of Money ........................................55
Section 8.02.  Trust Accounts .............................................55
Section 8.03.  General Provisions Regarding Accounts ......................60
Section 8.04.  Release of Collateral ......................................61
Section 8.05.  Opinion of Counsel .........................................62

                                  ARTICLE NINE
                            SUPPLEMENTAL INDENTURES
Section 9.01.  Supplemental Indentures Without Consent of
                    Noteholders ...........................................62
Section 9.02.  Supplemental Indentures With Consent of Noteholders ........63
Section 9.03.  Execution of Supplemental Indentures .......................65
Section 9.04.  Effect of Supplemental Indenture ...........................65
Section 9.05.  Conformity With Trust Indenture Act ........................66
Section 9.06.  Reference in Notes to Supplemental Indentures ..............66

                                  ARTICLE TEN
                              REDEMPTION OF NOTES
Section 10.01.  Redemption ................................................66
Section 10.02.  Form of Redemption Notice .................................67
Section 10.03.  Notes Payable on Redemption Date ..........................67

                                 ARTICLE ELEVEN
                                 MISCELLANEOUS
Section 11.01.  Compliance Certificates and Opinions, etc .................68
Section 11.02.  Form of Documents Delivered to Indenture Trustee ..........70
Section 11.03.  Acts of Noteholders .......................................71
Section 11.04.  Notices ...................................................71
Section 11.05.  Notices to Noteholders; Waiver ............................72
Section 11.06.  Alternate Payment and Notice Provisions ...................72
Section 11.07.  Effect of Headings and Table of Contents ..................73
</TABLE>

                                      -4-
<PAGE>   5

<TABLE>
<S>                                                                     <C>
Section 11.08.  Successors and Assigns ....................................72
Section 11.09.  Separability ..............................................73
Section 11.10.  Benefits of Indenture .....................................73
Section 11.11.  Legal Holidays ............................................73
Section 11.12.  Governing Law .............................................73
Section 11.13.  Counterparts ..............................................73
Section 11.14.  Recording of Indenture ....................................73
Section 11.15.  Trust Obligation ..........................................74
Section 11.16.  No Petition ...............................................75
Section 11.17.  Inspection ................................................75
Section 11.18.  Conflict with Trust Indenture Act .........................75
Section 11.19.  Communication by Note Owners With Other Note Owners .......76
</TABLE>

<TABLE>
<CAPTION>
                                    EXHIBITS
<S>                                                                     <C>
EXHIBIT A - Form of Transfer and Servicing Agreement ......................A-1
EXHIBIT B - Form of Class A-1 Note ........................................B-1
EXHIBIT C - Form of Class A-2 Note ........................................C-1
EXHIBIT D - Form of Class A-3 Note ........................................D-1
EXHIBIT E - Form of Class A-4 Note ........................................E-1
EXHIBIT F - Form of Class B Note ..........................................F-1
EXHIBIT G - Form of Class C Note ..........................................G-1
EXHIBIT H - Form of Note Assignment .......................................H-1
EXHIBIT I - Form of Note Depository Agreement .............................I-1
</TABLE>

                                      -5-
<PAGE>   6

                              CROSS-REFERENCE TABLE

<TABLE>
<S>                                                                <C>
Trust Indenture
Act of 1939                                                            Indenture
Section                                                                  Section
---------------                                                          -------
310(a) .....................................................................6.11
310(b) .....................................................................6.11
310(c) .....................................................................N.A.
311(a) .....................................................................6.12
311(b) .....................................................................6.12
311(c) .....................................................................N.A.
312(a) ...............................................................7.01, 7.02
312(b) .....................................................................7.02
312(c) .....................................................................7.02
313(a) .....................................................................7.04
313(b) .....................................................................7.04
313(c) ...............................................................7.03, 7.04
314(a) .....................................................................7.03
314(b) .....................................................................3.06
314(c) ..............................................................4.04, 11.01
314(d) ..............................................................8.04, 11.01
314(e) ....................................................................11.01
314(f) .....................................................................N.A.
315(a) .....................................................................6.01
315(b) .....................................................................6.05
315(c) .....................................................................6.01
315(d) .....................................................................6.01
315(e) .....................................................................5.14
316(a) ...............................................................2.07, 5.04
316(b) .....................................................................9.02
316(c) .....................................................................1.01
317(a) .....................................................................5.03
317(b) .....................................................................3.03
318(a) ....................................................................11.18
</TABLE>

                                      -6-
<PAGE>   7

                  This INDENTURE, dated as of August __, 2000 (this
"Indenture"), is between ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-B, a
Delaware business trust (the "Issuer"), and THE BANK OF NEW YORK, in its
capacity as indenture trustee (the "Indenture Trustee") and not in its
individual capacity.

                  Each party agrees as follows for the benefit of the other
parties and for the equal and ratable benefit of the Holders of the Issuer's
[__________]% Class A-1 Receivable-Backed Notes (the "Class A-1 Notes"),
[__________]% Class A-2 Receivable-Backed Notes (the "Class A-2 Notes"),
[__________]% Class A-3 Receivable-Backed Notes (the "Class A-3 Notes"),
[__________]% Class A-4 Receivable-Backed Notes (the "Class A-4 Notes"),
[__________]% Class B Receivable-Backed Notes (the "Class B Notes") and
[__________]% Class C Receivable-Backed Notes (the "Class C Notes" and, together
with the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and
Class B Notes, the "Notes"):

                                 GRANTING CLAUSE

                  The Issuer hereby grants, transfers, assigns and otherwise
conveys to the Indenture Trustee on the Closing Date, on behalf of and for the
benefit of the Holders of the Notes, without recourse, all of the Issuer's
right, title and interest in, to and under the Contract Assets as may be held
from time to time by the Issuer (as each such defined term is defined in Section
1.01) (collectively, the "Collateral").

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

                  The Indenture Trustee, as Indenture Trustee on behalf of the
Holders of the Notes, acknowledges such Grant, accepts the trust under this
Indenture in accordance with the provisions of this Indenture and agrees to
perform its duties required in this Indenture to the best of its ability.

                                      -7-
<PAGE>   8

                                   ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

                  SECTION 1.01.  DEFINITIONS.

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

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

                  "Administration Agreement" means the Administration Agreement,
dated as of the date hereof, among the Administrator, the Issuer, the Trust
Depositor and the Indenture Trustee.

                  "Administrator" means ORIX Credit Alliance, Inc. or any
successor Administrator under the Administration Agreement.

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

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

                  "Business Day" means any day other than a Saturday, Sunday or
other day on which banking institutions in the city of [Chicago, Illinois],
Secaucus, New Jersey, Newark, Delaware or New York, New York are authorized or
obligated by law, executive order or governmental decree to be closed.

                  "Certificate of Trust" means the Trust Certificate of the
Issuer, as defined

                                      -8-
<PAGE>   9

in the Trust Agreement, substantially in the form of Exhibit B to the Trust
Agreement.

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

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

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

                  "Collateral" means the Collateral Granted to the Indenture
Trustee under this Indenture, including all proceeds thereof.

                  "Commission" means the United States Securities and Exchange
Commission.

                  "Contract Assets" has the same meaning given such term in the
Transfer and Servicing Agreement.

                  "Corporate Trust Office" means the principal office of the
Indenture Trustee at which at any particular time its corporate trust business
shall be administered which office at date of the execution of this Indenture is
located at [__________], Attention: [__________]; or at such other address as
the Indenture Trustee may designate from time to time by notice to the
Noteholders and the Issuer, or the principal corporate trust office of any
successor Indenture Trustee (the address of which the successor Indenture
Trustee will notify the Noteholders and the Issuer).

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

                  "Definitive Notes" shall have the meaning specified in Section
2.09.

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

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

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

                  "Exchange Act" means the Securities Exchange Act of 1934, and

                                      -9-
<PAGE>   10

regulations promulgated thereunder.

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

                  "General Partner" means the Trust Depositor, which is the
Certificateholder and is obligated to pay the expenses of the Issuer pursuant to
Section 2.07 of the Trust Agreement.

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

                  "Holder" means (i) with respect to a Certificate, the Person
in whose name such Certificate is registered in the Certificate Register, and
(ii) with respect to a Note, the Person in whose name such Note is registered in
the Note Register.

                  "Indenture Securities" means the Notes.

                  "Indenture Security Holder" means a Noteholder.

                  "Indenture Trustee" means The Bank of New York, as Indenture
Trustee under this Indenture, or any successor Indenture Trustee under this
Indenture.

                  "Independent" means, when used with respect to any specified
Person, that the Person (i) is in fact independent of the Issuer, any other
obligor upon the Notes, the Trust Depositor, the Originator and any of their
respective Affiliates, (ii) does not have any direct financial interest or any
material indirect financial interest in the Issuer, any such other obligor, the
Originator or any of their respective Affiliates, and (iii) is not connected
with the Issuer, any such other obligor, the Originator or any Affiliate of any
of the foregoing Persons as an officer, employee, promoter, underwriter,
trustee, partner,

                                      -10-
<PAGE>   11

director or person performing similar functions.

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

                  "Interest Rate" means, as the context may require, the Class
A-1 Interest Rate, the Class A-2 Interest Rate, the Class A-3 Interest Rate, the
Class A-4 Interest Rate, the Class B Interest Rate and the Class C Interest
Rate, or any of them, in each case as defined in the Transfer and Servicing
Agreement.

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

                  "Note Depository Agreement" means the agreement dated as of
the Closing Date, among the Issuer, the Administrator, the Indenture Trustee and
DTC, as the initial Clearing Agency, relating to the Notes, substantially in the
form of Exhibit I hereto.

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

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

                  "Noteholders" means Holders.

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

                                      -11-
<PAGE>   12

                  "Opinion of Counsel" means one or more written opinions of
counsel who may, except as otherwise expressly provided in this Indenture, be
internal or outside counsel to the Issuer (except as to legal matters relating
to Federal securities laws (including the Trust Indenture Act) or tax laws, who
shall be outside counsel) and who shall be satisfactory to the Indenture Trustee
and which shall comply with any applicable requirements of Section 11.01, and
shall be in form and substance satisfactory to the Indenture Trustee.

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

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

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

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

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

                  "Outstanding Amount" means the aggregate principal amount of
all Notes of one Class or of all Classes, as the case may be, Outstanding at the
date of

                                      -12-
<PAGE>   13

determination.

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

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

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

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

                  "Redemption Date" means, in the case of a redemption of the
Notes pursuant to Section 10.01(a) or a payment to Noteholders pursuant to
Section 10.01(b), the Distribution Date specified by the Servicer or the Issuer
pursuant to Section 10.01(a) or 10.01(b), as the case may be.

                  "Redemption Date Amount" means (i) in the case of a redemption
of the Notes pursuant to Section 10.01(a), an amount equal to the unpaid
principal amount of the Notes redeemed plus accrued and unpaid interest thereon
at the weighted average of the Interest Rate for each Class of Notes being so
redeemed to but excluding the Redemption Date, or (ii) in the case of a payment
made to Noteholders pursuant to Section 10.01(b), the amount on deposit in the
Note Distribution Account, but not in excess of the amount specified in clause
(i) above.

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

                  "Responsible Officer" means, with respect to the Indenture
Trustee, any officer within the Corporate Trust Office (or any successor group
of the Indenture Trustee), including any vice president, assistant secretary or
other officer or assistant officer of the Indenture Trustee customarily
performing functions similar to those performed by the people who at such time
shall be officers, respectively, and having direct responsibility for the
administration of this Indenture or, with respect to a particular

                                      -13-
<PAGE>   14

matter, to whom any corporate trust matter is referred at the Corporate Trust
Office of the Indenture Trustee because of his knowledge of and familiarity with
the particular subject.

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

                  "Termination Date" means the date on which the Indenture
Trustee shall have received payment and performance of all amounts and
obligations which the Issuer may owe to or on behalf of the Indenture Trustee
for the benefit of the Noteholders under this Indenture or the Notes.

                  "Transfer and Servicing Agreement" means the Transfer and
Servicing Agreement, dated as of the date hereof, among the Indenture Trustee,
the Issuer, the Servicer and the Trust Depositor, substantially in the form of
Exhibit A hereto.

                  "Trust Agreement" means the Amended and Restated Trust
Agreement, dated as of the date hereof, between the Trust Depositor and the
Owner Trustee.

                  "Trust Indenture Act" or "TIA" means the Trust Indenture Act
of 1939, as amended.

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

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

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

                  "Commission" means the Securities and Exchange Commission.

                  "indenture securities" means the Notes.

                  "indenture security holder" means a Noteholder.

                  "indenture to be qualified" means this Indenture.

                                      -14-
<PAGE>   15

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

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

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

                  SECTION 1.03. RULES OF CONSTRUCTION. Unless the context
otherwise requires:

                 (i)   a term has the meaning assigned to it;

                 (ii)  an accounting term not otherwise defined has the meaning
         assigned to it in accordance with generally accepted accounting
         principles as in effect from time to time;

                 (iii) "or" is not by its use intended to exclude all other
         items;

                 (iv)  "including" means including without limitation;

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

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

                 (vii) the words "hereof," "herein" and "hereunder" and words
         of similar import when used in this Indenture shall refer to this
         Indenture as a whole and not to any particular provision of this
         Indenture; Section, subsection and Schedule references contained in
         this Indenture are references to Sections, subsections and Schedules in
         or to this Indenture unless otherwise specified.

                                   ARTICLE TWO

                                    THE NOTES

                                      -15-
<PAGE>   16

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

                  Each Note shall be dated the date of its authentication. The
terms of the Notes set forth in Exhibits hereto are part of the terms of this
Indenture.

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

                  The Indenture Trustee shall, upon receipt of an Issuer Order,
authenticate and deliver for original issue (i) Class A-1 Notes in an aggregate
principal amount of $[__________], (ii) Class A-2 Notes in an aggregate
principal amount of $[__________], (iii) Class A-3 Notes in an aggregate
principal amount of $[__________], (iv) Class A-4 Notes in an aggregate
principal amount of $[__________], (v) Class B Notes in an aggregate principal
amount of $[__________] and (vi) Class C Notes in an aggregate principal amount
of $[__________]. The aggregate principal amount of such Classes of Notes
Outstanding at any time may not exceed such respective amounts, except as
otherwise provided in Section 2.05.

                  Each Note shall be dated the date of its authentication. The
Notes shall be issuable as registered Notes in the minimum denomination of
$1,000 and in integral multiples of $1,000 in excess thereof, except that one
Note of each class will be issued in an incremental denomination of less than
$1,000.

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

                                      -16-
<PAGE>   17

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

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

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

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

                  Upon surrender for registration of transfer of any Note at the
office or agency of the Issuer to be maintained as provided in Section 3.02, the
Issuer shall execute, and the Indenture Trustee shall authenticate and the
Noteholder shall obtain from the Indenture Trustee, in the name of the
designated transferee or transferees, one or more

                                      -17-
<PAGE>   18

new Notes of the same Class in any authorized denominations, of a like aggregate
principal amount.

                  At the option of the Holder, Notes may be exchanged for other
Notes of the same Class in any authorized denominations, of a like aggregate
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange, the Issuer shall execute,
and the Indenture Trustee shall authenticate and the Noteholder shall obtain
from the Indenture Trustee, the Notes which the Noteholder making the exchange
is entitled to receive.

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

                  Every Note presented or surrendered for registration of
transfer or exchange shall be duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Holder thereof or such Holder's attorney duly authorized in
writing, with such signature guaranteed by a commercial bank or trust company
located, or having a correspondent located in the city in which the Corporate
Trust Office is located, or by a member firm of a national securities exchange,
and such other documents as the Indenture Trustee may require.

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

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

                  Neither the Trustee nor the Registrar shall have any
responsibility to monitor or restrict the transfer of beneficial ownership in
any Note an interest in which is transferable through the facilities of the
Clearing Agency.

                  SECTION 2.05. MUTILATED, DESTROYED, LOST OR STOLEN NOTES. If
(i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture
Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Note, and (ii) there is delivered to the Indenture Trustee such security
or indemnity as may be required by them

                                      -18-
<PAGE>   19

to hold the Issuer and the Indenture Trustee harmless, then, in the absence of
notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note
has been acquired by a bona fide purchaser, the Issuer shall execute and upon
its written request the Indenture Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a
replacement Note of the same Class; provided, however, that if any such
destroyed, lost or stolen Note, but not a mutilated Note, shall have become or
within seven days shall be due and payable, or shall have been called for
redemption, instead of issuing a replacement Note, the Issuer may pay such
destroyed, lost or stolen Note when so due or payable or upon the Redemption
Date without surrender thereof. If, after the delivery of such replacement Note
or payment of a destroyed, lost or stolen Note pursuant to the proviso to the
preceding sentence, a bona fide purchaser of the original Note in lieu of which
such replacement Note was issued presents for payment such original Note, the
Issuer and the Indenture Trustee shall be entitled to recover such replacement
Note (or such payment) from the Person to whom it was delivered or any Person
taking such replacement Note from such Person to whom such replacement Note was
delivered or any assignee of such Person, except a bona fide purchaser, and
shall be entitled to recover upon the security or indemnity provided therefor to
the extent of any loss, damage, cost or expense incurred by the Issuer or the
Indenture Trustee in connection therewith.

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

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

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

                  SECTION 2.06. PERSONS DEEMED OWNER. Prior to due presentment
for registration of transfer of any Note, the Issuer, the Indenture Trustee, and
any of their respective agents may treat the Person in whose name any Note is
registered (as of the day of determination) as the owner of such Note for the
purpose of receiving payments of

                                      -19-
<PAGE>   20

principal of and interest, if any, on such Note and for all other purposes
whatsoever, whether or not such Note be overdue, and none of the Issuer, the
Indenture Trustee nor any of their respective agents shall be affected by notice
to the contrary.

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

                  (a)  Each Class of Notes shall accrue interest at the related
Interest Rate, and such interest shall be payable on each Distribution Date as
specified therein, subject to Section 3.01. Any installment of interest or
principal, if any, payable on any Note which is punctually paid or duly provided
for by the Issuer on the applicable Distribution Date shall be paid to the
Person in whose name such Note (or one or more Predecessor Notes) is registered
on the Record Date, by wire transfer, if such Person is either DTC or its
nominee or if such Person provides written instructions to the Indenture Trustee
at least ten days prior to the Distribution Date, otherwise by check, in
immediately available funds to the account designated by such Person and except
for the final installment of principal payable with respect to such Note on a
Distribution Date or on the related final Distribution Date, as the case may be
(and except for the Redemption Date Amount for any Note called for redemption
pursuant to Section 10.01(a)), which shall be payable as provided below;
provided, however, that if Definitive Notes are made available under Section
2.11, payments may be made to such Persons by either wire transfer or check. Any
funds returned undelivered shall be held in accordance with Section 3.03.

                  (b)  The principal of each Note shall be payable on each
Distribution Date to the extent provided herein, including as provided in the
form of the related Note set forth as an Exhibit hereto. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and
payable, if not previously paid, on the date on which an Event of Default shall
have occurred and be continuing, unless the Required Holders have waived such
Event of Default in the manner provided in Section 5.02. All principal payments
on each Class of Notes shall be made pro rata to the Noteholders of such Class
entitled thereto. The Indenture Trustee shall notify the Person in whose name a
Note is registered at the close of business on the Record Date preceding the
Distribution Date on which the Issuer expects that the final installment of
principal of and interest on such Note will be paid. Such notice shall be mailed
within five Business Days of receipt of notice of termination of the Trust
pursuant to Section 9.01(c) of the Trust Agreement and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section
10.02.

                  (c)  If the Issuer defaults in a payment of interest on the
Notes, the Issuer shall pay defaulted interest at the applicable Interest Rate
in any lawful manner. The

                                      -20-
<PAGE>   21

Issuer may pay such defaulted interest to the Persons who are Noteholders on any
Distribution Date in the manner and to the extent provided in the Transfer and
Servicing Agreement.

                  (d)  All payments to be made by the Issuer under this
Indenture shall be made only from the income and proceeds from the Trust Estate
and only to the extent that the Issuer shall have sufficient income or proceeds
from the Trust Estate to enable the Issuer to make payments in accordance with
the terms hereof. The Indenture Trustee is not personally liable for any amounts
payable under this Indenture, except to the extent of the Indenture Trustee's
negligence, willful misconduct or bad faith.

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

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

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

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

                                      -21-
<PAGE>   22

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

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

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

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

                  SECTION 2.11. DEFINITIVE NOTES. If (i)(A) the Administrator
advises the Indenture Trustee in writing that the Clearing Agency is no longer
willing or able to properly discharge its responsibilities as described in the
Note Depository Agreement, and (B) the Indenture Trustee or the Administrator is
unable to locate a qualified successor, (ii) the Administrator at its option
advises the Indenture Trustee in writing that it elects to terminate the
book-entry system through the Clearing Agency, or (iii) after the occurrence of
an Event of Default, Note Owners for such Notes representing not less than 66 %
of the Outstanding Amount of such Class of Notes advise the Indenture Trustee
and the Clearing Agency through the Clearing Agency Participants in writing that
the continuation of a book-entry system through the Clearing Agency is no longer
in the best interests of the related Note Owners, then the Indenture Trustee
shall notify all Note Owners of the related Class or Classes of Notes, through
the Clearing Agency, of the occurrence of any such event and of the availability
of Definitive Notes of the related Class of Notes to Note Owners requesting the
same. Upon surrender to the Indenture

                                      -22-
<PAGE>   23

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

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

                  SECTION 2.12. RELEASE OF COLLATERAL. The Indenture Trustee
shall release property from the lien of this Indenture only in accordance with
the provisions of Section 4.04.

                  SECTION 2.13. TAX TREATMENT. The Issuer and the purchasers of
the Notes intend, and will take all actions consistent with such intention, that
the Notes be treated as indebtedness which is solely secured by the assets of
the Trust for all federal, state, local, and foreign income and franchise tax
purposes and that, pursuant to Treasury Regulations Section 301.7701-3(b)(1)(ii)
as in effect for periods after January 1, 1997, the Trust be disregarded as a
separate entity from the Trust Depositor for federal income tax purposes. The
Issuer, by entering into this Indenture, and each Noteholder, by its acceptance
of its Note, agree to treat the Notes for federal, state and local income,
single business and franchise tax purposes as indebtedness.

                  SECTION 2.14 CUSIP NUMBERS. The Issuer in issuing the Notes
may use "CUSIP" or "private placement" numbers (if then generally in use), and,
if so, the Indenture Trustee shall indicate the "CUSIP" or "private placement"
numbers of the Notes in notices of redemption and related materials as a
convenience to Holders of Notes; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Notes or as contained in any notice of redemption and related materials.

                                  ARTICLE THREE

                    COVENANTS; REPRESENTATIONS AND WARRANTIES

                                      -23-
<PAGE>   24

                  SECTION 3.01. PAYMENT OF PRINCIPAL AND INTEREST. The Issuer
will duly and punctually pay the principal of and interest, if any, on the Notes
in accordance with the terms of the Notes and this Indenture. Without limiting
the foregoing, subject to Section 8.02(c), the Issuer and the Indenture Trustee
will cause to be deposited into the Note Distribution Account amounts allocated
pursuant to Section 7.05 of the Transfer and Servicing Agreement, and cause to
be distributed all such amounts on a Distribution Date as deposited therein (i)
for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (ii) for
the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (iii) for the
benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the
benefit of the Class A-4 Notes, to the Class A-4 Noteholders, (v) for the
benefit of the Class B Notes, to the Class B Noteholders and (vi) for the
benefit of the Class C Notes, to the Class C Noteholders, in each case as
further specified herein or therein. Amounts properly withheld under the Code by
any Person from a payment to any Noteholder of interest and/or principal shall
be considered as having been paid by the Issuer to such Noteholder for all
purposes of this Indenture.

                  SECTION 3.02. MAINTENANCE OF OFFICE OR AGENCY. The Issuer will
maintain in [Chicago, Illinois] an office or agency where Notes may be
surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Issuer in respect of the Notes and this Indenture may be
served. The Issuer hereby initially appoints the Indenture Trustee to serve as
its agent for the foregoing purposes. The Issuer will give prompt written notice
to the Indenture Trustee of the location, and of any change in the location, of
any such office or agency. If at any time the Issuer shall fail to maintain any
such office or agency or shall fail to furnish the Indenture Trustee with the
address thereof, such surrenders, notices and demands may be made or served at
the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee
as its agent to receive all such surrenders, notices and demands.

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

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

                                      -24-
<PAGE>   25

writing of its action or failure so to act.

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

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

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

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

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

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

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

                  Subject to applicable laws with respect to escheat of funds,
any money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for
two years after such amount

                                      -25-
<PAGE>   26

has become due and payable shall be discharged from such trust and upon receipt
of an Issuer Request shall be deposited by the Indenture Trustee in the
Collection Account; and the Holder of such Note shall thereafter, as an
unsecured general creditor, look only to the Issuer for payment thereof, and all
liability of the Indenture Trustee or such Paying Agent with respect to such
trust money shall thereupon cease; provided, however, that if such money or any
portion thereof had been previously deposited by the Issuer with the Indenture
Trustee for the payment of principal or interest on the Notes, and provided,
further, that the Indenture Trustee or such Paying Agent, before being required
to make any such repayment, may at the expense of the Issuer cause to be
published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in The City of New
York, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication,
any unclaimed balance of such money then remaining will be repaid to or for the
account of the Issuer. The Indenture Trustee may also adopt and employ, at the
expense of the Issuer, any other reasonable means of notification of such
repayment (including, but not limited to, mailing notice of such repayment to
Holders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in moneys due and payable but not
claimed is determinable from the records of the Indenture Trustee or of any
Paying Agent, at the last address of record for each such Holder).

                  SECTION 3.04. EXISTENCE. The Issuer will keep in full effect
its existence, rights and franchises as a business trust under the laws of the
State of Delaware (unless it becomes, or any successor Issuer hereunder is or
becomes, organized under the laws of any other state or of the United States, in
which case the Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and will obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the other Transaction Documents,
the Collateral and each other instrument or agreement included in the
Collateral.

                  SECTION 3.05. PROTECTION OF COLLATERAL. The Issuer intends the
security interest Granted pursuant to this Indenture in favor of the Indenture
Trustee on behalf of the Noteholders to be prior to all other liens in respect
of the Collateral, and the Issuer shall take all actions necessary to obtain and
maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders,
a first lien on and a first priority, perfected security interest in the
Collateral. In connection therewith, pursuant to Section 2.06 of the Transfer
and Servicing Agreement, the Issuer shall cause to be delivered into the
possession of the Indenture Trustee as pledgee hereunder, indorsed in blank, any
"instruments" (within the meaning of the UCC), not constituting part of chattel
paper, evidencing any Contract which is part of the Collateral. The Indenture
Trustee agrees to maintain continuous possession of such delivered instruments
as pledgee hereunder until this Indenture shall

                                      -26-
<PAGE>   27

have terminated in accordance with its terms or until, pursuant to the terms
hereof or of the Transfer and Servicing Agreement, the Indenture Trustee is
otherwise authorized to release such instrument from the Collateral. The Issuer
will from time to time execute and deliver all such supplements and amendments
hereto and all such financing statements, continuation statements, instruments
of further assurance and other instruments, all as prepared by the Servicer and
delivered to the Issuer, and will take such other action necessary or advisable
to:

                 (i)   grant more effectively all or any portion of the
         Collateral;

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

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

                 (iv)  enforce any of the Collateral;

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

                 (vi)  pay all taxes or assessments levied or assessed upon the
Collateral when due. The Issuer hereby designates the Indenture Trustee its
agent and attorney-in-fact to execute all financing statements, continuation
statements or other instruments required to be executed pursuant to this
Section. In no event shall the Indenture Trustee be responsible for filing or
maintaining such financing statements, continuation statements or other
instruments, unless it shall have become the Successor Servicer.

                  SECTION 3.06.  {RESERVED}.

                  SECTION 3.07.  PERFORMANCE OF OBLIGATIONS; SERVICING OF
CONTRACTS.

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

                                      -27-
<PAGE>   28

instrument or agreement.

                  (b)  The Issuer may contract with other Persons to assist it
in performing its duties and obligations under this Indenture, and any
performance of such duties by a Person identified to the Indenture Trustee in an
Officer's Certificate shall be deemed to be action taken by the Issuer. The
Indenture Trustee shall not be responsible for the action or inaction of the
Servicer or the Administrator. Initially, the Issuer has contracted with the
Servicer and the Administrator to assist the Issuer in performing its duties
under this Indenture.

                  (c)  The Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the other Transaction
Documents and in the instruments and agreements included in the Collateral,
including but not limited to filing or causing to be filed all UCC financing
statements and continuation statements required to be filed by the terms of this
Indenture and the Transfer and Servicing Agreement in accordance with and within
the time periods provided for herein and therein. Except as otherwise expressly
provided therein, the Issuer shall not waive, amend, modify, supplement or
terminate any Transaction Document or any provision thereof without the consent
of the Indenture Trustee or the Required Holders.

                  (d)  If the Issuer shall have knowledge of the occurrence of a
Servicer Default, the Issuer shall promptly notify in writing the Indenture
Trustee and each Rating Agency thereof. Upon any termination of the Servicer's
rights and powers pursuant to the Transfer and Servicing Agreement, the Issuer
shall promptly notify the Indenture Trustee in writing. As soon as a Successor
Servicer is appointed, the Issuer shall notify in writing the Indenture Trustee
and the Rating Agencies of such appointment (to the extent such party has not
already been notified pursuant to the Transfer and Servicing Agreement),
specifying in such notice the name and address of such Successor Servicer.

                  (e)  The Issuer agrees that it will not waive timely
performance or observance by the Servicer or the Originator of their respective
duties under the Transaction Documents if the effect thereof would adversely
affect the Holders of the Notes.

                  SECTION 3.08. NEGATIVE COVENANTS. Until the Termination Date,
the Issuer shall not:

                  (i)  except as expressly permitted by the Transaction
         Documents, sell, transfer, exchange or otherwise dispose of any of the
         properties or assets of the Issuer, including those included in the
         Collateral, unless directed to do so by the Indenture Trustee;

                                      -28-
<PAGE>   29

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

                 (iii) (A) permit the validity or effectiveness of this
         Indenture to be impaired, or permit the lien created by this Indenture
         to be amended, hypothecated, subordinated, terminated or discharged, or
         permit any Person to be released from any covenants or obligations with
         respect to the Notes under this Indenture except as may be expressly
         permitted hereby, (B) permit any lien, charge, excise, claim, security
         interest, mortgage or other encumbrance (other than the lien of this
         Indenture) to be created on or extend to or otherwise arise upon or
         burden the Collateral or any part thereof or any interest therein or
         the proceeds thereof (other than Permitted Liens), (C) permit the lien
         created by this Indenture not to constitute a valid first priority
         (other than with respect to any such tax, mechanics' or other lien)
         security interest in the Collateral, or (D) amend, modify or fail to
         comply with the provisions of the Transaction Documents without the
         prior written consent of the Indenture Trustee, except where the
         Transaction Documents allow for amendment or modification without the
         consent or approval of the Indenture Trustee; or

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

                  SECTION 3.09. ISSUER MAY CONSOLIDATE, ETC. ONLY ON CERTAIN
TERMS.

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

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

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

                                      -29-
<PAGE>   30

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

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

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

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

                 (vii) the Person (if other than the Issuer) formed by or
         surviving such consolidation or merger has a net worth, immediately
         after such consolidation or merger, that is (A) greater than zero and
         (B) not less than the net worth of the Issuer immediately prior to
         giving effect to such consolidation or merger.

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

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

                                      -30-
<PAGE>   31

         under or related to this Indenture and the Notes;

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

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

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

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

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

                 (vii) the Issuer has a net worth, immediately after such
         conveyance or transfer, that is (A) greater than zero and (B) not less
         than the net worth of the Issuer immediately prior to giving effect to
         such conveyance or transfer.

                  SECTION 3.10.  SUCCESSOR OR TRANSFEREE.

                  (a)  Upon any consolidation or merger of the Issuer in
accordance with Section 3.09(a), the Person formed by or surviving such
consolidation or merger (if other than the Issuer) shall succeed to, and be
substituted for, and may exercise every right and power of, the Issuer under
this Indenture with same effect as if such Person has been named as the Issuer
herein.

                  (b)  Upon a conveyance or transfer of all or substantially all
of the assets or properties of the Issuer pursuant to Section 3.09(b), the
Issuer will be released from every covenant and agreement of this Indenture to
be observed or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery of written notice to the Indenture Trustee stating
that the Issuer is to be so released.

                                      -31-
<PAGE>   32

                  SECTION 3.11. NO OTHER BUSINESS. The Issuer shall not engage
in any business other than financing, purchasing, owning, selling and managing
the Contracts in the manner contemplated by this Indenture and the other
Transaction Documents and activities incidental thereto.

                  SECTION 3.12. NO BORROWING. The Issuer shall not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any
Indebtedness except for (i) the Notes and (ii) any other Indebtedness permitted
by or arising under the other Transaction Documents. The proceeds of the Notes
and the Certificates shall be used exclusively to fund the Issuer's purchase of
the Contracts and the other assets specified in the Transfer and Servicing
Agreement, to fund the Reserve Fund and to pay the transactional expenses of the
Issuer.

                  SECTION 3.13. NOTICE OF EVENTS OF DEFAULT. The Issuer agrees
to give the Indenture Trustee and each Rating Agency prompt written notice of
each Event of Default hereunder and of a Servicer Default under the Transfer and
Servicing Agreement.

                  SECTION 3.14. FURTHER INSTRUMENTS AND ACTS. Upon request of
the Indenture Trustee, the Issuer will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to
carry out more effectively the purpose of this Indenture.

                  SECTION 3.15. COMPLIANCE WITH LAWS. The Issuer shall comply
with the requirements of all applicable laws, the non-compliance with which
would, individually or in the aggregate, materially and adversely affect the
ability of the Issuer to perform its obligations under the Notes, this Indenture
or any other Transaction Document.

                  SECTION 3.16. AMENDMENTS OF TRUST AGREEMENT. The Issuer shall
not permit the Owner Trustee to agree to any amendment to Section 11.01 of the
Trust Agreement to eliminate the requirements thereunder that the Indenture
Trustee or the Holders of the Notes consent to amendments thereto as provided
therein.

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

                  SECTION 3.18. REPRESENTATIONS AND WARRANTIES OF ISSUER. The
Issuer represents and warrants as follows:

                  (a)  POWER AND AUTHORITY. It has full power, authority and
         legal right to

                                      -32-
<PAGE>   33

         execute, deliver and perform its obligations as Issuer under this
         Indenture and the Notes (the foregoing documents, the "Issuer
         Documents") and under each of the other Transaction Documents to which
         the Issuer is a party.

                  (b)  DUE AUTHORIZATION AND BINDING OBLIGATION. The execution
         and delivery of the Issuer Documents and the consummation of the
         transactions provided for therein have been duly authorized by all
         necessary action on its part. Each of the Issuer Documents and the
         other Transaction Documents to which the Issuer is a party constitutes
         the legal, valid and binding obligation of the Issuer and is
         enforceable in accordance with its terms, except as enforcement of such
         terms may be limited by bankruptcy, insolvency or similar laws
         affecting the enforcement of creditors' rights generally and by the
         availability of equitable remedies.

                  (c)  NO CONFLICT. The execution and delivery of the Issuer
         Documents and the other Transaction Documents to which the Issuer is a
         party, the performance of the transactions contemplated thereby and the
         fulfillment of the terms thereof will not conflict with, result in any
         breach of any of the materials terms and provisions of, or constitute
         (with or without notice or lapse of time or both) a default under, any
         indenture, contract, agreement, mortgage, deed of trust, or other
         instrument to which the Issuer is a party or by which it or any of its
         property is bound.

                  (d)  NO VIOLATION. The execution and delivery of the Issuer
         Documents and the other Transaction Documents to which the Issuer is a
         party, the performance of the transactions contemplated thereby and the
         fulfillment of the terms thereof will not conflict with or violate, in
         any material respect, any Requirements of Law applicable to the Issuer.

                  (e)  ALL CONSENTS REQUIRED. All approvals, authorizations,
         consents, orders or other actions of any Person or any Governmental
         Authority required in connection with the execution and delivery of the
         Issuer Documents and the other Transaction Documents to which the
         Issuer is a party, the performance of the transactions contemplated
         thereby and the fulfillment of the terms thereof have been obtained.

                  (f)  NO PROCEEDINGS. No litigation or administrative
         proceeding of or before any court, tribunal or governmental body is
         currently pending, or to the knowledge of the Issuer, threatened,
         against the Issuer or any of its respective properties or with respect
         to the Issuer Documents or any other Transaction Document to which the
         Issuer is a party that, if adversely determined, would have a material
         adverse effect on the business, properties, assets or condition
         (financial

                                      -33-
<PAGE>   34

         or otherwise) of the Issuer or the transactions contemplated by the
         Issuer Documents or any of the other Transaction Documents to which the
         Issuer is a party.

                  (g)  ORGANIZATION AND GOOD STANDING. The Issuer is a business
         trust duly organized, validly existing and in good standing under the
         laws of Delaware and has the requisite power to own its assets and to
         transact the business in which it is currently engaged, and had at all
         relevant times, and now has, all necessary power, authority and legal
         right to acquire, own and sell the Contract Assets.

                  (h)  1940 ACT. The Issuer is not an "investment company"
         within the meaning of the Investment Company Act of 1940, as amended.

                  (i)  LOCATION. The Issuer has its chief executive office and
         place of business (as such terms are used in Article 9 of the UCC) in
         Newark, Delaware. The Issuer agrees that it will not change the
         location of such office to a location outside of Newark, Delaware,
         without at least 30 days prior written notice to the Originator, the
         Servicer, the Indenture Trustee and the Rating Agencies.

                  (j)  SECURITY INTEREST IN EQUIPMENT. The Equipment securing
         the Contracts is located in the states listed on Schedule 1 to the
         Transfer and Servicing Agreement. The Issuer has a perfected security
         interest in the Equipment and, upon the transfer and assignment of the
         Collateral hereunder, the Indenture Trustee will have a perfected
         security interest in the Equipment.

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

                  SECTION 4.01. SATISFACTION AND DISCHARGE OF INDENTURE. This
Indenture shall cease to be of further effect with respect to the Notes except
as to (i) rights of registration of transfer and exchange, (ii) substitution of
mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
receive payments of principal thereof and interest thereon, (iv) Sections 3.01,
3.03, 3.04, 3.05, 3.07, 3.08, 3.10, 3.12, 3.13, 3.15 and 3.16, (v) the rights,
obligations and immunities of the Indenture Trustee hereunder (including the
rights of the Indenture Trustee under Section 6.07 and the obligations of the
Indenture Trustee under Section 4.02) and (vi) the rights of Noteholders as
beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on
written demand of and at the expense of the Issuer, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with
respect to the Notes, when

                                      -34-
<PAGE>   35

                  (A)  either

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

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

                               (i)  have become due and payable, or

                               (ii) will become due and payable at the
                         applicable Maturity Date within one year, or

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

                  and the Issuer, in the case of (i), (ii) or (iii) above, has
                  irrevocably deposited or caused to be irrevocably deposited
                  with the Indenture Trustee cash or direct obligations of or
                  obligations guaranteed by the United States (which will mature
                  prior to the date such amounts are payable), in trust in an
                  Eligible Deposit Account (which shall be the Collection
                  Account or Note Distribution Account) for such purpose, in an
                  amount sufficient to pay and discharge the entire indebtedness
                  on such Note not theretofore delivered to the Indenture
                  Trustee for cancellation when due to the final scheduled
                  Distribution Date (if Notes shall have been called for
                  redemption pursuant to Section 10.01(a)), as the case may be;

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

                  (C)  the Issuer has delivered to the Indenture Trustee an
         Officer's Certificate and an Opinion of Counsel and an Independent
         Certificate from a firm

                                      -35-
<PAGE>   36

         of certified public accountants, each meeting the applicable
         requirements of Section 11.01(a) and, subject to Section 11.02, stating
         that all conditions precedent herein provided for relating to the
         satisfaction and discharge of this Indenture have been complied with
         and the Rating Agency Condition has been satisfied.

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

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

                  SECTION 4.04. RELEASE OF COLLATERAL. Subject to Section 11.01
and the terms of the Transaction Documents, the Indenture Trustee shall release
property from the lien of this Indenture only upon receipt of an Issuer Request
accompanied by an Officer's Certificate and an Opinion of Counsel and
Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or
an Opinion of Counsel in lieu of such Independent Certificates to the effect
that the TIA does not require any such Independent Certificates.

                                  ARTICLE FIVE

                                    REMEDIES

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

                                      -36-
<PAGE>   37

                  (a)      failure to pay on each Distribution Date the full
                           amount of accrued interest on any Note;

                  (b)      failure to pay the then outstanding Principal Amount
                           of any Note, if any, on its related Maturity Date;

                  (c)      (i) failure on the part of the Originator to make any
                           payment or deposit required under the Transfer and
                           Servicing Agreement within three Business Days after
                           the date the payment or deposit is required to be
                           made, or (ii) failure on the part of the Originator,
                           the Trust Depositor, the Issuer, the Indenture
                           Trustee or the Owner Trustee to observe or perform
                           any other covenants or agreements of such entity set
                           forth in the Transfer and Servicing Agreement or the
                           Indenture, which failure has a material adverse
                           effect on the Noteholders and which continues
                           unremedied for a period of 60 days after written
                           notice; provided, that no such 60-day cure period
                           shall apply in the case of a failure by the
                           Originator to perform its agreement to repurchase or
                           substitute for Ineligible Contracts, and further
                           provided, that only a five-day cure period shall
                           apply in the case of a failure by the Originator, the
                           Indenture Trustee or the Owner Trustee to observe
                           their respective covenants not to grant a security
                           interest in or otherwise intentionally create a lien
                           on the Contracts;

                  (d)      any representation or warranty made by the
                           Originator, the Trust Depositor, the Indenture
                           Trustee or the Owner Trustee in the Transfer and
                           Servicing Agreement or the Indenture or any
                           information required to be given by the Originator or
                           the Trust Depositor to the Indenture Trustee to
                           identify the Contracts proves to have been incorrect
                           in any material respect when made and continues to be
                           incorrect in any material respect for a period of 60
                           days after written notice and as a result of which
                           the interests of the Noteholders are materially and
                           adversely affected; provided, however, that an Event
                           of Default shall not be deemed to occur thereunder if
                           the Originator has repurchased the related Contracts
                           through the Trust Depositor during such period in
                           accordance with the provisions of the Transfer and
                           Servicing Agreement;

                  (e)      the occurrence of an Insolvency Event relating to the
                           Trust Depositor or the Issuer; or

                  (f)      the Issuer becomes an "investment company" within the
                           meaning of

                                      -37-
<PAGE>   38

                           the Investment Company Act of 1940, as amended.

                  SECTION 5.02. RIGHTS UPON EVENT OF DEFAULT; NOTICE. If an
Event of Default referred to in clause (e) of Section 5.01 has occurred, then
and in every such case the unpaid principal of the Notes, together with interest
accrued but unpaid thereon, and all other amounts due to the Noteholders under
the Indenture, shall immediately and without further act become due and payable.

                  In the case of any event described in clause (a), (b), (c),
(d), (f) or (g) of Section 5.01, an Event of Default with respect to the Notes
will be deemed to have occurred provided such Event of Default may be waived if
the Required Holders provide written notice to the Trust Depositor, Indenture
Trustee and the Servicer of such waiver. In the event the Indenture Trustee has
actual knowledge of an Event of Default, it shall give written notice thereof to
the Trust Depositor, the Originator, the Servicer, the Owner Trustee and the
Rating Agencies.

                  If an Insolvency Event relating to the Trust Depositor occurs,
pursuant to the Trust Agreement and the Transfer and Servicing Agreement, on the
day of such Insolvency Event, the Trust Depositor shall promptly give written
notice to the Indenture Trustee of the Insolvency Event, and the Indenture
Trustee shall, unless notified to the contrary in writing prior to such sale by
the Required Holders, promptly act pursuant to and in accordance with the terms
thereof to sell, dispose of or otherwise liquidate, at the expense of the Trust,
the Collateral in a commercially reasonable manner and on commercially
reasonable terms. The Indenture Trustee shall conclusively rely upon an opinion
of an Independent investment banking or accounting firm of national reputation
as to the commercial reasonableness of its action. The proceeds from any such
sale, disposition or liquidation of Contracts shall be deposited in the
Collection Account and allocated as described in the Transfer and Servicing
Agreement and herein.

                  Promptly following its receipt of notice hereunder or under
any other Transaction Document of any Event of Default, the Indenture Trustee
shall send a copy thereof to the Issuer and each Rating Agency.

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

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

                                      -38-
<PAGE>   39

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

                  (b)  The Indenture Trustee, following the occurrence of an
Event of Default, shall have full right, power and authority to take, or defer
from taking, any and all acts with respect to the administration, maintenance or
disposition of the Collateral.

                  (c)  If an Event of Default occurs and is continuing, the
Indenture Trustee may in its discretion (except as provided in Section 5.03(d)),
proceed to protect and enforce its rights and the rights of the Noteholders, by
such appropriate Proceedings as shall be deemed most effective to protect and
enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right vested
in the Indenture Trustee by this Indenture or by law.

                  (d)  Notwithstanding anything to the contrary contained in
this Indenture, if an Event of Default shall have occurred and be continuing,
and if the Issuer fails to perform its obligations under Section 10.01(b) when
and as due, the Indenture Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Noteholders by such appropriate
Proceedings as the Indenture Trustee shall deem most effective to protect and
enforce any such rights, whether for specific performance of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right vested
in the Indenture Trustee by this Indenture or by law, provided that the
Indenture Trustee shall only be entitled to take any such actions to the extent
such actions (i) are taken only to enforce the Issuer's obligations to redeem
the principal amount of Notes, and (ii) are taken only against the Collateral,
any investments therein and any proceeds thereof.

                  (e)  In case there shall be pending, relative to the Issuer or
any other obligor upon the Notes or any Person having or claiming an ownership
interest in the Collateral, Proceedings under any Insolvency Law, or in case a
receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
sequestrator or similar official shall have been appointed for or taken
possession of the Issuer or its property or such other obligor or Person, or in
case of any other comparable judicial Proceedings relative to the Issuer or
other obligor upon the Notes, or to the creditors or property of the Issuer or
such other obligor, the Indenture Trustee, irrespective of whether the principal
of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall
have made any demand pursuant to the provisions of this Section, shall be
entitled and empowered, by intervention in such

                                      -39-
<PAGE>   40

Proceedings or otherwise:

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

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

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

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

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

                 (f)   Nothing herein contained shall be deemed to authorize the
Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or
compensation affecting the Notes or the rights of any Holder thereof or to
authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except,

                                      -40-
<PAGE>   41

as aforesaid, to vote for the election of a trustee in bankruptcy or similar
Person.

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

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

                  SECTION 5.04. REMEDIES. If an Event of Default shall have
occurred and be continuing, the Indenture Trustee (subject to Section 5.05) may,
and shall if so directed by the Required Holders in writing:

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

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

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

                  (iv) direct the Owner Trustee to sell the Collateral or any
         portion thereof or rights or interest therein, at one or more public or
         private sales called and conducted in any manner permitted by law;
         provided, however, that the Indenture Trustee may not sell or otherwise
         liquidate the Collateral following an Event of Default, other than an
         Event of Default described in Section 5.01(a) or (b), unless (A) the
         Holders of 100% of the Principal Amount of the Notes consent thereto,
         (B) the proceeds of such sale or liquidation distributable to the
         Noteholders are sufficient to discharge in full all amounts then due
         and unpaid upon such Notes

                                      -41-
<PAGE>   42

         for principal and interest or (C) the Indenture Trustee determines that
         the Collateral will not continue to provide sufficient funds for the
         payment of principal of and interest on the Notes as they would have
         become due if the Notes had not been declared due and payable, and the
         Indenture Trustee provides prior written notice to each Rating Agency
         and obtains the consent of the Required Holders. In determining such
         sufficiency or insufficiency with respect to clauses (B) and (C), the
         Indenture Trustee may, but need not, obtain and conclusively rely upon
         an opinion of an Independent investment banking or accounting firm of
         national reputation as to the feasibility of such proposed action and
         as to the sufficiency of the Collateral for such purpose and shall in
         no event be liable for relying on such opinions; provided, however,
         upon the occurrence of an Event of Default described in Section
         5.01(e), caused solely from an event described in such subparagraph
         occurring with respect to the Trust Depositor, the Collateral will be
         liquidated by the Indenture Trustee, at the expense of the Trust, and
         the Trust will be terminated 90 days after the date of such Insolvency
         Event, unless, before the end of such 90-day period, the relevant
         Trustee shall have received written instructions from the Required
         Holders, to the effect that such Required Holders disapprove of the
         liquidation of such Collateral and termination of such Trust.

                  SECTION 5.05. OPTIONAL PRESERVATION OF THE CONTRACTS.
Following an Event of Default and if such Event of Default has not been
rescinded and annulled, and except as otherwise provided above, the Indenture
Trustee may, but need not, elect to maintain possession of the Collateral;
provided, however, that the Indenture Trustee shall at all times maintain
possession of the Collateral, consisting of "instruments" (within the meaning of
the UCC), not constituting part of chattel paper (if any), evidencing any
Contract that had previously been delivered to the Indenture Trustee as part of
the Collateral, unless and until such "instruments" are delivered in connection
with a realization with respect to the Collateral in accordance with the terms
of this Indenture. It is the desire of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal and
interest on the Notes, and the Indenture Trustee shall take such desire into
account when determining whether or not to maintain possession of the
Collateral. In determining whether to maintain possession of the Collateral, the
Indenture Trustee may, but need not, obtain and conclusively rely upon an
opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the
sufficiency of the Collateral for such purpose.

                  SECTION 5.06.  PRIORITIES.

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

                                      -42-
<PAGE>   43

priority:

                         first, so much of such payment as shall be required to
                  reimburse the Indenture Trustee for any accrued and unpaid
                  fees, expenses and indemnity payments due it either as
                  Indenture Trustee or as a paying agent of the Issuer, any tax,
                  fee, expense, charge or other loss incurred by the Indenture
                  Trustee (to the extent not previously reimbursed) (including,
                  without limitation, the expense of sale, taking or other
                  proceeding, attorneys' fees and expenses, court costs, and any
                  other expenditures incurred or expenditures or advances made
                  by the Indenture Trustee in the protection, exercise or
                  enforcement of any right, power or remedy or any damages
                  sustained by the Indenture Trustee, liquidated or otherwise,
                  upon the Event of Default giving rise to such expenditures or
                  advances) and the costs and expenses associated with the
                  appointment of a Successor Servicer and the transition
                  relating thereto (which amount shall not, taken in the
                  aggregate with all other amounts withdrawn pursuant to this
                  Section 5.06(a)(first) and Section 8.02(c)(second), exceed
                  $100,000) shall be applied by the Indenture Trustee in
                  reimbursement of such costs and expenses;

                         second, so much of such payment remaining as shall be
                  required to reimburse the Noteholders in full for certain
                  indemnity payments, if any, made by such Noteholders to the
                  Indenture Trustee (to the extent not previously reimbursed)
                  shall be distributed to the Noteholders, and, if the aggregate
                  amount remaining shall be insufficient to reimburse all such
                  payments in full, it shall be distributed ratably, without
                  priority of any Noteholder over any other, in the proportion
                  that the aggregate amount of such unreimbursed indemnity
                  payments made by each such Noteholder bears to the aggregate
                  amount of such unreimbursed indemnity payments made by all
                  Noteholders;

                         third, so much of such payment remaining as shall be
                  required to pay to the Servicer its Servicing Fee for the
                  preceding monthly period, together with any amounts in respect
                  of the Servicer's Fees that were due in respect of prior
                  monthly periods that remain unpaid;

                         fourth, so much of such payment remaining as shall be
                  required to pay in full the aggregate amount of all accrued
                  but unpaid interest to the date of distribution on the Class
                  A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
                  Class A-4 Notes shall be distributed to the Class A-1
                  Noteholders, the Class A-2 Noteholders, the Class A-3
                  Noteholders and

                                      -43-
<PAGE>   44

                  the Class A-4 Noteholders and, if the aggregate amount
                  remaining shall be insufficient to pay all such amounts in
                  full, it shall be distributed ratably, without priority of any
                  one Class A-1 Note, one Class A-2 Note, one Class A-3 Note and
                  one Class A-4 Note over any other Class A-1 Note, over any
                  other Class A-2 Note, over any other Class A-3 Note or over
                  any other Class A-4 Note in the proportion that the aggregate
                  amount of all accrued but unpaid interest to the date of
                  distribution on each Class A-1 Note, Class A-2 Note, Class A-3
                  Note or Class A-4 Note bears to the aggregate amount of all
                  accrued but unpaid interest to the date of distribution on all
                  Class A-1 Notes, Class A-2 Notes, Class A-3 Note and Class A-4
                  Notes;

                         fifth, so much of such payment remaining as shall be
                  required to pay in full the aggregate amount of all accrued
                  but unpaid interest to the date of distribution on the Class B
                  Notes shall be distributed to the Class B Noteholders, and, if
                  the aggregate amount remaining shall be insufficient to pay
                  all such amounts in full, it shall be distributed ratably,
                  without priority of any one Class B Note over any other Class
                  B Note, in the proportion that the aggregate amount of all
                  accrued but unpaid interest to the date of distribution on
                  each Class B Note bears to the aggregate amount of all accrued
                  but unpaid interest to the date of distribution on all Class B
                  Notes;

                         sixth, so much of such payment remaining as shall be
                  required to pay in full the aggregate amount of all accrued
                  but unpaid interest to the date of distribution on the Class C
                  Notes shall be distributed to the Class C Noteholders, and, if
                  the aggregate amount remaining shall be insufficient to pay
                  all such amounts in full, it shall be distributed ratably,
                  without priority of any one Class C Note over any other Class
                  C Note, in the proportion that the aggregate amount of all
                  accrued but unpaid interest to the date of distribution on
                  each Class C Note bears to the aggregate amount of all accrued
                  but unpaid interest to the date of distribution on all Class C
                  Notes;

                         seventh, the balance, if any, of such payment remaining
                  thereafter shall be distributed to the Class A-1 Noteholders
                  in order to pay in full the outstanding aggregate amount of
                  principal of the Class A-1 Notes, and, if the aggregate amount
                  remaining shall be insufficient to pay all such amounts in
                  full, it shall be distributed ratably, without priority of any
                  one Class A-1 Note over any other Class A-1 Note, in the
                  proportion that the aggregate unpaid principal amount of each
                  Class A-1 Note bears to the aggregate unpaid principal amount
                  of all Class A-1 Notes;

                                      -44-
<PAGE>   45

                         eighth, the balance, if any, of such payment remaining
                  thereafter shall be distributed ratably to the Class A-2
                  Noteholders, the Class A-3 Noteholders and the Class A-4
                  Noteholders in order to pay in full the outstanding aggregate
                  amount of principal of the Class A-2 Notes, the Class A-3
                  Notes and the Class A-4 Notes, and, if the aggregate amount
                  remaining shall be insufficient to pay all such amounts in
                  full, it shall be distributed ratably, without priority of any
                  one Class A-2 Note, one Class A-3 Note or one Class A-4 Note
                  over any other Class A-2 Note, any other Class A-3 Note or any
                  other Class A-4 Note, in the proportion that the aggregate
                  unpaid principal amount of each Class A-2 Note, Class A-3 Note
                  and Class A-4 Note bears to the aggregate unpaid principal
                  amount of all Class A-2 Notes, Class A-3 Notes and Class A-4
                  Notes;

                         ninth, the balance, if any, of such payment remaining
                  thereafter shall be distributed ratably to the Class B
                  Noteholders to pay in full the aggregate amount of principal
                  of the Class B Notes then due pursuant to or in respect of the
                  Class B Notes, and, if the aggregate amount remaining shall be
                  insufficient to pay all such amounts in full, it shall be
                  distributed ratably, without priority of any one Class B Note
                  over any other Class B Note, in the proportion that the
                  aggregate unpaid principal amount of each Class B Note bears
                  to the aggregate unpaid principal amount of all Class B Notes;

                         tenth, the balance, if any, of such payment remaining
                  thereafter shall be distributed ratably to the Class C
                  Noteholders to pay in full the aggregate amount of principal
                  of the Class C Notes then due pursuant to or in respect of the
                  Class C Notes, and, if the aggregate amount remaining shall be
                  insufficient to pay all such amounts in full, it shall be
                  distributed ratably, without priority of any one Class C Note
                  over any other Class C Note, in the proportion that the
                  aggregate unpaid principal amount of each Class C Note bears
                  to the aggregate unpaid principal amount of all Class C Notes;

                         eleventh, the balance, if any, of such payment
                  remaining thereafter shall be paid to the Indenture Trustee as
                  shall be required to reimburse the Indenture Trustee for any
                  amounts due and not paid under Section 5.06(a) (first); and

                         twelfth, the balance, if any, of such payments
                  remaining thereafter shall be distributed to the Owner Trustee
                  on behalf of the Issuer for application pursuant to the terms
                  of the Trust Agreement.

                                      -45-
<PAGE>   46

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

                  SECTION 5.07. LIMITATION OF SUITS. No Holder of any Note shall
have any right to institute any Proceeding, judicial or otherwise, with respect
to this Indenture, or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless (and in all events subject to Section 11.16
hereof):

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

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

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

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

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

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

                  In the event the Indenture Trustee shall receive conflicting
or inconsistent requests and indemnity from two or more groups of Holders of
Notes, each representing less than a majority of the Outstanding Amount of the
Notes, the Indenture Trustee in its sole discretion may determine what action,
if any, shall be taken, notwithstanding any other provisions of this Indenture.

                                      -46-
<PAGE>   47

                  SECTION 5.08. UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE
PRINCIPAL AND INTEREST. Notwithstanding any other provisions in the Indenture,
the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest on such Note
on or after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and
to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Holder.

                  SECTION 5.09. RESTORATION OF RIGHTS AND REMEDIES. If the
Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any
right or remedy under this Indenture and such Proceeding has been discontinued
or abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Indenture Trustee
and the Noteholders shall, subject to any determination in such Proceeding, be
restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Indenture Trustee and the Noteholders
shall continue as though no such Proceeding had been instituted.

                  SECTION 5.10. RIGHTS AND REMEDIES CUMULATIVE. No right or
remedy herein conferred upon or reserved to the Indenture Trustee or to the
Noteholders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

                  SECTION 5.11. DELAY OR OMISSION NOT A WAIVER. No delay or
omission of the Indenture Trustee or any Holder of any Note to exercise any
right or remedy accruing upon any Default of Event of Default shall impair any
such right or remedy or constitute a waiver of any such Default or Event of
Default or an acquiescence therein. Every right and remedy given by this Article
Five or by law to the Indenture Trustee or to the Noteholders may be exercised
from time to time, and as often as may be deemed expedient, by the Indenture
Trustee or by the Noteholders, as the case may be.

                  SECTION 5.12. CONTROL BY NOTEHOLDERS. The Required Holders
shall have the right to direct the time, method and place of conducting any
Proceeding for any remedy available to the Indenture Trustee with respect to the
Notes or exercising any trust or power conferred on the Indenture Trustee (in
all events subject to Section 6.02(f)); provided that:

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

                                      -47-
<PAGE>   48

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

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

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

Notwithstanding the rights of Noteholders set forth in this Section, subject to
Section 6.01, the Indenture Trustee need not take any action that it determines
might involve it in liability or might materially and adversely affect the
rights of any Noteholders not consenting to such action.

                  SECTION 5.13. WAIVER OF PAST DEFAULTS. In the case of any
waiver of an Event of Default, the Issuer, the Indenture Trustee and the Holders
of the Notes shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other Event
of Default or impair any right consequent thereto. Upon any such waiver, such
Event of Default shall cease to exist and be deemed to have been cured and not
to have occurred, for every purpose of this Indenture.

                  SECTION 5.14. UNDERTAKING FOR COSTS. All parties to this
Indenture agree, and each Holder of any Note by such Holder's acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Indenture Trustee for any action taken, suffered or omitted
by it as Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to (i) any suit instituted by the
Indenture Trustee, (ii) any suit instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Notes or (iii) any suit instituted by any Noteholder
for the enforcement of the payment of principal of or interest on any Note on or
after the respective due dates expressed in such Note and in this Indenture (or,
in the case of redemption, on or after the Redemption Date).

                                      -48-
<PAGE>   49

                  SECTION 5.15. WAIVER OF STAY OR EXTENSION LAWS. The Issuer
covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead or in any manner whatsoever, claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at
any time hereafter in force, that may affect the covenants or the performance of
this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantages of any such law, and covenants that
it will not hinder, delay or impede the execution of any power herein granted to
the Indenture Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted.

                  SECTION 5.16. ACTION ON NOTES. The Indenture Trustee's right
to seek and recover judgment on the Notes or under this Indenture shall not be
affected by the seeking, obtaining or application of any other relief under or
with respect to this Indenture. Neither the lien of this Indenture nor any
rights or remedies of the Indenture Trustee or the Noteholders shall be impaired
by the recovery of any judgment by the Indenture Trustee against the Issuer or
by the levy of any execution under such judgment upon any portion of the
Collateral or upon any of the assets of the Issuer. Any money or property
collected by the Indenture Trustee shall be applied in accordance with Section
5.06.

                  SECTION 5.17. PERFORMANCE AND ENFORCEMENT OF CERTAIN
OBLIGATIONS.

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

                  (b)  If an Event of Default has occurred and is continuing,
the Indenture Trustee may, and at the direction (which direction shall be in
writing, including facsimile) of the Required Holders shall, exercise all
rights, remedies, powers, privileges and claims of the Issuer against the Trust
Depositor or the Servicer under or in connection with the Transfer and Servicing
Agreement, including the right or power to take any action to compel or secure
performance or observance by the Trust Depositor or the Servicer of each of
their obligations to the Issuer thereunder and to give any consent, request,
notice,

                                      -49-
<PAGE>   50

direction, approval, extension or waiver under the Transfer and Servicing
Agreement, and any right of the Issuer to take such action shall be suspended.

                                   ARTICLE SIX

                              THE INDENTURE TRUSTEE

                  SECTION 6.01.  DUTIES OF INDENTURE TRUSTEE.

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

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

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

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

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

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

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

                 (iii) the Indenture Trustee shall not be liable with respect
         to any action it takes or omits to take in good faith in accordance
         with a direction received by it pursuant to Section 5.12.

                                      -50-
<PAGE>   51

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

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

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

                  (g)  The Indenture Trustee shall have no discretionary duties
other than those explicitly set forth in this Indenture.

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

                  SECTION 6.02.  RIGHTS OF INDENTURE TRUSTEE.

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

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

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

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

                                      -51-
<PAGE>   52

willful misconduct, negligence or bad faith.

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

                  (f)  The Indenture Trustee shall be under no obligation to
institute, conduct or defend any litigation under this Indenture or in relation
to this Indenture, at the request, order or direction of any of the Holders of
Notes, pursuant to the provisions of this Indenture, unless such Holders of
Notes shall have offered to the Indenture Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be
incurred therein or thereby; provided, however, that the Indenture Trustee
shall, upon the occurrence of an Event of Default (that has not been cured),
exercise the rights and powers vested in it by this Indenture in a manner
consistent with Section 6.01.

                  (g)  The Indenture Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order,
approval, bond or other paper or document, unless so requested in writing by the
Holders of Notes evidencing not less than 25% of the Outstanding Amount of the
Notes; provided, however, that if the payment within a reasonable time to the
Indenture Trustee of the costs, expenses or liabilities likely to be incurred by
it in the making of such investigation is, in the opinion of the Indenture
Trustee, not reasonably assured to the Indenture Trustee by the security
afforded to it by the terms of this Indenture or the Transfer and Servicing
Agreement, the Indenture Trustee may require indemnity satisfactory to it
against such cost, expense or liability as a condition to so proceeding; the
reasonable expense of every such examination shall be paid by the Person making
such request, or, if paid by the Indenture Trustee, shall be reimbursed by the
Person making such request upon demand.

                  (h)  The Indenture Trustee shall not be required to give any
bond or surety in respect of the performance of its powers and duties hereunder.

                  (i)  The Indenture Trustee shall not be bound to ascertain or
inquire as to the performance or observance of any covenants, conditions or
agreements on the part of the Issuer.

                  (j)  The permissive rights of the Indenture Trustee to do
things enumerated in this Indenture shall not be construed as a duty and the
Indenture Trustee shall not be answerable for other than its negligence or
willful default.

                                      -52-
<PAGE>   53

                  (k)  Except for (i) a default under Sections 5.01(a) or (b)
hereof or (ii) any other event of which a Responsible Officer of the Indenture
Trustee has "actual knowledge" and which event, with the giving of notice or the
passage of time or both, would constitute an Event of Default under this
Indenture, the Indenture Trustee shall not be deemed to have notice of any Event
of Default or Servicer Default unless specifically notified in writing of such
event by the Issuer or any Noteholder; as used herein, the term "actual
knowledge" means the actual fact or statement of knowing, by a Responsible
Officer without any duty to make any investigation with regard thereto.

                  (l)  In the event that the Indenture Trustee is also acting as
Paying Agent or Transfer Agent and Registrar hereunder, the rights and
protections afforded to the Indenture Trustee pursuant to this Article Six shall
also be afforded to such Paying Agent or Transfer Agent or Registrar.

                  (m)  In no event shall the Indenture Trustee be liable for the
selection of Eligible Investments or for investment losses incurred thereon. The
Indenture Trustee shall have no liability in respect of losses incurred as a
result of the liquidation of any such investment prior to its stated maturity or
the failure of the party directing such investment to provide timely written
investment direction. The Indenture Trustee shall have no obligation to invest
or reinvest any amounts held hereunder in the absence of such written investment
direction.

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

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

                  SECTION 6.05. NOTICE OF DEFAULTS. If a Default occurs and is
continuing and if it is actually known to a Responsible Officer of the Indenture
Trustee, the Indenture Trustee shall mail to each Noteholder notice of the
Default within 90 days after it occurs. Except in the case of a Default in
payment of principal of or interest on any Note (including payments pursuant to
the redemption of such Notes), the Indenture

                                      -53-
<PAGE>   54

Trustee may withhold the notice if and so long as a committee of its Responsible
Officers in good faith determines that withholding the notice is in the
interests of Noteholders.

                  SECTION 6.06. REPORTS BY INDENTURE TRUSTEE TO HOLDERS. The
Indenture Trustee shall deliver to each Noteholder such information, including
without limitation, IRS Form 1099, as may be required to enable such Holder to
prepare its federal and state income tax returns.

                  SECTION 6.07. COMPENSATION AND INDEMNITY. The Issuer shall pay
or shall cause the Administrator or Servicer to pay to the Indenture Trustee
from time to time reasonable compensation for its services as Indenture Trustee
and as Paying Agent (if the Indenture Trustee serves as such) to the extent such
compensation is not otherwise paid to the Indenture Trustee. The Indenture
Trustee's compensation shall not be limited by any law on compensation of a
trustee of an express trust. The Issuer shall or shall cause the Administrator
or the Servicer to reimburse the Indenture Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in
addition to the compensation for its services. Such expenses shall include the
reasonable compensation and expenses, disbursements and advances of the
Indenture Trustee's agents, counsel, accountants and experts. The Issuer shall
indemnify or shall cause the Administrator or the Servicer to indemnify the
Indenture Trustee against any and all loss, liability or expense (including
attorneys' fees and expenses) incurred by it in connection with the
administration of this Indenture and the performance of its duties hereunder,
under the Transfer and Servicing Agreement, the Administration Agreement, the
Custodian Agreement and any other document or transaction contemplated herewith
or therewith or as a Paying Agent for the Issuer. The Indenture Trustee shall
notify the Issuer and the Administrator promptly of any claim for which it may
seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the
Administrator shall not relieve the Issuer or the Administrator of its
obligations hereunder. The Issuer shall defend or shall cause the Administrator
or the Servicer to defend any such claim, and the Indenture Trustee may have
separate counsel and the Issuer shall pay or shall cause the Administrator or
the Servicer to pay the fees and expenses of such counsel. Neither the Issuer
nor the Administrator or the Servicer need reimburse any expense or indemnify
against any loss, liability or expense incurred by the Indenture Trustee through
the Indenture Trustee's own willful misconduct, negligence or bad faith.

                  The Issuer's payment and indemnification obligations to the
Indenture Trustee pursuant to this Section shall survive the discharge of this
Indenture and the earlier removal or resignation of the Indenture Trustee. When
the Indenture Trustee incurs expenses after the occurrence of a Default
specified in Section 5.01(d), (e) or (f) with respect to the Issuer, the
expenses are intended to constitute expenses of administration under applicable
Insolvency Law.

                                      -54-
<PAGE>   55

                  SECTION 6.08. REPLACEMENT OF INDENTURE TRUSTEE. The Indenture
Trustee may resign at any time by so notifying the Issuer and the Servicer. The
Issuer may remove the Indenture Trustee if:

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

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

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

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

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

                  If a successor Indenture Trustee does not take office within
60 days after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the

                                      -55-
<PAGE>   56

Issuer or the Holders of a majority in Outstanding Amount of the Notes may
petition any court of competent jurisdiction for the appointment of a successor
Indenture Trustee.

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

                  Any resignation or removal of the Indenture Trustee and
appointment of a successor Indenture Trustee pursuant to any of the provisions
of this Section shall not become effective until acceptance of appointment by
the successor Indenture Trustee pursuant to this Section and payment of all fees
and expenses owed to the outgoing Indenture Trustee. Notwithstanding the
replacement of the Indenture Trustee pursuant to this Section, the retiring
Indenture Trustee shall be entitled to payment or reimbursement of such amounts
as such Person is entitled pursuant to Section 6.07.

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

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

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

                  (a)  Notwithstanding any other provision of this Indenture, at
any time, for the purpose of meeting any legal requirement of any jurisdiction
in which any part of the Collateral may at the time be located, the Indenture
Trustee and the Administrator acting jointly shall have the power and may
execute and deliver all instruments to appoint one or more Persons to act as a
co-Indenture Trustee or co-Indenture Trustees, jointly

                                      -56-
<PAGE>   57

with the Indenture Trustee, or separate Indenture Trustee or separate Indenture
Trustees, of all or any part of the Trust, and to vest in such Person or
Persons, in such capacity and for the benefit of the Noteholders, such title to
the Collateral, or any part hereof, and, subject to the other provisions of this
Section, such powers, duties, obligations, rights and trusts as the Indenture
Trustee and the Administrator may consider necessary or desirable. If the
Administrator shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, the Indenture Trustee alone shall have the
power to make such appointment. No co-Indenture Trustee or separate Indenture
Trustee hereunder shall be required to meet the terms of eligibility of a
successor Indenture Trustee under Section 6.11 and no notice to Noteholders of
the appointment of any co-Indenture Trustee or separate Indenture Trustee shall
be required under Section 6.08.

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

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

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

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

                  (c)  Any notice, request or other writing given to the
Indenture Trustee shall be deemed to have been given to each of the then
separate Indenture Trustees and co-Indenture Trustees, as effectively as if
given to each of them. Every instrument appointing any separate Indenture
Trustee or co-Indenture Trustee shall refer to this Agreement and the conditions
of this Article. Each separate Indenture Trustee and co-

                                      -57-
<PAGE>   58

Indenture Trustee, upon its acceptance of the trusts conferred, shall be vested
with the estates or property specified in its instrument of co-appointment,
either jointly with the Indenture Trustee or separately, as may be provided
therein, subject to all of the provisions of this Indenture, specifically
including every provision of this Indenture relating to the conduct of,
affecting the liability of or affording protection to, the Indenture Trustee.
Every such instrument shall be filed with the Indenture Trustee and a copy
thereof given to the Administrator.

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

                  SECTION 6.11. ELIGIBILITY. The Indenture Trustee shall at all
times satisfy the requirements of TIA Section 310(a). The Indenture Trustee
hereunder shall at all times be a financial institution organized and doing
business under the laws of the United States of America or any state, authorized
under such laws to exercise corporate trust powers, whose long term unsecured
debt is rated at least Baa3 by Moody's, BBB- by S&P and BBB- by Fitch (if rated
by Fitch) and shall have a combined capital and surplus of at least $50,000,000
or shall be a member of a bank holding system the aggregate combined capital and
surplus of which is $50,000,000 and subject to supervision or examination by
federal or state authority, provided that the Indenture Trustee's separate
capital and surplus shall at all times be at least the amount required by
Section 310(a)(2) of the TIA. If such Person publishes reports of condition at
least annually, pursuant to law or to the requirements of a supervising or
examining authority, then for the purposes of this Section 6.11, the combined
capital and surplus of such Person 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 Indenture Trustee shall cease to be eligible in accordance
with the provisions of this Section 6.11, the Indenture Trustee shall resign
immediately in the manner and with the effect specified in Section 6.08. The
Indenture Trustee shall comply with TIA Section 310(b); provided, however, that
there shall be excluded from the operation of TIA Section 310(b)(1) any
indenture or indentures under which other securities of the Issuer are
outstanding if the requirements for such exclusion set forth in TIA Section
310(b)(1) are met.

                  SECTION 6.12. PREFERENTIAL COLLECTION OF CLAIMS AGAINST
ISSUER. The

                                      -58-
<PAGE>   59

Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated.

                  SECTION 6.13. REPRESENTATIONS AND WARRANTIES OF INDENTURE
TRUSTEE. The Indenture Trustee in its individual capacity and as Indenture
Trustee represents and warrants as follows:

                  (a)  ORGANIZATION AND CORPORATE POWER. It is a duly organized
         and validly existing [Illinois] banking corporation in good standing
         under the laws of each jurisdiction where its business so requires. It
         has full corporate power, authority and legal right to execute, deliver
         and perform its obligations as Indenture Trustee under this Indenture
         and the Transfer and Servicing Agreement (the foregoing documents, the
         "Indenture Trustee Documents") and to authenticate the Notes.

                  (b)  DUE AUTHORIZATION. The execution and delivery of the
         Indenture Trustee Documents, the consummation of the transactions
         provided for therein and the authentication of the Notes have been duly
         authorized by all necessary corporate action on its part, either in its
         individual capacity or as Indenture Trustee, as the case may be.

                  (c)  NO CONFLICT. The execution and delivery of the Indenture
         Trustee Documents, the performance of the transactions contemplated
         thereby and the fulfillment of the terms thereof (including the
         authentication of the Notes) will not conflict with, result in any
         breach of any of the material terms and provisions of, or constitute
         (with or without notice or lapse of time or both) a default under, any
         indenture, contract, agreement, mortgage, deed of trust, or other
         instrument to which the Indenture Trustee is a party or by which it or
         any of its property is bound.

                  (d)  NO VIOLATION. The execution and delivery of the Indenture
         Trustee Documents, the performance of the transactions contemplated
         thereby and the fulfillment of the terms thereof (including the
         authentication of the Notes) will not conflict with or violate, in any
         material respect, any Requirements of Law applicable to the Indenture
         Trustee.

                  (e)  ALL CONSENTS REQUIRED. All approvals, authorizations,
         consents, orders or other actions of any Person or any Governmental
         Authority applicable to the Indenture Trustee, required in connection
         with the execution and delivery of the Indenture Trustee Documents, the
         performance by the Indenture Trustee of the transactions contemplated
         thereby and the fulfillment by the Indenture Trustee of

                                      -59-
<PAGE>   60

         the terms thereof (including the authentication of the Notes), have
         been obtained.

                  (f)  VALIDITY, ETC. Each Indenture Trustee Document
         constitutes a legal, valid and binding obligation of the Indenture
         Trustee, enforceable against the Indenture Trustee in accordance with
         its terms, except as such enforceability may be limited by Insolvency
         Laws and except as such enforceability may be limited by general
         principles of equity, concepts of materiality and reasonableness
         (whether considered in a suit at law or in equity) or by an implied
         covenant of good faith and fair dealing.

                                  ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

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

                  SECTION 7.02. PRESERVATION OF INFORMATION: COMMUNICATION TO
NOTEHOLDERS.

                  (a)  The Indenture Trustee shall preserve, in as current a
form as is reasonably practicable, the names and addresses of the Noteholders
contained in the most recent list furnished to the Indenture Trustee as provided
in Section 7.01 and the names and addresses of Noteholders received by the
Indenture Trustee in its capacity as Note Registrar and shall otherwise comply
with TIA Section 312(a). The Indenture Trustee may destroy any list furnished to
it as provided in such Section 7.01 upon receipt of a new list so furnished.

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

                  (c)  The Issuer, the Indenture Trustee and the Note Registrar
shall have

                                      -60-
<PAGE>   61

the protection of TIA Section 312(c).

                  SECTION 7.03. REPORTS BY ISSUER.

                  (a)  The Issuer shall:

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

                 (ii)  file with the Indenture Trustee and the Commission in
         accordance with rules and regulations prescribed from time to time by
         the Commission such additional information, documents and reports with
         respect to compliance by the Issuer with the conditions and covenants
         of this Indenture as may be required from time to time by such rules
         and regulations;

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

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

                  SECTION 7.04. REPORTS BY INDENTURE TRUSTEE. (a) If required by
TIA Section 313(a), within 60 days after January 31 beginning with January 31,
2001, the Indenture Trustee shall mail to each Noteholder as required by TIA
Section 313(c) a brief report dated as of such date that complies with TIA
Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b).

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

                  The Indenture Trustee shall mail to each Noteholder within a
reasonable period of time after the end of each calendar year, but in no event
later than February 28, commencing in February, 2001, a Form 1099 under the Code
with respect to amounts

                                      -61-
<PAGE>   62

paid to such Noteholder with respect to the Notes during the immediately
preceding calendar year ending December 31.

                  (b)  With respect to each Distribution Date and the related
Collection Period, the Indenture Trustee will provide to each Noteholder, on the
related Determination Date, the Monthly Report that it has received from the
Servicer.

                                  ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

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

                  SECTION 8.02. TRUST ACCOUNTS.

                  (a)  On or prior to the Closing Date, the Issuer shall cause
the Servicer to establish and maintain, in the name of the Indenture Trustee,
for the benefit of the Noteholders and the Certificateholders, the Trust
Accounts as provided in Section 7.01 of the Transfer and Servicing Agreement.

                  (b)  On or before each Distribution Date, all amounts required
to be disbursed to the Indenture Trustee with respect to the preceding
Collection Period pursuant to Section 7.01 of the Transfer and Servicing
Agreement will be transferred from the Collection Account and/or the Reserve
Fund and deposited by the Indenture Trustee upon receipt to the Note
Distribution Account.

                  (c)  On each Distribution Date prior to the occurrence of an
Event of Default, the Indenture Trustee shall distribute all amounts on deposit
in the Note

                                      -62-
<PAGE>   63

Distribution Account to Noteholders in respect of the Notes to the extent of
amounts due and unpaid on the Notes for principal and interest as follows and in
the following order of priority:

                         first, so much of such installment or payment as shall
                  be required to reimburse the Servicer for Unreimbursed
                  Servicer Advances;

                         second, if a Successor Servicer is being appointed, the
                  costs and expenses of the Indenture Trustee associated with
                  such Successor Servicer and the transition relating thereto
                  (which amount shall not, taken in the aggregate with all other
                  amounts withdrawn for such purpose, exceed $100,000);

                         third, so much of such installment or payment as shall
                  be required to pay the Servicer its monthly Servicing Fee for
                  the preceding Collection Period, which includes the amounts
                  payable for the fees and expenses of the Trustees; provided
                  that the Indenture Trustee may deduct and remit to its own
                  account any accrued and unpaid fees, and unpaid expenses and
                  indemnity payments due to it as Indenture Trustee and, if it
                  is also acting as a paying agent for the Issuer, as Paying
                  Agent, but only if and to the extent such amounts shall not
                  have been paid timely by the Servicer and in no event shall
                  amounts payable on a Distribution Date with respect to the
                  monthly fee and expenses of the Indenture Trustee exceed
                  $25,000 per month;

                           fourth so much of such installment or payment as
                  shall be required to pay in full the aggregate amount of
                  interest then due on or in respect of the Class A-1 Notes,
                  the Class A-2 Notes, the Class A-3 Notes and the Class A-4
                  Notes shall be distributed to the Class A-1 Noteholders, the
                  Class A-2 Noteholders, the Class A-3 Noteholders and the Class
                  A-4 Noteholders ratably, without priority of any one Class A-1
                  Note, one Class A-2 Note, one Class A-3 Note or one Class A-4
                  Note over any other Class A-1 Note, any other Class A-2 Note,
                  any other Class A-3 Note or any other Class A-4 Note, in the
                  proportion that the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on each Class A-1 Note,
                  each Class A-2 Note, each Class A-3 Note and each Class A-4
                  Note bears to the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on all Class A-1 Notes,
                  all Class A-2 Notes, all Class A-3 Notes and all Class A-4
                  Notes;

                           fifth, so much of such installment or payment as
                  shall be required to pay in full the aggregate amount of
                  interest then due on or in respect of

                                      -63-
<PAGE>   64

                  the Class B Notes shall be distributed to the Class B
                  Noteholders ratably, without priority of any one Class B Note
                  over any other Class B Note, in the proportion that the
                  aggregate amount of all accrued but unpaid interest to the
                  date of distribution on each Class B Note bears to the
                  aggregate amount of all accrued but unpaid interest to the
                  date of distribution on all Class B Notes;

                           sixth, so much of such installment or payment as
                  shall be required to pay in full the aggregate amount of
                  interest then due on or in respect of the Class C Notes shall
                  be distributed to the Class C Noteholders ratably, without
                  priority of any one Class C Note over any other Class C Note,
                  in the proportion that the aggregate amount of all accrued but
                  unpaid interest to the date of distribution on each Class C
                  Note bears to the aggregate amount of all accrued but unpaid
                  interest to the date of distribution on all Class C Notes;

                           seventh, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-1 Noteholders to pay in full the aggregate amount
                  of the Class A Principal Payment Amount then due pursuant to
                  or in respect of the Class A-1 Notes, without priority of any
                  one Class A-1 Note over any other Class A-1 Note, in the
                  proportion that the unpaid principal amount of each Class A-1
                  Note bears to the aggregate unpaid principal amount of all
                  Class A-1 Notes;

                           eighth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-2 Noteholders to pay in full the aggregate amount
                  of the Class A Principal Payment Amount then due pursuant to
                  or in respect of the Class A-2 Notes, without priority of any
                  one Class A-2 Note over any other Class A-2 Note, in the
                  proportion that the aggregate unpaid principal amount of each
                  Class A-2 Note bears to the aggregate unpaid principal amount
                  of all Class A-2 Notes; provided, that the Outstanding Amount
                  of the Class A-1 Notes is $0;

                           ninth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-3 Noteholders to pay in full the aggregate amount
                  of the Class A Principal Payment Amount then due pursuant to
                  or in respect of the Class A-3 Notes, without priority of any
                  one Class A-3 Note over any other Class A-3 Note, in the
                  proportion that the unpaid principal amount of each Class

                                      -64-
<PAGE>   65

                  A-3 Note bears to the aggregate unpaid principal amount of all
                  Class A-3 Notes; provided, that the Outstanding Amount of the
                  Class A-1 Notes and Class A-2 Notes is $0;

                           tenth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class A-4 Noteholders to pay in full the aggregate amount
                  of the Class A Principal Payment Amount then due pursuant to
                  or in respect of the Class A-4 Notes, without priority of any
                  one class A-4 Note over any other Class A-4 Note, in the
                  proportion that the aggregate unpaid principal amount of each
                  Class A-4 Note bears to the unpaid principal amount of all
                  Class A-4 Notes; provided, that the Outstanding Amount of the
                  Class A-1 Notes, Class A-2 Notes and Class A-3 Notes is $0;

                           eleventh, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class B Noteholders to pay in full the aggregate amount of
                  the Class B Principal Payment Amount then due pursuant to or
                  in respect of the Class B Notes, without priority of any one
                  Class B Note over any other Class B Note, in the proportion
                  that the unpaid principal amount of each Class B Note bears to
                  the aggregate unpaid principal amount of all Class B Notes;
                  provided, that the Outstanding Amount of the Class A-1 Notes
                  is $0;

                           twelfth, the balance, if any, of such installment or
                  payment remaining thereafter shall be distributed ratably to
                  the Class C Noteholders to pay in full the aggregate amount of
                  the Class C Principal Payment Amount then due pursuant to or
                  in respect of the Class C Notes, without priority of any one
                  Class C Note over any other Class C Note, in the proportion
                  that the unpaid principal amount of each Class C Note bears to
                  the aggregate unpaid principal amount of all Class C Notes;
                  provided, that the Outstanding Amount of the Class A-1 Notes
                  is $0;

                           thirteenth, the balance, if any, of such installment
                  or payment remaining thereafter shall be distributed ratably
                  to the Class A-2 Noteholders to pay in full the lesser of (i)
                  the Additional Principal and (ii) the Outstanding Amount of
                  Class A-2 Notes (after giving effect to the Class A Principal
                  Payment Amount), without priority of any one Class A-2 Note
                  over any other Class A-2 Note, in the proportion that the
                  aggregate unpaid principal amount of each Class A-2 Note bears
                  to the aggregate unpaid principal amount of all Class A-2
                  Notes; provided, that the Outstanding Amount of the Class A-1
                  Notes is $0;

                                      -65-
<PAGE>   66

                           fourteenth, the balance, if any, of such installment
                  or payment remaining thereafter shall be distributed ratably
                  to the Class A-3 Noteholders to pay in full the lesser of (i)
                  the Additional Principal and (ii) the Outstanding Amount of
                  Class A-3 Notes (after giving effect to the Class A Principal
                  Payment Amount), without priority of any one Class A-3 Note
                  over any other Class A-3 Note, in the proportion that the
                  aggregate unpaid principal amount of each Class A-3 Note bears
                  to the aggregate unpaid principal amount of all Class A-3
                  Notes; provided, that the Outstanding Amount of the Class A-1
                  Notes and Class A-2 Notes is $0;

                           fifteenth, the balance, if any, of such installment
                  or payment remaining thereafter shall be distributed ratably
                  to the Class A-4 Noteholders to pay in full the lesser of (i)
                  the Additional Principal and (ii) the Outstanding Amount of
                  Class A-4 Notes (after giving effect to the Class A Principal
                  Payment Amount), without priority of any one Class A-4 Note
                  over any other Class A-4 Note, in the proportion that the
                  aggregate unpaid principal amount of each Class A-4 Note bears
                  to the aggregate unpaid principal amount of all Class A-4
                  Notes; provided, that the Outstanding Amount of the Class A-1
                  Notes, Class A-2 Notes and Class A-3 Notes is $0;

                           sixteenth, the balance, if any, of such installment
                  or payment remaining thereafter shall be distributed ratably
                  to the Class B Noteholders to pay in full the lesser of (i)
                  the Additional Principal and (ii) the Outstanding Amount of
                  Class B Notes (after giving effect to the Class B Principal
                  Payment Amount), without priority of any one Class B Note over
                  any other Class B Note, in the proportion that the aggregate
                  unpaid principal amount of each Class B Note bears to the
                  aggregate unpaid principal amount of all Class B Notes;
                  provided, that the Outstanding Amount of the Class A-1 Notes,
                  Class A-2 Notes, Class A-3 Notes and Class A-4 Notes is $0;

                           seventeenth, the balance, if any, of such installment
                  or payment remaining thereafter shall be distributed ratably
                  to the Class C Noteholders to pay in full the lesser of (i)
                  the Additional Principal and (ii) the Outstanding Amount of
                  Class C Notes (after giving effect to the Class C Principal
                  Payment Amount), without priority of any one Class C Note over
                  any other Class C Note, in the proportion that the aggregate
                  unpaid principal amount of each Class C Note bears to the
                  aggregate unpaid principal amount of all Class C Notes;
                  provided, that the Outstanding Amount of the Class A-1 Notes,
                  Class A-2 Notes, Class A-3 Notes, Class

                                      -66-
<PAGE>   67

                  A-4 Notes and Class B Notes is $0;

                           eighteenth, if the sum of (i) the remaining Available
                  Amounts, (ii) any other funds available in the Collection
                  Account as of the Determination Date (which for purposes of
                  this subparagraph eighteenth will be deemed to be "Available
                  Amounts") and (iii) the remaining amounts held in the Reserve
                  Fund equals or exceeds the sum of the remaining Principal
                  Amount of the Notes and any accrued and unpaid Servicing Fee,
                  distribute ratably to the Noteholders an amount equal to such
                  remaining Principal Amount;

                           nineteenth, unless the Principal Amount of all Notes
                  will be fully paid on such Distribution Date, to the Reserve
                  Fund an amount, if any, that, when so deposited, causes the
                  balance in the Reserve Fund to equal the Required Reserve
                  Amount;

                           twentieth, unless the Principal Amount of all Notes
                  will be fully paid on such Distribution Date, if a Spread
                  Event exists, the balance to the Spread Fund;

                           twenty-first, to the Indenture Trustee, to the extent
                  of any remaining amounts due and payable to it; and

                           twenty-second, the balance, if any, shall be paid to
                  the Owner Trustee on behalf of the Issuer for application
                  pursuant to the terms of the Trust Agreement.

                  SECTION 8.03.  GENERAL PROVISIONS REGARDING ACCOUNTS.

                  (a)  So long as no Default or Event of Default shall have
occurred and be continuing, all or a portion of the funds in the Trust Accounts
shall be invested in accordance with the provisions of Section 7.03 of the
Transfer and Servicing Agreement. Except as otherwise provided in Section 7.03
of the Transfer and Servicing Agreement, all income or other gain from
investments of moneys deposited in such Trust Accounts shall be deposited by the
Indenture Trustee in the Collection Account, and any loss resulting from such
investments shall be charged to the related Trust Account unless the Issuer (or
the Servicer on behalf of the Issuer) deposits funds to such Trust Account to
offset any loss realized. The Issuer will not direct the Indenture Trustee or
permit the Servicer to make any investment of any funds or to sell any
investment held in any of the Trust Accounts unless the security interest
granted and perfected in such account will continue to be perfected in such
investment or the proceeds of such sale, in either case without any further
action by any Person, and, in connection with any direction to the Indenture
Trustee to make any such investment or sale, if requested by the Indenture

                                      -67-
<PAGE>   68

Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of
Counsel, acceptable to the Indenture Trustee, to such effect.

                  (b)  Subject to Section 6.01(c), the Indenture Trustee shall
not in any way be held liable by reason of any insufficiency in any of the Trust
Accounts resulting from any loss on any Eligible Investment included therein
except for losses attributable to the Indenture Trustee's failure to make
payments on such Eligible Investments issued by the Indenture Trustee, in its
commercial capacity as principal obligor and not as Indenture Trustee, in
accordance with their terms.

                  (c)  If (i) the Issuer shall have failed to give written
investment directions for any funds on deposit in the Trust Accounts to the
Indenture Trustee by 11:00 a.m., New York City time (or such other time as may
be agreed by the Issuer and Indenture Trustee), on any Business Day or (ii) a
Default or Event of Default shall have occurred and be continuing with respect
to the Notes but the Notes shall not have been declared due and payable pursuant
to Section 5.02 or (iii) if such Notes shall have been declared due and payable
following an Event of Default, but amounts collected or receivable from the
Collateral are being applied in accordance with Section 5.06 as if there had not
been such a declaration, then the Indenture Trustee shall invest funds in the
Trust Accounts in investments meeting the requirements of clause (vi) of the
definition of Eligible Investment in the Transfer and Servicing Agreement and
shall promptly notify the Issuer. The Indenture Trustee shall have no
responsibility for losses on investments made in accordance with this Section
8.03(c), and all income and losses shall be for the account of the related Trust
Account.

                  SECTION 8.04.  RELEASE OF COLLATERAL.

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

                  (b)  The Indenture Trustee shall, at such time as there are no
Notes Outstanding and all sums due the Indenture Trustee pursuant to Section
6.07 have been paid, release any remaining portion of the Collateral that
secured the Notes from the lien of this Indenture without representation,
warranty or recourse and release to the Issuer or any other Person entitled
thereto any funds then on deposit in the Trust Accounts. The

                                      -68-
<PAGE>   69

Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section 8.04(b) only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and (if required
by the TIA as so stated in the Opinion of Counsel) Independent Certificates in
accordance with TIA Sections 314(c) and 314(d)(1) and in each case meeting the
applicable requirements of Section 11.01.

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

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

                  SECTION 9.01. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF
NOTEHOLDERS.

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

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

                                      -69-
<PAGE>   70

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

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

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

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

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

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

                 The Indenture Trustee is hereby authorized to join in the
exemption of any such supplemental indenture and to make any further appropriate
agreements and stipulations that may be therein contained. Any amendment or
supplemental indenture entered into pursuant to this Section 9.01 shall not
adversely affect the interests of the Holders of the Notes in any material
respect, as evidenced by an Opinion of Counsel delivered to the Indenture
Trustee.

                 SECTION 9.02. SUPPLEMENTAL INDENTURES WITH CONSENT OF
NOTEHOLDERS. The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, also may, with prior notice to each Rating Agency, and with the consent
of the Required Holders, by Act of such Holders delivered to the Issuer and the
Indenture Trustee, enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of

                                      -70-
<PAGE>   71

modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that, no such supplemental indenture shall,
without the consent of the Holder of each Outstanding Note affected thereby:

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

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

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

                  (iv) reduce the percentage of the Outstanding Amount of the
         Notes required to direct the Indenture Trustee to sell or liquidate the
         Collateral pursuant to Section 5.04 or amend the provisions of this
         Article which specify the percentage of the Outstanding Amount of the
         Notes required to amend this Indenture or the other Transaction
         Documents;

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

                  (vi) permit the creation of any lien ranking prior to or on a
         parity with the lien created by this Indenture with respect to any part
         of the Collateral or, except as otherwise permitted or contemplated
         herein, terminate the lien created

                                      -71-
<PAGE>   72

         by this Indenture on any property at any time subject hereto or deprive
         the Holder of any Note of the security provided by the lien created by
         this Indenture; or

                 (vii) alter or modify the provisions of the Transfer and
         Servicing Agreement with respect to the order of priorities in which
         Collections on the Contracts shall be paid to Noteholders or with
         respect to the amount or timing of payments on the Notes; or

                (viii) reduce, modify or amend any indemnities in favor of any
         Noteholder or in favor of or to be paid by the Trust Depositor, or
         alter the definition of "Indemnities" to exclude any Noteholder, except
         as consented to by each person adversely affected by the change.

                  Neither the Issuer, the Indenture Trustee nor any of their
respective affiliates shall, directly or indirectly, pay or cause to be paid any
consideration, whether by way of interest, fee or otherwise, to any Note Owner
for or as an inducement to any consent, waiver or amendment of any of the terms
or provisions of this Indenture, the Transfer and Servicing Agreement or the
Notes unless such consideration is offered to be paid to all Note Owners that so
consent, waive or agree to amend in the time frame set forth in solicitation
documents relating to such consent, waiver or agreement.

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

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

                  SECTION 9.03. EXECUTION OF SUPPLEMENTAL INDENTURES. In
executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Indenture Trustee shall be entitled to receive,
and subject to Sections 6.01 and 6.02 shall be fully protected in relying upon,
an Opinion of Counsel stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture, that all conditions precedent to
the execution of such supplemental indenture have been met and that such actions
shall not adversely affect the interests of the Holders of the Notes in any
material respect. The Indenture Trustee may, but shall not be obligated to,
enter into any such

                                      -72-
<PAGE>   73

supplemental indenture that affects the Indenture Trustee's own rights, duties,
liabilities or immunities under this Indenture or otherwise.

                  SECTION 9.04. EFFECT OF SUPPLEMENTAL INDENTURE. Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and be deemed to be modified and amended in accordance
therewith with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the parties hereto and the Holders of the Notes shall
thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all of the terms and
conditions of any such supplemental indenture shall be and be deemed to be part
of the terms and conditions of this Indenture for any and all purposes.

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

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

                                   ARTICLE TEN

                               REDEMPTION OF NOTES

                  SECTION 10.01. REDEMPTION.

                  (a)  In the event that the Trust Depositor pursuant to Section
11.03 of the Transfer and Servicing Agreement purchases (through the Trust
Depositor) the corpus of the Trust, the Notes are subject to redemption in
whole, but not in part, on the Distribution Date on which such repurchase
occurs, for a purchase price equal to the sum of (i) the outstanding principal,
and accrued interest on the Notes, plus (ii) the amount of Unreimbursed Servicer
Advances (as defined in the Transfer and Servicing Agreement) (if any exist that
have not been effectively waived and released by the Servicer) as well as
accrued and unpaid monthly Servicing Fees (as defined in the Transfer and
Servicing

                                      -73-
<PAGE>   74

Agreement) to the date of repurchase; provided, however, that the Issuer has
available funds sufficient to pay such amounts. The Originator, the Trust
Depositor, the Servicer or the Issuer shall furnish each Rating Agency with
notice of such redemption. If the Notes are to be redeemed pursuant to this
Section 10.01(a), the Servicer or the Issuer shall furnish written notice of
such election to the Indenture Trustee not later than 20 days prior to the
Redemption Date and the Issuer shall deposit with the Indenture Trustee in the
Note Distribution Account the Redemption Date Amount of the Notes to be redeemed
whereupon all such Notes shall be due and payable on the Redemption Date upon
the furnishing of a notice complying with Section 10.02 to each Holder of the
Notes.

                  (b)  In the event that the assets of the Trust are sold
pursuant to Section 9.02 of the Trust Agreement or Section 5.03(b) of this
Indenture, the proceeds of such sale shall be distributed as provided in Section
5.06. If amounts are to be paid to Noteholders pursuant to this Section
10.01(b), the Servicer or the Issuer shall, to the extent practicable, furnish
written notice of such event to the Indenture Trustee not later than 20 days
prior to the Redemption Date whereupon all such amounts shall be payable on the
Redemption Date.

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

                  All notices of redemption shall state:

                  (i)  the Redemption Date;

                  (ii) the Redemption Date Amount; and

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

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

                  SECTION 10.03. NOTES PAYABLE ON REDEMPTION DATE. The Notes or
portions thereof to be redeemed shall, following notice of redemption (if any)
as required

                                      -74-
<PAGE>   75

by Section 10.02, on the Redemption Date become due and payable at the
Redemption Date Amount and (unless the Issuer shall default in the payment of
the Redemption Date Amount) no interest shall accrue on the Redemption Date
Amount for any period after the date to which accrued interest is calculated for
purposes of calculating the Redemption Date Amount.

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

                  SECTION 11.01. COMPLIANCE CERTIFICATES AND OPINIONS, ETC.

                  (a)  Upon any application or request by the Issuer to the
Indenture Trustee to take any action under any provision of this Indenture, the
Issuer shall furnish to the Indenture Trustee (i) an Officer's Certificate
stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with, (ii) an Opinion of
Counsel stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with, and (iii) (if required by the TIA as
so stated in the Opinion of Counsel) an Independent Certificate from a firm of
certified public accountants meeting the applicable requirements of this Section
and TIA Sections 314(c) and 314(d)(1), except that, in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

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

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

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

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

                  (iv) a statement as to whether, in the opinion of each such
         signatory,

                                      -75-
<PAGE>   76

         such condition or covenant has been complied with.

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

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

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

                  (iv) Whenever the Issuer is required to furnish to the
         Indenture Trustee an Officer's Certificate certifying or stating the
         opinion of any signer thereof as to the matters described in clause
         (iii) above, the Issuer shall also furnish to the Indenture Trustee an
         Independent Certificate as to the same matters if the fair value of the
         property or securities and of all other property or securities (other
         than property described in clauses (A) or (B) of Section 11.01(b)(v))
         released from the lien created by this Indenture since the commencement
         of the then current fiscal year, as set forth in the certificates
         required by clause (iii) above and

                                      -76-
<PAGE>   77

         this clause (iv), equals 10% or more of the Outstanding Amount of the
         Notes, but such a certificate need not be furnished in the case of any
         release of property or securities if the fair value thereof as set
         forth in the related Officer's Certificate is less than $25,000 or less
         than one percent of the then Outstanding Amount of the Notes.

                  (v)  Notwithstanding any other provision of this Section, the
         Issuer may, without compliance with the other provisions of this
         Section, (A) collect, liquidate, sell or otherwise dispose of the
         Contracts as and to the extent permitted or required by the Transaction
         Documents, (B) make cash payments out of the Trust Accounts as and to
         the extent permitted or required by the Transaction Documents, so long
         as the Issuer shall deliver to the Indenture Trustee every six months,
         commencing [__________], 2000, an Officer's Certificate stating that
         all the dispositions of Collateral described in clauses (A) or (B) that
         occurred during the preceding six calendar months were in the ordinary
         course of the Issuer's business and that the proceeds thereof were
         applied in accordance with the Transaction Documents.

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

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

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

                                      -77-
<PAGE>   78

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

                  SECTION 11.03. ACTS OF NOTEHOLDERS.

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

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

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

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

                  SECTION 11.04. NOTICES. All notices, demands, certificates,
requests and communications hereunder ("notices") shall be in writing and shall
be effective (a) upon receipt when sent through the U.S. mails, registered or
certified mail, return receipt

                                      -78-
<PAGE>   79

requested, postage prepaid, with such receipt to be effective the date of
delivery indicated on the return receipt, or (b) one Business Day after delivery
to an overnight courier, or (c) on the date personally delivered to, with
respect to the Indenture Trustee, a Responsible Officer or an Authorized Officer
of any other party to which sent, or (d) on the date transmitted by legible
telecopier transmission with a confirmation of receipt, in all cases addressed
to the recipient at the address specified in the Transfer and Servicing
Agreement for such recipient.

                  Each party hereto may, by notice given in accordance herewith
to each of the other parties hereto, designate any further or different address
to which subsequent notices shall be sent.

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

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

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

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

                  SECTION 11.06. ALTERNATE PAYMENT AND NOTICE PROVISIONS.
Notwithstanding any provisions of this Indenture or any of the Notes to the
contrary, the

                                      -79-
<PAGE>   80

Issuer may enter into any agreement, with the consent of any Paying Agent,
including the Indenture Trustee if acting as Paying Agent, and the consent of
the Indenture Trustee with any Holder of a Note providing for a method of
payment, or notice by the Indenture Trustee or any Paying Agent to such Holder,
that is different from the methods provided for in this Indenture for such
payments or notices. The Issuer will furnish to the Indenture Trustee a copy of
each such agreement and the Indenture Trustee will cause payments to be made and
notices to be given in accordance with such agreements.

                  SECTION 11.07. EFFECT OF HEADINGS AND TABLE OF CONTENTS. The
Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.

                  SECTION 11.08. SUCCESSORS AND ASSIGNS. All covenants and
agreements in this Indenture and the Notes by the Issuer shall bind its
successors and assigns, whether so expressed or not. All agreements of the
Indenture Trustee in this Indenture shall bind its successors, co-Indenture
Trustees and agents.

                  SECTION 11.09. SEPARABILITY. In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

                  SECTION 11.10. BENEFITS OF INDENTURE. Nothing in this
Indenture or in the Notes, express or implied, shall give to any Person, other
than the parties hereto and their successors hereunder, and the Noteholders, and
any other party secured hereunder, and any other Person with an ownership
interest in any part of the Collateral, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

                  SECTION 11.11. LEGAL HOLIDAYS. In any case where the date on
which any payment is due shall not be a Business Day, then (notwithstanding any
other provision of the Notes or this Indenture) payment need not be made on such
date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

                  SECTION 11.12. GOVERNING LAW. (a) THIS INDENTURE SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES UNDER THE AGREEMENT SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                      -80-
<PAGE>   81

                  (b)  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS INDENTURE. Each party hereto (i) certifies that no representative,
agent or attorney of any other party has represented, expressly or otherwise,
that such other party would not, in the event of litigation, seek to enforce the
foregoing waiver and (ii) acknowledges that it and the other parties hereto have
been induced to enter into this Indenture by, among other things, the mutual
waivers and certifications in this Section 11.12(b).

                  SECTION 11.13. COUNTERPARTS. This Indenture may be executed in
several counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

                  SECTION 11.14. RECORDING OF INDENTURE. If this Indenture is
subject to recording in any appropriate public recording offices, such recording
is to be effected by the Issuer and at its expense accompanied by an Opinion of
Counsel (which may be counsel to the Indenture Trustee or any other counsel
reasonably acceptable to the Indenture Trustee) to the effect that such
recording is necessary either for the protection of the Noteholders or any other
Person secured hereunder or for the enforcement of any right or remedy granted
to the Indenture Trustee under this Indenture.

                  SECTION 11.15. TRUST OBLIGATION. (a) No recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer, the Owner
Trustee or the Indenture Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection herewith or therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director, employee or agent of the
Indenture Trustee or the Owner Trustee in its individual capacity, any holder of
a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. For all purposes of
this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Article Six, Seven and Eight of the Trust
Agreement.

                  The Bank of New York (Delaware) acts solely as Owner Trustee
of the Trust hereunder and not in its individual capacity, and all Persons
having any claim

                                      -81-
<PAGE>   82

against the Trust by reason of the transactions contemplated by this Agreement
or any other Transaction Document shall look only to the Trust Estate for
payment or satisfaction thereof. The Owner Trustee shall at no time have any
responsibility or liability for or with respect to the legality, validity and
enforceability of any Contract, or the perfection and priority of any security
interest created by any Contract in any Equipment or the maintenance of any such
perfection and priority, or for or with respect to the sufficiency of the Trust
Estate or its ability to generate the payments to be distributed to the
Noteholders hereunder, including, without limitation, the existence, condition
and ownership of any Equipment; the existence and enforceability of any
insurance thereon; the existence and contents of any Contract on any computer or
other record thereof; the validity of the assignment of any Contract to the
Trust or of any intervening assignment; the completeness of any Contract; the
performance or enforcement of any Contract; the compliance by the Issuer, the
Trust Depositor or the Servicer with any covenant, agreement or other obligation
or any warranty or representation made under any Transaction Document or in any
related document or the accuracy of any such warranty or representation; or any
action of the Administrator, the Indenture Trustee or the Servicer or any
subservicer taken in the name of the Owner Trustee or the Trust.

                  SECTION 11.16. NO PETITION. The parties hereto, by entering
into this Indenture, and each Noteholder, by accepting a Note or a beneficial
interest in a Note, hereby covenant and agree that they will not at any time
institute against the Originator, the Issuer or any General Partner, or join in
any institution against the Originator, the Issuer or any General Partner
thereof, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the
Notes, this Indenture or any of the other Transaction Documents; provided,
however, that nothing herein shall prohibit the Indenture Trustee from filing
proofs of claim or otherwise participating in any such proceedings instituted by
any other person.

                  SECTION 11.17. INSPECTION. The Issuer agrees that, on
reasonable prior notice, it will permit any representative of the Indenture
Trustee, during the Issuer's normal business hours, to examine all the books of
account, records, reports and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by independent certified
public accountants, and to discuss the Issuer's affairs, finances and accounts
with the Issuer's officers, employees and independent certified public
accountants, all at such reasonable times and as often as may be reasonably
requested. The Indenture Trustee shall and shall cause its representatives to
hold in confidence all such information except to the extent disclosure may be
required by law (and all reasonable applications for confidential treatment are
unavailing) and except to the extent that the Indenture Trustee may reasonably
determine that such disclosure is consistent with its obligations hereunder.
Notwithstanding anything herein to the

                                      -82-
<PAGE>   83

contrary, the foregoing shall not be construed to prohibit (i) disclosure of any
and all information that is or becomes publicly known, or information obtained
by the Indenture Trustee from sources other than the Issuer, (ii) disclosure of
any and all information (A) if required to do so by any applicable statute, law,
rule or regulation, (B) to any government agency or regulatory body having or
claiming authority to regulate or oversee any aspects of the Indenture Trustee's
business or that of its affiliates, (C) pursuant to any subpoena, civil
investigative demand or similar demand or request of any court, regulatory
authority, arbitrator or arbitration to which the Indenture Trustee or an
affiliate or an officer, director, employer or shareholder thereof is a party,
(D) in any preliminary or final offering circular, registration statement or
contract or other document pertaining to the transactions contemplated herein
approved in advance by the Issuer or (E) to any affiliate, independent or
internal auditor, agent, employee or attorney of the Indenture Trustee having a
need to know the same, provided that the Indenture Trustee advises such
recipient of the confidential nature of the information being disclosed, or
(iii) any other disclosure authorized by the Issuer.

                  SECTION 11.18. CONFLICT WITH TRUST INDENTURE ACT. If any
provision hereof limits, qualifies or conflicts with another provision hereof
that is required to be included in this Indenture by any of the provisions of
the Trust Indenture Act, such required provision shall control.

                  SECTION 11.19. COMMUNICATION BY NOTE OWNERS WITH OTHER NOTE
OWNERS. Note Owners may communicate with other Note Owners with respect to their
rights under this Indenture or the Notes pursuant to Section 312(b) of the TIA.
Every Note Owner, by receiving and holding the same, agrees with the Issuer and
the Indenture Trustee that none of the Issuer and the Indenture Trustee nor any
agent of the Issuer and the Indenture Trustee shall be deemed to be in violation
of any existing law, or any law hereafter enacted which does not specifically
refer to Section 312 of the TIA, by reason of the disclosure of any such
information as to the names and addresses of the Note Owners in accordance with
Section 312 of the TIA, regardless of the source from which such information was
derived, and that the Indenture Trustee shall not be held accountable by reason
of mailing any material pursuant to a request made under Section 312(b) of the
TIA.

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

                                      -83-
<PAGE>   84

                  IN WITNESS WHEREOF, the parties hereto have caused this
Indenture to be duly executed and delivered as of the day and year first above
written.

                        ORIX CREDIT ALLIANCE RECEIVABLES
                        TRUST 2000-B

                        By:   THE BANK OF NEW YORK (DELAWARE), not in its
                              individual capacity but solely on behalf of the
                              Issuer as Owner Trustee under the Trust Agreement

                                                                  By:
                                                           Printed Name:
                                                                  Title:

                        THE BANK OF NEW YORK, not in its individual capacity
                        but solely as Indenture Trustee

                                                                  By:
                                                           Printed Name:
                                                                  Title:

                                      -84-
<PAGE>   85

STATE OF NEW YORK          )
                                            )  ss
COUNTY OF NEW YORK         )

         On [__________], 2000 before me, ____________________________________
                                         {Here insert name and title of notary}

personally appeared [__________]

{ }      personally known to me, or

{ }      proved to me on the basis of satisfactory evidence to be the person(s)
         whose name(s) is/are subscribed to the within instrument,

and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity (ties), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which such person(s)
acted, executed the instrument.

WITNESS my hand and official seal.

Signature                      {Seal}
          --------------------

                                      -85-
<PAGE>   86

STATE OF DELAWARE          )
                                            ) ss

COUNTY OF                  )

          On [__________], 2000 before me, ____________________________________
                                          {Here insert name and title of notary}

personally appeared

{ }      personally known to me, or

{ }      proved to me on the basis of satisfactory evidence to be the person(s)
         whose name(s) is/are subscribed to the within instrument,

and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity (ties), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which such person(s)
acted, executed the instrument.

WITNESS my hand and official seal.

Signature                     {Seal}
          --------------------

                                      -86-
<PAGE>   87

                                                                       EXHIBIT A

                    FORM OF TRANSFER AND SERVICING AGREEMENT

<PAGE>   88
                                                                       EXHIBIT B

                             FORM OF CLASS A-1 NOTE

                  THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS
NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                  ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-B

                 [__________]% CLASS A-1 RECEIVABLE-BACKED NOTES

                                                        REGISTERED $[__________]

No. R-1

                  ORIX Credit Alliance Receivables Trust 2000-B, a business
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to Cede
& Co., or its registered assigns, the principal sum of [_______________________]
Dollars ($[__________]) payable on the earlier of [__________] (the "Class A-1
Maturity Date") and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture referred to on the reverse hereof.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in Section 3.01 of the Indenture. Interest on this
Note will accrue for each Distribution Date from the most recent Distribution
Date on which interest has been paid to but excluding such Distribution Date or,
if no interest has yet been paid, from the Closing Date. Interest will be
computed on the basis of a 360-day year and actual days elapsed. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

                  The principal of and interest on this Note are payable in such
coin or
<PAGE>   89

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

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

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

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

Date:   [__________], 2000     ORIX CREDIT ALLIANCE RECEIVABLES
             TRUST 2000-B

                               By:      THE BANK OF NEW YORK (DELAWARE), not in
                                        its individual capacity but solely on
                                        behalf of the Issuer as Owner Trustee,
                                        under the Trust Agreement

                                                                          By:
                                                                   Printed Name:
                                                                          Title:

<PAGE>   90

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                               THE BANK OF NEW YORK, not in its individual
                               capacity but solely as Indenture Trustee

                               By:
                                  ---------------------------------------
                                           Authorized Signatory

<PAGE>   91

                          {REVERSE OF CLASS A-1 NOTE}

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-1 Receivable-Backed Notes (the "Class A-1
Notes"), all issued under an Indenture, dated as of [____________], 2000 (the
"Indenture"), among the Issuer and The Bank of New York, as Indenture Trustee
(the "Indenture Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class A-1 Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

                  The Class A-1 Notes and the other Notes described in the
Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

                  Principal of the Class A-1 Notes will be payable on the
earlier of the Class A-1 Maturity Date and the Redemption Date, if any, selected
pursuant to the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Class A-1 Notes shall be due and payable on the date on
which an Event of Default shall have occurred and be continuing unless the
Required Holders have waived such Event of Default.

                  Payments of interest on this Note due and payable on each
Distribution Date shall be made by wire transfer to the account of the Person
whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each
Record Date, except that with respect to Notes registered on the Record Date in
the name of nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to
the account designated by such nominee; provided that, if Definitive Notes are
issued pursuant to Section 2.11 of the Indenture, payments may be made by check.
Such checks shall be mailed to the Person entitled thereto at the address of
such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any
reduction in the principal amount of this Note (or any one or more Predecessor
Notes) affected by any payments made on any Distribution Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal
<PAGE>   92

amount of this Note on a Distribution Date, then the Indenture Trustee, in the
name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Distribution Date
by notice mailed within five days of such Distribution Date and the amount then
due and payable shall be payable only upon presentation and surrender of this
Note at the Corporate Trust Office of the Indenture Trustee or at the office of
the Indenture Trustee's agent appointed for such purposes located in the City of
[Chicago, Illinois].

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

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

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture and such Note that such Noteholder will not at any time institute
against the Trust Depositor or the Issuer, or join in any institution against
the Trust Depositor or the Issuer of, any
<PAGE>   93

bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Transaction
Documents.

                  The Issuer has entered into the Indenture, and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness
which is solely secured by the Collateral and that the Trust will be disregarded
as a separate entity for federal income tax purposes pursuant to Treasury
Regulations Section 301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a
Note (and each Noteholder by acceptance of a beneficial interest in a Note),
agrees to treat the Notes for federal, state and local income, single business
and franchise tax purposes as indebtedness.

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

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

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

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with
such laws.

                  No reference herein to the Indenture and no provision of this
Note or of
<PAGE>   94

the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency herein prescribed.

<PAGE>   95

                                                                       EXHIBIT C

                             FORM OF CLASS A-2 NOTE

                  THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS
NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                  ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-B

                   [______]% CLASS A-2 RECEIVABLE-BACKED NOTES

                                                       REGISTERED  $[__________]

No. R-1

                  ORIX Credit Alliance Receivables Trust 2000-B, a business
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to Cede
& Co., or its registered assigns, the principal sum of [__________] Dollars
($[__________]) payable on the earlier of [__________] (the "Class A-2 Maturity
Date") and the Redemption Date, if any, pursuant to Section 10.01 of the
Indenture referred to on the reverse hereof. No payments of principal of the
Class A-2 Notes shall be made until the principal on the Class A-1 Notes has
been paid in full.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, if no
interest has yet been paid, from the Closing Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.
<PAGE>   96

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

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

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

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer.

Date: [__________], 2000           ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-B

                                   By:   THE BANK OF NEW YORK (DELAWARE), not in
                                         its individual capacity but solely on
                                         behalf of the Issuer as Owner Trustee,
                                         under the Trust Agreement

                                                                             By:
                                                                   Printed Name:
                                               Title:   Assistant Vice President

<PAGE>   97

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                  THE BANK OF NEW YORK, not in its individual
                                           capacity but solely as Indenture
                                           Trustee

                                  By:
                                               Authorized Signatory

<PAGE>   98

                           {REVERSE OF CLASS A-2 NOTE}

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-2 Receivable-Backed Notes (the "Class A-2
Notes"), all issued under an Indenture, dated as of [__________], 2000 (the
"Indenture"), among the Issuer and The Bank of New York, as Indenture Trustee
(the "Indenture Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms used
in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

                  The Class A-2 Notes and the other Classes of Notes described
in the Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

                  Principal of the Class A-2 Notes will be payable on the
earlier of the Class A-2 Maturity Date and the Redemption Date, if any, pursuant
to Section 10.01 of the Indenture. Notwithstanding the foregoing, the entire
unpaid principal amount of the Class A-2 Notes shall be due and payable on the
date on which an Event of Default shall have occurred and be continuing unless
the Required Holders waive such Event of Default.

                  Payments of interest on this Note due and payable on each
Distribution Date shall be made by check mailed to the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Notes registered on the Record Date in the name of nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated
by such nominee; provided that, if Definitive Notes are issued pursuant to
Section 2.11 of the Indenture, payments may be made by check. Such checks shall
be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Note on a
<PAGE>   99

Distribution Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Registered Holder hereof as of
the Record Date preceding such Distribution Date by notice mailed within five
days of such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture
Trustee's principal Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in the City of [Chicago,
Illinois].

                  As provided in the Indenture, the Notes may be redeemed
pursuant to Section 10.01 of the Indenture, in whole, but not in part, at the
option of the Trust Depositor, on any Distribution Date on or after the date on
which the Pool Balance of all Contracts then in the Contracts Pool is less than
15% of the initial Pool Balance of Contracts in the Contracts Pool as of the
Initial Cutoff Date.

                  As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, with such signature guaranteed by an
eligible guarantor institution which is a participant in the Securities Transfer
Agent's Medallion Program (STAMP) or similar signature guarantee program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Class A-2 Notes of authorized denomination and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against (i) the Indenture
Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in their individual capacities, any holder of a beneficial interest in
the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Indenture Trustee or the Owner Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
<PAGE>   100

entity.

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

                  The Issuer has entered into the Indenture, and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness
which is solely secured by the Collateral and that the Trust will be disregarded
as a separate entity for federal income tax purposes pursuant to Treasury
Regulations Section 301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a
Note or of a beneficial interest in a Note, agrees to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness.

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

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

                  The Notes are issuable only in registered form in
denominations as
<PAGE>   101

provided in the Indenture, subject to certain limitations therein set forth.

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with
such laws.

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

<PAGE>   102

                                                                       EXHIBIT D

                             FORM OF CLASS A-3 NOTE

                  THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS
NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                  ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-B

                   [_____]% CLASS A-3 RECEIVABLE-BACKED NOTES

                                                        REGISTERED $[__________]

No. R-1

                  ORIX Credit Alliance Receivables Trust 2000-B, a business
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to Cede
& Co., or its registered assigns, the principal sum of [__________] Dollars
($112,957,133) payable on the earlier of [__________] (the "Class A-3 Maturity
Date") and the Redemption Date, if any, pursuant to Section 10.01 of the
Indenture referred to on the reverse hereof. No payments of principal of the
Class A-3 Notes shall be made until the principal on the Class A-2 Notes has
been paid in full.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, if no
interest has yet been paid, from the Closing Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.
<PAGE>   103

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note. reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

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

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer.

Date: [__________], 2000               ORIX CREDIT ALLIANCE
                      RECEIVABLES TRUST 2000-B

                                       By:  THE BANK OF NEW YORK (DELAWARE), not
                                            in its individual capacity but
                                            solely on behalf of the Issuer as
                                            Owner Trustee, under the Trust
                                            Agreement

                                                                             By:
                                                                   Printed Name:
                                               Title:   Assistant Vice President

<PAGE>   104

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                           THE BANK OF NEW YORK, not in its
                                               individual capacity but solely as
                                               Indenture Trustee

                                           By:

                                                     Authorized Signatory

<PAGE>   105

                           {REVERSE OF CLASS A-3 NOTE}

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-3 Receivable-Backed Notes (the "Class A-3
Notes"), all issued under an Indenture, dated as of [__________], 2000 (the
"Indenture"), among the Issuer and The Bank of New York, as Indenture Trustee
(the "Indenture Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms used
in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

                  The Class A-3 Notes and the other Classes of Notes described
in the Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

                  Principal of the Class A-3 Notes will be payable on the
earlier of the Class A-3 Maturity Date and the Redemption Date, if any, pursuant
to Section 10.01 of the Indenture. Notwithstanding the foregoing, the entire
unpaid principal amount of the Class A-3 Notes shall be due and payable on the
date on which an Event of Default shall have occurred and be continuing unless
the Required Holders waive such Event of Default.

                  Payments of interest on this Note due and payable on each
Distribution Date shall be made by check mailed to the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Notes registered on the Record Date in the name of nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated
by such nominee; provided that, if Definitive Notes are issued pursuant to
Section 2.11 of the Indenture, payments may be made by check. Such checks shall
be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Note on a
<PAGE>   106

Distribution Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Registered Holder hereof as of
the Record Date preceding such Distribution Date by notice mailed within five
days of such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture
Trustee's principal Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in the City of [Chicago,
Illinois].

                  As provided in the Indenture, the Notes may be redeemed
pursuant to Section 10.01 of the Indenture, in whole, but not in part, at the
option of the Trust Depositor, on any Distribution Date on or after the date on
which the Pool Balance of all Contracts then in the Contracts Pool is less than
15% of the initial Pool Balance of Contracts in the Contracts Pool as of the
Initial Cutoff Date.

                  As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, with such signature guaranteed by an
eligible guarantor institution which is a participant in the Securities Transfer
Agent's Medallion Program (STAMP) or similar signature guarantee program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Class A-3 Notes of authorized denomination and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against (i) the Indenture
Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in their individual capacities, any holder of a beneficial interest in
the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Indenture Trustee or the Owner Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
<PAGE>   107

entity.

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

                  The Issuer has entered into the Indenture, and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness
which is solely secured by the Collateral and that the Trust will be disregarded
as a separate entity for federal income tax purposes pursuant to Treasury
Regulations Section 301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a
Note or of a beneficial interest in a Note, agrees to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness.

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

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

                  The Notes are issuable only in registered form in
denominations as
<PAGE>   108

provided in the Indenture, subject to certain limitations therein set forth.
This Note and the Indenture shall be construed in accordance with the laws of
the State of New York, and the obligations, rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such laws.

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

<PAGE>   109

                                                                       EXHIBIT E

                             FORM OF CLASS A-4 NOTE

                  THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS
NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                  ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-B

                     [__]% CLASS A-4 RECEIVABLE-BACKED NOTES

                                                        REGISTERED $[__________]

No. R-1

                  ORIX Credit Alliance Receivables Trust 2000-A, a business
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to Cede
& Co., or its registered assigns, the principal sum of [_____________________]
Dollars ($[__________]) payable on the earlier of [__________] (the "Class A-4
Maturity Date") and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture referred to on the reverse hereof. No payments of principal of the
Class A-4 Notes shall be made until the principal on the Class A-3 Notes has
been paid in full.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, if no
interest has yet been paid, from the Closing Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.
<PAGE>   110

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

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

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

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer.

Date: [__________], 2000           ORIX CREDIT ALLIANCE
                     RECEIVABLES TRUST 2000-B

                                   By:  THE BANK OF NEW YORK (DELAWARE), not in
                                        its individual capacity but solely on
                                        behalf of the Issuer as Owner Trustee,
                                        under the Trust Agreement

                                                                             By:
                                                                   Printed Name:
                                               Title:   Assistant Vice President

<PAGE>   111

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                   THE BANK OF NEW YORK, not in its individual
                                   capacity but solely as&nbsp;Indenture Trustee

                                   By:

                                                Authorized Signatory

<PAGE>   112

                           {REVERSE OF CLASS A-4 NOTE}

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-4 Receivable-Backed Notes (the "Class A-4
Notes"), all issued under an Indenture, dated as of [__________], 2000 (the
"Indenture"), among the Issuer and The Bank of New York, as Indenture Trustee
(the "Indenture Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms used
in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

                  The Class A-4 Notes and the other Classes of Notes described
in the Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

                  Principal of the Class A-4 Notes will be payable on the
earlier of the Class A-4 Maturity Date and the Redemption Date, if any, pursuant
to Section 10.01 of the Indenture. Notwithstanding the foregoing, the entire
unpaid principal amount of the Class A-4 Notes shall be due and payable on the
date on which an Event of Default shall have occurred and be continuing unless
the Required Holders waive such Event of Default.

                  Payments of interest on this Note due and payable on each
Distribution Date shall be made by check mailed to the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Notes registered on the Record Date in the name of nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated
by such nominee. Such checks shall be mailed to the Person entitled thereto at
the address of such Person as it appears on the Note Register as of the
applicable Record Date without requiring that this Note be submitted for
notation of payment; provided that, if Definitive Notes are issued pursuant to
Section 2.11 of the Indenture, payments may be made by check. Any reduction in
the principal amount of this Note (or any one or more Predecessor Notes)
affected by any payments made on any Distribution Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the then remaining unpaid principal amount of this Note
<PAGE>   113

on a Distribution Date, then the Indenture Trustee, in the name of and on behalf
of the Issuer, will notify the Person who was the Registered Holder hereof as of
the Record Date preceding such Distribution Date by notice mailed within five
days of such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture
Trustee's principal Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in the City of [Chicago,
Illinois].

                  As provided in the Indenture, the Notes may be redeemed
pursuant to Section 10.01 of the Indenture, in whole, but not in part, at the
option of the Trust Depositor, on any Distribution Date on or after the date on
which the Pool Balance of all Contracts then in the Contracts Pool is less than
15% of the initial Pool Balance of Contracts in the Contracts Pool as of the
Initial Cutoff Date.

                  As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, with such signature guaranteed by an
eligible guarantor institution which is a participant in the Securities Transfer
Agent's Medallion Program (STAMP) or similar signature guarantee program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Class A-4 Notes of authorized denomination and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against (i) the Indenture
Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in their individual capacities, any holder of a beneficial interest in
the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Indenture Trustee or the Owner Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
<PAGE>   114

entity.

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

                  The Issuer has entered into the Indenture, and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness
which is solely secured by the Collateral and that the Trust will be disregarded
as a separate entity for federal income tax purposes pursuant to Treasury
Regulations Section 301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a
Note or of a beneficial interest in a Note, agrees to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness.

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

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

                  The Notes are issuable only in registered form in
denominations as
<PAGE>   115

provided in the Indenture, subject to certain limitations therein set forth.

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with
such laws.

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

<PAGE>   116

                                                                       EXHIBIT F

                              FORM OF CLASS B NOTE

                  THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS
NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                  ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-B

                    [_____]% CLASS B RECEIVABLE-BACKED NOTES

                                                        REGISTERED $[__________]

No. R-1

                  ORIX Credit Alliance Receivables Trust 2000-B, a business
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to Cede
& Co., or its registered assigns, the principal sum of [_______________________]
Dollars ($[__________]) payable on the earlier of [__________] (the "Class B
Maturity Date") and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture referred to on the reverse hereof. No payments of principal of the
Class B Notes shall be made until the principal on all the Class A-1 Notes has
been paid in full. After the occurrence of an Event of Default or Restricting
Event (as defined in the Transfer and Servicing Agreement), no payments of
principal of the Class B Notes shall be made until the principal on the Class
A-1 Notes has been paid in full.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, if no
interest has yet been paid, from the Closing Date. Interest will be computed on
the basis of a 360-day
<PAGE>   117

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

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

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

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

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer.

Date: [__________], 2000          ORIX CREDIT ALLIANCE
                    RECEIVABLES TRUST 2000-B

                                  By:    THE BANK OF NEW YORK (DELAWARE), not in
                                         its individual capacity but solely on
                                         behalf of the Issuer as Owner Trustee,
                                         under the Trust Agreement

                                                                             By:
                                                                   Printed Name:
                                               Title:   Assistant Vice President

<PAGE>   118

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                  THE BANK OF NEW YORK, not in its individual
                                  capacity but solely as Indenture Trustee

                                  By:

                                                Authorized Signatory

<PAGE>   119

                            {REVERSE OF CLASS B NOTE}

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class B Receivable-Backed Notes (the "Class B Notes"),
all issued under an Indenture, dated as of [__________], 2000 (the "Indenture"),
among the Issuer and [__________], as Indenture Trustee (the "Indenture
Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

                  The Class B Notes and the other Classes of Notes described in
the Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

                  Principal of the Class B Notes will be payable on the earlier
of the Class B Maturity Date and the Redemption Date, if any, pursuant to
Section 10.01 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Class B Notes shall be due and payable on the date on
which an Event of Default shall have occurred and be continuing unless the
Required Holders waive such Event of Default.

                  Payments of interest on this Note due and payable on each
Distribution Date shall be made by check mailed to the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Notes registered on the Record Date in the name of nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated
by such nominee; provided that, if Definition Notes are issued pursuant to
Section 2.11 of the Indenture, payments may be made by check. Such checks shall
be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Note on a
<PAGE>   120

Distribution Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Registered Holder hereof as of
the Record Date preceding such Distribution Date by notice mailed within five
days of such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture
Trustee's principal Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in the City of [Chicago,
Illinois].

                  As provided in the Indenture, the Notes may be redeemed
pursuant to Section 10.01 of the Indenture, in whole, but not in part, at the
option of the Trust Depositor, on any Distribution Date on or after the date on
which the Pool Balance of all Contracts then in the Contracts Pool is less than
15% of the initial Pool Balance of Contracts in the Contracts Pool as of the
Initial Cutoff Date.

                  As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, with such signature guaranteed by an
eligible guarantor institution which is a participant in the Securities Transfer
Agent's Medallion Program (STAMP) or similar signature guarantee program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new Class B Notes of authorized denomination and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of
this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
such registration of transfer or exchange.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against (i) the Indenture
Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in their individual capacities, any holder of a beneficial interest in
the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Indenture Trustee or the Owner Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such
<PAGE>   121

entity.

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

                  The Issuer has entered into the Indenture, and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness
which is solely secured by the Collateral and that the Trust will be disregarded
as a separate entity for federal income tax purposes pursuant to Treasury
Regulations Section 301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a
Note or of a beneficial interest in a Note, agrees to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness.

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

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

                  The Notes are issuable only in registered form in
denominations as
<PAGE>   122

provided in the Indenture, subject to certain limitations therein set forth.

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with
such laws.

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

<PAGE>   123

                                                                       EXHIBIT G

                              FORM OF CLASS C NOTE

                  THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS
NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                  ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-B

                     [___]% CLASS C RECEIVABLE-BACKED NOTES

                                                        REGISTERED $[__________]

No. R-1

                  ORIX Credit Alliance Receivables Trust 2000-B, a business
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to Cede
& Co., or its registered assigns, the principal sum of [_______________________]
Dollars ($[__________]) payable on the earlier of [__________] (the "Class C
Maturity Date") and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture referred to on the reverse hereof. No payments of principal of the
Class C Notes shall be made until the principal on all the Class A-1 Notes has
been paid in full. After the occurrence of an Event of Default or Restricting
Event (as defined in the Transfer and Servicing Agreement), no payments of
principal of the Class C Notes shall be made until the principal on the Class
A-1 Notes has been paid in full.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from the most recent Distribution Date on
which interest has been paid to but excluding such Distribution Date or, if no
interest has

<PAGE>   124

yet been paid, from the Closing Date. Interest will be computed on the basis of
a 360-day year of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified on the reverse hereof.

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

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

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

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer.

Date: [__________], 2000            ORIX CREDIT ALLIANCE
                    RECEIVABLES TRUST 2000-B

                                    By:  THE BANK OF NEW YORK (DELAWARE), not in
                                         its individual capacity but solely on
                                         behalf of the Issuer as Owner Trustee,
                                         under the Trust Agreement

                                                                             By:
                                                                   Printed Name:
                                               Title:   Assistant Vice President

<PAGE>   125

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                    THE BANK OF NEW YORK, not in its individual
                                    capacity but solely as Indenture Trustee

                                    By:

                                                 Authorized Signatory

<PAGE>   126

                            {REVERSE OF CLASS C NOTE}

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class C Receivable-Backed Notes (the "Class C Notes"),
all issued under an Indenture, dated as of [__________], 2000 (the "Indenture"),
among the Issuer and The Bank of New York, as Indenture Trustee (the "Indenture
Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

                  The Class C Notes and the other Classes of Notes described in
the Indenture (collectively, the "Notes") are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture subject to the priorities of allocations as to interest and principal
payments as described therein and in the Transfer and Servicing Agreement.

                  Principal of the Class C Notes will be payable on the earlier
of the Class C Maturity Date and the Redemption Date, if any, pursuant to
Section 10.01 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Class C Notes shall be due and payable on the date on
which an Event of Default shall have occurred and be continuing unless the
Required Holders waive such Event of Default.

                  Payments of interest on this Note due and payable on each
Distribution Date shall be made by check mailed to the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on each Record Date, except that with
respect to Notes registered on the Record Date in the name of nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
made by wire transfer in immediately available funds to the account designated
by such nominee; provided that, if Definition Notes are issued pursuant to
Section 2.11 of the Indenture, payments may be made by check. Such checks shall
be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Note on a
<PAGE>   127

Distribution Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Registered Holder hereof as of
the Record Date preceding such Distribution Date by notice mailed within five
days of such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture
Trustee's principal Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in the City of [Chicago,
Illinois].

                  As provided in the Indenture, the Notes may be redeemed
pursuant to Section 10.01 of the Indenture, in whole, but not in part, at the
option of the Trust Depositor, on any Distribution Date on or after the date on
which the Pool Balance of all Contracts then in the Contracts Pool is less than
15% of the initial Pool Balance of Contracts in the Contracts Pool as of the
Initial Cutoff Date.

                  As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his
attorney duly authorized in writing, with such signature guaranteed by an
eligible guarantor institution which is a participant in the Securities Transfer
Agent's Medallion Program (STAMP) or similar signature guarantee program, and
such other documents as the Indenture Trustee may require, and thereupon one or
more new program, and such other documents as the Indenture Trustee may require,
and thereupon one or more new Class C Notes of authorized denomination and in
the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

                  Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against (i) the Indenture
Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner
Trustee in their individual capacities, any holder of a beneficial interest in
the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Indenture Trustee or the Owner Trustee in their individual
capacities, except as any such Person may have expressly agreed and except that
any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for
<PAGE>   128

stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

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

                  The Issuer has entered into the Indenture, and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness
which is solely secured by the Collateral and that the Trust will be disregarded
as a separate entity for federal income tax purposes pursuant to Treasury
Regulations Section 301.7701-3(b)(1)(ii). Each Noteholder, by acceptance of a
Note or of a beneficial interest in a Note, agrees to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness.

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

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Required Holders.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all of the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holders and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent or waiver is made upon this Note.
The Indenture also permits the Indenture Trustee to amend or waive certain terms
and conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.
<PAGE>   129

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

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with
such laws.

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

<PAGE>   130

                                                                       EXHIBIT H

                             FORM OF NOTE 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 Note, and all rights thereunder, hereby irrevocably constituting and
appointing

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

Dated:_____________

Signature Guaranteed:

Signature must be guaranteed by an eligible
guarantor institution which is a participant
in the Securities Transfer Agent's Medallion
Program (STAMP) or similar signature guarantee
program.

----------------------------------------
        (Authorized Officer)

----------------------------------------
Notice: The signature(s) on this assignment
must correspond with the name(s) it appears
on the face of the within Note in every
particular, without alteration or enlargement
or any change whatsoever.

<PAGE>   131

                                                                       EXHIBIT I

                        FORM OF NOTE DEPOSITORY AGREEMENT

                            [STANDARD DTC AGREEMENT]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}]]