Document:

EXHIBIT 4.1.4

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                                    INDENTURE

                                     between

           ASSET BACKED SECURITIES CORPORATION STUDENT LOAN TRUST [ ]
                                    as Issuer

                                       and

                                   [           ]
                       not in its individual capacity but
                           solely as Indenture Trustee

                                 Dated as of [      ]

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                                TABLE OF CONTENTS

                                                                        PAGE

                                    ARTICLE I

                              Definitions and Usage

SECTION 1.01.  Definitions and Usage.....................................2
SECTION 1.02.  Incorporation by Reference of Trust Indenture Act.........2

                                   ARTICLE II

                                    The Notes

SECTION 2.01.  Form......................................................3
SECTION 2.02.  Execution, Authentication and Delivery....................3
SECTION 2.03.  Temporary Notes...........................................4
SECTION 2.04.  Registration; Registration of Transfer and Exchange.......4
SECTION 2.05.  Mutilated, Destroyed, Lost or Stolen Notes................6
SECTION 2.06.  Persons Deemed Owner......................................7
SECTION 2.07.  Payment of Principal and Interest; Defaulted Interest.....7
SECTION 2.08.  Cancellation..............................................8
SECTION 2.09.  Release of Collateral.....................................8
SECTION 2.10.  Book-Entry Notes..........................................8
SECTION 2.11.  Notices to Clearing Agency................................9
SECTION 2.12.  Definitive Notes..........................................9
SECTION 2.13.  [Reserved]................................................10

                                   ARTICLE III

                                    Covenants

SECTION 3.01.  Payment to Noteholders....................................10
SECTION 3.02.  Maintenance of Office or Agency...........................10
SECTION 3.03.  Money for Payments to Be Held in Trust....................10
SECTION 3.04.  Existence.................................................12
SECTION 3.05.  Protection of Indenture Trust Estate......................12
SECTION 3.07.  Performance of Obligations; Servicing of Student Loans....13
SECTION 3.08.  Negative Covenants........................................15
SECTION 3.09.  Annual Statement as to Compliance.........................16
SECTION 3.10.  Issuer May Consolidate, etc., Only on Certain Terms.......16
SECTION 3.11.  Successor or Transferee...................................18
SECTION 3.12.  No Other Business.........................................18
SECTION 3.13.  No Borrowing..............................................19
SECTION 3.14.  Obligations of Servicer and Administrator.................19
SECTION 3.15.  Guarantees, Loans, Advances and Other Liabilities.........19
SECTION 3.16.  Capital Expenditures......................................19
SECTION 3.17.  Restricted Payments.......................................19
SECTION 3.18.  Notice of Events of Default...............................19
SECTION 3.19.  Further Instruments and Acts..............................20
SECTION 3.20.  Removal of Administrator..................................20

                                   ARTICLE IV

                           Satisfaction and Discharge

SECTION 4.01.  Satisfaction and Discharge of Indenture...................20
SECTION 4.02.  Application of Trust Money................................21
SECTION 4.03.  Repayment of Monies Held by Paying Agent..................22
SECTION 4.04.  Auction of Financed Student Loans.........................22

                                    ARTICLE V

                                    Remedies

SECTION 5.01.  Events of Default.........................................22
SECTION 5.02.  Acceleration of Maturity; Rescission and Annulment........23
SECTION 5.03.  Collection of Indebtedness and Suits for Enforcement
               by Indenture Trustee......................................24
SECTION 5.04.  Remedies; Priorities......................................26
SECTION 5.05.  Optional Preservation of the Indenture Trust Estate.......29
SECTION 5.06.  Limitation of Suits.......................................29
SECTION 5.07.  Unconditional Rights of Noteholders to Receive Principal
               and Interest..............................................30
SECTION 5.08.  Restoration of Rights and Remedies........................30
SECTION 5.09.  Rights and Remedies Cumulative............................30
SECTION 5.10.  Delay or Omission Not a Waiver............................30
SECTION 5.11.  Control by Noteholders....................................30
SECTION 5.12.  Waiver of Past Defaults...................................31
SECTION 5.13.  Undertaking for Costs.....................................31
SECTION 5.14.  Waiver of Stay or Extension Laws..........................32
SECTION 5.15.  Action on Notes...........................................32
SECTION 5.16.  Performance and Enforcement of Certain Obligations........32

                                   ARTICLE VI

                              The Indenture Trustee

SECTION 6.01.  Duties of Indenture Trustee...............................33
SECTION 6.02.  Rights of Indenture Trustee...............................34
SECTION 6.03.  Individual Rights of Indenture Trustee....................35
SECTION 6.04.  Indenture Trustee's Disclaimer............................35
SECTION 6.05.  Notice of Defaults........................................36
SECTION 6.06.  Reports by Indenture Trustee to Noteholders...............36
SECTION 6.07.  Compensation and Indemnity................................36
SECTION 6.08.  Replacement of Indenture Trustee..........................37
SECTION 6.09.  Successor Indenture Trustee by Merger.....................38
SECTION 6.10.  Appointment of Co-Trustee or Separate Trustee.............38
SECTION 6.11. Eligibility; Disqualification..............................40
SECTION 6.12. Preferential Collection of Claims Against Issuer...........40
SECTION 6.13. Declaration of Default or Termination Event under the
              Swap Agreements............................................40

                                   ARTICLE VII

                         Noteholders' Lists and Reports

SECTION 7.01.  Issuer to Furnish Indenture Trustee Names and
               Addresses of Noteholders..................................40
SECTION 7.02.  Preservation of Information; Communications to
               Noteholders...............................................40
SECTION 7.03.  Reports by Issuer.........................................41

                                  ARTICLE VIII

                      Accounts, Disbursements and Releases

SECTION 8.01.  Collection of Money.......................................42
SECTION 8.02.  Trust Accounts............................................42
SECTION 8.03.  General Provisions Regarding Accounts.....................45
SECTION 8.04.  Release of Indenture Trust Estate.........................46
SECTION 8.05.  Opinion of Counsel........................................47

                                   ARTICLE IX

                             Supplemental Indentures

SECTION 9.01.  Supplemental Indentures Without Consent of Noteholders....47
SECTION 9.02.  Supplemental Indentures with Consent of Noteholders.......48
SECTION 9.03.  Execution of Supplemental Indentures......................50
SECTION 9.04.  Effect of Supplemental Indenture..........................50
SECTION 9.05.  Conformity with Trust Indenture Act.......................50
SECTION 9.06.  Reference in Notes to Supplemental Indentures.............50

                                    ARTICLE X

                               Redemption of Notes

SECTION 10.01.  Redemption...............................................51
SECTION 10.02.  Form of Redemption Notice................................52
SECTION 10.03.  Notes Payable on Redemption Date.........................52

                                   ARTICLE XI

                                  Miscellaneous

SECTION 11.01.  Compliance Certificates and Opinions.....................53
SECTION 11.02.  Form of Documents Delivered to Indenture Trustee.........54
SECTION 11.03.  Acts of Noteholders......................................55
SECTION 11.04.  Notices to Indenture Trustee, Issuer, Swap
                Counterparty and Rating Agencies.........................56
SECTION 11.05.  Notices to Noteholders; Waiver...........................57
SECTION 11.06.  Alternate Payment and Notice Provisions..................57
SECTION 11.07.  Conflict with Trust Indenture Act........................57
SECTION 11.08.  Effect of Headings and Table of Contents.................58
SECTION 11.09.  Successors and Assigns...................................58
SECTION 11.10.  Separability.............................................58
SECTION 11.11.  Benefits of Indenture....................................58
SECTION 11.12.  [Reserved]...............................................58
SECTION 11.13.  Governing Law............................................58
SECTION 11.14.  Counterparts.............................................58
SECTION 11.15.  Recording of Indenture...................................58
SECTION 11.16.  Trust Obligations........................................59
SECTION 11.17.  No Petition..............................................59
SECTION 11.18.  Inspection...............................................59
SECTION 11.19.  Consents.................................................60

EXHIBIT A-1 - Form of Class A-1 Note EXHIBIT A-2 - Form of Class A-2 Note
EXHIBIT A-3 - Form of Subordinate Note EXHIBIT B - Depository Agreement

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          INDENTURE dated as of [ ], between ASSET BACKED SECURITIES CORPORATION
STUDENT LOAN TRUST [ ], a Delaware trust (the "ISSUER"), and[ ], a [ ] banking
corporation, as trustee and not in its individual capacity (the "INDENTURE
TRUSTEE").

          Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the holders of the Issuer's Class A-1
Floating Rate Senior Asset-Backed Notes (the "CLASS A-1 NOTES"), Class A-2
Floating Rate Asset-Backed Senior Notes (the "CLASS A-2 NOTES" and, together
with the Class A-1 Notes, the "SENIOR NOTES") and Class B Floating Rate
Asset-Backed Subordinate Notes (the "SUBORDINATE NOTES" and, together with the
Senior Notes, the "NOTES"):

                                 GRANTING CLAUSE

          The Issuer (and, with respect to the legal title to the Financed
Student Loans, the Eligible Lender Trustee) hereby Grants to the Indenture
Trustee at the Closing Date, as trustee for the benefit of the Noteholders and
any Swap Counterparties, all the Issuer's and the Eligible Lender Trustee's
right, title and, interest in and to, but none of its obligations under, the
following:

                    (a) the Financed Student Loans, and all obligations of the
          Obligors thereunder including all monies paid thereunder on and after
          the Cutoff Date net of interest accrued thereunder prior to the Cutoff
          Date that is not to be capitalized (or, in the case of Prefunded
          Loans, New Loans or Serial Loans, on and after the related Subsequent
          Cutoff Date, in the case of Consolidation Loans, on and after the
          related date of origination, in the case of Consolidation Loans the
          principal balances of which have been increased by the principal
          balances of any related Add-on Consolidation Loans, on and after the
          related Add-on Consolidation Loan Funding Date, and in the case of
          Qualified Substitute Student Loans, on and after the date of
          assignment thereof to the Issuer);

                    (b) the Loan Sale Agreement, including the right of the
          Issuer to cause the Seller to repurchase or substitute for, Financed
          Student Loans from the Issuer under circumstances described therein;

                    (c) the Servicing Agreement, including the right of the
          Issuer to cause the Servicer to purchase Financed Student Loans from
          the Issuer under the circumstances described therein;

                    (d) each Guarantee Agreement, including the right of the
          Issuer to cause the related Guarantor to make Guarantee Payments in
          respect of the Financed Student Loans;

                    (e) the Administration Agreement;

                    (f) any Swap Agreements;

                    (g) all funds on deposit from time to time in the Trust
          Accounts, including the Reserve Account Initial Deposit and the
          Prefunding Account Closing Date Deposit, and in all investments and
          proceeds thereof (including all income thereon); and

                    (h) all present and future claims, demands, causes and
          choses in action in respect of any or all of the foregoing and all
          payments on or under and all proceeds of every kind and nature
          whatsoever in respect of any or all of the foregoing, including all
          proceeds of the conversion, voluntary or involuntary, into cash or
          other liquid property, all cash proceeds, accounts, accounts
          receivable, notes, drafts, acceptances, chattel paper, checks, deposit
          accounts, insurance proceeds, condemnation awards, rights to payment
          of any and every kind and other forms of obligations and receivables,
          instruments and other property which at any time constitute all or
          part of or are included in the proceeds of any of the foregoing
          (collectively, the "COLLATERAL").

          The foregoing Grant is made in trust to secure the payment of
principal of and interest on, and any other amounts owing in respect of, the
Notes, equally and ratably without prejudice, priority or distinction, and under
any Swap Agreements, 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
Noteholders and any Swap Counterparties, acknowledges such Grant, accepts the
trusts under this Indenture in accordance with the provisions of this Indenture
and agrees to perform its duties required in this Indenture to the best of its
ability to the end that the interests of the Noteholders and any Swap
Counterparties may be adequately and effectively protected.

                                    ARTICLE I

                              DEFINITIONS AND USAGE

          SECTION 1.01. DEFINITIONS AND USAGE. Except as otherwise specified
herein or as the context may otherwise require, capitalized terms used but not
defined herein are defined in Appendix A to the Administration Agreement, dated
as of [ ], among the Issuer, [ ], as Administrator, and the Indenture Trustee,
which also contains rules as to usage that shall be applicable herein.

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

          "COMMISSION" means the Securities and Exchange Commission.

          "INDENTURE SECURITIES" means the Notes.

          "INDENTURE SECURITY HOLDER" means a Noteholder.

          "INDENTURE TO BE QUALIFIED" means this Indenture.

          "INDENTURE TRUSTEE" or "INSTITUTIONAL TRUSTEE" means the Indenture
Trustee.

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

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

                                   ARTICLE II

                                    THE NOTES

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

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

          Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in Exhibits A-1, A-2 and A-3 are part of the terms of this
Indenture.

          SECTION 2.02. EXECUTION, AUTHENTICATION AND DELIVERY. The Notes shall
be executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile.

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

          The Indenture Trustee shall upon Issuer Order authenticate and deliver
Class A-1 Notes for original issue in an aggregate principal amount of $[ ],
Class A-2 Notes for original issue in the aggregate principal amount of $[ ],
and Subordinate Notes for original issue in an aggregate principal amount of
$[ ]. The aggregate principal amount of Class A-1 Notes, Class A-2 Notes and
Subordinate Notes outstanding at any time may not exceed such respective amounts
except as provided in Section 2.05.

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

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

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

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

          SECTION 2.04. REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE. The
Issuer shall cause to be kept a register (the "NOTE REGISTER") in which, subject
to such reasonable regulations as it may prescribe, the Issuer shall provide for
the registration of Notes and the registration of transfers of Notes. The
Indenture Trustee 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 Noteholders and the
principal amounts and number of such Notes.

          Subject to the restrictions and limitations set forth below, 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, if the requirements of
Section 8-401(1) of the UCC are met, the Issuer shall execute, and the Indenture
Trustee shall authenticate and the Noteholder shall obtain from the Indenture
Trustee, in the name of the designated transferee or transferees, one or more
new Notes in any authorized denominations, of a like aggregate principal amount.

          At the option of the Noteholder, Notes may be exchanged for other
Notes of the same class in any authorized denominations, of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at such office or
agency. Whenever any Notes are so surrendered for exchange, if the requirements
of Section 8-401(1) of the UCC are met, 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 Note Registrar duly executed by, the
Noteholder thereof or such Noteholder's attorney duly authorized in writing,
with such signature guaranteed by an "eligible guarantor institution" meeting
the requirements of the Note Registrar, which requirements include membership or
participation in Securities Transfer Agent's Medallion Program ("STAMP") or such
other "signature guarantee program" as may be determined by the Note Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Exchange Act.

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

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

          SECTION 2.05. MUTILATED, DESTROYED, LOST OR STOLEN NOTES. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuer and the Indenture Trustee
harmless, then, in the absence of notice to the Issuer, the Note Registrar or
the Indenture Trustee that such Note has been acquired by a bona fide purchaser,
and provided that the requirements of Section 8-405 of the UCC are met, the
Issuer shall execute and upon its request the Indenture Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note of the same category;
PROVIDED, HOWEVER, that if any such destroyed, lost or stolen Note, but not a
mutilated Note, shall have become or within 15 days shall be due and payable, or
shall have been called for redemption, instead of issuing a replacement Note,
the Issuer may pay such destroyed, lost or stolen Note when so due or payable or
upon the Redemption Date without surrender thereof. If, after the delivery of
such replacement Note or payment of a destroyed, lost or stolen Note pursuant to
the proviso to the preceding sentence, a bona fide purchaser of the original
Note in lieu of which such replacement Note was issued presents for payment such
original Note, the Issuer, the Indenture Trustee 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, the Indenture Trustee in connection therewith.

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

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

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

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

          SECTION 2.07. PAYMENT OF PRINCIPAL AND INTEREST; DEFAULTED INTEREST.
(a) The Notes shall accrue interest as provided in the forms of Class A-1 Note,
Class A-2 Note and Subordinate Note set forth in Exhibits A-1, A-2 and A-3,
respectively, and such interest shall be payable on each Quarterly Payment Date
as specified therein, subject, in each case, 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 Quarterly Payment Date shall
be paid to the Person in whose name such Note (or one or more Predecessor Notes)
is registered on the Record Date by wire transfer if such Person holds Notes in
an aggregate original principal amount in excess of $1,000,000 and provides
appropriate written instructions to the Indenture Trustee no later than such
Record Date, and otherwise by check mailed first-class, postage prepaid to such
Person's address as it appears on the Note Register on such Record Date, except
that, unless Definitive Notes have been issued pursuant to Section 2.12, with
respect to Senior Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be [  ]), payment will
be made by wire transfer in immediately available funds to the account
designated by such nominee and except for the final installment of principal
payable with respect to such Note on a Quarterly Payment Date or on the Class
A-1 Note Final Maturity Date, the Class A-2 Note Final Maturity Date or the
Subordinate Note Final Maturity Date, as the case may be, which shall be payable
as provided below. The funds represented by any such checks returned undelivered
shall be held in accordance with Section 3.03.

          (b) The principal of each Note shall be payable in installments on
each Quarterly Payment Date as provided in the forms of the Class A-1 Notes,
Class A-2 Notes and Subordinate Note set forth in Exhibits A-1, A-2 and A-3,
respectively. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable, if not previously paid, on the date on
which an Event of Default shall have occurred, if the Indenture Trustee or the
Noteholders of the Notes representing not less than a majority of the
Outstanding Amount of the Notes have declared the Notes to be immediately due
and payable in the manner provided in Section 5.02. All principal payments on
each class of Notes shall be made PRO RATA to the Noteholders of such class. 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 Quarterly Payment Date on
which the Issuer expects that the final installment of principal of and interest
on such Note will be paid. Such notice shall be mailed or transmitted by
facsimile prior to such final Quarterly Payment Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section
10.02.

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

          (d) Reserved

          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 returned to it and so long as such Issuer Order is timely and the Notes
have not been previously disposed of by the Indenture Trustee.

          SECTION 2.09. RELEASE OF COLLATERAL. Subject to Section 11.01 and the
terms of the Basic Documents, the Indenture Trustee shall release property from
the lien of this Indenture only upon receipt by it and any Swap Counterparties
of an Issuer Request accompanied by an Officers' Certificate of the Issuer, an
Opinion of Counsel and Independent Certificates in accordance with TIA ss.ss.
314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent
Certificates to the effect that the TIA does not require any such Independent
Certificates.

          SECTION 2.10. BOOK-ENTRY NOTES. The Class A-1 Notes, Class A-2 Notes
and the Subordinate Notes, upon original issuance, will be issued in the form of
typewritten Notes representing the Book-Entry Notes, to be delivered to [ ], the
initial Clearing Agency, by, or on behalf of, the Issuer. Such Notes shall
initially be registered on the Note Register in the name of [  ], the
nominee of the initial Clearing Agency, and no Note Owner will receive a
Definitive Note (as defined below) representing such Note Owner's interest in
such Book-Entry Note, except as provided in Section 2.12. Unless and until
definitive, fully registered Notes (the "DEFINITIVE NOTES") have been issued to
Note Owners pursuant to Section 2.12:

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

                    (ii) the Note Registrar and the Indenture Trustee may deal
          with the Clearing Agency for all purposes (including the payment of
          principal of and interest and other amounts on the Book-Entry Notes)
          as the authorized representative of the Note Owners;

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

                    (iv) the rights of Note Owners shall be exercised only
          through the Clearing Agency and shall be limited to those established
          by law and agreements between such Note Owners and the Clearing Agency
          and/or the Clearing Agency Participants pursuant to the Note
          Depository Agreement. Unless and until Definitive Notes are issued
          pursuant to Section 2.12, the initial Clearing Agency will make
          book-entry transfers among the Clearing Agency Participants and
          receive and transmit payments of principal of and interest and other
          amounts on the Book-Entry 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 of Notes
          evidencing a specified percentage of the Outstanding Amount of the
          Notes, the Clearing Agency shall be deemed to represent such
          percentage only to the extent that it has received written
          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 written instructions to the Indenture Trustee.

          SECTION 2.11. 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 Note Owners pursuant to Section
2.12, the Indetnture Trustee shall give all such notices and communications
specified herein to be given to Noteholders of the Notes to the Clearing Agency.

          SECTION 2.12. DEFINITIVE NOTES. If (i) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Book-Entry
Notes, and 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, a Servicer Default or an
Administrator Default, Note Owners representing beneficial interests aggregating
at least a majority of the Outstanding Amount of the Book-Entry Notes advise the
Indenture Trustee in writing (which shall then notify the Clearing Agency) that
the continuation of a book-entry system through the Clearing Agency is no longer
in the best interests of the Note Owners, then the Indenture Trustee will cause
the Clearing Agency to notify all Note Owners, through the Clearing Agency
Participants, of the occurrence of any such event and of the availability of
Definitive Notes to Note Owners requesting the same. Upon surrender to the
Indenture Trustee of the typewritten 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 fully
protected in relying on, such instructions. Upon the issuance of Definitive
Notes, the Indenture Trustee shall recognize the holders of the Definitive Notes
as Noteholders.

          SECTION 2.13. RESERVED

                                  ARTICLE III

                                    COVENANTS

          SECTION 3.01. PAYMENT TO NOTEHOLDERS. The Issuer will duly and
punctually pay the principal of 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(d), the Issuer will cause to be distributed to the
Senior Noteholders and the Subordinate Noteholders in accordance with the
Administration Agreement and Section 8.02 hereof that portion of the amounts on
deposit in the Trust Accounts on a Quarterly Payment Date which the Noteholders
are entitled to receive pursuant to the Administration Agreement. Amounts
properly withheld under the Code by any Person from a payment to any Noteholder
of interest and/or principal shall be considered as having been paid by the
Issuer to such Noteholder for all purposes of this Indenture.

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

          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 distributed from the Collection Account or any
other Trust Account shall be made on behalf of the Issuer by the Indenture
Trustee or by another Paying Agent, and no amounts so distributed for payments
of Notes shall be paid over to the Issuer except as provided in this Section.

          On or before the Business Day next preceding each Quarterly Payment
Date and Redemption Date, the Issuer shall distribute or cause to be distributed
to the Indenture Trustee (or any other Paying Agent) an aggregate sum sufficient
to pay the amounts then becoming due under the Notes, such sum to be held in
trust for the benefit of the Persons entitled thereto and (unless the Paying
Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee and
any Swap Counterparties 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 and any Swap Counterparties
          written notice of any default by the Issuer of which it has actual
          knowledge (or any other obligor upon the Notes) in the making of any
          payment required to be made with respect to the Notes;

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

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

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

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

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

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

          SECTION 3.05. PROTECTION OF INDENTURE TRUST ESTATE. The Issuer will
from time to time execute and deliver all such supplements and amendments hereto
and all such financing statements, continuation statements, instruments of
further assurance and other instruments, and will take such other action
necessary or advisable to:

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

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

                    (iii) enforce any of the Collateral; or

                    (iv) preserve and defend title to the Indenture Trust Estate
          and the rights of the Indenture Trustee, any Swap Counterparties and
          the Noteholders in such Indenture Trust Estate against the claims of
          all persons and parties. It shall be the responsibility of the Issuer
          to prepare such instruments.

The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement or
other instrument required to be executed pursuant to this Section.

          SECTION 3.06. OPINIONS AS TO INDENTURE TRUST ESTATE. (a) On the
Closing Date, the Issuer shall furnish to the Indenture Trustee and any Swap
Counterparties an Opinion of Counsel either stating that, in the opinion of such
counsel, such action has been taken with respect to the recording and filing of
this Indenture, any indentures supplemental hereto, and any other requisite
documents, and with respect to the execution and filing of any financing
statements and continuation statements, as are necessary to perfect and make
effective the lien and security interest of this Indenture and reciting the
details of such action, or stating that, in the opinion of such counsel, no such
action is necessary to make such lien and security interest effective.

          (b) On or before [ ] in each calendar year, beginning in [ ], the
Issuer shall furnish to the Indenture Trustee and any Swap Counterparties an
Opinion of Counsel either stating that, in the opinion of such counsel, such
action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and with respect to the execution and filing of any
financing statements and continuation statements as are necessary to maintain
the lien and security interest created by this Indenture and reciting the
details of such action or stating that in the opinion of such counsel no such
action is necessary to maintain such lien and security interest. Such Opinion of
Counsel shall also describe the recording, filing, re-recording and refiling of
this Indenture, any indentures supplemental hereto and any other requisite
documents and the execution and filing of any financing statements and
continuation statements that will, in the opinion of such counsel, be required
to maintain the lien and security interest of this Indenture until [ ] in the
following calendar year.

          SECTION 3.07. PERFORMANCE OF OBLIGATIONS; SERVICING OF STUDENT LOANS.
(a) The Issuer will not take any action and will use its best efforts not to
permit any action to be taken by others that would release any Person from any
of such Person's material covenants or obligations under any instrument or
agreement included in the Indenture Trust Estate or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture, the Loan Sale Agreement, the Servicing
Agreement or such other instrument or agreement.

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

          (c) The Issuer will punctually perform and observe all its obligations
and agreements contained in this Indenture, the other Basic Documents and in the
instruments and agreements included in the Indenture Trust Estate, including
filing or causing to be filed all UCC financing statements and continuation
statements required to be filed by the terms of this Indenture, the Loan Sale
Agreement and the Servicing Agreement in accordance with and within the time
periods provided for herein and therein. Except as otherwise expressly provided
therein, the Issuer shall not waive, amend, modify, supplement or terminate any
Basic Document or any provision thereof without the consent of the Indenture
Trustee or the Noteholders of at least a majority of the Outstanding Amount of
the Notes (and, in either such case, any Swap Counterparties).

          (d) If the Issuer shall have knowledge of the occurrence of a Servicer
Default under the Servicing Agreement or an Administrator Default under the
Administration Agreement, the Issuer shall promptly notify the Indenture
Trustee, the Rating Agencies and any Swap Counterparties thereof, and shall
specify in such notice the action, if any, the Issuer is taking with respect to
such default. If a Servicer Default shall arise from the failure of the Servicer
to perform any of its duties or obligations under the Servicing Agreement with
respect to the Financed Student Loans, the Issuer shall take all reasonable
steps available to it to enforce its rights under the Basic Documents in respect
of such failure.

          (e) As promptly as possible after the giving of notice of termination
to the Servicer of the Servicer's rights and powers pursuant to Section 6.01 of
the Servicing Agreement, the Issuer shall appoint a successor servicer (the
"SUCCESSOR SERVICER"), and such Successor Servicer shall accept its appointment
by a written assumption in a form acceptable to the Indenture Trustee. In the
event that a Successor Servicer has not been appointed and accepted its
appointment at the time when the Servicer ceases to act as Servicer, the
Indenture Trustee without further action shall automatically be appointed the
Successor Servicer. The Indenture Trustee may resign as the Servicer by giving
written notice of such resignation to the Issuer and any Swap Counterparties and
in such event will be released from such duties and obligations, such release
not to be effective until the date a new servicer enters into an agreement with
the Issuer as provided below; PROVIDED, HOWEVER, that nothing herein shall
require or permit the Indenture Trustee to act as Servicer, or otherwise service
the Financed Student Loans, in violation of the Higher Education Act. Upon
delivery of any such notice to the Issuer, the Issuer shall obtain a new
servicer as the Successor Servicer under the Servicing Agreement. Any Successor
Servicer other than the Indenture Trustee shall (i) be an established
institution (A) that satisfies any requirements of the Higher Education Act
applicable to servicers, (B) the appointment of which satisfies the Rating
Agency Condition and (C) the regular business includes the servicing or
administration of student loans and (ii) enter into a servicing agreement with
the Issuer having substantially the same provisions as the provisions of the
Servicing Agreement applicable to the Servicer. If within 60 days after the
delivery of the notice referred to above, the Issuer shall not have obtained
such a new servicer, the Indenture Trustee may appoint, or may petition a court
of competent jurisdiction to appoint, a Successor Servicer; PROVIDED, HOWEVER,
that such right to appoint or to petition for the appointment of any such
Successor Servicer shall in no event relieve the Indenture Trustee from any
obligations otherwise imposed on it under the Basic Documents until such
Successor Servicer has in fact assumed such appointment. In connection with any
such appointment, the Indenture Trustee may make such arrangements for the
compensation of such Successor Servicer as it, any Swap Counterparties and such
Successor Servicer shall agree, subject to the limitations set forth below and
in the Servicing Agreement, and in accordance with Section 6.02 of the Servicing
Agreement, the Issuer shall enter into an agreement with such Successor Servicer
for the servicing of the Financed Student Loans (such agreement to be in form
and substance satisfactory to the Indenture Trustee). If the Indenture Trustee
shall succeed as provided herein to the Servicer's duties as servicer with
respect to the Financed Student Loans, it shall do so in its individual capacity
and not in its capacity as Indenture Trustee and, accordingly, the provisions of
Article VI hereof shall be inapplicable to the Indenture Trustee in its duties
as the successor to the Servicer and the servicing of the Financed Student
Loans. In case the Indenture Trustee shall become successor to the Servicer
under the Servicing Agreement, the Indenture Trustee shall be entitled to
appoint as Servicer any one of its affiliates, provided that such appointment
shall not affect or alter in any way the liability of the Indenture Trustee as a
successor for the performance of the duties and obligations of the Servicer in
accordance with the terms hereof.

          Notwithstanding anything else herein to the contrary, in no event
shall the Indenture Trustee be liable for any servicing fee or for any
differential in the amount of the servicing fee paid hereunder and the amount
necessary to induce any Successor Servicer to act as Successor Servicer under
the Servicing Agreement and the transactions set forth or provided for therein.

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

          (g) Without derogating from the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer agrees that it will not, without the
prior written consent of the Indenture Trustee or the Noteholders of at least a
majority in Outstanding Amount of the Notes (and, in either such case, any Swap
Counterparties), amend, modify, waive, supplement, terminate or surrender, or
agree to any amendment, modification, supplement, termination, waiver or
surrender of, the terms of any Collateral or the Basic Documents, except to the
extent otherwise provided in the Servicing Agreement, or waive timely
performance or observance by the Servicer, the Seller, the Issuer, the
Administrator or the Eligible Lender Trustee under the Loan Sale Agreement, the
Servicing Agreement or the Administration Agreement; PROVIDED, HOWEVER, that no
such amendment shall (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, distributions that are required to be made
for the benefit of the Noteholders, or (ii) reduce the aforesaid percentage of
the Notes which are required to consent to any such amendment, without the
consent of the Noteholders of all the Outstanding Notes. If any such amendment,
modification, supplement or waiver shall be so consented to, the Issuer agrees,
promptly following a request by the Indenture Trustee or any Swap Counterparty
to do so, to execute and deliver, in its own name and at its own expense, such
agreements, instruments, consents and other documents as the Indenture Trustee
or any Swap Counterparties may deem necessary or appropriate in the
circumstances.

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

                    (i) except as expressly permitted by this Indenture or any
          other Basic Document, sell, transfer, exchange or otherwise dispose of
          any of the properties or assets of the Issuer, including those
          included in the Indenture Trust Estate, unless directed to do so by
          the Indenture Trustee (which direction the Indenture Trustee shall not
          give without the prior written consent of each of the Rating
          Agencies);

                    (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 Indenture Trust Estate; or xxxx

                    (iii) (A) permit the validity or effectiveness of this
          Indenture to be impaired, or permit the lien of this Indenture to be
          amended, hypothecated, subordinated, terminated or discharged, or
          permit any Person to be released from any covenants or obligations
          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 Indenture Trust Estate or any part thereof or
          any interest therein or the proceeds thereof (other than tax liens and
          other liens that arise by operation of law, in each case arising
          solely as a result of an action or omission of the related Obligor,
          and other than as expressly permitted by the Basic Documents) or (C)
          permit the lien of this Indenture not to constitute a valid first
          priority (other than with respect to any such tax or other lien)
          security interest in the Indenture Trust Estate.

          SECTION 3.09. ANNUAL STATEMENT AS TO COMPLIANCE. The Issuer will
deliver to the Indenture Trustee and any Swap Counterparties, within [ ] days
after the end of each fiscal year of the Issuer (commencing with the fiscal year
[ ]), an Officers' Certificate of the Issuer stating that:

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

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

          SECTION 3.10. ISSUER MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS. (a)
The Issuer shall not consolidate or merge with or into any other Person, unless:

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

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

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

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

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

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

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

                    (i) the Person that acquires by conveyance or transfer the
          properties and assets of the Issuer the conveyance or transfer of
          which is hereby restricted shall (A) be a United States citizen or a
          Person organized and existing under the laws of the United States of
          America or any State, (B) expressly assumes, by an indenture
          supplemental hereto, executed and delivered to the Indenture Trustee,
          in form satisfactory to the Indenture Trustee and any Swap
          Counterparties, the due and punctual payment of the principal of, and
          interest on and with respect to all Notes and the performance or
          observance of every agreement and covenant of this Indenture on the
          part of the Issuer to be performed or observed, all as provided
          herein, (C) expressly agrees 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 Noteholders and any Swap
          Counterparties, (D) unless otherwise provided in such supplemental
          indenture, expressly agrees to indemnify, defend and hold harmless the
          Issuer and any Swap Counterparties against and from any loss,
          liability or expense arising under or related to this Indenture and
          the Notes and (E) expressly agrees by means of such supplemental
          indenture that such Person (or if a group of Persons, then one
          specified Person) shall make all filings with the Commission (and any
          other appropriate Person) required by the Exchange Act in connection
          with the Notes;

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

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

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

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

                    (vii) any Swap Counterparties shall have given their prior
          written consent.

          SECTION 3.11. SUCCESSOR OR TRANSFEREE. (a) Upon any consolidation or
merger of the Issuer in accordance with Section 3.10(a), the Person formed by or
surviving such consolidation or merger (if other than the Issuer) shall succeed
to, and be substituted for, and may exercise every right and power of, the
Issuer under this Indenture with the same effect as if such Person had been
named as the Issuer herein.

          (b) Upon a conveyance or transfer of all the assets and properties of
the Issuer pursuant to Section 3.10(b), Asset Backed Securities Corporation
Student Loan Trust [ ] 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 by the Issuer of written
notice to the Indenture Trustee stating that Asset Backed Securities Corporation
Student Loan Trust [ ] is to be so released.

          SECTION 3.12. NO OTHER BUSINESS. Except as contemplated by this
Indenture or the other Basic Documents, the Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Financed Student Loans, and originating Consolidation Loans during the Revolving
Period, in the manner contemplated by this Indenture and the other Basic
Documents and activities incidental thereto.

          SECTION 3.13. NO BORROWING. Except as contemplated by this Indenture
or the other Basic Documents, the Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes.

          SECTION 3.14. OBLIGATIONS OF SERVICER AND ADMINISTRATOR. The Issuer
shall cause the Servicer to comply with Sections 3.07, 3.08, 3.09 and 3.10 of
the Servicing Agreement and shall cause the Administrator to comply with Section
2(g) of the Administration Agreement.

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

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

          SECTION 3.17. RESTRICTED PAYMENTS. The Issuer shall not, directly or
indirectly, (i) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Eligible Lender Trustee or any owner of a beneficial interest in
the Issuer or otherwise with respect to any ownership or equity interest or
security in or of the Issuer or to the Servicer or the Administrator, (ii)
redeem, purchase, retire or otherwise acquire for value any such ownership or
equity interest or security or (iii) set aside or otherwise segregate any
amounts for any such purpose; PROVIDED, however, that the Issuer may make, or
cause to be made, distributions to the Servicer, the Eligible Lender Trustee,
the Indenture Trustee, the Noteholders, the Administrator, the Seller and the
Company as contemplated by, and to the extent funds are available for such
purpose under, this Indenture, the Loan Sale Agreement, the Servicing Agreement
or the Administration Agreement. The Issuer will not, directly or indirectly,
make payments to or distributions from the Collection Account or the Collateral
Reinvestment Account except in accordance with this Indenture and the other
Basic Documents.

          SECTION 3.18. NOTICE OF EVENTS OF DEFAULT. The Issuer shall give the
Indenture Trustee, the Rating Agencies and any Swap Counterparties prompt
written notice of each Event of Default hereunder and each default on the part
of the Seller, the Servicer or the Administrator of its obligations under the
Loan Sale Agreement, the Servicing Agreement or the Administration Agreement. In
addition, the Issuer shall deliver to the Indenture Trustee, within five days
after the occurrence thereof, written notice in the form of an Officers'
Certificate of the Issuer of any event which with the giving of notice and the
lapse of time would become an Event of Default under Section 5.01(iii), its
status and what action the Issuer is taking or proposes to take with respect
thereto. The Indenture Trustee shall provide notice to the Noteholders and any
Swap Counterparties of each default or other event of which it receives notice
pursuant to this Section 3.18, promptly after receipt of such Notice.

          SECTION 3.19. FURTHER INSTRUMENTS AND ACTS. Upon request of the
Indenture Trustee or any Swap Counterparties, 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 3.20. REMOVAL OF ADMINISTRATOR. So long as any Notes are
Outstanding, the Issuer shall not remove the Administrator unless the Rating
Agency Condition shall have been satisfied in connection with such removal.

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

          SECTION 4.01. SATISFACTION AND DISCHARGE OF INDENTURE. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08,
3.10, 3.12, 3.13, 3.15, 3.16 and 3.17 (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 and any Swap Counterparties as
beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on
demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to the
Notes, when:

          (A)    either

                         (1) all Notes theretofore authenticated and delivered
          (other than (i) Notes that have been destroyed, lost or stolen and
          that have been replaced or paid as provided in Section 2.05 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,

                              (ii) will become due and payable at the Class A-1
               Note Final Maturity Date, the Class A-2 Note Final Maturity Date
               or the Subordinate Note Final Maturity Date, as the case may be,
               within one year, or

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

                    and the Issuer, in the case of (i), (ii) or (iii) above, has
          irrevocably deposited or caused to be irrevocably deposited with the
          Indenture Trustee cash or direct obligations of or obligations
          guaranteed by the United States of America (which will mature prior to
          the date such amounts are payable), in trust for such purpose, in an
          amount sufficient to pay and discharge the entire indebtedness on such
          Notes not theretofore delivered to the Indenture Trustee for
          cancellation as of such day of discharge or when due on the Class A-1
          Note Final Maturity Date, the Class A-2 Note Final Maturity Date or
          the Subordinate Note Final Maturity Date, as the case may be;

                              (B) the Issuer has paid or caused to be paid all
               other sums payable hereunder and under any Swap Agreements by the
               Issuer; and

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

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

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

          SECTION 4.04. AUCTION OF FINANCED STUDENT LOANS. The Indenture Trustee
shall offer the Financed Student Loans for sale as of the last day of the
Collection Period that ends in [ ]and shall accept bids on behalf of the Issuer
for such purpose. If with respect to the last date of such Collection Period,
the Indenture Trustee receives no bid to purchase the Financed Student Loans, or
no bid that it may, as specified below, accept, the Indenture Trustee may at its
discretion, but shall not be obligated to, offer the Financed Student Loans for
sale as of the last day of each, or any, of the succeeding Collection Periods
until a bid is received that may, as specified below, be accepted by the
Indenture Trustee. With respect to any attempt to arrange for the purchase of
the Financed Student Loans, the Indenture Trustee shall accept the highest bid
submitted so long as (i) at least two bids (one of which is from a Person that
is not the Seller or an Affiliate of the Seller) to purchase the Financed
Student Loans as of the last day of the applicable Collection Period are
received and (ii) the highest such bid is at least equal to the Minimum Purchase
Price. Any attempt to arrange for the purchase of the Financed Student Loans and
the consummation of any such sale shall be conducted by the Indenture Trustee in
a commercially reasonable manner. The Indenture Trustee shall provide notice of
any such attempt at least [ ] days prior to the last day of the related
Collection Period to the Seller, the Company, the Servicer, the Eligible Lender
Trustee, the Rating Agencies, any Swap Counterparties and each Noteholder, and
any such Person or their respective Affiliates or any other Person may submit a
timely bid for the purchase of the Financed Student Loans.

                                    ARTICLE V

                                    REMEDIES

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

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

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

                    (iii) default in the observance or performance of any
          covenant or agreement of the Issuer made in this Indenture (other than
          a covenant or agreement, a default in the observance or performance of
          which is elsewhere in this Section specifically dealt with), or any
          representation or warranty of the Issuer made in this Indenture or in
          any certificate or other writing delivered pursuant hereto or in
          connection herewith proving to have been incorrect in any material
          respect as of the time when the same shall have been made which
          default materially and adversely affects the rights of the
          Noteholders, and such default shall continue or not be cured, or the
          circumstance or condition in respect of which such misrepresentation
          or warranty was incorrect shall not have been eliminated or otherwise
          cured, for a period of [ ] (or, in the circumstances provided below, [
          ]) days after there shall have been given, by registered or certified
          mail, to the Issuer by the Indenture Trustee or to the Issuer and the
          Indenture Trustee by the Noteholders of at least 25% of the
          Outstanding Amount of the Notes, a written notice specifying such
          default or incorrect representation or warranty and requiring it to be
          remedied and stating that such notice is a notice of Default
          hereunder; PROVIDED, HOWEVER, that, if at the end of such [ ]-day
          period, the Indenture Trustee determines that a good faith effort to
          cure or eliminate the Default has commenced, the Indenture Trustee may
          extend such [ ]-day period to [ ] days; or

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

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

          SECTION 5.02. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT. If
an Event of Default should occur, then and in every such case the Indenture
Trustee or the Noteholders of Notes representing not less than a majority of the
Outstanding Amount of the Notes may declare all the Notes to be immediately due
and payable, by a notice in writing to the Issuer and any Swap Counterparties
(and to the Indenture Trustee if given by Noteholders), and upon any such
declaration the unpaid principal amount of such Notes, together with accrued and
unpaid interest thereon through the date of acceleration, shall become
immediately due and payable.

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

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

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

                              (B) all sums paid or advanced by the Indenture
               Trustee hereunder plus all amounts owed to any Swap
               Counterparties under the Basic Documents and the reasonable
               compensation, expenses, disbursements and advances of the
               Indenture Trustee, any Swap Counterparties and their respective
               agents and counsel; and

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

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

          SECTION 5.03. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
INDENTURE TRUSTEE. (a) The Issuer covenants that if (i) default is made in the
payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five days, or (ii) default is made in the
payment of the principal of or any installment of the principal of any Note when
the same becomes due and payable, the Issuer will, upon demand of the Indenture
Trustee, pay to it, for the benefit of the Noteholders and any Swap
Counterparties, the whole amount then due and payable on such Notes for
principal and interest with interest upon the overdue principal, and, to the
extent payment at such rate of interest shall be legally enforceable, upon
overdue installments of interest, at the rate specified in Section 2.07 and all
amounts due under any Swap Agreements and in addition thereto such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Indenture Trustee, any Swap Counterparties and their respective agents and
counsel.

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

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

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

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

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

                    (iii) to collect and receive any monies or other property
          payable or deliverable on any such claims and to distribute all
          amounts received with respect to the claims of the Noteholders, any
          Swap Counterparties and 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, any Swap Counterparties or the Noteholders
          allowed in any judicial Proceeding relative to the Issuer, its
          creditors and its property;

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

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

          (f) All rights of action and of asserting claims under this Indenture,
or under any of the Notes, may be enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any trial or other
Proceeding relative thereto, and any such action or Proceeding 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
benefit of the Noteholders and any Swap Counterparties.

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

          SECTION 5.04. REMEDIES; PRIORITIES. (a) If an Event of Default shall
have occurred, the Indenture Trustee may or, upon the written request of
Noteholders of at least 51% of the Notes, shall do one or more of the following
(subject to Section 5.05):

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

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

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

                    (iv) sell the Indenture Trust Estate or any portion thereof
          or rights or interests 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 Indenture Trust Estate following an Event of Default, other than
an Event of Default described in Section 5.01(i) or (ii), unless (A) the
Noteholders of 100% of the Outstanding Amount of the Notes and any Swap
Counterparties (but, in the case of any Swap Counterparties, only to the extent
that the Administrator directs the Indenture Trustee that any Swap
Counterparties would not receive all amounts due under any Swap Agreements)
consent thereto, (B) the proceeds of such sale or liquidation distributable to
the Noteholders are sufficient to discharge in full all amounts then due and
unpaid upon such Notes for principal and interest and under any Swap Agreements
or (C) the Indenture Trustee determines that the Indenture Trust Estate will not
continue to provide sufficient funds for the payment of principal of and
interest on the Notes as they would have become due if the Notes had not been
declared due and payable, and the Indenture Trustee obtains the consent of
Noteholders of 66-2/3% of the Outstanding Amount of the Notes and any Swap
Counterparties (but, in the case of any Swap Counterparties, only to the extent
that any Swap Counterparties would not receive all amounts due under any Swap
Agreements). In determining such sufficiency or insufficiency with respect to
clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely
upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Indenture Trust Estate for such purpose.

         (b)   Following an Event of Default and an acceleration of the
Notes, the Indenture Trustee shall pay out the money or property in the
following order:

                    FIRST: to the Indenture Trustee for amounts due under
          Section 6.07;

                    SECOND: ratably, without preference or priority of any kind
          (a) to the Senior Noteholders for amounts due and unpaid on the Senior
          Notes for interest and (b) if the Trust is the Defaulting Party (as
          such term is defined in any Swap Agreements) under any Swap
          Agreements, to any Swap Counterparties for all amounts due to any Swap
          Counterparties under any Swap Agreements (provided, however, that to
          the extent that the Trust is the Defaulting Party with respect to an
          Event of Default specified in Section 5 (a)(i) of a Swap Agreement
          this priority shall apply only with respect to the related Trust Swap
          Payment Amount (and not the remainder of the related Termination
          Payment));

                    THIRD: Reserved;

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

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

                    SIXTH: to the Subordinate Noteholders for amounts due and
          unpaid (without regard to the Subordinate Note Trigger) on the
          Subordinate Notes for interest, ratably, without preference or
          priority of any kind, according to the amounts due and payable on the
          Subordinate Notes (after giving effect to payments pursuant to clause
          FOURTH above);

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

                    EIGHTH: to the Servicer for due and unpaid Servicing Fees;

                    NINTH: Reserved;

                    TENTH: Reserved;

                    ELEVENTH: to any Swap Counterparties for all amounts due
          under any Swap Agreements, to the extent that such Swap Counterparty
          is the Defaulting Party (as such term is defined in the related Swap
          Agreement), the Early Termination Date (as such term is defined
          therein) arises from a Termination Event or the Trust is the
          Defaulting Party with respect to an Event of Default specified in
          Section 5 (a)(i) of the related Swap Agreement (exclusive of any Trust
          Swap Payment Amount paid pursuant to Clause SECOND hereof); and

                    TWELFTH: to the Issuer, for distribution in accordance with
          the terms of the Administration Agreement.

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

          SECTION 5.05. OPTIONAL PRESERVATION OF THE INDENTURE TRUST ESTATE. If
the Notes have been declared to be due and payable under Section 5.02 following
an Event of Default and such declaration and its consequences have not been
rescinded and annulled, the Indenture Trustee may, but need not, elect to
maintain possession of the Indenture Trust Estate. It is the desire of the
parties hereto and the Noteholders that there be at all times sufficient funds
for the payment of principal of and interest on the Notes, and the Indenture
Trustee shall take such desire into account when determining whether to maintain
possession of the Indenture Trust Estate. In determining whether to maintain
possession of the Indenture Trust Estate, the Indenture Trustee may, but need
not, obtain and rely upon an opinion (which shall be obtained at the expense of
the Issuer) 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 Indenture Trust Estate for such purpose.

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

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

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

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

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

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

          In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Noteholders
pursuant to this Section 5.06, each representing less than a majority of the
Outstanding Amount of the Notes, the Indenture Trustee in its sole discretion
may determine what action, if any, shall be taken, notwithstanding any other
provisions of this Indenture.

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

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

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

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

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

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

                    (ii) subject to the express terms of Section 5.04, any
          direction to the Indenture Trustee to sell or liquidate the Indenture
          Trust Estate shall be by the Noteholders of 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 Indenture
          Trust Estate pursuant to such Section, then any direction to the
          Indenture Trustee by Noteholders of less than 100% of the Outstanding
          Amount of the Notes to sell or liquidate the Indenture Trust Estate
          shall be of no force and effect; and

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

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

          SECTION 5.12. WAIVER OF PAST DEFAULTS. Prior to the time a judgment or
decree for payment of money due has been obtained as described in Section 5.02,
the Noteholders of not less than a majority of the Outstanding Amount of the
Notes, with the prior written consent of the Swap Counterparties, if any, may
waive any past Default or Event of Default and its consequences except a Default
or Event of Default (a) in payment when due of principal of or interest on any
of the Notes or (b) in respect of a covenant or provision hereof which cannot be
modified or amended without the consent of each Noteholder and any Swap
Counterparties; PROVIDED, HOWEVER, that all Noteholders may waive events
described in clauses (a) and (b) hereof. In the case of any such waiver, the
Issuer, the Indenture Trustee and the Noteholders shall be restored to their
former positions and rights hereunder, respectively; but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any
right consequent thereto.

          Upon any such waiver, such Default shall cease to exist and be deemed
to have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to be cured and not to have occurred, for every
purpose of this Indenture to the extent specified in such waiver but no such
waiver shall extend to any subsequent or other Default or Event of Default or
impair any right consequent thereto.

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

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

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

          SECTION 5.16. PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS. (a)
Promptly following a request from the Indenture Trustee to do so and at the
Administrator's expense, the Issuer shall take all such lawful action as the
Indenture Trustee may request to compel or secure the performance and observance
by the Seller, the Servicer, the Administrator and any Swap Counterparties, as
applicable, of each of their obligations to the Issuer under or in connection
with the Loan Sale Agreement, the Servicing Agreement, the Administration
Agreement and any Swap Agreements and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuer under or in connection
with the Loan Sale Agreement, the Servicing Agreement and the Administration
Agreement to the extent and in the manner directed by the Indenture Trustee,
including the transmission of notices of default on the part of the Seller, the
Servicer, the Administrator or any Swap Counterparties thereunder and the
institution of legal or administrative actions or proceedings to compel or
secure performance by the Seller, the Servicer, the Administrator or any Swap
Counterparties of each of their obligations under the Loan Sale Agreement, the
Servicing Agreement, the Administration Agreement or any Swap Agreements.

          (b) If an Event of Default has occurred, the Indenture Trustee may,
and at the direction (which direction shall be in writing or by telephone
(confirmed in writing promptly thereafter)) of the Noteholders of 66-2/3% of the
Outstanding Amount of the Notes, shall, exercise all rights, remedies, powers,
privileges and claims of the Issuer against the Seller, the Servicer, the
Administrator or any Swap Counterparties under or in connection with the Loan
Sale Agreement, the Servicing Agreement, the Administration Agreement or any
Swap Agreements, including the right or power to take any action to compel or
secure performance or observance by the Seller, the Servicer, the Administrator
or any Swap Counterparties of each of their obligations to the Issuer thereunder
and to give any consent, request, notice, direction, approval, extension or
waiver under the Loan Sale Agreement, the Servicing Agreement, the
Administration Agreement or any Swap Agreements and any right of the Issuer to
take such action shall be suspended.

                                   ARTICLE VI

                              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 use the same degree of care and
skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs.

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

                    (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 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; PROVIDED, HOWEVER, that the Indenture
          Trustee shall examine such certificates and opinions to determine
          whether they conform to the requirements of this Indenture.

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

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

                    (ii) the Indenture Trustee shall not be liable for any error
          of judgment made in good faith by a Responsible Officer unless it is
          proved that the Indenture Trustee was 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 Sections 5.02, 5.11, 5.12
          and 5.16.

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

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

          (f) 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 Servicing Agreement.

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

          (h) Except as expressly provided in the Basic Documents, the Indenture
Trustee shall have no obligation to administer, service or collect the Financed
Student Loans or to maintain, monitor or otherwise supervise the administration,
servicing or collection of the Financed Student Loans.

          (i) In the event that the Indenture Trustee is the Paying Agent or the
Note Registrar, the rights and protections afforded to the Indenture Trustee
pursuant to this Indenture shall also be afforded to the Indenture Trustee in
its capacity as Paying Agent or Note Registrar.

          (j) 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.

          (k) Notwithstanding any other provision in this Agreement or the other
Basic Documents, nothing in this Agreement or the other Basic Documents shall be
construed to limit the Indenture Trustee's legal responsibility to the U.S.
Secretary of Education or a Guarantor for any violations of statutory or
regulatory requirements that may occur with respect to loans held by the
Indenture Trustee pursuant to, or to otherwise comply with its obligations
under, the Higher Education Act or implementing regulations, it being expressly
understood that the Indenture Trustee has no obligation or duty pursuant to this
Section in the capacity of a successor Servicer except pursuant to Section 6.02
of the Servicing Agreement.

          SECTION 6.02. RIGHTS OF INDENTURE TRUSTEE. (a) The Indenture Trustee
may rely on any document believed by it to be genuine and to have been signed or
presented by the proper Person. The Indenture Trustee need not investigate any
fact or matter stated in such document.

          (b) Before the Indenture Trustee acts or refrains from acting in
connection with any matter contemplated by this Indenture or other Basic
Documents, it may require an Officers' Certificate of the Issuer or an Opinion
of Counsel. The Indenture Trustee shall not be liable for any action it takes or
omits to take in good faith in reliance on such Officers' Certificate or Opinion
of Counsel.

          (c) The Indenture Trustee may exercise any of the trusts and 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 any attorney,
agent, 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 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 other Basic Documents 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) Subject to clauses (a), (b), (c) and (g) of Section 6.01 hereof,
the Indenture Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Indenture at the request or direction of any
Noteholder pursuant to this Indenture, unless such Noteholder shall have offered
to the Indenture Trustee security or indemnity reasonably satisfactory to the
Indenture Trustee against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or 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 must comply with Sections 6.11 and 6.12.

          SECTION 6.04. INDENTURE TRUSTEE'S DISCLAIMER. The Indenture Trustee
shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture 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 the 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 if it is
actually known by, or written notice of the existence thereof has been delivered
to, a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall
mail notice of the Default to each Noteholder, any Swap Counterparties and the
Rating Agencies promptly after the Indenture Trustee obtains such knowledge or
receives such notice of the Default. Except in the case of a Default in payment
of principal of or interest on any Note (including payments pursuant to the
mandatory redemption provisions of such Note), the Indenture Trustee may
withhold the notice to the Noteholders 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 NOTEHOLDERS. The Paying
Agent shall deliver to each Noteholder (and to each Person who was a Noteholder
at any time during the applicable calendar year) such information as may be
required to enable such holder to prepare its federal and state income tax
returns. Within 60 days after each December 31 beginning with the December 31
following the date of this Indenture, the Indenture Trustee shall mail to each
Noteholder a brief report as of such December 31 that complies with TIA ss.
313(a) if required by said section. The Indenture Trustee shall also comply with
TIA ss. 313(b). A copy of each such report required pursuant to TIA ss. 313(a)
or (b) shall, at the time of such transmission to Noteholders, be filed by the
Indenture Trustee with the Commission and with each securities exchange, if any,
upon which the Notes are listed, provided that the Issuer has previously
notified the Indenture Trustee in writing of such listing.

          SECTION 6.07. COMPENSATION AND INDEMNITY. The Issuer shall cause the
Administrator to pay to the Indenture Trustee from time to time reasonable
compensation for its services and shall cause the Administrator 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 Indenture Trustee's compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Issuer
shall cause the Administrator to indemnify the Indenture Trustee, its officers,
directors, employees and agents against any and all loss, liability or expense
(including attorneys' fees and expenses) incurred by it in connection with the
administration of this trust and the performance of its duties hereunder and
under the other Basic Documents. 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
and under the other Basic Documents. The Issuer shall cause the Administrator to
defend the claim and the Administrator shall not be liable for any additional
legal fees and expenses of the Indenture Trustee after it has assumed such
defense; PROVIDED, HOWEVER, that, in the event that there may be a conflict
between the positions of the Indenture Trustee and the Administrator in
conducting the defense of such claim, the Indenture Trustee shall be entitled to
separate counsel the fees and expenses of which shall be paid by the
Administrator on behalf of the Issuer. Neither the Issuer nor the Administrator
need reimburse any expense or indemnify against any loss, liability or expense
incurred by the Indenture Trustee through the Indenture Trustee's own willful
misconduct, negligence or bad faith.

          All amounts payable to the Indenture Trustee under this Section 6.07
shall be payable solely by the Administrator or from amounts otherwise payable
to the Company under Section 2(e)(ii)(b)(viii) of the Administration Agreement.
The Indenture Trustee agrees to continue to perform its obligations under the
Basic Documents notwithstanding any failure of the Administrator to pay any
amounts owed to the Indenture Trustee.

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

          SECTION 6.08. REPLACEMENT OF INDENTURE TRUSTEE. No resignation or
removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become effective until the acceptance of appointment by the
successor Indenture Trustee pursuant to this Section 6.08. The Indenture Trustee
may resign at any time by so notifying the Issuer and any Swap Counterparties.
The Administrator may remove the Indenture Trustee at any time following thirty
days written notice by so notifying the Indenture Trustee and may appoint a
successor Indenture Trustee; provided that all fees and expenses of the
Indenture Trustee being removed are paid in full. The Noteholders of a majority
in Outstanding Amount of the Notes may remove the Indenture Trustee by so
notifying the Indenture Trustee and may appoint a successor Indenture Trustee.
The Issuer shall remove the Indenture Trustee if:

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

                    (ii) an Insolvency Event occurs with respect to the
          Indenture Trustee;

                    (iii) a receiver or other public officer takes charge of the
          Indenture Trustee or its property;

                    (iv) the Indenture Trustee otherwise becomes incapable of
          acting; or

                    (v) the Indenture Trustee is in breach of any material
          representation, warranty, or covenant or other material obligations of
          the Indenture Trustee under any Basic Document.

          If the Indenture Trustee resigns or is removed or if a vacancy exists
in the office of Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the retiring Indenture Trustee), the Issuer
shall, promptly appoint a successor Indenture Trustee. Any successor Indenture
Trustee shall be satisfactory to any Swap Counterparties. A former Indenture
Trustee shall not be liable for any acts or omissions of any successor Indenture
Trustee.

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

          If a successor Indenture Trustee does not take office within 60 days
after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer, any Swap Counterparties or the Noteholders 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.

          Notwithstanding the replacement of the Indenture Trustee pursuant to
this Section, the Issuer's and the Administrator's obligations under Section
6.07 shall continue for the benefit of the retiring Indenture Trustee.

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

          In case at the time such successor or successors by merger, conversion
or consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered,
any such successor to the Indenture Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee; and in all such cases such certificates
shall have the full force 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-TRUSTEE OR SEPARATE TRUSTEE. (a)
Notwithstanding any other provisions of this Indenture, at any time, for the
purpose of meeting any legal requirement of any jurisdiction in which any part
of the Indenture Trust Estate may at the time be located, the Indenture Trustee
shall have the power and may execute and deliver all instruments to appoint one
or more Persons to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, of all or any part of the Indenture Trust Estate, and to vest
in such Person or Persons, in such capacity and for the benefit of the
Noteholders and any Swap Counterparties, such title to the Indenture Trust
Estate, or any part hereof, and, subject to the other provisions of this
Section, such powers, duties, obligations, rights and trusts as the Indenture
Trustee may consider necessary or desirable. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 6.11 and no notice to Noteholders of the appointment of
any co-trustee or separate trustee shall be required under Section 6.08 hereof.
The Indenture Trustee shall notify the Rating Agencies of any appointment of a
co-trustee or separate trustee hereunder.

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

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

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

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

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

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

          SECTION 6.11. ELIGIBILITY; DISQUALIFICATION. The Indenture Trustee
shall at all times satisfy the requirements of TIA ss. 310(a). The Indenture
Trustee shall have a combined capital and surplus of at least $[ ] as set forth
in its most recent published annual report of condition and it shall have a long
term debt rating of "Baa3" or better by Moody's. The Indenture Trustee shall
comply with TIA ss. 310(b), including the optional provision permitted by the
second sentence of TIA ss. 310(b)(9); PROVIDED, HOWEVER, that there shall be
excluded from the operation of TIA ss. 310(b)(1) any indenture or indentures
under which other securities of the Issuer are outstanding if the requirements
for such exclusion set forth in TIA ss. 310(b)(1) are met.

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

          SECTION 6.13. DECLARATION OF DEFAULT OR TERMINATION EVENT UNDER ANY
SWAP AGREEMENTS. The Indenture Trustee shall not declare any Swap Counterparties
to be in Default or declare a Termination Event under any Swap Agreements
without the prior written consent of the Administrator.

                                   ARTICLE VII

                         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 (a) not more than five days after the earlier of (i) each
Record Date and (ii) three months after the last Record Date, a list, in such
form as the Indenture Trustee may reasonably require, of the names and addresses
of the Noteholders as of such Record Date, and (b) at such other times as the
Indenture Trustee may request in writing, within ten days after receipt by the
Issuer of any such request, a list of similar form and content as of a date not
more than ten days prior to the time such list is furnished; PROVIDED, HOWEVER,
that so long as the Indenture Trustee is the Note Registrar, no such list shall
be required to be furnished.

          SECTION 7.02. PRESERVATION OF INFORMATION; COMMUNICATIONS 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. The Indenture Trustee may
destroy any list furnished to it as provided in such Section 7.01 upon receipt
of a new list so furnished.

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

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

          (d) The Indenture Trustee shall furnish to the Noteholders 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 Indenture Trustee under the Basic Documents.

          (e) The Indenture Trustee shall provide notice to the Noteholders and
any Swap Counterparties as provided in Section 9.02 of the Trust Agreement, and
shall provide notice to the Noteholders of any amendment or supplement to the
Trust Agreement as provided in Section 11.01 of the Trust Agreement.

          SECTION 7.03. REPORTS BY ISSUER. (a) The Issuer shall:

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

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

                    (iii) supply to the Indenture Trustee (and the Indenture
          Trustee shall transmit by mail to all Noteholders described in TIA ss.
          313(c)) such summaries of any information, documents and reports
          required to be filed by the Issuer pursuant to clauses (i) and (ii) of
          this Section 7.03(a) as may be required 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 [ ] of each year.

          (c) Copies of all reports to be sent to the Indenture Trustee under
this Section 7.03 shall be mailed to any Swap Counterparties and the Rating
Agencies by the Issuer at the same time.

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

          SECTION 8.01. COLLECTION OF MONEY. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of
any fiscal agent or other intermediary, all money and other property payable to
or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture
Trustee shall apply all such money received by it on behalf of itself and the
Noteholders pursuant to the Loan Sale Agreement, the Servicing Agreement or the
Administration Agreement 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
Indenture Trust Estate, the Indenture Trustee may take such action as may be
appropriate to enforce such payment or performance, including the institution
and prosecution of appropriate Proceedings. Any such action shall be without
prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article V.

          SECTION 8.02. TRUST ACCOUNTS. (a) On or prior to the Closing Date, the
Issuer shall cause the Administrator to establish and maintain, in the name of
the Indenture Trustee, for the benefit of the Noteholders and the Swap
Counterparty, the Trust Accounts as provided in Section 2(c) of the
Administration Agreement.

          (b) On or before the Business Day preceding each Monthly Payment Date
and Quarterly Payment Date, all Monthly Available Funds with respect to the
preceding Monthly Collection Period (or in the case of a Quarterly Payment Date,
Available Funds with respect to the preceding Collection Period) will be
deposited in the Collection Account as provided in Section 4.01 of the Servicing
Agreement. On each Quarterly Payment Date, the Noteholders' Distribution Amount
with respect to such Quarterly Payment Date will be distributed from the
Collection Account, from the Prefunding Account and from the Reserve Account to
the Indenture Trustee (or other Paying Agent) on behalf of the Noteholders as
provided in Sections 2(d)(v)(C), 2(e)(iv)(C) and 2(k)(ii)(C) of the
Administration Agreement. On each Quarterly Payment Date, the Reserve Account
Excess for such Quarterly Payment Date will be distributed to the Indenture
Trustee (or other Paying Agent) on behalf of the Noteholders as provided in
clauses (b)(ii), b(iii) and (b)(iv) of Section 2(e)(ii) of the Administration
Agreement (and in the case of clause (b)(iv) whether allocated thereto pursuant
to the proviso to Section 2(e)(ii)(a) or pursuant to Section 2(e)(ii)(b)). On
the Quarterly Payment Date referred to in Section 10.01(a) (ii) with respect to
a redemption pursuant to Section 10.01(a) (ii), the amount on deposit in the
Collateral Reinvestment Account on such Quarterly Payment Date will be
distributed therefrom to the Indenture Trustee (or other Paying Agent) on behalf
of the Noteholders as provided in Section 2(f)(ii) of the Administration
Agreement.

          (c) On each Quarterly Payment Date, the Indenture Trustee (or any
other Paying Agent) shall distribute all amounts received by it from the
Collection Account, the Prefunding Account and the Reserve Account pursuant to
the second sentence of paragraph (b) above to Noteholders in respect of the
Notes to the extent of amounts due and unpaid on the Notes for principal and
interest to any Swap Counterparties in the following amounts and in the
following order of priority:

                    (i) the Class A-1 Noteholders' Interest Distribution Amount,
          the Class A-2 Noteholders' Interest Distribution Amount, the Trust
          Swap Payment Amounts, if any, and the remainder of any Termination
          Payment (to the extent the remainder of such Termination Payment is
          owed to any Swap Counterparties following a Redemption Event (as
          defined in any related Swap Agreement) or a default by the Trust under
          any Swap Agreements other than an Event of Default by the Trust
          specified in (x) Section 5(a)(i) of any Swap Agreements or (y)
          5(a)(ix) of any Swap Agreements unless an Event of Default has
          occurred, the Notes have been accelerated and such acceleration has
          been waived), to the Class A-1 Noteholders, the Class A-2 Noteholders
          and any Swap Counterparties, respectively; PROVIDED, HOWEVER, that if
          there are not sufficient funds to pay the Class A-1 Noteholders'
          Interest Distribution Amount, the Class A-2 Noteholders' Interest
          Distribution Amount, the Trust Swap Payment Amounts, if any, and the
          remainder of any Termination Payment, the amounts so received shall be
          applied to the payment of such Class A-1 Noteholders' Interest
          Distribution Amount, the Class A-2 Noteholders' Interest Distribution
          Amount, the Trust Swap Payment Amounts, if any, and the remainder of
          any Termination Payment, on a PRO RATA basis based on the ratio of
          each such amount to the total of such amounts;

                    (ii) reserved;

                    (iii) the Subordinate Noteholders' Interest Distribution
          Amount, to the Subordinate Noteholders;

                    (iv) if the Revolving Period has terminated, the Senior
          Noteholders' Principal Distribution Amount, to the Senior Noteholders
          (such amount to be allocated among the Senior Noteholders as provided
          in Section 8.02(f)) until the Outstanding Amount of the Senior Notes
          is reduced to zero; and

                    (v) after the Outstanding principal amount of the Senior
          Notes is reduced to zero, the Subordinate Noteholders' Principal
          Distribution Amount to the Subordinate Noteholders until the
          Outstanding principal amount of the Subordinate Notes is reduced to
          zero.

          (d) On each Quarterly Payment Date, the Indenture Trustee (or any
Paying Agent) shall distribute all amounts received by it on behalf of
Noteholders and to any Swap Counterparties in respect of Reserve Account Excess
pursuant to the third to the last sentence of paragraph (b) above in the
following amounts and order of priority:

                    (i) reserved;

                    (ii) if the Revolving Period has terminated, any remaining
          such amounts to Senior Noteholders (such amounts to be allocated among
          the Senior Noteholders as provided in Section 8.02(f)) until the
          Outstanding principal amount of the Notes is equal to the Pool Balance
          as of the close of business on the last day of the related Collection
          Period (only until the Outstanding principal amount of the Senior
          Notes is reduced to zero);

                    (iii) if the Revolving Period has terminated, and the
          Outstanding principal amount of the Senior Notes is reduced to zero,
          any remaining such amounts, to the Subordinate Noteholders until the
          Outstanding principal amount of the Subordinate Notes is equal to the
          Pool Balance as of the close of business on the last day of the
          related Collection Period;

                    (iv) commencing on the [ ] Quarterly Payment Date, any
          remaining such amounts to Senior Noteholders (such amounts to be
          allocated among the Senior Noteholders as provided in Section 8.02(f))
          until the Outstanding principal amount of the Senior Notes is reduced
          to zero;

                    (v) commencing on the [ ] Quarterly Payment Date, any
          remaining such amounts, after the Outstanding principal amount of the
          Senior Notes is reduced to zero, to the Subordinate Noteholders until
          the Outstanding principal amount of the Subordinate Notes is reduced
          to zero;

                    (vi) Reserved

                    (vii) Reserved; and

                    (viii) to any Swap Counterparties, all Termination Payments
          due under the related Swap Agreement, to the extent that any Swap
          Counterparty is the Defaulting Party (as such term is defined in the
          related Swap Agreement), the Early Termination Date (as such term is
          defined therein) arises from a Termination Event (other than an
          Additional Termination Event (as defined in any Swap Agreements) in
          respect of a Redemption Event (as defined in any Swap Agreements)) or
          the Trust is the Defaulting Party with respect to an Event of Default
          specified in Section 5(a)(i) of any Swap Agreements (exclusive of any
          Trust Swap Payment Amount paid pursuant to Clause SECOND of Section
          5.04 (b) hereof).

         (e)   On the Quarterly Payment Date referred to in Section
10.01(a)(ii) with respect to redemption pursuant to Section 10.01(a)(ii), the
Indenture Trustee (or any other Paying Agent) shall distribute all amounts
received by it from the Collateral Reinvestment Account pursuant to the last
sentence of Section (b) above in the following amounts and order of priority:

                    (i) to the related Swap Counterparty, an amount equal to any
          related unpaid Net Trust Swap Payment Carryover Shortfalls;

                    (ii) after any related Net Trust Swap Payment Carryover
          Shortfalls have been paid to the related Swap Counterparty, any
          remaining such amounts to the Senior Noteholders (such amount to be
          allocated among the Senior Noteholders as provided in Section 8.02(f))
          until the Outstanding principal amount of the Senior Notes is reduced
          to zero; and

                    (iii) after the Outstanding principal amount of the Senior
          Notes is reduced to zero, any remaining such amounts to the
          Subordinate Noteholders until the Outstanding principal amount of the
          Subordinate Notes is reduced to zero.

         (f)   Amounts payable to Senior Noteholders as provided in Sections
8.02(c)(iv), 8.02(d)(ii) and 8.02(e)(ii) shall be payable in the following
amounts and order of priority:

                    (i) to the Class A-1 Noteholders in an amount necessary to
          reduce the Outstanding principal amount of the Class A-1 Notes to
          zero; and

                    (ii) after the Outstanding principal amount of the Class A-1
          Notes is reduced to zero, to the Class A-2 Noteholders until the
          Outstanding principal amount of the Class A-2 Notes is reduced to
          zero;

PROVIDED, HOWEVER, that from and after any acceleration of the Notes following
an Event of Default, such amounts shall be payable to the Class A-1 Noteholders
and the Class A-2 Noteholders PRO RATA.

          (g) On the Quarterly Payment Date referred to in Section 10.01(a)(i)
with respect to redemption pursuant to Section 10.01(a)(i), the Indenture
Trustee (or any other Paying Agent) upon the written direction of the
Administrator shall distribute all amounts received by it from the Prefunding
Account pursuant to the last sentence of Section (b) above in the following
amounts and among the Class A-1 and Class A-2 Noteholders, pro rata, based upon
the initial principal balance of each class of Class A-1 and Class A-2 Notes.

          (h) In the event that any Swap Counterparty is replaced by a successor
swap counterparty pursuant to the terms of any Swap Agreement, the Indenture
Trustee shall pay any amounts owing to such Swap Counterparties in accordance
with the terms of the related Swap Agreements at the written direction of such
Swap Counterparties.

          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 Eligible
Investments and reinvested by the Indenture Trustee upon Issuer Order, subject
to the provisions of Section 2(c) of the Administration Agreement. All income or
other gain from investments of monies deposited in the Trust Accounts shall be
deposited by the Indenture Trustee in the Collection Account, and any loss
resulting from such investments shall be charged to such Trust Account. The
Issuer will not direct the Indenture Trustee to make any investment of any funds
or to sell any investment held in any of the Trust Accounts unless the security
interest granted and perfected in such account will continue to be perfected in
such investment or the proceeds of such sale, in either case without any further
action by any Person, and, in connection with any direction to the Indenture
Trustee to make any such investment or sale, if requested by the Indenture
Trustee, the Issuer shall deliver to the Indenture Trustee and any Swap
Counterparties an Opinion of Counsel, acceptable to the Indenture Trustee and
any Swap Counterparties, to such effect. All Eligible Investments shall mature
on the Business Day prior to the Monthly Payment Date or Quarterly Payment Date,
as applicable, and shall not be sold prior to their maturity.

          (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 trustee, in accordance with their terms.

          (c) If (i) the Issuer (or the Administrator pursuant to Section
2.(a)(U) of the Administration Agreement) shall have failed to give investment
directions for any funds on deposit in the Trust Accounts to the Indenture
Trustee by 10:00 a.m. New York time (or such other time as may be agreed by the
Issuer and Indenture Trustee) on any Business Day; or (ii) a Default or an 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, if such Notes shall have been declared due and payable following an Event of
Default, amounts collected or receivable from the Indenture Trust Estate are
being applied in accordance with Section 5.05 as if there had not been such a
declaration; then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in the Trust Accounts in one or more
Eligible Investments described in clause (d) of the definition thereof.

          SECTION 8.04. RELEASE OF INDENTURE TRUST ESTATE. (a) Subject to the
payment of its fees and expenses (including, without limitation, legal fees and
expenses) pursuant to Section 6.07, the Indenture Trustee may, and when required
by the provisions of this Indenture shall, execute instruments to release
property from the lien of this Indenture, or convey the Indenture Trustee's
interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an
instrument executed by the Indenture Trustee as provided in this Article VIII
shall be bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
monies.

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

          SECTION 8.05. OPINION OF COUNSEL. The Indenture Trustee shall receive
at least seven days' notice when requested by the Issuer to take any action
pursuant to Section 8.04(a), accompanied by copies of any instruments involved,
and the Indenture Trustee and any Swap Counterparties shall also require, as a
condition to such action, an Opinion of Counsel, in form and substance
satisfactory to the Indenture Trustee and any Swap Counterparties, 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
Indenture Trust Estate. Counsel rendering any such opinion may rely, with
respect to factual matters without independent investigation thereof, on the
accuracy and validity of any certificate or other instrument delivered to the
Indenture Trustee in connection with any such action.

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

          SECTION 9.01. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS.
(a) Without the consent of any Noteholders but with the prior written consent of
any Swap Counterparties and the prior notice to the Rating Agencies, the Issuer
and the Indenture Trustee, when authorized by an Issuer Order, at any time and
from time to time, may enter into one or more indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act as in force at
the date of the execution thereof), in form satisfactory to the Indenture
Trustee, for any of the following purposes:

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

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

                           (iii) to add to the covenants of the Issuer, for the
         benefit of the Noteholders and any Swap Counterparties, or to surrender
         any right or power herein conferred upon the Issuer;

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

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

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

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

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

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

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

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

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

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

                    (iv) reduce the percentage of the Outstanding Amount of the
          Notes required to direct the Indenture Trustee to direct the Issuer to
          sell or liquidate the Indenture Trust Estate pursuant to Section 5.04;

                    (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 Basic Documents cannot be
          modified or waived without the consent of the Noteholder of each
          Outstanding Note affected thereby;

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

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

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

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

          Promptly after the execution by the Issuer and the Indenture Trustee
of any supplemental indenture pursuant to this Section, the Indenture Trustee
shall mail to the Noteholders of the Notes to which such amendment or
supplemental indenture relates and to the Rating Agencies 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 IX or the modifications thereby of the trusts created
by this Indenture, the Indenture Trustee shall receive, and subject to Sections
6.01 and 6.02, shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture. The Indenture Trustee may, but shall not be
obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee's own rights, duties, liabilities or immunities under this
Indenture or otherwise. The Indenture Trustee shall provide a fully executed
copy of any supplemental indentures to the Indenture to any Swap Counterparties
and each Rating Agency.

          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 Indenture Trustee, the Issuer, the Noteholders and any Swap Counterparties
shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and are 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 IX shall conform to the requirements of the Trust Indenture Act as then
in effect so long as this Indenture shall then be qualified under the Trust
Indenture Act.

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

                                    ARTICLE X

                               REDEMPTION OF NOTES

          SECTION 10.01. REDEMPTION.

(a)       (i) Reserved.

          (ii) In the event that on the Quarterly Payment Date on which the
Revolving Period ends (or on the Quarterly Payment Date on or immediately
following the last day of the Revolving Period, if the Revolving Period does not
end on a Quarterly Payment Date) any amount remains on deposit in the Collateral
Reinvestment Account after giving effect to the making of all Additional
Fundings, including any such Additional Fundings on such Quarterly Payment Date
and the payment to any Swap Counterparties of any prior unpaid Net Trust Swap
Payment Carryover Shortfalls as provided in Section 8.02(e), one or more classes
of the Notes will be redeemed in part, in the order of priority specified in
Section 8.02(e), in an aggregate principal amount equal to the amount then on
deposit in the Collateral Reinvestment Account after giving effect to such
Additional Fundings and such payment to any Swap Counterparties.

          (b) In the event that the Financed Student Loans are sold pursuant to
Section 4.04 hereof, that portion of the amounts on deposit in the Trust
Accounts to be distributed to the Noteholders and any Swap Counterparties, if
any, shall be paid, first, to any Swap Counterparties, (in accordance with the
written direction of any Swap Counterparties) to the extent any amounts remain
due and payable to any Swap Counterparties under any Swap Agreements and,
second, to the Noteholders, the Redemption Price for the Notes. If amounts are
to be paid to Noteholders and any Swap Counterparties, if any, pursuant to this
Section 10.01(b), the Administrator or the Issuer shall furnish notice of such
Event to the Indenture Trustee and any Swap Counterparties not later than [ ]
days prior to the Redemption Date whereupon all such amounts shall be payable on
the Redemption Date. If the auction referenced in the notice described in the
immediately preceding sentence fails to be consummated, the Redemption Date
shall not occur and no amounts will be payable pursuant to this Section
10.01(b).

          (c) The Notes are subject to redemption in whole, but not in part, on
any Quarterly Payment Date on which the Company exercises its option to purchase
the Trust Estate pursuant to Section 5.01 of the Loan Sale Agreement. If the
Notes are to be redeemed pursuant to this Section 10.01(c), the Company shall
furnish notice of such election to the Indenture Trustee and any Swap
Counterparties not later than [ ] days prior to the Redemption Date and the
Issuer shall deposit by 10:00 a.m. New York time on the Redemption Date with the
Indenture Trustee in the Collection Account the Redemption Price for the Notes,
whereupon the Notes shall be due and payable on the Redemption Date upon
furnishing a notice complying with Section 10.02 to each Noteholder and any Swap
Counterparties.

          (d) No redemption of the Notes pursuant to Section 10.01(b) or
10.01(c) shall occur until the Indenture Trustee shall have first paid to any
Swap Counterparties (or simultaneously pays) any prior unpaid Net Trust Swap
Payment Carryover Shortfalls and any other amounts owed to any Swap
Counterparties under any Swap Agreements as directed in writing by the
Administrator.

          (e) The Indenture Trustee shall provide notice to any Swap
Counterparties immediately upon the Minimum Purchase Price being deposited in
the Collection Account.

          SECTION 10.02. FORM OF REDEMPTION NOTICE. Notice of redemption under
Section 10.01 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile, mailed or transmitted on or prior to the
applicable Redemption Date to any Swap Counterparties and to each Noteholder, as
of the close of business on the Record Date preceding the applicable Redemption
Date, at such Noteholder's address or facsimile number appearing in the Note
Register or, in the case of the Swap Counterparty, as provided in any Swap
Agreements.

          All notices of redemption shall state:

                    (i)  the Redemption Date,

                    (ii) the Redemption Price and

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

          Notice of redemption of the Notes shall be given by the Indenture
Trustee in the name and at the expense of the Issuer. Failure to give notice of
redemption, or any defect therein, to any Noteholder 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 on the Redemption Date become due and payable at
the Redemption Price and (unless the Issuer shall default in the payment of the
Redemption Price) no interest shall accrue on the Redemption Price for any
period after the date to which accrued interest is calculated for purposes of
calculating the Redemption Price.

                                   ARTICLE XI

                                  MISCELLANEOUS

          SECTION 11.01. COMPLIANCE CERTIFICATES AND OPINIONS. (a) Upon any
application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer shall furnish to the Indenture
Trustee and any Swap Counterparties (i) an Officers' Certificate of the Issuer
stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with, (ii) an Opinion of
Counsel stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with and (iii) (if required by the TIA) an
Independent Certificate from a firm of certified public accountants meeting the
applicable requirements of this Section, except that, in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

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

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

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

                    (iii) a statement that, in the opinion of each such
          signatory, such signatory has made such examination or investigation
          as is necessary to enable such signatory to express an informed
          opinion as to whether such covenant or condition has been complied
          with; and

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

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

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

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

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

                    (v) Notwithstanding Section 2.09 or any other provision of
          this Section, the Issuer may, without compliance with the requirements
          of the other provisions of this Section, (A) collect, liquidate, sell
          or otherwise dispose of Financed Student Loans as and to the extent
          permitted or required by the Basic Documents and (B) make cash
          payments out of the Trust Accounts as and to the extent permitted or
          required by the Basic Documents, so long as the Issuer shall deliver
          to the Indenture Trustee and any Swap Counterparties every three
          months, commencing [ ], an Officers' Certificate of the Issuer stating
          that all the dispositions of Collateral described in clauses (A) and
          (B) above that occurred during the immediately preceding three
          calendar months (or the period from the Closing Date in the case of
          the [ ] Officers' Certificate) were in the ordinary course of the
          Issuer's business and that the proceeds thereof were applied in
          accordance with the Basic Documents.

          SECTION 11.02. FORM OF DOCUMENTS DELIVERED TO INDENTURE TRUSTEE. In
any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to 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 Seller, the Issuer or the Administrator, stating that the
information with respect to such factual matters is in the possession of the
Servicer, the Seller, the Issuer or the Administrator, unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to such matters are erroneous.

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

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

          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 Noteholder of any Notes shall bind the Noteholder
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 TO INDENTURE TRUSTEE, ISSUER, SWAP
COUNTERPARTIES AND RATING AGENCIES. Any request, demand, authorization,
direction, notice, consent, waiver or act of Noteholders or other documents
provided or permitted by this Indenture shall be in writing and if such request,
demand, authorization, direction, notice, consent, waiver or act of Noteholders
is to be made upon, given or furnished to or filed with:

                    (a) the Indenture Trustee by any Noteholder, by any Swap
          Counterparties or by the Issuer, it shall be sufficient for every
          purpose hereunder if made, given, furnished or filed in writing to or
          with the Indenture Trustee at its Corporate Trust Office, or

                    (b) the Issuer by the Indenture Trustee, or by any
          Noteholder, it shall be sufficient for every purpose hereunder if in
          writing and mailed, first-class, postage prepaid, to the Issuer
          addressed to: Asset Backed Securities Corporation Student Loan Trust [
          ], in care of [ ], as Trustee, [ ], with a copy to the Eligible Lender
          Trustee at the Corporate Trust Office of the Eligible Lender Trustee,
          or at any other address previously furnished in writing to the
          Indenture Trustee by the Issuer. The Issuer shall promptly transmit
          any notice received by it from the Noteholders to the Indenture
          Trustee.

          Notices required to be given to any Swap Counterparties by the Issuer,
the Indenture Trustee or the Eligible Lender Trustee shall be in writing,
personally delivered or mailed by certified mail, return receipt requested, to
the addresses set forth in any related Swap Agreement or at such other address
as shall be designated by written notice to the other parties.

          Notices required to be given to the Rating Agencies by the Issuer, the
Indenture Trustee or the Eligible Lender Trustee shall be in writing, personally
delivered or mailed by certified mail, return receipt requested, to the
following address: (i) in the case of Moody's Investors Service, Inc., at the
following address: 99 Church Street, New York, New York 10007, Attention of ABS
Monitoring Department, (ii) in the case of Fitch Inc., at the following address:
One State Street Plaza, New York, New York 10004, Attention of Asset Backed
Monitoring Unit and (iii) in the case of Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., 55 Water Street, 41st Floor, New York, New York
10041, Attention: ABS Surveillance Department; or as to each of the foregoing,
at such other address as shall be designated by written notice to the other
parties.

          SECTION 11.05. 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
an Event of Default.

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

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

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

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

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

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

          SECTION 11.11. BENEFITS OF INDENTURE. 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, any Swap Counterparties and the
Noteholders, and any other party secured hereunder, and any other Person with an
ownership interest in any part of the Indenture Trust Estate, any benefit or any
legal or equitable right, remedy or claim under this Indenture. The
Administrator and any Swap Counterparties and their respective successors and
assigns shall each be an express third-party beneficiary to this Indenture and
shall be entitled to rely upon and directly enforce the provisions of this
Indenture; PROVIDED, HOWEVER, that in the case of any Swap Counterparties, such
right to enforcement and the right to provide consents and waivers pursuant to
the provisions hereof or to take other actions as provided herein are
conditioned upon its not being in default under any Swap Agreements.

          SECTION 11.12. Reserved

          SECTION 11.13. GOVERNING LAW. This Indenture shall be construed in
accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

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

          SECTION 11.15. RECORDING OF INDENTURE. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at its expense and shall be 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, any Swap
Counterparties or any other Person secured hereunder or for the enforcement of
any right or remedy granted to the Indenture Trustee under this Indenture.

          SECTION 11.16. TRUST OBLIGATIONS. No recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Seller, the
Company, the Administrator, the Servicer, the Eligible Lender Trustee or the
Indenture Trustee on the Notes or under this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) the
Seller, the Company, the Administrator, the Servicer, the Indenture Trustee or
the Eligible Lender Trustee in its individual capacity or (ii) any partner,
owner, beneficiary, agent, officer, director or employee of the Seller, the
Company, the Administrator, the Servicer, the Indenture Trustee or the Eligible
Lender Trustee in its individual capacity, any holder or owner of a beneficial
interest in the Issuer, the Eligible Lender Trustee or the Indenture Trustee or
of any successor or assign of the Seller, the Company, Administrator, the
Servicer, the Indenture Trustee or the Eligible Lender Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Eligible Lender 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 Eligible Lender Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust
Agreement.

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

          SECTION 11.18. INSPECTION. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the
Issuer's normal business hours, to examine all the books of account, records,
reports, and other papers of the Issuer, to make copies and extracts therefrom,
to cause such books to be audited by Independent certified public accountants,
and to discuss the Issuer' 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 obtained from such examination or inspection 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.

          SECTION 11.19. CONSENTS. With respect to any action to be taken
hereunder that requires the consent of a party hereto or of the Eligible Lender
Trustee or any Swap Counterparties, such consent shall not be unreasonably
withheld, delayed or conditioned.

                        [Signatures Follow on Next Page]

<PAGE>

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

                                     ASSET BACKED SECURITIES CORPORATION
                                     STUDENT LOAN TRUST

                                     By: [             ], not in its individual
                                         capacity  but solely as Eligible Lender
                                         Trustee

                                     By: ______________________________________
                                         Name:
                                         Title:

                                         [                      ] not in its
                                         individual capacity but solely as
                                         Indenture Trustee

                                     By: ______________________________________
                                         Name:
                                         Title:

Acknowledged and accepted
as to the Granting Clause as
of the day and year first
above written:

[                      ], not
   in its Individual capacity but
   solely as Eligible Lender Trustee

By: ______________________
    Name:
    Title:

<PAGE>

STATE OF NEW YORK       )
                        )  ss.:
COUNTY OF NEW YORK      )

          BEFORE ME, the undersigned authority, a Notary Public in and for said
county and state, on this day personally appeared [ ], known to me to be the
person and officer whose name is subscribed to the foregoing instrument and
acknowledged to me that the same was the act of the said Asset Backed Securities
Corporation Student Loan Trust [ ], a Delaware trust, and that such person
executed the same as the act of said trust for the purpose and consideration
therein expressed, and in the capacities therein stated.

          GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the [ ] day of [ ].

                                          _________________________
                                           Notary Public in and for
                                           the State of New York

           [Seal]

My commission expires:

_________________________

<PAGE>

STATE OF NEW YORK        )
                         )  ss.:
COUNTY OF NEW YORK       )

          BEFORE ME, the undersigned authority, a Notary Public in and for said
county and state, on this day personally appeared [ ], known to me to be the
person and officer whose name is subscribed to the foregoing instrument and
acknowledged to me that the same was the act of the said [ ], a [ ] banking
corporation, and that such person executed the same as the act of said
corporation for the purpose and consideration therein expressed, and in the
capacities therein stated.

          GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the [ ] day of [ ].

                                         ___________________________
                                         Notary Public in and for
                                         the State of New York

           [Seal]

My commission expires:

[          ]
____________________

<PAGE>

                                                                  EXHIBIT A-1
                                                             TO THE INDENTURE

                            [FORM OF CLASS A-1 NOTE]

                                 CLASS A-1 NOTE

                       SEE REVERSE FOR CERTAIN DEFINITIONS

          Unless this Note is presented by an authorized representative of [ ],
a [ ]corporation ("[ ]"), to the Issuer (as defined below) or its agent for
registration of transfer, exchange or payment, and any Note issued is registered
in the name of [ ] or in such other name as is requested by an authorized
representative of [ ] (and any payment is made to [ ] or to such other entity as
is requested by an authorized representative of [ ]), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch
as the registered owner hereof, [ ], has an interest herein.

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT
GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

REGISTERED                                      CUSIP NO. [          ]
$________

No.  R-

           ASSET BACKED SECURITIES CORPORATION STUDENT LOAN TRUST [ ]

                CLASS A-1 FLOATING RATE ASSET-BACKED SENIOR NOTES

          Asset Backed Securities Corporation Student Loan Trust [ ], a 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
______________________________, or registered assigns, the principal sum of
__________________________________ DOLLARS payable on each Quarterly Payment
Date in an amount equal to the result obtained by multiplying (i) a fraction the
numerator of which is $___________ and the denominator of which is
$______________ by (ii) the aggregate amount, if any, payable to Noteholders on
such Quarterly Payment Date in respect of principal of the Class A-1 Notes
pursuant to Section 3.01 of the Indenture dated as of [ ] (the "INDENTURE"),
between the Issuer and [ ], a [ ] banking corporation, as Indenture Trustee (the
"INDENTURE Trustee") (capitalized terms used but not defined herein shall have
the meanings ascribed thereto in the Indenture, which also references rules as
to usage that shall be applicable herein); PROVIDED, HOWEVER, that no principal
shall be payable on this Note until after the end of the Revolving Period; and
PROVIDED, FURTHER, that the entire unpaid principal amount of this Note shall be
due and payable on the [ ] Quarterly Payment Date (the "CLASS A-1 NOTE FINAL
MATURITY DATE") and the Redemption Date, if any, pursuant to Section 10.01(b) or
10.01(c) of the Indenture.

          The Issuer will pay interest on this Note, at the rate per annum equal
to the Class A-1 Note Rate (assigned on the reverse hereof), on each Quarterly
Payment 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
Quarterly Payment Date, after giving effect to all payments of principal made on
the preceding Quarterly Payment Date (or, in the case of the first Quarterly
Payment Date, on the Closing Date), subject to certain limitations contained in
Section 3.01 of the Indenture. Interest on this Note will accrue for each
Quarterly Payment Date from the most recent Quarterly Payment Date on which
interest has been paid to but excluding such Quarterly Payment Date or, if no
interest has yet been paid, from the Closing Date (each, a "QUARTERLY INTEREST
PERIOD"). Interest on this Note will be computed on the basis of the actual
number of days elapsed in each Quarterly Interest Period and a 360-day year.
Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

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

<PAGE>

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                    ASSET BACKED SECURITIES CORPORATION
                                    STUDENT LOAN TRUST [   ]

                                    By: [                ] not in its individual
                                        capacity but solely as Eligible Lender
                                        Trustee under the Trust Agreement

                                    By: ____________________________________
                                        Authorized Signatory

Date:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                    [      ], not in its individual capacity but
                                    solely as Indenture Trustee

                                    By: _____________________________________
                                        Authorized Signatory

Date:

<PAGE>

                                 REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuer
designated as its Class A-1 Floating Rate Asset-Backed Senior Notes (herein
called the "CLASS A-1 NOTES"), which, together with the Class A-2 Floating Rate
Asset-Backed Senior Notes (the "CLASS A-2 NOTES" and, together with the Class
A-1 Notes, the "SENIOR NOTES") and the Floating Rate Asset-Backed Subordinate
Notes (the "SUBORDINATE NOTES" and, together with the Senior Notes, the "NOTES")
are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Class A-1 Notes are subject to all terms of the Indenture.

          The Class A-1 Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.
Allocations of principal will be made among the Class A-1 Notes, the Class A-2
Notes and the Subordinate Notes as provided in the Indenture. The Senior Notes
collectively are senior in right of payment to the Subordinate Notes, all as and
to the extent provided in the Indenture.

          Principal of the Class A-1 Notes will be payable on each Quarterly
Payment Date after the end of the Revolving Period in an amount described in the
Indenture. "QUARTERLY PAYMENT DATE" means the [ ] day of each [ ], [ ], [ ] and
[ ], or, if any such date is not a Business Day, the next succeeding Business
Day, commencing [ ].

          As provided in the Indenture, the Class A-1 Notes may be redeemed in
part on the Quarterly Payment Date on which the Revolving Period ends (or on the
Quarterly Payment Date on or immediately following the last day of the Revolving
Period, if the Revolving Period does not end on a Quarterly Payment Date) in the
event that any amount remains on deposit in the Collateral Reinvestment Account
after giving effect to all Additional Fundings, including any Additional
Fundings, on such Quarterly Payment Date and payments to any Swap Counterparties
of any prior related unpaid Net Trust Swap Payment Carryover Shortfalls as of
such date.

          As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-1 Note Final Maturity Date and
the Redemption Date, if any, pursuant to Section 10.01(b) or 10.01(c) of the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of
the Notes shall be due and payable on the date on which (i) an Event of Default
shall have occurred and be continuing and (ii) the Indenture Trustee or the
Noteholders representing not less than a majority of the Outstanding principal
amount of the Notes shall have declared the Notes to be immediately due and
payable in the manner provided in Section 5.02 of the Indenture. All principal
payments of the Class A-1 Notes shall be made PRO RATA to the Class A-1
Noteholders entitled thereto.

          Interest on the Class A-1 Notes will be payable on each Quarterly
Payment Date, commencing [ ], on the principal amount outstanding of such Notes
until the principal amount thereof is paid in full, at a rate per annum equal to
the Class A-1 Note Rate. The "CLASS A-1 NOTE RATE" for each Quarterly Payment
Date and the related LIBOR Reset Period shall be equal to Three-Month LIBOR for
the related LIBOR Reset Period plus [ ]%.

          Pursuant to the Administration Agreement, the Administrator will
determine Three-Month LIBOR for purposes of calculating the Class A-1 Note Rate
for (a) each Quarterly Interest Period other than the initial Quarterly Interest
Period on the second business day prior to the commencement of each LIBOR Reset
Period within such Quarterly Interest Period (or, in the case of the initial
LIBOR Reset Period, on the second business day prior the Closing Date) and (b)
with respect to the initial Quarterly Interest Period, as determined pursuant to
clause (a) for the period from the Closing Date to but excluding [ ] and as
determined on the second Business Day prior to [ ] for the period from [ ] to
but excluding [ ] (each, a "LIBOR DETERMINATION DATE"). For purposes of
calculating Three-Month LIBOR, a business day is any day on which banks in The
City of New York and the City of London are open for the transaction of
international business. Interest due for any Quarterly Interest Period will be
determined based on the actual number of days in such Quarterly Interest Period
over a 360-day year.

          "THREE-MONTH LIBOR" means, with respect to any LIBOR Reset Period, the
London interbank offered rate for deposits in U.S. dollars having a maturity of
three months commencing on the related LIBOR Determination Date (the "INDEX
MATURITY") which appears on Telerate Page 3750 as of 11:00 a.m. London time, on
such LIBOR Determination Date. If such rate does not appear on Telerate Page
3750, the rate for that day will be determined on the basis of the rates at
which deposits in U.S. dollars, having the Index Maturity and in a principal
amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m.
London time, on such LIBOR Determination Date to prime banks in the London
interbank market by the Reference Banks. The Administrator will request the
principal London office of each such Reference Bank to provide a quotation of
its rate. If at least two such quotations are provided, the rate for that day
will be the arithmetic mean of the quotations. If fewer than two quotations are
provided, the rate for that day will be the arithmetic mean of the rates quoted
by major banks in The City of New York, selected by the Administrator, at
approximately 11:00 a.m. New York time, on such LIBOR Determination Date for
loans in U.S. dollars to leading European banks having the Index Maturity and in
a principal amount equal to an amount of not less than U.S. $1,000,000;
PROVIDED, HOWEVER, that if the banks selected as aforesaid are not quoting as
mentioned in this sentence, Three-Month LIBOR in effect for the applicable LIBOR
Reset Period will be Three-Month LIBOR in effect for the previous LIBOR Reset
Period.

          "LIBOR RESET PERIOD" means the three-month period commencing on the [
] day (or, if any such date is not a business day, on the next succeeding
business day) of each [ ], [ ], [ ] and [ ] and ending on the day immediately
preceding the following LIBOR Reset Period; PROVIDED, HOWEVER, that the initial
LIBOR Reset Period will commence on the Closing Date.

          "TELERATE PAGE 3750" means the display page so designated on the Dow
Jones Telerate Service (or such other page as may replace that page on that
service for the purpose of displaying comparable rates or prices).

          "REFERENCE BANKS" means four major banks in the London interbank
market selected by the Administrator.

          Payments of interest on this Note due and payable on each Quarterly
Payment Date, and payments of interest together with the installment of
principal, if any, due and payable on each Quarterly Payment Date, to the extent
not in full payment of this Note, shall be made by wire transfer or 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 on the Record Date, except that
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency, unless Definitive Notes have been issued (initially,
such nominee to be [ ]), 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, and the
mailing of such check shall constitute payment of the amount thereof regardless
of whether such check is returned undelivered. Any reduction in the principal
amount of this Note (or any one or more Predecessor Notes) effected by any
payments made on any Quarterly Payment Date shall be binding upon all future
Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not 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
Quarterly Payment Date, then the Indenture Trustee, in the name of and on behalf
of the Issuer, will notify the Person who was the Noteholder hereof as of the
Record Date preceding such Quarterly Payment Date by notice mailed no later than
five days prior to such Quarterly Payment Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at
the Indenture Trustee's Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in the [ ].

          The Issuer shall pay interest on overdue installments of interest at
the Class A-1 Note Rate to the extent lawful.

          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 Noteholder hereof or his attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, which requirements
include membership or participation in Securities Transfer Agent's Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP
(all in accordance with the Exchange Act), 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 or Note Owner, by its acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in the Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Seller, the Company, the Administrator, the
Servicer, the Eligible Lender 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 Seller, the Company, the Administrator, the Servicer,
the Indenture Trustee or the Eligible Lender Trustee in its individual capacity
or (ii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Company, the Administrator, the Servicer, the Indenture Trustee
or the Eligible Lender Trustee in its individual capacity, any holder or owner
of a beneficial interest in the Issuer, the Eligible Lender Trustee or the
Indenture Trustee or of any successor or assign of the Seller, the Company, the
Administrator, the Servicer, the Indenture Trustee or the Eligible Lender
Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Indenture Trustee and the Eligible Lender
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.

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

          The Issuer has entered into this Indenture and this Note is issued
with the intention that, for federal, state, foreign, and local income and
franchise tax and usury purposes, this Note will be treated as indebtedness of
the Company secured by the Trust Estate. Each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note)
agrees to treat this Note for federal, state, foreign and local income and
franchise tax and usury purposes as indebtedness of the Company secured by the
Trust Estate.

          Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes whether or not this Note be
overdue, and 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 with the prior written consent of any Swap Counterparties and the
Noteholders representing a majority of the Outstanding Amount of all Notes at
the time outstanding. The Indenture also contains provisions permitting the
Noteholders representing specified percentages of the Outstanding Amount of the
Notes, on behalf of all the Noteholders, with the prior written consent of any
Swap Counterparties, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the holder of this Note (or any one
or more Predecessor Notes) shall be conclusive and binding upon such holder and
upon all future holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture with the consent of any Swap
Counterparties but without the consent of holders of the Notes issued
thereunder.

          The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

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

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

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

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of [ ] in its individual capacity, [ ] in
its individual capacity, any owner of a beneficial interest in the Issuer, or
any of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on,
or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture; it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Eligible Lender Trustee for the sole purposes of binding the interests of
the Eligible Lender Trustee in the assets of the Issuer. The Noteholder of this
Note by the acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; PROVIDED, HOWEVER, that nothing contained herein shall
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

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

          _______________________

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

          _______________________________
          (name and address of assignee)

          the within Note and all rights thereunder, and hereby irrevocably
          constitutes and appoints ______________________, attorney, to transfer
          said Note on the books kept for registration thereof, with full power
          of substitution in the premises.

          Dated: ____________

                                              ______________________ */
                                              Signature Guaranteed:

                                              ______________________ */

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

<PAGE>
                                                                EXHIBIT A-2
                                                           TO THE INDENTURE

                            [FORM OF CLASS A-2 NOTE]

                                 CLASS A-2 NOTE

                       SEE REVERSE FOR CERTAIN DEFINITIONS

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

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT
GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

REGISTERED                                           CUSIP NO. [           ]
$__________

No.  R-

           ASSET BACKED SECURITIES CORPORATION STUDENT LOAN TRUST [ ]

                CLASS A-2 FLOATING RATE ASSET-BACKED SENIOR NOTES

          Asset Backed Securities Corporation Student Loan Trust [ ], a 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
______________________________, or registered assigns, the principal sum of
__________________________________ DOLLARS payable on each Quarterly Payment
Date in an amount equal to the result obtained by multiplying (i) a fraction the
numerator of which is $___________ and the denominator of which is
$_____________ by (ii) the aggregate amount, if any, payable to Noteholders on
such Quarterly Payment Date in respect of principal of the Class A-2 Notes
pursuant to Section 3.01 of the Indenture dated as of [ ] (the "INDENTURE"),
between the Issuer and [ ], a [ ] banking corporation, as Indenture Trustee (the
"INDENTURE TRUSTEE") (capitalized terms used but not defined herein shall have
the meanings ascribed thereto in the Indenture, which also references rules as
to usage that shall be applicable herein); PROVIDED, HOWEVER, that no principal
shall be payable on this Note until after the end of the Revolving Period; and
provided, FURTHER, that the entire unpaid principal amount of this Note shall be
due and payable on the [ ] Quarterly Payment Date (the "CLASS A-2 NOTE FINAL
MATURITY DATE") and the Redemption Date, if any, pursuant to Section 10.01(b) or
10.01(c) of the Indenture.

          The Issuer will pay interest on this Note, at the rate per annum equal
to the Class A-2 Note Rate (assigned on the reverse hereof), on each Quarterly
Payment 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
Quarterly Payment Date, after giving effect to all payments of principal made on
the preceding Quarterly Payment Date (or, in the case of the first Quarterly
Payment Date, on the Closing Date), subject to certain limitations contained in
Section 3.01 of the Indenture. Interest on this Note will accrue for each
Quarterly Payment Date from the most recent Quarterly Payment Date on which
interest has been paid to but excluding such Quarterly Payment Date or, if no
interest has yet been paid, from the Closing Date (each, a "QUARTERLY INTEREST
PERIOD"). Interest on this Note will be computed on the basis of the actual
number of days elapsed in each Quarterly Interest Period and a 360-day year.
Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

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

<PAGE>

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                    ASSET BACKED SECURITIES CORPORATION
                                    STUDENT LOAN TRUST [             ]

                                    By: [               ], not in its individual
                                        capacity but solely as Eligible Lender
                                        Trustee under the Trust Agreement

                                    By: _____________________________________
                                        Authorized Signatory

Date:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                    [      ], not in its individual capacity but
                                    solely as Indenture Trustee

                                    By: _____________________________________
                                        Authorized Signatory

Date:

<PAGE>

                                 REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuer
designated as its Class A-2 Floating Rate Asset-Backed Senior Notes (herein
called the "CLASS A-2 NOTES"), which, together with the Class A-1 Floating Rate
Asset-Backed Senior Notes (the "CLASS A-1 NOTES" and, together with the Class
A-2 Notes, the "SENIOR NOTES") and the Floating Rate Asset-Backed Subordinate
Notes (the "SUBORDINATE NOTES" and, together with the Senior Notes, the "NOTES")
are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Class A-2 Notes are subject to all terms of the Indenture.

          The Class A-2 Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.
Allocations of principal will be made among the Class A-1 Notes, the Class A-2
Notes and the Subordinate Notes as provided in the Indenture. The Senior Notes
collectively are senior in right of payment to the Subordinate Notes, all as and
to the extent provided in the Indenture.

          Principal of the Class A-2 Notes will be payable on each Quarterly
Payment Date after (i) the end of the Revolving Period and (ii) the outstanding
principal amount of the Class A-1 Notes has been reduced to zero in an amount
described in the Indenture. "QUARTERLY PAYMENT DATE" means the [ ] day of each [
], [ ], [ ] and [ ], or, if any such date is not a Business Day, the next
succeeding Business Day, commencing [ ].

          As provided in the Indenture, the Class A-2 Notes may be redeemed in
part on the Quarterly Payment Date on which the Revolving Period ends (or on the
Quarterly Payment Date on or immediately following the last day of the Revolving
Period, if the Revolving Period does not end on a Quarterly Payment Date) in the
event that any amount remains on deposit in the Collateral Reinvestment Account
after giving effect to all Additional Fundings, including any Additional
Fundings, on such Quarterly Payment Date and payments to any Swap Counterparties
of any prior related unpaid Net Trust Swap Payment Carryover Shortfalls as of
such date.

          As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-2 Note Final Maturity Date and
the Redemption Date, if any, pursuant to Section 10.01(b) or 10.01(c) of the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of
the Notes shall be due and payable on the date on which (i) an Event of Default
shall have occurred and be continuing and (ii) the Indenture Trustee or the
Noteholders representing not less than a majority of the Outstanding principal
amount of the Notes shall have declared the Notes to be immediately due and
payable in the manner provided in Section 5.02 of the Indenture. All principal
payments of the Class A-2 Notes shall be made PRO RATA to the Class A-2
Noteholders entitled thereto.

          Interest on the Class A-2 Notes will be payable on each Quarterly
Payment Date, commencing [ ], on the principal amount outstanding of such Notes
until the principal amount thereof is paid in full, at a rate per annum equal to
the Class A-2 Note Rate. The "CLASS A-2 NOTE RATE" for each Quarterly Payment
Date and the related LIBOR Reset Period shall be equal to Three-Month LIBOR for
the related LIBOR Reset Period plus [ ]%;

          Pursuant to the Administration Agreement, the Administrator will
determine Three-Month LIBOR for purposes of calculating the Class A-2 Note Rate
for (a) each Quarterly Interest Period other than the initial Quarterly Interest
Period on the second business day prior to the commencement of each LIBOR Reset
Period within such Quarterly Interest Period (or, in the case of the initial
LIBOR Reset Period, on the second business day prior the Closing Date) and (b)
with respect to the initial Quarterly Interest Period, as determined pursuant to
clause (a) for the period from the Closing Date to but excluding [ ] and as
determined on the second Business Day prior to [ ] for the period from [ ] to
but excluding [ ] (each, a "LIBOR DETERMINATION DATE"). For purposes of
calculating Three-Month LIBOR, a business day is any day on which banks in The
City of New York and the City of London are open for the transaction of
international business. Interest due for any Quarterly Interest Period will be
determined based on the actual number of days in such Quarterly Interest Period
over a 360-day year.

          "THREE-MONTH LIBOR" means, with respect to any LIBOR Reset Period, the
London interbank offered rate for deposits in U.S. dollars having a maturity of
three months commencing on the related LIBOR Determination Date (the "INDEX
MATURITY") which appears on Telerate Page 3750 as of 11:00 a.m. London time, on
such LIBOR Determination Date. If such rate does not appear on Telerate Page
3750, the rate for that day will be determined on the basis of the rates at
which deposits in U.S. dollars, having the Index Maturity and in a principal
amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m.
London time, on such LIBOR Determination Date to prime banks in the London
interbank market by the Reference Banks. The Administrator will request the
principal London office of each such Reference Bank to provide a quotation of
its rate. If at least two such quotations are provided, the rate for that day
will be the arithmetic mean of the quotations. If fewer than two quotations are
provided, the rate for that day will be the arithmetic mean of the rates quoted
by major banks in The City of New York, selected by the Administrator, at
approximately 11:00 a.m. New York time, on such LIBOR Determination Date for
loans in U.S. dollars to leading European banks having the Index Maturity and in
a principal amount equal to an amount of not less than U.S. $1,000,000;
PROVIDED, HOWEVER, that if the banks selected as aforesaid are not quoting as
mentioned in this sentence, Three-Month LIBOR in effect for the applicable LIBOR
Reset Period will be Three-Month LIBOR in effect for the previous LIBOR Reset
Period.

          "LIBOR RESET PERIOD" means the three-month period commencing on the [
]th day (or, if any such date is not a business day, on the next succeeding
business day) of each [ ], [ ], [ ] and [ ] and ending on the day immediately
preceding the following LIBOR Reset Period; PROVIDED, HOWEVER, that the initial
LIBOR Reset Period will commence on the Closing Date.

          "TELERATE PAGE 3750" means the display page so designated on the Dow
Jones Telerate Service (or such other page as may replace that page on that
service for the purpose of displaying comparable rates or prices).

          "REFERENCE BANKS" means four major banks in the London interbank
market selected by the Administrator.

          Payments of interest on this Note due and payable on each Quarterly
Payment Date, and payments of interest together with the installment of
principal, if any, due and payable on each Quarterly Payment Date, to the extent
not in full payment of this Note, shall be made by wire transfer or 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 on the Record Date, except that
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency, unless Definitive Notes have been issued (initially,
such nominee to be [ ]), 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, and the mailing of such
check shall constitute payment of the amount thereof regardless of whether such
check is returned undelivered. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Quarterly Payment Date shall be binding upon all future Noteholders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not 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 Quarterly Payment Date, then
the Indenture Trustee, in the name of and on behalf of the Issuer, will notify
the Person who was the Noteholder hereof as of the Record Date preceding such
Quarterly Payment Date by notice mailed no later than five days prior to such
Quarterly Payment Date and the amount then due and payable shall be payable only
upon presentation and surrender of this Note at the Indenture Trustee's
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in the [ ].

          The Issuer shall pay interest on overdue installments of interest at
the Class A-2 Note Rate to the extent lawful.

          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 Noteholder hereof or his attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, which requirements
include membership or participation in Securities Transfer Agent's Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP
(all in accordance with the Exchange Act), 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 or Note Owner, by its acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in the Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Seller, the Company, the Administrator, the
Servicer, the Eligible Lender 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 Seller, the Company, the Administrator, the Servicer,
the Indenture Trustee or the Eligible Lender Trustee in its individual capacity
or (ii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Company, the Administrator, the Servicer, the Indenture Trustee
or the Eligible Lender Trustee in its individual capacity, any holder or owner
of a beneficial interest in the Issuer, the Eligible Lender Trustee or the
Indenture Trustee or of any successor or assign of the Seller, the Company, the
Administrator, the Servicer, the Indenture Trustee or the Eligible Lender
Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Indenture Trustee and the Eligible Lender
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.

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

          The Issuer has entered into this Indenture and this Note is issued
with the intention that, for federal, state, foreign, and local income and
franchise tax and usury purposes, this Note will be treated as indebtedness of
the Company secured by the Trust Estate. Each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note)
agrees to treat this Note for federal, state, foreign and local income and
franchise tax and usury purposes as indebtedness of the Company secured by the
Trust Estate.

          Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes whether or not this Note be
overdue, and 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 with the prior written consent of any Swap Counterparties and the
Noteholders representing a majority of the Outstanding Amount of all Notes at
the time outstanding. The Indenture also contains provisions permitting the
Noteholders representing specified percentages of the Outstanding Amount of the
Notes, on behalf of all the Noteholders, with the prior written consent of any
Swap Counterparties, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the holder of this Note (or any one
or more Predecessor Notes) shall be conclusive and binding upon such holder and
upon all future holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture with the prior written consent of any Swap
Counterparties but without the consent of holders of the Notes issued
thereunder.

          The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

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

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

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

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of [ ] in its individual capacity, [ ] in
its individual capacity, any owner of a beneficial interest in the Issuer, or
any of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on,
or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture; it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Eligible Lender Trustee for the sole purposes of binding the interests of
the Eligible Lender Trustee in the assets of the Issuer. The Noteholder of this
Note by the acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; PROVIDED, HOWEVER, that nothing contained herein shall
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

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

          _________

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

          ______________________
          (name and address of assignee)

          the within Note and all rights thereunder, and hereby irrevocably
          constitutes and appoints ______________________, attorney, to transfer
          said Note on the books kept for registration thereof, with full power
          of substitution in the premises.

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

                                                _______________________ */
                                                Signature Guaranteed:

                                                _______________________ */

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

<PAGE>

                                                                  EXHIBIT A-3
                                                             TO THE INDENTURE

                           [FORM OF SUBORDINATE NOTE]

                                SUBORDINATE NOTE

                       SEE REVERSE FOR CERTAIN DEFINITIONS

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

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT
GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

REGISTERED                                           CUSIP NO. [           ]
$________

No.  R-

           ASSET BACKED SECURITIES CORPORATION STUDENT LOAN TRUST [ ]

              CLASS B FLOATING RATE ASSET-BACKED SUBORDINATE NOTES

         Asset Backed Securities Corporation Student Loan Trust [ ], a 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
______________________, or registered assigns, the principal sum of
___________________________________________ DOLLARS payable on each Quarterly
Payment Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $____________ and the denominator of which is
$___________ by (ii) the aggregate amount, if any, payable to Noteholders on
such Quarterly Payment Date in respect of principal of the Subordinate Notes
pursuant to Section 3.01 of the Indenture dated as of [ ] (the "INDENTURE"),
between the Issuer and [ ], a New York banking corporation, as Indenture Trustee
(the "INDENTURE TRUSTEE") (capitalized terms used but not defined herein shall
have the meanings ascribed thereto in the Indenture, which also references rules
as to usage that shall be applicable herein); PROVIDED, HOWEVER, that no
principal shall be payable on this Note until the principal balance of the
Senior Notes has been paid in full; and PROVIDED, FURTHER, that the entire
unpaid principal amount of this Note shall be due and payable on the [ ]
Quarterly Payment Date (the "SUBORDINATE NOTE FINAL MATURITY Date") and the
Redemption Date, if any, pursuant to Section 10.01(b) or 10.01(c) of the
Indenture.

         The Issuer will pay interest on this Note at the rate per annum equal
to the Subordinate Note Rate (as defined on the reverse hereof), on each
Quarterly Payment 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 Quarterly Payment Date, after giving effect to all payments of
principal made on the preceding Quarterly Payment Date (or, in the case of the
first Quarterly Payment Date, on the Closing Date), subject to certain
limitations contained in Section 3.01 of the Indenture. Interest on this Note
will accrue for each Quarterly Payment Date from the most recent Quarterly
Payment Date on which interest has been paid to but excluding such Quarterly
Payment Date or, if no interest has yet been paid, from the Closing Date (each,
a "QUARTERLY INTEREST PERIOD"). Interest on this Note will be computed on the
basis of the actual number of days elapsed in each Quarterly Interest Period and
a 360-day year. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

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

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

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

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                    ASSET BACKED SECURITIES CORPORATION
                                    STUDENT LOAN TRUST [     ]

                                    By: [              ] not in its individual
                                        capacity but solely as Eligible Lender
                                        Trustee under the Trust Agreement

                                    By: __________________________________
                                        Authorized Signatory

Date:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                  [       ], not in its individual capacity but
                                      solely as Indenture Trustee

                                  By: __________________________________
                                      Authorized Signatory

Date:

<PAGE>

                                 REVERSE OF NOTE

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Floating Rate Asset-Backed Subordinate Notes (herein called
the "SUBORDINATE NOTES"), which, together with the Class A-1 Notes Floating Rate
Asset-Backed Senior Notes (the "CLASS A-1 NOTES") and the Class A-2 Floating
Rate Asset-Backed Senior Notes (the "CLASS A-2 NOTES" and, together with the
Class A-1 Notes, the "SENIOR NOTES"; the Senior Notes and the Subordinate Notes,
collectively, the "NOTES") are issued under the Indenture, to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Noteholders. The Subordinate Notes are subject to all terms of
the Indenture.

          The Subordinate Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture.
Allocations of principal will be made among the Class A-1 Notes, the Class A-2
Notes and the Subordinate Notes as provided in the Indenture. The Senior Notes
collectively are senior in right of payment to the Subordinate Notes, all as and
to the extent provided in the Indenture.

          Principal of the Subordinate Notes will be payable on each Quarterly
Date on or after the date on which the principal amount of the Senior Notes has
been paid in its entirety, in an amount described on the face hereof. "QUARTERLY
PAYMENT DATE" means the [ ] day of each [ ], [ ], [ ]and [ ], or, if any such
date is not a Business Day, the next succeeding Business Day, commencing October
2000.

          As provided in the Indenture, the Subordinate Notes may be redeemed in
part on the Quarterly Payment Date on which the Revolving Period ends (or on the
Quarterly Payment Date on or immediately following the last day of the Revolving
Period, if the Revolving Period does not end on a Quarterly Payment Date) in the
event that any amount remains on deposit in the Collateral Reinvestment Account
after giving effect to all Additional Fundings, including any Additional
Fundings, on such Quarterly Payment Date and payments to any Swap Counterparties
of any prior related unpaid Net Trust Swap Payment Carryover Shortfalls as of
such date.

          As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Subordinate Note Final Maturity Date
and the Redemption Date, if any, pursuant to Section 10.01(b) or 10.01(c) of the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of
the Notes shall be due and payable on the date on which (i) an Event of Default
shall have occurred and be continuing and (ii) the Indenture Trustee or the
Noteholders representing not less than a majority of the Outstanding principal
amount of the Notes shall have declared the Notes to be immediately due and
payable in the manner provided in Section 5.02 of the Indenture. All principal
payments of the Subordinate Notes shall be made PRO RATA to the Subordinate
Noteholders entitled thereto.

          Interest on the Subordinate Notes will be payable on each Quarterly
Payment Date, commencing [ ], on the principal amount outstanding of such Notes
until the principal amount thereof is paid in full, at a rate per annum equal to
the Subordinate Note Rate. The "SUBORDINATE NOTE RATE" for each Quarterly
Payment Date and the related LIBOR Reset Period shall be equal to Three-Month
LIBOR for the related LIBOR Reset Period plus [ ]%; provided that if the
Subordinate Note Trigger is triggered on any date, the Subordinate Note Rate
shall equal zero until the Subordinate Note Trigger is no longer triggered.

          Pursuant to the Administration Agreement, the Administrator will
determine Three-Month LIBOR for purposes of calculating the Subordinate Note
Rate (a) each Quarterly Interest Period other than the initial Quarterly
Interest Period on the second business day prior to the commencement of each
LIBOR Reset Period within such Quarterly Interest Period (or, in the case of the
initial LIBOR Reset Period, on the second business day prior the Closing Date)
and (b) with respect to the initial Quarterly Interest Period, as determined
pursuant to clause (a) for the period from the Closing Date to but excluding [ ]
and as determined on the second Business Day prior to [ ] for the period from [
] to but excluding [ ] (each, a "LIBOR DETERMINATION DATE"). For purposes of
calculating Three-Month LIBOR, a business day is any day on which banks in The
City of New York and the City of London are open for the transaction of
international business. Interest due for any Quarterly Interest Period will be
determined based on the actual number of days in such Quarterly Interest Period
over a 360-day year.

          "THREE-MONTH LIBOR" means, with respect to any LIBOR Reset Period, the
London interbank offered rate for deposits in U.S. dollars having a maturity of
three months commencing on the related LIBOR Determination Date (the "INDEX
MATURITY") which appears on Telerate Page 3750 as of 11:00 a.m. London time, on
such LIBOR Determination Date. If such rate does not appear on Telerate Page
3750, the rate for that day will be determined on the basis of the rates at
which deposits in U.S. dollars, having the Index Maturity and in a principal
amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m.
London time, on such LIBOR Determination Date to prime banks in the London
interbank market by the Reference Banks. The Administrator will request the
principal London office of each such Reference Bank to provide a quotation of
its rate. If at least two such quotations are provided, the rate for that day
will be the arithmetic mean of the quotations. If fewer than two quotations are
provided, the rate for that day will be the arithmetic mean of the rates quoted
by major banks in The City of New York, selected by the Administrator, at
approximately 11:00 a.m. New York time, on such LIBOR Determination Date for
loans in U.S. dollars to leading European banks having the Index Maturity and in
a principal amount equal to an amount of not less than U.S. $1,000,000;
PROVIDED, HOWEVER, that if the banks selected as aforesaid are not quoting as
mentioned in this sentence, Three-Month LIBOR in effect for the applicable LIBOR
Reset Period will be Three-Month LIBOR in effect for the previous LIBOR Reset
Period.

          "LIBOR RESET PERIOD" means the three-month period commencing on the [
]th day (or, if any such date is not a business day, on the next succeeding
business day) of each [ ], [ ], [ ] and [ ] and ending on the day immediately
preceding the following LIBOR Reset Period; PROVIDED, HOWEVER, that the initial
LIBOR Reset Period will commence on the Closing Date.

          "TELERATE PAGE 3750" means the display page so designated on the Dow
Jones Telerate Service (or such other page as may replace that page on that
service for the purpose of displaying comparable rates or prices).

          "REFERENCE BANKS" means four major banks in the London interbank
market selected by the Administrator.

          Payments of interest on this Note due and payable on each Quarterly
Payment Date, and payments of interest together with the installment of
principal, if any, due and payable on each Quarterly Payment Date, to the extent
not in full payment of this Note, shall be made, if the original principal
amount of this Note is $1,000,000 or more, by wire transfer and otherwise 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 on the Record Date.
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, and the
mailing of such check shall constitute payment of the amount thereof regardless
of whether such check is returned undelivered. Any reduction in the principal
amount of this Note (or any one or more Predecessor Notes) effected by any
payments made on any Quarterly Payment Date shall be binding upon all future
Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not 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
Quarterly Payment Date, then the Indenture Trustee, in the name of and on behalf
of the Issuer, will notify the Person who was the Noteholder hereof as of the
Record Date preceding such Quarterly Payment Date by notice mailed no later than
five days prior to such Quarterly Payment Date and the amount then due and
payable shall be payable only upon presentation and surrender of this Note at
the Indenture Trustee's Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in the [ ].

          The Issuer shall pay interest on overdue installments of interest at
the Subordinate Note Rate to the extent lawful.

          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 Noteholder hereof or his attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, which requirements
include membership or participation in Securities Transfer Agent's Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP
(all in accordance with the Exchange Act), 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 its acceptance of a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Seller, the Company, the Administrator, the
Servicer, the Eligible Lender 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 Seller, the Company, the Administrator, the Servicer,
the Indenture Trustee or the Eligible Lender Trustee in its individual capacity
or (ii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Company, the Administrator, the Servicer, the Indenture Trustee
or the Eligible Lender Trustee in its individual capacity, any holder or owner
of a beneficial interest in the Issuer, the Eligible Lender Trustee or the
Indenture Trustee or of any successor or assign of the Seller, the Company, the
Administrator, the Servicer, the Indenture Trustee or the Eligible Lender
Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Indenture Trustee and the Eligible Lender
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.

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

          The Issuer has entered into this Indenture and this Note is issued
with the intention that, for federal, state, foreign, and local income and
franchise tax and usury purposes, this Note will be treated as indebtedness of
the Company secured by the Trust Estate. Each Noteholder, by its acceptance of a
Note, agrees to treat this Note for federal, state, foreign and local income and
franchise tax and usury purposes as indebtedness of the Company secured by the
Trust Estate.

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

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

          The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

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

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

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

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of [ ] in its individual capacity, [ ] in
its individual capacity, any owner of a beneficial interest in the Issuer, or
any of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on,
or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture; it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Eligible Lender Trustee for the sole purposes of binding the interests of
the Eligible Lender Trustee in the assets of the Issuer. The Noteholder of this
Note by the acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; PROVIDED, HOWEVER, that nothing contained herein shall
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

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

          ____________________

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
          transfers unto
          ____________________
          (name and address of assignee)

          the within Note and all rights thereunder, and hereby irrevocably
          constitutes and appoints ______________________, attorney, to transfer
          said Note on the books kept for registration thereof, with full power
          of substitution in the premises.

         Dated: ______________

                                                     ______________________*/
                                                     Signature Guaranteed:

                                                     ______________________*/

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

<PAGE>

                                                     EXHIBIT B TO THE INDENTURE

                              DEPOSITORY AGREEMENT

<PAGE>

                             CROSS-REFERENCE TABLE*

    TIA INDENTURE
        SECTION                                        SECTION

         310(a)(1)                                       6.11
              (a)(2)                                     6.11
              (a)(3)                                     6.10
              (a)(4)                                     N.A.**
              (a)(4)                                     6.111
              (b)                                        6.08;
                                                         6.10; 6.11
              (c)                                        N.A.
         311(a)                                          6.11
              (b)                                        6.11
              (c)                                        N.A.
         312(a)                                          7.01;
                                                         7.02(a)
              (b)                                        7.02(b)
              (c)                                        7.02(c)
         313(a)                                          6.06
              (b)                                        6.06
              (c)                                        11.05
              (d)                                        6.06
         314(a)                                          3.09; 7.03
              (b)                                        3.06
              (c)                                        2.09; 4.01
                                                         11.01
              (d)                                        2.09;
                                                         11.01
              (e)                                        11.01
              (f)                                        3.09
         315(a)                                          6.01
              (b)                                        6.05
              (c)                                        6.01
              (d)                                        6.01
              (e)                                        5.13
         316(a)(1)(A)                                    5.11
              (a)(1)(B)                                  5.12
              (a)(2)                                     N.A.
              (b)                                        5.07
              (c)                                        1.01
         317(a)                                          5.03
              (b)                                        3.03
         318(a)                                          11.07

____________________

*       Note: This Cross-Reference Table shall not, for any purpose, be deemed
        to be part of the Indenture.

**      N.A. means Not Applicable.EXHIBIT 4.1.5

                            [ ] EQUIPMENT TRUST [ ],

                                   as Issuer,

                                       and

                                       [ ]
            not in its individual capacity but solely in its capacity

                              as Indenture Trustee

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

                                    INDENTURE

                              Dated as of [ ], [ ]

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

                      [ ] 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 A-5 Receivable-Backed Notes

                       [ ] Class B Receivable-Backed Notes

                       [ ] Class C Receivable-Backed Notes

                       [ ] Class D Receivable-Backed Notes

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE

ARTICLE ONE

   DEFINITIONS AND INCORPORATION BY REFERENCE.................................1
      Section 1.01.  Definitions..............................................1
      Section 1.02.  Incorporation by Reference of Trust Indenture Act........7

ARTICLE TWO

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

ARTICLE THREE

   COVENANTS; REPRESENTATIONS AND WARRANTIES.................................15
      Section 3.01.   Payment of Principal and Interest......................15
      Section 3.02.   Maintenance of Office or Agency........................15
      Section 3.03.   Money for Payments to be Held in Trust.................16
      Section 3.04.   Existence..............................................17
      Section 3.05.   Protection of Collateral...............................17
      Section 3.06.   [Reserved].............................................18
      Section 3.07.   Performance of Obligations; Servicing of Contracts.....18
      Section 3.08.   Negative Covenants.....................................19
      Section 3.09.   Issuer May Consolidate, etc............................20
      Section 3.10.   Successor or Transferee................................21
      Section 3.11.   No Other Business......................................22
      Section 3.12.   No Borrowing...........................................22
      Section 3.13.   Notice of Events of Default............................22
      Section 3.14.   Further Instruments and Acts...........................22
      Section 3.15.   Compliance with Laws...................................22
      Section 3.16.   Amendments of Trust Agreement..........................22
      Section 3.17.   Removal of Administrator...............................22
      Section 3.18.   Representations and Warranties of Issuer...............22

ARTICLE FOUR

   SATISFACTION AND DISCHARGE................................................24
      Section 4.01.   Satisfaction and Discharge of Indenture................24
      Section 4.02.   Application of Trust Money.............................25
      Section 4.03.   Repayment of Moneys Held by Paying Agent...............25
      Section 4.04.   Release of Collateral..................................25

ARTICLE FIVE

   REMEDIES..................................................................26
      Section 5.01    Events of Default......................................26
      Section 5.05.   Rights Upon Event of Default; Notice...................27
      Section 5.06.   Collection of Indebtedness and Suits for Enforcement
                       by Indenture Trustee; Authority of Indenture Trustee..27
      Section 5.07.   Remedies...............................................30
      Section 5.08.   Optional Preservation of the Contracts.................30
      Section 5.09.   Priorities.............................................31
      Section 5.10.   Limitation of Suits....................................31
      Section 5.11.   Unconditional Rights of Noteholders to Receive
                        Principal and Interest............... ...............32
      Section 5.12.   Restoration of Rights and Remedies.....................32
      Section 5.13.   Rights and Remedies Cumulative.........................32
      Section 5.14.   Delay or Omission Not a Waiver.........................32
      Section 5.15.   Control by Noteholders.................................32
      Section 5.16.   Waiver of Past Defaults................................33
      Section 5.17.   Undertaking for Costs..................................33
      Section 5.18.   Waiver of Stay or Extension Laws.......................33
      Section 5.19.   Action on Notes........................................34
      Section 5.20.   Performance and Enforcement of Certain Obligations.....34

ARTICLE SIX

   THE INDENTURE TRUSTEE.....................................................35
      Section 6.01.   Duties of Indenture Trustee............................35
      Section 6.02.   Rights of Indenture Trustee............................36
      Section 6.03.   Individual Rights of Indenture Trustee.................37
      Section 6.04.   Indenture Trustee's Disclaimer.........................37
      Section 6.05.   Notice of Defaults.....................................37
      Section 6.06.   Reports by Indenture Trustee to Holders................37
      Section 6.07.   Compensation and Indemnity.............................37
      Section 6.08.   Replacement of Indenture Trustee.......................38
      Section 6.09.   Successor Indenture Trustee by Merger..................39
      Section 6.10.   Appointment of Co-Indenture Trustee or Separate
                        Indenture Trustee....................................40
      Section 6.11.   Eligibility............................................41
      Section 6.12.   Preferential Collection of Claims Against Issuer.......41
      Section 6.13.   Representations and Warranties of Indenture Trustee....41
      Section 6.14.   Execution of Transaction Documents.....................42

ARTICLE SEVEN

   NOTEHOLDERS' LISTS AND REPORTS............................................43
      Section 7.01.   Issuer to Furnish Indenture Trustee Names and
                         Addresses of Noteholders............................43
      Section 7.02.   Preservation of Information: Communication
                         to Noteholders......................................43
      Section 7.03.   Reports by Issuer......................................43
      Section 7.04.   Reports by Indenture Trustee...........................44

ARTICLE EIGHT

   ACCOUNTS, DISBURSEMENTS AND RELEASES......................................45
      Section 8.01.   Collection of Money....................................45
      Section 8.02.   Trust Accounts.........................................45
      Section 8.03.   General Provisions Regarding Accounts..................45
      Section 8.04.   Release of Collateral..................................46
      Section 8.05.   Opinion of Counsel.....................................46

ARTICLE NINE

   SUPPLEMENTAL INDENTURES...................................................48
      Section 9.01.   Supplemental Indentures Without Consent of Noteholders.48
      Section 9.02.   Supplemental Indentures With Consent of Noteholders....49
      Section 9.03.   Execution of Supplemental Indentures...................50
      Section 9.04.   Effect of Supplemental Indenture.......................50
      Section 9.05.   Conformity With Trust Indenture Act....................51
      Section 9.06.   Reference in Notes to Supplemental Indentures..........51

ARTICLE TEN

   REDEMPTION OF NOTES.......................................................52
      Section 10.01.  Redemption.............................................52
      Section 10.02.  Form of Redemption Notice..............................52
      Section 10.03.  Notes Payable on Redemption Date.......................53
      Section 10.04.  Optional Purchase of Class A-5 Notes by Depositor......53
      Section 10.05.  Form of Purchase Note..................................53
      Section 10.06.  Class A-5 Notes to be Purchased on Purchase Date.......54

ARTICLE ELEVEN

   MISCELLANEOUS.............................................................55
      Section 11.01.  Compliance Certificates and Opinions, etc..............55
      Section 11.02.  Form of Documents Delivered to Indenture Trustee.......56
      Section 11.03.  Acts of Noteholders....................................57
      Section 11.04.  Notices................................................58
      Section 11.05.  Notices to Noteholders; Waiver.........................58
      Section 11.06.  Alternate Payment and Notice Provisions................58
      Section 11.07.  Effect of Headings and Table of Contents...............59
      Section 11.08.  Successors and Assigns.................................59
      Section 11.09.  Separability...........................................59
      Section 11.10.  Benefits of Indenture..................................59
      Section 11.11.  Legal Holidays.........................................59
      Section 11.12.  Governing Law..........................................59
      Section 11.13.  Counterparts...........................................59
      Section 11.14.  Recording of Indenture.................................59
      Section 11.15.  Trust Obligation.......................................60
      Section 11.16.  No Petition............................................60
      Section 11.17.  Inspection.............................................60
      Section 11.18.  Conflict with Trust Indenture Act......................60
      Section 11.19.  Communication by Noteholders With Other Noteholders....60

<PAGE>
                                    EXHIBITS

Exhibit A-1  -  Form of Class A-1 Note...................................A-1-1
Exhibit A-2  -  Form of Class A-2 Note...................................A-1-1
Exhibit A-3  -  Form of Class A-3 Note...................................A-3-1
Exhibit A-4  -  Form of Class A-4 Note...................................A-4-1
Exhibit A-5  -  Form of Class A-5 Note...................................A-5-1
Exhibit B    -  Form of Class B Note.......................................B-1
Exhibit C    -  Form of Class C Note.......................................C-1
Exhibit D    -  Form of Class D Note.......................................D-1
Exhibit E    -  RESERVED...................................................E-1
Exhibit F    -  Form of Note Depository Agreement..........................F-1
Exhibit G    -  Form of Note Assignment....................................G-1

<PAGE>

                              CROSS-REFERENCE TABLE

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)....................................................................7.04
314(a)....................................................................7.03
314(b)..............................................................3.05, 7.03
314(c)...................................................................11.01
314(d)...................................................................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)....................................................................N.A.
317(a)....................................................................5.03
317(b)....................................................................3.03
318(a)...................................................................11.18

<PAGE>
          This Indenture, dated as of [ ], [ ] (this "Indenture"), is between

          [ ]Equipment Trust Securities [ ], a Delaware business trust (the
"Issuer") and [ ], 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 A-5 Receivable-Backed
Notes (the "Class A-5 Notes"), [ ]% Class B Receivable-Backed Notes (the "Class
B Notes"), [ ]% Class C Receivable-Backed Notes (the "Class C Notes"), and [ ]%
Class D Receivable-Backed Notes (the "Class D Notes"); and, together with the
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class A-5
Notes, Class B Notes, Class C Notes and Class D 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 Transferred 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 to the end that the
interests of the Holders of the Notes may be adequately and effectively
protected.

                                   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 [ ] 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 cities of [ ], [ ] or New York, New
York are authorized or obligated by law, executive order or governmental decree
to be closed.

          "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.

          "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 [ ]; 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.

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

          "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended. "Event of Default" shall have the meaning specified in Section 5.01.

          "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.

          "Grant" means mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create and grant a lien upon and a
security interest in and 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, 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.

          "Indenture Securities" means the Notes.

          "Indenture Security Holder" means a Noteholder.

          "Indenture Trustee" means [ ], 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, [ ] 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, [ ] or any of their respective
Affiliates, and (iii) is not connected with the Issuer, any such other obligor,
[ ] or any Affiliate of any of the foregoing Persons as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar
functions.

          "Independent Certificate" means a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.01, 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 A-5 Interest Rate, the Class B Interest Rate,
the Class C Interest Rate and the Class D Interest Rate, or any of them, in each
case as defined in the Pooling 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.

          "Majority in Interest" has the same meaning given the term Required
Holders in the Pooling and Servicing Agreement.

          "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 F hereto.

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

          "Noteholder" 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.

          "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.

          "Opinion of Counsel" means one or more written opinions of counsel who
may, except as otherwise expressly provided in this Indenture, be employees of
or counsel to the Issuer 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:

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

               (b) 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 has been made, satisfactory to the Indenture
          Trustee, has been made); and

               (c) 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, any other obligor upon the Notes, the Trust
Depositor, [ ] or any of their respective Affiliates shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Indenture
Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Notes that the
Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned
that have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Indenture Trustee the pledgee's
right so to act with respect to such Notes and that the pledgee is not the
Issuer, any other obligor upon the Notes, the Trust Depositor, [ ] 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
determination.

          "Owner Trustee" means [ ], 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.

          "Payment Date" means the twentieth (20th) day (or if any such date is
not a Business Day, then on the next succeeding Business Day) of each calendar
month commencing [ ],[ ].

          "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.

          "Record Date" means, with respect to any Payment Date, the calendar
day immediately preceding such Payment Date; provided, however, that with any
Definitive Note the Record Date shall be the last calendar day of the month
preceding the month in which such Payment Date occurs.

          "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 Payment 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, or 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.

          "Pooling and Servicing Agreement" means the Pooling and Servicing
Agreement, dated as of the date hereof, among the Issuer, the Trust Depositor,
the Servicer and the Indenture Trustee.

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

          "Targeted Holder" means any holder of a right to receive interest or
principal with respect to the Notes or other interests in the Trust (other than
a Note or other interest with respect to which an opinion is or has been
rendered that such interest will be treated as debt for federal income tax
purposes) and any holder of a right to receive any amount in respect of the
Certificate; provided, that any Person holding more than one interest each of
which would cause such Person to be a Targeted Holder shall be treated as a
single Targeted Holder.

          "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.

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

          "Trust Certificate" means the Equity Certificate of the Issuer
substantially in the form of Exhibit B to the Trust Agreement.

          "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939.

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

          (d) 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 Pooling and Servicing Agreement.

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

          "Commission" means the Securities and Exchange Commission.

          "indenture securities" means the Notes.

          "indenture security holder" means a Noteholder.

          "indenture to be qualified" means this Indenture.

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

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

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

          Section 1.03. Rules of Construction. Unless the context otherwise
requires:

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

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

               (iii) "or" is not exclusive;

               (iv) "including" means including without limitation;

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

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

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<PAGE>
                                   ARTICLE TWO

                                    THE NOTES

          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 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 A-5 Notes in
an aggregate principal amount of [$ ], (vi) Class B Notes in an aggregate
principal amount of [$ ], (vii) Class C Notes in an aggregate principal amount
of [$ ], and (viii) Class D 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 or in such other denomination
as shall be necessary.

          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.

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

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

          Section 2.06. PERSONS DEEMED OWNER. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee, and any
of their respective agents may treat the Person in whose name any Note is
registered (as of the day of determination) as the owner of such Note for the
purpose of receiving payments of principal of and interest, if any, on such Note
and for all other purposes whatsoever, whether or not such Note be overdue, and
none of the Issuer, the Indenture Trustee 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 Payment Date, 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 Payment Date shall be paid to the Person in whose name such Note (or
one or more Predecessor Notes) is registered on the Record Date, by wire
transfer in immediately available funds to the account designated by such
nominee and except for the final installment of principal payable with respect
to such Note on a Payment Date or on the related final Payment Date, as the case
may be (and except for the Redemption Price for any Note called for redemption
pursuant to Section 10.01(a)), which shall be payable as provided below.

          (b) The principal of each Note shall be payable on each Payment Date
to the extent 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 Payment Date on which the Issuer expects that the
final installment of principal of and interest on such Note will be paid. Such
notice shall be mailed 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 Issuer may pay such defaulted interest to the Persons who are
Noteholders on any Payment Date in the manner and to the extent provided in the
Pooling 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 Collateral and only to the
extent that the Issuer shall have sufficient income or proceeds from the
Collateral 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 as expressly provided herein.

          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 canceled 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 canceled by the
Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes canceled as provided in this Section, except as expressly permitted by
this Indenture. All canceled Notes may be held or disposed of by the Indenture
Trustee in accordance with its standard retention or disposal policy as in
effect at the time unless the Issuer shall direct by an Issuer Order that they
be destroyed or returned to it; provided that such Issuer Order is timely and
the Notes have not been previously disposed of by the Indenture Trustee.

          Section 2.09. 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., 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:

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

          (b) the Note Registrar and the Indenture Trustee shall be entitled to
deal with the Clearing Agency for all purposes of this Indenture (including the
payment of principal of and 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;

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

          (d) the rights of 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

          (e) whenever this Indenture requires or permits actions to be taken
based upon instructions or directions of Noteholders evidencing a specified
percentage of the Outstanding Amount, the Clearing Agency shall be deemed to
represent such percentage only to the extent that it has received instructions
to such effect from Noteholders 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 to the Clearing Agency, and shall
have no obligation to the Noteholders.

          Section 2.11. DEFINITIVE NOTES. With respect to the Classes of 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, Holders of Notes
representing not less than 66 2/3% 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
Noteholders, then the Indenture Trustee shall notify all Noteholders 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 Noteholders requesting the same. Upon surrender to the
Indenture 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. 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.

          Section 2.13. TAX TREATMENT. The Issuer and the purchasers of the
Notes intend, and will take all actions consistent with the 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 agrees to treat the Notes for federal, state and local income,
single business and franchise tax purposes as indebtedness.

                                  ARTICLE THREE

                    COVENANTS; REPRESENTATIONS AND WARRANTIES

          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 Pooling and Servicing Agreement, and cause to be
distributed all such amounts on a Payment 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 its Class A-5 Noteholder, to the Class A-5 Noteholder, (vi) for the
benefit of the Class B Notes, to the Class B Noteholders, (vi) for the benefit
of the Class C Notes, to the Class C Noteholders and (viii) for the benefit of
the Class D Notes, to the Class D Noteholders, in each case as further specified
herein. 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 New York, New York, an office or agency where Notes may be
surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Issuer in respect of the Notes and this Indenture may be
served. The Issuer hereby initially appoints the Indenture Trustee to serve as
its agent for the foregoing purposes. The Issuer will give prompt written notice
to the Indenture Trustee of the location, and of any change in the location, of
any such office or agency. If at any time the Issuer shall fail to maintain any
such office or agency or shall fail to furnish the Indenture Trustee with the
address thereof, such surrenders, notices and demands may be made or served at
the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee
as its agent to receive all such surrenders, notices and demands.

          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 Payment Date
and Redemption Date, upon written notice and instruction from the Servicer, the
Indenture Trustee shall withdraw from the Collection Account and 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 of its action
or failure to so 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:

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

          (b) 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;

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

          (d) 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

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

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

          Subject to applicable laws with respect to escheat of funds, any money
held by the Indenture Trustee or any Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed for two years
after such amount has become due and payable shall be discharged from such trust
and 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 not 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 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 Pooling 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 have terminated in accordance
with its terms or until, pursuant to the terms hereof or of the Pooling and
Servicing Agreement, the Indenture Trustee is otherwise authorized to release
such instrument from the Collateral. The Issuer will from time to time execute,
deliver and file 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:

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

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

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

          (d) enforce any of the Collateral;

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

          (f) 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.

          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 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 Pooling 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 the Indenture Trustee and each Rating
Agency thereof. Upon any termination of the Servicer's rights and powers
pursuant to the Pooling and Servicing Agreement, the Issuer shall promptly
notify the Indenture Trustee. As soon as a Successor Servicer is appointed, the
Issuer shall notify the Indenture Trustee and the Rating Agencies of such
appointment (to the extent such party has not already been notified pursuant to
the Pooling 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 [ ] 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:

          (a) 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;

          (b) 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; or

          (c) (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 covenant; 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

          (d) 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;

               (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 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 the Equity
          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 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.

          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 Equity Certificate shall be used exclusively to fund the Issuer's
purchase of the Contracts and the other assets specified in the Pooling and
Servicing Agreement, to fund the Cash Collateral Account 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 Pooling 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
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 execute, deliver and perform its obligations as Issuer under this Indenture
and the Notes (the foregoing documents, the "Issuer Documents").

          (b) Due Authorization; 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. Issuer
Documents constitute the legal, valid and binding obligation of the Issuer
enforceable in accordance with their 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,
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,
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, the
performance of the transactions contemplated thereby and the fulfillment of the
terms thereof have been obtained.

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

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<PAGE>
                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

          Section 4.01. SATISFACTION AND DISCHARGE OF INDENTURE. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) Sections 3.01, 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 demand of and at
the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to the Notes, when

               (A)  either

                    1. all Notes theretofore authenticated and delivered (other
               than (i) Notes that have been destroyed, lost or stolen and that
               have been replaced or paid as provided in Section 2.05 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;

                    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 Payment 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 (if required by
          the TIA or the Indenture Trustee) an Independent Certificate from a
          firm of certified public accountants, each meeting the applicable
          requirements of Section 11.01(a) and, subject to Section 11.02,
          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. Except as provided in
Section 5.06, 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 Pooling 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 'SS"SS'314(c) and 314(d)(1) or
an Opinion of Counsel in lieu of such Independent Certificates to the effect
that the TIA does not require any such Independent Certificates.

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<PAGE>
                                  ARTICLE FIVE

                                    REMEDIES

          Section 5.01. EVENTS OF DEFAULT."

          "Events 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):

          (a) failure to pay on any Payment Date the full amount of accrued
interest on any Note and which continues unremedied for five (5) or more
calendar days after such Payment Date;

          (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 [ ] to make any payment or deposit
required under the Pooling and Servicing Agreement or Purchase and Sale
Agreement within three (3) Business Days after the date the payment or deposit
is required to be made, or (ii) failure on the part of [ ], the Trust Depositor
or the Owner Trustee to observe or perform any other covenants or agreements of
such entity set forth in the Purchase and Sale Agreement, Pooling and Servicing
Agreement or the Indenture, which failure has a material adverse effect on the
Noteholders and which continues unremedied for a period of sixty (60) calendar
days after written notice; provided, that no such sixty (60) calendar day cure
period shall apply in the case of a failure by [ ] to perform its agreement to
repurchase or substitute for Ineligible Contracts, and further provided, that
only a five (5) day cure period shall apply in the case of a failure by [ ] 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 Trust Depositor,
the Indenture Trustee or the Owner Trustee in the Pooling and Servicing
Agreement or the Indenture or any information required to be given by [ ] 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 (sixty) 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 [ ] has repurchased the related Contracts through
the Trust Depositor during such period in accordance with the provisions of the
Pooling and Servicing Agreement and the Purchase and Sale 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
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 subparagraph (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. If any other Event of Default has occurred, the Required
Holders by written notice to the Trustee may require the Trustee to, or the
Trustee may without such notice, declare by written notice to the Trust
Depositor and the Owner Trustees (with a copy to each Rating Agency) that the
unpaid principal of the Notes together with interest accrued but unpaid thereon,
and all other amounts due to the Noteholder 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) or (f)
above, an Event of Default with respect to the Notes shall not be deemed to have
occurred if the Required Holders waive such Event of Default pursuant to a
written notice to the Trust Depositor, Indenture Trustee and the Servicer. 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 Servicer, the
Owner Trustee and the Rating Agencies. The Indenture Trustee shall not be deemed
to have notice of an Event of Default unless it shall have received a written
notice pursuant to this Section 5.02 or it has actual knowledge of an Event of
Default.

          If an Insolvency Event relating to the Trust Depositor occurs,
pursuant to the Trust Agreement and the Pooling and Servicing Agreement, on the
day of such Insolvency Event, the Trust Depositor shall promptly give notice to
the Indenture Trustee of the Insolvency Event, and the Indenture Trustee shall,
unless notified to the contrary by the Required Holders, promptly act pursuant
to and in accordance with the terms thereof to sell, dispose of or otherwise
liquidate the Collateral in a commercially reasonable manner and on commercially
reasonable terms. The proceeds from any such sale, disposition or liquidation of
Contracts shall be deposited in the Collection Account and allocated as
described in the Pooling 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, with interest upon the overdue principal, and, to the extent payment
at such rate of interest shall be legally enforceable, upon overdue installments
of interest, at the applicable Interest Rate and in addition thereto such
further amount as shall be sufficient to cover 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, 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 the Indenture Trustee shall deem most effective to protect and
enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right vested
in the Indenture Trustee by this Indenture or by law.

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

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

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

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

               (iv) to file such proofs of claim and other papers or documents
          as may be necessary or advisable in order to have the claims of the
          Indenture Trustee or the Holders of Notes allowed in any judicial
          proceedings relative to the Issuer, its creditors and its property;
          and any trustee, receiver, liquidator, custodian or other similar
          official in any such Proceeding is hereby authorized by each of such
          Noteholders to make payments to the Indenture Trustee, and, in the
          event that the Indenture Trustee shall consent to the making of
          payments directly to such Noteholders, to pay to the Indenture Trustee
          such amounts as shall be sufficient to cover reasonable compensation
          to the Indenture Trustee, each predecessor Indenture Trustee and their
          respective agents, attorneys and counsel, and all other expenses and
          liabilities incurred, and all advances made, by the Indenture Trustee
          and each predecessor Indenture Trustee except as a result of
          negligence or bad faith.

          (f) Nothing herein contained shall be deemed to authorize the
Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or
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, 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 the
Indenture Trustee (subject to Section 5.05) may, and shall (subject to Section
6.02) if so directed by the Required Holders in writing:

          (a) 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;

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

          (c) 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

          (d) 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 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 rely upon an opinion of an Independent investment
banking or accounting firm or national reputation as to the feasibility of such
proposed action and as to the sufficiency of the Collateral for such purpose;
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 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
related 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 except as otherwise provided above, the Indenture Trustee
may, but need not, elect to maintain possession of the Collateral. 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 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 order and
priority set forth in Section 7.05(b) of the Pooling Agreement.

          (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):

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

          (b) 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;

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

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

          (e) no direction inconsistent with such written request has been given
to the Indenture Trustee during such sixty (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.

          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 or Event of Default shall impair any such right or
remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article 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:

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

          (b) 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;

          (c) 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

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

          Notwithstanding the rights of Noteholders set forth in this Section,
subject to Section 6.01, 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).

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

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<PAGE>
                                  ARTICLE SIX

                              THE INDENTURE TRUSTEE

          Section 6.01. Duties of Indenture Trustee.

          (a) If an Event of Default has occurred, 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 upon and after the occurrence 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 on their face 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 wilful
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.

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

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

          (f) 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 Pooling and Servicing Agreement.

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

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

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

          Section 6.02. RIGHTS OF INDENTURE TRUSTEE.

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

          (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 wilful 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, 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; provided, however,
that 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 reasonable security or indemnity against the costs,
expenses and liabilities that may be incurred therein or thereby.

          (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 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 Pooling and Servicing Agreement, the Indenture Trustee may
require reasonable indemnity against such cost, expense or liability as a
condition to so proceeding; the reasonable expense of every such examination
shall be paid by the Person making such request, or, if paid by the Indenture
Trustee, shall be reimbursed by the Person making such request upon demand.

          Section 6.03. 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 the Transaction Documents
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 if it is
known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee
shall mail to each Noteholder notice of the Default within ninety (90) days
after it occurs. A Default shall be known to a Responsible Officer of the
Indenture Trustee if the Indenture Trustee has actual knowledge of such Default
or has received notice thereof pursuant to Section 5.02. Except in the case of
an Event of Default in payment of principal of or interest on any Note
(including payments pursuant to the redemption of such Notes), the Indenture
Trustee may withhold the notice if and so long as a committee of its Responsible
Officers in good faith determines that withholding the notice is in the
interests of Noteholders.

          Section 6.06. REPORTS BY INDENTURE TRUSTEE TO HOLDERS. The Indenture
Trustee shall deliver to each Noteholder such information, 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. 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 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 Servicer to indemnify the Indenture Trustee and its
officers, directors, employees and agents against any and all loss, liability or
expense (including attorneys' fees) incurred by it in connection with the
administration of this trust and the performance of its duties hereunder. 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 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 Servicer to pay the fees and expenses of such counsel. Neither
the Issuer nor the Administrator or 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 parties hereto agree and acknowledge that, notwithstanding
anything to the contrary, all payments required to be made pursuant to this
Section 6.07 shall not be made from the Trust Assets; provided, however, if an
Event of Default has occurred payments required to be made pursuant to this
Section 6.07, to the extent unpaid, shall be paid in accordance with Section
5.06; provided, further, that any payments required to be made pursuant to this
Section 6.07, if unpaid, shall not constitute a general recourse claim against
the Issuer.

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

          Section 6.08. 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:

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

          (b) 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 thirty (30) consecutive days;

          (c) 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

         (d) the Indenture Trustee otherwise becomes incapable of acting. If the
Indenture Trustee resigns or is removed, the Issuer shall promptly appoint a
successor Indenture Trustee.

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

          If a successor Indenture Trustee does not take office within 60 days
after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or the 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 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 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 fifteen (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-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 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 'SS'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 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 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.ll, 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 Trustee shall cease to be eligible in accordance with the
provisions of this Section 6.ll, the Trustee shall resign immediately in the
manner and with the effect specified in Section 6.08. The Indenture Trustee
shall comply with TIA 'SS'310(b); provided, however, that there shall be
excluded from the operation of TIA 'SS'310(b)(1) any indenture or indentures
under which other securities of the Issuer are outstanding if the requirements
for such exclusion set forth in TIA 'SS'310(b)(1) are met.

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

          Section 6.13. REPRESENTATIONS AND WARRANTIES OF INDENTURE TRUSTEE. The
Indenture Trustee 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 [ ] 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 Pooling and Servicing Agreement
(the foregoing documents, the "Indenture Trustee Documents") and to authenticate
the Notes.

          (b) Due Authorization; Binding Obligation. 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. The Indenture
Trustee Documents constitute the legal, valid and binding obligation of the
Indenture Trustee enforceable in accordance with their terms, except as
enforcement may be limited by bankruptcy, insolvency or similar laws affecting
the enforcement of creditor's rights generally and by the availability of
equitable remedies.

          (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 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 (whether
considered in a suit at law or in equity) or by an implied covenant of good
faith and fair dealing.

          Section 6.14. EXECUTION OF TRANSACTION DOCUMENTS. The Issuer hereby
requests and the Indenture Trustee agrees to execute and deliver the Pooling and
Servincing Agreement and Administration Agreement.

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<PAGE>
                                  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 (thirty) 30 days after receipt
by the Issuer of any such request, a list of similar form and content as of a
date not more than ten 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
'SS'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 'SS'312(b) with other
Noteholders with respect to their rights under this Indenture or under the
Notes.

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

          Section 7.03. REPORTS BY ISSUER.

          (a) The Issuer shall:

          (i) file with the Indenture Trustee, within fifteen (15) days after
the Issuer or the Trust Depositor 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 or Trust Depositor 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 'SS'313(c)) such summaries
of any information, documents and reports required to be filed by the issuer
pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and
regulations prescribed from time to time by the Commission;

          (iv) file with the Indenture Trustee reports in compliance with TIA
'SS'314(a) and TIA 'SS'314(b).

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

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

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

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<PAGE>
                                  ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

          Section 8.01. Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of
any fiscal agent or other intermediary, all money and other property payable to
or receivable by the Indenture Trustee pursuant to this Indenture and the
Pooling 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 Indenture Trustee shall
establish and maintain, in the name of the Indenture Trustee, for the benefit of
the Noteholders and the Certificateholder, the Trust Accounts as provided in
Section 7.01 of the Pooling and Servicing Agreement.

          (b) On or before each Payment 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 Pooling and Servicing Agreement will be
transferred from the Collection Account and/or the Cash Collateral Account and
deposited by the Indenture Trustee upon receipt to the Note Distribution
Account.

          (c) On each Payment Date, the Indenture Trustee shall distribute all
amounts on deposit in the Note Distribution Account to Noteholders in respect of
the Notes to the extent of amounts due and unpaid on the Notes for principal and
interest in the order and priority set forth in Section 7.05(a) of the Pooling
and Servicing Agreement:

         Section 8.03. GENERAL PROVISIONS REGARDING ACCOUNTS.

          (a) So long as no Default or Event of Default shall have occurred, 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 Pooling and Servicing Agreement.
Except as otherwise provided in Section 7.03 of the Pooling 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. The Issuer will not direct the Indenture Trustee to make
any investment of any funds or to sell any investment held in any of the Trust
Accounts unless the security interest granted and perfected in such account will
continue to be perfected in such investment or the proceeds of such sale, in
either case without any further action by any Person, and, in connection with
any direction to the Indenture Trustee to make any such investment or sale, if
requested by the Indenture 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 5.05 as if there had not been such a
declaration, then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in the Trust Accounts in Eligible
Investments described in clause (vi) of the definition thereof in the Pooling
and Servicing Agreement.

          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 Pooling 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 and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Trust Accounts. The
Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section 8.04(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 'SS"SS'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 for 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.

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<PAGE>
                                  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 upon receipt by the Indenture Trustee of an Opinion of
Counsel, 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;

          (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 adversely affect the interests of the Holders of the Notes;

          (vi) to evidence and provide for the acceptance of the appointment
hereunder by a successor 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;

          (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; and

          (viii) to elect into the FASIT provisions of the Code, provided an
Opinion of Counsel to the effect that such election will not adversely affect
the Noteholders, is delivered to the Issuer and Indenture Trustee.

          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.

          Section 9.02. SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order and upon
receipt by the Indenture Trustee of an Opinion of Counsel, also may, with prior
notice to each Rating Agency, and with the consent of a Majority in Interest, by
Act of such Holders delivered to the Issuer and the Indenture Trustee, enter
into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided, however, that, no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

          (i) change the date of payment of any installment of principal of or
interest on any Note, or reduce the principal amount thereof, the interest rate
thereon or the Redemption 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 second proviso to the
definition of the term "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; or

          (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 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.

          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 Noteholder
for or as an inducement to any consent, waiver or amendment of any of the terms
or provisions of this Indenture, the Pooling and Servicing Agreement or the
Notes unless such consideration is offered to be paid to all Noteholders that so
consent, waive or agree to amend in the time frame set forth in solicitation
documents relating to such consent, waiver or agreement.

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

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

          Promptly after the execution by the 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. The Indenture Trustee may, but shall
not be obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee's own rights, duties, liabilities or immunities under this
Indenture or otherwise.

          Section 9.04. EFFECT OF SUPPLEMENTAL INDENTURE. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and 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 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. 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.

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<PAGE>
                                   ARTICLE TEN

                               REDEMPTION OF NOTES

          Section 10.01. REDEMPTION.

          (a) In the event that [ ] pursuant to Section 7.08 of the Pooling 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
Payment Date on which such repurchase occurs, for a purchase price equal to the
outstanding principal, and accrued interest on the Notes (the "Redemption
Price"); provided, however, that the Issuer has available funds sufficient to
pay such amounts. [ ], the Servicer or the Issuer shall furnish each Rating
Agency 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 notice of such
election to the Indenture Trustee not later than twenty (20) days prior to the
Redemption Date and the Issuer shall deposit with the Indenture Trustee in the
Note Distribution Account the Redemption Price of the Notes to be redeemed
whereupon all such Notes shall be due and payable on the Redemption Date upon
the furnishing of a notice complying with Section 10.02 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 5.02(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 notice of such
event to the Indenture Trustee not later than twenty (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 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.

          Section 10.04. OPTIONAL PURCHASE OF CLASS A-5 NOTES BY DEPOSITOR. The
Trust Depositor shall have the right to purchase, on any Payment Date, all, but
not less than all, of the Class A-5 Notes, at a price equal to the principal
balance thereof, plus a premium equal to the excess, discounted as described
below, of (i) the amount of interest that would have accrued on the Class A-5
Notes at the Class A-5 Interest Rate during the period commencing on and
including the Payment Date on which the Class A-5 Notes are to be so purchased
to but excluding Class A-5 Maturity Date, Over (ii) the amount of interest that
would have accrued on the Class A-5 Notes over the same period at a per annum
rate of interest equal to the bond equivalent yield to maturity on the fifth
Business Day preceding such Payment Date of a United States Treasury security,
which is trading in the public securities market, maturing on a date closest to
the date equal to the remaining weighted average life of the Class A-5 Notes.
Such excess shall be discounted to present value to such Payment Date at the
yield described in clause (ii) above. For purposes of the preceding two
sentences only, (i) the Class A-5 principal balance upon which interest will de
deemed to accrue, and (ii) the weighted average remaining life of the Class A-5
Notes, shall be determined based upon the amortization of the Contract Pool
Principal Balance remaining at such Payment Date at a rate to [ ] CPR. Interest
payable on the Class A-5 Notes on such Payment Date shall be paid to the Holders
of Class A-5 Notes on the related Record Date in the ordinary manner. If the
Trust Depositor elects to purchase the Class A-5 Notes as described in this
paragraph, the Trust Depositor shall furnish notice of such election and the
Payment Date on which the purchase is to be made (the "Purchase Date") to the
Trustee no less than 25 days (or such lesser number of days as shall be
satisfactory to the Trustee) prior to such Purchase Date, and shall thereafter
deposit, or cause to be deposited, into the Note Distribution Account the
purchase price of the Class A-5 Notes, whereupon all Class A-5 Notes shall be
subjected to purchase on such Purchase Date upon the furnishing of a notice
complying with Section 10.05 to each Holder of Class A-5 Notes.

          Section 10.05. FORM OF PURCHASE NOTE. Notice of purchase under section
10.04 shall be given by the Trustee not less than five days prior to the
Purchase Date by first-class mail, postage prepaid, mailed to each Holder of
Class A-5 Notes, as of the close of business on the Record Date with respect to
the Payment Date immediately preceding the Purchase Date, at such Holder's
address appearing in the Note Register.

          All notices of purchase shall state:

          (i) the Purchase Date;

          (ii) the purchase price;

          (iii) the place where such Notes are to be surrendered for payment of
the purchase price (the "Place of Purchase," which shall be the office or agency
of the Issuer to be maintained as provided in Section [ ]); and

          (iv) that interest payable on the Class A-5 Notes on such Purchase
Date shall be paid to the Holders of record on the related Record Date in the
ordinary manner.

          Notice of purchase of the Notes shall be given by the Trustee in the
name and at the expense of the Trust Depositor. Failure to give notice of
purchase, or any defect therein, to any Holder of any Class A-5 Note shall not
impair or effect the validity of the purchase of any other Class A-5 Note.

          Section 10.06. CLASS A-5 NOTES TO BE PURCHASED ON PURCHASE DATE.

          (a) The Class A-5 Notes shall, following notice of purchase as
required by Section 10.05, be purchased on the Purchase Date, but solely from
the moneys deposited in the Note Distribution Account for such purpose, at the
purchase price therefor, such purchase price to be payable upon presentation and
surrender of the Class A-5 Notes to the Trustee at the Place of Purchase.

          (b) All Class A-5 Notes must be surrendered for purchase on the
Purchase Date and, provided that funds are available and on hand with the
Trustee to pay the purchase price thereof, (1) the Class A-5 Notes shall be
"deemed purchased" on the Purchase Date, whether or not received by the Trustee
on such date, (2) interest on the Class A-5 Notes, whether or not such class A-5
Notes are received by the Trustee, shall cease to accrue on the Purchase Date
and the former Holders of such Class A-5 Notes shall have no further interest or
rights in such Class A-5 Notes except that said former Holders shall be entitled
to payment of the purchase price thereof, exclusively from moneys in the Note
Distribution Account held by the Trustee for such payment, upon presentation of
such Class A-5 Notes to the Trustee at the Place of Purchase at or before 10:00
a.m., New York City time, on such Purchase Date or any Business Day thereafter,
(3) on and after the Purchase Date, the Trustee, the Note Regristar and each
Paying Agent shall no longer treat the former Holders of such Class A-5 Notes as
the Holders thereof except for purposes of such Holders' right to receive
payment of the purchase price of such Class A-5 Notes, and (4) on the Purchase
Date, the Trustee shall authenticate one or more new Class A-5 Notes, of
authorized denominations and in the aggregate principal amount of the Class A-5
Notes, in the name of the Trust Depositor or any other Person or Persons
designated by the Depositor, as provided in and subject to the terms of this
Indenture.

          (c) Any Class A-5 Notes issued in lieu of Class A-5 Notes purchased or
otherwise deemed purchased pursuant to this Section 10.06 shall not be canceled
or the indebtedness represented thereby otherwise extinguished, it being the
intention of the Issuer and the Trust Depositor that such Class A-5 Notes remain
outstanding and represent a continuing indebtedness of the Issuer, whether such
Class A-5 Notes are held by the Trust Depositor or any other purchase.

                                 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 'SS'314(c), except
that, in the case of any such application or request as to which the furnishing
of such documents is specifically required by any provision of this Indenture,
no additional certificate or opinion need be furnished.

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

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

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

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

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

          (b) (i) Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for
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 ninety (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 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
ninety (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 this clause (iv), equals 10% or more of the
Outstanding Amount of the Notes, but such certificate need not be furnished in
the case of any release of property or securities if the fair value thereof as
set forth in the related Officer's Certificate is less than $25,000 or less than
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 twelve months, commencing on the December [ ] Payment Date, an
Officer's Certificate stating that all the dispositions of Collateral described
in clauses (A) or (B) that occurred during the preceding twelve 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, [ ] or the Issuer, stating that the information with respect to
such factual matters is in the possession of the Servicer, [ ] 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.

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

          Section 11.03. Acts of Noteholders.

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

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

          (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 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 at the address specified in
the Pooling 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 of Noteholders when such notice is required to be
given pursuant to any provision of this Indenture, then any manner of giving
such notice as shall be satisfactory to the Indenture Trustee shall be deemed to
be a sufficient giving of such notice.

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

          Section 11.07. 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. 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.

          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. 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 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 beneficiary 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.

          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 Trust Depositor or the Issuer, or join in any institution
against [ ], the Trust Depositor or the Issuer, 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.

          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.

          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 NOTEHOLDERS WITH OTHER NOTEHOLDERS.
Noteholders may communicate with other Noteholders with respect to their rights
under this Indenture or the Notes pursuant to Section 312(b) of the TIA. Every
Noteholder, 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 Noteholders 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 'SS"SS'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.

                            [signature page follows]

<PAGE>
          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.

                                    [           ] EQUIPMENT TRUST [           ]

                                    By: [                        ], not in
                                    its individual capacity but
                                    solely on behalf of the
                                    Issuer as Owner Trustee under
                                    the Trust Agreement

                                    By: ______________________________________
                                    Printed Name: ____________________________
                                    Title: ___________________________________

                                    [                        ], not in its
                                    individual capacity but solely as
                                    Indenture Trustee

                                    By: ______________________________________
                                    Printed Name: ____________________________
                                    Title: ___________________________________

<PAGE>
STATE OF_____                      )
                                   ) ss
COUNTY OF_____                     )

          On __________ before me, ______________________________________,
[insert date] [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]

<PAGE>
STATE OF_____         )
                      ) ss
COUNTY OF_____        )

          On__________ before me, ____________________________________, [insert
date] [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]

<PAGE>

                                                                     EXHIBIT A-1

                             FORM OF CLASS A-1 NOTE

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

          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.

<PAGE>
                             [ ] EQUIPMENT TRUST [ ]

                     [ ]% CLASS A-1 RECEIVABLE-BACKED NOTES

REGISTERED                                                              $[  ]

No.  R-1                                          CUSIP NO. [               ]

          [ ] Equipment Trust Securities [ ], 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 Payment 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 Payment Date (after giving effect to all payments of principal made on
the preceding Payment Date), subject to certain limitations contained in Section
3.01 of the Indenture. Interest on this Note will accrue for each Payment Date
from the most recent Payment 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
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.

<PAGE>

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: [      ] [  ], [    ] [             ] EQUIPMENT TRUST [      ]

                                   By: [ ], not in its individual capacity but
                                   solely on behalf of the Issuer as Owner
                                   Trustee, under the Trust Agreement

                                   By: ______________________________________
                                   Printed Name: ____________________________
                                   Title: ___________________________________

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                   [                   ], not in its individual
                                   capacity but solely as Indenture Trustee

                                   By: ______________________________________
                                            Authorized Signatory

<PAGE>
                           [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 [ ], [ ] (the "Indenture"),
between 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 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 Pooling 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 Payment Date
shall be made by check 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. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) affected by any payments made on any Payment Date 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 Payment 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 Payment Date by notice mailed within
five (5) days of such Payment 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 [ ].

          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 [ ],
on the Payment Date on or after the date on which the Contract Pool Principal
Balance is less than 10% of the Contract Pool Principal Balance on 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 A-1 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 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 such 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 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>
                                                                     EXHIBIT A-2

                             FORM OF CLASS A-2 NOTE

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

          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.

                             [ ] EQUIPMENT TRUST [ ]

                     [ ]% CLASS A-2 RECEIVABLE-BACKED NOTES

REGISTERED                                                              $[  ]

No.  R-1                                           CUSIP NO. [              ]

          [ ] Equipment Trust [ ], 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.

          The Issuer will pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made on
the preceding Payment Date), subject to certain limitations contained in the
Indenture. Interest on this Note will accrue for each Payment Date from the most
recent Payment Date on which interest has been paid to but excluding such
Payment 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.

          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.

          Payment of interest and principal on the Class A-2 Notes is subject to
certain prior payments rights of Holders of Class A-1 and Class A-5 Notes as set
forth in the Indenture.

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

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

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

Date: [      ] [     ], [       ]     [            ] EQUIPMENT TRUST [      ]

                                   By: [ ], not in its individual capacity but
                                   solely on behalf of the Issuer as Owner
                                   Trustee, under the Trust Agreement

                                   By: _____________________________________
                                   Printed Name: ___________________________
                                   Title: __________________________________

<PAGE>
                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                              [                        ], not in its individual
                              capacity but solely as Indenture Trustee

                              By: ____________________________________
                                  Authorized Signatory

<PAGE>
                           [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 [ ], [ ] (the "Indenture"),
between 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 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 Pooling 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 Payment 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. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) affected by any payments made on any Payment Date 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 Payment 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 Payment Date by notice mailed within
five (5) days of such Payment 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 [ ].

     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 [ ], on any
Payment Date on or after the date on which the Contract Pool Principal Balance
is less than 10% of the Contract Pool Principal Balance 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 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 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 the 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, 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 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.

     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>
                                                                     EXHIBIT A-3

                             FORM OF CLASS A-3 NOTE

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

     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.

                             [ ] EQUIPMENT TRUST [ ]

                     [ ]% CLASS A-3 RECEIVABLE-BACKED NOTES

REGISTERED                                                              $[  ]

No.  R-1                                  CUSIP NO. [                        ]

     [ ] Equipment Trust [ ], 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-3 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 Payment 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
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in the
Indenture. Interest on this Note will accrue for each Payment Date from the most
recent Payment Date on which interest has been paid to but excluding such
Payment 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.

     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.

     Payment of principal and interest on the Class A-3 Notes is subject to
certain prior payment rights of Holders of Class A-1, Class A-2 and Class A-5
Notes as set forth in the Indenture.

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

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

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

Date[           ] [    ], [       ]    [           ]EQUIPMENT TRUST [          ]

                                   By: [ ], not in its individual capacity but
                                   solely on behalf of the Issuer as Owner
                                   Trustee, under the Trust Agreement

                                   By: _____________________________________
                                   Printed Name: ___________________________
                                   Title: __________________________________

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                              [                        ], not in its individual
                              capacity but solely as Indenture Trustee

                              By: ____________________________________
                                  Authorized Signatory

<PAGE>
                           [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 [ ], [ ] (the "Indenture"),
between 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 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 Pooling 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 Payment 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. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) affected by any payments made on any Payment Date 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 Payment 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 Payment Date by notice mailed within
five (5) days of such Payment 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 [ ].

     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 [ ], on any
Payment Date on or after the date on which the Contract Pool Principal Balance
is less then 10% of the Contract Pool Principal Balance 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 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 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 the 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, 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 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.

     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>
                                                                     EXHIBIT A-4

                             FORM OF CLASS A-4 NOTE

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

     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.

                         [ ] EQUIPMENT TRUST [ ]

                     [ ]% CLASS A-4 RECEIVABLE-BACKED NOTES

REGISTERED                                                          $[  ]

No.  R-1                                   CUSIP NO. [                        ]

     [ ] Equipment Trust [ ], 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.

     The Issuer will pay interest on this Note at the rate per annum shown above
on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in the
Indenture. Interest on this Note will accrue for each Payment Date from the most
recent Payment Date on which interest has been paid to but excluding such
Payment 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.

     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.

     Payment of interest and principal on the Class A-4 Notes is subject to
certain prior payment rights of the Holders of Class A-1, Class A-2, Class A-3
and Class A-5 Notes as set forth in the Indenture.

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

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

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

Date:  [        ] [     ], [     ] [            ] EQUIPMENT TRUST [       ]

                                   By: [ ], not in its individual capacity but
                                   solely on behalf of the Issuer as Owner
                                   Trustee, under the Trust Agreement

                                   By: _____________________________________
                                   Printed Name: ___________________________
                                   Title: __________________________________

<PAGE>
                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                               [                        ], not in its individual
                               capacity but solely as Indenture Trustee

                               By: ________________________________________
                                   Authorized Signatory

<PAGE>
                           [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 [ ], [ ] (the "Indenture"),
between 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 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 Pooling 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 Payment 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. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) affected by any payments made on any Payment Date 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 Payment 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 Payment Date by notice mailed within
five (5) days of such Payment 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 [ ].

     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 [ ], on any
Payment Date on or after the date on which the Contract Pool Principal Balance
is less than 10% of the initial Contract Pool Principal Balance 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 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 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 the 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, 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 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.

     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>
                                                                     EXHIBIT A-5

                             FORM OF CLASS A-5 NOTE

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

     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.

           [                        ] EQUIPMENT TRUST [              ]

                     [ ]% CLASS A-5 RECEIVABLE-BACKED NOTES

REGISTERED                                                            $[  ]

No.  R-1                                CUSIP NO. [                          ]

     [ ] Equipment Trust [ ], 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-5 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 Payment 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
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in the
Indenture. Interest on this Note will accrue for each Payment Date from the most
recent Payment Date on which interest has been paid to but excluding such
Payment 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.

     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.

     Payment of interest and principal on the Class A-4 Notes is subject to
certain prior payment rights of the Holders of Class A-1, Class A-2, Class A-3
and Class A-4 Notes as set forth in the Indenture.

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

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

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

Date: [        ] [     ], [       ] [                        ] EQUIPMENT TRUST

                                   By: [ ], not in its individual capacity but
                                   solely on behalf of the Issuer as Owner
                                   Trustee, under the Trust Agreement

                                   By: _____________________________________
                                   Printed Name: ___________________________
                                   Title: __________________________________

<PAGE>
                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                               [                       ], not in its individual
                               capacity but solely as Indenture Trustee

                               By: ____________________________________
                                   Authorized Signatory

<PAGE>
                           [REVERSE OF CLASS A-5 NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its [ ]% Class A-5 Receivable-Backed Notes (the "Class A-5
Notes"), all issued under an Indenture, dated as of [ ], [ ] (the "Indenture"),
between 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 A-5 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 Pooling and Servicing Agreement.

     Principal of the Class A-5 Notes will be payable on the earlier of the
Class A-5 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-5 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 Payment 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. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) affected by any payments made on any Payment Date 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 Payment 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 Payment Date by notice mailed within
five (5) days of such Payment 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 [ ].

     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 [ ], on any
Payment Date on or after the date on which the Contract Pool Principal Balance
is less than 10% of the initial Contract Pool Principal Balance as of the
Initial Cutoff Date.

     The Trust Depositor will have the right to purchase all of the Class A-5
Notes on any Payment Date (the "Purchase Date"), at a purchase price equal to
the principal balance thereof plus a premium equal to the excess, discounted as
described below, of (i) the amount of interest that would have accrued on the
Class A-5 Notes at the Class A-5 Interest Rate during the period commencing on
and including the Payment Date on which the Class A-5 Notes are to be so
purchased to but excluding Class A-5 Maturity Date, over the (ii) the amount of
interest that would have accrued on the Class A-5 Notes over the same period at
a per annum rate of interest equal to the bond equivalent yield to maturity on
the fifth Business Day preceding such Payment Date of a United States Treasury
security, which is trading in the public securities market, maturing on a date
closest to the date equal to the remaining weighted average life of the Class
A-5 Notes. Such excess shall be discounted to present value to such Payment Date
at the yield described in clause (ii) above. For purposes of the preceding two
sentences only, (i) the Class A Principal Balance upon which interest will be
deemed to accrue, and (ii) the weighted average remaining life of the Class A-5
Notes, shall be determined based upon the amortization of the Contract Pool
Principal Balance remaining at such Payment at a rate equal to [ %] CPR.
Interest payable on the Class A-5 notes on any such Payment Date shall be paid
to the Holders of record on the related Record Date in the ordinary manner.
Following such purchase, the Class A-5 Notes will not be retired, but will
continue to be entitled to interest and principal payments on each Payment Date
in the manner described above. At such time as the Depositor elects to so
purchase the Class A-5 Notes and notice thereof has been given as provided in
the Indenture, provided moneys are on deposit with the Trustee in the amount
necessary, and available, to pay the purchase price thereof, (1) this Note shall
be "deemed purchased" on the Purchase Date, whether or not received by the
Trustee on such date, (2) interest hereon, whether or not this Note is received
by the Trustee, shall cease to accrue on the Purchase Date and the former Holder
of this Note shall have no further interest or rights in this Note except that
said former Holder shall be entitled to payment of the purchase price hereof,
exclusively from moneys held by the Trustee for such payment, upon presentation
of this Note to the Trustee at the Place of Purchase at or before 10:00 a.m.,
New York City time, on such Purchase Date or any Business Day thereafter, and
(3) on and after the Purchase Date, the Trustee, the Note Registrar and each
Paying Agent shall no longer treat the former Holder of this Note as the Holder
hereof except for purposes of such Holder's right to receive payment of the
purchase price hereof.

     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 A-5 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 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 the 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, 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 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.

     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>
                                                                       EXHIBIT B

                              FORM OF CLASS B NOTE

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

     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.

                             [ ] EQUIPMENT TRUST [ ]

                      [ ]% CLASS B RECEIVABLE-BACKED NOTES

REGISTERED                                                             $[  ]

No.  R-1                                 CUSIP NO. [                       ]

     [ ] Equipment Trust [ ], 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.

     The Issuer will pay interest on this Note at the rate per annum shown above
on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in the
Indenture. Interest on this Note will accrue for each Payment Date from the most
recent Payment Date on which interest has been paid to but excluding such
Payment 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.

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

     The payment of interest and principal on the Class B Notes is subject to
certain prior payment rights of the Holders of Class A Notes, as set forth in
the Indenture.

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

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

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

Date: [        ] [     ], [     ]   [          ] EQUIPMENT TRUST [          ]

                                   By: The [ ], not in its individual capacity
                                   but solely on behalf of the Issuer as Owner
                                   Trustee, under the Trust Agreement

                                   By: _____________________________________
                                   Printed Name: ___________________________
                                   Title: __________________________________

<PAGE>
                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                               [                       ], not in its individual
                                capacity but solely as Indenture Trustee

                                By: ___________________________________
                                    Authorized Signatory

<PAGE>

                            [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 [ ], [ ] (the "Indenture"), between
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 Pooling 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 Payment 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. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) affected by any payments made on any Payment Date 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 Payment 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 Payment Date by notice mailed within
five (5) days of such Payment 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 [ ].

     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 [ ], on any
Payment Date on or after the date on which the Contract Pool Principal Balance
is less than 10% of the initial Contract Pool Principal Balance 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 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 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 the 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, 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 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.

     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>
                                                                       EXHIBIT C

                              FORM OF CLASS C NOTE

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

     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.

                             [ ] EQUIPMENT TRUST [ ]

                      [ ]% CLASS C RECEIVABLE-BACKED NOTES

REGISTERED                                                               $[  ]

No.  R-1                                   CUSIP NO. [                       ]

     [ ] Equipment Trust [ ], 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.

     The Issuer will pay interest on this Note at the rate per annum shown above
on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in the
Indenture. Interest on this Note will accrue for each Payment Date from the most
recent Payment Date on which interest has been paid to but excluding such
Payment 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.

     Payment of interest and principal on the Class C Notes is subject to
certain prior payment rights of the Holders of Class A and Class B Notes as set
forth in the Indenture.

     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[      ] [    ],[       ]  [            ] EQUIPMENT TRUST [            ]

                                   By: [ ], not in its individual capacity but
                                   solely on behalf of the Issuer as Owner
                                   Trustee, under the Trust Agreement

                                   By: _____________________________________
                                   Printed Name: ___________________________
                                   Title: __________________________________

<PAGE>
                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                               [                       ], not in its individual
                               capacity but solely as Indenture Trustee

                               By: ____________________________________
                                   Authorized Signatory

<PAGE>

                            [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 [ ], [ ] (the "Indenture"), between
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 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 Pooling 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 Payment 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. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) affected by any payments made on any Payment Date 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 Payment 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 Payment Date by notice mailed within
five (5) days of such Payment 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 [ ].

     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 [ ], on any
Payment Date on or after the date on which the Contract Pool Principal Balance
is less than 10% of the initial Contract Pool Principal Balance 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 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 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 the 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, 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 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.

     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>
                                                                       EXHIBIT D

                              FORM OF CLASS D NOTE

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

     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.

                             [ ] EQUIPMENT TRUST [ ]

                      [ ]% CLASS D RECEIVABLE-BACKED NOTES

REGISTERED                                                               $[  ]

No.  R-1

     [ ] Equipment Trust [ ], 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 [ ]., or its registered assigns, the
principal sum of [ ] Dollars ([$ ]) payable on the earlier of [ ] (the "Class D
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 Payment 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
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in the
Indenture. Interest on this Note will accrue for each Payment Date from the most
recent Payment Date on which interest has been paid to but excluding such
Payment 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.

     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.

     Payment of interest and principal on the Class D Notes is subject to
certain prior payment rights of the Holders of Class A, Class B and Class C
Notes as set forth in the Indenture.

     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: [       ] [     ], [   ]  [      ] EQUIPMENT TRUST SECURITIES [         ]

                                   By: [ ], not in its individual capacity but
                                   solely on behalf of the Issuer as Owner
                                   Trustee, under the Trust Agreement

                                   By: _____________________________________
                                   Printed Name: ___________________________
                                   Title: __________________________________

<PAGE>
                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                               [                       ], not in its individual
                               capacity but solely as Indenture Trustee

                               By: ____________________________________
                                   Authorized Signatory

<PAGE>
                            [REVERSE OF CLASS D NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its [ ]% Class D Receivable-Backed Notes (the "Class D Notes"),
all issued under an Indenture, dated as of [ ], [ ] (the "Indenture"), between
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 D 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 Pooling and Servicing Agreement.

     Principal of the Class D Notes will be payable on the earlier of the Class
D 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 D 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 Payment 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. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) affected by any payments made on any Payment Date 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 Payment 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 Payment Date by notice mailed within
five (5) days of such Payment 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 [ ].

     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 [ ], on any
Payment Date on or after the date on which the Contract Pool Principal Balance
is less than 10% of the initial Contract Pool Principal Balance 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 D 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 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 the 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, 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 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.

     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>
                                                                       EXHIBIT F

                             FORM OF NOTE ASSIGNMENT

<PAGE>
                                                                       EXHIBIT G

                        FORM OF NOTE DEPOSITORY AGREEMENT

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