Document:

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                                                                     EXHIBIT 4.1

                             [AMENDED AND RESTATED]

                                 TRUST AGREEMENT

                                     between

                     HOUSEHOLD AUTO RECEIVABLES CORPORATION

                                       and

                             [NAME OF OWNER TRUSTEE]
                                  Owner Trustee

                           Dated as of _______________

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                                TABLE OF CONTENTS

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

  Section 1.1.    Capitalized Terms....................................................................1
  Section 1.2.    Other Definitional Provisions .......................................................2
  Section 1.3.    Action by or Consent of Noteholders and Certificateholders...........................3
  Section 1.4.    Material Adverse Effect..............................................................3

ARTICLE II ORGANIZATION................................................................................4

  Section 2.1.    Name.................................................................................4
  Section 2.2.    Office...............................................................................4
  Section 2.3.    Purposes and Powers..................................................................4
  Section 2.4.    Appointment of Owner Trustee.........................................................5
  Section 2.5.    Initial Capital Contribution of Owner Trust Estate...................................5
  Section 2.6.    Declaration of Trust ................................................................5
  Section 2.7.    Liability............................................................................5
  Section 2.8.    Title to Owner Trust Property........................................................6
  Section 2.9.    Situs of Owner Trust Property........................................................6
  Section 2.10.   Representations and Warranties of the Depositor......................................6
  Section 2.11.   Federal Income Tax Allocations.......................................................8
  Section 2.12.   Covenants of the Depositor...........................................................8
  Section 2.13.   Covenants of the Certificateholders..................................................9

ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS....................................................10

  Section 3.1.    Initial Ownership...................................................................10
  Section 3.2.    The Certificates....................................................................10
  Section 3.3.    Authentication of Certificates......................................................11
  Section 3.4.    Registration of Transfer and Exchange of Certificates...............................11
  Section 3.5.    Mutilated, Destroyed, Lost or Stolen Certificates...................................12
  Section 3.6.    Persons Deemed Certificateholders...................................................12
  Section 3.7.    Access to List of Certificateholders' Names and Addresses...........................13
  Section 3.8.    Maintenance of Office or Agency.....................................................13
  Section 3.9.    ERISA Restrictions..................................................................13
  Section 3.10.   Securities Matters..................................................................14
  Section 3.11.   Distributions.......................................................................14
  Section 3.12.   Certificate Paying Agent............................................................14

ARTICLE IV VOTING RIGHTS AND OTHER ACTIONS............................................................14

  Section 4.1.    Prior Notice to Holders with Respect to Certain Matters.............................14
  Section 4.2.    Action by Certificateholders with Respect to Certain Matters........................15
  Section 4.3.    Action by Certificateholders with Respect to Bankruptcy.............................15
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  Section 4.4.    Restrictions on Certificateholders' Power...........................................15
  Section 4.5.    Majority Control....................................................................16

ARTICLE V CERTAIN DUTIES..............................................................................17

  Section 5.1.    Accounting and Records to the Noteholders, Certificate-holders,
                    the Internal Revenue Service and Others...........................................17
  Section 5.2.    Signature on Returns; Tax Matters Partner...........................................17

ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE......................................................17

  Section 6.1.    General Authority...................................................................17
  Section 6.2.    General Duties......................................................................18
  Section 6.3.    Action upon Instruction.............................................................18
  Section 6.4.    No Duties Except as Specified in this Agreement or in Instructions..................19
  Section 6.5.    No Action Except under Specified Documents or Instructions..........................19
  Section 6.6.    Restrictions........................................................................20

ARTICLE VII CONCERNING THE OWNER TRUSTEE..............................................................20

  Section 7.1.    Acceptance of Trusts and Duties.....................................................20
  Section 7.2.    Furnishing of Documents.............................................................21
  Section 7.3.    Representations and Warranties......................................................21
  Section 7.4.    Reliance; Advice of Counsel.........................................................22
  Section 7.5.    Not Acting in Individual Capacity...................................................22
  Section 7.6.    Owner Trustee Not Liable for Certificates or Receivables............................23
  Section 7.7.    Owner Trustee May Own Certificates and Notes........................................23
  Section 7.8.    Payments from Owner Trust Estate....................................................23
  Section 7.9.    Doing Business in Other Jurisdictions...............................................23

ARTICLE VIII COMPENSATION OF OWNER TRUSTEE............................................................24

  Section 8.1.    Owner Trustee's Fees and Expenses...................................................24
  Section 8.2.    Indemnification.....................................................................24
  Section 8.3.    Payments to the Owner Trustee.......................................................24
  Section 8.4.    Non-recourse Obligations............................................................25

ARTICLE IX TERMINATION OF AGREEMENT...................................................................25

  Section 9.1.    Termination of Agreement............................................................25

ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES......................................26

  Section 10.1.   Eligibility Requirements for Owner Trustee..........................................26
  Section 10.2.   Resignation or Removal of Owner Trustee.............................................27
  Section 10.3.   Successor Owner Trustee ............................................................28
  Section 10.4.   Merger or Consolidation of Owner Trustee............................................28
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                                      (ii)
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  Section 10.5.   Appointment of Co-Trustee or Separate Trustee.......................................28

ARTICLE XI MISCELLANEOUS..............................................................................30

  Section 11.1.   Supplements and Amendments..........................................................30
  Section 11.2.   No Legal Title to Owner Trust Estate in Certificateholders..........................31
  Section 11.3.   Limitations on Rights of Others.....................................................31
  Section 11.4.   Notices.............................................................................31
  Section 11.5.   Severability........................................................................32
  Section 11.6.   Separate Counterparts...............................................................32
  Section 11.7.   Assignments; Series Support Provider................................................32
  Section 11.8.   Covenants of the Depositor..........................................................32
  Section 11.9.   No Petition.........................................................................32
  Section 11.10.  No Recourse.........................................................................32
  Section 11.11.  Headings............................................................................33
  Section 11.12.  GOVERNING LAW.......................................................................33
  Section 11.13.  Master Servicer.....................................................................33

                                    EXHIBITS

Exhibit A    Form of Certificate
Exhibit B    Form of Certificate of Trust
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                                      (iii)
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          THIS [AMENDED AND RESTATED] TRUST AGREEMENT, dated as of __________,
between HOUSEHOLD AUTO RECEIVABLES CORPORATION, a Nevada corporation (the
"Depositor"), and [NAME OF OWNER TRUSTEE], a ____________________, as Owner
Trustee (the "Owner Trustee") [amends and restates in its entirety that certain
Trust Agreement, dated as of __________, between the Depositor and the Owner
Trustee].

                                    ARTICLE I

                                   DEFINITIONS

          Section 1.1.   CAPITALIZED TERMS. For all purposes of this Agreement,
the following terms shall have the meanings set forth below:

          "Agreement" shall mean this Amended and Restated Trust Agreement, as
the same may be amended and supplemented from time to time.

          "Benefit Plan" shall have the meaning assigned to such term in Section
3.9.

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

          "Certificates" means, if the Depositor elects (i) to evidence its
interest in certificated form pursuant to Section 3.2, the certificate
substantially in the form of Exhibit A or (ii) to have its interest be
uncertified pursuant to Section 3.2, such uncertificated interest.

          "Certificate Majority" shall have the meaning assigned to such term in
Section 4.1.

          "Certificate Paying Agent" means [Name of Certificate Paying Agent], a
____________________.

          "Certificate Register" and "Certificate Registrar" shall mean the
register mentioned and the registrar appointed pursuant to Section 3.4.

          "Certificate of Trust" shall mean the Certificate of Trust in the form
of Exhibit B to be filed for the Trust pursuant to Section 3810(a) of the
Business Trust Statute.

          "Code" shall mean the Internal Revenue Code of 1986, as amended.

          "Corporate Trust Office" shall mean, with respect to the Owner
Trustee, the principal corporate trust office of the Owner Trustee located at
[address], Attention: ____________________, or at such other address as the
Owner Trustee may designate by notice to the Certificateholders and the
Depositor, or the principal corporate trust office of any successor Owner
Trustee (the address of which the successor owner trustee will notify the
Certificateholders and the Depositor).

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          "Depositor" shall mean Household Auto Receivables Corporation in its
capacity as Depositor hereunder.

          "ERISA" shall have the meaning assigned to such term in Section 3.9.

          "Expenses" shall have the meaning assigned to such term in Section
8.2.

          "Holder" or "Certificateholder" shall mean a Person in whose name a
Certificate is registered on the Certificate Register.

          "Household" shall mean Household Finance Corporation.

          "Indemnified Parties" shall have the meaning assigned to such term in
Section 8.2.

          "Owner Trust Estate" shall mean all right, title and interest of the
Trust in and to the property and rights assigned to the Trust pursuant to
Article II of the Master Sale and Servicing Agreement, all funds on deposit from
time to time in the Trust Accounts and all other property of the Trust from time
to time, including any rights of the Owner Trustee and the Trust pursuant to the
Master Sale and Servicing Agreement and each Related Document.

          "Owner Trustee" shall mean [Name of Owner Trustee], a
____________________, not in its individual capacity but solely as Owner Trustee
under this Agreement, and any successor Owner Trustee hereunder.

          "Percentage Interest" shall mean, with respect to a Certificate, the
portion of the interests in the Trust represented by a Certificate, as reflected
in the Certificate Register.

          "Secretary of State" shall mean the Secretary of State of the State of
Delaware.

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

          "Series Trust Estate" shall mean the property granted to the Indenture
Trustee on behalf of the Trust pursuant to Section 1.02 of the Series
Supplement.

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

          "Trust" shall mean the trust established by this Agreement.

          Section 1.2.   OTHER DEFINITIONAL PROVISIONS. Capitalized terms
used herein and not otherwise defined have the meanings assigned to them in the
Master Sale and Servicing Agreement or, if not defined therein, in the Indenture
or, if not defined therein,

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in the Series Supplement; PROVIDED THAT, as used herein, Series means only the
Series of Notes and Series of Certificates with respect to which the Trust is
the Issuer and only such Series Trust Estates included in the Owner Trust
Estate.

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

          (c)    As used in this Agreement and in any Certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Agreement or in any such certificate or other document, and
accounting terms partly defined in this Agreement or in any such certificate or
other document to the extent not defined, shall have the respective meanings
given to them under generally accepted accounting principles as in effect on the
date of this Agreement or any such certificate or other document, as applicable.
To the extent that the definitions of accounting terms in this Agreement or in
any such certificate or other document are inconsistent with the meanings of
such terms under generally accepted accounting principles, the definitions
contained in this Agreement or in any such certificate or other document shall
control.

          (d)    The words "hereof," "herein," "hereunder" and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement; Section and Exhibit
references contained in this Agreement are references to Sections and Exhibits
in or to this Agreement unless otherwise specified; and the term "including"
shall mean "including without limitation."

          (e)    The definitions contained in this Agreement are applicable to
the singular as well as the plural forms of such terms and to the masculine as
well as to the feminine and neuter genders of such terms.

          Section 1.3.   ACTION BY OR CONSENT OF NOTEHOLDERS AND
CERTIFICATEHOLDERS. Whenever any provision of this Agreement refers to action to
be taken, or consented to, by Noteholders or Certificateholders, such provision
shall be deemed to refer to the Certificateholder or Noteholder, as the case may
be, of record as of the Record Date immediately preceding the date on which such
action is to be taken, or consent given, by Noteholders or Certificateholders.
Solely for the purposes of any action to be taken, or consented to, by
Noteholders, any Note registered in the name of the Depositor or any Affiliate
thereof shall be deemed not to be outstanding; provided, however, that, solely
for the purpose of determining whether the Indenture Trustee is entitled to rely
upon any such action or consent, only Notes which the Owner Trustee or the
Indenture Trustee knows to be so owned shall be so disregarded.

          Section 1.4.   MATERIAL ADVERSE EFFECT. Whenever a determination is to
be made under this Agreement as to whether a given event, action, course of
conduct or set of facts or circumstances could or would have a material adverse
effect on the Noteholders or Certificateholders (or any similar or analogous
determination), such determination shall be made without taking into account the
funds available from claims under any policy or other Series Support.

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                                   ARTICLE II

                                  ORGANIZATION

          Section 2.1.   NAME. There is hereby formed a trust to be known as
"Household Automotive Trust ______," in which name the Owner Trustee may conduct
the business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued.

          Section 2.2.   OFFICE. The principal place of business of the Trust
for purposes of Delaware law shall be in care of the Owner Trustee at the
Corporate Trust Office or at such other address as the Owner Trustee may
designate from time to time by written notice to the Certificateholders and the
Depositor. THE TRUST MAY ESTABLISH ADDITIONAL OFFICES LOCATED AT SUCH PLACE OR
PLACES INSIDE OR OUTSIDE OF THE STATE OF DELAWARE AS THE OWNER TRUSTEE MAY
DESIGNATE FROM TIME TO TIME BY WRITTEN NOTICE TO THE CERTIFICATEHOLDERS AND THE
DEPOSITOR.

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

          (i)    to issue the Notes pursuant to the Indenture and the Series
     Supplement and the Certificates pursuant to this Agreement and the Series
     Supplement, and to sell the Notes;

          (ii)   with the proceeds of the sale of the Notes, to fund the expense
     of obtaining any Series Support and to pay the organizational, start-up and
     transactional expenses of the Trust and to pay the balance to the Depositor
     pursuant to the Master Sale and Servicing Agreement;

          (iii)  with respect to the Series Trust Estate, to assign, grant,
     transfer, pledge, mortgage and convey the Series Trust Estate to the
     Indenture Trustee pursuant to the Indenture and the Series Supplement for
     the benefit of the Secured Parties;

          (iv)   to enter into and perform its obligations under the Basic
     Documents and the Related Documents, in each case, to which it is a party;

          (v)    to acquire, hold and manage the Owner Trust Estate;

          (vi)   to make distributions on the Certificates in accordance with
     their respective terms;

          (vii)  to own Class SV Preferred Stock of the Depositor;

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

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

          (b)    The Trust is hereby authorized to engage in the foregoing
activities. The Trust shall not engage in any activity other than in connection
with the foregoing or other than as required or authorized by the terms of this
Agreement, the Basic Documents or any Related Documents.

          Section 2.4.   APPOINTMENT OF OWNER TRUSTEE. The Depositor hereby
appoints the Owner Trustee as trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein.

          Section 2.5.   INITIAL CAPITAL CONTRIBUTION OF OWNER TRUST ESTATE. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee, on behalf of the Trust, as of the date hereof, the sum of $1,000 and
one share of Class SV Preferred Stock of the Depositor. The Owner Trustee hereby
acknowledges receipt in trust from the Depositor, as of the date hereof, of the
foregoing contribution, which shall constitute the initial Owner Trust Estate.
The Depositor shall pay organizational expenses of the Trust as they may arise.

          Section 2.6.   DECLARATION OF TRUST. The Owner Trustee hereby declares
that it will hold the Owner Trust Estate in trust upon and subject to the
conditions set forth herein, on behalf of the Trust, for the use and benefit of
the Certificateholders, subject to the obligations of the Trust under the Basic
Documents. It is the intention of the parties hereto that the Trust constitute a
business trust under the Business Trust Statute and that this Agreement
constitute the governing instrument of such business trust. It is the intention
of the parties hereto that, solely for income and franchise tax purposes, the
Trust shall be treated as a branch; provided, however, that in the event
Certificates are owned by more than one Certificateholder, it is the intention
of the parties hereto that, solely for income and franchise tax purposes, the
Trust shall then be treated as a partnership and that, unless otherwise required
by appropriate tax authorities, only after such time the Trust will file or
cause to be filed annual or other necessary returns, reports and other forms
consistent with the characterization of the Trust as a partnership for such tax
purposes. Effective as of the date hereof, the Owner Trustee shall have all
rights, powers and duties set forth herein and to the extent not inconsistent
herewith, in the Business Trust Statute with respect to accomplishing the
purposes of the Trust. The Owner Trustee shall file the Certificate of Trust
with the Secretary of State.

          Section 2.7.   LIABILITY.

          (a)    The Depositor shall pay organizational expenses of the Trust as
they may arise or shall, upon the request of the Owner Trustee, promptly
reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.

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          (b)    No Holder, other than to the extent set forth in clause (a),
shall have any personal liability for any liability or obligation of the Trust.

          Section 2.8.   TITLE TO OWNER TRUST ESTATE.

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

          (b)    The holders of the Certificates shall not have legal title to
any part of the Series Trust Estate. The Holders of the Certificates shall be
entitled to receive distributions with respect to their undivided ownership
interest therein in accordance with the terms hereof and the Series Supplement.
No transfer, by operation of law or otherwise, of any right, title or interest
by any Certificateholder of its ownership interest in the Owner Trust Estate
shall operate to terminate this Agreement or the trusts hereunder or entitle any
transferee to an accounting or to the transfer to it of legal title to any part
of the Series Trust Estate.

          Section 2.9.   SITUS OF OWNER TRUST ESTATE. The Trust will be located
and administered in the State of Delaware. All bank accounts maintained by the
Owner Trustee on behalf of the Trust shall be located with the Certificate
Paying Agent in the State of __________. Payments will be received by the
Certificate Paying Agent on behalf of the Trust in ________ and payments will be
made by the Trust from ________. The Trust shall not have any employees in any
state other than Delaware; provided, however, that nothing herein shall restrict
or prohibit the Owner Trustee, the Master Servicer or any agent of the Trust
from having employees within or without the State of Delaware. The principal
office of the Trust will be at the Corporate Trust Office in Delaware.

          Section 2.10.  REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR. The
Depositor makes the following representations and warranties on which the Owner
Trustee relies in accepting the Owner Trust Estate in trust and executing the
Certificates and Notes and upon which any Support Provider relies in providing
any Series Support. Each of the following representations and warranties shall
be deemed to be made on each date on which a Series Trust Estate is pledged
under the Indenture.

          (a)    ORGANIZATION AND GOOD STANDING. The Depositor is duly organized
and validly existing as a Nevada corporation with power and authority to own its
properties and to conduct its business as such properties are currently owned
and such business is presently conducted and is proposed to be conducted
pursuant to this Agreement and the Basic Documents.

          (b)    DUE QUALIFICATION. It is duly qualified to do business as a
foreign corporation in good standing, and has obtained all necessary licenses
and approvals, in all jurisdictions in which the ownership or lease of its
property, the conduct of its business

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and the performance of its obligations under this Agreement and the Basic
Documents requires such qualification and in which the failure to so qualify
would have a material adverse effect on the business, properties, assets or
condition (financial or otherwise) of the Depositor.

          (c)    POWER AND AUTHORITY. The Depositor has the corporate power and
authority to execute and deliver this Agreement and to carry out its terms; the
Depositor has full power and authority to sell and assign the property to be
sold and assigned to and deposited with the Trust; the Depositor has duly
authorized such sale, assignment and deposit to the Trust by all necessary
corporate action; and the execution, delivery and performance of this Agreement
has been duly authorized by the Depositor by all necessary corporate action.

          (d)    BINDING OBLIGATIONS. This Agreement, when duly executed and
delivered, shall constitute legal, valid and binding obligations of the
Depositor enforceable against the Depositor in accordance with its terms, except
as enforceability may be limited by bankruptcy, insolvency, reorganization or
other similar laws affecting the enforcement of creditors' rights generally and
by equitable limitations on the availability of specific remedies, regardless of
whether such enforceability is considered in a proceeding in equity or at law.

          (e)    NO CONSENT REQUIRED. To the best knowledge of the Depositor, no
consent, license, approval or authorization or registration or declaration with,
any Person or with any governmental authority, bureau or agency is required in
connection with the execution, delivery or performance of this Agreement and the
Related Documents, except for such as have been obtained, effected or made or as
to which a failure to obtain, effect or make would not have a material adverse
effect on the business, properties, assets or condition (financial or other) of
the Depositor.

          (f)    NO VIOLATION. The consummation of the transactions contemplated
by this Agreement and the fulfillment of the terms hereof do not conflict with,
result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time) a default under, the articles of
incorporation or by-laws of the Depositor, or any material indenture, agreement
or other instrument to which the Depositor is a party or by which it is bound;
nor result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement or other instrument
(other than pursuant to the Basic Documents or any applicable Related
Documents); nor violate any law or, to the best of the Depositor's knowledge,
any order, rule or regulation applicable to the Depositor of any court or of any
Federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Depositor or its properties,
PROVIDED, HOWEVER, that the Receivables will not be required to satisfy the
Eligibility Criteria set forth in Schedule I to the Series Supplement until the
Closing Date.

          (g)    NO PROCEEDINGS. To the best of the Depositor's knowledge, there
are no proceedings or investigations pending or, to its knowledge threatened
against it before any court, regulatory body, administrative agency or other
tribunal or

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governmental instrumentality having jurisdiction over it or its properties (A)
asserting the invalidity of this Agreement or any of the Basic Documents, (B)
seeking to prevent the issuance of the Certificates or the Notes or the
consummation of any of the transactions contemplated by this Agreement or any of
the Basic Documents, (C) seeking any determination or ruling that might
materially and adversely affect its performance of its obligations under, or the
validity or enforceability of, this Agreement or any Related Documents, or (D)
seeking to adversely affect the federal income tax or other federal, state or
local tax attributes of any of the Notes or Certificates.

          Section 2.11.  FEDERAL INCOME TAX ALLOCATIONS.

          (a)    For so long as the Trust has a single owner for federal income
tax purposes, it will, pursuant to Treasury Regulations promulgated under
section 7701 of the Code, be disregarded as an entity distinct from the
Certificateholder for all federal income tax purposes. Accordingly, for federal
income tax purposes, the Certificateholder will be treated as (i) owning all
assets owned by the Trust, (ii) having incurred all liabilities incurred by the
Trust, and (iii) all transactions between the Trust and the Certificateholder
will be disregarded.

          (b)    Neither the Owner Trustee nor any Certificateholder will, under
any circumstances, and at any time, make an election on IRS Form 8832 or
otherwise, to classify the Trust as an association taxable as a corporation for
federal, state or any other applicable tax purpose.

          (c)    In the event that the Trust has two equity owners for federal
income tax purposes, the Trust will be treated as a partnership. At any such
time that the Trust has two equity owners, this Agreement will be amended, in
accordance with Section 11.1 herein, and appropriate provisions will be added so
as to provide for treatment of the Trust as a partnership.

          Section 2.12.  COVENANTS OF THE DEPOSITOR. The Depositor agrees and
covenants for the benefit of the Owner Trustee and the Indenture Trustee for the
benefit of the Secured Parties, during the term of this Agreement, and to the
fullest extent permitted by applicable law, that:

          (a)    (i) it shall not create, incur or suffer to exist any
indebtedness or (ii) engage in any business, except (x) as permitted by its
articles of incorporation and the Related Documents and (y) in connection with
securitization transactions (including warehousing transactions) and the related
documents in which the related indebtedness is issued pursuant to an indenture
having a provision substantially similar to Section 11.18 of the Indenture;
PROVIDED, HOWEVER, that no other Series shall be issued under the Basic
Documents so long as the Notes are outstanding;

          (b)    it shall not, for any reason, institute proceedings for the
Trust to be adjudicated bankrupt or insolvent, or consent to the institution of
bankruptcy or insolvency proceedings against the Trust, or file a petition
seeking or consenting to reorganization or relief under any applicable federal
or state law relating to the

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bankruptcy of the Trust, or consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of the
Trust or a substantial part of the property of the Trust or cause or permit the
Trust to make any assignment for the benefit of creditors, or admit in writing
the inability of the Trust to pay its debts generally as they become due, or
declare or effect a moratorium on the debt of the Trust or take any action in
furtherance of any such action;

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

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

          Section 2.13.  COVENANTS OF THE CERTIFICATEHOLDERS. Each
Certificateholder agrees:

          (a)    to be bound by the terms and conditions of the related
Certificates, of this Agreement and, with respect to the holders of
Certificates, of the Series Supplement, including any supplements or amendments
hereto and to perform the obligations of a Certificateholder as set forth
therein or herein, in all respects as if it were a signatory hereto. This
undertaking is made for the benefit of the Trust, the Owner Trustee and the
Secured Parties;

          (b)    to hereby appoint the Depositor as such Certificateholder's
agent and attorney-in-fact to sign any federal income tax information return
filed on behalf of the Trust, if any, and agree that, if requested by the Trust,
it will sign such federal income tax information return in its capacity as
holder of an interest in the Trust. Each Certificateholder also hereby agrees
that in its tax returns it will not take any position inconsistent with those
taken in any tax returns that may be filed by the Trust;

          (c)    if such Certificateholder is other than an individual or other
entity holding its Certificate through a broker who reports securities sales on
Form 1099-B, to notify the Owner Trustee of any transfer by it of a Certificate
in a taxable sale or exchange, within 30 days of the date of the transfer;

                                        9
<Page>

          (d)    until the completion of the events specified in Section 9.1(e),
not to, for any reason, institute proceedings for the Trust or the Depositor to
be adjudicated a bankrupt or insolvent, or consent to the institution of
bankruptcy or insolvency proceedings against the Trust, or file a petition
seeking or consenting to reorganization or relief under any applicable federal
or state law relating to bankruptcy, or consent to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator (or other similar
official) of the Trust or a substantial part of its property, or cause or permit
the Trust to make any assignment for the benefit of its creditors, or admit in
writing its inability to pay its debts generally as they become due, or declare
or effect a moratorium on its debt or take any action in furtherance of any such
action; and

          (e)    that there shall not be more than 98 other holders of
Certificates.

                                   ARTICLE III

                     CERTIFICATES AND TRANSFER OF INTERESTS

          Section 3.1.   INITIAL OWNERSHIP. Upon the formation of the Trust by
the contribution by the Depositor pursuant to Section 2.5, the Trust shall issue
an uncertificated ownership interest in the Trust (the "Uncertificated
Certificate") to the Depositor. Unless and until the Depositor transfers all or
a portion of the Percentage Interest represented by such Uncertificated
Certificate, such Uncertificated Certificate shall represent one hundred percent
(100%) of the Percentage Interest.

          Section 3.2.   THE CERTIFICATES.

          (a)    The Certificates shall be in uncertificated form with records
of interest ownership maintained by the Certificate Registrar in the Certificate
Register. If, on or after the Closing Date, the holder of any Uncertificated
Certificate delivers to the Owner Trustee a written request that the
Uncertificated Certificate specified in such request be issued in certificated
form (a related "Certification Request"), the Owner Trustee shall promptly issue
such Certificate to the holder thereof in certificated form. If a Certification
Request has been delivered, the Certificate will be issued in registered form,
substantially in the form of Exhibit A, and shall upon issue, be executed and
delivered by the Depositor to the Owner Trustee for authentication and
redelivery as provided in Section 3.3.

          (b)    If the Certificates are in certificated form, they shall be
executed on behalf of the Trust by manual or facsimile signature of an
authorized officer of the Owner Trustee. Certificates bearing the manual or
facsimile signatures of individuals who were, at the time when such signatures
shall have been affixed, authorized to sign on behalf of the Trust, shall be
validly issued and entitled to the benefit of this Agreement, notwithstanding
that such individuals or any of them shall have ceased to be so authorized prior
to the authentication and delivery of such Certificates or did not hold such
offices at the date of authentication and delivery of such Certificates.

                                       10
<Page>

          (c)    A transferee of a Certificate (whether in certificated or
uncertificated form) shall become a Certificateholder, and shall be entitled to
the rights and subject to the obligations of a Certificateholder hereunder, upon
due registration of such Certificate in such transferee's name pursuant to
Section 3.4.

          (d)    No Certificates shall be issued under this Agreement unless
such Certificates have been authorized pursuant to the Series Supplement and all
conditions precedent to the issuance thereof, as specified in the Series
Supplement shall have been satisfied. All Certificates issued under this
Agreement shall be in all respects entitled to the benefits hereof and of the
Owner Trust Estate.

          Section 3.3.   AUTHENTICATION OF CERTIFICATES. If the Certificates are
in certificated form, the Owner Trustee shall cause the related Certificates to
be executed on behalf of the Trust, authenticated and delivered to or upon the
written order of the Depositor, signed by its chairman of the board, its
president or any vice president, its treasurer or any assistant treasurer
without further corporate action by the Depositor, in authorized denominations.
No Certificate shall entitle its holder to any benefit under this Agreement or
the Series Supplement, or shall be valid for any purpose, unless there shall
appear on such Certificate a certificate of authentication substantially in the
form set forth in Exhibit A, executed by the Owner Trustee or its authenticating
agent, by manual signature; such authentication shall constitute conclusive
evidence that such Certificate shall have been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their AUTHENTICATION.

          Section 3.4.   REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES.

          (a)    The Certificate Registrar shall keep or cause to be kept, at
the office or agency maintained pursuant to Section 3.8, a Certificate Register
in which, subject to such reasonable regulations as it may prescribe, the Owner
Trustee shall provide for the registration of Certificates (whether in
certificated or uncertificated form) and of transfers and exchanges of
Certificates (whether in certificated or uncertificated form) as herein
provided. The Owner Trustee shall be the initial Certificate Registrar.

          (b)    The Certificate Registrar shall provide the Indenture Trustee
with a list of the names and addresses of the Certificateholders on the Closing
Date in the form which such information is provided to the Certificate Registrar
by the Depositor. Upon any transfers of Certificates, the Certificate Registrar
shall notify the Indenture Trustee of the name and address of the transferee in
writing, by facsimile, on the day of such transfer.

          (c)    If a Certificate is in certificated form, upon surrender for
registration of transfer of any Certificate to the Certificate Registrar at the
office or agency maintained pursuant to Section 3.8, the Owner Trustee shall
execute, authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Certificates of the same Series in the aggregate
Percentage Interest to be transferred, dated the date of authentication by the
Owner Trustee or any authenticating agent. If a Certificate is in uncertificated
form, upon representation of such Certificate in accordance

                                       11
<Page>

with Section 3.2, the Certificate Registrar shall reflect in the Certificate
Register the transfer of the relevant Percentage Interest. If a Certificate is
in certificated form, at the option of the Holder thereof, such Certificate may
be exchanged for one or more other Certificates of the same Series in authorized
denominations of a like Percentage Interest upon surrender of the Certificates
of the same Series, to be exchanged at the office or agency maintained pursuant
to Section 3.8. Certificates may be issued in any Percentage Interest not to
exceed 100%.

          (d)    Every Certificate presented or, in the case of certificated
Certificates, surrendered for registration of transfer or exchange shall be
accompanied by a written instrument of transfer in form satisfactory to the
Owner Trustee and the Certificate Registrar duly executed by the
Certificateholder or his attorney duly authorized in writing, with such
signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Certificate Registrar, which requirements include membership
or participation in the Securities Transfer Agent's Medallion Program ("STAMP")
or such other "signature guarantee program" as may be determined by the
Certificate Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act. Each certificated Certificate surrendered for
registration of transfer or exchange shall be canceled and subsequently disposed
of by the Owner Trustee in accordance with its customary practice.

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

          Section 3.5.   MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES. If
(a) any mutilated Certificate shall be surrendered to the Certificate Registrar,
or if the Certificate Registrar shall receive evidence to its satisfaction of
the destruction, loss or theft of any Certificate and (b) there shall be
delivered to the Certificate Registrar and the Owner Trustee, such security or
indemnity as may be required by them to hold each of them harmless, then in the
absence of notice that such Certificate shall have been acquired by a bona fide
purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner
Trustee or its authenticating agent shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
new Certificate of like Series principal balance. In connection with the
issuance of any new Certificate under this Section, the Owner Trustee or the
Certificate Registrar may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection therewith.
Any duplicate Certificate issued pursuant to this section shall constitute
conclusive evidence of an ownership interest in the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Certificate shall be found
at any time.

          Section 3.6.   PERSONS DEEMED CERTIFICATEHOLDERS. Every Person by
virtue of becoming a Certificateholder in accordance with this Agreement and the
rules and regulations of the Certificate Registrar shall be deemed to be bound
by the terms of this Agreement. Prior to due presentation of a Certificate for
registration of transfer, the

                                       12
<Page>

Owner Trustee and the Certificate Registrar and any agent of the Owner Trustee
and the Certificate Registrar may treat the Person in whose name any Certificate
shall be registered in the Certificate Register as the owner of such Certificate
for the purpose of receiving distributions pursuant hereto, the Indenture or the
Series Supplement (in the case of a Certificate) and for all other purposes
whatsoever, and none of the Owner Trustee, the Certificate Registrar, nor any
agent of the Owner Trustee or the Certificate Registrar shall be bound by any
notice to the contrary.

          Section 3.7.   ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND
ADDRESSES. The Owner Trustee or the Certificate Registrar shall furnish or cause
to be furnished to the Master Servicer, the Depositor[, the Insurer] or the
Indenture Trustee within 15 days after receipt by the Owner Trustee or the
Certificate Registrar of a request therefor from such Person in writing, a list,
of the names and addresses of the Certificateholders as of the most recent
Record Date. If three or more Holders of Certificates or one or more Holders of
Certificates evidencing not less than 25% of the Percentage Interest apply in
writing to the Owner Trustee or the Certificate Registrar, and such application
states that the applicants desire to communicate with other Certificateholders
with respect to their rights under this Agreement, under the Certificates of
such Series or under the Series Supplement and such application is accompanied
by a copy of the communication that such applicants propose to transmit, then
the Owner Trustee or the Certificate Registrar shall, within five Business Days
after the receipt of such application, afford such applicants access during
normal business hours to the current list of Certificateholders of such Series.
Each Holder, by receiving and holding a Certificate, shall be deemed to have
agreed not to hold any of the Depositor, the Master Servicer, the Owner Trustee
or any agent thereof accountable by reason of the disclosure of its name and
address, regardless of the source from which such information was derived.

          Section 3.8.   MAINTENANCE OF OFFICE OR AGENCY. The Owner Trustee or
the Certificate Registrar shall maintain in __________________, an office or
offices or agency or agencies where Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Owner Trustee in respect of the Certificates and the Basic Documents may be
served. The Owner Trustee initially designates its Corporate Trust Office for
such purposes. The Owner Trustee shall give prompt written notice to the
Depositor, the Certificateholders and any Support Provider of any change in the
location of the Certificate Register or any such office or agency.

          Section 3.9.   ERISA RESTRICTIONS. The Certificates may not be
acquired by or for the account of (i) an employee benefit plan (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA")) that is subject to the provisions of Title I of ERISA, (ii) a plan
(as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975
of the Code or (iii) any entity whose underlying assets include assets of a plan
described in (i) or (ii) by reason of such plan's investment in the entity
(each, a "Benefit Plan"). The Certificate Registrar shall not register the
transfer of a Certificate unless the transferee has delivered to the Owner
Trustee a representation letter in form and substance satisfactory to the Owner
Trustee to the effect that the transferee is not, and is not acquiring the
Certificate for the account of, a Benefit Plan.

                                       13
<Page>

          Section 3.10.  SECURITIES MATTERS. Notwithstanding anything contained
herein to the contrary, the Owner Trustee shall not be responsible for
ascertaining whether any transfer complies with the registration provisions or
exemptions from the Securities Act, the Exchange Act, applicable state
securities law or the Investment Company Act; provided, however, that if a
certificate is specifically required to be delivered to the Owner Trustee by a
purchaser or transferee of a Certificate, the Owner Trustee shall be under a
duty to examine the same to determine whether it conforms to the requirements of
this Agreement and shall promptly notify the party delivering the same if such
certificate does not so conform.

          Section 3.11.  DISTRIBUTIONS. Distributions shall be made from time to
time by the Owner Trustee or the Certificate Paying Agent in accordance with the
Percentage Interests of the Certificateholders.

          Section 3.12.  CERTIFICATE PAYING AGENT. Distributions to be made in
respect of the Certificates pursuant to this Agreement, or the Series Supplement
shall be made by the Certificate Paying Agent, by wire transfer or check mailed
to the Certificateholder of record in the Certificate Register without the
presentation or surrender of the Certificate or the making of any notation
thereon, except as provided in Section 9.1(c) with respect to the final
distribution on a Certificates.

                                   ARTICLE IV

                         VOTING RIGHTS AND OTHER ACTIONS

          Section 4.1.   PRIOR NOTICE TO HOLDERS WITH RESPECT TO CERTAIN
MATTERS. With respect to the following matters, the Owner Trustee shall not take
action unless at least 30 days before the taking of such action, the Owner
Trustee shall have notified the Certificateholders in writing of the proposed
action and Certificateholders holding, in the aggregate, greater than 50% of the
Percentage Interests (a "Certificate Majority") shall not have notified the
Owner Trustee in writing prior to the 30th day after such notice is given that
such Certificateholders have withheld consent or provided alternative direction:

          (a)    the election by the Trust to file an amendment to the
Certificate of Trust, which amendment shall have satisfied the Rating Agency
Condition (unless such amendment is required to be filed under the Business
Trust Statute or unless such amendment would not materially and adversely affect
the interests of the Holders)[ and shall have been consented to by the Insurer
(for so long as it is the Controlling Party)];

          (b)    the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is required;

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

                                       14
<Page>

          (d)    except pursuant to Section 13.1(b) of the Master Sale and
Servicing Agreement, the amendment, change or modification of the Master Sale
and Servicing Agreement, except to cure any ambiguity or defect or to amend or
supplement any provision in a manner that would not materially adversely affect
the interests of the Certificateholders; or

          (e)    the Depositor shall not, without the unanimous consent of the
holders of the Class SV Preferred Stock of the Depositor, institute proceedings
to be adjudicated insolvent, or consent to the institution of any bankruptcy or
insolvency case or proceedings against it, or file or consent to a petition
under any applicable federal or state law relating to bankruptcy, seeking the
Depositor's liquidation or reorganization or any other relief for the
Corporation as debtor, or consent to the appointment of a receiver, liquidator,
assignee, trustee, custodian or sequestrator (or other similar official) of the
Corporation or a substantial part of its property, or make any assignment for
the benefit of creditors, or admit in writing its inability to pay its debts
generally as they become due, or take any corporate action in furtherance of
such action.

          The Owner Trustee shall notify the Certificateholders in writing of
any appointment of a successor Note Registrar or Certificate Registrar within
five Business Days thereof.

          Section 4.2.   ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO CERTAIN
MATTERS. The Owner Trustee shall not have the power (a) to remove the Master
Servicer under the Master Sale and Servicing Agreement or (b) except as
expressly provided in the Indenture and the Series Supplement and at the written
direction of the Certificateholders, sell the Receivables after the termination
of the Indenture. The Owner Trustee shall take the actions referred to in the
preceding sentence only upon written instructions signed by the
Certificateholders[, with the prior written consent of the Insurer (for so long
as it is the Controlling Party)] and the furnishing of indemnification
satisfactory to the Owner Trustee by the Certificateholders.

          Section 4.3.   ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO
BANKRUPTCY. Until one year and one day following the date of payment in full of
the Certificates, the Owner Trustee shall not have the power to, and shall not,
commence any proceeding or other actions contemplated by Section 2.13(d) hereof
relating to the Trust without the prior written consent of [the Insurer (for so
long as it is the Controlling Party) and ]all the Certificateholders and the
delivery to the Owner Trustee by each such Certificateholder of a certificate
certifying that such Certificateholder reasonably believes that the Trust is
insolvent.

          Section 4.4.   RESTRICTIONS ON CERTIFICATEHOLDERS' POWER.

          (a)    The Certificateholders shall not direct the Owner Trustee to
take or refrain from taking any action if such action or inaction would be
contrary to any obligation of the Trust or the Owner Trustee under this
Agreement or any of the Basic Documents or would be contrary to Section 2.3 or
Section 2.14 or otherwise contrary to law nor shall the Owner Trustee be
obligated to follow any such direction, if given.

                                       15
<Page>

          (b)    No Certificateholder shall have any right by virtue or by
availing itself of any provisions of this Agreement to institute any suit,
action, or proceeding in equity or at law upon or under or with respect to this
Agreement or any Basic Document, unless there are no outstanding Notes and
unless the Certificate Majority previously shall have given to the Owner Trustee
a written notice of default and of the continuance thereof, as provided in this
Agreement, and also unless the Certificate Majority shall have made written
request upon the Owner Trustee to institute such action, suit or proceeding in
its own name as Owner Trustee under this Agreement and shall have offered to the
Owner Trustee such reasonable indemnity as it may require against the costs,
expenses and liabilities to be incurred therein or thereby, and the Owner
Trustee, for 30 days after its receipt of such notice, request, and offer of
indemnity, shall have neglected or refused to institute any such action, suit,
or proceeding, and during such 30-day period no request or waiver inconsistent
with such written request has been given to the Owner Trustee pursuant to and in
compliance with this section or Section 6.3; it being understood and intended,
and being expressly covenanted by each Certificateholder with every other
Certificateholder and the Owner Trustee, that no one or more Holders of
Certificates shall have any right in any manner whatever by virtue or by
availing itself or themselves of any provisions of this Agreement to affect,
disturb, or prejudice the rights of the Holders of any other of the
Certificates, or to obtain or seek to obtain priority over or preference to any
other such Holder, or to enforce any right under this Agreement, except in the
manner provided in this Agreement and for the equal, ratable, and common benefit
of all Certificateholders. For the protection and enforcement of the provisions
of this Section 4.4, each and every Certificateholder and the Owner Trustee
shall be entitled to such relief as can be given either at law or in equity.

          Section 4.5.   MAJORITY CONTROL. No Certificateholder shall have any
right to vote or in any manner otherwise control the operation and management of
the Trust except as expressly provided in this Agreement. Except as expressly
provided herein, any action that may be taken by the Certificateholders under
this Agreement may be taken by the Certificate Majority. Except as expressly
provided herein, any written notice of the Certificateholders delivered pursuant
to this Agreement shall be effective if signed by the Certificate Majority at
the time of the delivery of such notice.

          Section 4.6.   [CERTAIN LITIGATION MATTERS. The Owner Trustee shall
provide prompt written notice to the Insurer of any action, proceeding or
investigation of which a Responsible Officer of the Owner Trustee has actual
knowledge that could adversely affect the Trust or the Owner Trust Estate or the
rights or obligations of the Insurer under any of the Basic Documents, the Note
Policy or any other document delivered with respect thereto.

          (b)    The Owner Trustee shall not, without the Insurer's prior
written consent (for so long as it is the Controlling Party) or unless directed
by the Insurer (if it is the Controlling Party), undertake or join any
litigation or agree to any settlement of any action, proceeding or investigation
that could adversely affect the Trust or the rights or obligations of the
Insurer under any of the Basic Documents, the Note Policy or any other document
delivered with respect thereto.]

                                       16
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                                    ARTICLE V

                                 CERTAIN DUTIES

          Section 5.1.   ACCOUNTING AND RECORDS TO THE NOTEHOLDERS,
CERTIFICATEHOLDERS, THE INTERNAL REVENUE SERVICE AND OTHERS. Subject to Sections
12.1(b)(iii) and 12.1(c) of the Master Sale and Servicing Agreement, the Master
Servicer shall (a) maintain (or cause to be maintained) the books of the Trust
on a calendar year basis on the accrual method of accounting, including, without
limitation, the allocations of net income under Section 2.11, (b) deliver (or
cause to be delivered) to each Certificateholder, as may be required by the Code
and applicable Treasury Regulations, such information as may be required
(including Schedule K-1, if applicable) to enable each Certificateholder to
prepare its Federal and state income tax returns, (c) file or cause to be filed,
if necessary, such tax returns relating to the Trust (including a partnership
information return, Form 1065), and direct the Owner Trustee or the Master
Servicer, as the case may be, to make such elections as may from time to time be
required or appropriate under any applicable state or Federal statute or rule or
regulation thereunder so as to maintain the Trust's characterization as a
branch, or if applicable, as a partnership, for Federal income tax purposes and
(d) collect or cause to be collected any withholding tax as described in and in
accordance with the Master Sale and Serving Agreement or the Series Supplement
with respect to income or distributions to Certificateholders and the
appropriate forms relating thereto. The Owner Trustee or the Master Servicer, as
the case may be, shall make all elections pursuant to this Section 5.1 as
directed in writing by the Depositor. The Owner Trustee shall sign all tax
information returns, if any, filed pursuant to this Section 5.1 and any other
returns as may be required by law, and in doing so shall rely entirely upon, and
shall have no liability for information provided by, or calculations provided
by, the Depositor or the Master Servicer. The Owner Trustee shall elect under
Section 1278 of the Code to include in income currently any market discount that
accrues with respect to the Receivables. The Owner Trustee shall not make the
election provided under Section 754 of the Code.

          Section 5.2.   SIGNATURE ON RETURNS; TAX MATTERS PARTNER.
Notwithstanding the provisions of Section 5.1 and in the event that the Trust is
characterized as a partnership, the Owner Trustee shall sign on behalf of the
Trust the tax returns of the Trust, unless applicable law requires a
Certificateholder to sign such documents, in which case such documents shall be
signed by the Depositor.

          (b)    In the event that the Trust is characterized as a partnership,
the Depositor shall be the "tax matters partner" of the Trust pursuant to the
Code.

                                   ARTICLE VI

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

          Section 6.1.   GENERAL AUTHORITY. The Owner Trustee is authorized and
directed to execute and deliver on behalf of the Trust the Basic Documents to
which the

                                       17
<Page>

Trust is named as a party and each certificate or other document attached as an
exhibit to or contemplated by the Basic Documents to which the Trust is named as
a party and any amendment thereto, in each case, in such form as the Depositor
shall approve as evidenced conclusively by the Owner Trustee's execution
thereof, and on behalf of the Trust, to direct the Indenture Trustee to
authenticate and deliver the Notes. In addition to the foregoing, the Owner
Trustee is authorized, but shall not be obligated, to take all actions required
of the Trust pursuant to the Basic Documents. The Owner Trustee is further
authorized from time to time to take such action as the Certificate Majority
recommends with respect to the Basic Documents so long as such activities are
consistent with the terms of the Basic Documents.

          Section 6.2.   GENERAL DUTIES. It shall be the duty of the Owner
Trustee to discharge (or cause to be discharged) all of its responsibilities
pursuant to the terms of this Agreement and to administer the Trust in
accordance with the provisions of this Agreement and in the interest of the
Holders, subject to the Basic Documents. Notwithstanding the foregoing, the
Owner Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the Basic Documents to the extent the Master Servicer has
agreed in the Master Sale and Servicing Agreement to perform any act or to
discharge any duty of the Trust or the Owner Trustee hereunder or under any
Basic Document, and the Owner Trustee shall not be liable for the default or
failure of the Master Servicer to carry out its obligations under the Master
Sale and Servicing Agreement.

          Section 6.3.   ACTION UPON INSTRUCTION. Subject to Article IV, the
Certificate Majority shall have the exclusive right to direct the actions of the
Owner Trustee in the management of the Trust, so long as such instructions are
not inconsistent with the express terms set forth herein or in any Basic
Document. The Certificate Majority shall not instruct the Owner Trustee in a
manner inconsistent with this Agreement or the Basic Documents.

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

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

                                       18
<Page>

inconsistent with this Agreement or the Basic Documents as it shall deem to be
in the best interests of the Certificateholders, and shall have no liability to
any Person for such action or inaction.

          (d)    In the event that the Owner Trustee is unsure as to the
application of any provision of this Agreement or any Basic Document or any such
provision is ambiguous as to its application, or is, or appears to be, in
conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to take
with respect to a particular set of facts, the Owner Trustee may give notice (in
such form as shall be appropriate under the circumstances) to the Certificate
Majority requesting instruction and, to the extent that the Owner Trustee acts
or refrains from acting in good faith in accordance with any such instruction
received, the Owner Trustee shall not be liable, on account of such action or
inaction, to any Person. If the Owner Trustee shall not have received
appropriate instruction within 10 days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but shall be under no duty to, take or refrain
from taking such action, not inconsistent with this Agreement or the Basic
Documents as it shall deem to be in the best interests of the
Certificateholders, and shall have no liability to any Person for such action or
inaction.

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

          Section 6.5.   NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR
INSTRUCTIONS. The Owner Trustee shall not manage, control, use, sell, dispose of
or otherwise deal with any part of the Owner Trust Estate except (i) in
accordance with the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents
or any Related Document and (iii) in accordance with any document or instruction
delivered to the Owner Trustee pursuant to Section 6.3.

                                       19
<Page>

          Section 6.6.   RESTRICTIONS. The Owner Trustee shall not take any
action (a) that is inconsistent with the purposes of the Trust set forth in
Section 2.3 or (b) that, to the actual knowledge of the Owner Trustee, would
result in the Trust's becoming taxable as a corporation or a publicly traded
partnership for Federal income tax purposes. The Certificateholders shall not
direct the Owner Trustee to take action that would violate the provisions of
this Section.

                                   ARTICLE VII

                          CONCERNING THE OWNER TRUSTEE

          Section 7.1.   ACCEPTANCE OF TRUST AND DUTIES. The Owner Trustee
accepts the trust hereby created and agrees to perform its duties hereunder with
respect to such trusts but only upon the terms of this Agreement. The Owner
Trustee and the Certificate Paying Agent also agree to disburse all monies
actually received by it constituting part of the Owner Trust Estate upon the
terms of this Agreement or the Basic Documents. The Owner Trustee shall not be
answerable or accountable hereunder or under any Basic Document under any
circumstances, except (i) for its own willful misconduct, bad faith or
negligence, (ii) in the case of the inaccuracy of any representation or warranty
contained in Section 7.3 expressly made by the Owner Trustee in its individual
capacity, (iii) for liabilities arising from the failure of the Owner Trustee to
perform obligations expressly undertaken by it in the last sentence of Section
6.4 hereof, (iv) for any investments issued by the Owner Trustee or any branch
or affiliate thereof in its commercial capacity or (v) for taxes, fees or other
charges on, based on or measured by, any fees, commissions or compensation
received by the Owner Trustee. In particular, but not by way of limitation (and
subject to the exceptions set forth in the preceding sentence):

          (a)    the Owner Trustee shall not be liable for any error of judgment
made by a Responsible Officer of the Owner Trustee;

          (b)    the Owner Trustee shall not be liable with respect to any
action taken or omitted to be taken by it in accordance with the instructions of
the Certificate Majority, the Depositor, the Master Servicer or any
Certificateholder;

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

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

                                       20
<Page>

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

          (f)    the Owner Trustee shall not be liable for the default or
misconduct of the Depositor, any Support Provider, the Indenture Trustee or the
Master Servicer under any of the Basic Documents or otherwise and the Owner
Trustee shall have no obligation or liability to perform the obligations under
this Agreement or the Basic Documents that are required to be performed by the
Depositor or the Certificate Paying Agent under this Agreement, by the Indenture
Trustee under the Indenture, the Series Supplement or any Related Document or
the Master Servicer under the Master Sale and Servicing Agreement or the Series
Supplement; and

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

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

          Section 7.3.   REPRESENTATIONS AND WARRANTIES. The Owner Trustee
hereby represents and warrants, in its individual capacity, to the Depositor,
the Holders and any Support Provider (which shall have relied on such
representations and warranties in issuing any policy relating to Series
Support), that:

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

                                       21
<Page>

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

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

          (d)    This Agreement constitutes the legal, valid and binding
obligation of the Owner Trustee, enforceable against it in accordance with its
terms except as the enforceability hereof may be limited by bankruptcy,
insolvency, moratorium, reorganization or other similar laws affecting the
enforcement of creditors' rights generally and by general principles of equity.

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

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

          Section 7.5.   NOT ACTING IN INDIVIDUAL CAPACITY. Except as provided
in this Article VII, in accepting the trusts hereby created the Owner Trustee
acts solely as

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<Page>

Owner Trustee hereunder and not in its individual capacity and all Persons
having any claim against the Owner Trustee by reason of the transactions
contemplated by this Agreement or any Basic Document shall look only to the
Owner Trust Estate for payment or satisfaction thereof.

          Section 7.6.   OWNER TRUSTEE NOT LIABLE FOR CERTIFICATES OR
RECEIVABLES. The recitals contained herein and in certificated Certificates
(other than the signature and countersignature of the Owner Trustee on such
Certificates) shall be taken as the statements of the Depositor and the Owner
Trustee assumes no responsibility for the correctness thereof. The Owner Trustee
makes no representations as to the validity or sufficiency of this Agreement, of
any Basic Document or of the Certificates (other than the signature and
countersignature of the Owner Trustee on certificated Certificates) or the
Notes, or of any Receivable or related documents. The Owner Trustee shall at no
time have any responsibility or liability for or with respect to the legality,
validity and enforceability of any Receivable, or the perfection and priority of
any security interest created by any Receivable in any Financed Vehicle or the
maintenance of any such perfection and priority, or for or with respect to the
sufficiency of the Owner Trust Estate or its ability to generate the payments to
be distributed to Certificateholders under this Agreement or the Noteholders
under the Indenture, including, without limitation: the existence, condition and
ownership of any Financed Vehicle; the existence and enforceability of any
insurance thereon; the existence and contents of any Receivable on any computer
or other record thereof; the validity of the assignment of any Receivable to the
Trust or of any intervening assignment; the completeness of any Receivable; the
performance or enforcement of any Receivable; the compliance by the Depositor,
the Master Servicer or any other Person with any warranty or representation made
under any Basic Document or in any related document or the accuracy of any such
warranty or representation or any action of the Indenture Trustee or the Master
Servicer or any subservicer taken in the name of the Owner Trustee.

          Section 7.7.   OWNER TRUSTEE MAY OWN CERTIFICATES AND NOTES. The Owner
Trustee in its individual or any other capacity may become the owner or pledgee
of Certificates or Notes and may deal with the Depositor, the Indenture Trustee
and the Master Servicer in banking transactions with the same rights as it would
have if it were not Owner Trustee.

          Section 7.8.   PAYMENTS FROM OWNER TRUST ESTATE. All payments to be
made by the Owner Trustee or any Certificate Paying Agent under this Agreement
or any of the Basic Documents to which the Trust or the Owner Trustee is a party
shall be made only from the income and proceeds of the Owner Trust Estate and
only to the extent that the Owner Trustee shall have received income or proceeds
from the Owner Trust Estate to make such payments in accordance with the terms
hereof. The Owner Trustee, or any successor thereto, in its individual capacity,
shall not be liable for any amounts payable under this Agreement or any of the
Basic Documents.

          Section 7.9.   DOING BUSINESS IN OTHER JURISDICTIONS. Notwithstanding
anything contained herein to the contrary, the Owner Trustee (in its individual
and trustee capacities) shall not be required to take any action in any
jurisdiction other than in the

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<Page>

State of Delaware if the taking of such action will, even after the appointment
of a co-trustee or separate trustee in accordance with Section 10.5 hereof, (i)
require the consent or approval or authorization or order of or the giving of
notice to, or the registration with or the taking of any other action in respect
of, any state or other governmental authority or agency of any jurisdiction
other than the State of Delaware; (ii) result in any fee, tax or other
governmental charge under the laws of the State of Delaware becoming payable by
the Owner Trustee (in its individual capacity); or (iii) subject the Owner
Trustee (in its individual capacity) to personal jurisdiction in any
jurisdiction other than the State of Delaware for causes of action arising from
acts unrelated to the consummation of the transactions by the Owner Trustee (in
its individual and trustee capacities) contemplated hereby.

                                  ARTICLE VIII

                          COMPENSATION OF OWNER TRUSTEE

          Section 8.1.   OWNER TRUSTEE'S FEES AND EXPENSES. The Owner Trustee
shall receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof between Household and the Owner
Trustee, and the Owner Trustee shall be entitled to be reimbursed by the
Depositor for its other reasonable expenses hereunder, including the reasonable
compensation, expenses and disbursements of such agents, representatives,
experts and counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and duties hereunder or under the Basic
Documents.

          Section 8.2.   INDEMNIFICATION. The Depositor shall be liable as
primary obligor for, and shall indemnify the Owner Trustee (in its individual
and trustee capacities) and its officers, directors, successors, assigns, agents
and servants (collectively, the "Indemnified Parties") from and against any and
all liabilities, obligations, losses, damages, taxes, claims, actions and suits,
and any and all reasonable costs, expenses and disbursements (including
reasonable legal fees and expenses) of any kind and nature whatsoever
(collectively, "Expenses") which may at any time be imposed on, incurred by, or
asserted against the Owner Trustee (in its trust or individual capacities) or
any Indemnified Party in any way relating to or arising out of this Agreement or
the Basic Documents, the Owner Trust Estate, the administration of the Owner
Trust Estate or the action or inaction of the Owner Trustee hereunder, except
only that the Depositor shall not be liable for or required to indemnify the
Owner Trustee from and against Expenses arising or resulting from any of the
matters described in the third sentence of Section 7.1. The indemnities
contained in this Section 8.2 and the rights under Section 8.1 shall survive the
resignation or termination of the Owner Trustee or the termination of this
Agreement. In the event of any claim, action or proceeding for which indemnity
is sought pursuant to this Section, the Owner Trustee's choice of legal counsel
shall be subject to the approval of the Depositor which approval shall not be
unreasonably withheld.

          Section 8.3.   PAYMENTS TO THE OWNER TRUSTEE. Any amounts paid to the
Owner Trustee in its trustee capacity pursuant to this Article VIII shall be
deemed not to

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<Page>

be a part of the Owner Trust Estate immediately after such payment and any
amounts so paid to the Owner Trustee in its individual capacity shall not be so
paid out of the Owner Trust Estate but shall be the property of the Owner
Trustee in its individual capacity.

          Section 8.4.   NON-RECOURSE OBLIGATIONS. Notwithstanding anything in
this Agreement or any Basic Document, the Owner Trustee agrees in its individual
capacity and in its capacity as Owner Trustee for the Trust that all obligations
of the Trust to the Owner Trustee individually or as Owner Trustee for the Trust
shall be recourse to the Owner Trust Estate only and specifically shall not be
recourse to the assets of any Certificateholder.

                                   ARTICLE IX

                            TERMINATION OF AGREEMENT

          Section 9.1.   TERMINATION OF AGREEMENT. This Agreement shall
terminate and the Trust shall wind up, dissolve and be of no further force or
effect upon the latest to occur of (i) the maturity or other liquidation of the
last Receivable (including the optional purchase by the Depositor or the Master
Servicer of the corpus of the Trust as described in Section 11.1 of the Master
Sale and Servicing Agreement) and the subsequent distribution of amounts in
respect of such Receivables as provided in the Basic Documents and, with respect
to amounts released from the Lien of the Indenture, distribution thereof to the
Certificateholders, or (ii) the payment to Noteholders and Certificateholders of
all amounts required to be paid to them pursuant to the Indenture and this
Agreement, including, with respect to amounts released from the Lien of the
Indenture, distribution thereof to the Certificateholders and the payment to any
Support Provider of all amounts payable or reimbursable to it pursuant to the
Series Supplement; PROVIDED, HOWEVER, that the rights to indemnification under
Section 8.2 and the rights under Section 8.1 shall survive the termination of
the Trust. The Master Servicer shall promptly notify the Owner Trustee of any
prospective termination pursuant to this Section 9.1. The bankruptcy,
liquidation, dissolution, death or incapacity of any Certificateholder shall not
(x) operate to terminate this Agreement or the Trust, nor (y) entitle such
Certificateholder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of all
or any part of the Trust or Owner Trust Estate nor (z) otherwise affect the
rights, obligations and liabilities of the parties hereto.

          (b)    Except as provided in clause (a), neither the Depositor[, the
Insurer] nor any other Certificateholder shall be entitled to revoke or
terminate the Trust.

          (c)    If any Certificates are in certificated form, notice of any
termination of a Series Trust Estate, specifying the Distribution Date upon
which the Certificateholders of such Series shall surrender their Certificates
to the Certificate Paying Agent for payment of the final distribution and
cancellation, shall be given by the Owner Trustee by letter to
Certificateholders of such Series mailed within five Business Days of receipt of
notice of such termination given pursuant to Section 9.1(a) hereof, stating (i)
the Distribution Date upon or with respect to which final payment of the

                                       25
<Page>

Certificates of such Series shall be made upon presentation and surrender of the
Certificates of such Series at the office of the Certificate Paying Agent
therein designated, (ii) the amount of any such final payment, (iii) that the
Record Date otherwise applicable to such Distribution Date is not applicable,
payments being made only upon presentation and surrender of the Certificates of
such Series at the office of the Certificate Paying Agent therein specified and
(iv) interest will cease to accrue on the Certificates of such Series. The Owner
Trustee shall give such notice to the Certificate Registrar (if other than the
Owner Trustee) and the Certificate Paying Agent at the time such notice is given
to Certificateholders. Upon presentation and surrender of the Certificates of
such Series, the Certificate Paying Agent shall cause to be distributed to
Certificateholders of such Series amounts distributable pursuant to the Series
Supplement.

          (d)    If any Certificates are in certificated form, in the event that
all of the Certificateholders holding certificated Certificates of such Series
shall not surrender their Certificates for cancellation within six months after
the date specified in the above-mentioned written notice, the Certificate Paying
Agent shall give a second written notice to the remaining Certificateholders
holding certificated Certificates of such Series to surrender their Certificates
for cancellation and receive the final distribution with respect thereto. If
within one year after the second notice all the certificated Certificates of
such Series shall not have been surrendered for cancellation, the Certificate
Paying Agent may take appropriate steps, or may appoint an agent to take
appropriate steps, to contact the remaining Certificateholders holding
certificated Certificates concerning surrender of their Certificates, and the
cost thereof shall be paid out of the funds and other Series Trust Estate assets
that shall remain subject to this Agreement. Any funds remaining in the Trust
after exhaustion of such remedies shall be distributed, subject to applicable
escheat laws, by the Certificate Paying Agent to the Depositor and Holders shall
look solely to the Depositor for payment.

          (e)    Any funds remaining in the Trust after funds for final
distribution have been distributed or set aside for distribution shall be
distributed by the Certificate Paying Agent to the Depositor.

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

                                   ARTICLE X

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

          Section 10.1.  ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE. The Owner
Trustee shall at all times be a corporation or national banking association (i)
satisfying the provisions of Section 3807(a) of the Business Trust Statute; (ii)
authorized to exercise corporate trust powers; (iii) having a combined capital
and surplus of at least $50,000,000 and subject to supervision or examination by
Federal or State authorities; (iv) having (or having a parent which has) a
rating of at least Baa3 by Moody's or A-1 by Standard &

                                       26
<Page>

Poors; and (v) acceptable to the Certificateholders. If such corporation shall
publish reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. In case at any time the Owner Trustee
shall cease to be eligible in accordance with the provisions of this Section,
the Owner Trustee shall resign immediately in the manner and with the effect
specified in Section 10.2.

          Section 10.2.  RESIGNATION OR REMOVAL OF OWNER TRUSTEE. The Owner
Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the Depositor (or in the event that the
Depositor is not the sole Certificateholder, the Certificate Majority), any
Support Provider and the Master Servicer. Upon receiving such notice of
resignation, the Depositor shall promptly appoint a successor Owner Trustee,
meeting the qualifications set forth in Section 10.1 herein, by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
resigning Owner Trustee and one copy to the successor Owner Trustee, provided
that the Depositor[ and the Insurer] shall have received written confirmation
from each of the Rating Agencies that the proposed appointment will not result
in an increased capital charge to any Support Provider by any Rating Agency. If
no successor Owner Trustee shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Owner Trustee or any Support Provider may petition any court of
competent jurisdiction for the appointment of a successor Owner Trustee.

          If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 10.1 and shall fail to resign after
written request therefor by the Depositor[ or the Insurer (for so long as it is
the Controlling Party)], or if at any time the Owner Trustee shall be legally
unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the
Owner Trustee or of its property shall be appointed, or any public officer shall
take charge or control of the Owner Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Depositor[
or the Insurer (for so long as it is the Controlling Party)], may remove the
Owner Trustee. If the Depositor[ or the Insurer] shall remove the Owner Trustee
under the authority of the immediately preceding sentence, the Depositor shall
promptly appoint a successor Owner Trustee, meeting the qualifications set forth
in Section 10.1 herein[ and acceptable to the Insurer (for so long as it is the
Controlling Party)], by written instrument, in triplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed, one copy
to any Support Provider and one copy to the successor Owner Trustee.

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

                                       27
<Page>

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

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

          Upon acceptance of appointment by a successor Owner Trustee pursuant
to this Section, the Master Servicer shall mail notice of the successor of such
Owner Trustee to all Certificateholders, [the Insurer, ]the Indenture Trustee,
the Noteholders and the Rating Agencies. If the Master Servicer shall fail to
mail such notice within 10 days after acceptance of appointment by the successor
Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed
at the expense of the Master Servicer.

          Any successor Owner Trustee appointed pursuant to this Section 10.3
shall promptly file an amendment to the Certificate of Trust with the Secretary
of State identifying the name and principal place of business of such successor
Owner Trustee in the State of Delaware.

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

          Section 10.5.  APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Owner Trust Estate or any Financed Vehicle may at the time be located,
the Master Servicer and the Owner Trustee acting jointly shall have the power
and shall execute and deliver all

                                       28
<Page>

instruments to appoint one or more Persons approved by the Owner Trustee and any
Support Provider to act as co-trustee, jointly with the Owner Trustee, or
separate trustee or separate trustees, of all or any part of the Owner Trust
Estate, and to vest in such Person, in such capacity, such title to the Trust,
or any part thereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Master Servicer and the
Owner Trustee may consider necessary or desirable. If the Master Servicer shall
not have joined in such appointment within 15 days after the receipt by it of a
request so to do, the Owner Trustee[ and the Insurer (for so long as it is the
Controlling Party) and, if the Insurer is not the Controlling Party], subject to
the approval of the Certificate Majority (which approval shall not be
unreasonably withheld), shall have the power to make such appointment. No
co-trustee or separate trustee under this Agreement shall be required to meet
the terms of eligibility as a successor trustee pursuant to Section 10.1 and no
notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 10.3.

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

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

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

          (iii)  the Master Servicer[, the Insurer (for so long as it is the
     Controlling Party)] and the Owner Trustee acting jointly may at any time
     accept the resignation of or remove any separate trustee or co-trustee.

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

                                       29
<Page>

Each such instrument shall be filed with the Owner Trustee and a copy thereof
given to the Master Servicer[ and the Insurer].

          Any separate trustee or co-trustee may at any time appoint the Owner
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 trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Owner Trustee, to the extent permitted by law, without the appointment of a new
or successor trustee.

                                   ARTICLE XI

                                  MISCELLANEOUS

          Section 11.1.  SUPPLEMENTS AND AMENDMENTS. This Agreement may be
amended from time to time by the parties hereto[with the consent of the Insurer
(for so long as it is the Controlling Party)], by a written instrument signed by
each of them, without the consent of any of the Securityholders; PROVIDED that
an Opinion of Counsel for the Depositor (which Opinion of Counsel may, as to
factual matters, rely upon Officer's Certificates of the Depositor) is addressed
and delivered to the Owner Trustee, dated the date of any such amendment, to the
effect that the conditions precedent to any such amendment have been satisfied
and the Depositor shall have delivered to the Owner Trustee an Officer's
Certificate dated the date of any such Amendment, stating that the Depositor
reasonably believes that such Amendment will not have a material adverse effect
on the Securityholders.

          (b)    This Agreement may also be amended from time to time with the
consent of the [Insurer (for so long as it is the Controlling Party), the
consent of the ]Noteholders, evidencing not less than a majority of the
Outstanding Amount of the Notes, and the consent of the Certificateholders,
representing at least a 50% Percentage Interest, for which the Seller has not
delivered an Officer's Certificate stating that there is no material adverse
effect, for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Securityholders; PROVIDED, HOWEVER, that no such
amendment shall (i) reduce in any manner the amount of, or delay the timing of,
payments received that are required to be distributed on any Security without
the consent of the related Securityholder, or (ii) reduce the aforesaid
percentage of Securities the Holder of which are required to consent to any such
amendment, without the consent of the Holders of all such Certificates then
outstanding or cause any material adverse tax consequences to any
Certificateholders or Noteholders.

          Prior to the execution of any such amendment or consent, the Owner
Trustee shall furnish written notification of the substance of such amendment or
consent to each Certificateholder, the Indenture Trustee[, the Insurer] and each
of the Rating Agencies.

                                       30
<Page>

          It shall not be necessary for the consent of Certificateholders, the
Noteholders or the Indenture Trustee pursuant to this Section to approve the
particular form of any proposed amendment or consent, but it shall be sufficient
if such consent shall approve the substance thereof. The manner of obtaining
such consents (and any other consents of Certificateholders provided for in this
Agreement or in any other Basic Document) and of evidencing the authorization of
the execution thereof by Certificateholders shall be subject to such reasonable
requirements as the Owner Trustee may prescribe. Promptly after the execution of
any amendment to the Certificate of Trust, including, without limitation,
amendments pursuant to this Section, the Owner Trustee shall cause the filing of
such amendment with the Secretary of State.

          (c)    The Owner Trustee shall not be required to enter into any
amendment to this Agreement which adversely affects its rights, duties or
immunities under this Agreement.

          Section 11.2.  NO LEGAL TITLE TO OWNER TRUST ESTATE IN
CERTIFICATEHOLDERS. The Certificateholders shall not have legal title to any
part of the Series Trust Estate. The Certificateholders shall be entitled to
receive distributions with respect to their undivided ownership interest therein
only in accordance with this Agreement and the Series Supplement. No transfer,
by operation of law or otherwise, of any right, title or interest of the
Certificateholders to and in their ownership interest in the Series Trust Estate
shall operate to terminate this Agreement or the trusts hereunder or entitle any
transferee to an accounting or to the transfer to it of legal title to any part
of the Series Trust Estate.

          Section 11.3.  LIMITATIONS ON RIGHTS OF OTHERS. The provisions of this
Agreement are solely for the benefit of the Owner Trustee, the Depositor, the
Certificateholders, the Master Servicer and any Support Provider, the Indenture
Trustee and the Noteholders, and nothing in this Agreement, whether express or
implied, shall be construed to give to any other Person any legal or equitable
right, remedy or claim in the Owner Trust Estate or under or in respect of this
Agreement or any covenants, conditions or provisions contained herein.

          Section 11.4.  NOTICES. Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be
deemed given upon receipt personally delivered, delivered by overnight courier
or mailed first class mail or certified mail, in each case return receipt
requested, and shall be deemed to have been duly given upon receipt, if to the
Owner Trustee, addressed to the Corporate Trust Office; if to the Depositor,
addressed to Household Auto Receivables Corporation, 1111 Town Center Drive, Las
Vegas, Nevada 89134, with a copy to Household Finance Corporation, 2700 Sanders
Road, Prospect Heights, Illinois 60070, Attn: Treasurer; [if to the Insurer, to
____________________, ____________________, Attn: __________; ]if to any Series
Support Provider, at the address of such Support Provider as set forth in the
Series Supplement; or, as to each party, at such other address as shall be
designated by such party in a written notice to each other party.

          (b)    Any notice required or permitted to be given to a
Certificateholder shall be given by first-class mail, postage prepaid, at the
address of such Holder as shown

                                       31
<Page>

in the Certificate Register. Any notice so mailed within the time prescribed in
this Agreement shall be conclusively presumed to have been duly given, whether
or not the Certificateholder receives such notice.

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

          Section 11.6.  SEPARATE COUNTERPARTS.. This Agreement may be executed
by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

          Section 11.7.  ASSIGNMENTS; SUPPORT PROVIDER.. This Agreement shall
inure to the benefit of and be binding upon the parties hereto and their
respective successors and permitted assigns. This Agreement shall also inure to
the benefit of any Support Provider. Without limiting the generality of the
foregoing, all covenants and agreements in this Agreement which confer rights
upon any Support Provider shall be for the benefit of and run directly to any
Support Provider, and any Support Provider shall be entitled to rely on and
enforce such covenants, subject, however, to the limitations on such rights
provided in this Agreement and the Basic Documents. The Support Provider, if
any, may disclaim any of its rights and powers under this Agreement (but not its
duties and obligations under any Support Provider) upon delivery of a written
notice to the Owner Trustee.

          Section 11.8.  COVENANTS OF THE DEPOSITOR.. The Depositor will not at
any time institute against the Trust any bankruptcy proceedings under any United
States federal or state bankruptcy or similar law in connection with any
obligations relating to the Certificates, the Notes, this Agreement or any of
the Basic Documents.

          Section 11.9.  NO PETITION. The Owner Trustee (not in its individual
capacity but solely as Owner Trustee), by entering into this Agreement, each
Certificateholder, by accepting a Certificate, and the Indenture Trustee and
each Noteholder by accepting the benefits of this Agreement, hereby covenants
and agrees that they will not at any time institute against the Depositor, or
join in any institution against the Depositor of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Certificates, the Notes, this
Agreement, any of the Basic Documents, the Series Supplement or any Related
Documents.

          Section 11.10. NO RECOURSE. Each Certificateholder by accepting a
Certificate acknowledges that such Certificateholder's Certificates represent
beneficial interests in the Owner Trust Estate only and do not represent
interests in or obligations of the Master Servicer, the Depositor, the Owner
Trustee, the Indenture Trustee, any

                                       32
<Page>

Support Provider or any Affiliate thereof and no recourse may be had against
such parties or their assets, except as may be expressly set forth or
contemplated in this Agreement, the Certificates, the Basic Documents, the
Series Supplement or any Related Documents.

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

          Section 11.12. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, 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 11.13. MASTER SERVICER. The Master Servicer is authorized to
prepare, or cause to be prepared, execute and deliver on behalf of the Trust all
such documents, reports, filings, instruments, certificates and opinions as it
shall be the duty of the Trust or Owner Trustee to prepare, file or deliver
pursuant to the Basic Documents, the Series Supplement or any Related Documents.
Upon written request, the Owner Trustee shall execute and deliver to the Master
Servicer a limited power of attorney appointing the Master Servicer the Trust's
agent and attorney-in-fact to prepare, or cause to be prepared, execute and
deliver all such documents, reports, filings, instruments, certificates and
opinions.

          Section 11.14. [THIRD-PARTY BENEFICIARY. The parties hereto agree that
the Insurer is a third-party beneficiary hereof.]

                                       33
<Page>

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

                                          [NAME OF OWNER TRUSTEE]
                                           Owner Trustee

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

                                          HOUSEHOLD AUTO RECEIVABLES
                                           CORPORATION
                                           Depositor

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

Acknowledged and Agreed:
HOUSEHOLD FINANCE CORPORATION
Master Servicer

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

[NAME OF INDENTURE TRUSTEE],
  not in its individual capacity
  but solely as Certificate Paying Agent

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

            [Signature Page for Amended and Restated Trust Agreement]

<Page>

                                                                       EXHIBIT A

                              [FORM OF CERTIFICATE]

NUMBER

                        HOUSEHOLD AUTOMOTIVE TRUST ______
                                   CERTIFICATE

                       SEE REVERSE FOR CERTAIN DEFINITIONS

          THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE IN
RELIANCE UPON EXEMPTIONS PROVIDED BY THE SECURITIES ACT AND SUCH STATE
SECURITIES LAWS. NO RESALE OR OTHER TRANSFER OF THIS CERTIFICATE MAY BE MADE
UNLESS SUCH RESALE OR TRANSFER (A) IS MADE IN ACCORDANCE WITH SECTION 3.4 OF THE
AMENDED AND RESTATED TRUST AGREEMENT PERTAINING TO THE HOUSEHOLD AUTOMOTIVE
TRUST ______ (THE "AGREEMENT") AND (B) IS MADE (i) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (ii) IN A TRANSACTION EXEMPT
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE
SECURITIES LAWS, (iii) TO THE SELLER OR (iv) TO A PERSON WHO THE TRANSFEROR
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF
RULE 144A UNDER THE SECURITIES ACT THAT IS AWARE THAT THE RESALE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A AND (C) UPON THE SATISFACTION OF
CERTAIN OTHER REQUIREMENTS SPECIFIED IN THE AGREEMENT. NEITHER THE DEPOSITOR,
THE MASTER SERVICER, THE TRUST NOR THE OWNER TRUSTEE IS OBLIGATED TO REGISTER
THE CERTIFICATES UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES
LAWS.

                                   ----------

                                   CERTIFICATE

evidencing a beneficial ownership interest in the assets of the Trust relating
to the Series Trust Estate, which includes a pool of motor vehicle retail
installment sale contracts sold to the Trust by Household Auto Receivables
Corporation.

(This Certificate does not represent an interest in or obligation of Household
Auto Receivables Corporation or any of its Affiliates, except to the extent
described below.)

          THIS CERTIFIES THAT Household Auto Receivables Corporation is the
registered owner of a nonassessable, fully-paid, beneficial ownership interest
representing a __________% Percentage Interest in the assets of Household
Automotive Trust ______ (the "Trust") formed by Household Auto Receivables
Corporation, a Nevada corporation (the "Depositor") and the Series Trust Estate.

                                       A-1
<Page>

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

[NAME OF OWNER TRUSTEE]
not in its individual
capacity but solely as
Owner Trustee

by __________________________________________________ Authenticating Agent
by _______________________________________________________________________

          Household Automotive Trust ______ (the "Trust"), was created pursuant
to a Trust Agreement, dated as of _______________ (the "Agreement"), between the
Depositor and [Name of Owner Trustee], as owner trustee (the "Owner Trustee") as
amended and restated as of __________ and as supplemented by a Series Supplement
dated as of _________ (the "Series Supplement"). A summary of certain of the
pertinent provisions of the Agreement and Series Supplement is set forth below.
To the extent not otherwise defined herein, the capitalized terms used herein
have the meanings assigned to them in the Agreement and the Series Supplement.

          This certificate is one of the duly authorized certificates of Trust
of Household Automotive Trust ______ designated as Certificates.

          This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement and the Series Supplement, to which
Agreement the holder of this Certificate by virtue of the acceptance hereof
assents and by which such holder is bound. The property of the Trust consists of
the Series Trust Estate which includes a pool of motor vehicle retail
installment sale contracts (the "Receivables"), all monies due thereunder on or
after specified Cutoff Dates, security interests in the vehicles financed
thereby, certain bank accounts and the proceeds thereof, proceeds from claims on
certain insurance policies and certain other rights under the Agreement and the
Master Sale and Servicing Agreement and each related Transfer Agreement, all
rights to and interest of the Depositor in and to (i) the Master Receivables
Purchase Agreement dated as of [December 18, 2001] between Household Automotive
Finance Corporation and the Depositor, as such agreement may be amended and
supplemented from time to time, and (ii) the Master Receivables Purchase
Agreement dated as of [June 24, 2002] between Household Automotive Credit
Corporation and the Depositor, as such agreement may be amended and supplemented
from time to time.

          The Notes have been issued pursuant to an Indenture dated as of
__________ (the "Indenture"), among the Trust, Household Finance Corporation, as
Master Servicer and [Name of Indenture Trustee], as Indenture Trustee and the
Series Supplement.

          Under the Series Supplement, there will be distributed on the 17th day
of each month or, if such 17th day is not a Business Day, the next Business Day
(the "Distribution Date"), commencing on __________, to the Person in whose name
this Certificate is registered at the close of business on the Business Day
preceding such Distribution Date (the "Record

                                       A-2
<Page>

Date") such Certificateholder's fractional undivided interest in any amount to
be distributed to Certificateholders on such Distribution Date.

          The holder of this Certificate acknowledges and agrees that its rights
to receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders as described in the Master Sale and Servicing
Agreement, the Indenture, the Agreement and the Series Supplement, as
applicable.

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

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

          Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Owner Trustee, by manual signature,
this Certificate shall not entitle the holder hereof to any benefit under the
Agreement or the Master Sale and Servicing Agreement or be valid for any
purpose.

          THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, 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.

                                       A-3
<Page>

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

                                 HOUSEHOLD AUTOMOTIVE TRUST
                                 _________

                                 By: [NAME OF OWNER TRUSTEE], not in its
                                 individual capacity but solely as Owner Trustee

Dated:                           By:
                                    -----------------------------------

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

                                       A-4
<Page>

                            (Reverse of Certificate)

          The Certificates do not represent an obligation of, or an interest in,
the Depositor, the Master Servicer, the Owner Trustee or any Affiliates of any
of them and no recourse may be had against such parties or their assets, except
as may be expressly set forth or contemplated herein or in the Agreement, the
Indenture, the Basic Documents or any Related Documents. In addition, this
Certificate is not guaranteed by any governmental agency or instrumentality and
is limited in right of payment to certain collections with respect to the
Receivables, as more specifically set forth herein and in the Master Sale and
Servicing Agreement. A copy of each of the Master Sale and Servicing Agreement,
the Agreement and the Series Supplement may be examined during normal business
hours at the principal office of the Depositor, and at such other places, if
any, designated by the Depositor, by any Certificateholder upon written request.

          As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies of the Certificate Registrar maintained by
the Owner Trustee in the Corporate Trust Office, accompanied by a written
instrument of transfer in form satisfactory to the Owner Trustee and the
Certificate Registrar duly executed by the holder hereof or such holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
in authorized denominations evidencing the same aggregate interest in the Trust
will be issued to the designated transferee. The initial Certificate Registrar
appointed under the Agreement is the Owner Trustee.

          The Certificates are issuable as registered Certificates in any
Percentage Interest not to exceed 100%. As provided in the Agreement and subject
to certain limitations therein set forth, Certificates are exchangeable for new
Certificates in authorized denominations evidencing the same aggregate
Percentage Interest, as requested by the holder surrendering the same. No
service charge will be made for any such registration of transfer or exchange,
but the Owner Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge payable in connection
therewith.

          The Owner Trustee and the Certificate Registrar and any agent of the
Owner Trustee or the Certificate Registrar may treat the person in whose name
this Certificate is registered as the owner hereof for all purposes, and none of
the Owner Trustee, the Certificate Registrar nor any such agent shall be
affected by any notice to the contrary.

          The Certificates may not be acquired by or for the account of (a) an
employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to
the provisions of Title I of ERISA, (b) a plan (as defined in Section 4975(e)
(1) of the Code) that is subject to Section 4975 of the Code or (c) any entity
whose underlying assets include plan assets by reason of such plan's investment
in the entity (each, a "Benefit Plan"). The Certificate Registrar shall not
register the transfer of a Certificate unless the transferee has delivered to
the Owner Trustee a representation letter in form and substance satisfactory to
the Owner Trustee to the effect that the transferee is not, and is not acquiring
the Certificate for the account of, a Benefit Plan.

          The recitals contained herein shall be taken as the statements of the
Depositor or the Master Servicer, as the case may be, and the Owner Trustee
assumes no responsibility for the

                                       A-5
<Page>

correctness thereof. The Owner Trustee makes no representations as to the
validity or sufficiency of this Certificate or of any Receivable or related
document.

          Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Owner Trustee, by manual or facsimile
signature, this Certificate shall not entitle the holder hereof to any benefit
under the Agreement or the Master Sale and Servicing Agreement or be valid for
any purpose.

                                       A-6
<Page>

                                   ASSIGNMENT

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

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

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

Dated:

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

                                       ------------------------------------ *

----------
*    NOTICE: The signature to this assignment must correspond with the name of
the registered owner as it appears on the face of the within Certificate 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 Certificate Registrar, which requirements include membership
or participation in STAMP or such other "signature guarantee program" as may be
determined by the Certificate Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

                                       A-7
<Page>

                                                                       EXHIBIT B

                         [FORM OF CERTIFICATE OF TRUST]

                              CERTIFICATE OF TRUST
                                       OF
                        HOUSEHOLD AUTOMOTIVE TRUST ______

     THIS Certificate of Trust of Household Automotive Trust ______ (the
"Trust") is being duly executed and filed on behalf of the Trust by the
undersigned, as trustee, to form a business trust under the Delaware Business
Trust Act (12 Del. C. 3801 et seq.) (the "Act").

     1.   NAME. The name of the business trust formed by this Certificate of
Trust is Household Automotive Trust ______.

     2.   OWNER TRUSTEE. The name and business address of the trustee of the
Trust in the State of Delaware are [Name of Owner Trustee], [address], Attn:
_______________.

     3.   EFFECTIVE DATE. This Certificate of Trust shall be effective upon
filing.

     IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of
Trust in accordance with Section 3811(a)(1) of the Act.

                                 [Name of Owner Trustee], not in its individual
                                 capacity but solely as Owner Trustee

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

                                       B-1<Page>

                                                                     EXHIBIT 4.2

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

                                    INDENTURE

                            Dated as of ____ __, ____

                                     between

                         HOUSEHOLD AUTOMOTIVE TRUST ___
                                     Issuer

                                       And

                           [NAME OF INDENTURE TRUSTEE]
                                Indenture Trustee

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

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                             PAGE
                                                                                             ----
<S>                                                                                            <C>
ARTICLE I. Definitions and Incorporation by Reference...........................................1

   SECTION 1.1    Definitions...................................................................1
   SECTION 1.2    Incorporation by Reference of the Trust Indenture Act.........................6
   SECTION 1.3    Rules of Construction.........................................................7
   SECTION 1.4    Action by or Consent of Noteholders and Certificateholders....................7
   SECTION 1.5    Conflict with TIA.............................................................7

ARTICLE II. The Notes...........................................................................8

   SECTION 2.1    Form; Amount Limited; Issuable in Series......................................8
   SECTION 2.2    Execution, Authentication and Delivery........................................8
   SECTION 2.3    Temporary Notes...............................................................9
   SECTION 2.4    Registration; Registration of Transfer and Exchange...........................9
   SECTION 2.5    Mutilated, Destroyed, Lost or Stolen Notes...................................12
   SECTION 2.6    Persons Deemed Owner.........................................................13
   SECTION 2.7    Payment of Principal and Interest; Defaulted Interest........................13
   SECTION 2.8    Cancellation.................................................................14
   SECTION 2.9    Release of Collateral........................................................14
   SECTION 2.10   Book-Entry Notes.............................................................14
   SECTION 2.11   Notices to Clearing Agency...................................................15
   SECTION 2.12   Definitive Notes.............................................................15
   SECTION 2.13   Final Distribution...........................................................16

ARTICLE III. Covenants.........................................................................17

   SECTION 3.1    Payment of Principal and Interest............................................17
   SECTION 3.2    Maintenance of Office or Agency..............................................17
   SECTION 3.3    Money for Payments to be Held in Trust.......................................17
   SECTION 3.4    Existence....................................................................19
   SECTION 3.5    Protection of Series Trust Estate............................................19
   SECTION 3.6    Opinions as to Series Trust Estate...........................................20
   SECTION 3.7    Performance of Obligations; Servicing of Receivables.........................20
   SECTION 3.8    Negative Covenants...........................................................21
   SECTION 3.9    Annual Statement as to Compliance............................................22
   SECTION 3.10   Issuer May Consolidate, Etc. Only on Certain Terms...........................22
   SECTION 3.11   Successor or Transferee......................................................24
   SECTION 3.12   No Other Business............................................................24
   SECTION 3.13   No Borrowing.................................................................25
   SECTION 3.14   Master Servicer's Obligations................................................25
   SECTION 3.15   Guarantees, Loans, Advances and Other Liabilities............................25
   SECTION 3.16   Capital Expenditures.........................................................25
   SECTION 3.17   Compliance with Laws.........................................................25
   SECTION 3.18   Restricted Payments..........................................................25
   SECTION 3.19   Notice of Events of Default..................................................26
   SECTION 3.20   Further Instruments and Acts.................................................26
   SECTION 3.21   Amendments of Master Sale and Servicing Agreement and Trust Agreement........26
</Table>

                                        i
<Page>

<Table>
<S>                                                                                            <C>
   SECTION 3.22   Income Tax Characterization..................................................26

ARTICLE IV. Satisfaction and Discharge.........................................................26

   SECTION 4.1    Satisfaction and Discharge of Indenture......................................26
   SECTION 4.2    Application of Trust Money...................................................27
   SECTION 4.3    Repayment of Monies Held by Note Paying Agent................................28

ARTICLE V. Remedies............................................................................28

   SECTION 5.1    Events of Default............................................................28
   SECTION 5.2    Collection of Indebtedness and Suits for Enforcement by Trustee..............28
   SECTION 5.3    Limitation of Suits..........................................................30
   SECTION 5.4    Unconditional Rights of Noteholders To Receive Principal and Interest........31
   SECTION 5.5    Restoration of Rights and Remedies...........................................31
   SECTION 5.6    Rights and Remedies Cumulative...............................................31
   SECTION 5.7    Delay or Omission Not a Waiver...............................................31
   SECTION 5.8    Control by Noteholders.......................................................31
   SECTION 5.9    Waiver of Past Defaults......................................................32
   SECTION 5.10   Undertaking for Costs........................................................32
   SECTION 5.11   Waiver of Stay or Extension Laws.............................................33
   SECTION 5.12   Action on Notes..............................................................33
   SECTION 5.13   Performance and Enforcement of Certain Obligations...........................33

ARTICLE VI. The Indenture Trustee................................................................

   SECTION 6.1    Duties of Indenture Trustee..................................................34
   SECTION 6.2    Rights of Indenture Trustee..................................................36
   SECTION 6.3    Individual Rights of Indenture Trustee.......................................37
   SECTION 6.4    Indenture Trustee's Disclaimer...............................................37
   SECTION 6.5    Notice of Defaults...........................................................38
   SECTION 6.6    Reports by Indenture Trustee to Holders......................................38
   SECTION 6.7    Compensation and Indemnity...................................................38
   SECTION 6.8    Replacement of Indenture Trustee.............................................39
   SECTION 6.9    Successor Trustee by Merger..................................................40
   SECTION 6.10   Appointment of Co-Trustee or Separate Trustee................................41
   SECTION 6.11   Eligibility: Disqualification................................................42
   SECTION 6.12   Preferential Collection of Claims Against Issuer.............................42
   SECTION 6.13   Representations and Warranties of the Indenture Trustee......................42
   SECTION 6.14   Waiver of Setoffs............................................................43
   SECTION 6.15   No Consent to Certain Acts of Seller.........................................43

ARTICLE VII. Noteholders' Lists and Reports....................................................43

   SECTION 7.1    Issuer To Furnish To Indenture Trustee Names and Addresses of Noteholders....43
   SECTION 7.2    Preservation of Information; Communications to Noteholders...................44
   SECTION 7.3    Reports by Issuer............................................................44
   SECTION 7.4    Reports by Indenture Trustee.................................................45
</Table>

                                       ii
<Page>

<Table>
<S>                                                                                            <C>
ARTICLE VIII. Accounts, Disbursements and Releases.............................................45

   SECTION 8.1    Collection of Money..........................................................45
   SECTION 8.2    Release of Series Trust Estate...............................................45
   SECTION 8.3    Opinion of Counsel...........................................................46

ARTICLE IX. Amendments; Series Supplement......................................................46

   SECTION 9.1    Amendments Without Consent of Noteholders....................................46
   SECTION 9.2    Amendments With Consent of Noteholders.......................................47
   SECTION 9.3    Supplements Authorizing a Series of Notes....................................49
   SECTION 9.4    Execution of Series Supplement...............................................49
   SECTION 9.5    Effect of Series Supplement..................................................49
   SECTION 9.6    Conformity With Trust Indenture Act..........................................49
   SECTION 9.7    Reference in Notes to Series Supplement......................................49

ARTICLE X. Reserved..............................................................................

ARTICLE XI. Miscellaneous......................................................................51

   SECTION 11.1   Compliance Certificates and Opinions, etc....................................51
   SECTION 11.2   Form of Documents Delivered to Trustee.......................................52
   SECTION 11.3   Acts of Noteholders..........................................................54
   SECTION 11.4   Notices, etc., to Trustee, Issuer and Rating Agencies........................54
   SECTION 11.5   Notices to Noteholders; Waiver...............................................55
   SECTION 11.6   Alternate Payment and Notice Provisions......................................55
   SECTION 11.7   Conflict with Trust Indenture Act............................................56
   SECTION 11.8   Effect of Headings and Table of Contents.....................................56
   SECTION 11.9   Successors and Assigns.......................................................56
   SECTION 11.10  Separability.................................................................56
   SECTION 11.11  Benefits of Indenture........................................................56
   SECTION 11.12  Legal Holidays...............................................................56
   SECTION 11.13  GOVERNING LAW................................................................56
   SECTION 11.14  Counterparts.................................................................57
   SECTION 11.15  Recording of Indenture.......................................................57
   SECTION 11.16  Trust Obligation.............................................................57
   SECTION 11.17  No Petition..................................................................57
   SECTION 11.18  Limited Recourse.............................................................57
   SECTION 11.19  Inspection...................................................................58
   SECTION 11.20  Limitation of Liability......................................................58

EXHIBIT A  -- Form of Transferee Certificate
</Table>

                                       iii
<Page>

          INDENTURE dated as of _____ __, ____, between HOUSEHOLD AUTOMOTIVE
TRUST ___, a Delaware business trust (the "Issuer") ___________________, a
____________________, as indenture trustee (the "Indenture Trustee").

          In consideration of the mutual agreements contained herein, and of
other good and valuable consideration the receipt and adequacy of which are
hereby acknowledged, the parties agree as follows:

                                 GRANTING CLAUSE

          In order to secure the due and punctual payment of the principal of
and interest on the Notes when and as the same shall become due and payable,
whether as scheduled, by declaration of acceleration, prepayment or otherwise,
[and all amounts payable to the Insurer, ]according to the terms of this
Indenture, the Series Supplement[, the Insurance Agreement] and the Notes, the
Issuer, pursuant to the Series Supplement, shall pledge the Series Trust Estate
to the Indenture Trustee, all for the benefit of the Indenture Trustee for the
benefit of the Secured Parties.

                                   ARTICLE I.

                   DEFINITIONS AND INCORPORATION BY REFERENCE

          SECTION 1.1    DEFINITIONS. Except as otherwise specified herein, the
following terms have the respective meanings set forth below for all purposes of
this Indenture.

          "Act" has the meaning specified in Section 11.3(a).

          "Authorized Officer" means, with respect to the Issuer and the Master
Servicer, any officer or agent acting pursuant to a power of attorney of the
Owner Trustee or the Master Servicer, as applicable, who is authorized to act
for the Owner Trustee or the Master Servicer, as applicable, in matters relating
to the Issuer and who is identified on the list of Authorized Officers delivered
by each of the Owner Trustee and the Master Servicer 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 any beneficial interest in the Notes,
ownership and transfers of which shall be made through book entries by a
Clearing Agency as described in Section 2.10.

          "Class" means all the Notes having the same specified payment terms
and priority of payment.

          "Class SV Preferred Stock" means the preferred stock of the Seller.

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

<Page>

          "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.

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

          "Corporate Trust Office" has the meaning assigned to such term in the
Series Supplement.

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

          "Definitive Notes" has the meaning specified in Section 2.10.

          "Event of Default" has the meaning specified in Section 5.1.

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

          "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, the Treasurer, or
any Assistant Treasurer of such corporation.

          "Grant" means mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create, grant a lien upon and a
security interest in and right of set-off against, deposit, set over and confirm
pursuant to this Indenture. A Grant of the Series Trust Estate 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 Series Trust Estate and all
other monies payable thereunder, to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights and
options, to bring proceedings in the name of the granting party or otherwise and
generally to do and receive anything that the granting party is or may be
entitled to do or receive thereunder or with respect thereto.

          "Holder" or "Noteholder" means the Person in whose name a Note is
registered on the Note Register.

          "Indebtedness" means, with respect to any Person at any time, (a)
indebtedness or liability of such Person for borrowed money whether or not
evidenced by bonds, debentures, notes or other instruments, or for the deferred
purchase price of property or services (including trade obligations); (b)
obligations of such Person as lessee under leases which should have been or
should be, in accordance with generally accepted accounting principles, recorded
as capital leases; (c) current liabilities of such Person in respect of unfunded
vested benefits under plans covered by Title IV of ERISA; (d) obligations issued
for or liabilities incurred on the account of such Person; (e) obligations

                                        2
<Page>

or liabilities of such Person arising under acceptance facilities; (f)
obligations of such Person under any guarantees, endorsements (other than for
collection or deposit in the ordinary course of business) and other contingent
obligations to purchase, to provide funds for payment, to supply funds to invest
in any Person or otherwise to assure a creditor against loss; (g) obligations of
such Person secured by any lien on property or assets of such Person, whether or
not the obligations have been assumed by such Person; or (h) obligations of such
Person under any interest rate or currency exchange agreement.

          "Indenture Trustee" means ____________________, a ___________________,
not in its individual capacity but as trustee under this Indenture, or any
successor trustee under this Indenture.

          "Indenture Trustee Fee" means the fees due to the Indenture Trustee,
as may be set forth in that certain fee letter executed in connection herewith
between the Master Servicer and the Indenture Trustee.

          "Independent" means, when used with respect to any specified Person,
that the person (a) is in fact independent of the Issuer, any other obligor upon
the Notes, the Seller and any Affiliate of any of the foregoing persons, (b)
does not have any direct financial interest or any material indirect financial
interest in the Issuer, any such other obligor, the Seller or any Affiliate of
any of the foregoing Persons and (c) is not connected with the Issuer, any such
other obligor, the Seller or any Affiliate of any of the foregoing Persons as an
officer, employee, promoter, underwriter, trustee, partner, director or Person
performing similar functions.

          "Independent Certificate" means a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.1, prepared
by an Independent appraiser or other expert appointed pursuant to 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.

          ["Insurer" has the meaning assigned to such term in the Series
Supplement.]

          "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.

          "Master Sale and Servicing Agreement" has the meaning assigned to such
term in the Series Supplement..

          "Moody's" means Moody's Investors Service, Inc., or its successor.

          "Notes" means Notes authenticated and delivered under this Indenture.

                                        3
<Page>

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

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

          "Note Register" and "Note Registrar" have the respective meanings
specified in Section 2.4.

          "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 11.1 and TIA Section 314,
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. Each certificate with
respect to compliance with a condition or covenant provided for in this
Indenture shall include (1) a statement that the Authorized Officer signing the
certificate has read such covenant or condition; (2) a brief statement as to the
nature and scope of the examination or investigation upon which the statements
contained in such certificate are based; (3) a statement that in the opinion of
such person, he has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and (4) a statement as to whether or not, in
the opinion of such person, such condition or covenant has been complied with.

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

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

          (ii)   Notes or portions thereof the payment for which money in the
     necessary amount has been theretofore deposited with the Indenture Trustee
     or any Note 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 the Series Supplement or provision
     therefor, satisfactory to the Indenture Trustee, has been made); and

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

                                        4
<Page>

PROVIDED, HOWEVER, that in determining whether the Holders of the requisite
Outstanding Amount of the Notes have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or under any Basic Document,
Notes owned by the Issuer, any other obligor upon the Notes, the Seller or any
Affiliate of any of the foregoing Persons shall be disregarded and deemed not to
be Outstanding, except that, in determining whether the Indenture Trustee shall
be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes that a Responsible Officer of the
Indenture Trustee either actually knows to be so owned or has received written
notice thereof 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 Seller or any Affiliate of any of the foregoing Persons.

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

          "Owner Trustee" has the meaning assigned to such term in the Trust
Agreement.

          "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 2.5 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 a Distribution Date, the close of
business on the Business Day immediately preceding such Distribution Date.
However, if Definitive Notes are issued, the Record Date shall be the last
Business Day of the month preceding a Distribution Date.

          "Registration Statement" has the meaning specified therefor in the
Securities Act.

          "Responsible Officer" means, with respect to the Indenture Trustee or
the Owner Trustee, any officer within the Corporate Trust Office of the
Indenture Trustee or the Owner Trustee, as the case may be, including any Vice
President, Assistant Vice President, Assistant Treasurer, Assistant Secretary,
Financial Services Officer or any other officer of the Indenture Trustee or the
Owner Trustee, as the case may be, customarily performing functions similar to
those performed by any of the above designated officers and having direct
responsibility for the administration of this Indenture.

          "Secured Parties" has the meaning assigned to such term in the Series
Supplement.

                                        5
<Page>

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

          "Series Supplement" means the Series Supplement, dated as of
__________, among the Master Servicer, the Issuer, the Seller, the Indenture
Trustee and the Owner Trustee, as such agreement may be amended or supplemented
from time to time.

          "Series Trust Estate" has the meaning assigned to such term in the
Series Supplement.

          "S&P" means Standard & Poor's Rating Services, a division of The
McGraw-Hill Companies, Inc., or its successor.

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

          "Tranche" means all of the Notes having the same date of
authentication.

          "Trust Agreement" has the meaning assigned to such term in the Series
Supplement.

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

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

          "Unregistered Note" means a Note which is not being offered for sale
hereunder pursuant to a Registration Statement.

          Capitalized terms used herein and not otherwise defined herein shall
have the meanings assigned to them in the Master Sale and Servicing Agreement,
the Series Supplement or the Trust Agreement.

          SECTION 1.2    INCORPORATION BY REFERENCE OF THE 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.

                                        6
<Page>

          "obligor" on the indenture securities means the Issuer.

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

          SECTION 1.3    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; and

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

          SECTION 1.4    ACTION BY OR CONSENT OF NOTEHOLDERS AND
CERTIFICATEHOLDERS. Whenever any provision of this Indenture refers to action to
be taken, or consented to, by Noteholders or Certificateholders, such provision
shall be deemed to refer to the Certificateholder or Noteholder, as the case may
be, of record as of the Record Date immediately preceding the date on which such
action is to be taken, or consent given, by Noteholders or Certificateholders.
Solely for the purposes of any action to be taken, or consented to, by
Noteholders or Certificateholders, any Note or Certificate registered in the
name of Seller or any Affiliate thereof shall be deemed not to be Outstanding
(except in the event that the Seller and/or an Affiliate thereof then owns all
Outstanding Certificates and Outstanding Notes); PROVIDED, HOWEVER, that, solely
for the purpose of determining whether the Indenture Trustee is entitled to rely
upon any such action or consent, only Notes or Certificates which the Owner
Trustee or the Indenture Trustee, respectively, knows to be so owned shall be so
disregarded.

          SECTION 1.5    CONFLICT WITH TIA. If this Indenture is qualified under
the TIA, and if any provision hereof limits, qualifies or conflicts with a
provision of the TIA that is required under the TIA to be part of and govern
this Indenture, the latter provision shall control. If any provision of this
Indenture modifies or excludes any provision of the TIA that may be so modified
or excluded, the latter provisions shall be deemed to apply to this Indenture as
so modified or to be excluded, as the case may be.

                                        7
<Page>

                                   ARTICLE II.

                                    THE NOTES

          SECTION 2.1    FORM; AMOUNT LIMITED; ISSUABLE IN SERIES

          (a)    The Notes shall be in substantially the form set forth in the
Series Supplement, with such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by this Indenture or the
Series Supplement 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 the Series Supplement are part of the terms of this
Indenture.

          (b)    The aggregate principal amount of Notes which may be
authenticated and delivered and Outstanding at any time under this Indenture is
not limited; PROVIDED that the Series Supplement may so limit the aggregate
principal amount of the Notes. The Notes shall be issued in a Series, and may be
issued in Classes and/or Tranches within such Series (and Tranches within a
Class).

          No Notes shall be issued under this Indenture unless such Notes have
been authorized pursuant to the Series Supplement, and all conditions precedent
to the issuance thereof, as specified in the Series Supplement, shall have been
satisfied.

          All Notes issued under this Indenture shall be in all respects equally
and ratably entitled to the benefits hereof and secured by the Series Trust
Estate without preference, priority or distinction on account of the actual time
or times of authentication and delivery, all in accordance with the terms and
provisions hereof and the Series Supplement.

          SECTION 2.2    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 original or
facsimile.

          Notes bearing the original 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 issuance date of such Notes.

                                        8
<Page>

          The Notes shall be issuable in the denominations specified in the
Series Supplement.

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

          SECTION 2.3    TEMPORARY NOTES. Pending the preparation of Definitive
Notes of any Class or Tranche, the Issuer may execute, and upon receipt of an
Issuer Order prepared and delivered by the Master Servicer, 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 of any Class or Tranche are issued, the Issuer will
cause Definitive Notes of such Class or Tranche to be prepared without
unreasonable delay. After the preparation of Definitive Notes of such Class or
Tranche, the temporary Notes shall be exchangeable for Definitive Notes of such
Class or Tranche upon surrender of the temporary Notes at the office or agency
of the Issuer to be maintained as provided in Section 3.2, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Notes, the
Issuer shall execute and the Indenture Trustee shall authenticate and deliver in
exchange therefor a like principal amount of Definitive Notes of such Class or
Tranche of authorized denominations. Until so exchanged, the temporary Notes of
any Class or Tranche shall in all respects be entitled to the same benefits
under this Indenture and the Series Supplement as Definitive Notes of such Class
or Tranche.

          SECTION 2.4    REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE.
The Issuer shall cause to be kept a register (the "Note Register") in which,
subject to such reasonable regulations 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. The Indenture Trustee shall have the right to rely upon a
certificate executed on behalf of the Note Registrar by an

                                       9
<Page>

Authorized Officer thereof as to the names and addresses of the Holders of the
Notes and the principal amounts and number of such Notes.

          Upon surrender for registration or transfer of any Note at the office
or agency of the Issuer to be maintained as provided in Section 3.2, and if the
requirements of Section 8-401(1) of the UCC are met, the Issuer shall execute
and cause the Indenture Trustee to authenticate one or more new Notes, in any
authorized denominations, of the same class and a like aggregate principal
amount. A Noteholder may also obtain from the Indenture Trustee, in the name of
the designated transferee or transferees one or more new Notes, in any
authorized denominations, of the same Class and Tranche, as applicable, and a
like aggregate principal amount. Such requirements shall not be deemed to create
a duty in the Indenture Trustee to monitor the compliance by the Issuer with
Section 8-401 of the UCC.

          At the option of the Holder, Notes of a Class or Tranche may be
exchanged for other Notes of such Class or Tranche in any authorized
denominations, of the same Class (and Tranche, if applicable) and 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, and if the
requirements of Section 8-401(1) of the UCC are met, the Issuer shall execute
and upon its written request the Indenture Trustee shall authenticate the Notes
which the Noteholder making the exchange is entitled to receive. Such
requirements shall not be deemed to create a duty in the Indenture Trustee to
monitor the compliance by the Issuer with Section 8-401 of the UCC.

          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 and the Series
Supplement, as the Notes surrendered upon such registration of transfer or
exchange.

          Unless specified in the Series Supplement, every Note presented or
surrendered for registration of transfer or exchange shall, unless specified in
the Series Supplement, be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in the form attached as an exhibit to the Note duly
executed by the Holder thereof or such Holder's attorney duly authorized in
writing, with such signature guaranteed by an "eligible guarantor institution"
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents 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 (ii) accompanied by such other documents
as the Note Registrar may require.

          No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Note Registrar 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.

                                       10
<Page>

          Notwithstanding, the preceding provisions of this section, the Issuer
shall not be required to make, and the Note Registrar shall not register,
transfers or exchanges of Notes selected for redemption for a period of 15 days
preceding the Distribution Date.

          The Note Registrar shall not register the transfer of a Definitive
Note unless the transferee has executed and delivered to the Indenture Trustee a
certification, in the form of EXHIBIT A hereto, to the effect that either (i)
the transferee is not (A) an employee benefit plan (within the meaning of
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA")) that is subject to Title I of ERISA or (B) a plan (within the meaning
of Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code
(each of the foregoing, a "Plan"), and is not acting on behalf of or investing
the assets of a Plan or (ii) that the transferee's acquisition and continued
holding of the Definitive Note will be covered by a prohibited transaction class
exemption issued by the U.S. Department of Labor. Each Note Owner that purchases
a Book-Entry Note, or to whom a Book-Entry Note is transferred, shall be deemed
to represent that either (i) it is not a Plan and is not acting on behalf of or
investing the assets of a Plan or (ii) its acquisition and continued holding of
the Book-Entry Note will be covered by a prohibited transaction class exemption
issued by the U.S. Department of Labor.

          No Holder of an Unregistered Note shall transfer its Note, unless (i)
such transfer is made in accordance with Rule 144A under the Securities Act or
(ii) pursuant to an exemption from registration provided by Rule 144 under the
Securities Act (if available) and the registration and qualification
requirements under applicable state securities laws.

          Each Unregistered Note issued hereunder will contain the following
legend limiting sales to "Qualified Institutional Buyers" within the meaning of
Rule 144A under the Securities Act:

     THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
     SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND HAS NOT BEEN
     APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR
     REGULATORY AUTHORITY OF ANY STATE. THIS NOTE HAS BEEN OFFERED AND SOLD
     PRIVATELY. THE HOLDER HEREOF ACKNOWLEDGES THAT THESE SECURITIES ARE
     "RESTRICTED SECURITIES" THAT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
     ACT AND AGREES FOR THE BENEFIT OF THE OBLIGORS AND ITS AFFILIATES THAT
     THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
     EXCEPT (A) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
     INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES
     ACT IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (B) PURSUANT
     TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144

                                       11
<Page>

     UNDER THE SECURITIES ACT (IF AVAILABLE), IN EACH CASE IN ACCORDANCE WITH
     ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY
     OTHER JURISDICTION.

          SECTION 2.5    MUTILATED, DESTROYED, LOST OR STOLEN NOTES. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to each of the Issuer and the Indenture
Trustee [and the Insurer (for so long as it is the Controlling Party)] 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 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
or Tranche (such requirement shall not be deemed to create a duty in the
Indenture Trustee to monitor the compliance by the Issuer with Section 8-405);
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 pursuant to the terms of the Series
Supplement, the Issuer may, instead of issuing a replacement Note, direct the
Indenture Trustee, in writing, to 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 in 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 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) 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 and the Series
Supplement equally and proportionately with any and all other Notes duly issued
hereunder.

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

          SECTION 2.6    PERSONS DEEMED OWNER. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and any
agent of Issuer or the Indenture Trustee may treat the Person in whose name any
Note is registered (as of the Record Date) 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[, the Insurer] nor any agent of the
Issuer or the Indenture Trustee [or the Insurer] shall be affected by notice to
the contrary.

          SECTION 2.7    PAYMENT OF PRINCIPAL AND INTEREST; DEFAULTED INTEREST.

          (a)    The Notes shall accrue interest as provided in the form of Note
set forth in the Series Supplement and such interest shall be due and payable on
each Distribution Date as specified therein. Any installment of interest or
principal, if any, payable on any Note which is punctually or duly provided for
by the Issuer on the applicable Distribution Date shall be paid, as provided in
the Series Supplement, or if not so provided to the Person in whose name such
Note (or one or more Predecessor Notes) is registered on the Record Date, by
check mailed first-class, postage prepaid, to such Person's address as it
appears on the Note Register on such Record Date, except that, if the Notes are
Book Entry Notes, unless Definitive Notes have been issued pursuant to Section
2.12, with respect to Notes registered on the Record Date in the name of the
nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment will be made by wire transfer in immediately available funds to the
account designated by such nominee and except for the final installment of
principal payable with respect to such Note on a Distribution Date or on the
Final Scheduled Distribution Date as set forth in the Series Supplement which
shall be payable as provided below. The funds represented by any such checks
returned undelivered shall be held in accordance with Section 3.3.

          (b)    The principal of each Note shall be payable in installments on
each Distribution Date as provided in the form of Note set forth in the Series
Supplement. 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, if the Notes are
declared to be immediately due and payable in the manner provided in the Series
Supplement. Upon written notice from the Master Servicer on behalf of the
Issuer, the Indenture Trustee shall notify the Person in whose name a Note is
registered at the close of business on the Record Date preceding the
Distribution Date on which the Issuer expects that the final installment of
principal of and interest on such Note will be paid. Such notice may be mailed
or transmitted by facsimile prior to such final Distribution Date and may
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.

                                       13
<Page>

          (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 to the extent lawful.
Unless otherwise provided in the Series Supplement, 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 each Noteholder and the Indenture Trustee a
notice that states the special record date, the payment date and the amount of
defaulted interest to be paid.

          SECTION 2.8    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 in accordance with its
customary procedures. 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 in
accordance with its customary procedures. 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.

          SECTION 2.9    [RESERVED]. BOOK-ENTRY NOTES. The Notes, upon original
issuance, may be issued in the form of typewritten Notes representing the
Book-Entry Notes, to be delivered to The Depository Trust Company, the initial
Clearing Agency, by, or on behalf of, the Issuer. Such Notes may initially be
registered on the Note Register in the name of Cede & Co., the nominee of the
initial Clearing Agency, and no Note Owner will receive a Definitive Note
representing such Note Owner's interest in such Note, except as provided in
Section 2.12. 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 shall be entitled
     to deal with the Clearing Agency for all purposes of this Indenture
     (including the payment of principal of and interest on the Notes and the
     giving of instructions or directions hereunder) as the sole Holder of the
     Notes, and shall have no obligation to the Note Owners;

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

          (iv)   the rights of Note Owners shall be exercised only through the
     Clearing Agency and shall be limited to those established by law and
     agreements

                                       14
<Page>

     between such Note Owners and the Clearing Agency and/or the Clearing Agency
     Participants. 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 on the Notes to such Clearing Agency
     Participants;

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

          (vi)   Note Owners may receive copies of any reports sent to
     Noteholders pursuant to this Indenture, upon written request, together with
     a certification that they are Note Owners and payment of reproduction and
     postage expenses associated with the distribution of such reports, from the
     Indenture Trustee at the Corporate Trust Office or the Indenture Trustee's
     web-site specified in the Series Supplement.

          SECTION 2.11   NOTICES TO CLEARING AGENCY. With respect to any Notes
which are Book Entry Notes, 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 Indenture
Trustee shall give all such notices and communications specified herein to be
given to Holders of the Notes to the Clearing Agency, and shall have no
obligation to the Note Owners.

          SECTION 2.12   DEFINITIVE NOTES. If any Notes are Book-Entry Notes and
if (i) the Master Servicer advises the Indenture Trustee in writing that the
Clearing Agency is no longer willing or able to properly discharge its
responsibilities with respect to such Notes, and the Master Servicer is unable
to locate a qualified successor, (ii) the Master Servicer at its option advises
the Indenture Trustee in writing that it elects to terminate the book-entry
system through the Clearing Agency or (iii) after the occurrence of an Event of
Default, Note Owners representing beneficial interests aggregating at least a
majority of the Outstanding Amount of the Notes advise the Indenture Trustee
through the Clearing Agency in writing that the continuation of a book entry
system through the Clearing Agency is no longer in the best interests of the
Note Owners, then the Clearing Agency shall notify all Note Owners and the
Indenture Trustee 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 Note or Notes representing the Book-Entry
Notes by the Clearing Agency, accompanied by registration instructions, the
Issuer shall execute and upon the written direction of the Issuer 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

                                       15
<Page>

conclusively rely on, and shall be 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   FINAL DISTRIBUTION.

          (a)    The Master Servicer on behalf of the Issuer shall give the
Indenture Trustee at least 15 days prior notice of the Distribution Date (or
other date) on which the Noteholders of any Class may surrender their Notes for
payment of the final distribution on and cancellation of such Notes. Not later
than the fifth day of the month in which the final distribution in respect of
such Class is payable to Noteholders, the Indenture Trustee shall provide notice
to the Noteholders of such Class specifying (i) the date upon which final
payment of such Class will be made upon presentation and surrender of Notes (if
required) of such Class at the office or offices therein designated, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise
applicable to such payment date is not applicable, payments being made only upon
presentation and surrender of such Notes at the office or offices therein
specified. Unless it is serving in the related functions, the Indenture Trustee
shall give such notice to the Note Registrar and the Note Paying Agent at the
time such notice is given to Noteholders.

          (b)    Notwithstanding a final distribution to the Noteholders of any
Class, except as otherwise provided in this paragraph, all funds then on deposit
in the Collection Account and the Trust Accounts shall continue to be held in
trust for the benefit of such Noteholders, and the Note Paying Agent or the
Indenture Trustee shall pay such funds to such Noteholders upon surrender of
their Notes. In the event that all such Noteholders shall not surrender their
Notes for cancellation within six months after the date specified in the notice
from the Indenture Trustee described in paragraph (a), the Indenture Trustee
shall give a second notice to the remaining such Noteholders to surrender their
Notes for cancellation and receive the final distribution with respect thereto.
If within one year after the second notice all such Notes shall not have been
surrendered for cancellation, the Indenture Trustee may take appropriate steps,
or may appoint an agent to take appropriate steps, to contact the remaining such
Noteholders concerning surrender of their Notes, and the cost thereof shall be
paid out of the funds in the account held for the benefit of such Noteholders.
The Indenture Trustee and the Note Paying Agent shall upon written request pay
to the Issuer any moneys held by them for the payment of principal or interest
that remains unclaimed for two years. After payment to the Issuer, Noteholders
entitled to the money must look to the Issuer for payment as general unsecured
creditors unless an applicable abandoned property law designates another Person
and all liability of [the Insurer under the Note Policy, ]the Indenture Trustee
or such Note Paying Agent with respect to such trust money shall thereupon
cease.

          (c)    Any notice required or permitted to be given to a Holder of
Registered Notes shall be given by first-class mail, postage prepaid, at the
address of such Holder as shown in the Note Register.

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                                  ARTICLE III.

                                    COVENANTS

          SECTION 3.1    PAYMENT OF PRINCIPAL AND INTEREST. The Issuer will duly
and punctually pay or cause to be paid the principal of and interest on the
Notes in accordance with the terms of the Notes, this Indenture and the Series
Supplement. 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 3.2    MAINTENANCE OF OFFICE OR AGENCY. The Issuer will
maintain an office or agency where Notes may be surrendered for registration,
transfer or exchange of the Notes, 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 3.3    MONEY FOR PAYMENTS TO BE HELD IN TRUST. One Business
Day prior to each Distribution Date, the Issuer shall deposit or cause to be
deposited to the Collection Account Available Funds (which shall be immediately
available) with respect to the related Collection Period. Such sum shall be held
in trust for the benefit of the Persons entitled thereto and (unless the Note
Paying Agent is the Indenture Trustee), the Issuer shall promptly notify the
Indenture Trustee of its action or failure so to act.

          The Issuer hereby appoints the Person serving as Indenture Trustee as
Note Paying Agent to make payments to Noteholders on behalf of the Issuer in
accordance with the provisions of the Notes, this Indenture and the Series
Supplement, and such Person hereby accepts such appointment (subject to removal
in the event it no longer serves as Indenture Trustee pursuant to Section 6.8).

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

                                       17
<Page>

          (ii)   give the Indenture Trustee written notice of any default by the
     Issuer of which a Responsible Officer of the Note Paying Agent 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 Note Paying Agent;

          (iv)   immediately resign as a Note 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 Note
     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 and the Series Supplement or for
any other purpose, by Issuer Order direct any Note Paying Agent to pay to the
Indenture Trustee all sums held in trust by such Note 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 Note Paying Agent; and upon such a payment by any Note
Paying Agent to the Indenture Trustee, such Note Paying Agent shall be released
from all further liability with respect to such money.

          The Issuer hereby appoints the Person serving as Indenture Trustee as
Certificate Paying Agent to make payments to Certificateholders on behalf of the
Issuer in accordance with the provisions of the Certificates, this Indenture and
the Trust Agreement, and such Person hereby accepts such appointment (subject to
removal in the event it no longer serves as Indenture Trustee pursuant to
Section 6.8) and further agrees that it will be bound by the provisions of the
Trust Agreement relating to the Certificate Paying Agent and will:

          (i)    hold all sums held by it for the payment of amounts due with
     respect to the Certificates 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 as provided in the Trust Agreement and
     pay such sums to such Persons as herein and therein provided;

          (ii)   give the Owner Trustee notice of any default by the Issuer of
     which a Responsible Officer of the Indenture Trustee has actual knowledge
     in the making of any payment required to be made with respect to the
     Certificates;

          (iii)  at any time during the continuance of any such default, upon
     the written request of the Owner Trustee forthwith pay to the Owner Trustee
     on behalf of the Issuer all sums so held in Trust by such Certificate
     Paying Agent;

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<Page>

          (iv)   immediately resign as a Certificate Paying Agent and forthwith
     pay to the Owner Trustee on behalf of the Issuer all sums held by it in
     trust for the payment of Certificates if at any time it ceases to meet the
     standards required to be met by a Note 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 Certificates of any
     applicable withholding taxes imposed thereon and with respect to any
     applicable reporting requirements in connection therewith.

          SECTION 3.4    EXISTENCE. Except as otherwise permitted by the
provisions of Section 3.10, 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 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 Series Supplement, the Notes and each
other instrument or agreement included in the Series Trust Estate.

          SECTION 3.5    PROTECTION OF SERIES TRUST ESTATE. The Issuer intends
the security interest Granted pursuant to this Indenture and the Series
Supplement in favor of the Secured Parties to be prior to all other liens in
respect of the Series Trust Estate, and the Issuer shall take all actions
necessary to obtain and maintain, in favor of the Indenture Trustee for the
benefit of the Secured Parties a first lien on and a first priority, perfected
security interest in the Series Trust Estate. The Issuer will: (a) from time to
time prepare (or shall cause to be prepared), execute and deliver all such
supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments,
(b) authenticate such records and (c) take such other action necessary or
advisable to:

          (i)    Grant more effectively all or any portion of the Series Trust
     Estate;

          (ii)   maintain or preserve the lien and security interest (and the
     priority thereof) in favor of the Indenture Trustee for the benefit of the
     Secured Parties created by this Indenture and the Series Supplement or
     carry out more effectively the purposes hereof;

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

          (iv)   enforce any of the Series Trust Estate;

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

                                       19
<Page>

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

          SECTION 3.6    OPINIONS AS TO TRUST PROPERTY.

          (a)    On the Closing Date, the Issuer shall furnish to the Indenture
Trustee [and the Insurer ]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, the Series Supplement, 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 first priority lien and security interest in favor of the
Indenture Trustee for the benefit of the Secured Parties, created by this
Indenture and the Series Supplement 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 perfected security interest effective.

          (b)    Within 90 days after the beginning of each calendar year,
beginning with the calendar year succeeding the Closing Date, the Master
Servicer on behalf of the Issuer shall furnish to the Indenture Trustee [and the
Insurer ]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, the Series Supplement and any other
requisite documents, with respect to the execution and filing of any financing
statements and continuation statements, and with respect to the authentication
of such records as are necessary to maintain the lien and security interest
created by this Indenture and the Series Supplement 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,
the execution and filing of any financing statements and continuation statements
and the authentication of such records that will, in the opinion of such
counsel, be required to maintain the lien and security interest of this
Indenture and the Series Supplement until March 31 of the following calendar
year.

          SECTION 3.7    PERFORMANCE OF OBLIGATIONS; SERVICING OF RECEIVABLES.

          (a)    The Issuer will not take any action and will use its best
efforts not to permit any action to be taken by others that would release any
Person from any of such Person's material covenants or obligations under any
instrument or agreement included in the Series 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 ordered by any bankruptcy or other court or as expressly provided in
this Indenture and the Basic Documents or such other instrument or agreement.

          (b)    The Issuer has contracted with the Master Servicer to assist
the Issuer in performing its duties under this Indenture and the Series
Supplement. The Issuer may contract with Persons other than the Master Servicer
to assist it in performing

                                       20
<Page>

its duties under this Indenture and the Series Supplement [with the consent of
the Insurer (for so long as it is the Controlling Party)], and any performance
of such duties by a Person identified to the Indenture Trustee [and the Insurer
(for so long as it is the Controlling Party) ]in an Officer's Certificate of the
Issuer shall be deemed to be action taken by the Issuer.

          (c)    The Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture and the Basic Documents
and in the instruments and agreements included in the Series Trust Estate,
including, but not limited, to preparing (or causing to be prepared) and filing
(or causing to be filed) all UCC financing statements and continuation
statements required to be filed by the terms of this Indenture, the Series
Supplement and the Master Sale 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 Basic Document or any provision thereof without the
consent of the Indenture Trustee{ and the Insurer (for so long as it is the
Controlling Party)].

          (d)    If a Responsible Officer of the Owner Trustee shall have actual
knowledge of the occurrence of a Master Servicer Termination Event under the
Master Sale and Servicing Agreement, the Issuer shall promptly notify the
Indenture Trustee and the Rating Agencies thereof in accordance with Section
11.4, and shall specify in such notice the action, if any, the Issuer is taking
in respect of such default. If a Master Servicer Termination Event shall arise
from the failure of the Master Servicer to perform any of its duties or
obligations under the Master Sale and Servicing Agreement with respect to the
Receivables, the Issuer shall take all reasonable steps available to it to
remedy such failure.

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

          (i)    except as expressly permitted by this Indenture or the Basic
     Documents, sell, transfer, exchange or otherwise dispose of any of the
     properties or assets of the Issuer, including those included in the Series
     Trust Estate;

          (ii)   claim any credit on, or make any deduction from the principal
     or interest payable in respect of, the Notes of a Series (other than
     amounts properly withheld from such payments under the Code) 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 Series Trust Estate; or

          (iii)  (A) permit the validity or effectiveness of this Indenture or
     the Series Supplement to be impaired, or permit the lien in favor of the
     Indenture Trustee created by this Indenture to be amended, hypothecated,
     subordinated, terminated or discharged, or permit any Person to be released
     from any covenants or obligations with respect to the Notes under this
     Indenture or the Series Supplement except as may be expressly permitted
     hereby, (B) permit any lien,

                                       21
<Page>

     charge, excise, claim, security interest, mortgage or other encumbrance
     (other than the lien of this Indenture and the Series Supplement) to be
     created on or extend to or otherwise arise upon or burden the Series Trust
     Estate or any part thereof or any interest therein or the proceeds thereof
     (other than tax liens, mechanics' liens and other liens that arise by
     operation of law, in each case on a Financed Vehicle and arising solely as
     a result of an action or omission of the related Obligor), (C) permit the
     lien of this Indenture and the Series Supplement not to constitute a valid
     first priority (other than with respect to any such tax, mechanics' or
     other lien) security interest in the Series Trust Estate, (D) except as
     expressly permitted therein, amend, modify or fail to comply with the
     provisions of the Basic Documents or (E) except as expressly permitted
     therein, amend, modify or fail to comply with the provisions of the Related
     Documents.

          SECTION 3.9    ANNUAL STATEMENT AS TO COMPLIANCE. The Master Servicer
on behalf of the Issuer will deliver to the Indenture Trustee[ and the Insurer],
within 90 days after the end of each fiscal year of the Issuer (commencing with
the fiscal year ended December 31 in the calendar year in which the Closing Date
occurs, and otherwise in compliance with the requirements of TIA Section
314(a)(4) an Officer's Certificate stating, as to the Authorized Officer signing
such Officer's Certificate, that

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

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

          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 the Insurer (for so long as it is the Controlling
     Party)], in form satisfactory to the Indenture Trustee[ and the Insurer
     (for so long as it is the Controlling Party)], 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 the Series
     Supplement on the part of the Issuer to be performed or observed, all as
     provided herein;

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<Page>

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

          (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 the Owner
     Trustee[ and the Insurer (for so long as it is the Controlling Party)]) 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 and the Series Supplement shall have
     been taken; [and]

          (vi)   the Issuer shall have delivered to the Indenture Trustee [and
     the Insurer (for so long as it is the Controlling Party)] an Officer's
     Certificate and an Opinion of Counsel each stating that such consolidation
     or merger 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)  [such consolidation or merger is approved in writing by the
     Insurer (for so long as it is the Controlling Party).]

          (b)    The Issuer shall not convey or transfer all or substantially
all of its properties or assets, including those included in the Series 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 assume, by an indenture supplemental hereto,
     executed and delivered to the Indenture Trustee[ and the Insurer], in form
     satisfactory to the Indenture Trustee[ and the Insurer] 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, the Series Supplement, each of the Basic Documents and each of
     the Related Documents on the part of the Issuer to be performed or
     observed, all as provided herein, (C) expressly agree by means of such
     indenture supplement that all right, title and interest so conveyed or
     transferred shall be subject and subordinate to the rights of Holders of
     the Notes, (D) unless otherwise provided in such indenture supplement,
     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, the Series Supplement and the Notes and (E) expressly

                                       23
<Page>

     agree by means of such indenture supplement that such Person (or if a group
     of persons, then one specified Person) shall prepare (or cause to be
     prepared) and 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 under the Series
     Supplement;

          (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 the Insurer])
     to the effect that such transaction will not have any material adverse tax
     consequence to the Trust, any Noteholder, any Certificateholder[ or the
     Insurer];

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

          (vi)   the Issuer shall have delivered to the Indenture Trustee [and
     the Insurer ]an Officers' Certificate and an Opinion of Counsel each
     stating that such conveyance or transfer and such Indenture Supplement
     complies 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)  such conveyance or transfer is approved in writing by the
     Insurer (for so long as it is the Controlling Party).]

          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 and the
Series Supplement with the same effect as if such Person had been named as
Issuer herein.

          (b)    Upon a conveyance or transfer of all the assets and properties
of the Issuer pursuant to Section 3.10 (b), Household Automotive Trust ___ will
be released from every covenant and agreement of this Indenture and the Series
Supplement 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 [and the Insurer ]stating that Household Automotive Trust ___ is to be
so released.

          SECTION 3.12   NO OTHER BUSINESS. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Receivables,

                                       24
<Page>

entering and maintaining any ancillary agreement related to issuance of the
Notes and owning the Class SV Preferred Stock of the Seller in the manner
contemplated by this Indenture, the Basic Documents and the Series Supplement
and all Related Documents and activities incidental thereto.

          SECTION 3.13   NO BORROWING. The Issuer shall not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any
Indebtedness except for (i) the Notes, (ii) obligations owing from time to time
to a Support Provider under the related agreement regarding Series Support, if
any and (iii) any other Indebtedness permitted by or arising under the Basic
Documents and the Series Supplement. The proceeds of the Notes and the
Certificates of a Series shall be used exclusively to fund the Issuer's purchase
of the Receivables of such Series, or to obtain release of the lien relating to
the pledge of the Receivables for a prior series of notes issued by the Issuer,
the purchase of related property of the Series Trust Estate, to fund any trust
account and to pay the Issuer's organizational, transactional and start-up
expenses.

          SECTION 3.14   MASTER SERVICER'S OBLIGATIONS. The Issuer shall enforce
the provisions of Sections 4.9, 4.10 and 4.11 of the Master Sale and Servicing
Agreement with respect to the duties of Master Servicer thereunder.

          SECTION 3.15   GUARANTEES, LOANS, ADVANCES AND OTHER LIABILITIES.
Except as contemplated by the Master Sale and Servicing Agreement or this
Indenture or the Series Supplement, 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
continently 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   COMPLIANCE WITH LAWS. The Issuer shall comply with the
requirements of all applicable laws, the non-compliance with which would,
individually or in the aggregate, materially and adversely affect the ability of
the Issuer to perform its obligations under the Notes, this Indenture, or any
Basic Document, the Series Supplement or any Related Document.

          SECTION 3.18   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 Owner Trustee or any owner of a beneficial interest in the
Issuer or otherwise with respect to any ownership or equity interest or security
in or of the Issuer or to the Seller, (ii) redeem, purchase, retire or otherwise
acquire for value any such ownership or equity interest or

                                       25
<Page>

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 Seller, Master Servicer, the Owner Trustee, the Indenture
Trustee and the Certificateholders as permitted by, and to the extent funds are
available for such purpose under, the Master Sale and Servicing Agreement or
Trust Agreement. The Issuer will not, directly or indirectly, make payments to
or distributions from the Collection Account except in accordance with this
Indenture, the Basic Documents, the Series Supplement or any Related Document.

          SECTION 3.19   NOTICE OF EVENTS OF DEFAULT. Upon a Responsible Officer
of the Owner Trustee having actual knowledge thereof, the Issuer agrees to give
the Indenture Trustee[, the Insurer] and the Rating Agencies prompt written
notice of each Event of Default under the Series Supplement and each default on
the part of the Master Servicer or the Seller of its obligations under the
Master Sale and Servicing Agreement.

          SECTION 3.20   FURTHER INSTRUMENTS AND ACTS. Upon request of the
Indenture Trustee[ or the Insurer (for so long as it is the Controlling Party)],
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 3.21   AMENDMENTS OF MASTER SALE AND SERVICING AGREEMENT AND
TRUST AGREEMENT. The Issuer shall not agree to any amendment to Section 13.1 of
the Master Sale and Servicing Agreement or Section 11.1 of the Trust Agreement
to eliminate the requirements thereunder that the Indenture Trustee[, the
Insurer] or the Holders of the Notes consent to amendments thereto as provided
therein.

          SECTION 3.22   INCOME TAX CHARACTERIZATION. For purposes of federal
income, state and local income and franchise and any other income taxes, the
Issuer, the Noteholders and the Certificateholders will treat the Notes as
indebtedness and hereby instruct the Indenture Trustee to treat the Notes as
indebtedness for federal and state tax reporting purposes.

                                   ARTICLE IV.

                           SATISFACTION AND DISCHARGE

          SECTION 4.1    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 3.3, 3.4, 3.5, 3.8,
3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (v) the rights and immunities of the
Indenture Trustee hereunder (including the rights of the Indenture Trustee under
Section 6.7 and the obligations of the Indenture Trustee under Section 4.2) and
(vi) the rights of the Secured Parties as beneficiaries hereof with respect to
the Series Trust Estate so deposited with the Indenture Trustee payable to all
or any of

                                       26
<Page>

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 2.5 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 3.3)
          have been delivered to the Indenture Trustee for cancellation and the
          Series Support, if any, has been returned to the Support Provider; 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 their respective
                Final Scheduled Distribution Dates 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 when due on the Final Scheduled Distribution Date or
          tender date (if Notes shall have been called for redemption or tender
          pursuant to the Series Supplement, as the case may be; and

          (B)   the [Note Policy has terminated in accordance with its terms and
     the ]Issuer has paid or caused to be paid all other amounts owing hereunder
     [or under the Insurance Agreement ]by the Issuer.

          SECTION 4.2    APPLICATION OF TRUST MONEY. All monies deposited with
the Indenture Trustee pursuant to Section 4.1 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes, this Indenture
and the Series Supplement, to the payment, either directly or through any Note
Paying Agent, as the Indenture Trustee may determine, to the Secured Parties for
the payment or redemption

                                       27
<Page>

of which such monies have been deposited with the Indenture Trustee, of all sums
due and to become due thereon for principal and interest; but such monies need
not be segregated from other funds except to the extent required herein or in
the Master Sale and Servicing Agreement or required by law.

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

                                   ARTICLE V.

                                    REMEDIES

          SECTION 5.1    EVENTS OF DEFAULT. The definition of "Event of Default"
with respect to the Notes, together with certain rights and remedies consequent
thereto, are set forth in the Series Supplement.

          SECTION 5.2    COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
INDENTURE TRUSTEE.

          (a)    Subject to the terms of the Series Supplement, 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,
and such default continues for a period of five days, the Issuer will, upon
demand of the Indenture Trustee, pay to it, for the benefit of the Secured
Parties, 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 applicable Note Rate and in addition thereto such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Indenture Trustee and its agents and outside counsel.

          (b)    If an Event of Default occurs and is continuing with respect to
a Series, the Indenture Trustee may in its discretion proceed to protect and
enforce the rights of the Secured Parties 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 the Series Supplement 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, the Series Supplement
or by law.

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<Page>

          (c)    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 Series Trust Estate, proceedings under Title 11 of the United
States Code or any other applicable Federal or state bankruptcy, insolvency or
other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuer or its property or such other
obligor or Person, or in case of any other comparable judicial proceedings
relative to the Issuer or other obligor upon the Notes, or to the 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 to the Secured Parties and to file
     such other papers or documents as may be necessary or advisable in order to
     have the claims of the Indenture Trustee against the Series Trust Estate
     (including any claim for reasonable compensation to the Indenture Trustee
     and each predecessor Indenture Trustee, and their respective agents,
     attorneys and outside counsel, and for reimbursement of all expenses and
     liabilities incurred, and all advances made, by the Indenture Trustee and
     each predecessor Trustee, except as a result of negligence, bad faith or
     willful misconduct)[, or of the Insurer] and of the Noteholders allowed in
     such Proceedings;

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

          (iii)  to collect and receive any monies or other property payable or
     deliverable on any such claims and received with respect to the Series
     Trust Estate and to distribute all amounts received with respect to the
     claims of the Secured Parties 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 Secured Parties, in each case against the Series Trust
     Estate 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 the Secured Parties to make payments
to the Indenture Trustee, and, in the event that the Indenture Trustee shall
consent to the making of payments directly to the Secured Parties, 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.

                                       29
<Page>

          (d)    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 Secured Party any plan of reorganization, arrangement, adjustment
or composition affecting the Notes or the rights of any Holder thereof or to
authorize the Indenture Trustee to vote in respect of the claim of any Secured
Party in any such proceeding except, as aforesaid, to vote for the election of a
trustee in bankruptcy or similar person.

          (e)    All rights of action and of asserting claims under this
Indenture, the Series Supplement 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 Secured Parties.

          (f)    In any proceedings brought by the Indenture Trustee (and also
any proceedings involving the interpretation of any provision of this Indenture
or the Series Supplement), the Indenture Trustee shall be held to represent all
the Secured Parties, and it shall not be necessary to make any Secured Party a
party to any such proceedings.

          SECTION 5.3    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 the Series Supplement, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless:

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

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

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

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

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

it being understood and intended that no Holders of Notes shall have any right
in any manner whatsoever 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

                                       30
<Page>

to obtain priority or preference over any other Holders or to enforce any right
under this Indenture, except in the manner herein provided. [Nothing herein
shall be construed as giving Noteholders any right to make a claim directly
under the Note Policy.]

          SECTION 5.4    UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE
PRINCIPAL AND INTEREST. Notwithstanding any other provisions in this Indenture,
the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest, if any, on
such Note on or after the respective due dates thereof expressed in such Note or
in this Indenture or the Series Supplement (or, in the case of redemption or
tender pursuant to the Series Supplement, on or after the related redemption or
tender date) and to institute a suit for the enforcement of any such payment,
and such right shall not be impaired without the consent of such Holder.

          SECTION 5.5    RESTORATION OF RIGHTS AND REMEDIES. If the Indenture
Trustee[, the Insurer] or any Noteholder has instituted any Proceeding to
enforce any right or remedy under this Indenture or the Series Supplement and
such Proceeding has been discontinued or abandoned for any reason, then and in
every such case the Issuer, the Indenture Trustee[, the Insurer] and the related
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[, the Insurer] and the related
Noteholders shall continue as though no such proceeding had been instituted.

          SECTION 5.6    RIGHTS AND REMEDIES CUMULATIVE. No right or remedy
herein conferred upon or reserved to [the Insurer or ]any 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 5.7    DELAY OR OMISSION NOT A WAIVER. No delay or omission of
the Indenture Trustee[, any Controlling Party] or any Holder of any related 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 V or by law to the Indenture Trustee[, the Insurer ] or to any
Noteholders may be exercised from time to time, and as often as may be deemed
expedient, by the Indenture Trustee or by such Noteholders, as the case may be.

          SECTION 5.8    LIMITATION ON VOTING OF PREFERRED STOCK; CONTROL BY
[INSURER/]NOTEHOLDERS.

          (a)    Notwithstanding any provision of any Related Document to the
contrary, the Indenture Trustee shall hold the Class SV Preferred Stock in trust
for the benefit of the Secured Parties and shall vote such stock only pursuant
to the written instructions of [the Insurer (for so long as it is the
Controlling Party) and, if the Insurer is

                                       31
<Page>

no longer the Controlling Party, ]the Holders of a majority of the Outstanding
Amount of the Notes.

          (b)    The Controlling Party 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 of such Series or exercising any
trust or power conferred on the Indenture Trustee; provided that

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

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

PROVIDED, HOWEVER, that, subject to Section 6.1, 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 5.9    WAIVER OF PAST DEFAULTS. The Controlling Party may
waive any Default or Event of Default relating to the Notes and its consequences
except a Default (a) in payment 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 the Holder of each Note. In the case of any such
waiver, the Issuer, the Indenture Trustee[, the Insurer] 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 Default
or impair any right consequent thereto.

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

          SECTION 5.10   UNDERTAKING FOR COSTS. All parties to this Indenture
and the Series Supplement 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 and the Series Supplement, 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 the
Insurer, ][(c)] 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 [(d)] any suit instituted by any Noteholder for the enforcement of
the payment of principal of or

                                       32
<Page>

interest on any Note on or after the respective due dates expressed in such Note
and in this Indenture and the Series Supplement.

          SECTION 5.11   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 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
Series Supplement; and the Issuer (to the extent that it may lawfully do so)
hereby expressly waives all benefit 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[ or the Insurer], but will suffer and permit the execution of
every such power as though no such law had been enacted.

          SECTION 5.12   ACTION ON NOTES. The Indenture Trustee's right to seek
and recover judgment on the Notes or under this Indenture or the Series
Supplement shall not be affected by the seeking, obtaining or application of any
other relief under or with respect to this Indenture or the Series Supplement.
Neither the lien of this Indenture or the Series Supplement nor any rights or
remedies of the Indenture Trustee[, the Insurer] or the Noteholders shall be
impaired by the recovery of any judgment by the Indenture Trustee [or the
Insurer ]against the Issuer or by the levy of any execution under such judgment
upon any portion of the Series Trust Estate or upon any of the assets of the
Issuer.

          SECTION 5.13   PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS.

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

          (b)    If an Event of Default has occurred and is continuing with
respect to a Series, the Indenture Trustee may, and, at the written direction of
the Holders 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 or the Master Servicer under or in connection with the Master Sale and
Servicing Agreement, including the right or power to take any action to compel
or secure performance or observance by the Seller or the Master Servicer of each
of their obligations to the Issuer thereunder and to give any

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consent, request, notice, direction, approval, extension or waiver under the
Master Sale and Servicing Agreement, and any right of the Issuer to take such
action shall be suspended.

                                   ARTICLE VI.

                              THE INDENTURE TRUSTEE

          SECTION 6.1    DUTIES OF INDENTURE TRUSTEE.

          (a)    If an Event of Default has occurred and is continuing of which
a Responsible Officer of the Indenture Trustee has actual knowledge, the
Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and the Basic Documents and use the same degree of care and skill in
its 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 with
respect to the Notes of which a Responsible Officer of the Indenture Trustee has
actual knowledge:

          (i)    the Indenture Trustee undertakes to perform with respect to the
     Notes such duties and only such duties as are specifically set forth in
     this Indenture and the Series Supplement and no implied covenants or
     obligations shall be read into this Indenture or the Series Supplement
     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 as the case may be and
     conforming to the requirements of this Indenture and the Series Supplement;
     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 or the Series Supplement provided, further, that the
     Indenture Trustee shall not be responsible for the accuracy or content of
     any resolution, certificate, statement, opinion, report, document, order or
     other instrument furnished to it, including, without limitation, any
     statistical, numerical or financial data contained therein.

          (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;

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          (ii)   the Indenture Trustee shall not be liable for any error of
     judgment made in good faith by a Responsible Officer unless it is proven
     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 5.8.

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

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

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

          (g)    Every provision of this Indenture and the Series Supplement
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.

          (h)    The Indenture Trustee shall, and hereby agrees that it will,
perform all of the obligations and duties required of it under each Related
Document to which it is a party.

          (i)    Without limiting the generality of this Section 6.1, the
Indenture Trustee shall have no duty (i) to see to any recording, filing or
depositing of this Indenture, the Series Supplement or any agreement referred to
herein or any financing statement evidencing a security interest in the Financed
Vehicles, or to see to the maintenance of any such recording or filing or
depositing or to any recording, refiling or redepositing of any thereof, (ii) to
see to any insurance of the Financed Vehicles or Obligors or to effect or
maintain any such insurance, (iii) to see to the payment or discharge of any
tax, assessment or other governmental charge or any Lien or encumbrance of any
kind owing with respect to, assessed or levied against any part of the Trust,
(iv) to confirm or verify the contents of any reports or certificates delivered
to the Indenture Trustee pursuant to this Indenture, the Series Supplement or
the Master Sale and Servicing Agreement believed by the Indenture Trustee to be
genuine and to have been signed or presented by the proper party or parties, or
(v) to inspect the Financed Vehicles at any time or ascertain or inquire as to
the performance or observance of any of the Issuer's, the Seller's or the Master
Servicer's representations, warranties or covenants or the Master Servicer's
duties and obligations as Master Servicer and as custodian of the Receivable
Files under the Master Sale and Servicing Agreement.

                                       35
<Page>

          (j)    In no event shall the Indenture Trustee, in any of its
capacities hereunder, be deemed to have assumed any duties of the Owner Trustee
under the Delaware Business Trust Statute, common law, or the Trust Agreement.

          SECTION 6.2    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 and/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 the Officer's Certificate and/or Opinion of Counsel.

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

          (d)    The Indenture Trustee shall not be liable for any action it
takes or omits to take in good faith which it believes to be authorized or
within its rights or powers; PROVIDED, HOWEVER, that the Indenture Trustee's
conduct does not constitute 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,
the Basic Documents, the Series Supplement, any Related Documents and the Notes
and such advice or opinion of counsel shall be full and complete authorization
and protection from liability in respect to any action taken, omitted or
suffered by it hereunder in good faith and in accordance with the advice or
opinion of such counsel.

          (f)    The Indenture Trustee shall be under no obligation to
institute, conduct or defend any litigation under this Indenture or the Series
Supplement or in relation to this Indenture or the Series Supplement, at the
request, order or direction of any of the Holders of Notes[ or the Insurer (for
so long as it is the Controlling Party)], pursuant to the provisions of this
Indenture or the Series Supplement, 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;
PROVIDED, HOWEVER, that the Indenture Trustee shall, upon the occurrence of an
Event of Default (that has not been cured), exercise the rights and powers
vested in it by this Indenture and the Series Supplement with reasonable care
and skill customary for the care and skill exercised by indenture trustees under
similar circumstances.

          (g)    The Indenture Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement,

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<Page>

instrument, opinion, report, notice, request, consent, order, approval, bond or
other paper or document[ unless requested in writing to do so by the Insurer
(for so long as it is the Controlling Party)], PROVIDED, HOWEVER, that if the
payment within a reasonable time to the Indenture Trustee of the costs, expenses
or liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of the Indenture Trustee not reasonably assured to the
Indenture Trustee by the security afforded to it by the terms of this Indenture,
the Series Supplement or the Master Sale and Servicing Agreement, the Indenture
Trustee may require indemnity reasonably satisfactory to it against such cost,
expense or liability as a condition to so proceeding; the reasonable expense of
every such examination shall be paid by the Person making such request, or, if
paid by the Indenture Trustee shall be reimbursed by the Person making such
request upon demand.

          (h)    The right of the Indenture Trustee to perform any discretionary
act enumerated in this Indenture shall not be construed as a duty, and the
Indenture Trustee shall not be answerable for other than its negligence or
willful misconduct in the performance of such act.

          (i)    The Indenture Trustee shall not be required to give any bond or
surety in respect of the execution of the Trust Estate created hereby or the
powers granted hereunder.

          (j)    Anything in this Indenture or any Supplement hereto to the
contrary notwithstanding, in no event shall the Indenture Trustee be liable for
special, indirect or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Indenture Trustee has
been advised of the likelihood of such loss or damage and regardless of the form
of action.

          (k)    The Indenture Trustee shall not be required to take notice or
be deemed to have notice or knowledge of any default, Event of Default or Master
Servicer Termination Event unless a Responsible Officer of the Indenture Trustee
shall have actual notice thereof.

          (l)    The Indenture Trustee shall not in any way be held liable by
reason of any insufficiency in any Trust Account (including, without limitation,
the Collection Account and the Reserve Account or any subaccount thereof) held
by or on behalf of the Indenture Trustee resulting from any investment loss on
any Eligible Investment included therein.

          SECTION 6.3    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 Note 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 6.4    INDENTURE TRUSTEE'S DISCLAIMER. The Indenture Trustee
shall not be responsible for and makes no representation as to the validity or
adequacy of

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<Page>

this Indenture, the Series Supplement, the Series Trust Estate or the Notes, it
shall not be accountable for the Issuer's use of the proceeds from the Notes,
and it shall not be responsible for any statement of the Issuer in the
Indenture, in the Series Supplement 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 6.5    NOTICE OF DEFAULTS. If an Event of Default occurs and
is continuing and if it is either 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 promptly [notify the Insurer and ]mail to
each Noteholder notice of the Default within 90 days after such knowledge or
notice occurs. Except in the case of a Default in payment of principal of or
interest on any Note, the Indenture Trustee may withhold the notice to
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 6.6    REPORTS BY INDENTURE TRUSTEE TO HOLDERS. Upon the
written request of any Noteholder, the Master Servicer shall on behalf of the
Issuer deliver to the Indenture Trustee for distribution to any Noteholder such
information as may be reasonably required by such Noteholder to enable such
Holder to prepare its Federal and state income tax returns required by law.

          SECTION 6.7    COMPENSATION AND INDEMNITY.

          (a)    As payable in the Series Supplement, the Issuer shall, or shall
cause the Master Servicer to, pay to the Indenture Trustee from time to time the
Indenture Trustee Fee as 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 Master 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, outside counsel,
accountants and experts. The Issuer shall or shall cause the Master Servicer to
indemnify the Indenture Trustee, and its respective officers, directors,
employees and agents against any and all loss, liability or expense (including
attorneys' fees and expenses) incurred by each of them in connection with the
acceptance or the administration of this trust and the performance of its duties
hereunder. The Indenture Trustee shall notify the Issuer and the Master Servicer
promptly of any claim for which it may seek indemnity. Failure by the Indenture
Trustee to so notify the Issuer and the Master Servicer shall not relieve the
Issuer of its obligations hereunder or the Master Servicer of its obligations
under Article XII of the Master Sale and Servicing Agreement. The Issuer shall
defend or shall cause the Master Servicer to defend any claim for indemnity that
may arise against the Indenture Trustee, or the Indenture Trustee may have
separate counsel and the Issuer shall or shall cause the Master Servicer to pay
the fees and expenses of such counsel. Neither the Issuer nor the Master
Servicer need reimburse any expense or indemnify against any loss, liability or
expense incurred by the Indenture Trustee through such Person's own willful
misconduct, negligence or bad faith.

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<Page>

          (b)    The Issuer's payment obligations to the Indenture Trustee
pursuant to this Section shall survive the resignation or removal of the
Indenture Trustee and the discharge of this Indenture. When the Indenture
Trustee incurs expenses after the occurrence of an Insolvency Event 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. Notwithstanding anything
else set forth in this Indenture, the Basic Documents, the Series Supplement or
any Related Documents, the Indenture Trustee agrees that the obligations of the
Issuer (but not the Master Servicer) to the Indenture Trustee hereunder and
under the Series Supplement or any Related Documents, shall be recourse to the
Series Trust Estate only and specifically shall not be recourse to the assets of
any Securityholder. In addition, the Indenture Trustee agrees that its recourse
to the Issuer, the Series Trust Estate, the Seller and amounts held pursuant to
the Series Support shall be limited to the right to receive the distributions as
provided for in the payment priority provisions of the Series Supplement.

          SECTION 6.8    REPLACEMENT OF INDENTURE TRUSTEE. The Indenture Trustee
may, and in the circumstances specified in subparagraph (i) shall, resign at any
time upon 60 days' prior written notice by so notifying the Issuer[, the
Insurer], Holders of a majority of Outstanding Amount of the Notes and the
Master Servicer. In addition, the Master Servicer may remove the Indenture
Trustee [with the consent of the Insurer (for so long as it is the Controlling
Party) ]by so notifying the Indenture Trustee upon 60 days' written notice. The
Issuer may[, with the consent of the Insurer (for so long as it is the
Controlling Party)] and shall, at the direction of the [Insurer (for so long as
it is the Controlling Party) or of the ]Noteholders, remove the Indenture
Trustee, if:

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

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

          (iii)  an involuntary case under the Federal bankruptcy laws, as now
     or hereafter in effect, or another present or future Federal or state
     bankruptcy, insolvency or similar law is commenced with respect to the
     Indenture Trustee and such case is not dismissed within 60 days;

          (iv)   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)

                                       39
<Page>

     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;

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

          (vi)   the rating assigned to the long-term unsecured debt obligations
     of the Indenture Trustee by the Rating Agencies shall be lowered below the
     rating of "BBB", "Baa2" or equivalent rating or be withdrawn by either of
     the Rating Agencies.

          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 deliver a notice of such removal, resignation or vacancy to the
Master Servicer [and the Insurer ]and the Master Servicer may appoint a
successor Indenture Trustee[ with the consent of the Insurer for so long as it
is the Controlling Party)]. If the Master Servicer fails to appoint such a
successor Indenture Trustee, the Issuer[, the Insurer (for so long as it is the
Controlling Party)] or a resigning Indenture Trustee may petition any court of
competent jurisdiction to appoint a successor Indenture Trustee. If the
Indenture Trustee resigns or is removed, the Indenture Trustee shall also resign
or be removed, as the case may be, as Note Paying Agent, Note Registrar and
Certificate Paying Agent.

          A successor Indenture Trustee shall deliver a written acceptance of
its appointment to the retiring Indenture Trustee[, to the Insurer] 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 retiring Indenture Trustee under the Basic
Documents. 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 the Indenture Trustee fails to comply with Section 6.11, any
Noteholder [or the Insurer (for so long as it is the Controlling Party) ]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 Master Servicer's obligations under Section 6.7
shall continue for the benefit of the retiring Indenture Trustee.

          SECTION 6.9    SUCCESSOR INDENTURE TRUSTEE BY MERGER. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee entity without
any further act shall be

                                       40
<Page>

the successor Indenture Trustee; PROVIDED that such corporation or banking
association shall otherwise be eligible under Section 6.11 hereof. The Indenture
Trustee shall provide the Rating Agencies [and the Insurer ]with written notice
of any such transaction as soon as practical thereafter.

          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-INDENTURE TRUSTEE OR SEPARATE
INDENTURE TRUSTEE. (a) Notwithstanding any other provisions of this Indenture,
at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Trust 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
Series Trust Estate, and to vest in such Person or Persons, in such capacity and
for the benefit of the Secured Parties, such title to the Series 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 6.8 hereof.

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

                                       41
<Page>

          (ii)   no trustee hereunder shall be personally liable by reason of
     any act or omission of any other trustee hereunder, including acts or
     omissions of predecessor or successor trustees; 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 separate trustee and
co-trustee, 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, dissolve, become insolvent, become incapable of acting,
resign or be removed, all of its estates, properties, rights, remedies and
trusts shall vest in and be exercised by the Indenture Trustee, to the extent
permitted by law, without the appointment of a new or successor trustee.

          SECTION 6.11   ELIGIBILITY: DISQUALIFICATION. The Indenture Trustee
shall at all times: satisfy TIA Section 310(a), have a combined capital and
surplus of at least $50,000,000 as set forth in its most recent published annual
report of condition, and have a long-term debt rating of at least "BBB", "Baa2"
or equivalent rating from each of the Rating Agencies. The Indenture Trustee
shall comply with TIA Section 310(b), including the optional provision permitted
by the second sentence of TIA Section 310(b)(9); PROVIDED, HOWEVER, that there
shall be excluded from the operation of TIA Section 310(b)(1) any indenture or
indentures under which other securities of the Issuer are outstanding if the
requirements for such exclusion set forth in TIA Section 310(b)(1) are met.

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

          SECTION 6.13   REPRESENTATIONS AND WARRANTIES OF THE INDENTURE
TRUSTEE. The Indenture Trustee represents and warrants to the Issuer as follows:

          (a)    DUE ORGANIZATION. The Indenture Trustee is a _______________,
duly organized, validly existing and in good standing under the laws of the
__________

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and is duly authorized and licensed under applicable law to conduct its business
as presently conducted.

          (b)    CORPORATE POWER. The Indenture Trustee has all requisite right,
power and authority to execute and deliver this Indenture, the Series Supplement
and any other Related Document to which it is a party and to perform all of its
duties as the Indenture Trustee hereunder.

          (c)    DUE AUTHORIZATION. The execution and delivery by the Indenture
Trustee of this Indenture, the Series Supplement and any other Related Documents
to which it is a party, and the performance by the Indenture Trustee of its
duties hereunder and thereunder, have been duly authorized by all necessary
corporate proceedings which are required for the valid execution and delivery by
the Indenture Trustee, or the performance by the Indenture Trustee, of this
Indenture, the Series Supplement and such other Related Documents.

          (d)    VALID AND BINDING INDENTURE. The Indenture Trustee has duly
executed and delivered this Indenture, the Series Supplement and each other
Related Document to which it is a party, and each of this Indenture, the Series
Supplement and each other Related Document constitutes the legal, valid and
binding obligation of the Indenture Trustee enforceable against the Indenture
Trustee in accordance with its terms, except as (i) such enforceability may be
limited by bankruptcy, insolvency, reorganization and similar laws relating to
or affecting the enforcement of creditors' rights generally and (ii) the
availability of equitable remedies may be limited by equitable principles of
general applicability.

          SECTION 6.14   WAIVER OF SETOFFS. The Indenture Trustee hereby
expressly waives any and all rights of setoff that the Indenture Trustee may
otherwise at any time have under applicable law with respect to any Trust
Account and agrees that amounts in the Trust shall at all times be held and
applied solely in accordance with the provisions hereof.

          SECTION 6.15   NO CONSENT TO CERTAIN ACTS OF SELLER. The Seller shall
not request that the Indenture Trustee consent to, nor shall the Indenture
Trustee consent to any action proposed to be taken by the Seller pursuant to
Article FIFTEENTH of the Seller's Articles of Incorporation.

                                  ARTICLE VII.

                         NOTEHOLDERS' LISTS AND REPORTS

          SECTION 7.1    ISSUER TO FURNISH TO INDENTURE TRUSTEE NAMES AND
ADDRESSES OF NOTEHOLDERS. The Issuer will furnish or cause to be furnished to
the Indenture Trustee with respect to each Series of Notes (a) not more than
five days after the earlier of (i) each Record Date with respect to such Series
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
Holders with respect to such Series as of such Record

                                       43
<Page>

Date, (b) at such other times as the Indenture Trustee may request in writing,
within 30 days after receipt by the Issuer of any such request, a list of
similar form and content as of a date not more than 10 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 7.2    PRESERVATION OF INFORMATION; COMMUNICATIONS TO
NOTEHOLDERS. The Indenture Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Holders contained in the
most recent list furnished to the Indenture Trustee as provided in Section 7.1
and the names and addresses of Holders 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 7.1 upon receipt of a new list so furnished.

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

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

          SECTION 7.3    REPORTS BY ISSUER. If this Indenture is qualified under
the TIA, the Issuer shall:

          (i)    file with the Indenture Trustee, within 15 days after the
     Issuer is required to file the same with the Commission, copies of the
     annual reports and copies 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 Section 313(c))
     such summaries of any information, documents and reports required to be
     filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(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 December 31 of each year.

          (c)    The Indenture Trustee shall not have any duty or obligation
with respect to any reports or other information delivered to it pursuant to
this Section 7.3.

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<Page>

          SECTION 7.4    REPORTS BY INDENTURE TRUSTEE. . If required by TIA
Section 313(a), within 60 days after each March 31 beginning with March 31, ____
the Indenture Trustee shall mail to each Noteholder as required by TIA Section
313(c) a brief report dated as of such date that complies with TIA Section
313(a). The Indenture Trustee also shall comply with TIA Section 313(b).

          A copy of each report at the time of its mailing to Noteholders shall
be filed by the 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.

                                  ARTICLE VIII.

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

          SECTION 8.1    COLLECTION OF MONEY. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of
any fiscal agent or other intermediary, all money and other property payable to
or receivable by the Indenture Trustee pursuant to this Indenture and the Master
Sale and Servicing Agreement. The Indenture Trustee shall apply all such money
received by it as provided in this Indenture and the Series Supplement. Except
as otherwise expressly provided in this Indenture or in the Master Sale and
Servicing Agreement, if any default occurs in the making of any payment or
performance under any agreement or instrument that is part of the Series Trust
Estate, the Indenture Trustee may[, with the consent of the Insurer (for so long
as it is the Controlling Party),] 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 8.2    RELEASE OF SERIES TRUST ESTATE. Subject to the payment
of its fees and expenses pursuant to Section 6.7, and to the extent not covered
by Section 8.2(b), the Indenture Trustee may, and when required by the Issuer
and the provisions of this Indenture shall, execute instruments to release
property from the lien of this Indenture, 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[, the Note Policy has terminated in accordance with its terms] and
all sums due the Indenture Trustee pursuant to Section 6.7 [and due the Insurer
pursuant to the Insurance Agreement and the Basic Documents ]have been paid,
release any remaining portion of the Series 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

                                       45
<Page>

the Trust Accounts. The Indenture Trustee shall release property from the lien
of this Indenture pursuant to this Section 8.2(b) only upon receipt of an Issuer
Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if
required by the TIA) Independent Certificates in accordance with TIA Sections
314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1.

          SECTION 8.3    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 8.2(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, 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 Secured Parties 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 Series Trust Estate. Counsel
rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to the
Indenture Trustee in connection with any such action.

                                   ARTICLE IX.

                        AMENDMENTS; THE SERIES SUPPLEMENT

          SECTION 9.1    AMENDMENTS WITHOUT CONSENT OF NOTEHOLDERS. (a) Except
as otherwise provided in the Series Supplement, without the consent of the
Holders of any Notes but with [the prior written consent of the Insurer (for so
long as it is the Controlling Party) and ]prior written notice to the Rating
Agencies, as evidenced to the Indenture Trustee and the Issuer, when authorized
by an Issuer Order, at any time and from time to time, the parties hereto may
enter into one or more amendments hereto, in form satisfactory to the Indenture
Trustee[ and the Insurer (for so long as it is the Controlling Party)], 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
     Holders of the Notes, or to surrender any right or power herein conferred
     upon the Issuer;

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<Page>

          (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 the Series Supplement which may be inconsistent with any other
     provision herein or in the Series Supplement or to make any other
     provisions with respect to matters or questions arising under this
     Indenture or in the Series Supplement; PROVIDED that such action shall not
     adversely affect the interests of the Holders of the Notes[ or the
     Insurer];

          (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 amendment and to make any further appropriate agreements and stipulations
that may be therein contained.

          (b)    Except as otherwise provided in the Series Supplement, the
Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also
without the consent of any of the Holders of the Notes but with [the prior
written consent of the Insurer (for so long as it is the Controlling Party) and
]prior written notice to the Rating Agencies by the Issuer, as evidenced to the
Indenture Trustee, enter into an amendment hereto [in form satisfactory to the
Insurer (for so long as it is the Controlling Party) ]for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; PROVIDED, HOWEVER, that such action
shall not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interests of any Noteholder[ or the Insurer].

          SECTION 9.2    AMENDMENTS WITH CONSENT OF NOTEHOLDERS. Except as
otherwise provided in the Series Supplement, the Issuer and the Indenture
Trustee, when authorized by an Issuer Order provided by the Master Servicer,
also may, with prior written notice to the Rating Agencies and with the consent
of [the Insurer (for so long as it is the Controlling Party) and ]the Holders of
not less than a majority of the Outstanding Amount of each Class of Notes
affected thereby, by Act of such Holders delivered to the Issuer and the
Indenture Trustee, enter into an amendment 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 [if the Controlling
Party is not the Insurer,

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<Page>

no such amendment shall adversely affect the interests of the Insurer; and
provided further that ]no such amendment 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, change the provision of
                 this Indenture relating to the application of collections on,
                 or the proceeds of the sale of, the Series 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;

          (ii)   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;

          (iii)  reduce the percentage of the Outstanding Amount of the Notes,
                 the consent of the Holders of which is required by the Series
                 Supplement, 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;

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

          (v)    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 Series Trust Estate pursuant to
                 Section 4.03 of the Series Supplement;

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

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

          (viii) 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
                 Series Trust Estate or, except as otherwise permitted or
                 contemplated herein or in the Series Supplement or the Related
                 Documents, terminate the lien of this Indenture on any property
                 at any time subject hereto or deprive the Holder of any Note of
                 the security provided by the lien of this Indenture.

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<Page>

          It shall not be necessary for any Act of Noteholders under this
Section to approve the particular form of any proposed amendment, 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 amendment pursuant to this Section, the Indenture Trustee shall mail to
the Holders of the Notes to which such amendment relates a notice setting forth
in general terms the substance of such amendment. 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 amendment.

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

          SECTION 9.3    SERIES SUPPLEMENT AUTHORIZING THE NOTES. The Notes
issued hereunder shall be issued pursuant to the Series Supplement, which shall
set forth the terms and provisions of the Notes.

          (b)    Amendments to the Series Supplement shall be governed by the
provisions of the Series Supplement.

          SECTION 9.4    EXECUTION OF THE SERIES SUPPLEMENT. The Indenture
Trustee shall be entitled to receive, and subject to Sections 6.1 and 6.2, shall
be fully protected in relying upon, an Opinion of Counsel (and, if requested, an
Officer's Certificate) stating that the execution of the Series Supplement is
authorized or permitted by this Indenture.

          SECTION 9.5    EFFECT OF SERIES SUPPLEMENT. Upon the execution of the
Series Supplement or any amendment pursuant to the provisions of the Series
Supplement or 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 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 the Series Supplement or any amendment shall be and
be deemed to be part of the terms and conditions of this Indenture for any and
all purposes.

          SECTION 9.6    CONFORMITY WITH TRUST INDENTURE ACT. Every amendment of
this Indenture and the Series Supplement 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 9.7    REFERENCE IN NOTES TO THE SERIES SUPPLEMENT. Notes
authenticated and delivered after the execution of the Series Supplement
pursuant to this

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<Page>

Article IX may, and if required by the Issuer shall, bear a notation as to any
matter provided for in the Series Supplement. If the Issuer shall so determine,
new Notes so modified as to conform, in the opinion of the Issuer, to the Series
Supplement may be prepared and executed by the Issuer and authenticated and
delivered by the Indenture Trustee in exchange for Outstanding Notes.

                                   ARTICLE X.

          SECTION 10.1   [NOTE INSURER'S RIGHTS REGARDING ACTIONS, PROCEEDINGS
OR INVESTIGATIONS. In connection with any action, proceeding or investigation
against or with respect to the Issuer, for so long as the Insurer is the
Controlling Party the Indenture Trustee and the Issuer hereby agree to cooperate
with, and to take such action as directed in writing by, the Insurer, including,
without limitation, entering into such agreements and settlements as the Insurer
shall direct in writing, in its sole discretion, without the consent of any
other Person. Notwithstanding any other provision herein or in any of the other
Basic Documents, the Indenture Trustee shall not require any bond or
indemnification from any Person for taking of any action at the direction of the
Insurer given at a time when the Insurer is the Controlling Party, and the
Indenture Trustee shall not be liable to the Issuer or the Insurer for any such
action that conforms to the direction of the Insurer given at a time when the
Insurer is the Controlling Party. The Indenture Trustee's reasonable
out-of-pocket costs and expenses (including attorneys' fees and expenses) with
respect to any such action shall be reimbursed pursuant to Section 3.03(a) of
the Series Supplement.

          (b)    The Issuer and the Indenture Trustee hereby agree to provide to
the Insurer prompt written notice of any action, proceeding or investigation
that names the Issuer or the Indenture Trustee as a party or that involves the
Issuer or the Series Trust Estate or the rights or obligations of the Insurer
under the Related Documents or under the Note Policy, including, without
limitation, any insolvency or bankruptcy proceeding in respect of the Issuer.

          (c)    Notwithstanding anything contained herein or in any of the
other Basic Documents to the contrary, the Issuer and the Indenture Trustee
shall not, without the Insurer's prior written consent so long as the Insurer is
the Controlling Party, which consent shall not be unreasonably withheld, or
unless directed by the Insurer in writing so long as the Insurer is the
Controlling Party, undertake or join any litigation or agree to any settlement
of any action, proceeding or investigation affecting the Series Trust Estate or
the Issuer or the rights or obligations of the Insurer under the Basic Documents
or under the Note Policy.

          (d)    The Insurer shall have such rights as set forth in this
Section, which are in addition to any rights of the Insurer pursuant to the
other provisions of the Basic Documents and the rights set forth in this Section
may be exercised by the Insurer so long as the Insurer is the Controlling Party,
in its sole discretion, without the need for the consent or approval of the
Issuer, the Indenture Trustee or any other Person, notwithstanding any other
provision contained herein or in any of the other Basic

                                       50
<Page>

Documents. Nothing contained in this Section shall be deemed to create or
constitute an obligation of the Insurer to exercise any of the rights provided
for herein.]

                                   ARTICLE XI.

                                  MISCELLANEOUS

          SECTION 11.1   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 or any Series
Supplement, 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 or the Series Supplement 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 or
the Series Supplement, 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 or the Series Supplement
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)    Prior to the deposit of any 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 and the Series
     Supplement, the Issuer shall, in addition to any obligation imposed in
     Section 11.1(a) or elsewhere in this Indenture or the Series Supplement,
     furnish to the Indenture Trustee an Officer's Certificate certifying or
     stating the opinion of each person signing such certificate as to the fair
     value (within 90 days of such deposit) to the Issuer of the property or
     securities to be so deposited.

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<Page>

          (ii)   Whenever the Issuer is required to furnish to the Indenture
     Trustee an Officer's Certificate certifying or stating the opinion of any
     signer thereof as to the matters described in clause (i) above, the Issuer
     shall also deliver to the Indenture Trustee an Independent Certificate as
     to the same matters, if the fair value 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; PROVIDED, that such a certificate need not be
     furnished with respect to any securities so deposited, if the fair value
     thereof to the Issuer as set forth in the related Officer's Certificate is
     less than $25,000 or less than 1% percent of the Outstanding Amount of the
     Notes.

          (iii)  Other than with respect to the release of any Repurchased
     Receivables or Liquidated Receivables (as such terms are defined in the
     Master Sale and Servicing Agreement), whenever any property or securities
     are to be released from the lien of this Indenture and the Series
     Supplement, the Issuer shall also furnish to the Indenture Trustee an
     Officer's Certificate certifying or stating the opinion of each person
     signing such certificate as to the fair value (within 90 days of such
     release) of the property or securities proposed to be released and stating
     that in the opinion of such person the proposed release will not impair the
     security under this Indenture and the Series Supplement 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 (i) 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 Repurchased Receivables and Liquidated
     Receivables (as such terms are defined in the Master Sale and Servicing
     Agreement), 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 (ii) above and this clause (iv), equals 10%
     or more of the Outstanding Amount of the Notes; PROVIDED, that 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 1 percent of the then
     Outstanding Amount of the Notes.

          (v)    Notwithstanding any other provision of this Section, the Issuer
     may (A) collect, liquidate, sell or otherwise dispose of Receivables 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.

          SECTION 11.2   FORM OF DOCUMENTS DELIVERED TO INDENTURE TRUSTEE. In
any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or

                                       52
<Page>

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 or her 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 Master Servicer, the Seller or the Issuer, stating that the information with
respect to such factual matters is in the possession of the Master Servicer, the
Seller 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, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

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

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          SECTION 11.3   ACTS OF NOTEHOLDERS. Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Noteholders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by
such Noteholders in person or by agents duly appointed in writing; and except as
herein otherwise expressly provided such action shall become effective when such
instrument or instruments are delivered to the Indenture Trustee, and, where it
is hereby expressly required, to the Issuer. Such instrument or instruments (and
the action embodied therein and evidenced thereby) are herein sometimes referred
to as the "Act" of the Noteholders signing such instrument or instruments. Proof
of execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and (subject to Section
6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the
manner provided in this Section.

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

          (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 11.4   NOTICES, etc., TO INDENTURE TRUSTEE, ISSUER AND RATING
AGENCIES. Any request, demand, authorization, direction, notice, consent, waiver
or Act of Noteholders or other documents provided or permitted by this Indenture
or the Series Supplement to be made upon, given or furnished to or filed with:

          (a)    The Indenture Trustee by any Noteholder or by the Issuer shall
be sufficient for every purpose hereunder if personally delivered, delivered by
overnight courier or mailed first-class and shall be deemed to have been duly
given upon receipt to the Indenture Trustee at its Corporate Trust Office, or

          (b)    The Issuer by the Indenture Trustee or by any Noteholder shall
be sufficient for every purpose hereunder if personally delivered, delivered by
facsimile or overnight courier or mailed first class, and shall deemed to have
been duly given upon receipt to the Issuer addressed to: Household Automotive
Trust ___, in care the Owner Trustee at its Corporate Trust Office, 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 the Rating Agencies by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally
delivered, delivered by overnight courier or first class or via facsimile to (i)
in the case of Moody's, at the following address: Moody's Investors Service,
Inc., 99 Church Street, New York,

                                       54
<Page>

New York 10004, Fax No: (212) 553-0355, (ii) in the case of S&P, at the
following address: Standard & Poor's Ratings Group, 55 Water Street, New York,
New York 10041, Attention: Asset Backed Surveillance Department, Fax No: (212)
438-2649 and (iii) in the case of Fitch, Inc., at the following address: One
State Street Plaza, New York, New York 10004, Fax No. (212) 480-4438; or as to
each of the foregoing, at such other address as shall be designated by written
notice to the other parties.

          SECTION 11.5   NOTICES TO NOTEHOLDERS; WAIVER. Where this Indenture or
the Series Supplement 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 or the Series Supplement 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 or the Series Supplement 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 11.6   ALTERNATE PAYMENT AND NOTICE PROVISIONS.
Notwithstanding any provision of this Indenture, the Series Supplement 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 Note Paying Agent to such Holder, that is different from the
methods provided for in this Indenture or the Series Supplement for such
payments or notices, provided that such methods are reasonable and consented to
by the Indenture Trustee (which consent shall not be unreasonably withheld). 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.

                                       55
<Page>

          SECTION 11.7   CONFLICT WITH TRUST INDENTURE ACT. If this Indenture is
qualified under the Trust Indenture Act and if any provision hereof limits,
qualifies or conflicts with another provision hereof that is required to be
included in this indenture by any of the provisions of the Trust Indenture Act,
such required provision shall control.

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

          SECTION 11.8   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 11.9   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, the Series Supplement shall bind its successors. All agreements
of the Master Servicer in this Indenture or the Series Supplement shall bind its
successors and assigns.

          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 the
Series Supplement or in the Notes, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder[ and the Insurer
and its successors], and the Noteholders, and any other party secured hereunder,
and any other person with an ownership interest in any part of the Series Trust
Estate, any benefit or any legal or equitable right, remedy or claim under this
Indenture. The parties hereto agree that the Insurer is a third-party
beneficiary hereof.

          SECTION 11.12  LEGAL HOLIDAYS. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes, this Indenture or the Series Supplement) 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 an which nominally due,
and no interest shall accrue for the period from and after any such nominal
date.

          SECTION 11.13  GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAWS PROVISIONS WHICH WOULD REQUIRE THE APPLICATION OF THE LAWS OF
ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                       56
<Page>

          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 or the Series
Supplement 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 Trust 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 or the Series Supplement.

          SECTION 11.16  TRUST OBLIGATION. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Seller, the
Master Servicer, the Owner Trustee or the Indenture Trustee on the Notes or
under this Indenture or the Series Supplement or any certificate or other
writing delivered in connection herewith or therewith, against (i) the Seller,
the Master Servicer, the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director, employee or
agent of the Seller, the Master Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Seller, the Master Servicer, the Owner Trustee or the Indenture
Trustee or of any successor or assign of the Seller, the Master Servicer, 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 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
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, or the
Issuer, or join in, cooperate with or encourage others in connection with the
institution against the Seller, or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, this Indenture or any
of the Basic Documents or any of the Related Documents.

          SECTION 11.18  LIMITED RECOURSE.

          (a)    Notwithstanding anything in the Related Documents to the
contrary, the Notes constitute limited recourse obligations of the Issuer and
are limited in recourse to the Series Trust Estate. The Indenture Trustee, by
entering into this Indenture

                                       57
<Page>

and the Series Supplement, and each Noteholder agree that recourse for the Notes
is limited to the Series Trust Estate and, if the Series Trust Estate shall
prove to be insufficient to pay amounts due under the Notes the Noteholders
shall have no claim against the assets of the Issuer or the Seller other than
the Series Trust Estate.

          (b)    If, notwithstanding paragraph (a) above, the Noteholders are
deemed to have any interest in any asset of the Seller other than the Seller's
interest in the Series Trust Estate, including any interest in assets of the
Seller pledged to secure debt obligations of the Seller other than the Notes,
the Indenture Trustee, by entering into this Indenture and the Series
Supplement, and each Noteholder agrees that any such interest is subordinate to
the claims of the holders of any such debt obligations, and the Noteholders
shall have no rights in such assets until such other debt obligations are
indefeasibly paid in full. The agreement of the Indenture Trustee and the
Noteholders pursuant to this Section 11.18(b) is intended to constitute a
subordination agreement for the purposes of Section 510(a) of the Bankruptcy
Code.

          SECTION 11.19  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 11.20  LIMITATION OF LIABILITY. It is expressly understood and
agreed by the parties hereto that (a) this Indenture is executed and delivered
by the Owner Trustee, not individually or personally but solely as Owner Trustee
of the Issuer under the Trust Agreement, in the exercise of the powers and
authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and
intended not as personal representations, undertakings and agreements by the
Owner Trustee but is made and intended for the purpose of binding only the
Issuer, (c) nothing herein contained shall be construed as creating any
liability on the Owner Trustee individually or personally, to perform any
covenant either expressed or implied contained herein, all such liability, if
any, being expressly waived by the parties to this Indenture and by any person
claiming by, through or under them and (d) under no circumstances shall the
Owner Trustee be personally liable for the payment of any indebtedness or
expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaking by the Issuer under
this Indenture or any Related Documents.

                            [Signature Page Follows]

                                       58
<Page>

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

                           HOUSEHOLD AUTOMOTIVE TRUST ____

                           By: [Name of Owner Trustee], not in its
                               individual capacity but solely as Owner
                               Trustee

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

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

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

                       [Signature Page for the Indenture]

                                       59
<Page>

                                                                       EXHIBIT A

                         FORM OF TRANSFEREE CERTIFICATE

          Pursuant to Section 2.4 of the Indenture dated as of __________
between the Household Automotive Trust ___ and ____________________, ___________
(the "Transferee") hereby certifies on the date hereof that either (check
appropriate certification):

          _____ (i) the Transferee is not (A) an employee benefit plan (within
the meaning of Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended ("ERISA")) that is subject to Title I of ERISA or (B) a plan
(within the meaning of Section 4975(e)(1) of the Internal Revenue Code of 1986,
as amended (the "Code")) that is subject to Section 4975 of the Code (each of
the foregoing, a "Plan"), and is not acting on behalf of or investing the assets
of a Plan; or

          _____ (ii) that the Transferee's acquisition and continued holding of
the Definitive Note will be covered by a prohibited transaction class exemption
issued by the U.S. Department of Labor.

                                        By:
                                           ---------------------
                                           [Name of Transferee]

                                       60

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