Document:

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                                                                 EXECUTION COPY

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                 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,

                             as Seller and Servicer

                                       and

                     CHASE MANHATTAN AUTO OWNER TRUST 2001-B

                                    as Issuer

                          SALE AND SERVICING AGREEMENT

                          Dated as of November 1, 2001

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                                TABLE OF CONTENTS

                                                                           Page

                                    ARTICLE I

                                   DEFINITIONS

SECTION 1.1 Definitions.....................................................  1
SECTION 1.2 Usage of Terms.................................................. 20
SECTION 1.3 Simple Interest Method; Methods of Allocating Payments or
                 Receivables; Allocations................................... 21

                                   ARTICLE II

                            CONVEYANCE OF RECEIVABLES

SECTION 2.1 Conveyance of Receivables....................................... 21
SECTION 2.2 Closing......................................................... 22

                                   ARTICLE III

                                 THE RECEIVABLES

SECTION 3.1 Representations and Warranties of Seller; Conditions Relating
                 to Receivables............................................. 22
SECTION 3.2 Repurchase Upon Breach or Failure of a Condition................ 26
SECTION 3.3 Custody of Receivable Files..................................... 26
SECTION 3.4 Duties of Servicer as Custodian................................. 27
SECTION 3.5 Instructions; Authority to Act.................................. 28
SECTION 3.6 Custodian's Indemnification..................................... 28
SECTION 3.7 Effective Period and Termination................................ 28

                                   ARTICLE IV

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

SECTION 4.1 Duties of Servicer.............................................. 29
SECTION 4.2 Collection of Receivable Payments; Refinancing.................. 29
SECTION 4.3 Realization Upon Receivables.................................... 30
SECTION 4.4 Maintenance of Security Interests in Financed Vehicles.......... 31
SECTION 4.5 Covenants of Servicer........................................... 31
SECTION 4.6 Purchase of Receivables Upon Breach............................. 31
SECTION 4.7 Servicing Fee................................................... 32
SECTION 4.8 Servicer's Certificate.......................................... 32
SECTION 4.9 Annual Statement as to Compliance............................... 33
SECTION 4.10 Annual Audit Report............................................ 33

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                                                                            Page

SECTION 4.11 Access by Holders to Certain Documentation and
                  Information Regarding Receivables......................... 34
SECTION 4.12 Reports to Holders and the Rating Agencies..................... 34
SECTION 4.13 Reports to the Securities and Exchange Commission.............. 35

                                    ARTICLE V

                            ACCOUNTS; DISTRIBUTIONS;
                        STATEMENTS TO CERTIFICATEHOLDERS

SECTION 5.1  Establishment of Collection Account and Note
                  Distribution Account...................................... 35
SECTION 5.2  Collections.................................................... 36
SECTION 5.3  [Reserved]..................................................... 37
SECTION 5.4  Additional Deposits............................................ 37
SECTION 5.5  Distributions.................................................. 37
SECTION 5.6  Reserve Account................................................ 38
SECTION 5.7  Net Deposits................................................... 39
SECTION 5.8  Statements to Certificateholders and Noteholders............... 39

                                   ARTICLE VI

                                   THE SELLER

SECTION 6.1  Representations of Seller...................................... 40
SECTION 6.2  Liability of Seller; Indemnities............................... 42
SECTION 6.3  Merger or Consolidation of Seller.............................. 42
SECTION 6.4  Limitation on Liability of Seller and Others................... 42
SECTION 6.5  Seller May Own Notes and Certificates.......................... 43

                                   ARTICLE VII

                                  THE SERVICER

SECTION 7.1  Representations of Servicer.................................... 43
SECTION 7.2  Liability of Servicer; Indemnities............................. 44
SECTION 7.3  Merger or Consolidation of Servicer............................ 45
SECTION 7.4  Limitation on Liability of Servicer and Others................. 45
SECTION 7.5  Servicer Not To Resign......................................... 46
SECTION 7.6  Delegation of Duties........................................... 47

                                  ARTICLE VIII

                         EVENTS OF SERVICING TERMINATION

SECTION 8.1  Events of Servicing Termination................................ 47
SECTION 8.2  Indenture Trustee to Act; Appointment of Successor Servicer.... 49

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                                                                            Page

SECTION 8.3  Notification to Noteholders and Certificateholders............. 49
SECTION 8.4  Waiver of Past Defaults........................................ 49

                                   ARTICLE IX

                                   TERMINATION

SECTION 9.1  Optional Purchase of All Receivables; Trust Termination........ 50

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

SECTION 10.1 Amendment...................................................... 51
SECTION 10.2 Protection of Title to Owner Trust Estate...................... 52
SECTION 10.3 GOVERNING LAW.................................................. 54
SECTION 10.4 Notices........................................................ 55
SECTION 10.5 Severability of Provisions..................................... 55
SECTION 10.6 Assignment..................................................... 55
SECTION 10.7 Certificates and Notes Nonassessable and Fully Paid............ 55
SECTION 10.8 Third-Party Beneficiaries...................................... 55
SECTION 10.9 Assignment to Indenture Trustee................................ 56
SECTION 10.10 Limitation of Liability of Owner Trustee and Indenture
                  Trustee................................................... 56
SECTION 10.11 No Petition................................................... 56

                                      iii
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                                    SCHEDULES

Schedule A  -  Schedule of Receivables
Schedule B  -  Location of Receivable Files

                              EXHIBITS

Exhibit A   -  Form of Servicer's Certificate
Exhibit B   -  Form of Monthly Report
Exhibit C   -  Form of Collection Account Control Agreement
Exhibit D   -  Form of Reserve Account Control Agreement

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     This SALE AND SERVICING AGREEMENT, dated as of November 1, 2001, (as
amended, supplemented or otherwise modified and in effect from time to time,
this "Agreement") is made between CHASE MANHATTAN BANK USA, NATIONAL
ASSOCIATION, a national banking association having its principal executive
offices located at 200 White Clay Center Drive, Newark, Delaware 19711 ("Chase
USA," the "Seller" or the "Servicer" in its respective capacities as such), and
CHASE MANHATTAN AUTO OWNER TRUST 2001-B, as issuer (the "Issuer").

                              W I T N E S S E T H :
                              - - - - - - - - - -

     In consideration of the premises and of the mutual agreements herein
contained, the parties hereto agree as follows:

                                   ARTICLE I

                                   DEFINITIONS

     SECTION 1.1 Definitions. Whenever used in this Agreement, the following
words and phrases, unless the context otherwise requires, shall have the
following meanings:

     "Accrued Interest" on a Receivable, as of any date of determination, means
that amount of interest accrued on the Principal Balance at the related Contract
Rate but not paid by or on behalf of the Obligor.

     "Administration Agreement" means the Administration Agreement, dated as of
November 1, 2001, among the Issuer, the Administrator and the Indenture Trustee,
as the same may be amended and supplemented from time to time.

     "Administrator" means The Chase Manhattan Bank, a New York banking
corporation, as administrator, and its successors and assigns.

     "Administration Fee" means $1,000, the fee payable to the Administrator on
each Payment Date pursuant to Section 5.5(c) for services rendered pursuant to
the Administration Agreement.

     "Affiliate" means, with respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified Person.
For purposes of this definition, "control" when used with respect to any
specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing. A Person shall not be
deemed to be an Affiliate of any specified Person solely because such other
Person has the contractual right or obligation to manage such specified Person
unless such other Person controls such specified Person through equity ownership
or otherwise.

     "Aggregate Net Losses" means, for any Payment Date, the amount equal to (i)
the aggregate Principal Balance of all Receivables that became Defaulted
Receivables during the

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related Collection Period minus (ii) the Liquidation Proceeds allocable to
principal collected during such Collection Period with respect to any Defaulted
Receivables.

     "Amount Financed" in respect of a Receivable means the amount advanced
under the Receivable toward the purchase price of the Financed Vehicle and
related costs.

     "Assertion" has the meaning specified in Section 4.10.

     "Authenticating Agent" has the meaning specified in Section 2.13 of the
Indenture and shall initially be the corporate trust office of Chase, and its
successors and assigns in such capacity.

     "Authorized Officer" means any officer of the Owner Trustee, Indenture
Trustee or Servicer who is authorized to act on behalf of the Owner Trustee,
Indenture Trustee or Servicer, as applicable, and who is identified as such on
the list of authorized officers delivered by each such party on the Closing
Date.

     "Available Interest" means, for any Payment Date, the sum of (i) that
portion of Collections on the Receivables received during the related Collection
Period allocated to interest and (ii) that portion of the Repurchase Amounts
received with respect to the Repurchased Receivables repurchased by the Seller
or purchased by the Servicer during the related Collection Period that would
have been treated as Available Interest if the Obligor thereof had prepaid such
Receivables in full on the date as of which such Receivables were repurchased or
purchased.

     "Available Principal" means, for any Payment Date, the sum of (i) that
portion of Collections on the Receivables received during the related Collection
Period allocated to the principal balance of the Receivables and (ii) that
portion of the Repurchase Amounts received with respect to the Repurchased
Receivables repurchased by the Seller or purchased by the Servicer that would
have been treated as Available Principal if the Obligor thereof had prepaid such
Receivables in full on the date as of which such Receivables were repurchased or
purchased.

     "Available Reserve Account Amount" shall mean, for each Payment Date, an
amount equal to the lesser of (i) the amount on deposit in the Reserve Account
and (ii) the Specified Reserve Account Balance with respect to such Payment
Date.

     "Average Delinquency Percentage" means for any Payment Date, the average of
the Delinquency Percentages for such Payment Date and the preceding two (2)
Payment Dates.

     "Average Net Loss Ratio" means for any Payment Date, the average of the Net
Loss Ratios for such Payment Date and the preceding two (2) Payment Dates.

     "Basic Documents" means this Agreement, the Certificate of Trust, the
Indenture, the Depository Agreements, the Securities Control Agreements, the
Trust Agreement, the Administration Agreement and other documents and
certificates delivered in connection therewith.

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     "Benefit Plan" has the meaning specified in Section 11.12 of the Trust
Agreement.

     "Book-Entry Certificates" means beneficial interests in the Certificates,
the ownership and transfers of which shall be made through book entries by a
Clearing Agency or Foreign Clearing Agency as described in Section 3.10 of the
Trust Agreement.

     "Book-Entry Notes" means beneficial interests in the Notes, the ownership
and transfers of which shall be made through book entries by a Clearing Agency
or Foreign Clearing Agency as described in Section 2.10 of the Indenture.

     "Business Day" means a day, other than a Saturday or a Sunday, on which the
Indenture Trustee and banks located in New York, New York, Newark, Delaware and
Minneapolis, Minnesota are open for the purpose of conducting a commercial
banking business.

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

     "Capital Accounts" has the meaning specified in Section 5.7 of the Trust
Agreement.

     "Certificate" means a certificate evidencing the beneficial interest of a
Certificateholder in the Owner Trust Estate, substantially in the form of
Exhibit A to the Trust Agreement.

     "Certificate Balance" means an amount equal to $32,503,047.00 as of the
Closing Date and, thereafter, shall be an amount equal to such initial
Certificate Balance, reduced by all amounts allocable to principal previously
distributed to Certificateholders. The Certificate Balance shall also be reduced
on any Payment Date by the excess, if any, of (i) the sum of (A) the Certificate
Balance and (B) the outstanding principal amount of the Notes (in each case
after giving effect to amounts in respect of principal to be deposited in the
Certificate Distribution Account and the Note Distribution Account on such
Payment Date), over (ii) the Pool Balance as of the close of business on the
last day of the preceding Collection Period. Thereafter, the Certificate Balance
shall be increased on any Payment Date to the extent that any portion of the
Total Distribution Amount on such Payment Date is available to pay the existing
Certificateholders' Principal Carryover Shortfall, but not by more than the net
aggregate reductions in the Certificate Balance set forth in the preceding
sentence.

     "Certificate Depository Agreement" means the agreement among the Issuer,
the Owner Trustee, Chase, as agent for the Depository Trust Company and The
Depository Trust Company, as the initial Clearing Agency, dated the Closing
Date, relating to the Certificates, substantially in the form attached as
Exhibit C to the Trust Agreement, as the same may be amended and supplemented
from time to time or any similar agreement with any successor Clearing Agency.

     "Certificate Distribution Account" has the meaning specified in Section 5.1
of the Trust Agreement.

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     "Certificate Final Scheduled Payment Date" means the May 2008 Payment Date
on which the outstanding principal amount, if any, of the Certificates is
payable.

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

     "Certificate Owner" means, with respect to a Book-Entry Certificate, the
Person who is the owner of such Book-Entry Certificate, as reflected on the
books of the Clearing Agency or Foreign Clearing Agency or on the books of a
direct or indirect Clearing Agency Participant.

     "Certificate Pool Factor" as of the close of business on a Payment Date
means a eight-digit decimal figure equal to the Certificate Balance (after
giving effect to distributions made on such date) divided by the initial
Certificate Balance. The Certificate Pool Factor will be 1.00000000 as of the
Cutoff Date; thereafter, the Certificate Pool Factor will decline to reflect
reductions in the Certificate Balance.

     "Certificate Rate" means 3.75% per annum.

     "Certificate Register" and "Certificate Registrar" means the register
maintained and the registrar appointed pursuant to Section 3.4 of the Trust
Agreement.

     "Certificateholder" means the Person in whose name a Certificate is
registered in the Certificate Register, except that, solely for the purpose of
giving any consent, request, waiver or demand pursuant to any of the Basic
Documents (other than pursuant to Section 4.3 of the Trust Agreement), the
interest evidenced by any Certificate registered in the name of the Seller, the
Servicer or any Person actually known by an Authorized Officer of the Owner
Trustee to be an Affiliate of the Seller or the Servicer shall not be taken into
account in determining whether the requisite percentage necessary to effect any
such consent, request or waiver shall have been obtained.

     "Certificateholders' Distributable Amount" means for any Payment Date, the
sum of (x) the Certificateholders' Principal Distributable Amount and (y) the
Certificateholders' Interest Distributable Amount.

     "Certificateholders' Interest Carryover Shortfall" means, (a) for the
initial Payment Date, zero, and (b) for any other Payment Date, the excess of
the Certificateholders' Interest Distributable Amount for the preceding Payment
Date over the amount in respect of the interest actually deposited in the
Certificate Distribution Account on such preceding Payment Date, plus interest
on such excess, to the extent permitted by law, at the Certificate Rate from and
including such preceding Payment Date to, but excluding, the current Payment
Date.

     "Certificateholders' Interest Distributable Amount" means, for any Payment
Date, the sum of the Certificateholders' Monthly Interest Distributable Amount
for such Payment Date and the Certificateholders' Interest Carryover Shortfall
for such Payment Date.

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     "Certificateholders' Monthly Interest Distributable Amount" means, for any
Payment Date, one month's interest (or, in the case of the first Payment Date,
interest accrued from and including the Closing Date to, but excluding, such
Payment Date) at the Certificate Rate on the Certificate Balance on the
immediately preceding Payment Date, after giving effect to all payments of
principal to the Certificateholders on or prior to such Payment Date (or, in the
case of the first Payment Date, the Certificate Balance on the Closing Date).
Interest shall be computed on the basis of a 360 day-year of twelve 30-day
months for purposes of this definition.

     "Certificateholders' Monthly Principal Distributable Amount" means, for any
Payment Date, the Certificateholders' Percentage of the Principal Distribution
Amount.

     "Certificateholders' Percentage" means, for any Payment Date, 100% minus
the Noteholders' Percentage.

     "Certificateholders' Principal Carryover Shortfall" means for any Payment
Date, the sum of (a) the excess of (i) the Certificateholders' Principal
Distributable Amount for the preceding Payment Date, over (ii) the amount in
respect of principal actually deposited in the Certificate Distribution Account
on such Payment Date and (b) without duplication of clause (a), the unreimbursed
portion of the amount by which the Certificate Balance has been reduced pursuant
to the second sentence of the definition thereof.

     "Certificateholders' Principal Distributable Amount" means, for any Payment
Date, the sum of (i) the Certificateholders' Monthly Principal Distributable
Amount for such Payment Date and (ii) the Certificateholders' Principal
Carryover Shortfall for such Payment Date; provided that the Certificateholders'
Principal Distributable Amount shall not exceed the Certificate Balance. In
addition, on the Certificate Final Scheduled Payment Date, the principal
required to be distributed to the Certificateholders will include the lesser of
(a) any payments of principal due and remaining unpaid on each Receivable owned
by the Issuer as of the last day of the immediately preceding Collection Period
and (b) the amount that is necessary (after giving effect to the other amounts
to be deposited in the Certificate Distribution Account on such Payment Date and
allocable to principal) to reduce the Certificate Balance to zero, in either
case after giving effect to any required distribution of the Noteholders'
Principal Distributable Amount to the Note Distribution Account.

     "Chase" means The Chase Manhattan Bank, a New York banking corporation, and
any successor thereto.

     "Chase USA" means Chase Manhattan Bank USA, National Association.

     "Class A-1 Interest Rate" means 2.18% per annum.

     "Class A-1 Notes" means the Class A-1 2.18% Asset Backed Notes,
substantially in the form of Exhibit B to the Indenture.

     "Class A-2 Interest Rate" means 2.44% per annum.

     "Class A-2 Notes" means the Class A-2 2.44% Asset Backed Notes,
substantially in the form of Exhibit C to the Indenture.

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     "Class A-3 Interest Rate" means 3.09% per annum.

     "Class A-3 Notes" means the Class A-3 3.09% Asset Backed Notes,
substantially in the form of Exhibit D to the Indenture.

     "Class A-4 Interest Rate" means 3.80% per annum.

     "Class A-4 Notes" means the Class A-4 3.80% Asset Backed Notes,
substantially in the form of Exhibit E to the Indenture.

     "Clearing Agency" means an organization registered as a "clearing agency"
pursuant to Section 17A of the Exchange Act. The initial Clearing Agency shall
be The Depository Trust Company.

     "Clearing Agency Participant" means a broker, dealer, bank, other financial
institution or other person for whom from time to time a Clearing Agency effects
book-entry transfers of securities deposited with the Clearing Agency (including
a Foreign Clearing Agency).

     "Clearstream" means Clearstream Banking, societe anonyme.

     "Closing Date" means November 6, 2001.

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

     "Collection Account" means securities account no. 160973.1 entitled "Wells
Fargo Bank Minnesota, National Association, as Indenture Trustee, Securities
Account of Chase Auto Owner Trust Series 2001-B" maintained by the Collection
Account Securities Intermediary pursuant to the Collection Account Control
Agreement or any successor securities account maintained pursuant to the
Collection Account Control Agreement.

     "Collection Account Control Agreement" means the agreement among the
Issuer, Chase, as securities intermediary, and the Indenture Trustee, dated as
of November 1, 2001, relating to the Collection Account, substantially in the
form attached as Exhibit C, as the same may be amended and supplemented from
time to time.

     "Collection Account Securities Intermediary" means Chase or any other
securities intermediary that maintains the Collection Account pursuant to the
Collection Account Control Agreement.

     "Collection Period" means each calendar month beginning November 1, 2001
until Chase Manhattan Auto Owner Trust 2001-B shall terminate pursuant to
Article IX of the Trust Agreement.

     "Collections" means all collections in respect of Receivables.

     "Contract Rate" of a Receivable means the annual rate of interest stated in
such Receivable.

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     "Corporate Trust Office" means the the corporate trust office of the
Indenture Trustee in Minneapolis, Minnesota.

     "Cutoff Date" means November 1, 2001.

     "Dealer" means the dealer which sold a Financed Vehicle related to a Dealer
Receivable and which originated or assisted in the origination of such Dealer
Receivable under a Dealer Agreement.

     "Dealer Agreement" means any agreement and, if applicable, assignment under
which Dealer Receivables were originated by or through a Dealer and sold to the
Seller or an affiliate of the Seller.

     "Dealer Receivable" means each Receivable which was originated by the
Seller or an Affiliate of the Seller with the involvement of a Dealer.

     "Debt Cancellation Policy" means a policy issued by Chase USA to the
obligor that forgives the Principal Balance of a Receivable in excess of
insurance proceeds realized upon the event of a total loss of the related
Financed Vehicle.

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

     "Defaulted Receivable" means a Receivable (other than a Repurchased
Receivable) as to which the Servicer has determined based on its usual
collection practices and procedures, during any Collection Period, that eventual
payment in full of the Amount Financed (including accrued interest thereon) is
unlikely; provided that a Receivable shall become a Defaulted Receivable during
the calendar month in which more than 10% of any scheduled payment becomes 240
days delinquent, regardless of whether any such determination has been made.

     "Definitive Notes" means Notes issued in certificated, fully registered
form as provided in Section 2.12 of the Indenture.

     "Definitive Certificates" means Certificates issued in certificated, fully
registered form as provided in Section 3.12 of the Trust Agreement.

     "Delaware Trustee" has the meaning specified in Section 10.1 of the Trust
Agreement.

     "Delinquency Percentage" means, for any Payment Date, the sum of the
outstanding Principal Balances of all Receivables which were 60 days or more
delinquent (including Receivables, which are not Defaulted Receivables, relating
to Financed Vehicles that have been repossessed), as of the close of business on
the last day of the Collection Period immediately preceding such Payment Date,
determined in accordance with the Servicer's normal practices, such sum
expressed as a percentage of the Pool Balance as of the close of business on the
last day of such Collection Period.

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     "Deposit Date" means the Business Day immediately preceding each Payment
Date.

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

     "Depository Agreements" means, collectively, the Certificate Depository
Agreement and the Note Depository Agreement.

     "Determination Date" means the 10th calendar day of the month (or, if such
10th calendar day is not a Business Day, the Business Day preceding the 10th
calendar day of the month) immediately succeeding the related Collection Period.

     "Eligible Deposit Account" means (a) a segregated identifiable trust
account established in the trust department of a Qualified Trust Institution,
which shall, except in the case of the Reserve Account, initially be Chase, and
may be maintained with Chase so long as Chase is a Qualified Trust Institution;
or (b) a separately identifiable deposit account established in the deposit
taking department of a Qualified Institution, which may be Chase so long as
Chase is a Qualified Institution.

     "ERISA" has the meaning specified in Section 11.12 of the Trust Agreement.

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

     "Euroclear Operator" means Morgan Guaranty Trust Company of New York,
Brussels, Belgium office, in its capacity as the operator of the Euroclear
system.

     "Event of Default" means an event specified in Section 5.1 of the
Indenture.

     "Event of Servicing Termination" means an event specified in Section 8.1.

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

     "Expenses" has the meaning specified in Section 8.2 of the Trust Agreement.

     "FDIC" means the Federal Deposit Insurance Corporation or any successor
thereto.

     "FHLMC" means the Federal Home Loan Mortgage Corporation or any successor
thereto.

     "Final Scheduled Maturity Date" means the last day of the Collection Period
immediately preceding the Certificate Final Scheduled Payment Date.

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     "Financed Vehicle" means, with respect to a Receivable, the new or used
automobile or light-duty truck, together with all accessions thereto, securing
an Obligor's indebtedness under such Receivable.

     "Fitch" means Fitch, Inc. and its successors and assigns.

     "Fixed Note Percentage" means the percentage equivalent of a fraction
(rounded to the nearest one-one hundred thousandth of 1%) numerator of which is
the Outstanding Amount of the Class A-3 Notes and the Class A-4 Notes on the
Payment Date on which the Class A-2 Notes have been paid in full and the
denominator of which is the sum of the Outstanding Amount of the Class A-3 Notes
and the Class A-4 Notes and the Certificate Balance on the Payment Date on which
the Class A-2 Notes have been paid in full.

     "FNMA" means the Federal National Mortgage Association or any successor
thereto.

     "Foreign Clearing Agency" means, collectively, Clearstream and the
Euroclear Operator.

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

     "Holder" or "Holders" means, unless the context otherwise requires, both
Certificateholders and Noteholders.

     "Indemnified Parties" has the meaning specified in Section 8.2 of the Trust
Agreement.

     "Indenture" means the Indenture dated as of November 1, 2001, between the
Issuer and the Indenture Trustee, as the same may be amended and supplemented
from time to time.

     "Indenture Trustee" means, initially, Wells Fargo, as Indenture Trustee
under the Indenture, or any successor Indenture Trustee under the Indenture.

     "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

<PAGE>

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 of the Indenture,
made by an Independent engineer, appraiser or other expert appointed by the
Issuer 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 Agreement and that the signer is Independent
within the meaning thereof.

     "Insolvency Event" means, for a specified Person, (a) the filing of a
decree or order for relief by a court having jurisdiction in the premises in
respect of such Person or any substantial part of its property in an involuntary
case under any applicable Federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect, or appointing a receiver (including any
receiver appointed under the Financial Institutions Reform, Recovery and
Enforcement Act of 1989, as amended), liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of
its property, or ordering the winding-up or liquidation of such Person's
affairs, and such decree or order shall remain unstayed and in effect for a
period of 60 consecutive days; or (b) the commencement by such Person of a
voluntary case under any applicable Federal or state bankruptcy, insolvency or
other similar law now or hereafter in effect, or the consent by such Person to
the entry of an order for relief in an involuntary case under any such law, or
the consent by such Person to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or the
making of such Person of any general assignment for the benefit of creditors, or
the failure by such Person generally to pay its debts as such debts become due,
or the taking of action by such Person in furtherance of any of the foregoing.

     "Interest Rate" means the rate of interest borne by the Notes of any class.

     "Investment Earnings" means, with respect to any Payment Date, the
investment earnings (net of losses and investment expenses) on amounts on
deposit in the Collection Account.

     "Issuer" means Chase Manhattan Auto Owner Trust 2001-B, a Delaware business
trust, until a successor replaces it and, thereafter, means such successor and,
for purposes of any provision contained in the Indenture and required by the
TIA, each other obligor on the Notes.

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

     "Late Fees" means any late charges, credit related extension fees,
non-credit related extension fees or other administrative fees or similar
charges allowed by applicable law with respect to the Receivables.

     "Lien" means a security interest, lien, charge, pledge or encumbrance of
any kind other than tax liens, mechanics' liens or any other liens that attach
by operation of law.

<PAGE>

     "Liquidation Proceeds" means, with respect to any Receivable, (i) insurance
proceeds, (ii) the monies collected during a Collection Period from whatever
source on a Defaulted Receivable and (iii) proceeds of a Financed Vehicle sold
after repossession, in each case net of any liquidation expenses and payments
required by law to be remitted to the Obligor.

     "Moody's" means Moody's Investors Service and its successors and assigns.

     "Net Loss Ratio" means, for any Payment Date, the ratio, expressed as an
annualized percentage, of (i) the Aggregate Net Losses for such Payment Date to
(ii) the average of the Pool Balances on each of the related Settlement Date and
the last day of the related Collection Period.

     "Note" means a Class A-1 Note, a Class A-2 Note, a Class A-3 Note or a
Class A-4 Note.

     "Note Depository Agreement" means the agreement among the Issuer, the
Indenture Trustee, Chase, as agent for The Depository Trust Company and The
Depository Trust Company, as the initial Clearing Agency, dated the Closing
Date, relating to the Notes, substantially in the form of Exhibit F to the
Indenture, as the same may be amended or supplemented from time to time or any
similar agreement with any successor Clearing Agency.

     "Note Distribution Account" means the account designated as such,
established and maintained pursuant to Section 5.1(b).

     "Note Final Scheduled Payment Date" means for (a) the Class A-1 Notes, the
November 2002 Payment Date, (b) the Class A-2 Notes, the June 2004 Payment Date,
(c) the Class A-3 Notes, the November 2005 Payment Date, and (d) the Class A-4
Notes, the May 2008 Payment Date.

     "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 Foreign Clearing Agency, or on the books of a direct or indirect
Clearing Agency Participant.

     "Note Pool Factor" for each class of Notes as of the close of business on a
Payment Date means an eight-digit decimal figure equal to the Outstanding Amount
of such class of Notes divided by the Outstanding Amount as of the Closing Date
of such class of Notes. The Note Pool Factor for each class of Notes will be
1.00000000 as of the Cutoff Date; thereafter, the Note Pool Factor for each
class of Notes will decline to reflect reductions in the Outstanding Amount of
such class of Notes.

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

     "Noteholders' Distributable Amount" means, for any Payment Date, the sum of
the Noteholders' Principal Distributable Amount and the Noteholders' Interest
Distributable Amount for all classes of Notes.

<PAGE>

     "Noteholders' Interest Carryover Shortfall" means, for any class of Notes,
(a) for the initial Payment Date, zero, and (b) for any other Payment Date, the
excess of (x) the Noteholders' Interest Distributable Amount for the preceding
Payment Date for such class of Notes, over (y) the amount in respect of interest
actually deposited in the Note Distribution Account on such preceding Payment
Date with respect to such class of Notes, plus interest on the amount of
interest due but not paid to the Noteholders of such class on the preceding
Payment Date, to the extent permitted by law, at the applicable Interest Rate
from such preceding Payment Date through the current Payment Date.

     "Noteholders' Interest Distributable Amount" means, for any Payment Date
for any class of Notes, the sum of (x) the Noteholders' Monthly Interest
Distributable Amount for such class of Notes for such Payment Date and (y) the
Noteholders' Interest Carryover Shortfall for such class of Notes for such
Payment Date.

     "Noteholders' Monthly Interest Distributable Amount" means, for any Payment
Date for each class of Notes, one month's interest (or, in the case of the first
Payment Date, interest accrued from and including the Closing Date to but
excluding such Payment Date) at the related Interest Rate on the Outstanding
Amount of the Notes of such class on such Payment Date (or, in the case of the
first Payment Date, on the Closing Date). Interest for purposes of this
definition (i) on the Class A-1 Notes shall be computed on the basis of a
360-day year for the actual number of days elapsed and (ii) on the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes shall be computed on the
basis of a 360-day year of twelve 30-day months.

     "Noteholders' Monthly Principal Distributable Amount" means, for any
Payment Date, the Noteholders' Percentage of the Principal Distribution Amount.

     "Noteholders' Percentage" means (i) 100% for each Payment Date occurring
before the Payment Date on which the Class A-2 Notes have been paid in full,
(ii) the Fixed Note Percentage (or such greater percentage as would be necessary
to pay the Class A-2 Notes in full) on such Payment Date, (iii) the Fixed Note
Percentage after such Payment Date until all of the Notes have been paid in full
and (iv) zero thereafter; provided, however, that (x) if the amount on deposit
in the Reserve Account on any Payment Date would be, after giving effect to
distributions on such Payment Date, less than 0.50% of the Original Pool
Balance, the Noteholders' Percentage will be 100% for such Payment Date and each
Payment Date thereafter until the Notes have been paid in full or the amount on
deposit in the Reserve Account equals or exceeds the Specified Reserve Account
Balance and (y) if the Notes have been accelerated after the occurrence of an
Event of Default, the Noteholders' Percentage will be 100% for each Payment Date
thereafter until the Notes have been paid in full.

     "Noteholders' Principal Carryover Shortfall" means for any Payment Date,
the excess of (x) the Noteholders' Principal Distributable Amount for the
preceding Payment Date over (y) the amount in respect of principal actually
deposited in the Note Distribution Account on such Payment Date.

     "Noteholders' Principal Distributable Amount" means, for any Payment Date,
the sum of (i) the Noteholders' Monthly Principal Distributable Amount for such
Payment Date and (ii) the Noteholders' Principal Carryover Shortfall for such
Payment Date; provided that the

<PAGE>

Noteholders' Principal Distributable Amount shall not exceed the Outstanding
Amount of the Notes. In addition, on the Note Final Scheduled Payment Date of
each class of Notes, the principal required to be deposited in the Note
Distribution Account will include the amount necessary (after giving effect to
the other amounts to be deposited in the Note Distribution Account on such
Payment Date and allocable to principal) to reduce the Outstanding Amount of
such class of Notes to zero.

     "Note Register" and "Note Registrar" means the register maintained and the
registrar appointed pursuant to Section 2.4 of the Indenture.

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

     "Officer's Certificate" means a certificate signed by the chairman of the
board, the president, the treasurer, the controller, any executive or senior
vice president or any vice president of the Seller or Servicer, as appropriate,
meeting the requirements of Section 11.1 of the Indenture.

     "Opinion of Counsel" means a written opinion of counsel (who may be counsel
to the Seller or the Servicer) reasonably acceptable in form and substance to
the Indenture Trustee, meeting the requirements of Section 11.1 of the Indenture
(or in the case of an Opinion of Counsel delivered to the Owner Trustee,
reasonably acceptable in form and substance to the Owner Trustee).

     "Optional Purchase Percentage" shall be 10%.

     "Original Pool Balance" shall be $1,299,883,052.87.

     "Outstanding" means, when used with respect to Notes, as of any date of
determination, all Notes theretofore authenticated and delivered under the
Indenture except:

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

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

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

provided 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

<PAGE>

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 an Authorized Officer of the Indenture Trustee either actually knows to be
so owned or has received written notice that such Note is so owned shall be so
disregarded. Notes so owned that have been pledged in good faith may be regarded
as Outstanding if the pledgee establishes to the satisfaction of the Indenture
Trustee the pledgee's right so to act with respect to such Notes and that the
pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any
Affiliate of any of the foregoing Persons.

     "Outstanding Amount" means, when used with respect to Notes, as of any date
of determination, the aggregate principal amount of all Notes, or a class of
Notes, as applicable, Outstanding as of such date.

     "Owner Trust Estate" means all right, title and interest of the Issuer in
and to the property and rights assigned to the Issuer pursuant to Article II of
this Agreement, all funds on deposit from time to time in the Trust Accounts
(other than the Note Distribution Account) and the Certificate Distribution
Account and all other property of Issuer from time to time, including any rights
of the Owner Trustee and the Issuer pursuant to this Agreement.

     "Owner Trustee" means Wilmington Trust Company, a Delaware banking
corporation, not in its individual capacity but solely as owner trustee under
the Trust Agreement, and any successor Owner Trustee thereunder.

     "Paying Agent" means: (a) when used in the Indenture or otherwise with
respect to the Notes, the Indenture Trustee or any other Person that meets the
eligibility standards for the Indenture Trustee specified in Section 6.11 of the
Indenture and is authorized by the Indenture Trustee to make the payments to and
distributions from the Collection Account and the Note Distribution Account,
including payment of principal of or interest on the Notes on behalf of the
Issuer; and (b) when used in the Trust Agreement or otherwise with respect to
the Certificates, the Owner Trustee or any other paying agent or co-paying agent
appointed pursuant to Section 3.9 of the Trust Agreement, and in the case of the
Indenture with respect to the Notes, and the Trust Agreement with respect to the
Certificates, such Paying Agent shall initially be the corporate trust office of
Chase.

     "Payment Date" means, in the case of the first Collection Period, December
17, 2001, and in the case of every Collection Period thereafter, the 15th day of
the following month, or if the 15th day is not a Business Day, the next
following Business Day.

     "Permitted Investments" means, at any time, any one or more of the
following obligations, securities (certificated or uncertificated) or
instruments (excluding any security with the "r" symbol attached to its rating):

     (i) obligations of the United States of America or any agency thereof;
provided such obligations are backed by the full faith and credit of the United
States of America;

<PAGE>

     (ii) general obligations of or obligations guaranteed as to the timely
payment of interest and principal by any state of the United States of America
or the District of Columbia then rated "A-1+" or "AAA" by Standard & Poor's,
"F1+" or "AAA" by Fitch (if rated by Fitch) and "P-1" or Aaa by Moody's;

     (iii) commercial paper, other than commercial paper issued by Chase or any
of its Affiliates, which is then rated P-1 by Moody's, "F1+" by Fitch (if rated
by Fitch) and "A-1+" by Standard & Poor's;

     (iv) certificates of deposit, demand or time deposits, federal funds or
banker's acceptances, other than banker's acceptances issued by Chase or any of
its Affiliates, issued by any depository institution or trust company (including
the Indenture Trustee acting in its commercial banking capacity) incorporated
under the laws of the United States or of any state thereof or incorporated
under the laws of a foreign jurisdiction with a branch or agency located in the
United States of America and subject to supervision and examination by federal
or state banking authorities which short term unsecured deposit obligations of
such depository institution or trust company are then rated P-1 by Moody's,
"F1+" by Fitch (if rated by Fitch) and "A-1+" by Standard & Poor's;

     (v) demand or time deposits of, or certificates of deposit issued by, any
bank, trust company, savings bank or other savings institution; provided such
deposits or certificates of deposit are fully insured by the FDIC;

     (vi) guaranteed reinvestment agreements issued by any bank, insurance
company or other corporation the short term unsecured debt or deposits of which
are rated P-1 by Moody's, "F1+" by Fitch (if rated by Fitch) and "A-1+" by
Standard & Poor's or the long-term unsecured debt of which are rated Aaa by
Moody's, "AAA" by Fitch (if rated by Fitch) and "AAA" by Standard & Poor's;

     (vii) repurchase obligations with respect to any security described in
clauses (i) or (ii) herein or any other security issued or guaranteed by the
FHLMC, FNMA or any other agency or instrumentality of the United States of
America which is backed by the full faith and credit of the United States of
America, in either case entered into with a federal agency or a depository
institution or trust company (acting as principal) described in (iv) above;

     (viii) investments in money market funds, which funds (A) are not subject
to any sales, load or other similar charge; and (B) are rated at least "AAAM" or
"AAAM-G" by Standard & Poor's, "AAAV-1+" by Fitch (if rated by Fitch) and Aaa by
Moody's; and

     (ix) such other investments, other than investments in Chase or any of its
affiliates, where either (A) the short-term unsecured debt or deposits of the
obligor on such investments are rated "A-1+" by Standard & Poor's, "F1+" by
Fitch (if rated by Fitch) and P-1 by Moody's.

Permitted Investments may include money market mutual funds (so long as such
fund has the ratings specified in clause (viii) hereof), including, without
limitation, the VISTA U.S.

<PAGE>

Government Money Market Fund or any other fund for which Chase, the Indenture
Trustee or an Affiliate thereof serves as an investment advisor, administrator,
shareholder servicing agent, and/or custodian or subcustodian, notwithstanding
that (i) Chase, Wells Fargo or an Affiliate thereof charges and collects fees
and expenses from such funds for services rendered, (ii) Chase, Wells Fargo or
an Affiliate thereof charges and collects fees and expenses for services
rendered pursuant to this Agreement, and (iii) services performed for such funds
and pursuant to this Agreement may converge at any time. The Indenture Trustee
specifically authorizes Chase, Wells Fargo or an Affiliate thereof to charge and
collect all fees and expenses from such funds for services rendered to such
funds (but not to exceed investment earnings), in addition to any fees and
expenses Chase or Wells Fargo, as applicable, may charge and collect for
services rendered pursuant to this Agreement.

     "Person" means a legal person, including any individual, corporation,
limited liability company, estate, partnership, joint venture, association,
joint stock company, trust, unincorporated organization, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

     "Pool Balance" as of any date of determination means, the aggregate
Principal Balance of the Receivables as of the close of business on the last day
of the preceding Collection Period, after giving effect to all payments received
from Obligors and Repurchase Amounts to be remitted by the Servicer or the
Seller, as the case may be, for such Collection Period and all losses realized
on Receivables liquidated during such Collection Period.

     "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 of the Indenture 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.

     "Prepayment Date" means in the case of a prepayment of the Notes pursuant
to Section 10.1 of the Indenture, the Payment Date specified by the Servicer
pursuant to such Section 10.1.

     "Principal Balance" of a Receivable, as of the close of business on the
last day of any Collection Period, means the Amount Financed minus that portion
of all payments received on or prior to such date allocable to principal. The
Principal Balance of a Defaulted Receivable or a Repurchased Receivable shall be
deemed to be zero, in each case, as of such date.

     "Principal Distribution Amount" means, for any Payment Date, the sum of the
following amounts, without duplication: (i) Available Principal and (ii)
Aggregate Net Losses.

     "Principal Prepayment" means a payment or other recovery of principal on a
Receivable (including insurance proceeds and Liquidation Proceeds applied to
principal on a Receivable) which is received in advance of its due date.

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

<PAGE>

     "Qualified Institution" means a depository institution organized under the
laws of the United States of America or any State thereof or incorporated under
the laws of a foreign jurisdiction with a branch or agency located in the United
States of America or any State thereof and subject to supervision and
examination by federal or state banking authorities which at all times has the
Required Deposit Rating and, in the case of any such institution organized under
the laws of the United States of America, whose deposits are insured by the
FDIC.

     "Qualified Trust Institution" means an institution organized under the laws
of the United States of America or any State thereof or incorporated under the
laws of a foreign jurisdiction with a branch or agency located in the United
States of America or any State thereof and subject to supervision and
examination by federal or state banking authorities which at all times (i) is
authorized under such laws to act as a trustee or in any other fiduciary
capacity, (ii) has not less than one billion dollars in assets under fiduciary
management, and (iii) has a long term deposits rating of not less than "BBB-" by
Standard & Poor's, Baa3 by Moody's and "BBB-" by Fitch (if rated by Fitch).

     "Rating Agency" means any of Standard & Poor's, Moody's or Fitch.

     "Rating Agency Condition" means, with respect to any action or event, that
each Rating Agency shall have notified the Seller, the Servicer, the Indenture
Trustee and the Owner Trustee, in writing, that such action or event will not
result in reduction or withdrawal of any then outstanding rating of any
outstanding Note or Certificate with respect to which it is the Rating Agency.

     "Receivable" means a retail installment sale contract or purchase money
promissory note or other promissory note and security agreement executed by an
Obligor in respect of a Financed Vehicle, and all proceeds thereof and payments
thereunder (other than interest accrued and unpaid as of the opening of business
on the Cutoff Date), which Receivable shall be identified in the Schedule of
Receivables.

     "Receivable Files" means the documents specified in Section 3.3.

     "Receivables Pool" means the pool of Receivables included in the Trust
Estate and all monies received thereunder on or after the Cutoff Date.

     "Record Date" means, with respect to any Payment Date, the Business Day
prior to such Payment Date unless Definitive Notes or Definitive Certificates
are issued, in which case, Record Date, with respect to such Definitive Notes or
Definitive Certificates, as applicable, shall mean the last day of the
immediately preceding calendar month.

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

     "Repurchase Amount" of a Repurchased Receivable or any Receivable purchased
by the Servicer pursuant to Section 9.1, means the sum, as of the last day of
the Collection Period on which such Receivable becomes such, of the Principal
Balance thereof plus the Accrued Interest thereon.

<PAGE>

     "Repurchased Receivable" means a Receivable repurchased by the Seller
pursuant to Section 3.2 or purchased by the Servicer pursuant to Section 4.6.

     "Required Deposit Rating" shall be a short-term certificate of deposit
rating from Moody's of P-1, from Fitch of "F1+" (if rated by Fitch) and from
Standard & Poor's of "A-1+," and a long-term unsecured debt rating of not less
than Aa3 by Moody's, "AA" by Fitch (if rated by Fitch) and "AA-" by Standard &
Poor's.

     "Reserve Account" means securities account no. 11696300 entitled "Wells
Fargo Bank Minnesota, National Association, as Indenture Trustee, Securities
Account of Chase Auto Owner Trust Series 2001-B" maintained by the Reserve
Account Securities Intermediary pursuant to the Reserve Account Control
Agreement or any successor securities account maintained pursuant to the Reserve
Account Control Agreement.

     "Reserve Account Control Agreement" means the agreement among the Issuer,
Wells Fargo, as securities intermediary, and the Indenture Trustee, dated as of
November 1, 2001, relating to the Reserve Account, substantially in the form
attached as Exhibit D, as the same may be amended and supplemented from time to
time.

     "Reserve Account Initial Deposit" means an amount equal to $9,749,122.90.

     "Reserve Account Securities Intermediary" means Wells Fargo or any other
securities intermediary that maintains the Reserve Account pursuant to the
Reserve Account Control Agreement.

     "Reserve Account Transfer Amount" means, for any Payment Date, an amount
equal to the lesser of (a) the amount of cash or other immediately available
funds on deposit in the Reserve Account on such Payment Date (excluding amounts
to be paid to the Seller pursuant to clause (i) of Section 5.6(d), but before
giving effect to any other withdrawals therefrom relating to such Payment Date)
and (b) the amount, if any, by which the sum of the amounts set forth in clauses
(i) through (vi) of Section 5.5(c), inclusive, exceeds the Total Distribution
Amount for such Payment Date.

     "Responsible Officer" means, with respect to the Indenture Trustee, any
officer within the Corporate Trust Office of the Indenture Trustee, including
any Vice President, Assistant Vice President, Assistant Treasurer, Assistant
Secretary, or any other officer of the Indenture Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also, with respect to a particular matter, any other officer to whom such matter
is referred because of such officer's knowledge of and familiarity with the
particular subject.

     "Sale Proceeds" has the meaning specified in Section 9.1(b).

     "Schedule of Receivables" means the list of Receivables attached hereto as
Schedule A.

     "SFAS 140" means the Statement of Financial Accounting Standard No. 140,
Accounting for Transfers and Servicing of Financial Assets and Extinguishments
of Liabilities.

<PAGE>

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

     "Securities Control Agreements" means, collectively, the Collection Account
Control Agreement and the Reserve Account Control Agreement.

     "Securities Intermediaries" means, collectively, Chase, acting as
securities intermediary under the Collection Account Control Agreement or any
successor thereto thereunder and Wells Fargo, acting as securities intermediary
under the Reserve Account Control Agreement or any successor thereto thereunder.

     "Seller" means Chase Manhattan Bank USA, National Association, a national
banking association with its principal executive offices in Newark, Delaware, in
its capacity as the seller of the Receivables under this Agreement, and each
successor to Chase Manhattan Bank USA, National Association (in the same
capacity) pursuant to Section 6.3.

     "Servicer" means Chase Manhattan Bank USA, National Association, a national
banking association with its principal offices in Newark, Delaware, in its
capacity as the servicer of the Receivables under this Agreement, and each
successor to Chase Manhattan Bank USA, National Association (in the same
capacity) pursuant to Section 7.3, and each successor servicer pursuant to
Section 8.2.

     "Servicer's Certificate" means a certificate, substantially in the form of
Exhibit A attached hereto, completed and executed by the Servicer by its
chairman of the board, the president, treasurer, controller or any executive,
senior vice president or vice president pursuant to Section 4.8.

     "Servicing Fee" with regard to a Collection Period means the fee payable to
the Servicer for services rendered during such Collection Period, determined
pursuant to Section 4.7.

     "Servicing Fee Rate" means 1.00% per annum.

     "Settlement Date" means, with respect to any Collection Period, the last
day of the Collection Period immediately preceding such Collection Period, and
with respect to any Payment Date, the last day of the second Collection Period
preceding the Collection Period in which such Payment Date occurs.

     "Simple Interest Method" means the method of allocating a fixed level
payment to principal and interest, pursuant to which the portion of such payment
that is allocated to interest is equal to the product of the fixed rate of
interest multiplied by the unpaid Principal Balance multiplied by the period of
time elapsed since the preceding payment of interest was made, and the remainder
of such payment is allocable to principal.

     "Simple Interest Receivable" means any Receivable providing for the
allocation of payments made thereunder to principal and interest in accordance
with the Simple Interest Method.

<PAGE>

     "Specified Reserve Account Balance" with respect to any Payment Date, means
1.75% of the Pool Balance as of the related Settlement Date, but in any event
will not be less than the lesser of (i) $ 9,749,122.90 and (ii) such Pool
Balance; provided that the Specified Reserve Account Balance will be calculated
using a percentage of 3.50% for any Payment Date (beginning with the February
2002 Payment Date) for which the Average Net Loss Ratio exceeds 1.75% or the
Average Delinquency Percentage exceeds 1.75%. Upon written notification to the
Indenture Trustee by the Seller, the Specified Reserve Account Balance may be
reduced to a lesser amount as determined by the Seller so long as such reduction
satisfies the Rating Agency Condition.

     "Standard & Poor's" means Standard & Poor's Ratings Services and its
successors and assigns.

     "Total Distribution Amount" means, for any Payment Date, the sum of
Available Interest and Available Principal for such Payment Date. The Total
Distribution Amount on any Payment Date shall exclude all payments and proceeds
(including any Liquidation Proceeds and any amounts received from Dealers with
respect to Receivables) of any Receivables the Repurchase Amount of which has
been included in the Total Distribution Amount for a prior Payment Date.

     "Treasury Regulations" means, the treasury regulations promulgated under
Code.

     "Trust Accounts" means, collectively, the Collection Account, the Note
Distribution Account and the Reserve Account.

     "Trust Agreement" means the Amended and Restated Trust Agreement dated as
of November 1, 2001, between the Seller and the Owner Trustee, as the same may
be amended and supplemented from time to time.

     "Trust Estate" means all money, instruments, rights and other property that
are subject or intended to be subject to the lien and security interest of the
Indenture for the benefit of the Noteholders (including all property and
interests Granted to the Indenture Trustee), including all proceeds thereof and
the Reserve Account.

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

     "Wells Fargo" means Wells Fargo Bank Minnesota, National Association.

     SECTION 1.2 Usage of Terms. With respect to all terms in this Agreement,
the singular includes the plural and the plural the singular; words importing
any gender include the other gender; references to "writing" include printing,
typing, lithography, and other means of reproducing words in a visible form;
references to agreements and other contractual instruments include all
subsequent amendments thereto or changes therein entered into in accordance with
their respective terms and not prohibited by this Agreement; references to
Persons include their permitted successors and assigns; and the term "including"
means "including without limitation." All references herein to Articles,
Sections, Subsections and Exhibits are references to Articles,

<PAGE>

Sections, Subsections and Exhibits contained in or attached to this Agreement
unless otherwise specified, and each such Exhibit is part of the terms of this
Agreement.

     SECTION 1.3 Simple Interest Method; Methods of Allocating Payments or
Receivables; Allocations. All allocations of payments to principal and interest
and determinations of periodic charges and the like on the Receivables shall be
based on a year with the actual number of days in such year and twelve months
with the actual number of days in each such month. Each payment on a Receivable
shall be applied first, to the payment of accrued and unpaid interest on such
Receivable, second, to reduce the scheduled principal amount outstanding on the
Receivable to the extent of the remaining scheduled payment, third, to any
outstanding fees and Late Fees under the terms of the Receivable and fourth, to
reduce the principal amount outstanding on the Receivable. Amounts paid by the
Seller or the Servicer in respect of Repurchased Receivables shall be allocated
as if the Obligor thereof had prepaid such Receivable in full on the date as of
which such Receivable was repurchased by the Seller pursuant to Section 3.2 or
purchased by the Servicer pursuant to Section 4.6 or 9.1.

                                   ARTICLE II

                            CONVEYANCE OF RECEIVABLES

     SECTION 2.1 Conveyance of Receivables. In consideration of the Issuer's
delivery of the Notes and the Certificates to and upon the order of the Seller,
the Seller does hereby sell, transfer, assign, and otherwise convey to the
Issuer, without recourse (subject to the Seller's obligations herein):

     (i) all right, title, and interest of the Seller in, to and under the
Receivables listed in the Schedule of Receivables, which is incorporated by
reference herein, all proceeds thereof and all amounts and monies received
thereon on or after the Cutoff Date (including proceeds of the repurchase of
Receivables by the Seller pursuant to Section 3.2 or the purchase of Receivables
by the Servicer pursuant to Section 4.6 or 9.1), together with the interest of
the Seller in the security interests in the Financed Vehicles granted by the
Obligors pursuant to the Receivables and in any repossessed Financed Vehicles;

     (ii) all right, title and interest of the Seller in any Liquidation
Proceeds and in any proceeds of any extended warranties, theft and physical
damage, guaranteed auto protection, credit life or credit disability policies
relating to the Financed Vehicles or the Obligors;

     (iii) all right, title and interest of the Seller in any proceeds from
Dealer repurchase obligations relating to the Receivables; and

     (iv) all proceeds (as defined in the Relevant UCC) of the foregoing.

<PAGE>

     In connection with such sale, the Seller agrees to record and file, at its
own expense, financing statements (and continuation statements with respect to
such financing statements when applicable) with respect to the Receivables for
the sale of accounts and chattel paper meeting the requirements of applicable
state law in such manner and in such jurisdictions as are necessary to perfect
the sale and assignment of the Receivables to the Issuer.

     It is the intention of the Seller and the Issuer that (a) the assignment
and transfer herein contemplated constitute a sale of the Receivables, conveying
good title thereto free and clear of any liens and encumbrances, from the Seller
to the Issuer and (b) the Receivables not be part of the Seller's estate in the
event of an insolvency. In the event that such conveyance is deemed to be a
pledge to secure a loan, the Seller hereby grants to the Issuer a first priority
perfected security interest in all of the Seller's right, title and interest in,
to and under the items of property listed in clauses (i) through (iii) above,
and in all proceeds (as defined in the Relevant UCC) of the foregoing, to secure
the loan deemed to be made in connection with such pledge and, in such event,
this Agreement shall constitute a security agreement under applicable law.

     SECTION 2.2 Closing. The conveyance of the Receivables shall take place at
the offices of Simpson Thacher & Bartlett, New York, New York on the Closing
Date, simultaneously with the closing of the transactions contemplated by the
underwriting agreements related to the Notes and the Certificates and the other
Basic Documents. Upon the acceptance by the Seller of the Notes and the
Certificates, the ownership of each Receivable and the contents of the related
Receivable File will be vested in the Issuer, subject only to the lien of the
Indenture.

                                  ARTICLE III

                                THE RECEIVABLES

     SECTION 3.1 Representations and Warranties of Seller; Conditions Relating
to Receivables.

     (a) The Seller makes the following representations and warranties as to the
Receivables on which the Issuer shall rely in acquiring the Receivables. Such
representations and warranties shall speak as of the Cutoff Date unless
otherwise specified, but shall survive the sale, transfer, and assignment of the
Receivables to the Issuer and the pledge thereof to the Indenture Trustee
pursuant to the Indenture.

     (i) Schedule of Receivables. The Schedule of Receivables identifies the
Receivables by account number, name of Obligor and remaining principal balance
of the Receivables as of the Cutoff Date and the information set forth in the
Schedule of Receivables with respect to each Receivable is true and correct in
all material respects, and no selection procedures materially adverse to the
Holders has been utilized in selecting the Receivables from all receivables
owned by the Seller which meet the selection criteria specified herein.

     (ii) No Sale or Transfer. No Receivable has been sold, transferred,
assigned or pledged by the Seller to any Person other than the Issuer.

<PAGE>

     (iii) Good Title. Immediately prior to the transfer and assignment of the
Receivables to the Issuer herein contemplated, the Seller has good and
marketable title to each Receivable free and clear of all Liens and rights of
others; and, immediately upon the transfer thereof, the Issuer has either (i)
good and marketable title to each Receivable, free and clear of all Liens and
rights of others, other than the Lien of the Indenture Trustee under the
Indenture, and the transfer has been perfected under applicable law or (ii) a
first priority perfected security interest in each Receivable and the proceeds
thereof.

     (b) Each Receivable satisfies the following conditions as of the Cutoff
Date unless otherwise specified and such conditions shall survive the sale,
transfer and assignment of the Receivables to the Issuer and the pledge thereof
to the Indenture Trustee pursuant to the Indenture.

     (i) Acquisition. Each Receivable is a Dealer Receivable acquired directly
or indirectly from or made through a Dealer located in the United States
(including the District of Columbia);

     (ii) Security. Each Receivable is secured by a new or used automobile or
light-duty truck;

     (iii) Maturity of Receivables. Each Receivable had a remaining maturity of
not less than ten months and not greater than seventy-two months, and (A) in the
case of each Receivable secured by new Financed Vehicles, had an original
maturity of at least twelve months and not more than seventy-three months, or
(B) in the case of each Receivable secured by used Financed Vehicles, had an
original maturity of at least twelve months and not more than sixty-six months.

     (iv) Contract Rate. Each Receivable is a fully-amortizing fixed rate simple
interest contract or note that provides for level scheduled monthly payments
over its remaining term and has a Contract Rate of not more than 18.00% per
annum;

     (v) No Repossessions. Each Receivable is secured by a Financed Vehicle that
had not been repossessed without reinstatement of such Receivable;

     (vi) Obligor Not Subject to Bankruptcy Proceedings. Each Receivable has
been entered into by an Obligor who had not been identified on the computer
files of the Seller as in bankruptcy proceedings;

     (vii) No Overdue Payments. Each Receivable had no payment that was more
than 30 days past due;

     (viii) Remaining Principal Balance. Each Receivable had a remaining
Principal Balance of at least $2,000 and not greater than $100,000;

     (ix) No Force Placed Insurance. Each Receivable was secured by a Financed
Vehicle that was not insured by a force placed insurance policy or any vendor's
single interest and non-filing insurance policy;

<PAGE>

     (x) Receivable Files. The Receivable Files was kept at one or more of the
locations specified in Schedule B hereto;

     (xi) Characteristics of Receivables. Each Receivable (a) has been
originated in the form of a credit sales transaction by a Dealer or a purchase
money loan or other note through a Dealer located in one of the States of the
United States (including the District of Columbia) for the retail financing of a
Financed Vehicle and has been fully and properly executed by the parties
thereto, (b) if a retail installment sales contract, has been purchased by the
Seller from the originating Dealer or an Affiliate of the Seller and has been
validly assigned by such Dealer or an Affiliate of the Seller to the Seller in
accordance with its terms; (c) contains customary and enforceable provisions
such that the rights and remedies of the holder thereof are adequate for
realization against the collateral of the benefits of the security; and (d)
provides for fully amortizing level scheduled monthly payments (provided that
the payment in the last month in the life of the Receivable may be different
from the level scheduled payment) and for accrual of interest at a fixed rate
according to the Simple Interest Method;

     (xii) Compliance with Laws. Each Receivable and each sale of the related
Financed Vehicle complied at the time it was originated or made, and complied on
and after the Cutoff Date, in all material respects with all requirements of
applicable federal, state, and local laws, and regulations thereunder, including
usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act,
the Fair Credit Reporting Act, the Federal Trade Commission Act, the
Magnuson-Moss Warranty Act, Federal Reserve Board Regulations B and Z, state
adaptations of the National Consumer Act and of the Uniform Consumer Credit
Code, and any other consumer credit, equal opportunity, and disclosure laws
applicable to such Receivable and sale thereof;

     (xiii) Binding Obligation. Each Receivable constitutes the legal, valid,
and binding payment obligation in writing of the Obligor, enforceable by the
holder thereof in all material respects in accordance with its terms, subject,
as to enforcement, to applicable bankruptcy, insolvency, reorganization,
liquidation and other similar laws and equitable principles relating to or
affecting the enforcement of creditors' rights;

     (xiv) No Government Obligor. Each Receivable is not due from the United
States of America or any State or from any agency, department, instrumentality
or political subdivision of the United States of America or any State or local
municipality, and each Receivable is not due from a business except to the
extent that such Receivable has a personal guaranty;

     (xv) Security Interest in Financed Vehicle. Immediately prior to the sale
and assignment thereof to the Issuer as herein contemplated, each Receivable was
secured by a validly perfected first priority security interest in the related
Financed Vehicle in favor of or for the benefit of the Seller as secured party
(subject to administrative delays and clerical errors on the part of the
applicable governmental agency and to any statutory or other lien arising by
operation of law after the Closing Date which is prior to such security
interest), the Seller's security interest (or beneficial interest therein) is
assignable, and has been so assigned by the Seller to the Issuer, and at such
time as

<PAGE>

enforcement of such security interest is sought, each Receivable shall be
secured by a validly perfected first priority security interest in the related
Financed Vehicle for the benefit of the Issuer (subject to administrative delays
and clerical errors on the part of the applicable governmental agency and to any
statutory or other lien arising by operation of law after the Closing Date which
is prior to such security interest);

     (xvi) Receivables in Force. No Receivable has been satisfied, subordinated,
or rescinded, nor has any Financed Vehicle been released from the Lien granted
by the related Receivable, in whole or in part;

     (xvii) No Waiver. No provision of a Receivable has been waived in such a
manner that such Receivable fails either to meet all of the representations and
warranties made by the Seller herein with respect thereto or to meet all of the
conditions with respect thereto pursuant to this Section 3.1(b);

     (xviii) No Amendments. No Receivable has been amended except pursuant to
either instruments included in the Receivable Files or instruments to be
included in the Receivable Files pursuant to Section 4.2 (or otherwise
maintained by the Seller in the ordinary course of its business), and no such
amendment has caused such Receivable either to fail to meet all of the
representations and warranties made by the Seller herein with respect thereto or
to fail to meet all of the conditions with respect thereto pursuant to this
Section 3.1(b);

     (xix) No Defenses. The Seller had no knowledge either of any facts which
would give rise to any right of rescission, setoff, counterclaim, or defense, or
of the same being asserted or threatened, with respect to any Receivable;

     (xx) No Liens. The Seller had no knowledge of any Liens or claims that have
been filed, including liens for work, labor, materials or unpaid taxes relating
to a Financed Vehicle, that would be liens prior to, or equal or coordinate
with, the lien granted by the Receivable;

     (xxi) No Default. Except for payment defaults continuing for a period of
not more than 30 days as of the close of business on the Cutoff Date, the Seller
has no knowledge that a default, breach, violation, or event permitting
acceleration under the terms of any Receivable exists; the Seller has no
knowledge that a continuing condition that with notice or lapse of time would
constitute a default, breach, violation, or event permitting acceleration under
the terms of any Receivable exists; and the Seller has not waived any of the
foregoing;

     (xxii) Insurance. Each Receivable requires that the Obligor thereunder
maintain comprehensive, liability, theft and physical damage insurance covering
the related Financed Vehicle;

<PAGE>

     (xxiii) Lawful Assignment. No Receivable has been originated in, or is
subject to the laws of, any jurisdiction under which the sale, transfer, and
assignment of such Receivable under this Agreement or pursuant to transfers of
the Certificates or the Notes is unlawful, void or voidable;

     (xxiv) All Filings Made. No filings (other than filings under the Relevant
UCC which have been made) or other actions are necessary in any jurisdiction to
give the Issuer a first perfected security interest in the Receivables;

     (xxv) One Original. There is no more than one original executed copy of
each Receivable which, immediately prior to the delivery thereof to the Servicer
(as custodian for the Issuer), was in the possession of the Seller;

     (xxvi) Excluded Loans. Each Receivable is not a Receivable originated by or
through a Dealer located in the State of Alabama or Maryland; and

     (xxvii) No Debt Cancellation Policy. No Receivable is subject to a Debt
Cancellation Policy.

     SECTION 3.2 Repurchase Upon Breach or Failure of a Condition. The Seller,
the Servicer, the Indenture Trustee or the Owner Trustee, as the case may be,
shall inform the other parties in writing, upon the discovery by the Seller, the
Servicer or an Authorized Officer of the Indenture Trustee or the Owner Trustee,
as the case may be, of either any breach of the Seller's representations and
warranties set forth in Section 3.1(a) or the failure of any Receivable to
satisfy any of the conditions set forth in Section 3.1(b) which materially and
adversely affects the Holders' interest in any Receivable. Unless the breach or
failed condition shall have been cured by the last day of the Collection Period
following the Collection Period in which such discovery occurred (or, at the
Seller's option, the last day of the Collection Period in which such discovery
occurred), the Seller shall repurchase any Receivable the Holders' interest in
which was materially and adversely affected by the breach or failed condition,
as of such last day. In consideration of the repurchase of a Receivable, the
Seller shall remit the Repurchase Amount of such Receivable as of such last day
(less any Liquidation Proceeds deposited, or to be deposited, by the Servicer in
the Collection Account with respect to such Receivable pursuant to Section 4.3)
in the manner specified in Section 5.4. The sole remedy of the Issuer, the
Indenture Trustee or the Holders with respect either to a breach of the Seller's
representations and warranties set forth in Section 3.1(a) or to a failure of
any of the conditions set forth in Section 3.1(b) shall be to require the Seller
to repurchase Receivables pursuant to this Section 3.2. The obligation of the
Seller to repurchase under this Section 3.2 shall not be dependent upon the
actual knowledge of the Seller of any breached representation or warranty and
shall exist without regard to any limitation set forth in any representation or
warranty concerning the knowledge of the Seller as to the facts stated therein.
The Owner Trustee shall have no duty to conduct any affirmative investigation as
to the occurrence of any condition requiring the repurchase of any Receivable
pursuant to this Section 3.2 or the eligibility of any Receivable for purposes
of this Agreement.

     SECTION 3.3 Custody of Receivable Files. To assure uniform quality in
servicing the Receivables and to reduce administrative costs, the Issuer, upon
the execution and delivery of this Agreement, agrees to have the Servicer act as
custodian of the following

<PAGE>

documents or instruments (the "Receivable Files") which are hereby
constructively delivered to the Issuer with respect to each Receivable:

     (i) The original executed Receivable; and

     (ii) Any and all other documents or records that the Seller or the
Servicer, as the case may be, shall keep on file, in accordance with its
customary procedures, relating to a Receivable, an Obligor or a Financed
Vehicle.

     The Servicer hereby agrees to act as custodian and as agent for the Issuer
hereunder. The Servicer acknowledges that it holds the documents and instruments
relating to the Receivables for the benefit of the Issuer. The Issuer shall have
no responsibility to monitor the Servicer's performance as custodian and shall
have no liability in connection with the Servicer's performance of such duties
hereunder.

     SECTION 3.4 Duties of Servicer as Custodian.

     (a) Safekeeping. The Servicer, in its capacity as custodian, shall hold the
Receivable Files on behalf of the Issuer, and maintain such accurate and
complete accounts, records (either original execution documents or copies of
such originally executed documents shall be sufficient) and computer systems
pertaining to the Receivables as shall enable the Issuer to comply with its
obligations pursuant to this Agreement. In performing its duties as custodian,
the Servicer shall act with reasonable care, using that degree of skill and
attention that the Servicer exercises with respect to the receivable files of
comparable new or used automobile receivables that the Servicer services for
itself. The Servicer shall conduct, or cause to be conducted, periodic audits of
the files of all receivables owned or serviced by the Servicer which shall
include the Receivable Files held by it under this Agreement and the related
accounts, records and computer systems, in such a manner as shall enable the
Owner Trustee or the Indenture Trustee to identify all Receivable Files and such
related accounts, records and computer systems and to verify, if the Owner
Trustee or the Indenture Trustee so elects, the accuracy of the Servicer's
recordkeeping. The Servicer shall promptly report to the Owner Trustee or the
Indenture Trustee any failure on its part to hold the Receivable Files and
maintain its accounts, records, and computer systems as herein provided, and
promptly take appropriate action to remedy any such failure.

     (b) Maintenance of and Access to Records. The Servicer shall maintain each
Receivable File at one of the locations specified in Schedule B to this
Agreement, or at such other location as shall be specified to the Owner Trustee
and the Indenture Trustee by 30 days' prior written notice. The Servicer shall
make available to the Owner Trustee, the Indenture Trustee or their respective
duly authorized representatives, attorneys or auditors, the Receivable Files and
the related accounts, records and computer systems maintained by the Servicer at
such times during normal operating hours as the Owner Trustee or Indenture
Trustee shall reasonably instruct which does not unreasonably interfere with the
Servicer's normal operations or customer or employee relations.

     (c) Release of Documents. Upon instruction from the Indenture Trustee (or,
if the Notes have been paid in full, from the Owner Trustee), the Servicer shall
release any document

<PAGE>

in the Receivable Files to the Indenture Trustee or Owner Trustee, or their
respective agents or designee, as the case may be, at such place or places as
such Person may reasonably designate as soon as reasonably practicable to the
extent it does not unreasonably interfere with the Servicer's normal operations
or customer or employee relations. The Servicer shall not be responsible for any
loss occasioned by the failure of the Owner Trustee or Indenture Trustee, or
their respective agents or designees, to return any document or any delay in
doing so.

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

     SECTION 3.5 Instructions; Authority to Act. The Servicer shall be deemed to
have received proper instructions with respect to the Receivable Files upon its
receipt of written instructions signed by an Authorized Officer of the Indenture
Trustee (or, if the Notes have been paid in full, of the Owner Trustee). A
certified copy of a by-law or of a resolution of the Board of Directors of the
Owner Trustee or the Indenture Trustee, as the case may be, shall constitute
conclusive evidence of the authority of any such Authorized Officer to act and
shall be considered in full force and effect until receipt by the Servicer of
written notice to the contrary given by the Owner Trustee or the Indenture
Trustee, as the case may be.

     SECTION 3.6 Custodian's Indemnification. The Servicer, as custodian, shall
indemnify the Issuer, the Owner Trustee and the Indenture Trustee for any and
all liabilities, obligations, losses, damages, payments, costs, or expenses of
any kind whatsoever that may be imposed on, incurred or asserted against the
Issuer, the Owner Trustee or the Indenture Trustee as the result of any act or
omission in any way relating to the maintenance and custody by the Servicer, as
custodian, of the Receivable Files; provided, however, that the Servicer shall
not be liable for any portion of any such amount resulting from the willful
misfeasance, bad faith, or negligence of the Issuer, the Owner Trustee or the
Indenture Trustee.

     SECTION 3.7 Effective Period and Termination. The Servicer's appointment as
custodian shall become effective as of the Cutoff Date and shall continue in
full force and effect until terminated pursuant to this Section 3.7 or until
this Agreement shall be terminated. If the Servicer shall resign as Servicer
under Section 7.5 or if all of the rights and obligations of the Servicer shall
have been terminated under Section 8.1, the appointment of the Servicer as
custodian may be terminated by the Indenture Trustee or by the Holders of Notes
evidencing not less than a majority of the aggregate Outstanding Amount of the
Notes (or, if there are no Notes outstanding, the Holders of Certificates
representing not less than a majority of the Certificate Balance), in the same
manner as the Indenture Trustee or such Holders may terminate the rights and
obligations of the Servicer under Section 8.1. As soon as practicable after any
termination of such appointment, the Servicer shall, at its expense, deliver the
Receivable Files to the Issuer or the Issuer's agent at such place or places as
the Issuer may reasonably designate. Notwithstanding the termination of the
Servicer as custodian, the Owner Trustee agrees that upon any such termination,
the Issuer shall provide, or cause its agent to provide, access to the
Receivable Files to the Servicer for the purpose of carrying out its duties and
responsibilities with respect to the servicing of the Receivables hereunder.

<PAGE>

                                   ARTICLE IV

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

     SECTION 4.1 Duties of Servicer. The Servicer is hereby authorized to act as
agent for the Issuer and in such capacity shall manage, service, administer and
make collections on the Receivables (other than Repurchased Receivables) with
reasonable care, using that degree of skill and attention that the Servicer
exercises with respect to comparable new or used automobile receivables that it
services for itself. The Servicer's duties shall include collection and posting
of all payments, responding to inquiries by Obligors or by federal, state, or
local governmental authorities with respect to the Receivables, investigating
delinquencies, reporting tax information to Obligors in accordance with its
customary practices, advancing costs of disposition of defaults, monitoring
Receivables in cases of Obligor defaults, accounting for collections, furnishing
monthly and annual statements to the Indenture Trustee with respect to
distributions. The Servicer shall follow its customary standards, policies, and
procedures in performing its duties as Servicer hereunder; provided that the
Servicer shall be permitted to take or to refrain from taking any action not
specified in this Agreement with respect to servicing the Receivables if such
action or inaction would not contravene any material term of this Agreement or
materially and adversely affect the interests of Holders and is not outside
customary or normal servicing procedures. Without limiting the generality of the
foregoing, the Servicer shall be authorized and empowered by the Issuer to
execute and deliver, on behalf of itself, the Owner Trustee, the Indenture
Trustee and the Holders, or any of them, any and all instruments of satisfaction
or cancellation, or of partial or full release or discharge, and all other
comparable instruments, without recourse to the Issuer, with respect to the
Receivables or with respect to the Financed Vehicles. If the Servicer shall
commence a legal proceeding to enforce a Receivable or a Defaulted Receivable,
the Issuer shall thereupon be deemed to have automatically assigned such
Receivable and the related property conveyed to the Issuer with respect to such
Receivable to the Servicer, solely for the purpose of collection. The Owner
Trustee shall furnish the Servicer with such documents as have been prepared by
the Servicer for execution by the Owner Trustee and as are necessary or
appropriate to enable the Servicer to carry out its servicing and administrative
duties hereunder.

     SECTION 4.2 Collection of Receivable Payments; Refinancing. (a) The
Servicer shall make reasonable efforts to collect all payments called for under
the terms and provisions of the Receivables and of this Agreement as and when
the same shall become due, and shall follow such collection procedures as it
follows with respect to comparable new or used automobile receivables that it
services for itself and that are consistent with prudent industry standards. In
connection therewith, the Servicer may grant extensions, rebates or adjustments
on a Receivable without the consent of the Issuer; provided, however, that if
the Servicer extends the date for final payment by the Obligor of any Receivable
beyond the Final Scheduled Maturity Date, it shall promptly repurchase such
Receivable pursuant to Section 4.6. The Servicer is authorized in its discretion
to waive any Late Fees that may be due in the ordinary course of collecting a
Receivable; provided, further, that the Servicer shall not agree to any change
in the underlying Contract Rate on any Receivable, to any change in the
Principal Balance thereof (except with respect to a prepayment of a scheduled
payment that does not result in a deferral of any other scheduled payment), to
any reduction of the total number of payments due thereunder or, subject to the
foregoing, to any reduction of the amount of any scheduled

<PAGE>

payment on a Receivable. In the event that at the end of the scheduled term of
any Receivable, the outstanding principal amount thereof is such that the final
payment to be made by the related Obligor is larger than the regularly scheduled
payment of principal and interest made by such Obligor, the Servicer may permit
such Obligor to pay such remaining principal amount in more than one payment of
principal and interest; provided, however, that the last such payment shall be
due on or prior to the Final Scheduled Maturity Date.

     (b) Notwithstanding anything in this Agreement to the contrary, the
Servicer may refinance any Receivable by accepting a new promissory note from
the related Obligor and applying the proceeds of such refinancing to pay all
obligations in full of such Obligor under such Receivable. The receivable
created by the refinancing shall not be property of the Issuer.

     SECTION 4.3 Realization Upon Receivables. The Servicer shall use reasonable
efforts, consistent with its customary servicing procedures, to repossess or
otherwise take possession of the Financed Vehicle securing any Receivable during
the calendar month in which more than 10% of any scheduled payment thereunder
becomes 90 days delinquent; provided, however that the Servicer may repossess or
otherwise take possession of the Financed Vehicle securing a Receivable (i)
earlier if (A) such Receivable becomes a Defaulted Receivable, (B) the Servicer
determines that such Financed Vehicle is in danger of being damaged, destroyed
or otherwise made unavailable for repossession or (C) the related Obligor
voluntarily surrenders such Financed Vehicle or (ii) later if (A) the Servicer
is unable to locate such Financed Vehicle, (B) the related Obligor is the
subject of a bankruptcy proceeding or (C) the Servicer otherwise defers
repossession of such Financed Vehicle in accordance with its normal and
customary servicing practices and procedures. After repossession of a Financed
Vehicle, the Servicer shall in accordance with its customary and usual practices
and procedures sell such Financed Vehicle in an auction or consign such Financed
Vehicle to a Dealer for resale as soon as is practicable after repossession,
subject to any applicable laws. The Servicer shall follow such customary and
usual practices and procedures as it shall deem necessary or advisable in
determining when and if to exercise reasonable efforts to realize upon any
recourse to Dealers. The Servicer shall be entitled to recover from proceeds all
reasonable expenses incurred by it in the course of converting the Financed
Vehicle into cash proceeds. The Liquidation Proceeds with respect to a
Receivable shall be deposited by the Servicer in the Collection Account in the
manner specified in Section 5.2 and shall be applied to reduce (or to satisfy,
as the case may be) the Repurchase Amount of the Receivable, if such Receivable
is to be repurchased by the Seller pursuant to Section 3.2, or is to be
purchased by the Servicer pursuant to Section 4.6. The foregoing shall be
subject to the provision that, in any case in which a Financed Vehicle shall
have suffered damage, the Servicer shall not expend funds in connection with the
repair or the repossession of such Financed Vehicle unless it shall determine in
its sole discretion that such repair and/or repossession will increase the
Liquidation Proceeds of the related Receivable by an amount equal to or greater
than the amount of such expenses.

     SECTION 4.4 Maintenance of Security Interests in Financed Vehicles. The
Servicer, in accordance with its customary servicing procedures, shall take such
steps as are necessary to maintain perfection of the first priority security
interest of the Seller created in any Financed Vehicle which secures a
Receivable. The Owner Trustee, on behalf of the Issuer, and the Indenture
Trustee hereby authorize the Servicer, and the Servicer hereby agrees, to take
such steps as are necessary to re-perfect such security interest in the event of
the relocation of a

<PAGE>

Financed Vehicle or for any other reason, in either case, when the Servicer has
knowledge of the need for such re-perfection. In the event that the assignment
of a Receivable to the Issuer and by the Issuer to the Indenture Trustee
pursuant to the Indenture is insufficient without a notation on the related
Financed Vehicle's certificate of title, or without fulfilling any additional
administrative requirements under the laws of the State in which the Financed
Vehicle is located, to grant to the Indenture Trustee a perfected security
interest in the related Financed Vehicle, the Seller and Servicer hereby agree
that the Seller's listing as the secured party on the certificate of title is
deemed to be in its capacity as agent of the Indenture Trustee and the Servicer
further agrees to hold such certificate of title as the Indenture Trustee's
agent and custodian; provided, however, that the Servicer shall not, nor shall
the Owner Trustee, the Indenture Trustee or Holders have the right to require
that the Servicer, make any such notation on the related Financed Vehicles'
certificate of title or fulfill any such additional administrative requirement
of the laws of the State in which a Financed Vehicle is located.

     SECTION 4.5 Covenants of Servicer. The Servicer hereby makes the following
covenants on which the Issuer will rely in accepting the Receivables:

     (i) Security Interest to Remain in Force. The Financed Vehicle securing
each Receivable shall not be released from the security interest granted by the
Receivable in whole or in part except if such Financed Vehicle is substituted in
whole by the manufacturer, dealer or seller as a result of mechanical defects or
a total loss of the Financed Vehicle because of accident or theft or as
otherwise contemplated herein;

     (ii) No Impairment. The Servicer shall not impair the rights of the Issuer,
the Indenture Trustee or any Holder in the Receivables; and

     (iii) Extensions; Defaulted Receivables. The Servicer shall not increase
the number of payments under a Receivable, nor increase the Amount Financed
under a Receivable, nor extend or forgive payments on a Receivable or otherwise
amend the terms of any Receivable, except as provided in Section 4.2.

     SECTION 4.6 Purchase of Receivables Upon Breach. The Seller, the Servicer,
the Indenture Trustee or the Owner Trustee, as the case may be, shall inform the
other parties promptly, in writing, upon the discovery by the Seller, the
Servicer or an Authorized Officer of the Indenture Trustee or the Owner Trustee,
as the case may be, of any breach by the Servicer of its covenants under Section
4.5 which materially and adversely affects the interest of the Holders in any
Receivable (for this purpose, any breach of the covenant set forth in Section
4.5(iii) shall be deemed to materially and adversely affect the interest of the
Holders in a Receivable). Except as otherwise specified in Section 4.2, unless
the breach shall have been cured by the last day of the Collection Period
following the Collection Period in which such discovery occurred (or, at the
Servicer's election, the last day of the Collection Period in which such
discovery occurred), the Servicer shall purchase any Receivable materially and
adversely affected by such breach as of such last day. In consideration of the
purchase of such Receivable, the Servicer shall remit the Repurchase Amount
(less any Liquidation Proceeds deposited, or to be deposited, by the Servicer in
the Collection Account with respect to such Receivable pursuant to Section 4.3)
in the manner specified in Section 5.4. The sole remedy of the Issuer, the Owner
Trustee, the Indenture Trustee or the Holders against the Servicer with respect
to a breach pursuant to

<PAGE>

Section 4.2 or 4.5 shall be to require the Servicer to purchase Receivables
pursuant to this Section 4.6. The Owner Trustee shall have no duty to conduct
any affirmative investigation as to the occurrence of any condition requiring
the repurchase of any Receivable pursuant to this Section 4.6 or the eligibility
of any Receivable for purposes of this Agreement.

     SECTION 4.7 Servicing Fee. The Servicing Fee for a Collection Period shall
be payable on the related Payment Date pursuant to Section 5.5 and shall equal
the sum of (i) the product of one-twelfth of the Servicing Fee Rate and the Pool
Balance as of the related Settlement Date and (ii) Late Fees received from
Obligors during such Collection Period. In addition, as part of the Servicing
Fee, the Servicer shall be entitled to receive on each Payment Date Investment
Earnings when and as paid on amounts on deposit in the Collection Account or
earned on collections pending deposit in the Collection Account. The Servicer
shall be required to pay from its own account all expenses incurred by it in
connection with its activities hereunder (including fees and disbursements of
independent accountants and auditors, taxes imposed on the Servicer, and other
costs incurred in connection with administering and servicing the Receivables)
and the fees and disbursements of the Issuer, the Administrator, the Owner
Trustee, the Indenture Trustee, the Owner Trustee's and the Indenture Trustee's
respective counsel, the Securities Intermediaries, the Paying Agent, the
Authenticating Agent, the Note Registrar and the Certificate Registrar except
for United States federal, state and local income and franchise taxes, if any,
imposed on the Issuer or any Holder or any expenses in connection with realizing
upon Receivables under Section 4.3.

     SECTION 4.8 Servicer's Certificate. On or before each Determination Date,
the Servicer shall deliver to the Indenture Trustee, the Owner Trustee, the
Paying Agent and the Rating Agencies a Servicer's Certificate, substantially in
the form of Exhibit A, for the Collection Period preceding such Determination
Date, containing all information necessary to make the distributions pursuant to
Section 5.5, and all information necessary for the Paying Agent to send
statements to Holders pursuant to Section 5.8. The Servicer shall deliver to the
Rating Agencies any information, to the extent it is available to the Servicer,
that the Rating Agencies reasonably request in order to monitor the Issuer. The
Servicer shall also specify each Receivable which the Seller or the Servicer is
required to repurchase or purchase, as the case may be, as of the last day of
the preceding Collection Period and each Receivable which the Servicer shall
have determined to be a Defaulted Receivable during the preceding Collection
Period. Subsequent to the Closing Date, the form of Servicer's Certificate may
be revised or modified to cure any ambiguities or inconsistencies between such
form and this Agreement; provided, however, that no material information shall
be deleted from the form of Servicer's Certificate. In the event that the form
of Servicer's Certificate is revised or modified in accordance with the
preceding sentence, a form thereof, as so revised or modified, shall be provided
to the Owner Trustee, the Paying Agent, the Indenture Trustee and each Rating
Agency.

     SECTION 4.9 Annual Statement as to Compliance. (a) The Servicer shall
deliver to a firm of independent certified public accountants, on or before
March 31 of each year commencing March 31, 2002, a certificate signed by the
chairman of the board, the president, the treasurer, the controller, any
executive or senior vice president or any vice president of the Servicer,
stating that (a) a review of the activities of the Servicer during the year
ended the preceding December 31 (or the period since the Cutoff Date in the case
of the first such certificate) and of its performance under this Agreement has
been made under such officer's supervision and (b) to the best of such officer's
knowledge, based on such review, the Servicer has fulfilled all its obligations
in all material respects under this Agreement throughout such year (or the
period since the Cutoff Date in the case of the first such

<PAGE>

certificate), or, if there has been a default in the fulfillment of any such
obligation, specifying each such default known to such officer and the nature
and status thereof.

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

     SECTION 4.10 Annual Audit Report. The Servicer shall cause a firm of
independent public accountants (which may provide other services to the Servicer
or the Seller) to prepare a report (with a copy of the certificate described in
Section 4.9(a) attached) addressed to the Board of Directors of the Servicer,
for the information and use of the Indenture Trustee, the Owner Trustee and the
Rating Agencies on or before March of each year, beginning March 31, 2002, to
the effect that, with respect to the twelve months ended the preceding December
31 (or the period since the Cutoff Date, in the case of the first such
certificate), such firm has either (A) examined a written assertion by the
Servicer about the effectiveness of the Servicer's internal control structure
over the processing and reporting of transactions relating to securitized
automobile loans with respect to the criteria set forth by the Servicer (the
"Assertion") and that, on the basis of such examination, such firm is of the
opinion that the Servicer's Assertion is fairly stated in all material respects
except for such exceptions as shall be set forth in such firm's report, or (B)
such firm has performed the following procedures:

     1. For a sample of daily cash receipts during the preceding calendar year:

        a. Trace total cash receipts to deposits on bank statements.

        b. Agree cash receipts for securitized loans to computer reports.

        c. Trace cash receipts for securitized loans to disbursements to the
           Owner Trustee and the Indenture Trustee.

     2. For a sample of monthly cash receipt reports:

        a. Agree total cash receipts per the cash receipt reports to "Total
           Payments From Obligors Applied to Collection Period" per monthly
           Servicer Certificates.

        b. Agree total principal payments per the cash receipt reports to
           "Principal Payments" per monthly Servicer Certificates.

     3. For a sample of loans delinquent 30 days or more and for a sample of
        loans in repossession status, selected from the loan delinquency report
        or a new repossession report, as applicable, at a point in time, trace
        loan number to inclusion in the loan collection system.

<PAGE>

     The determination of which of the two alternative reports to be prepared
and delivered, and the size of each sample to be tested, shall be decided in the
sole discretion of the Servicer. The report of the independent certified public
accountants shall also indicate that such accounting firm is independent of the
Servicer within the meaning of the Code of Professional Ethics of the American
Institute of Certified Public Accountants.

     SECTION 4.11 Access by Holders to Certain Documentation and Information
Regarding Receivables. The Servicer shall provide to the Holders access to the
Receivable Files in such cases where the Holders shall be required by applicable
statutes or regulations to have access to such documentation. Access by the
Holders shall be afforded without charge, but only upon reasonable request and
during normal business hours which does not unreasonably interfere with the
Servicer's normal operations or customer or employee relations. Nothing in this
Section 4.11 shall affect the obligation of the Servicer to observe any
applicable law prohibiting disclosure of information regarding the Obligors, and
the failure of the Servicer to provide access to information as a result of such
obligation shall not constitute a breach of this Section 4.11.

     SECTION 4.12 Reports to Holders and the Rating Agencies. (a) The Indenture
Trustee or the Owner Trustee, as applicable, shall provide to any Holder who so
requests in writing (addressed to the Corporate Trust Office of such trustee) a
copy of any Servicer's Certificate described in Section 4.8, of the annual
statement described in Section 4.9(a), or of the annual report described in
Section 4.10. The Indenture Trustee or the Owner Trustee, as applicable, may
require the Holder to pay a reasonable sum to cover the cost of the Indenture
Trustee's or the Owner Trustee's complying with such request, as applicable. (b)
The Indenture Trustee or the Owner Trustee, as applicable, shall forward to the
Rating Agencies the statement to Holders described in Section 5.8 and any other
reports it may receive pursuant to this Agreement to (i) Standard & Poor's,
Standard & Poor's Ratings Service, 55 Water Street, New York, New York 10041,
(ii) Moody's, ABS Monitoring Dept., 99 Church Street, 4th Floor, New York, New
York 10007 and (iii) Fitch, One State Street Plaza, 32nd Floor, New York, New
York 10004.

     SECTION 4.13 Reports to the Securities and Exchange Commission. The
Servicer shall, on behalf of the Issuer, cause to be filed with the Commission
any periodic reports required to be filed under the provisions of the Exchange
Act and the rules and regulations of the Securities and Exchange Commission
thereunder.

                                   ARTICLE V

                            ACCOUNTS; DISTRIBUTIONS;
                        STATEMENTS TO CERTIFICATEHOLDERS

     SECTION 5.1 Establishment of Collection Account and Note Distribution
Account.(a) On or prior to the Closing Date, the Issuer, the Collection Account
Securities Intermediary and the Indenture Trustee shall have entered into the
Collection Account Control Agreement pursuant to which the Collection Account
shall be established and maintained for the benefit of the Noteholders and the
Certificateholders. If the depositary of the Collection Account ceases to be
either a Qualified Institution or a Qualified Trust Institution, as applicable,
the Issuer

<PAGE>

shall cause the Collection Account to be moved to a Qualified Institution or a
Qualified Trust Institution and the Indenture Trustee shall cause the depositary
maintaining the new Collection Account to assume the obligations of the existing
Collection Account Securities Intermediary under the Collection Account Control
Agreement unless the Rating Agency Condition is satisfied in connection with
such depositary's ceasing to be a Qualified Institution or a Qualified Trust
Institution, as the case may be. All amounts held in the Collection Account
shall be invested in accordance with the Collection Account Control Agreement at
the written direction of the Servicer to the extent provided in Section 8.3(a)
and Section 8.3(c) of the Indenture in Permitted Investments that mature not
later than the Deposit Date next succeeding the date of investment except, if
the Collection Account Securities Intermediary and the Indenture Trustee are the
same Person, investments on which the Indenture Trustee is the obligor
(including repurchase agreements on which the Indenture Trustee, in its
commercial capacity, is liable as principal) may mature on the next succeeding
Payment Date; provided, however, that once such amounts have been invested in
Permitted Investments, such Permitted Investments must be held or maintained
until they mature on or before the dates described above.

     (b) On or prior to the Closing Date, the Servicer shall establish and
maintain for the benefit of the Noteholders, in the name of the Indenture
Trustee, an Eligible Deposit Account for the deposit of distributions to the
Noteholders (the "Note Distribution Account"), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Noteholders. The Note Distribution Account shall be established initially at
Chase. Should any depositary of the Note Distribution Account or the Certificate
Distribution Account (including Chase (or an Affiliate thereof)) cease to be
either a Qualified Institution or a Qualified Trust Institution, as applicable,
then the Servicer shall, with the Seller's assistance as necessary, cause the
related account to be moved to a Qualified Institution or a Qualified Trust
Institution, unless the Rating Agency Condition is satisfied in connection with
such depositary's ceasing to be a Qualified Institution or a Qualified Trust
Institution, as the case may be. Amounts on deposit in the Note Distribution
Account shall not be invested.

     (c) The Indenture Trustee shall possess all right, title and interest in
all funds on deposit from time to time in the Note Distribution Account and in
all proceeds thereof and all such funds, investments, proceeds and income shall
be part of the Owner Trust Estate.

     SECTION 5.2 Collections. (a) The Servicer shall remit daily within
forty-eight hours of receipt to the Collection Account all Collections collected
during the Collection Period. Chase USA has requested that, so long as it is
acting as the Servicer, the Servicer be permitted to make remittances of
Collections on a less frequent basis than that specified in the immediately
preceding sentence. It is understood that such less frequent remittances may be
made only on the specific terms and conditions set forth below in this Section
5.2 and only for so long as such terms and conditions are fulfilled.
Accordingly, notwithstanding the provisions of the first sentence of this
Section 5.2, the Servicer shall remit such collections to the Collection Account
in Automated Clearinghouse Corporation next-day funds or immediately available
funds no later than 11:00 a.m., New York City time, on the Deposit Date, but
only for so long as (i) the short-term certificate of deposit ratings of the
Servicer are at least P-1 by Moody's, "F1" by Fitch (if rated by Fitch) and
"A-1" by Standard & Poor's, or the Rating Agency Condition is satisfied as a
result of Collections being remitted on a monthly, rather than daily, basis and
(ii) the Servicer shall be Chase USA or Chase. Upon remittance by the Servicer
of Collections to the Collection

<PAGE>

Account pursuant to the preceding sentence, the Paying Agent shall provide
written notice to the Indenture Trustee and the Owner Trustee no later than 11
a.m., New York City time, on each Deposit Date, setting forth the amounts
remitted by the Servicer on such date and, if the Paying Agent fails to provide
the Indenture Trustee and the Owner Trustee, with such written notice by 12
noon, New York City time, on such Deposit Date, then the Indenture Trustee and
the Owner Trustee shall assume that no deposits were made to the Collection
Account pursuant to this Section 5.2. For purposes of this Section 5.2 the
phrase "payments made on behalf of the Obligors" shall mean payments made by
Persons other than the Seller or the Servicer.

     (b) Notwithstanding anything in this Agreement to the contrary, if the
Servicer inadvertently deposits amounts that it mistakenly believes are
Collections resulting in the payment in full of a Receivable, and (i) the
Servicer discovers its error prior to the Payment following such deposit, the
Indenture Trustee, at the written direction of the Servicer, shall withdraw such
amounts and pay them to the Servicer or (ii) the Servicer shall be deemed to
have purchased such Receivable pursuant to Section 4.6 as of the last day of the
Collection Period during which such error shall have occurred.

     SECTION 5.3 [Reserved]

     ECTION 5.4 Additional Deposits. The Servicer, or the Seller, as the case
may be, shall deposit into the Collection Account the aggregate Repurchase
Amount pursuant to Sections 3.2, 4.6 and 9.1(a), as applicable. All remittances
shall be made to the Collection Account, in Automated Clearinghouse Corporation
next-day funds or immediately available funds, no later than 11 a.m., New York
City time, on the Deposit Date.

     SECTION 5.5 Distributions. (a) No later than 12 noon, New York City time,
on each Determination Date, the Servicer shall calculate all amounts required to
determine the amounts to be withdrawn from the Reserve Account (if any) and
deposited into the Collection Account and the amounts to be withdrawn from the
Collection Account and paid to the Servicer and the Administrator, deposited
into the Note Distribution Account and the Certificate Distribution Account
and/or paid to the Seller pursuant to Section 5.6(d) with respect to the next
succeeding Payment Date.

     (b) On each Deposit Date, the Servicer shall instruct the Indenture Trustee
in writing (based on the information contained in the Servicer's Certificate
delivered on the related Determination Date pursuant to Section 4.8) to withdraw
from the Reserve Account and deposit in the Collection Account the Reserve
Account Transfer Amount (if any) for the related Payment Date, and the Indenture
Trustee shall so withdraw and deposit the Reserve Account Transfer Amount for
such Payment Date.

     (c) Not later than 11:00 a.m., New York City time, on each Payment Date, at
the Servicer's direction, the Indenture Trustee, or the Paying Agent on behalf
of the Indenture Trustee, shall cause to be made the following distributions, to
the extent of the Total Distribution Amount then on deposit in the Collection
Account and amounts withdrawn from the Reserve Account and deposited in the
Collection Account by wire transfer of immediately available funds, in the
following order of priority and in the amounts set forth in the Servicer's
Certificate for such Payment Date:

<PAGE>

          (i) to the Servicer, the sum of (x) the Servicing Fee for the
     preceding Collection Period, plus (y) the amount of any Servicing Fee
     previously due but not paid, if any, to the extent such amounts are not
     deducted from the Servicer's remittance to the Collection Account pursuant
     to Section 5.7;

          (ii) to the Administrator, the sum of (x) the Administration Fee for
     such Payment Date, plus (y) the amount of any Administration Fee previously
     due but not paid, if any;

          (iii) to the Note Distribution Account, the Noteholders' Interest
     Distributable Amount;

          (iv) except as set forth in Section 5.5(d), to the Owner Trustee for
     deposit in the Certificate Distribution Account, the Certificateholders'
     Interest Distributable Amount;

          (v) except as set forth in Section 5.5(d), to the Note Distribution
     Account, the Noteholders' Principal Distributable Amount; and

          (vi) except as set forth in Section 5.5(d), to the Owner Trustee for
     deposit in the Certificate Distribution Account, the Certificateholders'
     Principal Distributable Amount; and

          (vii) except as set forth in Section 5.5(d), to the Reserve Account,
     any remaining portion of the Total Distribution Amount.

     In the event that the Collection Account is maintained with an institution
other than the Indenture Trustee, the Servicer shall instruct and cause such
institution to make all deposits and distributions pursuant to this Section
5.5(c) on the related Deposit Date.

     (d) If the Notes have been declared immediately due and payable as provided
in Section 5.2 of the Indenture following the occurrence of an Event of Default
described in clause (a) or (b) of Section 5.2 of the Indenture, any amounts
remaining in the Collection Account after the distributions described in clauses
(i), (ii) and (iii) of Section 5.5(c) shall be distributed as follows: (1) an
amount equal to the Outstanding Amount of the Notes will be deposited in the
Note Distribution Account, and (2) any remaining amounts will be applied
pursuant to clauses (iv), (v), (vi) and (vii) of Section 5.5(c).

     SECTION 5.6 Reserve Account. (a) On or prior to the Closing Date, the
Issuer, the Reserve Account Securities Intermediary and the Indenture Trustee
shall have entered into the Reserve Account Control Agreement pursuant to which
the Reserve Account shall be established and maintained for the benefit of the
Noteholders and the Certificateholders. Pursuant to Section 2.5 of the Trust
Agreement, on the Closing Date, the Owner Trustee shall deposit the Reserve
Account Initial Deposit into the Reserve Account.

     (b) If the depositary of the Reserve Account ceases to be either a
Qualified Institution or a Qualified Trust Institution, as applicable, the
Issuer shall cause the Reserve Account to be moved to a Qualified Institution or
a Qualified Trust Institution and the Indenture

<PAGE>

Trustee shall cause the depositary maintaining the new Reserve Account to assume
the obligations of the existing Reserve Account Securities Intermediary under
the Reserve Account Control Agreement unless the Rating Agency Condition is
satisfied in connection with such depositary's ceasing to be a Qualified
Institution or a Qualified Trust Institution, as the case may be.

     (c) All amounts held in the Reserve Account shall be invested in accordance
with the Reserve Account Control Agreement at the written direction of the
Seller to the extent provided in Section 8.3(a) and Section 8.3(c) of the
Indenture in Permitted Investments that mature not later than the Deposit Date
next succeeding the date of investment except, if the Reserve Account Securities
Intermediary and the Indenture Trustee are the same Person, investments on which
the Indenture Trustee is the obligor (including repurchase agreements on which
the Indenture Trustee, in its commercial capacity, is liable as principal) may
mature on the next succeeding Payment Date; provided, however, that amounts on
deposit in the Reserve Account may be invested in Permitted Investments that
mature later than the next succeeding Deposit Date, but in no event that mature
later than 90 days after the date of investment, if the Rating Agency Condition
is satisfied. Once amounts on deposit in the Reserve Account are invested in
Permitted Investments, such Permitted Investments must be held or maintained
until they mature on or before the dates described above.

     (d) On each Payment Date, the Indenture Trustee shall withdraw from the
Reserve Account and pay to the Seller the sum of (i) all investment earnings
(net of losses and investment expenses) credited to the Reserve Account since
the prior Payment Date and (ii) the excess, if any, of the amount on deposit in
the Reserve Account over the Specified Reserve Account Balance with respect to
such Payment Date (after giving effect to all deposits therein or withdrawals
therefrom on such Payment Date). Upon any distribution to the Seller of amounts
from the Reserve Account, the Holders will have no rights in, or claims, to,
such amounts. Amounts properly distributed to the Seller from the Reserve
Account shall not be available under any circumstances to the Indenture Trustee,
and the Seller shall not in any event thereafter be required to refund any such
distributed amounts.

     SECTION 5.7 Net Deposits. Chase USA (in its capacity as the Seller or the
Servicer) may make the remittances pursuant to Sections 5.2 and 5.4 above, net
of amounts to be retained by it or distributed to it (also in any such capacity)
pursuant to Section 4.7 (if applicable) and Section 5.5, if (a) it shall be the
Servicer and (b) it is entitled, pursuant to Section 5.2, to make deposits on a
monthly basis, rather than a daily basis. Nonetheless, the Servicer shall
account for all of the above-described amounts as if such amounts were deposited
and distributed separately.

     SECTION 5.8 Statements to Certificateholders and Noteholders. (a) On each
Payment Date, the Servicer shall provide to the Indenture Trustee and the Paying
Agent (for the Paying Agent to forward to each Noteholder of record pursuant to
the Indenture) and to the Owner Trustee (for the Owner Trustee to forward to
each Certificateholder of record pursuant to the Trust Agreement) a statement
substantially in the form of Exhibit B (or such other form that is acceptable to
the Indenture Trustee, the Owner Trustee and the Servicer), with a copy to the
Rating Agencies, setting forth at least the following information as to the
Notes (separately

<PAGE>

stating such information as to the Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes and the Class A-4 Notes) and the Certificates, to the extent
applicable:

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

          (ii) the amount of such distribution allocable to interest on each
     class of Notes and the Certificates;

          (iii) the amount of the Servicing Fee paid to the Servicer pursuant to
     Section 5.5(c);

          (iv) the amount of the Administration Fee paid to the Administrator on
     such Payment Date;

          (v) the Outstanding Amount of each class of the Notes, the Class A-1
     Note Pool Factor, the Class A-2 Note Pool Factor, the Class A-3 Note Pool
     Factor, the Class A-4 Note Pool Factor, the Certificate Balance and the
     Certificate Pool Factor, in each case after giving effect to payments
     allocated to principal reported under (i) above;

          (vi) the Pool Balance as of the last day of the preceding Collection
     Period;

          (vii) the aggregate amount of the Repurchase Amounts for Repurchased
     Receivables with respect to the related Collection Period paid by each of
     the Seller and the Servicer (accounted for separately);

          (viii) the amount of Aggregate Net Losses, if any, for such Payment
     Date;

          (ix) the balance of the Reserve Account on such Payment Date, after
     giving effect to deposits into and withdrawals from the Reserve Account on
     such Payment Date;

          (x) the Specified Reserve Account Balance for such Payment Date;

          (xi) the Total Distribution Amount for such Payment Date;

          (xii) the Noteholders' Distributable Amount and the components
     thereof;

          (xiii) the Certificateholders' Distributable Amount and the components
     thereof; and

          (xiv) the Reserve Account Transfer Amount, if any, for such Payment
     Date.

     Each amount set forth pursuant to subclause (i), (ii), (iii), (iv), (xii)
or (xiii) above shall be expressed as a dollar amount per $1,000 of original
principal balance of a Note or a Certificate, as applicable.

<PAGE>

                                   ARTICLE VI

                                   THE SELLER

     SECTION 6.1 Representations of Seller. The Seller makes the following
representations on which the Issuer shall rely in acquiring the Receivables. The
representations shall speak as of the execution and delivery of this Agreement,
and shall survive the sale of the Receivables to the Issuer and pledge thereof
to the Indenture Trustee pursuant to the Indenture.

          (i) Organization and Good Standing. The Seller has been duly organized
     and is validly existing as a national banking association in good standing
     under the laws of the United States of America, with power and authority to
     own its properties and to conduct its business as such properties are
     currently owned and such business is presently conducted, and had at all
     relevant times, and has, power, authority, and legal right to acquire and
     own the Receivables.

          (ii) Power and Authority. The Seller has the power and authority to
     execute and deliver this Agreement and the other Basic Documents to which
     it is a party and to carry out their respective terms, the Seller has full
     power and authority to sell and assign the property to be sold and assigned
     to the Issuer as the Owner Trust Estate and has duly authorized such sale
     and assignment to the Issuer by all necessary corporate action; and the
     execution, delivery, and performance of this Agreement and the other Basic
     Documents to which it is a party has been duly authorized by the Seller by
     all necessary action.

          (iii) Valid Sale; Binding Obligations. This Agreement effects a valid
     sale, transfer, and assignment of the Receivables, enforceable against
     creditors of and purchasers from the Seller; this Agreement and each of the
     other Basic Documents to which it is a party constitutes a legal, valid,
     and binding obligation of the Seller enforceable 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 in general and by general principles of equity,
     regardless of whether such enforceability is considered in a proceeding in
     equity or at law.

          (iv) No Violation. The consummation of the transactions contemplated
     by this Agreement and the other Basic Documents and the fulfillment of the
     terms hereof and thereof do not conflict with, result in any breach of any
     of the terms and provisions of, nor constitute (with or without notice or
     lapse of time) a default under, the articles of association or bylaws of
     the Seller, or conflict with or breach any of the material terms or
     provisions of, or constitute (with or without notice or lapse of time) a
     default under, any indenture, agreement, or other instrument to which the
     Seller 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; nor violate any law or,
     to the best of the Seller's knowledge, any order, rule, or regulation
     applicable to the Seller of any court or of any federal or state regulatory
     body, administrative agency, or other governmental instrumentality having
     jurisdiction over the Seller or its properties.

<PAGE>

          (v) No Proceedings. There are no proceedings or investigations
     pending, or, to the Seller's best knowledge, threatened, before any court,
     regulatory body, administrative agency, or other governmental
     instrumentality having jurisdiction over the Seller or its properties: (a)
     asserting the invalidity of this Agreement, any other Basic Document, the
     Notes or the Certificates, (b) seeking to prevent the issuance of the Notes
     or the Certificates or the consummation of any of the transactions
     contemplated by this Agreement or any other Basic Document, (c) seeking any
     determination or ruling that might materially and adversely affect the
     performance by the Seller of its obligations under, or the validity or
     enforceability of, this Agreement, any other Basic Document, or the Notes
     or the Certificates, or (d) relating to the Seller and which might
     adversely affect the federal or state income tax attributes of the Notes or
     the Certificates.

     SECTION 6.2 Liability of Seller; Indemnities. The Seller shall be liable in
accordance herewith only to the extent of the obligations specifically
undertaken by the Seller in such capacity under this Agreement and shall have no
other obligations or liabilities hereunder.

     The Seller shall indemnify, defend and hold harmless the Issuer, the Owner
Trustee and the Indenture Trustee from and against any taxes that may at any
time be asserted against any such Person with respect to, and as of the date of,
the sale of the Receivables to the Issuer or the issuance and original sale of
the Notes and the Certificates, including any sales, gross receipts, general
corporation, tangible or intangible personal property, privilege, or license
taxes (but not including any taxes asserted with respect to ownership of the
Receivables or federal or other income taxes, including franchise taxes measured
by net income), arising out of the transactions contemplated by this Agreement
and the other Basic Documents, and costs and expenses in defending against the
same.

     The Seller shall indemnify, defend, and hold harmless the Issuer, the Owner
Trustee and the Indenture Trustee from and against any loss, liability or
expense incurred by reason of (i) the Seller's willful misfeasance, bad faith,
or gross negligence in the performance of its duties hereunder, or by reason of
reckless disregard of the obligations and duties hereunder and (ii) the Seller's
violation of federal or state securities laws in connection with the
registration of the sale of the Notes and the Certificates.

     Indemnification under this Section 6.2 shall include reasonable fees and
expenses of counsel and expenses of litigation. If the Seller shall have made
any indemnity payments to the Issuer, the Owner Trustee or the Indenture
Trustee, respectively, pursuant to this Section 6.2 and the Issuer, the Owner
Trustee or the Indenture Trustee, respectively, thereafter shall collect any of
such amounts from others, the Issuer, the Owner Trustee or the Indenture
Trustee, respectively, shall repay such amounts to the Seller, without interest.

     SECTION 6.3 Merger or Consolidation of Seller. Any corporation or other
entity (i) into which the Seller may be merged or consolidated, (ii) which may
result from any merger, conversion, or consolidation to which the Seller shall
be a party, or (iii) which may succeed to all or substantially all of the
business of the Seller, which corporation or other entity shall be bound to
perform every obligation of the Seller under this Agreement, shall be the
successor to the Seller hereunder without the execution or filing of any
document or any further act by any of the parties to this Agreement. The Seller
shall give prompt written notice of any merger or

<PAGE>

consolidation to the Issuer, the Owner Trustee, the Indenture Trustee, the
Servicer and the Rating Agencies.

     SECTION 6.4 Limitation on Liability of Seller and Others. The Seller and
any director, officer, employee or agent of the Seller may rely in good faith on
the advice of counsel or on any document of any kind, prima facie properly
executed and submitted by any Person respecting any matters arising hereunder or
under any other Basic Documents. The Seller shall not be under any obligation
under this Agreement to appear in, prosecute, or defend any legal action that
shall be unrelated to its obligations under this Agreement or any other Basic
Document, and that in its opinion may involve it in any expense or liability.

     SECTION 6.5 Seller May Own Notes and Certificates. The Seller or any of its
Affiliates may in its individual or any other capacity become the owner or
pledgee of Notes or Certificates with the same rights as it would have if it
were not the Seller or an Affiliate thereof, except as otherwise provided in the
definition of "Outstanding" specified in Section 1.1. Notes or Certificates so
owned by or pledged to the Seller or any Affiliate thereof shall have an equal
and proportionate benefit under the provisions of this Agreement, without
preference, priority, or distinction as among all of the Notes or Certificates,
as applicable.

                                  ARTICLE VII

                                  THE SERVICER

     SECTION 7.1 Representations of Servicer. The Servicer makes the following
representations on which the Issuer shall rely in acquiring the Receivables. The
representations shall speak as of the execution and delivery of this Agreement
(or as of a date a Person (other than the Indenture Trustee) becomes Servicer
pursuant to Section 7.3 or Section 8.2), and shall survive the sale of the
Receivables to the Issuer and the pledge thereof to the Indenture Trustee
pursuant to the Indenture.

          (i) Organization and Good Standing. The Servicer has been duly
     organized and is validly existing as a national banking association or
     corporation and is in good standing under the laws of the United States of
     America or the jurisdiction of its incorporation, with power and authority
     to own its properties and to conduct its business as such properties are
     currently owned and such business is presently conducted, and had at all
     relevant times, and has, power, authority, and legal right to acquire, own,
     sell, and service the Receivables and to hold the Receivable Files as
     custodian on behalf of the Issuer.

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

          (iii) Binding Obligations. This Agreement and the other Basic
     Documents to which it is a party constitute legal, valid, and binding
     obligations of the Servicer

<PAGE>

enforceable in accordance with their respective terms subject, as to
enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation
or other similar laws and equitable principles relating to or affecting the
enforcement of creditors' rights, whether considered in a proceeding at law or
in equity.

          (iv) No Violation. The consummation of the transactions contemplated
     by this Agreement and the other Basic Documents and the fulfillment of the
     terms hereof and thereof do not conflict with, result in any breach of any
     of the terms and provisions of, nor constitute (with or without notice or
     lapse of time) a default under, the articles of association or bylaws of
     the Servicer, or conflict with or breach any of the material terms or
     provisions of, or constitute (with or without notice or lapse of time) a
     default under, any indenture, agreement, or other instrument to which the
     Servicer is a party or by which it 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; nor violate any law or,
     to the best of the Servicer's knowledge, any order, rule, or regulation
     applicable to the Servicer of any court or of any federal or state
     regulatory body, administrative agency, or other governmental
     instrumentality having jurisdiction over the Servicer or its properties.

          (v) No Proceedings. There are no proceedings or investigations
     pending, or to the Servicer's best knowledge, threatened, before any court,
     regulatory body, administrative agency, or other governmental
     instrumentality having jurisdiction over the Servicer or its properties:
     (a) asserting the invalidity of this Agreement, the Notes or the
     Certificates, (b) seeking to prevent the issuance of the Notes or the
     Certificates or the consummation of any of the transactions contemplated by
     this Agreement or any other Basic Document, (c) seeking any determination
     or ruling that might materially and adversely affect the performance by the
     Servicer of its obligations under, or the validity or enforceability of,
     this Agreement, any other Basic Document, the Notes or the Certificates, or
     (d) relating to the Servicer and which might adversely affect the federal
     or state income tax attributes of the Notes or the Certificates.

          (vi) Fidelity Bond. The Servicer maintains a fidelity bond in such
     form and amount as is customary for banks acting as custodian of funds and
     documents in respect of retail automotive installment sales contracts.

     SECTION 7.2 Liability of Servicer; Indemnities. The Servicer shall be
liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Servicer under this Agreement and shall have no other
obligations or liabilities hereunder.

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

          (ii) The Servicer shall indemnify, defend, and hold harmless the
     Issuer, the Owner Trustee and the Indenture Trustee from and against any
     taxes that may at any time be asserted against the Issuer with respect to
     the transactions contemplated in this

<PAGE>

     Agreement, including, without limitation, any sales, gross receipts,
     general corporation, tangible or intangible personal property, privilege,
     or license taxes (but not including any taxes asserted with respect to, and
     as of the date of, the sale of the Receivables to the Issuer or the
     issuance and original sale of the Notes or the Certificates, or asserted
     with respect to ownership of the Receivables or federal, state or other
     income taxes, including franchise taxes measured by net income) arising out
     of distributions on the Notes or the Certificates and costs and expenses in
     defending against the same.

          (iii) The Servicer shall indemnify, defend, and hold harmless the
     Issuer, the Owner Trustee, the Indenture Trustee and the Holders from and
     against any and all costs, expenses, losses, claims, damages, and
     liabilities to the extent that such cost, expense, loss, claim, damage, or
     liability arose out of, or was imposed upon the Issuer, the Owner Trustee,
     the Indenture Trustee or the Holders through the willful misfeasance, gross
     negligence, or bad faith of the Servicer in the performance of its duties
     under this Agreement or by reason of reckless disregard of its obligations
     and duties under this Agreement. Indemnification under this Section 7.2
     shall include reasonable fees and expenses of counsel and expenses of
     litigation. If the Servicer shall have made any indemnity payments pursuant
     to this Section 7.2 and the recipient thereafter collects any of such
     amounts from others, the recipient shall promptly repay such amounts to the
     Servicer, without interest. The indemnification obligations of the Servicer
     set forth in this Section 7.2 shall survive the termination of such
     Servicer with respect to any act or failure to act which occurs prior to
     such Servicer's termination. The provisions of Section 6.7 of the Indenture
     and Sections 8.1 and 8.2 of the Trust Agreement with respect to the
     Servicer's obligations are incorporated by reference herein.

     SECTION 7.3 Merger or Consolidation of Servicer. Any corporation or other
entity (i) into which the Servicer may be merged or consolidated, (ii) which may
result from any merger, conversion, or consolidation to which the Servicer shall
be a party, or (iii) which may succeed to all or substantially all of the
business of the Servicer, which corporation or other entity shall be bound to
perform every obligation of the Servicer hereunder, shall be the successor to
the Servicer under this Agreement without the execution or filing of any
document or any further act on the part of any of the parties to this Agreement.
The Servicer shall promptly inform the Issuer, the Owner Trustee, the Indenture
Trustee, the Seller and the Rating Agencies in writing of any such merger or
consolidation.

     SECTION 7.4 Limitation on Liability of Servicer and Others. (a) Neither the
Servicer nor any of the directors or officers or employees or agents of the
Servicer shall be under any liability to the Issuer, the Owner Trustee, the
Indenture Trustee or the Holders, except as provided under this Agreement, for
any action taken or for refraining from the taking of any action pursuant to
this Agreement; provided, however, that this provision shall not protect the
Servicer or any such person against any liability that would otherwise be
imposed by reason of willful misfeasance, gross negligence, or bad faith in the
performance of duties or by reason of reckless disregard of obligations and
duties under this Agreement. The Servicer and any director or officer or
employee or agent of the Servicer may rely in good faith on the advice of
counsel or

<PAGE>

on any document of any kind prima facie properly executed and submitted by any
Person respecting any matters arising under this Agreement.

     (b) The Servicer, and any director, or officer, employee or agent of the
Servicer, shall be indemnified by the Issuer and held harmless against any loss,
liability, or expense (including reasonable attorneys' fees and expenses)
incurred in connection with any legal action relating to the performance of the
Servicer's duties under this Agreement, other than (i) any loss or liability
otherwise reimbursable pursuant to this Agreement or the Basic Documents; (ii)
any loss, liability, or expense incurred solely by reason of the Servicer's
willful misfeasance, negligence, or bad faith in the performance of its duties
hereunder or by reason of reckless disregard of its obligations and duties under
this Agreement or the Basic Documents; and (iii) any loss, liability, or expense
for which the Issuer is to be indemnified by the Servicer under this Agreement
or the Basic Documents. Any amounts due the Servicer pursuant to this Section
7.4 shall be payable on a Payment Date from amounts distributable to the Seller
from the Reserve Account pursuant to Section 5.6(d).

     (c) Except as provided in this Agreement, the Servicer shall not be under
any obligation to appear in, prosecute, or defend any legal action that shall
not be incidental to its obligations under this Agreement, and that in its
opinion may involve it in any expense or liability; provided, however, that the
Servicer may undertake any reasonable action that it may deem necessary or
desirable in respect of this Agreement and the rights and duties of the parties
to this Agreement and the interests of the Holders under this Agreement. In such
event, the legal expenses and costs of such action and any liability resulting
therefrom shall be expenses, costs, and liabilities of the Issuer, and the
Servicer shall be entitled to be reimbursed therefor. Any amounts due the
Servicer pursuant to this Section 7.4 shall be payable on a Payment Date from
amounts distributable to the Seller from the Reserve Account pursuant to Section
5.6(d).

     The Person to be indemnified shall provide the Issuer, the Owner Trustee
and the Indenture Trustee with a certificate and accompanying Opinion of Counsel
requesting indemnification and setting forth the basis for such request.

<PAGE>

     SECTION 7.5 Servicer Not To Resign. Except as permitted by Section 7.3, the
Servicer shall not resign from its obligations and duties under this Agreement
except (i) upon determination that the performance of its duties shall no longer
be permissible under applicable law or (ii) in the event of the appointment of a
successor Servicer, upon satisfaction of the Rating Agency Condition. Notice of
any such determination permitting the resignation of the Servicer shall be
communicated to the Issuer, the Indenture Trustee, the Owner Trustee and the
Rating Agencies at the earliest practicable time (and, if such communication is
not in writing, shall be confirmed in writing at the earliest practicable time)
and any such determination permitting the resignation of the Servicer shall be
evidenced by an Opinion of Counsel to such effect delivered to the Issuer, the
Indenture Trustee and the Owner Trustee concurrently with such notice. No such
resignation shall become effective until the Indenture Trustee (which shall not
be obligated to act as successor Servicer if the Servicer has resigned for a
reason other than that the performance of its duties are no longer permissible
under applicable law) or a successor Servicer shall have assumed the
responsibilities and obligations of the Servicer hereunder in accordance with
Section 8.2.

     SECTION 7.6 Delegation of Duties. So long as Chase USA acts as Servicer,
the Servicer shall have the right, in the ordinary course of its business, to
delegate any of its duties under this Agreement to any Person. The Servicer
shall pay any compensation payable to such Person from its own funds and none of
the Issuer, the Owner Trustee, the Indenture Trustee or the Holders shall have
any liability to such Person with respect thereto. Notwithstanding any
delegation of duties by the Servicer pursuant to this Section 7.6, the Servicer
shall not be relieved of its liability and responsibility with respect to such
duties, and any such delegation shall not constitute a resignation within the
meaning of Section 7.5. Any agreement that may be entered into by the Servicer
and a Person that provides for any delegation of the Servicer's duties hereunder
to such Person shall be deemed to be between the Servicer and such Person alone,
and the Issuer, the Owner Trustee, the Indenture Trustee and Holders shall not
be deemed parties thereto and shall have no claims, rights, obligations, duties
or liabilities with respect thereto.

                                  ARTICLE VIII

                         EVENTS OF SERVICING TERMINATION

     SECTION 8.1 Events of Servicing Termination. Any one of the following
events which shall occur and be continuing shall constitute an event of
servicing termination hereunder (each, an "Event of Servicing Termination"):

          (i) Any failure by the Servicer to deliver to the Indenture Trustee
     the Servicer's Certificate for the related Collection Period, or any
     failure by the Servicer to deliver to the Indenture Trustee, for deposit in
     any of the Trust Accounts or the Certificate Distribution Account, any
     proceeds or payment required to be so delivered under the terms of the
     Certificates or the Notes and this Agreement (or, in the case of a payment
     or deposit to be made not later than the Deposit Date, the failure to make
     such payment or deposit on such Deposit Date), which failure continues
     unremedied for a period of five Business Days after (A) discovery by an
     officer of the Servicer or (B) written notice (1) to the Servicer by the
     Indenture Trustee or the Owner Trustee or (2) to the Indenture Trustee or
     the Owner Trustee, as applicable, and the Servicer by the

<PAGE>

     Holders of Notes evidencing not less than 25% of the Outstanding Amount of
     the Notes (or, if the Notes have been paid in full, by Holders of the
     Certificates evidencing not less than 25% of the Certificate Balance);

          (ii) Failure on the part of the Servicer duly to observe or to perform
     in any material respect any other covenants or agreements of the Servicer
     set forth in this Agreement or the Indenture, which failure shall (a)
     materially and adversely affect the rights of the Issuer or the Holders,
     and (b) continue unremedied for a period of 60 days after the date on which
     written notice of such failure, requiring the same to be remedied, shall
     have been given (1) to the Servicer by the Indenture Trustee or the Owner
     Trustee, or (2) to the Indenture Trustee or the Owner Trustee, as
     applicable, and the Servicer by the Holders of Notes evidencing not less
     than 25% of the Outstanding Amount of the Notes (or, if the Notes have been
     paid in full, by Holders of the Certificates evidencing not less than 25%
     of the Certificate Balance);

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

          (iv) The consent by the Servicer to the appointment of a conservator
     or receiver or liquidator in any insolvency, readjustment of debt,
     marshalling of assets and liabilities, or similar proceedings of or
     relating to the Servicer or of or relating to substantially all of its
     property; or the Servicer shall admit in writing its inability to pay its
     debts generally as they become due, file a petition to take advantage of
     any applicable insolvency or reorganization statute, make an assignment for
     the benefit of its creditors, or voluntarily suspend payment of its
     obligations.

     Upon the occurrence of any Event of Servicing Termination as described
above, and in each and every case and for so long as such Event of Servicing
Termination shall not have been remedied, either the Indenture Trustee or the
Holders of Notes evidencing not less than a majority of the Outstanding Amount
of the Notes (or, if the Notes have been paid in full and the Indenture has been
discharged in accordance with its terms, by the Owner Trustee or the Holders of
Certificates evidencing not less than a majority of the Certificate Balance), by
notice given in writing to the Servicer (and to the Indenture Trustee or the
Owner Trustee, as applicable, if given by Holders) may terminate all of the
rights and obligations of the Servicer under this Agreement. On or after the
receipt by the Servicer of such written notice, all authority and power of the
Servicer under this Agreement, whether with respect to the Certificates, the
Notes or the Receivables or otherwise, shall pass to and be vested in the
Indenture Trustee pursuant to this Section 8.1; and, without limitation, the
Indenture Trustee shall be hereby authorized and empowered to execute and
deliver, on behalf of the predecessor Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish
all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement of the
Receivable Files, or otherwise. The predecessor Servicer shall cooperate with
the successor Servicer and the Indenture Trustee in effecting the

<PAGE>

termination of the responsibilities and rights of the predecessor Servicer under
this Agreement, including the transfer to the successor Servicer for
administration by it of all cash amounts that shall at the time be held by the
predecessor Servicer for deposit, shall have been deposited by the predecessor
Servicer in the Collection Account, or shall thereafter be received with respect
to a Receivable. All reasonable costs and expenses (including attorneys' fees
and disbursements) incurred in connection with transferring the Receivable Files
to the successor Servicer and amending this Agreement to reflect such succession
as Servicer pursuant to this Section 8.1 shall be paid by the predecessor
Servicer upon presentation of reasonable documentation of such costs and
expenses. The Indenture Trustee and the Owner Trustee shall give written notice
of any termination of the Servicer to their related Holders, and the Indenture
Trustee shall give such notice to the Rating Agencies. Neither the Indenture
Trustee nor any successor Servicer shall be deemed to be in default hereunder by
reason of its failure to make, or any delay in making, any distribution
hereunder or any portion thereof which was caused by (i) the failure of the
predecessor Servicer to deliver, or any delay in delivering cash, documents or
records to it, or (ii) restrictions imposed by any regulatory authority having
jurisdiction over the predecessor Servicer.

     SECTION 8.2 Indenture Trustee to Act; Appointment of Successor Servicer.
Upon the Servicer's receipt of notice of termination pursuant to Section 8.1 or
resignation pursuant to Section 7.5, the Indenture Trustee shall be the
successor in all respects to the Servicer in its capacity as Servicer under this
Agreement, and shall be subject to all the responsibilities, duties and
liabilities arising thereafter relating thereto placed on the Servicer by the
terms and provisions of this Agreement. As compensation therefor, the Indenture
Trustee shall be entitled to such compensation (whether payable out of the
Collection Account or otherwise) as the Servicer would have been entitled to
under this Agreement if no such notice of termination or resignation had been
given. Notwithstanding the above, the Indenture Trustee may, if it shall be
unwilling so to act, or shall, if it shall be legally unable so to act, appoint,
or petition a court of competent jurisdiction to appoint, any established
financial institution (x) having a net worth of not less than $100,000,000 as of
the last day of the most recent fiscal quarter for such institution and (y)
whose regular business shall include the servicing of automobile receivables, as
successor Servicer under this Agreement; provided, that the appointment of any
such successor Servicer is required to satisfy the Rating Agency Condition. In
connection with such appointment, the Indenture Trustee may make such
arrangements for the compensation of such successor Servicer out of payments on
Receivables as it and such successor Servicer shall agree; provided, however,
that no such compensation shall be in excess of that permitted the Servicer
under this Agreement. The Indenture Trustee and such successor Servicer shall
take such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession. Unless the Indenture Trustee shall be prohibited
by law from so acting, the Indenture Trustee shall not be relieved of its duties
as successor Servicer under this Section 8.2 until the newly appointed successor
Servicer shall have assumed the responsibilities and obligations of the Servicer
under this Agreement.

     SECTION 8.3 Notification to Noteholders and Certificateholders. Upon any
Event of Servicing Termination, or appointment of a successor Servicer pursuant
to this Article VIII, the Owner Trustee shall give prompt written notice thereof
to Certificateholders and the Indenture Trustee shall give prompt written notice
thereof to the Noteholders, at their respective addresses of record, and to the
Rating Agencies.

<PAGE>

     SECTION 8.4 Waiver of Past Defaults. The Holders of Notes evidencing at
least a majority of the Outstanding Amount of the Notes (or, the Holders of
Certificates evidencing not less than a majority of the Certificate Balance, in
the case of any Event of Servicing Termination that does not adversely affect
the Indenture Trustee or the Noteholders) may, on behalf of all such Holders,
waive any default by the Servicer in the performance of its obligations
hereunder and its consequences, except a default in the failure to make any
required deposits to or payments from any of the Trust Accounts or the
Certificate Distribution Account in accordance with this Agreement. Upon any
such waiver of a past default, such default shall cease to exist, and any Event
of Servicing Termination arising therefrom shall be deemed to have been remedied
for every purpose of this Agreement. No such waiver shall extend to any
subsequent or other default or impair any right consequent thereon except to the
extent expressly so waived. The Servicer shall give prompt written notice of any
waiver to the Rating Agencies; provided, however, that the Indenture Trustee or
the Owner Trustee shall only be required to give such notice if a Responsible
Officer thereof has actual knowledge of the related event.

                                   ARTICLE IX

                                   TERMINATION

     SECTION 9.1 Optional Purchase of All Receivables; Trust Termination. (a) As
of the last day of any Collection Period as of which the Pool Balance shall be
equal to or less than the Optional Purchase Percentage of the Original Pool
Balance, the Servicer shall have the option to purchase the Owner Trust Estate,
other than the Trust Accounts and the Certificate Distribution Account. To
exercise such option, the Servicer shall notify the Indenture Trustee, the Owner
Trustee, the Note Registrar and the Certificate Registrar in writing, no later
than the 25th day of the Collection Period following which purchase is to be
effected, shall pay the aggregate Repurchase Amount for the Receivables
(including Defaulted Receivables) and shall succeed to all interests in, to and
under such property. The payment shall be made in the manner specified in
Section 5.4, and shall be distributed pursuant to Section 5.5. The Indenture
Trustee shall not permit the purchase of the Owner Trust Estate pursuant to this
Section 9.1 unless (i) the Servicer's long-term unsecured debt is rated at the
time of such purchase at least "BBB-" by Standard & Poor's and Fitch (if rated
by Fitch) and Baa3 by Moody's or (ii) the Servicer provides to the Indenture
Trustee an Opinion of Counsel in form and substance satisfactory to the Rating
Agencies to the effect that such purchase will not constitute a fraudulent
transfer under applicable state and federal law.

     (b) Upon any sale of the assets of the Issuer pursuant to Article V of the
Indenture, the Servicer shall instruct the Indenture Trustee in writing to
deposit the proceeds from such sale after all payments and reserves therefrom
(including the expenses of such sale) have been made (the "Sale Proceeds") in
the Collection Account. On the Payment Date on which the Sale Proceeds are
deposited in the Collection Account (or, if such proceeds are not so deposited
on a Payment Date, on the Payment Date immediately following such deposit), the
Servicer shall instruct the Indenture Trustee in writing to make, and the
Indenture Trustee shall make, the following deposits and distributions (after
the application on such Payment Date of the Total Distribution Amount pursuant
to Section 5.5) from the Sale Proceeds and any funds remaining on deposit in the
Reserve Account (including the proceeds of any sale of investments therein):

<PAGE>

          (i) to the Note Distribution Account, any portion of the Noteholders'
     Interest Distributable Amount not otherwise deposited into the Note
     Distribution Account on such Payment Date;

          (ii) to the Note Distribution Account, the Outstanding Amount of the
     Notes (after giving effect to the reduction in the Outstanding Amount of
     the Notes resulting from the deposits made in the Note Distribution Account
     on such Payment Date);

          (iii) to the Certificate Distribution Account, any portion of the
     Certificateholders' Interest Distributable Amount not otherwise deposited
     into the Certificate Distribution Account on such Payment Date; and

          (iv) to the Certificate Distribution Account, the Certificate Balance
     and any Certificateholders' Principal Carryover Shortfall (after giving
     effect to the reduction in the Certificate Balance resulting from the
     deposits made in the Certificate Distribution Account on such Payment
     Date).

     Any Sale Proceeds remaining after the deposits described above shall be
paid to the Seller.

     (c) Notice of any termination of the Issuer shall be given by the Servicer
to the Owner Trustee, the Indenture Trustee and the Rating Agencies as soon as
practicable after the Servicer has received notice thereof.

     (d) [Reserved]

     (e) After the payment to the Indenture Trustee, the Owner Trustee, the
Holders and the Servicer of all amounts required to be paid under this
Agreement, the Indenture and the Trust Agreement, any amounts on deposit in the
Reserve Account or the Collection Account shall be paid to the Seller, and any
other assets remaining in the Owner Trust Estate shall be distributed to the
Seller.

                                   ARTICLE X

                            MISCELLANEOUS PROVISIONS

     SECTION 10.1 Amendment. This Agreement may be amended by the Seller, the
Servicer and the Owner Trustee, on behalf of the Issuer, with the prior consent
of the Indenture Trustee and prior notice to the Rating Agencies but without
prior notice to or the consent of any of the Holders, (i) to cure any ambiguity,
to correct or supplement any provisions in this Agreement which may be
inconsistent with any other provisions herein, to evidence a succession to the
Servicer or the Seller pursuant to this Agreement or to add any other provisions
with respect to matters or questions arising under this Agreement that shall not
be inconsistent with the provisions of this Agreement; provided, however, that
such action shall not, as evidenced by an Officer's Certificate and/or an
Opinion of Counsel reasonably acceptable and delivered to the Owner Trustee and
the Indenture Trustee, adversely and materially affect the interests of the
Issuer or any of the Holders; provided, further, that the Servicer shall deliver
written notice of such changes to each Rating Agency prior to the execution of
any such amendment, or (ii) to effect a transfer or assignment in compliance
with Section 10.6(a) of this

<PAGE>

Agreement. Notwithstanding the foregoing, no amendment modifying the provisions
of Section 5.5 shall become effective without satisfaction of the Rating Agency
Condition.

     This Agreement may also be amended from time to time by the Seller, the
Servicer and the Owner Trustee, on behalf of the Issuer, with the consent of the
Indenture Trustee, the Holders of Certificates evidencing at least a majority of
the Certificate Balance of the Certificates and the consent of the Holders of
Notes evidencing at least a majority of the Outstanding Amount of the Notes, for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement, or of modifying in any manner the
rights of the Noteholders or the Certificateholders (including effecting a
transfer or assignment in compliance with Section 10.6(a) of this Agreement);
provided, however, that no such amendment, except with the consent of the
Holders of all Certificates or Notes, as applicable, then outstanding, shall (a)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments of Receivables, or distributions that shall
be required to be made on any Certificate or Note, or (b) reduce the aforesaid
percentage of the Certificate Balance of the Certificates or the Outstanding
Amount of the Notes required to consent to any such amendment.

     Promptly after the execution of any amendment or consent referred to in
this Section 10.1, the Owner Trustee shall furnish a copy of such amendment or
consent to each Certificateholder and the Indenture Trustee, who shall promptly
furnish a copy to each Noteholder and to the Rating Agencies.

     It shall not be necessary for the consent of the Indenture Trustee, the
Certificateholders or the Noteholders pursuant to this Section 10.1 to approve
the particular form of any proposed amendment or consent, but it shall be
sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents and of evidencing the authorization of the execution
thereof by Certificateholders or Noteholders shall be subject to such reasonable
requirements as the Indenture Trustee or the Owner Trustee may prescribe.

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

     Satisfaction of the Rating Agency Condition is required prior to the
execution of any amendment to this Agreement, other than an amendment permitted
pursuant to clause (i) of the first paragraph of this Section 10.1.

     SECTION 10.2 Protection of Title to Owner Trust Estate. (a) The Seller
shall execute and file such financing statements and cause to be executed and
filed such continuation statements, all in such manner and in such places as may
be required by law fully to preserve, maintain, and protect the interests of the
Issuer and the Indenture Trustee in the Receivables and in the proceeds thereof.
The Servicer shall deliver (or cause to be delivered) to the Owner Trustee and
the Indenture Trustee file-stamped copies of, or filing receipts for, any
document

<PAGE>

filed as provided above, as soon as available following such filing. In
addition, the Seller hereby authorizes the Issuer at any time and from time to
time to file any financing statements and amendments thereto in any jurisdiction
as may be necessary or desireable to preserve, maintain, and protect the
interests of the Issuer and the Indenture Trustee in the Receivables and in the
proceeds thereof.

     (b) Neither the Seller nor the Servicer shall change its name in any manner
that would, could, or might make any financing statement or continuation
statement filed by the Seller in accordance with paragraph (a) above seriously
misleading within the meaning of ss. 9-506 (or any comparable section) of the
Relevant UCC, unless it shall have given the Owner Trustee and the Indenture
Trustee at least 30 days prior written notice thereof.

     (c) The Seller and the Servicer shall give the Owner Trustee and the
Indenture Trustee at least 60 days prior written notice of any change in the
jurisdiction of its organization or the State designated as its location in its
Articles of Association if, as a result of such change of jurisdiction or State
designated as its location, the applicable provisions of the Relevant UCC would
require the filing of any amendment of any previously filed financing or
continuation statement or of any new financing statement. The Servicer shall at
all times maintain each office from which it shall service Receivables or at
which the Receivable Files are located within the United States of America.

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

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

     (f) If at any time the Seller or the Servicer shall propose to sell, grant
a security interest in, or otherwise transfer any interest in a new or used
automobile receivable to any prospective purchaser, creditor, or other
transferee, the Seller or the Servicer, as the case may be, shall give to such
prospective purchaser, creditor, or other transferee computer tapes, records, or
print-outs (including any restored from archives) that, if they shall refer in
any manner whatsoever to any Receivable, shall indicate clearly that such
Receivable has been sold and is owned by the Issuer and has been pledged to the
Indenture Trustee.

     (g) The Servicer shall permit the Indenture Trustee and the Owner Trustee
and their respective agents upon reasonable notice at any time during normal
business hours which does not unreasonably interfere with the Servicer's normal
operations or customer or employee

<PAGE>

relations to inspect, audit, and make copies of and abstracts from the
Servicer's records regarding the Receivables.

     (h) Upon request, the Servicer shall furnish to the Owner Trustee or the
Indenture Trustee, within five Business Days, a list of all Receivables by
account number and name of Obligor then held by the Issuer, together with a
reconciliation of such list to the Schedule of Receivables and to each of the
Servicer Certificates indicating removal of Receivables from the Owner Trust
Estate.

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

          (i) upon the execution and delivery of this Agreement, an Opinion of
     Counsel either (a) stating that, in the opinion of such counsel, all
     financing statements and continuation statements have been executed and
     filed that are necessary fully to preserve and protect the interest of the
     Issuer and the Indenture Trustee in the Receivables, and reciting the
     details of such filings or referring to prior Opinions of Counsel in which
     such details are given, or (b) stating that, in the opinion of such
     counsel, no such action shall be necessary to preserve and protect such
     interest; and

          (ii) on or before March 31 of each year, commencing with March 31,
     2002, an Opinion of Counsel, dated as of such date, either (a) stating
     that, in the opinion of such counsel, all financing statements and
     continuation statements have been executed and filed that are necessary
     fully to preserve and protect the interest of the Issuer and the Indenture
     Trustee in the Receivables, and reciting the details of such filings or
     referring to prior opinions of Counsel in which such details are given, or
     (b) stating that, in the opinion of such counsel, no such action shall be
     necessary to preserve and protect such interest. Notwithstanding the
     provisions of Section 10.4, such Opinion of Counsel may be sent by regular
     non-certified mail, and such mailed opinion shall be deemed delivered when
     so mailed.

     (j) The Seller shall, to the extent required by applicable law, cause the
Certificates and the Notes to be registered with the Securities and Exchange
Commission pursuant to Section 12(b) or Section 12(g) of the Exchange Act within
the time periods specified in such sections.

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

     SECTION 10.3 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     SECTION 10.4 Notices. All demands, notices, and communications under this
Agreement shall be in writing, personally delivered or mailed by certified mail,
return receipt requested, and shall be deemed to have been duly given upon
receipt (a) in the case of the Seller, c/o Chase Automotive Finance Corporation,
900 Stewart Avenue, Garden City, New York 11530

<PAGE>

Attention: Financial Controller, or at such other address as shall be designated
by the Seller in a written notice to the Indenture Trustee, (b) in the case of
the Servicer, c/o Chase Manhattan Automotive Finance Corporation, 900 Stewart
Avenue, Garden City, New York 11530, Attention: Financial Controller, or at such
other address as shall be designated by the Servicer in a written notice to the
Indenture Trustee, (c) in the case of the Indenture Trustee, at Wells Fargo Bank
Minnesota, National Association, Sixth Street and Marquette Avenue MAC
N9311-161, Minneapolis, Minnesota 55479-0069, Attention: Corporate Trust Office
and (d) in the case of the Issuer and the Owner Trustee, at c/o Wilmington Trust
Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890, Attention: Corporate Trust Administration. Any notice required or
permitted to be mailed to a Holder shall be given by first class mail, postage
prepaid, at the address of record of such Holder. Any notice to a Holder so
mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Holder shall receive such
notice.

     SECTION 10.5 Severability of Provisions. If any one or more of the
covenants, agreements, provisions, or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions, or
terms shall be deemed severable from the remaining covenants, agreements,
provisions, or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement or of the
Certificates or of the Notes or the rights of the Holders thereof.

     SECTION 10.6 Assignment. Notwithstanding anything to the contrary contained
herein, except as provided in Sections 6.3, 7.3, 7.5 and 8.2, neither the Seller
nor the Servicer may assign all, or a portion of, its rights, obligations and
duties under this Agreement unless such transfer or assignment satisfies the
Rating Agency Condition. In the event of a transfer or assignment pursuant to
this Section 10.6, the Rating Agencies shall be provided with notice of such
transfer or assignment.

     SECTION 10.7 Certificates and Notes Nonassessable and Fully Paid. The
interests represented by the Certificates and Notes shall be nonassessable for
any losses or expenses of the Issuer or for any reason whatsoever, and, upon
authentication thereof by the Indenture Trustee and the Owner Trustee pursuant
to the Trust Agreement and the Indenture, respectively, each Certificate and
Note shall be deemed fully paid.

     SECTION 10.8 Third-Party Beneficiaries. This Agreement will inure to the
benefit of and be binding upon the parties hereto, and their respective
successors and permitted assigns. The Administrator, the Owner Trustee,
individually and on behalf of the Certificateholders, and the Indenture Trustee,
individually and on behalf of the Noteholders are third-party beneficiaries to
this Agreement and are entitled to the rights and benefits hereunder and may
enforce the provisions hereof as it were a party hereto. Except as otherwise
provided in this Agreement, no other person will have any right or obligation
hereunder.

     SECTION 10.9 Assignment to Indenture Trustee. The Seller hereby
acknowledges and consents to any mortgage, pledge, assignment and grant of a
security interest by the Issuer to the Indenture Trustee pursuant to the
Indenture for the benefit of the Noteholders of all right, title and interest of
the Issuer in, to and under the Receivables and the other property constituting
the Owner Trust Estate and/or the assignment of any or all of the Issuer's
rights and

<PAGE>

obligations hereunder to the Indenture Trustee and agrees that the enforcement
of a right or remedy hereunder by the Indenture Trustee shall have the same
force and effect as if such right or remedy had been enforced or executed by the
Issuer.

     SECTION 10.10 Limitation of Liability of Owner Trustee and Indenture
Trustee. (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by Wilmington Trust Company not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer,
and in no event shall Wilmington Trust Company in its individual capacity or,
except as expressly provided in the Trust Agreement, as Owner Trustee of the
Issuer have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer. For all purposes
of this Agreement, in the performance of its duties or obligations hereunder or
in the performance of any duties or obligations of the Issuer hereunder, the
Owner Trustee shall be subject to, and entitled to the benefits of, the terms
and provisions of Articles VI, VII and VIII of the Trust Agreement.

     (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been acknowledged and accepted by Wells Fargo not in its
individual capacity but solely as Indenture Trustee, and in no event shall Wells
Fargo have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

     SECTION 10.11 No Petition. The Seller and Servicer, by entering into this
Agreement hereby covenant and agree that they will not at any time institute
against the Issuer or join in any institution against the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States Federal or state bankruptcy or
similar law in connection with any obligations relating to this Agreement or any
of the other Basic Documents.

<PAGE>

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

                               CHASE MANHATTAN BANK USA,
                                  NATIONAL ASSOCIATION, as Seller
                                  and Servicer

                                By: /s/ Patricia Garvey
                                    ------------------------------
                                    Name:
                                    Title:

                                CHASE MANHATTAN AUTO OWNER TRUST,
                                  2001-B, as Issuer

                                By: WILMINGTON TRUST COMPANY,
                                     not in its individual capacity but solely
                                     as Owner Trustee on behalf of the Issuer

                                By: /s/ Anita Dallago
                                    ------------------------------
                                    Name:
                                    Title:

Acknowledged and Accepted:

WELLS FARGO BANK MINNESOTA,
  NATIONAL ASSOCIATION,
  not in its individual capacity,
  but solely in its capacity
  as Indenture Trustee

By: /s/ Lori M. Swanell
    ------------------------------
    Name:
    Title:

<PAGE>

                                                                     SCHEDULE A

                               LIST OF RECEIVABLES

            DELIVERED TO THE OWNER TRUSTEE AND THE INDENTURE TRUSTEE
                              ON THE CLOSING DATE.

<PAGE>

                                                                     SCHEDULE B

                          Location of Receivable Files

The Chase Manhattan Bank
P.O. Box 54
Hurds Corner Road
Records Management
Pawling, New York  12564

Chase Manhattan Automotive Corporation
900 Stewart Avenue
Garden City, New York  11530

<PAGE>

                                                                      EXHIBIT A

                         FORM OF SERVICER'S CERTIFICATE

<PAGE>

                                                                      EXHIBIT B

                 FORM OF CERTIFICATEHOLDER AND NOTEHOLDER REPORT

<PAGE>

                                                                      EXHIBIT C

                  FORM OF COLLECTION ACCOUNT CONTROL AGREEMENT

<PAGE>

                                                                      EXHIBIT D

                    FORM OF RESERVE ACCOUNT CONTROL AGREEMENT<PAGE>

                                                                  EXECUTION COPY

                     CHASE MANHATTAN AUTO OWNER TRUST 2001-B

                      AMENDED AND RESTATED TRUST AGREEMENT

                                     between

                 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,
                                  as Depositor

                                      -and-

                            WILMINGTON TRUST COMPANY,
                                as Owner Trustee

                          Dated as of November 1, 2001

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

                                                                                                               Page
<S>                                                                                                           <C>
ARTICLE I DEFINITIONS.............................................................................................1

         SECTION 1.1. Capitalized Terms...........................................................................1

ARTICLE II ORGANIZATION...........................................................................................2

         SECTION 2.1. Name .......................................................................................2
         SECTION 2.2. Office .....................................................................................2
         SECTION 2.3. Purposes and Powers.........................................................................2
         SECTION 2.4. Appointment of Owner Trustee................................................................3
         SECTION 2.5. Initial Capital Contribution of Trust Estate................................................3
         SECTION 2.6. Declaration of Trust........................................................................3
         SECTION 2.7. Title to Issuer Property....................................................................4
         SECTION 2.8. Situs of Issuer.............................................................................4
         SECTION 2.9. Representations and Warranties of the Depositor.............................................4
         SECTION 2.10. Liability of Certificateholders............................................................5
         SECTION 2.11. Guaranteed Payments/Gross Income Allocations...............................................5
         SECTION 2.12. Deduction and Loss Allocations.............................................................5
         SECTION 2.13. Special Allocations........................................................................6

ARTICLE III CERTIFICATES AND TRANSFER OF INTERESTS................................................................6

         SECTION 3.1. Initial Ownership...........................................................................6
         SECTION 3.2. The Certificates............................................................................6
         SECTION 3.3. Execution, Authentication and Delivery of Certificates......................................7
         SECTION 3.4. Registration of Transfer and Exchange of Certificates.......................................7
         SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates...........................................8
         SECTION 3.6. Persons Deemed Certificateholders...........................................................9
         SECTION 3.7. Access to List of Certificateholders' Names and Addresses...................................9
         SECTION 3.8. Maintenance of Office or Agency.............................................................9
         SECTION 3.9. Appointment of Paying Agent.................................................................9
         SECTION 3.10. Book-Entry Certificates...................................................................10
         SECTION 3.11. Notices to Clearing Agency................................................................11
         SECTION 3.12. Definitive Certificates...................................................................11
         SECTION 3.13. Authenticating Agent......................................................................12
         SECTION 3.14. Actions of Certificateholders.............................................................13

ARTICLE IV ACTIONS BY OWNER TRUSTEE..............................................................................14

         SECTION 4.1. Prior Notice to Certificateholders with Respect to Certain Matters.........................14
         SECTION 4.2. Action by Certificateholders with Respect to Certain Matters...............................15
</TABLE>

                                       i

<PAGE>

<TABLE>
<CAPTION>
                                                                                                               Page
<S>                                                                                                           <C>
         SECTION 4.3. Action by Certificateholders with Respect to Bankruptcy....................................15
         SECTION 4.4. Restrictions on Certificateholders' Power..................................................15
         SECTION 4.5. Majority Control...........................................................................15

ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES.............................................................15

         SECTION 5.1. Establishment of Certificate Distribution Account..........................................15
         SECTION 5.2. Application of Funds in Certificate Distribution Account...................................16
         SECTION 5.3. Method of Payment..........................................................................16
         SECTION 5.4. No Segregation of Monies; No Interest......................................................17
         SECTION 5.5. Accounting and Reports to the Noteholders, Certificateholders, the Internal
                        Revenue Service and Others ..............................................................17
         SECTION 5.6. Signature on Returns; Tax Matters Partner..................................................17
         SECTION 5.7. Capital Accounts...........................................................................17

ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE.................................................................18

         SECTION 6.1. General Authority..........................................................................18
         SECTION 6.2. General Duties.............................................................................19
         SECTION 6.3. Action upon Instruction....................................................................19
         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.................................20
         SECTION 6.6. Restrictions...............................................................................20
         SECTION 6.7. Doing Business in Other Jurisdictions......................................................20

ARTICLE VII CONCERNING OWNER TRUSTEE.............................................................................21

         SECTION 7.1. Acceptance of Trusts and Duties............................................................21
         SECTION 7.2. Furnishing of Documents....................................................................23
         SECTION 7.3. Representations and Warranties.............................................................23
         SECTION 7.4. Reliance; Advice of Counsel................................................................23
         SECTION 7.5. Not Acting in Individual Capacity..........................................................24
         SECTION 7.6. Owner Trustee May Own Certificates and Notes...............................................24

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 Owner Trustee..................................................................25

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

         SECTION 9.1. Termination of Trust Agreement.............................................................25

ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL
         OWNER TRUSTEES..........................................................................................27
</TABLE>

                                       ii

<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                                             <C>
         SECTION 10.1. Eligibility Requirements for Owner Trustee................................................27
         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
         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..............................................................................31
         SECTION 11.6. Separate Counterparts.....................................................................32
         SECTION 11.7. Successors and Assigns....................................................................32
         SECTION 11.8. No Recourse...............................................................................32
         SECTION 11.9. No Petition...............................................................................32
         SECTION 11.10. Headings.................................................................................32
         SECTION 11.11. Governing Law............................................................................32
         SECTION 11.12. Certificate Transfer Restrictions........................................................32
</TABLE>

                                      iii
<PAGE>

                               EXHIBITS

         Exhibit A    -   Form of Certificate
         Exhibit B    -   Form of Certificate of Trust
         Exhibit C    -   Form of Certificate Depository Agreement

                                       i
<PAGE>

     AMENDED AND RESTATED TRUST AGREEMENT dated as of November 1, 2001 between
CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION ("Chase USA"), a national banking
association having its principal executive offices located at 200 White Clay
Center Drive, Newark, Delaware 19711, as the depositor (in its capacity as the
depositor, the "Depositor") and WILMINGTON TRUST COMPANY, a Delaware banking
corporation, as the owner trustee (the "Owner Trustee"), amending and restating
in its entirety the Trust Agreement, dated as of October 5, 2001 (the "Original
Trust Agreement"), between the same parties.

                                   ARTICLE I

                                  DEFINITIONS

     SECTION 1.1. Capitalized Terms. Capitalized terms are used in this
Agreement as defined in Section 1.1 to the Sale and Servicing Agreement between
the trust established by this Agreement and Chase USA, as Seller and Servicer,
dated as of November 1, 2001, as the same may be amended and supplemented from
time to time (the "Sale and Servicing Agreement").

     (a) 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.

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

     (c) 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."

     (d) 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.

<PAGE>

                                                                             2

     (e) All calculations of the amount of interest accrued on the Certificates
shall be made on the basis of a 360-day year consisting of twelve 30-day months.

                                  ARTICLE II

                                 ORGANIZATION

     SECTION 2.1. Name. The trust known as "Chase Manhattan Auto Owner Trust
2001-B" (hereinafter, the "Issuer") was formed in accordance with the provisions
of the Business Trust Statute pursuant to the Original Trust Agreement. Under
the Original Trust Agreement, the Owner Trustee was authorized and vested with
the power and authority to make and execute contracts, instruments,
certificates, agreements and other writings and to sue and be sued in the name
of the Issuer.

     The Owner Trustee accepted under the Original Trust Agreement, and does
hereby confirm its acceptance and agreement to hold in trust, for the benefit of
the Certificateholders and such other Persons as may become beneficiaries
hereunder from time to time, all of the Owner Trust Estate conveyed or to be
conveyed to the Trust, and all monies and proceeds that may be received with
respect thereto, subject to the terms of this Agreement.

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

     SECTION 2.3. Purposes and Powers. The purpose of the Issuer is, and the
Issuer shall have the power and authority, to engage in the following
activities:

          (a) to issue the Notes pursuant to the Indenture and the Certificates
     pursuant to this Agreement, and to sell, transfer or exchange the Notes and
     the Certificates;

          (b) to acquire the property and assets set forth in the Sale and
     Servicing Agreement from the Depositor pursuant to the terms thereof, to
     make payments or distributions on the Notes and Certificates, to make
     deposits to and to the extent permitted under the Basic Documents
     withdrawals from the Reserve Account and other accounts established under
     this Agreement and the Sale and Servicing Agreement;

          (c) to assign, grant, transfer, pledge, mortgage and convey the Trust
     Estate pursuant to the Indenture and to hold, manage and distribute to the
     Certificateholders pursuant to the terms of the Sale and Servicing
     Agreement any portion of the Trust Estate released from the Lien of, and
     remitted to the Issuer pursuant to, the Indenture;

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

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

<PAGE>

                                                                             3

     connected therewith, which activities cannot be contrary to the status of
     the Trust as a "qualifying special purpose entity" under SFAS 140, any
     successor rule thereto and existing accounting literature; and

          (f) subject to compliance with the Basic Documents, to engage in such
     other activities as may be required in connection with conservation of the
     Owner Trust Estate and the making of distributions to the
     Certificateholders and the Noteholders, which activities cannot be contrary
     to the status of the Trust as a "qualifying special purpose entity" under
     SFAS 140, any successor rule thereto and existing accounting literature.

Issuer is hereby authorized to engage in the foregoing activities. Issuer shall
not engage in any activity other than in connection with the foregoing or other
than as required or authorized by the terms of this Agreement or the other Basic
Documents. Without limitation of the foregoing, except for such activities as
are referenced in paragraphs (a) through (f) of this Section 2.3, the Issuer is
not authorized and has no power to (a) borrow money or issue other debt; (b) to
the fullest extent permitted by law, merge with another entity, reorganize,
liquidate or sell assets prior to the discharge of the Indenture; or (c) engage
in any other business or activities.

     SECTION 2.4. Appointment of Owner Trustee. The Depositor hereby appoints
the Owner Trustee as trustee of the Issuer to have all the rights, powers and
duties set forth herein.

     SECTION 2.5. Initial Capital Contribution of Trust Estate. The Depositor
hereby sells, assigns, transfers, conveys and sets over to the Owner Trustee, as
of the date hereof, the Reserve Account Initial Deposit. The Owner Trustee
hereby acknowledges receipt in trust from the Depositor, as of the date hereof,
of the foregoing contribution, which, together with the initial contribution
referred to in the Original Trust Agreement, shall constitute the initial Owner
Trust Estate and shall be deposited in the Reserve Account pursuant to Section
5.6(a) of the Sale and Servicing Agreement. The Depositor shall pay the
organizational expenses of the Issuer as they may arise or shall, upon the
request of the Owner Trustee, promptly reimburse the Owner Trustee for any such
expenses paid by the Owner Trustee.

     SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that
it will hold the Owner Trust Estate in trust upon and subject to the conditions
set forth herein for the use and benefit of the Certificateholders, subject to
the obligations of the Issuer under the Basic Documents. It is the intention of
the parties hereto that the Issuer 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 United States income and franchise tax purposes, the Issuer
shall be treated as a partnership. The parties agree that, unless otherwise
required by appropriate tax authorities, the Issuer will file or cause to be
filed annual or other necessary returns, reports and other forms consistent with
the characterization of the Issuer 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 Issuer.
The Owner Trustee shall file the Certificate of Trust with the Secretary of
State of Delaware.

<PAGE>

                                                                             4

     SECTION 2.7. Title to Issuer Property. Legal title to all the Owner Trust
Estate shall be vested at all times in the Issuer 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 the
title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a
separate trustee, as the case may be.

     SECTION 2.8. Situs of Issuer. The Issuer will be located and administered
in the State of Delaware. All bank accounts maintained by the Owner Trustee on
behalf of the Issuer shall be located in the State of Delaware or the State of
New York. Payments will be received by the Issuer only in Delaware or New York,
and payments will be made by the Issuer only from Delaware or New York. The only
office of the Issuer will be at its office in Delaware.

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

          (i) The Depositor has been duly organized and is validly existing as a
     national banking association in good standing under the laws of the United
     States of America, with power and authority to own its properties and to
     conduct its business as such properties are currently owned and such
     business is presently conducted, and had at all relevant times, and has,
     power, authority and legal right to acquire and own the Receivables.

          (ii) 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 Issuer, and the Depositor has duly
     authorized such sale and assignment and deposit to the Issuer by all
     necessary action; and the execution, delivery and performance of this
     Agreement has been duly authorized by the Depositor by all necessary
     action.

          (iii) The consummation of the transactions contemplated by this
     Agreement and the other Basic Documents 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 association or bylaws of the Depositor, or
     conflict with or breach any of the material terms or provisions of or
     constitute (with or without notice or lapse of time) a default under any
     indenture, agreement or other instrument to which the 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; 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.

<PAGE>

                                                                             5

     SECTION 2.10. Liability of Certificateholders. No Certificateholder shall
have any personal liability for any liability or obligation of the Issuer.

     SECTION 2.11. Guaranteed Payments/Gross Income Allocations. (a) Inasmuch as
the Certificateholders' Interest Distributable Amount is determined and paid
hereunder without regard to the income of the Issuer, the Issuer shall treat
payments of such amounts as "guaranteed payments" within the meaning of Section
707(c) of the Code. Consequently, Certificateholders will have ordinary income
equal to their allocable share of the Certificateholders' Interest Distributable
Amount, the Issuer will have an equivalent deduction for United States federal
income tax purposes and no amount of the gross income of the Issuer shall be
allocable to the Certificateholders (and there will be no corresponding increase
in Certificateholders' Capital Accounts (as defined herein) under Section 5.7).
In the event that any taxing authority does not respect such tax treatment, the
gross income of the Issuer for any calendar month as determined for United
States federal income tax purposes shall be allocated, after giving effect to
special allocations set forth in Section 2.13 of this Agreement and for purposes
of maintaining Capital Accounts under Section 5.7 of this Agreement as follows:

          (1) first, among the Certificateholders as of the close of the last
     day of such calendar month, in proportion to their ownership of the
     principal amount of Certificates outstanding on such date, an amount of
     gross income equal to the amount of (i) interest that accrues in such
     calendar month on the Certificates in accordance with their terms,
     including interest accruing thereon at the Certificate Rate monthly, (ii)
     interest on amounts previously due under the Certificates and not yet paid
     as provided therein and (iii) any gross income of the trust attributable to
     discount on the Receivables that corresponds to any excess of the principal
     amount of the Certificates over their initial issue price; and

          (2) the balance of gross income, if any, to the Depositor.

If the gross income of the Issuer for any month is insufficient for the
allocations described in clause (1) above, subsequent items of gross income
shall first be allocated to make up such shortfall before being allocated as
provided in clause (2).

     (b) In the event the initial issue price of the Certificates differs from
their initial principal amount, there shall be specially allocated to the
Certificateholders the portion, if any, of the offset for premium (in the case
the issue price of the Certificates exceeds their principal amount) or market
discount income (in the case the principal amount of the Certificates exceeds
their issue price) on the Receivables accruing for a calendar month that is
attributable to such difference.

     SECTION 2.12. Deduction and Loss Allocations. (a) All items of deduction
and loss of the Issuer shall be allocated to the Depositor.

     (b) To the extent that an allocation of the gross amount of deductions and
losses to the Depositor pursuant to Section 2.12(a) above would cause the
Capital Account of the Depositor to be reduced below zero, such excess
deductions and losses shall be allocated to the Certificateholders on a pro rata
basis until each of their Capital Accounts has been reduced to

<PAGE>

                                                                             6

zero. If any amount of gross deduction or loss has not been allocated pursuant
to the preceding sentence because all of the Certificateholders' Capital
Accounts have been reduced to zero, the amount of such remaining unallocated
deductions or losses shall be allocated to the Depositor.

     (c) If any deductions or losses have been allocated to the
Certificateholders under Section 2.12(b) above, an amount of gross income shall
be allocated to such Certificateholders under this Section 2.12(c) in subsequent
taxable years sufficient to offset the amount of any deductions or losses
previously allocated to such Certificateholders under Section 2.12(b) above and,
thereafter, allocations of gross income and deductions shall be made in
accordance with Sections 2.11 and 2.12(a) of this Agreement.

     SECTION 2.13. Special Allocations. In the event any Certificateholder
unexpectedly receives any adjustments, allocations or distributions described in
Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Issuer
gross income and gain shall be specially allocated to such Certificateholder in
an amount and manner sufficient to eliminate, to the extent required by the
Treasury Regulations, the deficit, if any, in the balance of the Capital Account
of such Certificateholder as quickly as possible; provided, that subsequent
allocations of gross income and gain, or deductions, shall take into account any
special allocations made to a Certificateholder under this Section 2.13 and
shall be adjusted so that the amount of gross income and gain, or deductions,
allocated to a Certificateholder will equal the amount of gross income and gain,
or deductions, that would have been allocated to such Certificateholder had no
such special allocations been made to such Certificateholder under this Section
2.13. This Section 2.13 is intended to comply with the qualified income offset
provision in Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations.

     SECTION 2.14. Characterization of the Trust. For purposes of SFAS 140, the
parties hereto intend that (a) the Trust be treated as a "qualifying special
purpose entity" as such term is used in SFAS 140 and any successor rule thereto
and (b) the Trust's power and authority as stated in Section 2.3 of this
Agreement be limited in accordance with paragraph 35 of SFAS 140.

                                  ARTICLE III

                    CERTIFICATES AND TRANSFER OF INTERESTS

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

     SECTION 3.2. The Certificates. Upon initial issuance, the Certificates
shall each be in the form of Exhibit A, which is incorporated by reference, and
shall be issued as provided in Section 3.10 in an aggregate principal amount
equal to the Certificate Balance. The Certificates shall be executed on behalf
of the Issuer by manual or facsimile signature of an Authorized Officer or other
authorized signatory 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 Issuer, shall be
validly issued and entitled

<PAGE>

                                                                             7

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. No Certificate shall entitle
the Holder to any benefit under this Agreement, or shall be valid for any
purpose, unless there shall appear on such Certificate a certificate of
authentication substantially in the form set forth in Exhibit A, executed by the
Owner Trustee or Chase, as the Owner Trustee's authentication agent, by manual
or facsimile 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. A
transferee of a Certificate shall become a Certificateholder, and shall be
entitled to the rights and subject to the obligations of a Certificateholder
hereunder, upon due registration of such Certificate in such transferee's name
pursuant to Section 3.4.

     SECTION 3.3. Execution, Authentication and Delivery of Certificates.
Concurrently with the transfer of the Receivables to the Issuer pursuant to the
Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates in
an aggregate principal amount equal to the initial Certificate Balance to be
executed on behalf of the Issuer, 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, without further action by the Depositor, in
authorized denominations.

     SECTION 3.4. Registration of Transfer and Exchange of Certificates. The
Owner Trustee shall cause to be kept at the office or agency to be maintained
pursuant to Section 3.8 by a certificate registrar (the "Certificate
Registrar"), a register (the "Certificate Register") in which, subject to such
reasonable regulations as it may prescribe, the Certificate Registrar shall
provide for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided. Chase shall be the initial Certificate
Registrar. In the event that, subsequent to the date of issuance of the
Certificates, Chase notifies the Owner Trustee that it is unable to act as the
Certificate Registrar, the Owner Trustee shall act, or the Owner Trustee shall,
with the consent of the Depositor, appoint another bank or trust company, having
an office or agency located in The City of New York and which agrees to act in
accordance with the provisions of this Agreement applicable to it, to act, as
successor Certificate Registrar under this Agreement.

     The Owner Trustee may revoke such appointment and remove Chase as the
Certificate Registrar if the Owner Trustee determines in its sole discretion
that Chase failed to perform its obligations under this Agreement in any
material respect. Chase shall be permitted to resign as the Certificate
Registrar upon 30 days' written notice to the Owner Trustee, the Depositor and
the Issuer; provided, however, that such resignation shall not be effective and
Chase shall continue to perform its duties as the Certificate Registrar until
the Owner Trustee has appointed a successor Certificate Registrar with the
consent of the Depositor.

     An institution succeeding to the corporate agency business of the
Certificate Registrar shall continue to be the Certificate Registrar without the
execution or filing of any paper or any further act on the part of the Owner
Trustee or such Certificate Registrar.

     Upon surrender for registration of transfer of any Certificate at the
office or agency maintained pursuant to Section 3.8, the Owner Trustee shall
execute, authenticate and (if

<PAGE>

                                                                             8

the Certificate Registrar is different than the Owner Trustee, then the
Certificate Registrar shall) deliver (or shall cause Chase as its authenticating
agent to authenticate and deliver), in the name of the designated transferee or
transferees, one or more new Certificates in authorized denominations of a like
class and aggregate face amount dated the date of authentication by the Owner
Trustee or any authenticating agent. At the option of a Holder, Certificates may
be exchanged for other Certificates of the same class in authorized
denominations of a like aggregate amount upon surrender of the Certificates to
be exchanged at the office or agency maintained pursuant to Section 3.8.

     Whenever any Certificate is surrendered for exchange, the Owner Trustee
shall execute, authenticate and (if the Certificate Registrar is different than
the Owner Trustee, then the Certificate Registrar shall) deliver the
Certificates which the Certificateholder making the exchange is entitled to
receive. Every Certificate presented or 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 Holder, which signature on such assignment must be guaranteed by a member of
the New York Stock Exchange or a commercial bank or trust company.

     Each Certificate surrendered for registration of transfer or exchange shall
be canceled and subsequently disposed of by the Owner Trustee or Certificate
Registrar in accordance with its customary practice.

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

     SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates. (a) If any
mutilated Certificate shall be surrendered to the Certificate Registrar, of if
the Certificate Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there shall be delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity as
may be required by them to save each of them harmless, then in the absence of
notice that such Certificate shall have been acquired by a protected purchaser,
the Owner Trustee on behalf of Issuer shall execute and the Owner Trustee, or
Chase, as the Owner Trustee's authenticating agent, shall authenticate and (if
the Certificate Registrar is different from the Owner Trustee, then the
Certificate Registrar shall) deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
class, tenor and denomination. If, after delivery of such replacement
Certificate, a protected purchaser of the original Certificate in lieu of which
such replacement Certificate was issued presents for payment such original
Certificate, the Owner Trustee or the Certificate Registrar shall be entitled to
recover such replacement Certificate from such Person to whom such replacement
Certificate was delivered or any assignee of such Person, except a protected
purchaser, and shall be entitled to recover upon the security or indemnity
provided therefor to the extent of any loss, damage, cost or expense incurred by
the Owner Trustee or the Certificate Registrar in connection therewith. In
connection with the issuance of any new Certificate under this Section 3.5, the
Owner Trustee or the Certificate Registrar may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith. Any

<PAGE>

                                                                             9

duplicate Certificate issued pursuant to this Section shall constitute
conclusive evidence of an ownership interest in Issuer, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time. The provisions of this Section 3.5 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
of mutilated, destroyed, lost or stolen Certificates.

     SECTION 3.6. Persons Deemed Certificateholders. Prior to due presentation
of a Certificate for registration of transfer, the Owner Trustee or 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 to Section 5.2 and for all other
purposes whatsoever, and neither the Owner Trustee nor the Certificate Registrar
shall be bound by any notice to the contrary.

     SECTION 3.7. Access to List of Certificateholders' Names and Addresses. The
Certificate Registrar shall furnish or cause to be furnished to the Servicer and
the Depositor (and to the Owner Trustee, if the Owner Trustee is not the
Certificate Registrar) within 15 days after receipt by the Certificate Registrar
of a request therefor from the Servicer or the Depositor (or the Owner Trustee)
in writing, a list, in such form as the Servicer or the Depositor (or the Owner
Trustee) may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date. If, at such time, if any,
as Definitive Certificates have been issued, if three or more Holders of
Certificates or one or more Holders of Certificates evidencing not less than 25%
of the Certificate Balance apply in writing to the Certificate Registrar, and
such application states that the applicants desire to communicate with other
Certificateholders with respect to their rights under this Agreement or under
the Certificates and such application is accompanied by a copy of the
communication that such applicants propose to transmit, then the 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. Each Holder, by receiving and holding a
Certificate, shall be deemed to have agreed to hold none of the Depositor, the
Certificate Registrar, the Servicer or the Owner Trustee accountable by reason
of the disclosure of its name and address, regardless of the source from which
such information was derived.

     SECTION 3.8. Maintenance of Office or Agency. The Owner Trustee shall
maintain in the City of New York, an office or offices or agency or agencies
where Certificates may be surrendered for registration of transfer or exchange.
The Owner Trustee initially designates the offices of The Chase Manhattan Bank
located at 450 West 33rd Street, New York, New York 10001-2697 as its office for
such purposes. The Owner Trustee shall give prompt written notice to the
Depositor, the Servicer and to the Certificateholders of any change in the
location of the Certificate Register or any such office or agency.

     SECTION 3.9. Appointment of Paying Agent. The Owner Trustee may appoint a
Paying Agent with respect to the Certificates. The Owner Trustee hereby appoints
Chase as the initial Paying Agent. The Paying Agent shall have the revocable
power to withdraw funds from the Certificate Distribution Account, make
distributions to Certificateholders from the Certificate Distribution Account
pursuant to Section 5.2 and shall report the amounts of such distributions to
the Owner Trustee. The Owner Trustee may revoke such power and remove the Paying
Agent if the Owner Trustee determines in its sole discretion that the Paying
Agent shall

<PAGE>

                                                                            10

have failed to perform its obligations under this Agreement in any material
respect or for other good cause. The Paying Agent shall be permitted to resign
upon 30 days' written notice to the Owner Trustee and the Servicer. In the event
that Chase shall no longer be the Paying Agent, the Owner Trustee shall appoint
a successor to act as Paying Agent (which shall be a bank or trust company and
may be the Owner Trustee), with the consent of the Depositor (which consent
shall not be unreasonably withheld). The Owner Trustee shall cause such
successor Paying Agent or any additional Paying Agent appointed by the Owner
Trustee (unless it is the Owner Trustee) to execute and deliver to the Owner
Trustee an instrument in which such successor Paying Agent or additional Paying
Agent shall agree with the Owner Trustee that as Paying Agent, such successor
Paying Agent or additional Paying Agent will hold all sums, if any, held by it
for payment to the Certificateholders in trust for the benefit of the
Certificateholders entitled thereto until such sums shall be paid to such
Certificateholders. The Paying Agent shall return all unclaimed funds to the
Owner Trustee and upon the removal of a Paying Agent, such Paying Agent shall
also return all funds in its possession to the Owner Trustee. The provisions of
Sections 7.1, 7.3, 7.4, 7.6, 8.1 and 8.2 shall apply to the Owner Trustee also
in its role as Paying Agent, for so long as the Owner Trustee shall act as
Paying Agent and, to the extent applicable, to any other paying agent appointed
hereunder. Any reference in this Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise.

     SECTION 3.10. Book-Entry Certificates. The Certificates, upon original
issuance, will be issued in the form of a typewritten Certificate or
Certificates representing Book-Entry Certificates, to be delivered to The
Depository Trust Company, the initial Clearing Agency, by or on behalf of the
Issuer; provided that one Certificate that constitutes the residual portion of
the Certificate Balance may be issued in the form of a Definitive Certificate in
a denomination less than an integral multiple of $1.00. Such Book-Entry
Certificate or Certificates shall initially be registered on the Certificate
Register in the name of Cede & Co., the nominee of the initial Clearing Agency,
and no beneficial owner (other than Chase Securities Inc.) will receive a
definitive Certificate representing such beneficial owner's interest in such
Certificate, except as provided in Section 3.12. Unless and until Definitive
Certificates have been issued to beneficial owners pursuant to Section 3.12:

               (a) the provisions of this Section 3.10 shall be in full force
          and effect;

               (b) the Certificate Registrar, the Paying Agent and the Owner
          Trustee shall be entitled to deal with the Clearing Agency and the
          Clearing Agency Participants for all purposes of this Agreement
          relating to the Book-Entry Certificates (including the payment of
          principal of and interest on the Book-Entry Certificates and the
          giving of instructions or directions to Certificate Owners of
          Book-Entry Certificates) as the sole Holder of Book-Entry Certificates
          and shall have no obligations to Certificate Owners thereof;

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

               (d) the rights of Certificate Owners of the Book-Entry
          Certificates shall be exercised only through the Clearing Agency (or
          to the extent Certificateholders are not Clearing Agency Participants,
          through the Clearing

<PAGE>

                                                                            11

          Agency Participants through which such Certificateholders own
          Book-Entry Certificates), and shall be limited to those established by
          law and agreements between such Certificate Owners and the Clearing
          Agency and/or Clearing Agency Participants, and all references in this
          Agreement to actions by Certificateholders shall refer to actions
          taken by the Clearing Agency upon instructions from the Clearing
          Agency Participants, and all references in this Agreement to
          distributions, notices, reports and statements to Certificateholders
          shall refer to distributions, notices, reports and statements to the
          Clearing Agency, as registered holder of the Certificates, as the case
          may be, for distribution to Certificateholders in accordance with the
          procedures of the Clearing Agency. Pursuant to the Certificate
          Depository Agreement, unless and until Definitive Certificates are
          issued pursuant to Section 3.12, the initial Clearing Agency will make
          book-entry transfers among Clearing Agency Participants and receive
          and transmit payments of principal of and interest on the Book-Entry
          Certificates to such Clearing Agency Participants; and

               (e) whenever this Agreement requires or permits actions to be
          taken based upon instructions or directions of the Holders of
          Certificates evidencing a specified percentage of the Certificate
          Balance, the Clearing Agency shall be deemed to represent such
          percentage only to the extent that it has received instructions to
          such effect from Certificate Owners and/or Clearing Agency
          Participants owning or representing, respectively, such required
          percentage of the beneficial interest in the Book-Entry Certificates
          and has delivered such instructions to the Owner Trustee.

     SECTION 3.11. Notices to Clearing Agency. Whenever a notice or other
communication to Certificateholders is required under this Agreement, unless and
until Definitive Certificates shall have been issued to Certificate Owners
pursuant to Section 3.12, the Owner Trustee and the Paying Agent shall give all
such notices and communications specified herein to be given to
Certificateholders to the Clearing Agency, and shall have no obligations to
Certificate Owners.

     SECTION 3.12. Definitive Certificates. If (a) the Servicer advises the
Owner Trustee in writing that the Clearing Agency is no longer willing or able
to properly discharge its responsibilities with respect to the Certificates, and
the Servicer is unable to locate a qualified successor, (b) the Servicer at its
option elects to terminate the book-entry system through the Clearing Agency, or
(c) after the occurrence of an Event of Servicing Termination or Event of
Default, Certificate Owners of the Certificates representing beneficial
interests aggregating not less than a majority of the Certificate Balance advise
the Clearing Agency through the Clearing Agency Participants, and the Owner
Trustee, in writing, and if the Clearing Agency shall so notify the Owner
Trustee, that the continuation of a book-entry system through the Clearing
Agency is no longer in the best interests of Certificate Owners, then the Owner
Trustee shall notify the Clearing Agency of the occurrence of any such event,
which shall be responsible to notify the Certificate Owners of the occurrence of
such event and of the availability of the Definitive Certificates to Certificate
Owners requesting the same. Upon surrender to the Certificate Registrar of the
typewritten Certificate or Certificates representing the Book-Entry

<PAGE>

                                                                            12

Certificates by the Clearing Agency, accompanied by re-registration
instructions, the Owner Trustee shall execute, authenticate, or cause to be
authenticated, and (if the Certificate Registrar is different than the Owner
Trustee, then the Certificate Registrar shall) deliver the Definitive
Certificates in accordance with the instructions of the Clearing Agency. Neither
the Certificate Registrar nor the Owner Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Certificates, all references herein to obligations imposed upon or to be
performed by the Clearing Agency shall be deemed to be imposed upon and
performed by the Certificate Registrar, to the extent applicable with respect to
such Definitive Certificates, and the Owner Trustee and the Paying Agent shall
recognize the Holders of the Definitive Certificates as Certificateholders. The
Definitive Certificates shall be printed, lithographed or engraved or may be
produced in any other matter as is reasonably acceptable to the Owner Trustee,
as evidenced by its execution thereof.

     SECTION 3.13. Authenticating Agent.

     (a) The Owner Trustee may appoint one or more authenticating agents with
respect to the Certificates which shall be authorized to act on behalf of the
Owner Trustee in authenticating the Certificates in connection with the
issuance, delivery, registration of transfer, exchange or repayment of the
Certificates. The Owner Trustee hereby appoints Chase as Authenticating Agent
for the authentication of Certificates upon any registration of transfer or
exchange of such Certificates. Whenever reference is made in this Agreement to
the authentication of Certificates by the Owner Trustee or the Owner Trustee's
certificate of authentication, such reference shall be deemed to include
authentication on behalf of the Owner Trustee by an authenticating agent and a
certificate of authentication executed on behalf of the Owner Trustee by an
authenticating agent. Each authenticating agent (other than Chase) shall be
subject to acceptance by the Depositor.

     (b) Any institution succeeding to the corporate agency business of an
authenticating agent shall continue to be an authenticating agent without the
execution or filing of any paper or any further act on the part of the Owner
Trustee or such authenticating agent.

     (c) An authenticating agent may at any time resign by giving written notice
of resignation to the Owner Trustee and the Depositor. The Owner Trustee may at
any time terminate the agency of an authenticating agent by giving notice of
termination to such authenticating agent and to the Depositor. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time
an authenticating agent shall cease to be acceptable to the Owner Trustee or the
Depositor, the Owner Trustee promptly may appoint a successor authenticating
agent with the consent of the Depositor. Any successor authenticating agent upon
acceptance of its appointment hereunder shall become vested with all the rights,
powers and duties of its predecessor hereunder, with like effect as if
originally named as an authenticating agent.

     (d) The Depositor shall pay the authenticating agent from time to time
reasonable compensation for its services under this Section 3.13.

<PAGE>

                                                                            13

     (e) The provisions of Sections 7.1, 7.3, 7.4, 7.6, 8.1 and 8.2 shall be
applicable to any authenticating agent.

     (f) Pursuant to an appointment made under this Section 3.13, the
Certificates may have endorsed thereon, in lieu of the Owner Trustee's
certificate of authentication, an alternate certificate of authentication in
substantially the following form:

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

                                      --------------------------------------,
                                      as Owner Trustee

                                   By:
                                      --------------------------------------
                                      Authorized Officer

                                                        or

                                      --------------------------------------
                                      as Authenticating Agent
                                      for the Owner Trustee,

                                      --------------------------------------
                                      Authorized Officer

     SECTION 3.14. Actions of Certificateholders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Agreement to be given or taken by the Certificateholders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed
by such Certificateholders in person or by agent 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 Owner Trustee
and, when required, to the Depositor or the Servicer. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Agreement and conclusive in favor of the Owner Trustee,
the Depositor and the Servicer, if made in the manner provided in this Section
3.14.

     (b) The fact and date of the execution by any Certificateholder of any such
instrument or writing may be proved in any reasonable manner which the Owner
Trustee deems sufficient.

     (c) Any request, demand, authorization, direction, notice, consent, waiver
or other act by a Certificateholder shall bind every Holder of every Certificate
issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof, in respect of anything

<PAGE>

                                                                            14

done, or omitted to be done, by the Owner Trustee, the Depositor or the Servicer
in reliance thereon, regardless of whether notation of such action is made upon
such Certificate.

     (d) The Owner Trustee may require such additional proof of any matter
referred to in this Section 3.14 as it shall deem necessary.

                                   ARTICLE IV

                            ACTIONS BY OWNER TRUSTEE

     SECTION 4.1. Prior Notice to Certificateholders with Respect to Certain
Matters. With respect to the following matters, the Owner Trustee shall not take
action unless 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 the Certificateholders shall not have notified the Owner Trustee in
writing prior to the 30th day after such notice is given that such
Certificateholders have withheld consent or provided alternative direction:

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

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

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

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

          (e) the amendment, change or modification of the Sale and Servicing
     Agreement, except to any amendment where the consent of any
     Certificateholder is not required under the terms of the Sale and Servicing
     Agreement; or

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

<PAGE>

                                                                            15

The Owner Trustee shall notify the Certificateholders in writing of any
appointment of a successor Paying Agent, Authenticating Agent 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, except upon the direction of the
Certificateholders, to (a) remove the Servicer under the Sale and Servicing
Agreement pursuant to Article VIII thereof, (b) remove the Administrator under
the Administration Agreement pursuant to Section 8 thereof or (c) except as
expressly provided in the Basic Documents, sell the Receivables or any interest
therein 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.

     SECTION 4.3. Action by Certificateholders with Respect to Bankruptcy. The
Owner Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Issuer without the unanimous prior approval of all
Certificateholders unless the Owner Trustee reasonably believes that the Issuer
is insolvent.

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

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

                                   ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

     SECTION 5.1. Establishment of Certificate Distribution Account. The Owner
Trustee, for the benefit of Certificateholders, shall establish and maintain in
the name of the Issuer an Eligible Deposit Account (the "Certificate
Distribution Account"), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Certificateholders.

     The Owner Trustee shall possess all right, title and interest in all funds
on deposit from time to time in the Certificate Distribution Account and in all
proceeds thereof. If, at any time, the Certificate Distribution Account ceases
to be an Eligible Deposit Account, the Servicer shall establish a new
Certificate Distribution Account as an Eligible Deposit Account in accordance
with Section 5.1(b) of the Sale and Servicing Agreement, and the Owner Trustee

<PAGE>

                                                                            16

shall transfer any cash and/or any investments to such new Certificate
Distribution Account and shall assist the Servicer in establishing such account
as necessary.

     Amounts on deposit in the Certificate Distribution Account shall not be
invested.

     SECTION 5.2. Application of Funds in Certificate Distribution Account. (a)
Not later than 12:00 noon, New York City time, on each Payment Date, the Owner
Trustee or the Paying Agent on behalf of the Owner Trustee will, based on the
information contained in the Servicer's Certificate delivered on the related
Determination Date pursuant to Section 4.8 of the Sale and Servicing Agreement,
distribute to Certificateholders, to the extent of the funds available, amounts
deposited in the Certificate Distribution Account pursuant to Section 5.5 of the
Sale and Servicing Agreement on such Payment Date in the following order of
priority:

          (i) first, to the Certificateholders, on a pro rata basis, an amount
     equal to the Certificateholders' Interest Distributable Amount; and

          (ii) second, to the Certificateholders, on a pro rata basis, an amount
     equal to the Certificateholders' Principal Distributable Amount.

     (b) On each Payment Date, the Owner Trustee shall send, or cause to be
sent, to each Certificateholder the statement provided to the Owner Trustee by
the Servicer pursuant to Section 5.8 of the Sale and Servicing Agreement on such
Payment Date.

     (c) In the event that any withholding tax is imposed on the Issuer's
payment (or allocations of income) to a Certificateholder, such tax shall reduce
the amount otherwise distributable to the Certificateholder in accordance with
this Section. Each of the Owner Trustee and the Paying Agent is hereby
authorized and directed to retain from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any tax that is legally
owed by the Issuer (but such authorization shall not prevent the Owner Trustee
from contesting any such tax in appropriate proceedings, and withholding payment
of such tax, if permitted by law, pending the outcome of such proceedings). The
amount of any withholding tax imposed with respect to a Certificateholder shall
be treated as cash distributed to such Certificateholder at the time it is
withheld by the Issuer and remitted to the appropriate taxing authority. The
Owner Trustee or the Paying Agent, on its behalf, intends to withhold United
States withholding taxes from any amounts allocable or distributed to non-United
States Certificateholders at a rate of 35% for non-United States
Certificateholders that are classified as corporations for United States federal
income tax purposes and at the highest individual income tax rate for all other
non-United States Certificateholders. In the event that a Certificateholder
wishes to apply for a refund of any such withholding tax, the Owner Trustee and
the Paying Agent shall reasonably cooperate with such Certificateholder in
making such claim so long as such Certificateholder agrees to reimburse the
Owner Trustee and the Paying Agent for any out-of-pocket expenses incurred.

     SECTION 5.3. Method of Payment. Subject to Section 9.1(c), distributions
required to be made to Certificateholders on any Payment Date shall be made to
each Certificateholder of record on the preceding Record Date either (a) by wire
transfer, in immediately available funds, to the account of such Holder at a
bank or other entity having

<PAGE>

                                                                            17

appropriate facilities therefor, if such Certificateholder shall have provided
to the Certificate Registrar appropriate written instructions at least five
Business Days prior to such Payment Date and such Holder's Certificates in the
aggregate evidence a denomination of not less than $1,000,000 or (b) by check
mailed to such Certificateholder at the address of such Holder appearing in the
Certificate Register; provided that, unless Definitive Certificates have been
issued pursuant to Section 3.12, with respect to Certificates registered on the
Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), distributions will be made by wire transfer in
immediately available funds to the account designated by such nominee.

     SECTION 5.4. No Segregation of Monies; No Interest. Subject to Sections 5.1
and 5.2, monies received by the Owner Trustee or any Paying Agent hereunder need
not be segregated in any manner except to the extent required by law and may be
deposited under such general conditions as may be prescribed by law, and neither
the Owner Trustee nor any Paying Agent shall be liable for any interest thereon.

     SECTION 5.5. Accounting and Reports to the Noteholders, Certificateholders,
the Internal Revenue Service and Others. The Owner Trustee shall (a) maintain
(or cause to be maintained) the books of the Issuer on a calendar year basis on
the accrual method of accounting, (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) to
enable each Certificateholder to prepare its Federal and state income tax
returns, (c) prepare or cause to be prepared and file such tax returns relating
to the Issuer (including a partnership information return, Form 1065), and make
such elections as may from time to time be required or appropriate under any
applicable state or Federal statute or rule or regulation thereunder so as to
maintain the Trust's characterization as a partnership for Federal income tax
purposes and (d) collect or cause to be collected any withholding tax as
described in and in accordance with Section 5.2(c) with respect to income or
distributions to Certificateholders. The Depositor shall sign all tax
information returns filed pursuant to this Section 5.5 and any other returns as
may be required by law. The Issuer shall elect under Section 1278 of the Code to
include in income currently any market discount that accrues with respect to the
Receivables. The Issuer shall not make the election provided under Section 754
of the Code.

     SECTION 5.6. Signature on Returns; Tax Matters Partner. Notwithstanding the
provisions of Section 5.5, the Depositor shall sign on behalf of the Issuer the
tax returns of the Issuer, unless applicable law requires the Owner Trustee to
sign such documents, in which case such documents shall be signed by the Owner
Trustee at the written direction of the Depositor.

                    The Depositor shall be the "tax matters partner" of the
Issuer pursuant to the Code.

     SECTION 5.7. Capital Accounts. The Issuer shall maintain accounts ("Capital
Accounts") with respect to the Certificateholders and the Depositor (each an
"Owner"). For this purpose, Capital Accounts shall be maintained in accordance
with the following provisions:

          (a) Each Owner's Capital Account shall be increased by the Capital
     Contributions (as defined below) of such Owner, such Owner's distributive
     share

<PAGE>

                                                                            18

     of gross income (if any) and any items in the nature of income or gain that
     are allocated to such Owner pursuant to Section 2.11, 2.12(c) or 2.13.

          (b) Each Owner's Capital Account shall be reduced by any amount
     distributed to such Owner (including, in the case of the Depositor, any
     amount released or otherwise distributed to the Depositor from the Reserve
     Account under Section 5.6 of the Sale and Servicing Agreement) and any
     items in the nature of deductions or losses that are allocated to such
     Owner pursuant to Section 2.12 or 2.13.

          (c) In the event all or a portion of a Certificate is transferred in
     accordance with the terms of this Agreement, the transferee shall succeed
     to the Capital Account of the transferor to the extent it related to such
     Certificate or a portion thereof.

     "Capital Contribution" means the amount of any cash contributed to the
Issuer by an Owner (including any amounts deemed to be contributed in connection
with the original issuance of the Certificates), including, in the case of the
Depositor, the amount of any Receivables deemed to have been contributed by the
Depositor (with such amount for Receivables intended to reflect the amount of
the Receivables and monies due thereon or with respect thereto, including
accrued but unpaid interest and finance charges, conveyed to the Issuer by the
Depositor on the Closing Date under Article II of the Sale and Servicing
Agreement). The foregoing provisions and the other provisions of this Agreement
relating to the maintenance of Capital Accounts are intended to comply with
Section 1.704-l(b) of the Treasury Regulations and shall be interpreted in a
manner consistent therewith.

                                   ARTICLE VI

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

     SECTION 6.1. General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Issuer 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 Issuer 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 Issuer at the written direction of the Depositor, to direct the
Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate
principal amount of $280,000,000.00, Class A-2 Notes in the aggregate principal
amount of $300,000,000.00, Class A-3 Notes in the aggregate principal amount of
$365,000,000.00 and Class A-4 Notes in the aggregate principal amount of
$322,380,000.00. In addition to the foregoing, the Owner Trustee is authorized,
but shall not be obligated, to take all actions required of the Issuer pursuant
to the Basic Documents. The Owner Trustee is further authorized from time to
time to take such action as the Administrator recommends or directs in writing
with respect to the Basic Documents.

<PAGE>

                                                                            19

SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee to
discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Agreement and the other Basic Documents and to administer the
Issuer in the interest of Certificateholders, subject to the Basic Documents and
in accordance with the provisions of this Agreement. Notwithstanding the
foregoing, the Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the Basic Documents to the extent the
Administrator has agreed in the Administration Agreement to perform any act or
to discharge any duty of the Owner Trustee or the Issuer hereunder or under any
other Basic Document, and the Owner Trustee shall not be liable for the default
or failure of the Administrator to carry out its obligations under the
Administration Agreement.

     SECTION 6.3. Action upon Instruction. (a) Subject to Article IV, the
Certificateholders may, by written instruction, direct the Owner Trustee in the
management of the Issuer. Such direction may be exercised at any time by written
instruction of the Certificateholders pursuant to Section 4.5.

     (b) Notwithstanding the foregoing, the Owner Trustee shall not be required
to take any action hereunder or under any other Basic Document if the Owner
Trustee shall reasonably determine, or shall have been advised by counsel in
writing, that such action is likely to result in personal liability to the Owner
Trustee (in such capacity or individually), is contrary to the terms of this
Agreement or any other Basic Document or is contrary to law.

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

SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions.
The Owner Trustee shall undertake to perform such duties and only such duties as
are specifically set forth in this Agreement and the other Basic Documents, and
no implied covenants or obligations shall be read into this Agreement or the
other Basic Documents. 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

<PAGE>

                                                                            20

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 Issuer or to record this Agreement or any other Basic
Document. The Owner Trustee nevertheless agrees that it will, at its own cost
and expense, promptly take all action as may be necessary to discharge any Liens
on any part of the Owner Trust Estate that result from actions by, or claims
against, the Owner Trustee, in its individual capacity, that are not related to
the ownership or the administration of the 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, and (iii) in
accordance with any document or instruction delivered to the Owner Trustee
pursuant to Section 6.3.

     SECTION 6.6. Restrictions. The Owner Trustee shall not (a) take any action
that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or
(b) take any action or amend this Agreement in any manner that, to the best
knowledge of the Owner Trustee, would result in the Issuer's becoming taxable as
a corporation for United States federal income tax purposes. The Owner Trustee
and Depositor agree that no election to treat the Issuer other than as a
partnership for United States federal income tax purposes or any relevant state
tax purposes shall be made by or on behalf of the Issuer. The Certificateholders
shall not direct the Owner Trustee to take action that would violate the
provisions of this Section.

     SECTION 6.7. Doing Business in Other Jurisdictions. (a) Notwithstanding
anything contained herein to the contrary, the Owner Trustee shall not be
required to take any action in any jurisdiction other than in the State of
Delaware, other than as set forth in the last sentence of this Section 6.7, if
the taking of such action will (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 any
jurisdiction or any political subdivisions thereof in existence on the date
hereof other than the State of Delaware becoming payable by the Owner Trustee;
or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction
other than the State of Delaware for causes of action arising from acts
unrelated to the consummation of the transactions by the Owner Trustee, as the
case may be, contemplated hereby. The Owner Trustee shall be entitled to obtain
advice of counsel (which advice shall be an expense of the Depositor) to
determine whether any action required to be taken pursuant to this Agreement
results in the consequences described in clauses (i), (ii) and (iii) of the
preceding sentence. In the event that said counsel advises the Owner Trustee
that such action will result in such consequences, the Owner Trustee will
appoint an additional trustee pursuant to Section 10.5 to proceed with such
action.

<PAGE>

                                                                            21
                                  ARTICLE VII

                            CONCERNING OWNER TRUSTEE

     SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the
trusts hereby created and agrees to perform its duties hereunder with respect to
such trusts but only upon the terms of this Agreement. The Owner Trustee also
agrees to disburse all moneys actually received by it constituting part of the
Owner Trust Estate upon the terms of the other Basic Documents and this
Agreement. 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 gross negligence or (ii) in the case of the breach of
any representation or warranty contained in Section 7.3 expressly made 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 in good faith by a Responsible Officer of the Owner Trustee unless it
     is proved that the Owner Trustee was grossly negligent in ascertaining the
     pertinent facts;

          (b) The Owner Trustee shall not be liable with respect to any action
     it takes or omits to take in good faith in accordance with the instructions
     of the Certificateholders given pursuant to Section 6.3 or the
     Administrator given pursuant to Section 6.1;

          (c) No provision of this Agreement or any other Basic Document shall
     require the Owner Trustee to expend or risk funds or otherwise incur any
     financial liability in its own performance of any of its rights or powers
     hereunder or under any other Basic Document if the Owner Trustee shall have
     reasonable grounds for believing that repayment of such funds or adequate
     indemnity against such risk or liability is not 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,
     including the principal of and interest on the Notes;

          (e) The Owner Trustee shall not be responsible for and makes no
     representation as to the validity or adequacy 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, other than the certificate of authentication on the
     Certificates, shall not be accountable for the use or application by the
     Depositor of the proceeds from the Certificates, and the Owner Trustee
     shall in no event assume or incur any liability, duty or obligation to any
     Noteholder or to any Certificateholder, other than as expressly provided
     for herein and in the Basic Documents. The Owner Trustee shall at no time
     have any

<PAGE>

                                                                            22

     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 the ability of the
     Owner Trust Estate to generate the payments to be distributed to
     Certificateholders under this Agreement or the Noteholders under the
     Indenture, including: the existence, condition and ownership of any
     Financed Vehicle; the existence and enforceability of any insurance
     thereon; the existence and contents of any Receivable on any computer or
     other record thereof; the validity of the assignment of any Receivable to
     the Issuer or of any intervening assignment; the completeness of any
     Receivable; the performance or enforcement of any Receivable; the
     compliance by the Depositor or the Servicer with any warranty or
     representation made under any Basic Document or in any related document or
     the accuracy of any such warranty or representation or any action of the
     Indenture Trustee, the Administrator or the Servicer or any subservicer
     taken in the name of the Owner Trustee;

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

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

          (h) The Owner Trustee, upon receipt of any resolutions, certificates,
     statements, opinions, reports, documents, orders or other instruments
     furnished to the Owner Trustee that shall be specifically required to be
     furnished pursuant to any provision of this Agreement or the other Basic
     Documents, shall examine them to determine whether they conform to the
     requirements of this Agreement or such other Basic Document; provided,
     however, that the Owner Trustee shall not be responsible for the accuracy
     or content of any such resolution, certificate, statement, opinion, report,
     document, order or other instrument furnished to the Owner Trustee pursuant
     to this Agreement or the other Basic Documents.

<PAGE>

                                                                            23

     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 to the Depositor, for the benefit of the
Certificateholders, that:

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

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

          (c) Neither the execution nor the delivery by it of this Agreement,
     nor the consummation by it of the transactions contemplated hereby nor
     compliance by it with any of the terms or provisions hereof will contravene
     any federal or Delaware law, governmental rule or regulation governing the
     banking or trust powers of the Owner Trustee or any judgment, writ, decree
     or order applicable to it, or constitute any default under its charter
     documents or by-laws or, with or without notice or lapse of time, any
     indenture, mortgage, contract, agreement or instrument to which it is a
     party or by which any of its properties may be bound.

          (d) The execution, delivery and performance by the Owner Trustee of
     this Agreement does not require the authorization, consent, or approval of,
     the giving of notice to, the filing or registration with, or the taking of
     any other action in respect of, any governmental authority or agency of the
     State of Delaware or the United States of America regulating the corporate
     trust activities of the Owner Trustee.

          (e) This Agreement has been duly authorized, executed and delivered by
     the Owner Trustee and shall constitute the legal, valid, and binding
     agreement of the Owner Trustee, enforceable in accordance with its terms,
     except as such enforcement may be limited by bankruptcy, insolvency,
     reorganization and other laws affecting the rights of creditors generally,
     and by general principles of equity regardless of whether enforcement is
     pursuant to a proceeding in equity or at law.

     SECTION 7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall incur
no liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond or other
document or paper believed by it to be genuine and believed by it to be signed
by the proper party or parties. The Owner Trustee may accept a certified copy of
a resolution of the board of directors or other governing body of any corporate
party as conclusive evidence that such resolution has been duly adopted by such
body

<PAGE>

                                                                            24

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 due care and (ii) may consult with counsel, accountants and other
skilled persons knowledgeable in the relevant area to be selected with
reasonable care and employed by it. The Owner Trustee shall not be liable for
anything done, suffered or omitted in good faith by it in accordance with the
written opinion or advice of any such counsel, accountants or other such
persons and not contrary to this Agreement or any Basic Document.

     SECTION 7.5. Not Acting in Individual Capacity. Except as provided in
this Article VII, in accepting the trusts hereby created, Wilmington Trust
Company acts solely as the 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 May Own Certificates and Notes. The Owner
Trustee in its individual or any other capacity may become the owner or
pledgee of the Certificates or the Notes and may deal with the Depositor, the
Indenture Trustee and the Servicer in banking transactions with the same
rights as it would have if it were not the Owner Trustee.

                                 ARTICLE VIII

                         COMPENSATION OF OWNER TRUSTEE

     SECTION 8.1. Owner Trustee's Fees and Expenses. In accordance with
Section 4.7 of the Sale and Servicing Agreement, the Owner Trustee shall
receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof between the Servicer and the
Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the
Servicer for its other reasonable expenses hereunder, including the reasonable
compensation, expenses and disbursements of such agents, representatives,
experts and counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and its duties hereunder except any
such expenses as may arise from its gross negligence, willful misfeasance, or
bad faith or that is the responsibility of Certificateholders under this
Agreement.

     SECTION 8.2. Indemnification. In accordance with Section 7.2 of the Sale
and Servicing Agreement, the Servicer shall be liable as primary obligor for,
and shall indemnify the Owner Trustee (in such capacity or individually) and
its successors, assigns, agents and servants

<PAGE>

                                                                            25

(collectively, the "Indemnified Parties") from and against, any and all
liabilities, obligations, losses, damages, taxes, claims, actions and suits,
and any and all reasonable costs, expenses and disbursements (including
reasonable legal fees and expenses) of any kind and nature whatsoever
(collectively, "Expenses") which may at any time be imposed on, incurred by,
or asserted against the Owner Trustee or any Indemnified Party in any way
relating to or arising out of this Agreement, the other 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 Servicer
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 shall
survive the resignation or termination of the Owner Trustee or the termination
of this Agreement. If any suit, action, proceeding (including any governmental
or regulatory investigation), claim or demand shall be brought or asserted
against any Indemnified Party in respect of which indemnity may be sought
pursuant to this Section 8.2, such Indemnified Party shall promptly notify the
Servicer in writing, and the Servicer upon request of the Indemnified Party
shall retain counsel reasonably satisfactory to the Indemnified Party (or,
with the consent of the Servicer, counsel selected by the Indemnified Party
acceptable to the Servicer) to represent the Indemnified Party and any others
the Servicer may designate in such proceeding and shall pay the reasonable
fees and expenses of such counsel related to such proceeding. The Servicer
shall not be liable for any settlement of any claim or proceeding effected
without its written consent, but if settled with such consent or if there be a
final judgment for the plaintiff, the Servicer agrees to indemnify any
Indemnified Party from and against any loss or liability by reason of such
settlement or judgment. The Servicer shall not, without the prior written
consent of the Indemnified Party, effect any settlement of any pending or
threatened proceeding in respect of which any Indemnified Party is or could
have been a party and indemnity could have been sought hereunder by such
Indemnified Party, unless such settlement includes an unconditional release of
such Indemnified Party from all liability on claims that are the subject
matter of such proceeding.

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

                                  ARTICLE IX

                         TERMINATION OF TRUST AGREEMENT

     SECTION 9.1. Termination of Trust Agreement. (a) The Issuer shall
dissolve on the Payment Date next succeeding the month which is six months
after the final distribution by the Owner Trustee of all moneys or other
property or proceeds of the Owner Trust Estate in accordance with the terms of
the Indenture, the Sale and Servicing Agreement and Article V, including the
payment to the Certificateholders of all amounts required to be paid to them
pursuant to this Agreement; provided, however, that in no event shall the
Trust created by this Agreement continue beyond the expiration of 21 years
from the date of this Agreement. The bankruptcy, liquidation, dissolution,
death or incapacity of any Certificateholder or Certificate Owner shall not
(x) operate to terminate this Agreement or the Issuer, nor (y) entitle such

<PAGE>

                                                                            26

Certificateholder's or Certificate Owner's legal representatives or heirs to
claim an accounting or to take any action or proceeding in any court for a
partition or winding up of all or any part of the Issuer or the 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 nor any
Certificateholder shall be entitled to revoke or terminate the Trust.

          (c) Notice of any termination of the Issuer, specifying the Payment
Date upon which the Certificateholders shall surrender their Certificates to
the Owner Trustee or the Paying Agent for payment of the final distribution
and cancellation, shall be given by the Owner Trustee by letter to the
Certificateholders mailed within five Business Days of receipt of notice of
such termination from the Servicer given pursuant to Section 9.1(c) of the
Sale and Servicing Agreement, stating (i) the Payment Date upon or with
respect to which final payment of the Certificates shall be made upon
presentation and surrender of the Certificates at the office of the Owner
Trustee or the Paying Agent therein designated, (ii) the amount of any such
final payment and (iii) that the Record Date otherwise applicable to such
Payment Date is not applicable, payments being made only upon presentation and
surrender of the Certificates at the office of the Owner Trustee or the Paying
Agent therein specified. The Owner Trustee shall give such notice to the
Certificate Registrar (if other than the Owner Trustee) and the Paying Agent
at the time such notice is given to the Certificateholders. Upon presentation
and surrender of the Certificates, the Owner Trustee or the Paying Agent shall
cause to be distributed to the Certificateholders amounts distributable on
such Payment Date pursuant to Section 5.2.

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

          (d) Any funds remaining in the Issuer after funds for final
distribution have been distributed or set aside for distribution shall be
distributed by the Owner Trustee to the Depositor.

          (e) Upon the winding up of the Issuer in accordance with Section
3808 of the Business Trust Statute, the Owner Trustee shall cause the
Certificate of Trust to be canceled by filing a certificate of cancellation
with the Secretary of State in accordance with the provisions of Section 3810
of the Business Trust Statute and thereupon, this Agreement (other than
Article VIII) and the Issuer shall terminate.

<PAGE>

                                                                            27

                                  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 authorized to exercise corporate
trust powers; and having a combined capital and surplus of at least
$100,000,000 and subject to supervision or examination by Federal or state
authorities. 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. In
addition, at all times the Owner Trustee or a co-trustee shall be a person
that satisfies the requirements of Section 3807(a) of the Business Trust
Statute (the "Delaware Trustee").

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

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

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

<PAGE>

                                                                            28

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

     No successor Owner Trustee shall accept appointment as provided in this
Section 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 Administrator shall mail notice of the successor of such
Owner Trustee to all Certificateholders, the Trustee, the Noteholders and the
Rating Agencies. If the Administrator 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 Administrator.

     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 form 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; and provided further, that such
successor Owner Trustee shall file an amendment to the Certificate of Trust as
described in Section 10.3.

     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 Administrator and the Owner Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Owner Trustee to act as co-trustee, jointly with the
Owner Trustee, or separate trustee or separate trustees, of all or any part of
the Owner Trust Estate, and to vest in

<PAGE>

                                                                            29

such Person, in such capacity, such title to the Issuer, or any part thereof,
and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Administrator and the Owner Trustee may
consider necessary or desirable. If the Administrator shall not have joined in
such appointment within 15 days after the receipt by it of a request so to do,
the Owner Trustee alone shall have the power to make such appointment. If the
Delaware Trustee shall become incapable of acting, resign or be removed,
unless the Owner Trustee is qualified to act as the Delaware Trustee, a
successor co-trustee shall promptly be appointed in the manner specified in
this Section 10.5 to act as the Delaware Trustee. 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 Issuer or any portion thereof in any such jurisdiction)
     shall be exercised and performed singly by such separate trustee or
     co-trustee, but solely at the direction of the Owner Trustee;

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

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

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

     Any separate trustee or co-trustee may at any time appoint the Owner
Trustee as its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any

<PAGE>

                                                                            30

separate trustee or co-trustee shall 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
by the Depositor and the Owner Trustee, with prior written notice to the
Rating Agencies, without the consent of any of the Noteholders or the
Certificateholders, to cure any ambiguity or defect, to correct or supplement
any provisions in this Agreement or for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions in this
Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided that such action shall not (i) materially change
the purposes and powers of the Issuer set forth in Section 2.3 or (ii) as
evidenced by an Opinion of Counsel, materially and adversely affect the
interests of any Noteholder or Certificateholder; provided, further, that the
Depositor shall deliver written notice of such amendments to each Rating
Agency prior to the execution of any such amendment. Notwithstanding the
foregoing, no amendment modifying the provisions of Section 5.2 shall become
effective without satisfaction of the Rating Agency Condition.

     This Agreement may also be amended from time to time by the Depositor and
the Owner Trustee, with prior written notice to the Rating Agencies, with the
consent of the Holders of Notes evidencing not less than a majority of the
Outstanding Amount of the Notes and the consent of the Holders of Certificates
evidencing not less than a majority of the Certificate Balance for the purpose
of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Agreement or modifying in any manner the rights of the
Noteholders or the Certificateholders; provided that no such amendment shall
(a) increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments on the Receivables or distributions that
shall be required to be made for the benefit of the Noteholders or the
Certificateholders, or (b) reduce the aforesaid percentage of the Outstanding
Amount of the Notes and the Certificate Balance required to consent to any
such amendment.

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

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

<PAGE>

                                                                            31

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

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

     SECTION 11.2. No Legal Title to Owner Trust Estate in Certificateholders.
The Certificateholders shall not have legal title to any part of the Owner
Trust Estate. The Certificateholders shall be entitled to receive
distributions with respect to their undivided ownership interest therein only
in accordance with Articles V and IX. No transfer, by operation of law or
otherwise, of any right, title or interest of the Certificateholders to and in
their 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 Owner
Trust Estate.

     SECTION 11.3. Limitations on Rights of Others. Except for Sections 2.7
and 2.10, the provisions of this Agreement are solely for the benefit of the
Owner Trustee, the Depositor, the Certificateholders and, to the extent
expressly provided herein, the Indenture Trustee and the Noteholders, and
nothing in this Agreement, whether express or implied, shall be construed to
give to any other Person any legal or equitable right, remedy or claim in the
Owner Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein.

     SECTION 11.4. Notices. (a) Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be
deemed given upon receipt personally delivered, delivered by overnight courier
or mailed certified mail, return receipt requested and shall be deemed to have
been duly given upon receipt, if to the Owner Trustee, addressed to Wilmington
Trust Company, Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890, Attention: Corporate Trust Administration, if to the
Depositor, addressed to, Chase Manhattan Bank USA, National Association, c/o
Chase Manhattan Automotive Finance Corporation, 900 Stewart Avenue, Garden
City, New York 11530, Attn: Financial Controller; or, as to each party, at
such other address as shall be designated by such party in a written notice to
each other party.

     (b) Any notice required or permitted to be given to a Certificateholder
shall be given by first-class mail, postage prepaid, at the address of such
Holder as shown in the Certificate Register. Any notice so mailed within the
time prescribed in this Agreement shall be conclusively presumed to have been
duly given, regardless of whether 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

<PAGE>

                                                                            32

hereof, and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other
jurisdiction.

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

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

     SECTION 11.8. No Recourse. Each Certificateholder by accepting a
Certificate acknowledges that such Certificateholder's Certificates represent
equity interests in the Issuer only and do not represent interests in or
obligations of the Depositor, the Servicer, the Owner Trustee, the Indenture
Trustee or any Affiliate thereof, and no recourse may be had against such
parties or their assets, except as may be expressly set forth or contemplated
in this Agreement, the Certificates or the other Basic Documents.

     SECTION 11.9. No Petition.

     (a) The Depositor will not at any time institute against the Issuer any
bankruptcy proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Certificates,
the Notes, this Agreement or any of the other Basic Documents.

     (b) The Owner Trustee, by entering into this Agreement and each
Certificateholder, by accepting a Certificate, hereby covenant and agree that
they will not at any time institute against the Issuer, or join in any
institution against the Issuer of, any bankruptcy proceedings under any United
States federal or state bankruptcy or similar law in connection with any
obligations relating to the Certificates, this Agreement or any of the other
Basic Documents.

     SECTION 11.10. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

     SECTION 11.11. GOVERNING LAW. 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 11.12. Certificate Transfer Restrictions. The Certificates may
not be acquired by or for the account of an individual or entity that is not a
U.S. person as defined in Section 7701(a)(30) of the Code and any transfer of
a Certificate to a person that is not a U.S.

<PAGE>

                                                                            33

Person shall be void. By accepting and holding a Certificate, the Holder shall
be deemed to have represented and warranted under penalties of perjury that it
(or, if it is acting as a nominee, the beneficial owner) is a U.S. Person.

<PAGE>

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

                                      WILMINGTON TRUST COMPANY,
                                       as Owner Trustee

                                   By: /s/ Anita Dallago
                                       -----------------------------------------
                                        Name:
                                        Title:

                                      CHASE MANHATTAN BANK USA,
                                       NATIONAL ASSOCIATION,
                                       as Depositor

                                   By: /s/ Patricia Garvey
                                       -----------------------------------------
                                        Name:
                                        Title:

<PAGE>

                                                                     EXHIBIT A

NUMBER                                                     $
R-                                                         CUSIP NO. 161581BZ5

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

     THE CERTIFICATES MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF AN
INDIVIDUAL OR ENTITY THAT IS NOT A U.S. PERSON AS DEFINED IN SECTION
7701(A)(30) OF THE CODE. BY ACCEPTING AND HOLDING A CERTIFICATE, THE HOLDER
SHALL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT (OR, IF IT IS ACTING
AS A NOMINEE, THE BENEFICIAL OWNER) IS A U.S. PERSON.

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

     THIS CERTIFICATE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY.

                    CHASE MANHATTAN AUTO OWNER TRUST 2001-B

                        3.75% ASSET BACKED CERTIFICATE

evidencing a beneficial ownership interest in certain distributions of the
Issuer, as defined below, the property of which includes a pool of retail
installment sales contracts or purchase money notes and security agreements
and other notes secured by new or used automobiles or light duty trucks and
sold to the Issuer by Chase Manhattan Bank USA, National Association, a
national banking association.

(THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF CHASE
MANHATTAN BANK USA, NATIONAL ASSOCIATION OR ANY OF ITS AFFILIATES, EXCEPT TO
THE EXTENT DESCRIBED BELOW.)

         THIS CERTIFIES THAT ___________________________ is the registered owner
of ___________________________ nonassessable, fully-paid, beneficial ownership
interest in

<PAGE>

                                                                             2

certain distributions of Chase Manhattan Auto Owner Trust 2001-B
(the "Issuer") formed by Chase Manhattan Bank USA, National Association, a
national banking association (the "Depositor"). This Certificate has a
Certificate Rate of 3.75% per annum.

<PAGE>

                                                                             3

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

By: __________________________                 By:______________________________
                                                     Authenticating Agent

<PAGE>

                                                                             4

     Issuer was created pursuant to a Trust Agreement dated as of October 5,
2001 (the "Trust Agreement"), between the Depositor and Wilmington Trust
Company, as owner trustee (the "Owner Trustee"), a summary of certain of the
pertinent provisions of which is set forth below. To the extent not otherwise
defined herein, the capitalized terms used herein have the meanings assigned
to them in Section 1.1 of the Sale and Servicing Agreement between the Issuer
and Chase Manhattan Bank USA, National Association, as Seller and Servicer,
dated as of November 1, 2001, as the same may be amended or supplemented from
time to time (the "Sale and Servicing Agreement").

     This Certificate is one of the duly authorized Certificates of the Issuer
designated as "3.75% Asset Backed Certificates" (herein called the
"Certificates"). Issued under the Indenture dated as of November 1, 2001,
between the Issuer and Wells Fargo Bank Minnesota, National Association, as
trustee (the "Indenture"), are four classes of Notes designated as "Class A-1
2.18% Asset Backed Notes" (the "Class A-1 Notes"), "Class A-2 2.44% Asset
Backed Notes" (the "Class A-2 Notes"), "Class A-3 3.09% Asset Backed Notes"
(the "Class A-3 Notes") and "Class A-4 3.80% Asset Backed Notes" (the "Class
A-4 Notes" and, together with the Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes and the Class A-4 Notes, the "Notes"). This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Trust Agreement, to which Trust Agreement the holder of this Certificate by
virtue of the acceptance hereof assents and by which such holder is bound.

     The 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 Sale and Servicing Agreement,
the Indenture and the Trust Agreement, as applicable.

     It is the intent of the Depositor and Certificateholders that, for United
States federal income tax purposes, the Issuer will be treated as a
partnership and the Depositor and the Certificateholders will be treated as
partners in that partnership. The Certificateholders by acceptance of a
Certificate, agree to treat, and to take no action inconsistent with the
treatment of, the Certificates for such tax purposes as equity (i.e.,
partnership interests) in the Issuer.

     Each Certificateholder, by its acceptance of a Certificate or a
beneficial interest in a Certificate, acknowledges and agrees that neither the
Depositor nor the Owner Trustee is authorized to elect to treat the Issuer
other than as a partnership for United States federal income tax purposes or
any relevant state tax purposes. Each Certificateholder, by its acceptance of
a Certificate or a beneficial interest in a Certificate, agrees not to take
any actions (or direct the Owner Trustee to take such acts or actions) that
would violate such restriction.

     The Certificates do not represent an obligation of, or an interest in,
the Depositor, the Servicer, the Owner Trustee, the Indenture 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 Trust Agreement, the Indenture or the other Basic Documents.

<PAGE>

                                                                             5

     The Certificates may not be acquired by or for the account of an
individual or entity that is not a U.S. Person as defined in Section
7701(A)(30) of the Code. By accepting and holding a Certificate, the Holder
shall be deemed to have represented and warranted that it (or, if it is acting
as a nominee, the Beneficial Owner) is a U.S. Person.

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

     THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

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

                                           CHASE MANHATTAN AUTO
                                            OWNER TRUST 2001-B

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

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

<PAGE>

                                                                             6
                                   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                      as Attorney to transfer said
Certificate on the books of the Certificate Registrar, with full power of
substitution in the premises.

Dated:
                                          ___________________________________(1)
                                          Signature Guaranteed:

                                          ___________________________________(1)

--------------------
(1)  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 a member firm of
     the New York Stock Exchange or a commercial bank or trust company.
<PAGE>

                                                                     EXHIBIT B

                             CERTIFICATE OF TRUST

<PAGE>

                                                                     EXHIBIT C

                       CERTIFICATE DEPOSITORY AGREEMENT

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