Document:

efc8-0994_emailedex41.htm

    Exhibit
4.1

     

    EXECUTION
VERSION

     

     

     

     

    
      
        

      

    

     

    

     

    WACHOVIA
AUTO OWNER TRUST 2008-A,

    as
Issuer,

     

    and

     

    U.S. BANK
NATIONAL ASSOCIATION,

    as
Indenture Trustee

     

     

    
      
        

      

       

    

    INDENTURE

     

    Dated as
of June 1, 2008

     

    
      

    

    

    $232,000,000
2.93084% Class A-1 Asset Backed Notes

    $175,000,000
4.09% Class A-2a Asset Backed Notes

    $139,000,000
LIBOR plus 0.67% Class A-2b Asset Backed Notes

    $183,000,000
4.81% Class A-3a Asset Backed Notes

    $100,000,000
LIBOR plus 0.95% Class A-3b Asset Backed Notes

    $75,000,000
5.35% Class A-4a Asset Backed Notes

    $165,750,000
LIBOR plus 1.15% Class A-4b Asset Backed Notes

    $30,250,000
6.00% Class B Asset Backed Notes

    
      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      

    

    CROSS
REFERENCE TABLE1*

     

    

     

    
      	
              TIA
      

              Section

            	 
      	
              
                Indenture
      

                Section

              

            
	 
      	 
      	 
      
	
              310

            	
              (a)(1)

            	
              6.11

            
	 
      	
              (a)(2)

            	
              6.11

            
	 
      	
              (a)(3)

            	
              6.10;
      6.11

            
	 
      	
              (a)(4)

            	
              N.A.*2 *

            
	 
      	
              (a)(5)

            	
              6.11

            
	 
      	
              (b)

            	
              6.08;
      6.11

            
	 
      	
              (c)

            	
              N.A.

            
	
              311

            	
              (a)

            	
              6.12

            
	 
      	
              (b)

            	
              6.12

            
	 
      	
              (c)

            	
              N.A.

            
	
              312

            	
              (a)

            	
              7.01

            
	 
      	
              (b)

            	
              7.02

            
	 
      	
              (c)

            	
              7.02

            
	
              313

            	
              (a)

            	
              7.04

            
	 
      	
              (b)(1)

            	
              7.04

            
	 
      	
              (b)(2)

            	
              7.04

            
	 
      	
              (c)

            	
              7.04;
      11.05

            
	 
      	
              (d)

            	
              7.04

            
	
              314

            	
              (a)

            	
              3.09;
      7.03

            
	 
      	
              (b)

            	
              3.06;
      11.15

            
	 
      	
              (c)(1)

            	
              11.01

            
	 
      	
              (c)(2)

            	
              11.01

            
	 
      	
              (c)(3)

            	
              11.01

            
	 
      	
              (d)

            	
              11.01

            
	 
      	
              (e)

            	
              11.01

            
	 
      	
              (f)

            	
              11.01

            
	
              315

            	
              (a)

            	
              6.01

            
	 
      	
              (b)

            	
              6.05;
      11.01

            
	 
      	
              (c)

            	
              6.01

            
	 
      	
              (d)

            	
              6.01

            
	 
      	
              (e)

            	
              5.13

            
	
              316

            	
              (a)

            	
              1.01

            
	 
      	
              (a)(1)(A)

            	
              5.11

            
	 
      	
              (a)(1)(B)

            	
              5.12

            
	 
      	
              (a)(2)

            	
              N.A.

            
	 
      	
              (b)

            	
              5.07

            
	 
      	
              (c)

            	
              N.A.

            
	
              317

            	
              (a)(1)

            	
              5.03

            
	 
      	
              (a)(2)

            	
              5.03

            
	 
      	
              (b)

            	
              3.03

            
	
              318

            	
              (a)

            	
              11.07

            

    

    

    

      

    
      
        
          	
                  *

                	
                  This
      Cross Reference Table shall not, for any purpose, be deemed to be part of
      this Indenture.

                

        

      

       

    

    
      	
              *

            	
              N.A.
      means Not Applicable.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    TABLE OF
CONTENTS

     

    
      	 
      	 
      	
              Page

            
	
              ARTICLE
      ONE

            
	 
	
              DEFINITIONS
      AND INCORPORATION BY REFERENCE

            
	 
	
              Section
      1.01.

            	
              Definitions.

            	
              2

            
	
              Section
      1.02.

            	
              Incorporation
      by Reference of Trust Indenture Act

            	
              15

            
	
              Section
      1.03.

            	
              Interpretive
      Provisions

            	
              16

            
	 	 	 
	
              ARTICLE
      TWO

            
	 	 	 
	
              THE
      NOTES

            
	 	 	 
	
              Section
      2.01.

            	
              Form.

            	
              17

            
	
              Section
      2.02.

            	
              Execution,
      Authentication and Delivery.

            	
              17

            
	
              Section
      2.03.

            	
              Temporary
      Notes.

            	
              18

            
	
              Section
      2.04.

            	
              Tax
      Treatment

            	
              18

            
	
              Section
      2.05.

            	
              Registration;
      Registration of Transfer and Exchange.

            	
              18

            
	
              Section
      2.06.

            	
              Mutilated,
      Destroyed, Lost or Stolen Notes.

            	
              20

            
	
              Section
      2.07.

            	
              Persons
      Deemed Owner

            	
              21

            
	
              Section
      2.08.

            	
              Payment
      of Principal and Interest.

            	
              21

            
	
              Section
      2.09.

            	
              Cancellation

            	
              26

            
	
              Section
      2.10.

            	
              Book-Entry
      Notes

            	
              26

            
	
              Section
      2.11.

            	
              Notices
      to Clearing Agency

            	
              27

            
	
              Section
      2.12.

            	
              Definitive
      Notes

            	
              27

            
	
              Section
      2.13.

            	
              Release
      of Collateral

            	
              27

            
	
              Section
      2.14.

            	
              Employee
      Benefit Plans

            	
              28

            
	
              Section
      2.15.

            	
              Authenticating
      Agents

            	
              28

            
	
              Section
      2.16.

            	
              Calculation
      Agent.

            	
              29

            
	 	 	 
	
              ARTICLE
      THREE

            
	 	 	 
	
              COVENANTS

            
	 	 	 
	
              Section
      3.01.

            	
              Payment
      of Principal and Interest

            	
              30

            
	
              Section
      3.02.

            	
              Maintenance
      of Office or Agency

            	
              30

            
	
              Section
      3.03.

            	
              Money
      for Payments to be Held in Trust.

            	
              30

            
	
              Section
      3.04.

            	
              Existence

            	
              32

            
	
              Section
      3.05.

            	
              Protection
      of Trust Estate

            	
              32

            
	
              Section
      3.06.

            	
              Opinions
      as to Trust Estate.

            	
              32

            
	
              Section
      3.07.

            	
              Performance
      of Obligations; Servicing of Receivables.

            	
              33

            
	
              Section
      3.08.

            	
              Negative
      Covenants

            	
              35

            
	
              Section
      3.09.

            	
              Annual
      Statement as to Compliance

            	
              36

            
	
              Section
      3.10.

            	
              Issuer
      May Consolidate, etc., Only on Certain Terms.

            	
              36

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
      3.11.

            	
              Successor
      or Transferee.

            	
              38

            
	
              Section
      3.12.

            	
              No
      Other Business

            	
              38

            
	
              Section
      3.13.

            	
              No
      Borrowing

            	
              38

            
	
              Section
      3.14.

            	
              Master
      Servicer’s Obligations

            	
              38

            
	
              Section
      3.15.

            	
              Guarantees,
      Loans, Advances and Other Liabilities

            	
              38

            
	
              Section
      3.16.

            	
              Capital
      Expenditures

            	
              38

            
	
              Section
      3.17.

            	
              Removal
      of Administrator

            	
              38

            
	
              Section
      3.18.

            	
              Restricted
      Payments

            	
              38

            
	
              Section
      3.19.

            	
              Notice
      of Events of Default

            	
              39

            
	
              Section
      3.20.

            	
              Further
      Instruments and Acts

            	
              39

            
	
              Section
      3.21.

            	
              Compliance
      with Laws

            	
              39

            
	
              Section
      3.22.

            	
              Amendments
      of Sale and Servicing Agreement and Trust Agreement

            	
              39

            
	 	 	 
	
              ARTICLE
      FOUR

            
	 	 	 
	
              SATISFACTION
      AND DISCHARGE

            
	 	 	 
	
              Section
      4.01.

            	
              Satisfaction
      and Discharge of Indenture

            	
              40

            
	
              Section
      4.02.

            	
              Satisfaction,
      Discharge and Defeasance of the Notes.

            	
              41

            
	
              Section
      4.03.

            	
              Application
      of Trust Money

            	
              42

            
	
              Section
      4.04.

            	
              Repayment
      of Monies Held by Paying Agent

            	
              42

            
	 	 	 
	
              ARTICLE
      FIVE

            
	 	 	 
	
              EVENTS
      OF DEFAULT; REMEDIES

            
	 	 	 
	
              Section
      5.01.

            	
              Events
      of Default

            	
              43

            
	
              Section
      5.02.

            	
              Acceleration
      of Maturity; Rescission and Annulment.

            	
              44

            
	
              Section
      5.03.

            	
              Collection
      of Indebtedness and Suits for Enforcement by Indenture
      Trustee.

            	
              45

            
	
              Section
      5.04.

            	
              Remedies.

            	
              47

            
	
              Section
      5.05.

            	
              Optional
      Preservation of the Receivables

            	
              48

            
	
              Section
      5.06.

            	
              Limitation
      of Suits

            	
              48

            
	
              Section
      5.07.

            	
              Unconditional
      Rights of Noteholders to Receive Principal and Interest

            	
              49

            
	
              Section
      5.08.

            	
              Restoration
      of Rights and Remedies

            	
              49

            
	
              Section
      5.09.

            	
              Rights
      and Remedies Cumulative

            	
              49

            
	
              Section
      5.10.

            	
              Delay
      or Omission Not a Waiver

            	
              49

            
	
              Section
      5.11.

            	
              Control
      by Noteholders of the Controlling Class

            	
              49

            
	
              Section
      5.12.

            	
              Waiver
      of Past Defaults

            	
              50

            
	
              Section
      5.13.

            	
              Undertaking
      for Costs

            	
              50

            
	
              Section
      5.14.

            	
              Waiver
      of Stay or Extension Laws

            	
              51

            
	
              Section
      5.15.

            	
              Action
      on Notes

            	
              51

            
	
              Section
      5.16.

            	
              Performance
      and Enforcement of Certain Obligations.

            	
              51

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
      SIX

            
	 	 	 
	
              THE
      INDENTURE TRUSTEE

            
	 	 	 
	
              Section
      6.01.

            	
              Duties
      of Indenture Trustee.

            	
              53

            
	
              Section
      6.02.

            	
              Rights
      of Indenture Trustee.

            	
              54

            
	
              Section
      6.03.

            	
              Individual
      Rights of Indenture Trustee

            	
              55

            
	
              Section
      6.04.

            	
              Indenture
      Trustee’s Disclaimer

            	
              55

            
	
              Section
      6.05.

            	
              Notice
      of Defaults

            	
              55

            
	
              Section
      6.06.

            	
              Reports
      by Indenture Trustee to Noteholders

            	
              55

            
	
              Section
      6.07.

            	
              Compensation
      and Indemnity.

            	
              55

            
	
              Section
      6.08.

            	
              Replacement
      of Indenture Trustee.

            	
              56

            
	
              Section
      6.09.

            	
              Successor
      Indenture Trustee by Merger.

            	
              57

            
	
              Section
      6.10.

            	
              Appointment
      of Co-Trustee or Separate Trustee.

            	
              58

            
	
              Section
      6.11.

            	
              Eligibility;
      Disqualification

            	
              59

            
	
              Section
      6.12.

            	
              Preferential
      Collection of Claims Against Issuer

            	
              60

            
	
              Section
      6.13.

            	
              Representations
      and Warranties of Indenture Trustee

            	
              60

            
	 	 	 
	
              ARTICLE
      SEVEN

            
	 	 	 
	
              NOTEHOLDERS’
      LISTS AND REPORTS

            
	 	 	 
	
              Section
      7.01.

            	
              Issuer
      to Furnish Indenture Trustee Names and Addresses of
      Noteholders

            	
              61

            
	
              Section
      7.02.

            	
              Preservation
      of Information; Communications, Reports and Certain Documents to
      Noteholders.

            	
              61

            
	
              Section
      7.03.

            	
              Reports
      by Issuer.

            	
              61

            
	
              Section
      7.04.

            	
              Reports
      by Indenture Trustee.

            	
              62

            
	 	 	 
	
              ARTICLE
      EIGHT

            
	 	 	 
	
              ACCOUNTS,
      DISBURSEMENTS AND RELEASES

            
	 	 	 
	
              Section
      8.01.

            	
              Collection
      of Money

            	
              63

            
	
              Section
      8.02.

            	
              Accounts.

            	
              63

            
	
              Section
      8.03.

            	
              General
      Provisions Regarding Accounts.

            	
              64

            
	
              Section
      8.04.

            	
              Release
      of Trust Estate.

            	
              64

            
	
              Section
      8.05.

            	
              Opinion
      of Counsel

            	
              65

            
	 	 	 
	
              ARTICLE
      NINE

            
	 	 	 
	
              SUPPLEMENTAL
      INDENTURES

            
	 	 	 
	
              Section
      9.01.

            	
              Supplemental
      Indentures Without Consent of Noteholders.

            	
              66

            
	
              Section
      9.02.

            	
              Supplemental
      Indentures with Consent of Noteholders

            	
              67

            
	
              Section
      9.03.

            	
              Execution
      of Supplemental Indentures

            	
              69

            
	
              Section
      9.04.

            	
              Effect
      of Supplemental Indenture

            	
              69

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
      9.05.

            	
              Conformity
      with Trust Indenture Act

            	
              69

            
	
              Section
      9.06.

            	
              Reference
      in Notes to Supplemental Indentures

            	
              69

            
	 	 	 
	
              ARTICLE
      TEN

            
	 	 	 
	
              REDEMPTION
      OF NOTES

            
	 	 	 
	
              Section
      10.01.

            	
              Redemption.

            	
              71

            
	
              Section
      10.02.

            	
              Form
      of Redemption Notice

            	
              71

            
	
              Section
      10.03.

            	
              Notes
      Payable on Redemption Date

            	
              72

            
	 	 	 
	
              ARTICLE
      ELEVEN

            
	 	 	 
	
              MISCELLANEOUS

            
	 	 	 
	
              Section
      11.01.

            	
              Compliance
      Certificates and Opinions, etc.

            	
              73

            
	
              Section
      11.02.

            	
              Form
      of Documents Delivered to Indenture Trustee.

            	
              74

            
	
              Section
      11.03.

            	
              Acts
      of Noteholders.

            	
              75

            
	
              Section
      11.04.

            	
              Notices,
      etc., to Indenture Trustee, Issuer, Depositor, Swap Counterparty and
      Rating Agencies

            	
              76

            
	
              Section
      11.05.

            	
              Notices
      to Noteholders; Waiver

            	
              77

            
	
              Section
      11.06.

            	
              Alternate
      Payment and Notice Provisions

            	
              77

            
	
              Section
      11.07.

            	
              Conflict
      with Trust Indenture Act

            	
              77

            
	
              Section
      11.08.

            	
              Effect
      of Headings and Table of Contents

            	
              78

            
	
              Section
      11.09.

            	
              Successors
      and Assigns

            	
              78

            
	
              Section
      11.10.

            	
              Severability

            	
              78

            
	
              Section
      11.11.

            	
              Benefits
      of Indenture; Third Party Beneficiaries

            	
              78

            
	
              Section
      11.12.

            	
              Legal
      Holidays

            	
              78

            
	
              Section
      11.13.

            	
              GOVERNING
      LAW

            	
              78

            
	
              Section
      11.14.

            	
              Counterparts

            	
              78

            
	
              Section
      11.15.

            	
              Recording
      of Indenture

            	
              78

            
	
              Section
      11.16.

            	
              Trust
      Obligation

            	
              79

            
	
              Section
      11.17.

            	
              No
      Petition

            	
              79

            
	
              Section
      11.18.

            	
              Inspection

            	
              79

            
	
              Section
      11.19.

            	
              Subordination
      Agreement

            	
              79

            
	
              Section
      11.20.

            	
              Security
      Interest Matters.

            	
              80

            
	
              Section
      11.21.

            	
              Obligations
      with Respect to the Swap Counterparty

            	
              80

            

    

     

     

    EXHIBITS 

    
       

      
        	Exhibit A
      – Form of Notes	A-1

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    This
Indenture, dated as of June 1, 2008, is between Wachovia Auto Owner Trust
2008-A, a Delaware statutory trust (the “Issuer”), and U.S. Bank National
Association, a national banking association, not in its individual capacity but
solely as trustee (the “Indenture Trustee”).

     

    Each
party agrees as follows for the benefit of the other party and for the equal and
ratable benefit of the holders of the Issuer’s 2.93084% Class A-1 Asset
Backed Notes (the “Class A-1 Notes”), 4.09% Class A-2a Asset Backed
Notes (the “Class A-2a Notes”), LIBOR plus 0.67% Class A-2b Asset Backed
Notes (the “Class A-2b Notes”), 4.81% Class A-3a Asset Backed Notes (the “Class
A-3a Notes”), LIBOR plus 0.95% Class A-3b Asset Backed Notes (the “Class A-3b
Notes”), 5.35% Class A-4a Asset Backed Notes (the “Class A-4a Notes”), LIBOR
plus 1.15% Class A-4b Asset Backed Notes (the “Class A-4b Notes”) and 6.00%
Class B Asset Backed Notes (the “Class B Notes” and, together with the
Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class
A-3a Notes, the Class A-3b Notes, the Class A-4a Notes and the Class A-4b
Notes, the “Notes”):

     

    GRANTING
CLAUSE

     

    The
Issuer hereby Grants to the Indenture Trustee on the Closing Date, on behalf of
and for the benefit of (a) the Noteholders and (b) the Swap Counterparty to
secure the obligations of the Issuer to the Swap Counterparty under the Swap
Agreement, without recourse, all of the Issuer’s right, title and interest in,
to and under, whether now owned or existing or hereafter acquired or arising,
(i) the Receivables, (ii) all amounts due and collected on or in
respect of the Receivables (including proceeds of the repurchase of Receivables
by the Seller pursuant to the Receivables Purchase Agreement) after the Cutoff
Date, (iii) the security interests in the Financed Vehicles granted by the
Obligors pursuant to the Receivables, (iv) all proceeds from claims on and
refunds of premiums of any physical damage or theft insurance policies and
extended warranties covering the Financed Vehicles and any proceeds and refunds
of premiums of any credit life or credit disability insurance policies relating
to the Receivables, the Financed Vehicles or the Obligors, (v) the
Receivable Files, (vi) the Collection Account, the Note Payment Account,
the Reserve Fund, and all amounts, securities, Financial Assets, investments and
other property deposited in or credited to any of the foregoing and all proceeds
thereof, (vii) all rights of the Depositor under the Receivables Purchase
Agreement, including the right to require the Seller to repurchase Receivables
from the Depositor, (viii) any proceeds of Dealer Recourse, (ix) all
rights of the Issuer under the Sale and Servicing Agreement, including the right
to require the Seller to repurchase or the Master Servicer to purchase
Receivables from the Issuer, (x) the right to realize upon any property
(including the right to receive future Net Liquidation Proceeds and Recoveries)
that shall have secured a Receivable and have been repossessed by or on behalf
of the Issuer, (xi) all of the Issuer’s rights and benefits under the
First-Tier Assignment and the Swap Agreement (but none of its obligations or
burdens) and (xii) all present and future claims, demands, causes of action
and choses in action in respect of any or all of the foregoing, and all payments
on or under and all proceeds of every kind and nature whatsoever in respect of
any or all of the foregoing, including all proceeds of the conversion thereof,
voluntary or involuntary, into cash or other liquid property, all accounts,
accounts receivable, general intangibles, chattel paper, documents, money,
investment property, deposit accounts, notes, drafts, acceptances, letters of
credit, letter of credit rights, Insurance Proceeds, condemnation awards, rights
to payment of any and every kind and other forms of obligations and receivables,
instruments and 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    other
property which at any time constitute all or part of or are included in the
proceeds of any of the foregoing (collectively, the “Collateral”).

     

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

     

    The
Indenture Trustee, as Indenture Trustee on behalf of the Noteholders,
acknowledges such Grant, accepts the trusts under this Indenture in accordance
with the provisions of this Indenture and agrees to perform its duties as
required in this Indenture to the best of its ability to the end that the
interests of the Noteholders may be adequately and effectively
protected.

     

    ARTICLE
ONE

     

    DEFINITIONS
AND INCORPORATION BY REFERENCE

     

    Section
1.01. Definitions.

     

    (a) Whenever
used in this Indenture, the following words and phrases, unless the context
otherwise requires, shall have the following meanings.

     

    “Accounts” has the
meaning specified in the Sale and Servicing Agreement.

     

    “Act” has the meaning
specified in Section 11.03(a).

     

    “Additional Servicing
Fee” means, for any Collection Period, if a Successor Master Servicer is
appointed pursuant to Section 7.02 of the Sale and Servicing Agreement, the
amount, if any, by which (i) the compensation payable to such
Successor Master Servicer for such Collection Period exceeds (ii) the
Monthly Servicing Fee for such Collection Period.

     

    “Administration
Agreement” means the administration agreement, dated as of June 1, 2008
among the Administrator, the Issuer, the Depositor and the Indenture
Trustee.

     

    “Administrator” means
Wachovia Bank, in its capacity as administrator under the Administration
Agreement, and its successors in such capacity.

     

    “Affiliate” has the
meaning specified in the Sale and Servicing Agreement.

     

    “Aggregate Principal
Distributable Amount” means, with respect to any Distribution Date, the
Priority Principal Distributable Amount and the Secondary Principal
Distributable Amount.

     

    “Authenticating Agent”
has the meaning specified in Section 2.15.

     

    “Authorized Officer”
means, with respect to the Issuer, any officer of the Owner Trustee who is
authorized to act for or on behalf of the Owner Trustee in matters relating to
the Issuer 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

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

     

    “Available
Collections” has the meaning specified in the Sale and Servicing
Agreement.

     

    “Available Funds” has
the meaning specified in the Sale and Servicing Agreement.

     

    “Basic Documents” has
the meaning specified in the Sale and Servicing Agreement.

     

    “Benefit Plan” means
(i) employee benefit plans (as defined in Section 3(3) of ERISA) that
are subject to Title I of ERISA, (ii) plans described in
Section 4975(e)(1) of the Code, including individual retirement accounts or
Keogh Plans, that are not exempt under Section 4975(g) of the Code, and
(iii) any entities whose underlying assets include plan assets by reason of
a plan’s investment in such entities.

     

    “Book-Entry Notes”
means a beneficial interest in the Notes, ownership and transfers of which shall
be made through book entries by a Clearing Agency as described in
Section 2.10.

     

    “Business Day” has the
meaning specified in the Sale and Servicing Agreement.

     

    “Calculation Agent”
has the meaning specified in Section 2.16.

     

    “Certificate Payment
Account” has the meaning specified in the Sale and Servicing
Agreement.

     

    “Certificateholder”
has the meaning specified in the Trust Agreement.

     

    “Class” means a class
of Notes, which may be the Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes, the Class A-4 Notes or the Class B Notes, as the context
may require.

     

    “Class A
Noteholder” means the Person in whose name a Class A Note is
registered in the Note Register.

     

    “Class A Notes”
means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes
and the Class A-4 Notes.

     

    “Class A-1 Final Scheduled
Distribution Date” means June 22, 2009.

     

    “Class A-1 Interest
Rate” means 2.93084% per annum (computed on the basis of the actual
number of days in the related Interest Period divided by 360).

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Class A-1
Noteholder” means the Person in whose name a Class A-1 Note is
registered in the Note Register.

     

    “Class A-1 Notes”
means the 2.93084% Class A-1 Asset Backed Notes, substantially in the form
of Exhibit A.

     

    “Class A-2 Notes”
means the Class A-2a Notes and the Class A-2b Notes.

     

     “Class A-2a Final
Scheduled Distribution Date” means the May 20, 2011 Distribution
Date.

     

    “Class A-2a Interest
Rate” means 4.09% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     

    “Class A-2a
Notes” means the 4.09% Class A-2a Asset Backed Notes, substantially
in the form of Exhibit A.

     

    “Class A-2b Final
Scheduled Distribution Date” means the May 20, 2011 Distribution
Date.

     

    “Class A-2b Interest
Rate” means LIBOR plus 0.67% per annum (computed on the basis of the
actual number of days in the related Interest Period divided by
360).

     

    “Class A-2b
Notes” means the LIBOR plus 0.67% Class A-2b Asset Backed Notes,
substantially in the form of Exhibit A.

     

    “Class A-3 Notes”
means the Class A-3a Notes and the Class A-3b Notes.

     

     “Class A-3a Final
Scheduled Distribution Date” means the September 20, 2012 Distribution
Date.

     

    “Class A-3a Interest
Rate” means 4.81% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     

    “Class A-3a
Notes” means the 4.81% Class A-3a Asset Backed Notes, substantially
in the form of Exhibit A.

     

    “Class A-3b Final
Scheduled Distribution Date” means the September 20, 2012 Distribution
Date.

     

    “Class A-3b Interest
Rate” means LIBOR plus 0.95% per annum (computed on the basis of the
actual number of days in the related Interest Period divided by
360).

     

    “Class A-3b
Notes” means the LIBOR plus 0.95% Class A-3b Asset Backed Notes,
substantially in the form of Exhibit A.

     

     “Class A-4 Notes”
means the Class A-4a Notes and the Class A-4b Notes.

     

    
      
        
        

      

      
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     “Class A-4a Final
Scheduled Distribution Date” means the March 20, 2014 Distribution
Date.

     

    “Class A-4a Interest
Rate” means 5.35% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     

    “Class A-4a
Notes” means the 5.35% Class A-4a Asset Backed Notes, substantially
in the form of Exhibit A.

     

    “Class A-4b Final
Scheduled Distribution Date” means the March 20, 2014 Distribution
Date.

     

    “Class A-4b Interest
Rate” means LIBOR plus 1.15% per annum (computed on the basis of the
actual number of days in the related Interest Period divided by
360).

     

    “Class A-4b
Notes” means the LIBOR plus 1.15% Class A-4b Asset Backed Notes,
substantially in the form of Exhibit A.

     

    “Class B Final Scheduled
Distribution Date” means the January 20, 2016 Distribution
Date.

     

    “Class B Interest
Rate” means 6.00% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     

    “Class B
Noteholder” means the Person in whose name a Class B Note is
registered in the Note Register.

     

    “Class B Notes”
means the 6.00% Class B Asset Backed Notes, substantially in the form of
Exhibit A.

     

    “Clearing Agency”
means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act, which initially shall be The Depository
Trust Company.

     

    “Clearing Agency
Custodian” means the Indenture Trustee, as custodian for the Clearing
Agency.

     

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

     

    “Closing Date” means
June 19, 2008.

     

    “Code” means the
Internal Revenue Code of 1986, as amended, and the Treasury Regulations
promulgated thereunder.

     

    “Collateral” has the
meaning specified in the Granting Clause of this Indenture.

     

    “Collection Account”
has the meaning specified in the Sale and Servicing Agreement.

     

    
      
        
        

      

      
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    “Collection Period”
means, with respect to any Distribution Date, the immediately preceding calendar
month (or, in the case of the first Collection Period, the period from but
excluding the Cutoff Date to and including the last day of the month immediately
preceding the month in which the first Distribution Date occurs).

     

    “Commission” has the
meaning specified in the Sale and Servicing Agreement.

     

    “Controlling Class”
means the Class A Notes so long as any Class A Notes are Outstanding
and thereafter the Class B Notes.

     

    “Corporate Trust
Office” means the principal office of the Indenture Trustee at which at
any particular time its corporate trust business shall be administered, which
office at the date of execution of this Indenture is located at 60 Livingston
Avenue, EP MN WS3D, St. Paul Minnesota 55107, Attention: Structured Finance –
WAOT 2008-A, or at such other address as the Indenture Trustee may designate
from time to time by written notice to the Noteholders and the Issuer, or the
principal corporate trust office of any successor Indenture Trustee at the
address designated by such successor Indenture Trustee by written notice to the
Noteholders and the Issuer.

     

    “Cutoff Date” has the
meaning specified in the Sale and Servicing Agreement.

     

    “Cutoff Date Pool
Balance” has the meaning specified in the Sale and Servicing
Agreement.

     

    “Dealer Recourse” has
the meaning specified in the Sale and Servicing Agreement.

     

    “Default” means any
event that with notice or the lapse of time or both would become an Event of
Default.

     

    “Defaulted Receivable”
has the meaning specified in the Sale and Servicing Agreement.

     

    “Definitive Notes” has
the meaning specified in Section 2.10.

     

    “Depositor” has the
meaning specified in the Trust Agreement.

     

    “Distribution Date”
means the 20th day of each month, or if such 20th day is not a Business Day, the
following Business Day, commencing on July 21, 2008.

     

    “Eligible Institution”
has the meaning specified in the Sale and Servicing Agreement.

     

    “Eligible Investments”
has the meaning specified in the Sale and Servicing Agreement.

     

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

     

    “Event of Default” has
the meaning specified in Section 5.01.

     

    “Excess Collections”
has the meaning specified in Section 2.08(a)(x).

     

    “Exchange Act” means
the Securities Exchange Act of 1934.

     

    
      
        
        

      

      
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    “Exchange Act Reports”
has the meaning specified in the Sale and Servicing Agreement.

     

    “Executive Officer”
means, with respect to any (i) corporation, limited liability company or
depository institution, the chief executive officer, the chief operating
officer, the chief financial officer, the president, any Vice President, the
secretary or the treasurer of such corporation, limited liability company or
depository institution and (ii) partnership, any general partner
thereof.

     

    “Final Scheduled Distribution
Date” means the Class A-1 Final Scheduled Distribution Date, the
Class A-2a Final Scheduled Distribution Date, the Class A-2b Final
Scheduled Distribution Date, the Class A-3a Final Scheduled Distribution
Date, the Class A-3b Final Scheduled Distribution Date, the Class A-4a Final
Scheduled Distribution Date, the Class A-4b Final Scheduled Distribution Date or
the Class B Final Scheduled Distribution Date, as the context may
require.

     

    “Financed Vehicle” has
the meaning specified in the Sale and Servicing Agreement.

     

    “Financial Asset” has
the meaning specified in the Sale and Servicing Agreement.

     

    “First-Tier
Assignment” means the first-tier assignment in substantially the form
attached as Exhibit B to the Receivables Purchase Agreement.

     

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

     

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

     

    “Indenture” means this
Indenture.

     

    “Indenture Trustee”
means U.S. Bank National Association, a national banking association, as
Indenture Trustee under this Indenture, and any successor in such
capacity.

     

    “Independent” means,
when used with respect to any specified Person, that the Person (i) is in
fact independent of the Issuer, any other obligor on the Notes, the Depositor,
the Seller, the Master Servicer and any of their respective Affiliates,
(ii) does not have any direct financial interest or any material indirect
financial interest in the Issuer, any such other obligor, the Depositor, the
Seller, the Master Servicer or any of their respective Affiliates and
(iii) is not connected with the Issuer, any such other obligor, the
Depositor, the Seller, the Master Servicer 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    or any of
their respective Affiliates as an officer, employee, promoter, underwriter,
trustee, partner, director or person performing similar functions.

     

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

     

    “Insurance Proceeds”
has the meaning set forth in the Sale and Servicing Agreement.

     

    “Interest Carryover Shortfall
Amount” means, with respect to any Distribution Date and a Class of
Notes, the excess, if any, of the Interest Distributable Amount for that Class
of Notes on the immediately preceding Distribution Date over the amount in
respect of interest that is actually deposited in the Note Payment Account with
respect to that Class of Notes on that preceding Distribution Date, plus, to the
extent permitted by applicable law, interest on the amount of interest due but
not paid to such Noteholders on that preceding Distribution Date at the
applicable Interest Rate.

     

    “Interest Distributable
Amount” means, with respect to any Distribution Date and a Class of
Notes, the sum of the Monthly Interest Distributable Amount and the Interest
Carryover Shortfall Amount for that Class of Notes for that Distribution
Date.

     

    “Interest Period”
means, with respect to any Distribution Date and the (i) Class A-1
Notes, the Class A-2b Notes, the Class A-3b Notes and the Class A-4b Notes, the
period from, and including, the prior Distribution Date (or from, and including,
the Closing Date with respect to the first Distribution Date) to, but excluding,
the current Distribution Date and (ii) Class A-2a Notes, the Class
A-3a Notes, the Class A-4a Notes and the Class B Notes, the period from,
and including the 20th day of the month of the prior Distribution Date (or from,
and including, the Closing Date with respect to the first Distribution Date) to,
but excluding, the 20th day of the month of the current Distribution Date
(assuming each month has 30 days).

     

    “Interest Rate” means
the Class A-1 Interest Rate, the Class A-2a Interest Rate, the Class
A-2b Interest Rate, the Class A-3a Interest Rate, the Class A-3b Interest
Rate, the Class A-4a Interest Rate, the Class A-4b Interest Rate and the Class B
Interest Rate, as applicable.

     

    “Investment Company
Act” means the Investment Company Act of 1940.

     

    “Issuer” means
Wachovia Auto Owner Trust 2008-A until a successor replaces it and, thereafter,
means the successor and, for purposes of any provision contained herein and
required by the TIA, each other obligor on the Notes.

     

    “Issuer Order” or
“Issuer
Request” means a written order or request signed in the name of the
Issuer by any Authorized Officer of the Issuer and delivered to the Indenture
Trustee by the Administrator, if signed by an officer of the Administrator, or
at the written direction of the Depositor, if signed by an officer of the Owner
Trustee.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    “LIBOR” means, for any
Distribution Date and the related Interest Period, the rate for deposits in
United States dollars having a one-month maturity, which appears on the Reuters
Screen LIBOR01 Page as of 11:00 AM, London time, on the applicable LIBOR
Determination Date; provided, however, that for the first Interest Period LIBOR
shall mean 2.48250%, which is an interpolated rate for deposits in United States
dollars for a period that corresponds to the actual number of days in the first
Interest Period.

     

    Notwithstanding
the foregoing, in the event that such rate does not appear on the Reuters Screen
LIBOR01 Page on the applicable LIBOR Determination Date, then LIBOR shall be the
arithmetic mean of the rates at which one-month United States dollar deposits
are offered to prime banks in the London interbank market by four major banks in
that market selected by the Calculation Agent as of the LIBOR Determination Date
and time specified above and in an amount that is representative of a single
transaction in such market at such time.  If at least two such
quotations are provided by such banks, LIBOR will be the arithmetic mean of such
quotations.  If fewer than two quotations are provided by such banks,
then LIBOR shall be the arithmetic mean of the rates at which one-month loans in
United States dollars are offered to leading European banks by three major banks
in The City of New York selected by the Calculation Agent as of 11:00 a.m., New
York City time, on the applicable LIBOR Determination Date and in an amount that
is representative of a single transaction in such market at such
time.  If no such quotation can be obtained, LIBOR for such
Distribution Date shall be LIBOR for the prior Distribution Date.  The
determination of LIBOR for each Distribution Date by the Calculation Agent will
be final and binding in the absence of manifest error.

     

    “LIBOR Determination
Date” means two London Business Days prior to the Distribution Date
preceding the applicable Distribution Date (or, in the case of the first
Distribution Date, two London Business Days prior to the Closing
Date).

     

    “London Business Day” means,
for the purpose of calculating LIBOR, a day on which banking institutions in the
City of London, England are open for general business (including dealings in
foreign exchange and foreign currency deposits).

     

    “Lien” has the meaning
specified in the Sale and Servicing Agreement.

     

    “Maryland Vehicle Sales Finance
Act” means Maryland Code Annotated, Financial Institutions §11-401
et seq.

     

    “Master Servicer”
means Wachovia Bank, in its capacity as master servicer under the Sale and
Servicing Agreement, and its successors in such capacity.

     

    “Monthly Interest
Distributable Amount” means, with respect to any Distribution Date and
any Class of Notes, the interest due on that Class of Notes for the related
Interest Period calculated based on the Interest Rate for that Class of Notes
and the principal amount of that Class of Notes on the preceding Distribution
Date, after giving effect to all payments of principal on such Class of Notes on
or prior to that Distribution Date, or, in the case of the first Distribution
Date, on the original principal amount of that Class of Notes as of the Closing
Date.

     

    “Monthly Payment” has
the meaning specified in the Sale and Servicing Agreement.

     

    
      
        
        

      

      
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    “Monthly Servicing
Fee” has the meaning specified in the Sale and Servicing
Agreement.

     

    “Monthly Trustee Fees”
means the monthly fees and expenses payable to each of the Trustees on each
Distribution Date for the related Collection Period for performing their
respective obligations under the Basic Documents.

     

    “Moody’s” means
Moody’s Investors Service, Inc.

     

    “Net Liquidation
Proceeds” has the meaning specified in the Sale and Servicing
Agreement.

     

    “Net Swap Payment”
means, with respect to any Distribution Date, the net amount owed by the Issuer
to the Swap Counterparty on such Distribution Date pursuant to the Swap
Agreement, including any interest accrued thereon, but excluding any Swap
Termination Payments.

     

    “Nonrecoverable
Advance” has the meaning specified in the Sale and Servicing
Agreement.

     

    “Note Balance” means,
at any time, the aggregate principal amount of all Notes that are Outstanding at
such time or the aggregate principal amount of all Notes of the Controlling
Class or a particular Class that are Outstanding at such time, as the context
requires.

     

    “Note Depository
Agreement” means the agreement, dated the Closing Date, between the
Issuer and The Depository Trust Company, as the initial Clearing Agency,
relating to the Notes.

     

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

     

    “Note Payment Account”
has the meaning specified in the Sale and Servicing Agreement.

     

    “Note Register” and
“Note
Registrar” have the respective meanings specified in
Section 2.05(a).

     

    “Notes” means the
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes and the Class B Notes.

     

    “Obligor” has the
meaning specified in the Sale and Servicing Agreement.

     

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

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    “Opinion of Counsel”
means one or more written opinions of counsel who may, except as otherwise
expressly provided in this Indenture, be an employee of, or outside counsel to,
the Issuer, the Depositor, the Seller or the Master Servicer and who shall be
acceptable to the Indenture Trustee, and which opinion or opinions shall be
addressed to the Indenture Trustee, shall comply with any applicable
requirements of Section 11.01 and shall be in form and substance
satisfactory to the Indenture Trustee.

     

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

     

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

     

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

     

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

     

    provided,
however, that in determining whether the Noteholders of the requisite principal
amount of the Notes Outstanding have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or under any other Basic
Document, Notes owned by the Issuer, any other obligor upon the Notes, the
Depositor, the Seller, the Master Servicer or any of their respective Affiliates
shall be disregarded and deemed not to be Outstanding unless all of the Notes of
the related Class or Classes are owned by the Issuer, any other obligor
upon the Notes, the Depositor, the Seller, the Master Servicer or any of their
respective Affiliates, except that, in determining whether the Indenture Trustee
shall be protected in relying on any such request, demand, authorization,
direction, notice, consent or waiver, only Notes that a Responsible Officer of
the Indenture Trustee knows to be so owned shall be so
disregarded.  Notes so owned that have been pledged in good faith may
be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Indenture Trustee the pledgee’s right so to act with respect to such Notes and
that the pledgee is not the Issuer, any other obligor upon the Notes, the
Depositor, the Seller, the Master Servicer or any of their respective
Affiliates.

     

    “Owner Trustee” has
the meaning specified in the Trust Agreement.

     

    “Paying Agent” means
the Indenture Trustee or any other Person that meets the eligibility standards
specified in Section 6.11 and is authorized by the Issuer to make or cause
to be made payments to and distributions from the Collection Account, the Note
Payment Account, the Certificate Payment Account and the Reserve Fund, including
payments of principal or interest on the Notes on behalf of the
Issuer.  The Indenture Trustee shall be the initial Paying Agent
hereunder.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    “Pennsylvania Motor Vehicle Sales Finance
Act” means 69 P.S. § 601 et seq.

     

    “Person” has the
meaning specified in the Sale and Servicing Agreement.

     

    “Pool Balance” has the
meaning specified in the Sale and Servicing Agreement.

     

    “Predecessor Note”
means, with respect to any particular Note, every previous Note evidencing all
or a portion of the same debt as that evidenced by such particular Note; and,
for the purpose of this definition, any Note authenticated and delivered under
Section 2.06 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.

     

    “Principal Balance”
has the meaning specified in the Sale and Servicing Agreement.

     

    “Priority Principal
Distributable Amount” means, with respect to any Distribution Date, the
excess, if any, of the Note Balance of the Class A Notes as of such
Distribution Date (before giving effect to any payments made to Noteholders on
that Distribution Date) over the Pool Balance as of the last day of the
preceding Collection Period; provided, however, that the Priority Principal
Distributable Amount for each Distribution Date on and after the Final Scheduled
Distribution Date for any Class of Class A Notes will not be less than the
amount that is necessary to reduce the outstanding principal balance of
such Class of Class A Notes to zero.

     

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

     

    “Protected Purchaser”
has the meaning specified in Section 8-303 of the UCC.

     

    “PTCE” means
Prohibited Transaction Class Exemption.

     

    “Rating Agency” means
Moody’s or Standard & Poor’s; provided, however, that if either of
Moody’s and Standard & Poor’s cease to exist, Rating Agency shall mean
any nationally recognized statistical rating organization or other comparable
Person designated by the Issuer to replace such Person, written notice of which
designation shall have been given to the Depositor, the Master Servicer and the
Trustees.

     

    “Rating Agency
Condition” means, with respect to any action, that each Rating Agency
shall have been given ten days (or such shorter period as is acceptable to
such Rating Agency) prior notice thereof and that each such Rating Agency shall
have notified the Depositor, the Master Servicer, the Swap Counterparty and the
Trustees in writing that such action will not result in a qualification,
reduction or withdrawal of the then-current rating assigned by such Rating
Agency to any Class of Notes.

     

    “Receivable” has the
meaning specified in the Receivables Purchase Agreement.

     

    “Receivable Files” has
the meaning specified in the Sale and Servicing Agreement.

     

    “Receivables Purchase
Agreement” means the receivables purchase agreement, dated as of June 1,
2008, between the Seller and WDS Receivables, as purchaser.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    “Record Date” shall
mean, with respect to the Notes and any Distribution Date or Redemption Date,
the close of business on the Business Day preceding such Distribution Date or
Redemption Date, provided, however, that if Definitive Notes have been issued
pursuant to Section 2.12, Record Date shall mean, with respect to any
Distribution Date or Redemption Date, the last day of the preceding Collection
Period.

     

    “Recoveries” has the
meaning specified in the Sale and Servicing Agreement.

     

    “Redemption Date”
means, in the case of a redemption of the Notes pursuant to Section 10.01,
the Distribution Date specified by the Master Servicer pursuant to such
Section.

     

    “Redemption Price”
means, in the case of a redemption of the Notes pursuant to Section 10.01,
an amount equal to the unpaid principal amount of the Notes redeemed plus
accrued and unpaid interest thereon through the related Interest Period at the
related Interest Rates.

     

    “Reserve Fund” has the
meaning specified in the Sale and Servicing Agreement.

     

    “Reserve Fund Amount”
has the meaning specified in the Sale and Servicing Agreement.

     

    “Reserve Fund
Deficiency” means, as of any date, the excess of the Reserve Fund
Required Amount over the Reserve Fund Amount.

     

    “Reserve Fund Draw
Amount” has the meaning specified in the Sale and Servicing
Agreement.

     

    “Reserve Fund Required
Amount” has the meaning specified in the Sale and Servicing
Agreement.

     

    “Responsible Officer”
has the meaning specified in the Sale and Servicing Agreement.

     

    “Reuters Screen LIBOR01
Page” means the display designated as the LIBOR01 Page on the Reuters
service (or such other page as may replace the LIBOR01 page on that service or
any successor service for the purpose of displaying LIBOR).

     

    “Sale and Servicing
Agreement” means the sale and servicing agreement, dated as of
June 1, 2008, among the Issuer, the Depositor, the Seller and the Master
Servicer.

     

    “Secondary Principal
Distributable Amount” means, with respect to any Distribution Date, the
excess, if any, of the Note Balance of the Class A Notes and Class B
Notes on that Distribution Date (before giving effect to any payments made to
holders of the Notes on that Distribution Date) over the sum of the Priority
Principal Distributable Amount and the Pool Balance as of the last day of the
related Collection Period; provided, however, that on and after the Final
Scheduled Distribution Date for the Class B Notes, the Secondary Principal
Distributable Amount will be not less than the amount that is necessary to
reduce the outstanding principal balance of the Class B Notes to
zero.

     

    “Securities Act” means
the Securities Act of 1933.

     

    
      
        
        

      

      
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    “Securityholders” has
the meaning specified in the Sale and Servicing Agreement

     

    “Seller” has the
meaning specified in the Receivables Purchase Agreement.

     

    “Senior Swap Termination
Payment” means any payment following an event of default or termination
event under the Swap Agreement, including accrued interest thereon, required to
be paid by the Issuer to the Swap Counterparty, other than a Subordinated Swap
Termination Payment.

     

    “Servicer Termination
Event” has the meaning specified in the Sale and Servicing
Agreement.

     

    “Standard &
Poor’s” means Standard & Poor’s Ratings Services, a Division of
The McGraw-Hill Companies, Inc.

     

    “State” means any of
the 50 states of the United States or the District of
Columbia.

     

    “Statutory Exemption”
means the prohibited transaction exemption provided by Section 408(b)(17) of
ERISA and Section 4975(d)(20) of the Code.

     

    “Subordinated Swap
Termination Payment” means any payment, including accrued interest
thereon, required to be paid by the Issuer to the Swap Counterparty pursuant to
the Swap Agreement following any event of default or termination event (other
than the illegality of the transactions as set forth in Part 1(i)(i) of the Swap
Agreement or the occurrence of certain tax events as set forth in Part 1(i)(ii)
of the Swap Agreement) where the Swap Counterparty is the sole defaulting party
or the sole affected party.

     

    “Successor Master
Servicer” has the meaning specified in the Sale and Servicing
Agreement.

     

    “Swap Agreement” means
the ISDA Master Agreement, dated June 19, 2008, between the Issuer and the Swap
Counterparty, including the Schedule thereto, the Credit Support Annex thereto
and three Confirmations relating to the Class A-2b Notes, the Class A-3b Notes
and the Class A-4b Notes, respectively.

     

    “Swap Counterparty”
means Wachovia Bank, National Association, as swap counterparty under the Swap
Agreement.

     

    “Swap Termination
Payment” means, with respect to any Distribution Date, as applicable, (i)
the net amount of any Senior Swap Termination Payment plus any Subordinated Swap
Termination Payment, owed by the Issuer to the Swap Counterparty or (ii) the net
amount of any swap termination payment owed by the Swap Counterparty to the
Issuer, as applicable.

     

    “Total Servicing Fee”
has the meaning specified in the Sale and Servicing Agreement.

     

    “Total Trustee Fees”
means, for any Collection Period and the related Distribution Date, with respect
to each of the Trustees, the sum of (i) the Monthly Trustee Fees for such
Collection Period and (ii) all accrued but unpaid Monthly Trustee Fees for
the previous Collection Period.

     

    
      
        
        

      

      
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    “Transition Costs” has
the meaning specified in the Sale and Servicing Agreement.

     

    “Treasury Regulations”
has the meaning specified in the Trust Agreement.

     

    “Trust Agreement”
means the amended and restated trust agreement, dated as of June 1, 2008,
between the Depositor and the Owner Trustee.

     

    “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 this Indenture for the
benefit of the Noteholders (including all property and interests Granted to the
Indenture Trustee), including all proceeds thereof.

     

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

     

    “Trustees” means the
Owner Trustee and the Indenture Trustee.

     

    “UCC” means, unless
the context otherwise requires, the Uniform Commercial Code, as in effect in the
relevant jurisdiction.

     

    “United States” means
the United States of America.

     

    “Vice President” has
the meaning specified in the Sale and Servicing Agreement.

     

    “Wachovia Bank” has
the meaning specified in the Sale and Servicing Agreement.

     

    “Wachovia Dealer
Services” means Wachovia Dealer Services, Inc.

     

    “WDS Receivables” has
the meaning specified in the Receivables Purchase Agreement.

     

    (b) Except as
otherwise specified herein or as the context may otherwise require, for all
purposes of this Indenture, capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Sale and Servicing
Agreement or the Trust Agreement, as the case may be.

     

    Section
1.02. Incorporation by Reference
of Trust Indenture Act.  Whenever this Indenture refers to a
provision of the TIA, that provision is incorporated by reference in and made a
part of this Indenture.  The following TIA terms used in this
Indenture have the following meanings:

     

    “indenture securities”
means the Notes.

     

    “indenture security
holder” means a Noteholder.

     

    “indenture to be
qualified” means this Indenture.

     

    “indenture trustee” or
“institutional
trustee” means the Indenture Trustee.

     

    
      
        
        

      

      
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    “obligor” on the
indenture securities means the Issuer and any other obligor on the indenture
securities.

     

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

     

    Section
1.03. Interpretive
Provisions.  With respect to all terms in this Indenture,
unless the context otherwise requires: (i) a term has the meaning assigned
to it; (ii) an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting principles as in
effect from time to time in the United States; (iii) “or” is not exclusive;
(iv) “including” means including without limitation; (v) words in the
singular include the plural and words in the plural include the singular;
(vi) any agreement, instrument or statute defined or referred to herein or
in any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references
to all attachments thereto and instruments incorporated therein;
(vii) references to a Person are also to its successors and permitted
assigns; (viii) the words “hereof”, “herein” and “hereunder” and words of
similar import when used in this Indenture shall refer to this Indenture as a
whole and not to any particular provision of this Indenture;
(ix) references contained in this Indenture to Section, Schedule and
Exhibit, as applicable, are references to Sections, Schedules and Exhibits in or
to this Indenture unless otherwise specified; (x) references to “writing”
include printing, typing, lithography and other means of reproducing words in a
visible form; and (xi) the term “proceeds” has the meaning set forth in the
applicable UCC.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
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    ARTICLE
TWO

     

    THE
NOTES

     

    Section
2.01. Form.

     

    (a) The
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes and the Class B Notes, in each case together with the Indenture
Trustee’s certificate of authentication, shall be in substantially the form set
forth in Exhibit A, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may, consistently herewith,
be determined by the officers executing such Notes, as evidenced by their
execution of the Notes.  Any portion of the text of any Note may be
set forth on the reverse thereof, with an appropriate reference thereto on the
face of the Note.

     

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

     

    (c) Each Note
shall be dated the date of its authentication.  The terms of the Notes
as set forth in Exhibit A are part of the terms of this Indenture and are
incorporated herein by reference.

     

    (d) The
aggregate principal amount of the Notes may from time to time be increased or
decreased by adjustments made on the records of the Indenture Trustee or the
Clearing Agency or its nominee, as the case may be, as hereinafter
provided.

     

    (e) Except as
provided in Section 2.12 hereof, owners of beneficial interests in Book-Entry
Notes will not be entitled to receive physical delivery of Definitive
Notes.

     

    Section
2.02. Execution, Authentication
and Delivery.

     

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

     

    (b) The
Indenture Trustee shall, upon Issuer Order, authenticate and deliver for
original issue the following aggregate principal amounts of Notes:
(i) $232,000,000 of Class A-1 Notes, (ii) $175,000,000 of
Class A-2a Notes, (iii) $139,000,000 of Class A-2b Notes, (iv)
$183,000,000 of Class A-3a Notes, (v) $100,000,000 of Class A-3b Notes,
(vi) $75,000,000 of Class A-4a Notes, (vii) $165,750,000 of Class A-4b Notes and
(viii) $30,250,000 of Class B Notes.  The aggregate principal
amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes,
Class A-4 Notes and Class B Notes Outstanding at any time may not exceed
such respective amounts except as provided in Section 2.06.

     

    
      
        
        

      

      
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    (c) Each Note
shall be dated the date of its authentication.  The Notes shall be
issuable as registered Notes in minimum denominations of $2,000 and in integral
multiples of $1,000 in excess thereof.

     

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

     

    Section
2.03. Temporary
Notes.

     

    (a) Pending
the preparation of Definitive Notes pursuant to Section 2.12, the Issuer
may execute, and upon receipt of an Issuer Order the Indenture Trustee shall
authenticate and deliver, temporary Notes that are printed, lithographed,
typewritten, mimeographed or otherwise produced, of the tenor of the Definitive
Notes in lieu of which they are issued and with such variations not inconsistent
with the terms of this Indenture as the officers executing such Notes may
determine, as evidenced by their execution of such Notes.

     

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

     

    Section
2.04. Tax
Treatment.  The Issuer has entered into this Indenture, and the
Notes will be issued, with the intention that, for all purposes including
federal, State and local income, single business and franchise tax purposes, the
Notes will qualify as indebtedness of the Issuer secured by the Trust
Estate.  The Issuer, by entering into this Indenture, and each
Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance
of an interest in the applicable Book-Entry Note), agree to treat the Notes as
indebtedness of the Issuer for all purposes, including federal, State and local
income, single business and franchise tax purposes.

     

    Section
2.05. Registration; Registration
of Transfer and Exchange.

     

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

     

    
      
        
        

      

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

     

    (c) Upon
surrender for registration of transfer of any Note at the office or agency of
the Issuer to be maintained as provided in Section 3.02, provided that the
requirements of Section 8-401 of the UCC are met, the Issuer shall execute,
and the Indenture Trustee shall authenticate and deliver to the Noteholder
making such surrender and the Noteholder shall obtain from the Indenture
Trustee, in the name of the designated transferee or transferees, one or more
new Notes of the same Class in any authorized denomination and a like aggregate
principal amount.  The Indenture Trustee may rely upon the
Administrator with respect to the determination of whether the requirements of
Section 8-401 of the UCC are met.

     

    (d) At the
option of the related Holder, Notes may be exchanged for other Notes of the same
Class in any authorized denominations, of a like aggregate principal amount,
upon surrender of the Notes to be exchanged at such office or
agency.  Whenever any Notes are so surrendered for exchange, provided
that the requirements of Section 8-401 of the UCC are met (as determined by
the Issuer), the Issuer shall execute, and the Indenture Trustee shall
authenticate and deliver to the Noteholder making such exchange, the Notes which
such Noteholder is entitled to receive.  The Indenture Trustee may
rely upon the Administrator with respect to the determination of whether the
requirements of Section 8-401 of the UCC are met.

     

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

     

    (f) Each Note
presented or surrendered for registration of transfer or exchange shall be duly
endorsed by, or be accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder thereof or
such Holder’s attorney duly authorized in writing, with such signature
guaranteed by an “eligible guarantor institution” meeting the requirements of
the Note Registrar.

     

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

     

    (h) The
preceding provisions of this Section notwithstanding, the Issuer shall not be
required to make, and the Note Registrar need not register, transfers or
exchanges of Notes with respect to which the due date for any payment will occur
within 15 days.

     

    
      
        
        

      

      
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    (i) Each
Person to whom a Class A Note is transferred will be required to represent, in
the case of a Definitive Note, or deemed to represent, in the case of a
Book-Entry Note, that (i) such Person is not a Benefit Plan and is not
investing on behalf of or with plan assets of a Benefit Plan or (ii) such Person
is acquiring a Note and the Person’s acquisition, holding and disposition of the
Note are and will be eligible for relief under PTCE 84-14, 90-1, 91-38,
95-60, 96-23 or the Statutory Exemption.  Each Person to whom a Class
B Note is transferred will be required to represent, in the case of a Definitive
Note, or deemed to represent, in the case of a Book-Entry Note, that such
Person is not a Benefit Plan and is not investing on behalf of or with plan
assets of a Benefit Plan.

     

    (j) The
Indenture Trustee shall not be responsible for ascertaining whether any transfer
complies with, or for otherwise monitoring or determining compliance with, the
requirements or terms of the Securities Act, applicable state securities laws,
ERISA, the Code or the Investment Company Act; except that if a certificate is
specifically required by the terms of this Section 2.05 to be provided to the
Indenture Trustee by a prospective transferor or transferee, the Indenture
Trustee shall be under a duty to receive and examine the same to determine
whether it conforms substantially on its face to the applicable requirements of
this Section 2.05.

     

    Any
purported transfer of a Note not in accordance with this Section 2.05 shall be
null and void and shall not be given effect for any purpose
whatsoever.

     

    Section
2.06. Mutilated, Destroyed, Lost
or Stolen Notes.

     

    (a) If
(i) any mutilated Note is surrendered to the Indenture Trustee, or the
Indenture Trustee receives evidence to its satisfaction of the destruction, loss
or theft of any Note, (ii) there is delivered to the Indenture Trustee such
security or indemnity as may be required by it to hold the Issuer and the
Indenture Trustee harmless and (iii) the requirements of Section 8-405
of the UCC are met, then, in the absence of notice to the Issuer, the Note
Registrar or the Indenture Trustee that such Note has been acquired by a
Protected Purchaser, the Issuer shall execute, and upon its request the
Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Note, a replacement Note of the
same Class; provided, however, that if any such destroyed, lost or stolen Note,
but not a mutilated Note, shall have become or within seven days of the
Indenture Trustee’s receipt of evidence to its satisfaction of such destruction,
loss or theft shall be due and payable, or shall have been called for redemption
pursuant to Section 10.01, instead of issuing a replacement Note, the
Issuer may pay such destroyed, lost or stolen Note when so due or payable or
upon the Redemption Date without surrender thereof.  The Indenture
Trustee may rely upon the Administrator with respect to the determination of
whether the requirements of Section 8-405 of the UCC are
met.  If, after the delivery of such replacement Note or payment of a
destroyed, lost or stolen Note pursuant to the proviso to the preceding
sentence, a Protected Purchaser of the original Note in lieu of which such
replacement Note was issued presents for payment such original Note, the Issuer
and the Indenture Trustee shall be entitled to recover such replacement Note (or
such payment) from the Person to whom such replacement Note was delivered or any
Person taking such replacement Note from such Person to whom such replacement
Note was delivered or any assignee of such Person, except a Protected Purchaser,
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    indemnity
provided therefor to the extent of any loss, damage, cost or expense incurred by
the Issuer or the Indenture Trustee in connection therewith.

     

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

     

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

     

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

     

    Section
2.07. Persons Deemed
Owner.  Prior to due presentment for registration of transfer
of any Note, the Issuer, the Indenture Trustee and any of their respective
agents may, subject to Section 2.06, treat the Person in whose name such
Note is registered in the Note Register (as of the day of determination) as the
owner of such Note for the purpose of receiving payments of principal of and
interest, if any, on such Note and for all other purposes whatsoever, whether or
not such Note shall be overdue, and none of the Issuer, the Indenture Trustee or
any of their respective agents shall be affected by any notice to the
contrary.

     

    Section
2.08. Payment of Principal and
Interest.

     

    (a) On each
Distribution Date, prior to the acceleration of the Notes following the
occurrence of an Event of Default, upon receipt of written instructions from the
Master Servicer pursuant to Section 4.09(c) of the Sale and Servicing
Agreement, the Indenture Trustee shall apply the Available Funds on deposit in
the Collection Account to make the following payments and deposits in the
following order of priority:

     

    (i) to the
Master Servicer, the Total Servicing Fee and any Nonrecoverable Advances for the
related Collection Period;

     

    (ii) to the
Trustees pro rata, the Total Trustee Fees; provided, however, that the aggregate
amount to be paid to the Trustees for such fees and expenses pursuant to this
clause shall not exceed $100,000 in any given calendar year;

     

    (iii) to the
Swap Counterparty, any Net Swap Payment;

     

    (iv) pro rata,
(A) to the Note Payment Account, for payment to the Class A Notes, the Interest
Distributable Amount, ratably, for each Class of Class A Notes, and (B) to
the Swap Counterparty, any Senior Swap Termination Payment;

     

    
      
        
        

      

      
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    (v) to the
Note Payment Account, for payment of principal on the Notes in the priority set
forth in Section 2.08(b), the Priority Principal Distributable Amount, if
any;

     

    (vi) to the
Note Payment Account, for payment to the Class B Notes, the Interest
Distributable Amount for the Class B Notes;

     

    (vii) to the
Note Payment Account, for payment of principal on the Notes in the priority set
forth in Section 2.08(b), the Secondary Principal Distributable Amount, if
any;

     

    (viii) to the
Reserve Fund, the Reserve Fund Deficiency for such Distribution Date, if
any;

     

    (ix) to the
Swap Counterparty, any Subordinated Swap Termination Payment;

     

    (x) if a
Successor Master Servicer has been appointed pursuant to Section 7.02 of
the Sale and Servicing Agreement, to such Successor Master Servicer, any
Transition Costs due in connection with such transfer of servicing and not paid
pursuant to Section 7.01 of the Sale and Servicing Agreement, plus the
Additional Servicing Fee, if any, for the related Collection
Period;

     

    (xi) to the
Trustees, pro rata, the Total Trustee Fees, to the extent that they have not
previously been paid; and

     

    (xii) to the
Certificate Payment Account, for payment to the Certificateholders, any
remaining Available Funds (the “Excess Collections”).

     

    Notwithstanding
the foregoing, following the occurrence and during the continuation of an Event
of Default which has resulted in an acceleration of the Notes, all Available
Funds shall be deposited into the Note Payment Account and applied in accordance
with Section 2.08(f).  Any distributions to be made by the
Indenture Trustee under the Basic Documents may be made by the Paying
Agent.

     

    The
Reserve Fund Draw Amount shall be used to make the payments described in Section
4.02 of the Sale and Servicing Agreement.

     

    If the
amount on deposit in the Note Payment Account (including any portion of the
Reserve Fund Draw Amount) on any Distribution Date is less than the amount
described in clause (iv)(A) above for such Distribution Date, the
Indenture Trustee, either directly or through the Paying Agent, shall pay the
available amount to the Noteholders of each Class of Class A Notes pro rata
based on the Interest Distributable Amount payable to such Class on such
Distribution Date.

     

    If on any
Distribution Date, the aggregate amount on deposit in the Collection Account and
the Reserve Fund equals or exceeds the Note Balance of all Notes Outstanding as
of the last day of the related Collection Period, the accrued and unpaid
interest thereon and all amounts due to the Master Servicer, the Swap
Counterparty and the Trustees, the Master Servicer shall provide written
notification thereof to the Indenture Trustee and shall direct the Indenture

     

    
      
        
        

      

      
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    Trustee
to apply all such amounts to retire the Notes and to pay all such amounts due to
the Master Servicer, the Swap Counterparty and the Trustees in accordance with
the provisions of this Section.

     

    (b) The
principal of each Note shall be payable in installments on each Distribution
Date in an aggregate amount (unless the Notes have been declared immediately due
and payable following an Event of Default) for all Classes of Notes equal to the
Aggregate Principal Distributable Amount.  On each Distribution Date,
upon receipt of instructions from the Master Servicer pursuant to
Section 4.09(c) of the Sale and Servicing Agreement and subject to
Section 2.08(f), the Indenture Trustee shall either directly or through a
Paying Agent apply or cause to be applied the amount on deposit in the Note
Payment Account on such Distribution Date in respect of the Aggregate Principal
Distributable Amount, to make the following payments in the following order of
priority:

     

    (i) to the
Class A-1 Notes, until the principal amount of the Class A-1 Notes has been paid
in full;

     

    (ii) pro rata
to the Class A-2a Notes and Class A-2b Notes until the principal amounts of the
Class A-2a Notes and Class A-2b Notes have been paid in full;

     

    (iii) pro rata
to the Class A-3a Notes and Class A-3b Notes until the principal amounts of the
Class A-3a Notes and Class A-3b Notes have been paid in full;

     

    (iv) pro rata
to the Class A-4a Notes and Class A-4b Notes until the principal amounts of the
Class A-4a Notes and Class A-4b Notes have been paid in full; and

     

    (v) to the
Class B Notes until the principal amount of the Class B Notes has been paid in
full.

     

    (c) The
unpaid principal amount, to the extent not previously paid of the
(i) Class A-1 Notes shall be due and payable on the Class A-1
Final Scheduled Distribution Date, (ii) Class A-2a Notes shall be due
and payable on the Class A-2a Final Scheduled Distribution Date, (iii)
Class A-2b Notes shall be due and payable on the Class A-2b Final Scheduled
Distribution Date, (iv) Class A-3a Notes shall be due and payable on
the Class A-3a Final Scheduled Distribution Date, (v) Class A-3b Notes
shall be due and payable on the Class A-3b Final Scheduled Distribution Date,
(vi) Class A-4a Notes shall be due and payable on the Class A-4a Final Scheduled
Distribution Date, (vii) Class A-4b Notes shall be due and payable on the Class
A-4b Final Scheduled Distribution Date, and (viii) Class B Notes shall
be due and payable on the Class B Final Scheduled Distribution
Date.

     

    (d) Each
Class of Notes shall accrue interest during each Interest Period at the related
Interest Rate, and such interest shall be due and payable on each Distribution
Date.  Interest on the Class A-1 Notes, the Class A-2b Notes, the
Class A-3b Notes and the Class A-4b Notes shall be calculated on the basis of
the actual number of days elapsed and a 360-day year.  Interest on the
Class A-2a Notes, the Class A-3a Notes, the Class A-4a Notes and the
Class B Notes shall be calculated on the basis of a 360-day year of twelve
30-day months.  Subject to Section 3.01, any installment of
interest or principal, if any, payable on any Note that is punctually paid or
duly provided for on the applicable Distribution Date shall be paid to the
Person in whose name such 

     

    
      
        
        

      

      
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    Note (or
one or more Predecessor Notes) is registered on the related Record Date by check
mailed first-class postage prepaid to such Person’s address as it appears on the
Note Register on such Record Date; provided, however, that, unless Definitive
Notes have been issued pursuant to Section 2.12, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payment shall be made by
wire transfer in immediately available funds to the account designated by such
nominee, and except for the final installment of principal payable with respect
to such Note on a Distribution Date or on the related Final Scheduled
Distribution Date (and except for the Redemption Price for any Note called for
redemption in whole pursuant to Section 10.01), which shall be payable as
provided below.  The funds represented by any such checks returned
undelivered shall be held in accordance with Section 3.03.  The
Indenture Trustee, either directly or through the Paying Agent, shall pay all
Interest Distributable Amounts for any Distribution Date to the Noteholders on
the related Record Date even if a portion of such Interest Distributable Amount
relates to an earlier Distribution Date.

     

    (e) All
principal and interest payments on a Class of Notes shall be made pro rata to
the Noteholders of such Class.  Except as otherwise provided herein,
the Indenture Trustee shall, before the Distribution Date on which the Issuer
expects to pay the final installment of principal of and interest on any Note,
notify the Holder of such Note as of the related Record Date of such final
installment.  Such notice shall be mailed or transmitted by facsimile
and shall specify that such final installment shall be payable only upon
presentation and surrender of such Note and shall specify the place where such
Note may be presented and surrendered for payment of such
installment.  Notices in connection with redemption of Notes shall be
sent by mail to Noteholders as provided in Section 10.02.

     

    (f) Notwithstanding
the foregoing, the unpaid principal amount of the Notes and all other amounts
due hereunder and under the Swap Agreement shall be due and payable, to the
extent not previously paid, on the date on which an Event of Default shall have
occurred and be continuing, if the Indenture Trustee or the Holders of Notes
evidencing not less than 51% of the Note Balance of the Controlling Class have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.02(a).  On each Distribution Date following
acceleration of the Notes, upon receipt of instructions from the Master Servicer
pursuant to Section 4.09(c) of the Sale and Servicing Agreement, the
Indenture Trustee or the Paying Agent shall deposit all Available Funds into the
Note Payment Account and shall apply or cause to be applied all such amounts to
make the following payments and deposits in the following order of
priority:

     

    (i) to the
Master Servicer, the Total Servicing Fee and any Nonrecoverable Advances for the
related Collection Period;

     

    (ii) to the
Trustees, the Total Trustee Fees;

     

    (iii) to the
Swap Counterparty, the Net Swap Payment, if any;

     

    (iv) pro rata,
(A) to the Class A Noteholders, the Interest Distributable Amount for each
Class of Class A Notes and (B) to the Swap Counterparty, any Senior Swap
Termination Payment;

     

    
      
        
        

      

      
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    (v) (a) if
an Event of Default described in Section 5.01(i), (ii), (v) or
(vi) has occurred, in the following order of priority:

     

    (A) to the
Class A-1 Noteholders, payments of principal until the principal amount of
the Class A-1 Notes has been paid in full;

     

    (B) to the
Holders of each Class of remaining Class A Notes, pro rata based on the
outstanding principal amount of each such Class of Class A Notes as of such
Distribution Date, payments of principal until the principal amount of each such
Class of remaining Class A Notes has been paid in full;

     

    (C) to the
Class B Noteholders, the Interest Distributable Amount for the Class B
Notes; and

     

    (D) to the
Class B Noteholders, payments of principal until the principal amount of
the Class B Notes has been paid in full;

     

    (v)(b) if
an Event of Default described in Section 5.01(iii) or (iv) has
occurred, in the following order of priority:

     

    (A) to the
Class B Noteholders, the Interest Distributable Amount for the Class B
Notes;

     

    (B) to the
Class A-1 Noteholders, payments of principal until the principal amount of
the Class A-1 Notes has been paid in full;

     

    (C) to the
Holders of each Class of remaining Class A Notes, pro rata based on the
outstanding principal amount of each such Class of Class A Notes as of such
Distribution Date, payments of principal until the principal amount of each such
Class of remaining Class A Notes has been paid in full; and

     

    (D) to the
Class B Noteholders, payments of principal until the principal amount of
the Class B Notes has been paid in full;

     

    (vi) to the
Swap Counterparty, any Subordinated Swap Termination Payment;

     

    (vii) if a
Successor Master Servicer has been appointed pursuant to Section 7.02 of
the Sale and Servicing Agreement, to such Successor Master Servicer, any
Transition Costs due in connection with such transfer of servicing and not paid
pursuant to Section 7.01 of the Sale and Servicing Agreement plus the
Additional Servicing Fee, if any, for the related Collection Period;
and

     

    (viii) to the
Certificateholders, any remaining amounts.

     

    (g) The
Indenture Trustee shall transfer or shall cause the Master Servicer to transfer,
amounts from the Reserve Fund and deposit amounts transferred therefrom at the
written direction of the Master Servicer in accordance with the Sale and
Servicing Agreement.

     

    
      
        
        

      

      
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    Section
2.09. Cancellation.  All
Notes surrendered for payment, registration of transfer, exchange or redemption
in whole pursuant to Section 10.01 shall, if surrendered to any Person
other than the Indenture Trustee, be delivered to the Indenture Trustee and
shall be promptly cancelled by the Indenture Trustee.  The Issuer may
at any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Issuer may have
acquired in any manner whatsoever, and all Notes so delivered shall be promptly
cancelled by the Indenture Trustee.  No Notes shall be authenticated
in lieu of or in exchange for any Notes cancelled as provided in this Section,
except as expressly permitted by this Indenture.  All cancelled Notes
may be held or disposed of by the Indenture Trustee in accordance with its
standard retention or disposal policy as in effect at the time unless the Issuer
shall direct by an Issuer Order that they be destroyed or returned to it;
provided, that such Issuer Order is timely and the Notes have not been
previously disposed of by the Indenture Trustee.

     

    Section
2.10. Book-Entry
Notes.  Except as provided in Section 2.12, the Notes, upon
original issuance, will be issued in the form of a typewritten Note or Notes
representing the Book-Entry Notes, to be delivered to The Depository Trust
Company, the initial Clearing Agency, by, or on behalf of, the
Issuer.  The Book-Entry Notes shall be registered initially on the
Note Register in the name of Cede & Co., the nominee of the initial
Clearing Agency, and no Note Owner will receive a definitive Note representing
such Note Owner’s interest in such Book Entry Note, except as provided in
Section 2.12.  Unless and until definitive, fully registered Notes
(the “Definitive Notes”) have been issued to such Note Owners pursuant to
Section 2.12:

     

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

     

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

     

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

     

    (iv) the
rights of Note Owners shall be exercised only through the Clearing Agency and
shall be limited to those established by law and agreements between such Note
Owners and the Clearing Agency or the Clearing Agency Participants; pursuant to
the Note Depository Agreement, unless and until Definitive Notes are issued
pursuant to Section 2.12, the Clearing Agency will make book-entry
transfers among the Clearing Agency Participants and receive and transmit
payments of principal of and interest on the Notes to such Clearing Agency
Participants; and

     

    (v) whenever
this Indenture requires or permits actions to be taken based upon instructions
or directions of the Holders of Notes (or Holders of Notes of any Class,
including the Controlling Class) evidencing a specified percentage of the Note
Balance, the Clearing Agency shall be deemed to represent such percentage only
to the extent that it has received instructions to such effect from Note Owners
and/or Clearing Agency Participants owning or representing, respectively, such
required percentage of the 

     

    
      
        
        

      

      
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    beneficial
interest in the Notes or such Class of Notes and has delivered such instructions
to the Indenture Trustee.

     

    Section
2.11. Notices to Clearing
Agency.  Whenever a notice or other communication to the
Noteholders is required under this Indenture, unless and until Definitive Notes
shall have been issued to such Note Owners pursuant to Section 2.12, the
Indenture Trustee shall give all such notices and communications specified
herein to be given to the Noteholders to the Clearing Agency, and shall have no
obligation to such Note Owners.

     

    Section
2.12. Definitive
Notes.  Definitive Notes will be issued only in the following
circumstances:

     

    (a)        If:

     

    (i) (A) the
Clearing Agency is no longer willing or able to properly discharge its
respon­sibilities with respect to the Book-Entry Notes and (B) the
Indenture Trustee is not able to locate a qualified successor; or

     

    (ii) after the
occurrence of an Event of Default or a Servicer Termination Event, owners of
Book-Entry Notes representing beneficial interests aggregating not less than 51%
of the principal amount of a Class of Notes advise the Indenture Trustee and the
Clearing Agency Participant through the Clearing Agency, in writing that the
continuation of a book-entry system through the Clearing Agency is no longer in
the best interests of such Note Owners;

     

    then, in
each case, the Indenture Trustee shall notify such Note Owners of the related
Class of Notes through the Clearing Agency of the occurrence of any such event
and of the availability of Definitive Notes of the related Class of Notes to
Note Owners requesting the same.

     

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

     

    Section
2.13. Release of
Collateral.  Subject to Section 11.01 and the terms of the
other Basic Documents, the Indenture Trustee shall release property from the
lien of this Indenture only upon receipt of an Issuer Request accompanied by an
Officer’s Certificate, an Opinion of Counsel and, if required by Section 11.01,
Independent Certificates in accordance with Sections 314(c) and 314(d)(1) of the
TIA or an Opinion of Counsel in lieu of such Independent Certificates to the
effect that the TIA does not require any such Independent
Certificates.  If the Commission shall issue an exemptive order under
TIA Section 304(d) modifying the Indenture Trustee’s obligations under TIA
Sections 314(c) and 314(d)(1), the Indenture Trustee shall 

     

    
      
        
        

      

      
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    release
property from the lien of this Indenture in accordance with the conditions and
procedures set forth in such exemptive order.

     

    Section
2.14. Employee Benefit
Plans.  The Class A Notes may, in general, be purchased by, or
on behalf of, or with “plan assets” of a Benefit Plan.  A fiduciary of
a Benefit Plan purchasing the Class A Notes or a beneficial interest in such
Notes, with the assets of a Benefit Plan is deemed to represent that the
purchase of one or more such Notes or a beneficial interest therein is
consistent with its fiduciary duties under ERISA and does not result in a
nonexempt prohibited transaction as defined in Section 406 of ERISA or
Section 4975 of the Code.  If the Depositor, the Seller, the
Master Servicer, the Indenture Trustee, the Owner Trustee or any of their
respective Affiliates (i) has investment or administrative discretion with
respect to the assets of a Benefit Plan, (ii) has authority or
responsibility to give, or regularly gives, investment advice with respect to
such Benefit Plan assets, for a fee and pursuant to an agreement or
understanding that such advice will (a) serve as a primary basis for
investment decisions with respect to such Benefit Plan assets and (b) be
based on the particular investment needs for such Benefit Plan or (iii) is
an employer maintaining or contributing to such Benefit Plan, then a purchase of
the Class A Notes by such a Benefit Plan may represent a conflict of interest or
act of self-dealing by the fiduciary.  The Class B Notes may not be
purchased by, or on behalf of, or with “plan assets” of a Benefit
Plan.

     

    Section
2.15. Authenticating
Agents.  The Indenture Trustee may appoint one or more Persons
(each, an “Authenticating Agent”) with power to act on its behalf and subject to
its direction in the authentication of Notes in connection with issuance,
transfers and exchanges under Sections 2.02, 2.03, 2.05 and 2.06, as fully
to all intents and purposes as though each such Authenticating Agent had been
expressly authorized by those Sections to authenticate such
Notes.  For all purposes of this Indenture, the authentication of
Notes by an Authenticating Agent pursuant to this Section shall be deemed to be
the authentication of Notes “by the Indenture Trustee”.

     

    Any
corporation into which any Authenticating Agent may be merged or converted or
with which it may be consolidated, or any entity resulting from any merger,
consolidation or conversion to which any Authenticating Agent shall be a party,
or any corporation succeeding to all or substantially all of the corporate trust
business of any Authenticating Agent, shall be the successor of such
Authenticating Agent hereunder, without the execution or filing of any document
or any further act on the part of the parties hereto or such Authenticating
Agent or such successor corporation.

     

    Any
Authenticating Agent may at any time resign by giving written notice of
resignation to the Trustees.  The Indenture Trustee may at any time
terminate the agency of any Authenticating Agent by giving written notice of
termination to such Authenticating Agent and the Owner Trustee.  Upon
receiving such notice of resignation or upon such a termination, the Indenture
Trustee may appoint a successor Authenticating Agent and shall give written
notice of any such appointment to the Owner Trustee.

     

    The
Administrator agrees to pay to each Authenticating Agent from time to time,
reasonable compensation for its services.  The provisions of Sections
2.09 and 6.04 shall be applicable to any Authenticating Agent.

     

    
      
        
        

      

      
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    Section
2.16. Calculation
Agent.

     

    (a) The
Issuer hereby agrees that, for so long as any of the Class A-2b Notes, Class
A-3b Notes or Class A-4b Notes remain Outstanding, the Issuer will at all times
cause there to be an agent appointed to calculate LIBOR in respect of each
Interest Period (the “Calculation Agent”), which agent shall (i) be a financial
institution, subject to supervision or examination by federal or state
authority, (ii) have a rating of at least “Baa1” by Moody’s and “BBB+” by
Standard & Poor’s, (iii) have an office within the United States and (iv) be
engaged generally in transactions in U.S. Eurodollar deposits in the
international Eurodollar market.

     

    (b) The
Issuer hereby appoints the Indenture Trustee as Calculation Agent for purposes
of determining LIBOR on each LIBOR Determination Date for each Interest
Period.

     

    (c) The
Calculation Agent may be removed by the Issuer at any time.  If the
Calculation Agent is unable or unwilling to act as such, is removed by the
Issuer or fails to determine LIBOR for any Interest Period, the Issuer will
promptly appoint a replacement Calculation Agent.  The Calculation
Agent may not resign its duties without a successor having been duly
appointed.

     

    (d) The
Calculation Agent shall, as soon as possible after 11:00 a.m. (London time) on
each LIBOR Determination Date, but in no event later than 11:00 a.m. (London
time) on the Business Day immediately following each LIBOR Determination Date,
calculate LIBOR for the related Interest Period and will communicate such rate
to the Issuer, the Master Servicer, the Swap Counterparty and the Indenture
Trustee (if the Indenture Trustee is not acting as Calculation
Agent).

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
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    ARTICLE
THREE

     

    COVENANTS

     

    Section
3.01. Payment of Principal and
Interest.  The Issuer will duly and punctually pay the
principal of and interest, if any, on the Notes in accordance with the terms of
the Notes and this Indenture.  Amounts properly withheld under the
Code by any Person from a payment to any Noteholder of interest or principal
shall be considered as having been paid by the Issuer to such Noteholder for all
purposes of this Indenture.

     

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

     

    Section
3.03. Money for Payments to be
Held in Trust.

     

    (a) As
provided in Section 8.02, all payments of amounts due and payable with
respect to any Notes that are to be made from amounts withdrawn from the
Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by
the Paying Agent, and no amounts so withdrawn from the Accounts for payments of
Notes shall be paid over to the Issuer except as provided in this
Section.

     

    (b) On or
before each Distribution Date and Redemption Date, the Issuer shall deposit or
cause to be deposited in the Note Payment Account an aggregate sum sufficient to
pay the amounts then becoming due under the Notes, such sum to be held in trust
for the benefit of the Persons entitled thereto, and (unless the Paying Agent is
the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of
its action or failure so to act.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    (e) If
Definitive Notes are issued, subject to applicable laws with respect to escheat
of funds, any money held by the Indenture Trustee or any Paying Agent in trust
for the payment of any amount due with respect to any Note and remaining
unclaimed for two years after such amount has become due and payable shall be
discharged from such trust and be paid to the Issuer on Issuer Request; and such
Noteholder shall thereafter, as an unsecured general creditor, look only to the
Issuer for payment thereof (but only to the extent of the amounts so paid to the
Issuer), and all liability of the Indenture Trustee or such Paying Agent with
respect to such trust money shall thereupon cease; provided, however, that the
Indenture Trustee or such Paying Agent, before being required to make any such
repayment, shall at the expense and written direction of the Issuer cause to be
published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in The City of
New York, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining will be
repaid to or for the account of the Issuer.  The Indenture Trustee
shall also adopt and employ, at the expense and written direction of the Issuer,
any other reasonable means of notification of such repayment (including mailing
notice of such repayment to Holders whose Notes have been called but have not
been surrendered for redemption in whole pursuant to Section 10.01 or whose
right to or interest in monies due and payable but not claimed is determinable
from the records of the Indenture Trustee or of any Paying Agent, at the last
address of record for each such Holder).

     

    
      
        
        

      

      
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    Section
3.04. Existence.  The
Issuer will keep in full effect its existence, rights and franchises as a
statutory trust under the laws of the State of Delaware (unless it becomes, or
any successor Issuer hereunder is or becomes, organized under the laws of any
other State or of the United States, in which case the Issuer will keep in full
effect its existence, rights and franchises under the laws of such other
jurisdiction) and will obtain and preserve its qualification to do business in
each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Indenture, the Notes, the
Collateral and each other instrument or agreement included in the Trust Estate,
including all licenses required under (i) the Maryland Vehicle Sales
Finance Act or (ii) the Pennsylvania Motor Vehicle Sales Finance Act in
connection with this Indenture and the other Basic Documents and the
transactions contemplated hereby and thereby until such time as the Issuer shall
terminate in accordance with the terms hereof.

     

    Section
3.05. Protection of Trust
Estate.  The Issuer intends the security interest Granted
pursuant to this Indenture in favor of the Indenture Trustee on behalf of the
Noteholders to be prior to all other liens in respect of the Trust Estate, and
the Issuer shall take all actions necessary to obtain and maintain, for the
benefit of the Indenture Trustee on behalf of the Noteholders, a first lien on
and a first priority, perfected security interest in the Trust
Estate.  The Issuer will from time to time authorize, execute and
deliver all such supplements and amendments hereto and all such financing
statements, continuation statements, instruments of further assurance and other
instruments, all as prepared by the Administrator and delivered to the Issuer,
and will take such other action necessary or advisable to:

     

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

     

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

     

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

     

    (iv) enforce
any of the Collateral; or

     

    (v) preserve
and defend title to the Trust Estate and the rights of the Indenture Trustee and
the Noteholders in such Trust Estate against the claims of all
Persons.

     

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

     

    Section
3.06. Opinions as to Trust
Estate.

     

    (a) On the
Closing Date, the Issuer shall furnish to the Indenture Trustee and the Swap
Counterparty an Opinion of Counsel to the effect that, in the opinion of such
counsel, either (i) all financing statements and continuation statements
have been executed and filed that are necessary to create and continue the first
priority perfected security interest of the Indenture Trustee in the Collateral
for the benefit of (1) the Noteholders and (2) the Swap Counterparty in the
Collateral to secure amounts owed by the Issuer to the Swap Counterparty
pursuant to the 

     

    
      
        
        

      

      
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    Swap
Agreement, and reciting the details of such filings or referring to prior
Opinions of Counsel in which such details are given or (ii) no such action
shall be necessary to perfect such security interest.

     

    (b) Within
90 days after the beginning of each fiscal year of the Issuer beginning
with the first fiscal year beginning more than three months after the Cutoff
Date, the Issuer shall furnish to the Indenture Trustee and the Swap
Counterparty an Opinion of Counsel either stating that, in the opinion of such
counsel, such action has been taken with respect to the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto
and any other requisite documents and with respect to the authorization and
filing of any financing statements and continuation statements as is necessary
to maintain the lien and security interest created by this Indenture and
reciting the details of such action or stating that in the opinion of such
counsel no such action is necessary to maintain such lien an security
interest.  Such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental
hereto and any other requisite documents and the authorization and filing of any
financing statements and continuation statements that shall, in the opinion of
such counsel, be required to maintain the lien and security interest of this
Indenture until March 31 in the following calendar year.

     

    Section
3.07. Performance of Obligations;
Servicing of Receivables.

     

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

     

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

     

    (c) The
Issuer will and will cause the Administrator to, punctually perform and observe
all of its obligations and agreements contained in this Indenture, the other
Basic Documents and in the instruments and agreements included in the Trust
Estate, including filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of this Indenture and
the other Basic Documents in accordance with and within the time periods
provided for herein and therein.

     

    (d) If the
Issuer shall have knowledge of the occurrence of a Servicer Termination Event,
the Issuer shall promptly notify the Depositor, the Indenture Trustee and each
Rating Agency, in writing of such event, and shall specify in such notice the
action, if any, the Issuer is taking in respect of such default.  If a
Servicer Termination Event shall arise from the failure of the Master Servicer
to perform any of its duties or obligations under the Sale and Servicing

     

    
      
        
        

      

      
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    Agreement
with respect to the Receivables, the Issuer shall take all reasonable steps
available to it to remedy such failure.

     

    (e) As
promptly as possible after the giving of notice of termination to the Master
Servicer of the Master Servicer’s rights and powers pursuant to
Section 7.01 of the Sale and Servicing Agreement, the Issuer may (subject
to the rights of the Indenture Trustee to direct such appointment pursuant to
Section 7.02 of the Sale and Servicing Agreement) appoint a Successor
Master Servicer, and such Successor Master Servicer shall accept its appointment
by a written assumption in a form acceptable to the Indenture
Trustee.  In the event that a Successor Master Servicer has not been
appointed and has not accepted its appointment at the time when the Master
Servicer ceases to act as Master Servicer, the Indenture Trustee without further
action shall be the successor to the Master Servicer in all respects in
accordance with Section 7.02 of the Sale and Servicing
Agreement.  The Indenture Trustee may resign as the Successor Master
Servicer by giving written notice of such resignation to the Issuer and the
Depositor and in such event will be released from such duties and obligations,
such release not to be effective until the date a new Master Servicer enters
into a servicing agreement as provided below.  Upon delivery of any
such notice to the Issuer, the Issuer shall obtain a new Master Servicer as the
Successor Master Servicer.  In each case of either the appointment of
the Indenture Trustee (or any Affiliate as provided below) as Successor Master
Servicer, or resignation of the Indenture Trustee as Master Servicer, the
Indenture Trustee shall provide to the Depositor, in writing, such information
as reasonably requested by the Depositor to comply with its reporting obligation
under the Exchange Act with respect to a Successor Master Servicer or the
resignation of the Master Servicer.  Any Successor Master Servicer
other than the Indenture Trustee shall (i) be an established financial
institution having a net worth of not less than $50,000,000 and whose regular
business includes the servicing of retail motor vehicle installment sale
contracts, (ii) enter into a servicing agreement with the Issuer and the
Depositor having substantially the same provisions as the provisions of the Sale
and Servicing Agreement applicable to the Master Servicer, and (iii) shall
provide to the Depositor, in writing, such information as reasonably requested
by the Depositor to comply with its reporting obligation under the Exchange Act
with respect to a Successor Master Servicer.  If within 30 days
after the delivery of the notice referred to above, the Issuer shall not have
obtained such a new Master Servicer, the Indenture Trustee may appoint, or may
petition a court of competent jurisdiction to appoint, a Successor Master
Servicer.  In connection with any such appointment, the Indenture
Trustee may make such arrangements for the compensation of such successor as it
and such successor shall agree with, subject to the limitations set forth below
and in the Sale and Servicing Agreement, and in accordance with
Section 7.02 of the Sale and Servicing Agreement, the Issuer shall enter
into an agreement with such successor for the servicing of the Receivables (such
agreement to be in form and substance satisfactory to the Indenture
Trustee).  If the Indenture Trustee shall succeed to the duties of the
Master Servicer as provided herein, it shall do so in its individual capacity
and not in its capacity as Indenture Trustee and, accordingly, except as
otherwise provided in the proviso to Section 6.01(a), the provisions of
Article Six shall be inapplicable to the Indenture Trustee in its duties as
the successor to the Master Servicer and the servicing of the
Receivables.  In case the Indenture Trustee shall become successor to
the Master Servicer under the Sale and Servicing Agreement, the Indenture
Trustee shall be entitled to appoint as Master Servicer any one of its
Affiliates or agents; provided that the Indenture Trustee, in its capacity as
Master Servicer, shall be fully liable for the actions and omissions of such
Affiliate or agent in such capacity as Successor Master
Servicer.  Notwithstanding any other provisions of this Indenture to

     

    
      
        
        

      

      
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    the
contrary, in no event shall the Indenture Trustee be liable for any servicing
fee or for any differential in the amount of the servicing fee paid under the
Sale and Servicing Agreement and the amount necessary to induce any Successor
Master Servicer to act as Successor Master Servicer under the Sale and Servicing
Agreement.

     

    (f) The
Issuer shall promptly notify the Depositor, the Trustees, the Swap Counterparty
and the Rating Agencies, in writing of (i) any termination of the Master
Servicer pursuant to the Sale and Servicing Agreement and (ii) the
appointment of each Successor Master Servicer, including the name and address of
such Successor Master Servicer.

     

    (g) The
Issuer shall not waive timely performance or observance by the Depositor, the
Master Servicer or the Seller of their respective duties or obligations under
the Basic Documents if such waiver would reasonably be expected to materially
adversely affect the Noteholders.

     

    Section
3.08. Negative
Covenants.  For so long as any Notes are Outstanding, the
Issuer shall not:

     

    (i) except as
expressly permitted by Section 3.10(b) and the Basic Documents, sell,
transfer, exchange or otherwise dispose of any of the properties or assets of
the Issuer, including those included in the Trust Estate, unless directed to do
so in writing by the Indenture Trustee;

     

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

     

    (iii) (a) permit
the validity or effectiveness of this Indenture to be impaired, or permit the
lien created by this Indenture to be amended, hypothecated, subordinated,
terminated or discharged, or permit any Person to be released from any covenants
or obligations with respect to the Notes under this Indenture except as may be
expressly permitted hereby, (b) permit any lien, charge, excise, claim,
security interest, mortgage or other encumbrance (other than the lien of this
Indenture) to be created on or extend to or otherwise arise upon or burden the
Trust Estate or any part thereof or any interest therein or the proceeds thereof
(other than tax liens, mechanics’ liens and other liens that arise by operation
of law, in each case on any of the Financed Vehicles and arising solely as a
result of an action or omission of the related Obligor) or (c) permit the
lien created by this Indenture not to constitute a valid first priority (other
than with respect to any such tax, mechanics’ or other lien) security interest
in the Trust Estate;

     

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

     

    (v) engage in
any activities other than those permitted by Section 2.03 of the Trust
Agreement and financing, acquiring, owning, pledging and managing the
Receivables as contemplated by the Basic Documents and activities incidental to
such activities; or

     

    
      
        
        

      

      
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    (vi) incur,
assume or guarantee any indebtedness other than the indebtedness evidenced by
the Notes or indebtedness otherwise permitted by the Basic
Documents.

     

    Section
3.09. Annual Statement as to
Compliance.  The Issuer will deliver to the Depositor, the Swap
Counterparty and the Indenture Trustee, on or before June 30 of each year
(commencing with the June 30 that is at least six months after the Closing
Date), an Officer’s Certificate stating, as to the Authorized Officer signing
such Officer’s Certificate, that:

     

    (a) a review
of the activities of the Issuer during the preceding year (or such shorter
period in the case of the first such Officer’s Certificate) and of its
performance under this Indenture has been made under such Authorized Officer’s
supervision; and

     

    (b) to the
best of such Authorized Officer’s knowledge, based on such review, the Issuer
has complied with all conditions and covenants under this Indenture throughout
the preceding year (or such shorter period in the case of the first such
Officer’s Certificate) or, if there has been a default in its compliance with
any such condition or covenant, specifying each such default known to such
Authorized Officer and the nature and status thereof.

     

    Section
3.10. Issuer May Consolidate,
etc., Only on Certain Terms.

     

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

     

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

     

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

     

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

     

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

     

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

     

    (vi) the
Issuer shall have delivered to the Indenture Trustee and the Swap Counterparty
an Officer’s Certificate and an Opinion of Counsel each stating that such

     

    
      
        
        

      

      
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    consolidation
or merger and such supplemental indenture comply with this Article and that
all conditions precedent provided for in this Indenture relating to such
transaction have been complied with (including any filing required by the
Exchange Act).

     

    (b) Other
than as specifically contemplated by the Basic Documents, the Issuer shall not
convey or transfer all or substantially all of its properties or assets,
including those included in the Trust Estate, to any other Person,
unless:

     

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

     

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

     

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

     

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

     

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

     

    (vi) the
Issuer shall have delivered to the Indenture Trustee and the Swap Counterparty
an Officer’s Certificate and an Opinion of Counsel each stating that such
conveyance or transfer and such supplemental indenture comply with this
Article and that all conditions precedent provided for in this Indenture
relating to such transaction have been complied with (including any filing
required by the Exchange Act).

     

    
      
        
        

      

      
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    Section
3.11. Successor or
Transferee.

     

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

     

    (b) Upon any
conveyance or transfer of all the properties and assets of the Issuer in
accordance with Section 3.10(b), the Issuer will be released from every
covenant and agreement of this Indenture to be observed or performed on the part
of the Issuer with respect to the Notes immediately upon the delivery of written
notice to the Indenture Trustee and the Depositor stating that the Issuer is to
be so released.

     

    Section
3.12. No Other
Business.  The Issuer shall not engage in any business other
than financing, acquiring, owning and pledging the Receivables in the manner
contemplated by this Indenture and the other Basic Documents and activities
incidental thereto.

     

    Section
3.13. No
Borrowing.  The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for (i) the Notes and (ii) any other indebtedness
permitted by or arising under the Basic Documents.

     

    Section
3.14. Master Servicer’s
Obligations.  The Issuer shall cause the Master Servicer to
comply with the Sale and Servicing Agreement.

     

    Section
3.15. Guarantees, Loans, Advances
and Other Liabilities.  Except as contemplated by the Basic
Documents, the Issuer shall not make any loan or advance or credit to, or
guarantee (directly or indirectly or by an instrument having the effect of
assuring another’s payment or performance on any obligation or capability of so
doing or otherwise), endorse or otherwise become contingently liable, directly
or indirectly, in connection with the obligations, stocks or dividends of, or
own, purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person.

     

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

     

    Section
3.17. Removal of
Administrator.  For so long as any Notes are Outstanding, the
Issuer shall not remove the Administrator without cause unless the Rating Agency
Condition shall have been satisfied with respect to such removal.

     

    Section
3.18. Restricted
Payments.  Except as expressly permitted by the Basic
Documents, the Issuer shall not, directly or indirectly, (i) pay any
dividend or make any distribution (by reduction of capital or otherwise),
whether in cash, property, securities or a combination thereof, to the Owner
Trustee or any owner of a beneficial interest in the Issuer or otherwise with
respect to any ownership or equity interest or security in or of the Issuer or
to the Master Servicer, (ii) redeem, purchase, retire or otherwise acquire
for value any such ownership or equity interest or security or (iii) set
aside or otherwise segregate any amounts for any such 

     

    
      
        
        

      

      
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    purpose;
provided, however, that the Issuer may make, or cause to be made,
(a) distributions as contemplated by, and to the extent funds are available
for such purpose under, the Sale and Servicing Agreement or the Trust Agreement
and (b) payments to the Indenture Trustee pursuant to
Section 1.02(b)(ii) of the Administration Agreement.  The Issuer
will not, directly or indirectly, make payments to or distributions from the
Collection Account, the Note Payment Account, the Certificate Payment Account or
the Reserve Fund, except in accordance with this Indenture and the other Basic
Documents.

     

    Section
3.19. Notice of Events of
Default.  The Issuer shall give each Rating Agency, the Swap
Counterparty, a Responsible Officer of the Indenture Trustee and the Depositor
prompt written notice of each Event of Default hereunder and each default on the
part of the Seller, the Master Servicer or the Depositor of its obligations
under the Sale and Servicing Agreement and each default on the part of the
Seller or the Depositor of its obligations under the Receivables Purchase
Agreement.

     

    Section
3.20. Further Instruments and
Acts.  Upon request of the Indenture Trustee, the Issuer will
execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purpose of this
Indenture.

     

    Section
3.21. Compliance with
Laws.  The Issuer shall comply with the requirements of all
applicable laws, the non-compliance with which would, individually or in the
aggregate, materially and adversely affect the ability of the Issuer to perform
its obligations under the Notes, this Indenture or any Basic
Document.

     

    Section
3.22. Amendments of Sale and Servicing Agreement and
Trust Agreement.  The Issuer shall not agree to any amendment
to Section 9.01 of the Sale and Servicing Agreement or Section 11.01 of the
Trust Agreement to eliminate the requirements thereunder that the Indenture
Trustee or the Noteholders consent to amendments thereto as provided
therein.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
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    ARTICLE
FOUR

     

    SATISFACTION
AND DISCHARGE

     

    Section
4.01. Satisfaction and Discharge
of Indenture.  This Indenture shall cease to be of further
effect with respect to the Notes except as to (i) rights of registration of
transfer and exchange, (ii) substitution of mutilated, destroyed, lost or
stolen Notes, (iii) rights of Noteholders to receive payments of principal
thereof and interest thereon and the right of the Swap Counterparty to receive
amounts owed under the Swap Agreement, (iv) Sections 3.03, 3.04, 3.05,
3.08, 3.10, 3.12, 3.13, 3.16 and 3.17, (v) the rights, obligations and
immunities of the Indenture Trustee hereunder (including the rights of the
Indenture Trustee under Section 6.07 and the obligations of the Indenture
Trustee under Section 4.02) and (vi) the rights of Noteholders as
beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on
demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to the
Notes, when:

     

    (a) either:

     

    (i) all Notes
theretofore authenticated and delivered (other than Notes (1) that have
been destroyed, lost or stolen and that have been replaced or paid as provided
in Section 2.06 and (2) for whose payment money has theretofore been
deposited in trust or segregated and held in trust by the Issuer and thereafter
repaid to the Issuer or discharged from such trust, as provided in
Section 3.03) have been delivered to the Indenture Trustee for
cancellation; or

     

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

     

    (A) have
become due and payable,

     

    (B) will
become due and payable at the Class B Final Scheduled Distribution Date
within one year or

     

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

     

    and the
Issuer, in the case of clauses (A), (B) or (C) above, has
irrevocably deposited or caused to be irrevocably deposited with the Indenture
Trustee, in trust, cash or direct obligations of or obligations guaranteed by
the United States (which will mature prior to the date such amounts are
payable), in trust for such purpose, in an amount sufficient to pay and
discharge the entire indebtedness on such Notes not theretofore delivered to the
Indenture Trustee for cancellation when due to the related Final Scheduled
Distribution Date or Redemption Date (if Notes shall have been called for
redemption pursuant to Section 10.01), as the case may be;

     

    
      
        
        

      

      
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    (b) the
Issuer has paid or caused to be paid all other sums payable by the Issuer
hereunder and under this Indenture and the other Basic Documents;

     

    (c) the
Issuer has delivered to the Depositor, the Swap Counterparty and the Indenture
Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the
TIA or Section 11.01) an Independent Certificate, each meeting the applicable
requirements of Section 11.01(a) and, subject to Section 11.02, each
stating that all conditions precedent provided for in this Indenture relating to
the satisfaction and discharge of this Indenture have been complied with;
and

     

    (d) the
Issuer has delivered to the Depositor and the Indenture Trustee an Opinion of
Counsel to the effect that the satisfaction and discharge of this Indenture
pursuant to this Section will not cause any Noteholder to be treated as having
sold or exchanged any of its Notes for purposes of Section 1001 of the
Code.

     

    Section
4.02. Satisfaction, Discharge and
Defeasance of the Notes.

     

    (a) Upon
satisfaction of the conditions set forth in Section 4.02(b), the Issuer
shall be deemed to have paid and discharged the entire indebtedness on all the
Notes Outstanding, and the provisions of this Indenture, as it relates to such
Notes, shall no longer be in effect (and the Indenture Trustee, at the expense
of the Issuer, shall execute proper instruments acknowledging the same), except
as to:

     

    (i) the
rights of the Noteholders to receive, from the trust funds described in
Section 4.02(b)(i), payment of the principal of and interest on the Notes
Outstanding at maturity of such principal or interest;

     

    (ii) the
obligations of the Issuer with respect to the Notes under Sections 2.05,
2.06, 3.02 and 3.03;

     

    (iii) the
obligations of the Administrator to the Indenture Trustee under
Section 6.07; and

     

    (iv) the
rights, powers, trusts and immunities of the Indenture Trustee hereunder and the
duties of the Indenture Trustee hereunder.

     

    (b) The
satisfaction, discharge and defeasance of the Notes pursuant to
Section 4.02(a) is subject to the satisfaction of all of the following
conditions:

     

    (i) the
Issuer has deposited or caused to be deposited irrevocably (except as provided
in Section 4.04) with the Indenture Trustee as trust funds in trust,
specifically pledged as security for, and dedicated solely to, the benefit of
the Noteholders, which, through the payment of interest and principal in respect
thereof in accordance with their terms will provide, not later than one day
prior to the due date of any payment referred to below, money in an amount
sufficient, in the opinion of a nationally recognized firm of Independent
certified public accountants expressed in a written certification thereof
delivered to the Indenture Trustee, to pay and discharge the entire indebtedness
on the Notes Outstanding, for principal thereof and interest thereon to the date
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    (in the
case of Notes that have become due and payable) or to the maturity of such
principal and interest, as the case may be;

     

    (ii) such
deposit will not result in a breach or violation of, or constitute an event of
default under, any Basic Document or other agreement or instrument to which the
Issuer is bound;

     

    (iii) no Event
of Default has occurred and is continuing on the date of such deposit or on the
91st day after such date;

     

    (iv) the
Issuer has delivered to the Depositor and the Indenture Trustee an Opinion of
Counsel to the effect that the satisfaction, discharge and defeasance of the
Notes pursuant to this Section will not cause any Noteholder to be treated as
having sold or exchanged any of its Notes for purposes of Section 1001 of
the Code; and

     

    (v) the
Issuer has delivered to the Depositor and the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for in this Indenture relating to the defeasance contemplated
by this Section have been complied with.

     

    Section
4.03. Application of Trust
Money.  All monies deposited with the Indenture Trustee
pursuant to this Article shall be held in and applied by the Indenture
Trustee, in accordance with the provisions of the Notes and this Indenture, to
the payment, either directly or through any Paying Agent, to (a) the Holders of
the Notes for the payment or redemption of which such monies have been deposited
with the Indenture Trustee, of all sums due and to become due thereon for
principal and interest; and (b) to the Swap Counterparty for the payment of all
sums due and to become due under the Swap Agreement, but such monies need not be
segregated from other funds except to the extent required herein or in the Sale
and Servicing Agreement or required by law.

     

    Section
4.04. Repayment of Monies Held by
Paying Agent.  In connection with the satisfaction and
discharge of this Indenture with respect to the Notes, all monies then held by
any Paying Agent other than the Indenture Trustee under the provisions of this
Indenture with respect to such Notes shall, upon demand of the Issuer, be paid
to the Indenture Trustee to be held and applied according to Section 3.03
and thereupon such Paying Agent shall be released from all further liability
with respect to such monies.

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
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    ARTICLE
FIVE

     

    EVENTS OF
DEFAULT; REMEDIES

     

    Section
5.01. Events of
Default.  Wherever used herein, “Event of Default” means the
occurrence of any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or govern­mental
body):

     

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

     

    (ii) default
in the payment of the principal of any Note on its Final Scheduled Distribution
Date;

     

    (iii) default
in the observance or performance of any material covenant or agreement of the
Issuer made in this Indenture (other than a covenant or agreement, a default in
the observance or performance of which is specifically dealt with elsewhere in
this Section) and such default shall continue or not be cured for a period of
60 days after there shall have been given, by registered or certified mail,
to the Issuer by the Depositor or the Indenture Trustee or to the Issuer, the
Depositor and the Indenture Trustee, by the Holders of Notes evidencing not less
than 25% of the Note Balance of the Controlling Class, a written notice
specifying such default and requiring it to be remedied and stating that such
notice is a “Notice of Default” hereunder;

     

    (iv) any
representation or warranty of the Issuer made in this Indenture or in any
certificate or other writing delivered pursuant hereto or in connection herewith
proving to have been incorrect in any material respect as of the time when the
same shall have been made, and the circumstance or condition in respect of which
such representation or warranty was incorrect shall not have been eliminated or
otherwise cured for a period of 30 days after there shall have been given,
by registered or certified mail, to the Issuer by the Depositor or the Indenture
Trustee or to the Issuer, the Depositor and the Indenture Trustee by the Holders
of Notes evidencing not less than 25% of the Note Balance of the Controlling
Class, a written notice specifying such incorrect representation or warranty and
requiring it to be remedied and stating that such notice is a notice of Default
hereunder;

     

    (v) the
filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of the Issuer or any substantial part of the Trust Estate in
an involuntary case under any applicable federal or State bankruptcy, insolvency
or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official of
the Issuer or for any substantial part of the Trust Estate, or ordering the
winding-up or liquidation of the Issuer’s affairs, and such decree or order
shall remain unstayed and in effect for a period of 60 consecutive days;
or

     

    
      
        
        

      

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

     

    The
Issuer shall deliver to the Depositor and the Indenture Trustee, within five
days after the occurrence thereof, written notice in the form of an Officer’s
Certificate of any event which with the giving of notice or the lapse of time or
both would become an Event of Default under clause (iii) or
(iv) above, its status and what action the Issuer is taking or proposes to
take with respect thereto.

     

    Section
5.02. Acceleration of Maturity;
Rescission and Annulment.

     

    (a) If an
Event of Default shall have occurred and be continuing, the Indenture Trustee or
the Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class may, upon prior written notice to each Rating Agency and
the Swap Counterparty, declare the Notes to be immediately due and payable by
written notice to the Issuer (and to the Indenture Trustee if given by
Noteholders), the Depositor and the Master Servicer, and upon any such
declaration the unpaid principal amount of the Notes, together with accrued and
unpaid interest thereon through the date of acceleration, shall become
immediately due and payable.

     

    (b) If the
Notes have been declared immediately due and payable following an Event of
Default, before a judgment or decree for payment of the amount due has been
obtained by the Indenture Trustee as hereinafter provided in this Article, the
Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class, by written notice to the Issuer, the Depositor and the
Indenture Trustee, may rescind and annul such declaration of acceleration and
its consequences if:

     

    (i) the
Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay
all payments of principal of and interest on the Notes and all other amounts
that would then be due hereunder or upon the Notes and under the Swap Agreement
if the Event of Default giving rise to such acceleration had not occurred;
and

     

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

     

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

     

    
      
        
        

      

      
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    Section
5.03. Collection of Indebtedness
and Suits for Enforcement by Indenture Trustee.

     

    (a) If a
default is made in the payment of (i) any interest on any Note of the
Controlling Class when the same becomes due and payable, and such default
continues for a period of five days, or (ii) the principal of any Note on
the related Final Scheduled Distribution Date, the Issuer will, upon demand of
the Indenture Trustee, pay to it, for the benefit of the Noteholders, the entire
amount then due and payable on such Notes for principal and interest, with
interest upon the overdue principal at the applicable Interest Rate and, to the
extent payment at such rate of interest shall be legally enforceable, upon
overdue installments of interest at the applicable Interest Rate and, in
addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel
and other amounts due and owing to the Indenture Trustee pursuant to
Section 6.07.

     

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

     

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

     

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

     

    (i) to file
and prove a claim or claims for the whole amount of principal and interest owing
and unpaid in respect of the Notes and to file such other papers or documents as
may be necessary or advisable in order to have the claims of the Indenture
Trustee (including any claim for reasonable compensation to the Indenture
Trustee and 

     

    
      
        
        

      

      
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    each
predecessor Indenture Trustee), and their respective agents and attorneys, and
for all expenses and other amounts due and owing to the Indenture Trustee
pursuant to Section 6.07 and of the Noteholders allowed in such
Proceedings;

     

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

     

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

     

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

     

    and any
trustee, receiver, liquidator, custodian or other similar official in any such
Proceeding is hereby authorized by each of the Noteholders to make payments to
the Indenture Trustee and, in the event that the Indenture Trustee shall consent
to the making of payments directly to the Noteholders, to pay to the Indenture
Trustee such amounts as shall be sufficient to cover reasonable compensation to
the Indenture Trustee, each predecessor Indenture Trustee and their respective
agents and attorneys, and all other expenses and amounts due and owing to the
Indenture Trustee pursuant to Section 6.07.

     

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

     

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

     

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

     

    
      
        
        

      

      
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    Section
5.04. Remedies.

     

    (a) If the
Notes have been declared to be immediately due and payable following an Event of
Default, the Indenture Trustee may, or at the written direction of the Holders
of Notes evidencing not less than 51% of the Note Balance of the Controlling
Class shall, upon prior notice to the Swap Counterparty, take one or more of the
following actions as so directed (subject to Sections 5.02 and
5.05):

     

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

     

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

     

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

     

    (iv) sell the
Trust Estate or any portion thereof or rights or interest therein, at one or
more public or private sales called and conducted in any manner permitted by
law;

     

    provided,
however, that the Indenture Trustee may not sell or otherwise liquidate the
Trust Estate at the direction of the Noteholders following an Event of Default,
other than an Event of Default described in Section 5.01(i) or (ii),
unless: (A)(1) the Holders of Notes evidencing 100% of the Note Balance
consent thereto, (2) the proceeds of such sale or liquidation will be
sufficient to pay in full the Note Balance and all accrued but unpaid interest
on the Outstanding Notes or (3) the Indenture Trustee determines that the
Trust Estate will not continue to provide sufficient funds for the payment of
principal of and interest on the Notes as they would have become due if the
Notes had not been declared immediately due and payable, and the Indenture
Trustee obtains the consent of the Holders of Notes evidencing not less than
662⁄3% of the Note Balance of the Controlling Class; and (B)(1) there shall be
sufficient funds available to pay all amounts (including any termination
payments) owed to the Swap Counterparty or (2) the Swap Counterparty shall have
otherwise consented to the sale or liquidation of the Trust
Estate.  In determining such sufficiency or insufficiency with respect
to clauses (A)(2) and (A)(3), the Indenture Trustee may, but need not, obtain
and rely upon an opinion of an Independent investment banking or accounting firm
of national reputation as to the feasibility of such proposed action and as to
the sufficiency of the Trust Estate for such purpose.

     

    (b) If the
Indenture Trustee collects any money or property pursuant to this Section as a
result of selling or liquidating the Trust Estate, it shall pay out such money
or property (together with all Available Collections and all amounts on deposit
in the Accounts) on the related Distribution Date or other date fixed pursuant
to Section 5.04(c) in the order of priority set forth in
Section 2.08(f).

     

    (c) The
Indenture Trustee may fix a record date and distribution date for any payment to
Noteholders pursuant to this Section.  At least five days before such
record date, the Indenture 

     

    
      
        
        

      

      
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    Trustee
on behalf of the Issuer shall mail to each Noteholder, the Swap Counterparty and
the Indenture Trustee a notice that states the record date, the distribution
date and the amount to be paid.

     

    Section
5.05. Optional Preservation of the
Receivables.  If the Notes have been declared to be due and
payable under Section 5.02 following an Event of Default and such
declaration and its consequences have not been rescinded and annulled, the
Indenture Trustee may, but need not,  elect to maintain possession of
the Trust Estate and apply proceeds as if there had been no declaration of
acceleration; provided however, that the Available Funds shall be applied in
accordance with such declaration of acceleration in the manner specified in
Section 2.08(f).  It is the desire of the parties hereto and the
Noteholders that there be at all times sufficient funds for the payment of
principal of and interest on the Notes and amounts due to the Swap Counterparty,
and the Indenture Trustee shall take such desire into account when determining
whether or not to maintain possession of the Trust Estate.  In
determining whether to maintain possession of the Trust Estate, the Indenture
Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

     

    Section
5.06. Limitation of
Suits.  No Holder of any Note shall have any right to institute
any Proceeding with respect to this Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless:

     

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

     

    (b) the
Holders of Notes evidencing not less than 25% of the Note Balance of the
Controlling Class have made written request to the Indenture Trustee to
institute such Proceeding in respect of such Event of Default in its own name as
Indenture Trustee hereunder;

     

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

     

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

     

    (e) no
direction inconsistent with such written request has been given to the Indenture
Trustee during such 60-day period by the Holders of Notes evidencing not less
than 51% of the Note Balance of the Controlling Class.

     

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

     

    
      
        
        

      

      
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    In the
event the Indenture Trustee shall receive conflicting or inconsistent requests
and indemnity from two or more groups of Holders of Notes, each evidencing less
than 51% of the Note Balance of the Controlling Class, the Indenture Trustee in
its sole discretion may determine what action, if any, shall be taken,
notwithstanding any other provisions of this Indenture.

     

    Section
5.07. Unconditional Rights of
Noteholders to Receive Principal and Interest.  Notwithstanding
any other provisions of this Indenture, the Holder of any Note shall have the
right, which is absolute and unconditional, to receive payment of the principal
of and interest, if any, on such Note on the respective due dates thereof
expressed in such Note or in this Indenture (or, in the case of redemption, on
the Redemption Date) and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such
Holder.

     

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

     

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

     

    Section
5.10. Delay or Omission Not a
Waiver.  No delay or omission of the Indenture Trustee or any
Noteholder to exercise any right or remedy accruing upon any Default or Event of
Default shall impair any such right or remedy or constitute a waiver of any such
Default or Event of Default or any acquiescence therein.  Every right
and remedy given by this Article or by law to the Indenture Trustee or the
Noteholders may be exercised from time to time, and as often as may be deemed
expedient, by the Indenture Trustee or the Noteholders, as the case may
be.

     

    Section
5.11. Control by Noteholders of
the Controlling Class.  The Holders of Notes evidencing not
less than 51% of the Note Balance of the Controlling Class shall have the right
to direct the time, method and place of conducting any Proceeding for any remedy
available to the Indenture Trustee with respect to the Notes or exercising any
trust or power conferred on the Indenture Trustee; provided, however,
that:

     

    (i) such
direction shall not (A) be in conflict with any rule of law or with this
Indenture or (B) materially and adversely affect the Swap Counterparty without
its prior written consent (including any consent given pursuant to Section
5.04);

     

    
      
        
        

      

      
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    (ii) subject
to the terms of Section 5.04, any direction to the Indenture Trustee to
sell or liquidate the Trust Estate shall be by the Holders of Notes evidencing
not less than 100% of the Note Balance;

     

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

     

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

     

    Notwithstanding
the rights of Noteholders set forth in this Section, subject to
Section 6.01, the Indenture Trustee need not take any action that it
reasonably believes might involve it in costs, expenses and liabilities for
which it will not be adequately indemnified or might materially adversely affect
the rights of any Noteholders not consenting to such action.

     

    Section
5.12. Waiver of Past
Defaults.  Prior to the declaration of the acceleration of the
maturity of the Notes as provided in Section 5.02, the Holders of Notes
evidencing not less than 51% of the Note Balance of the Controlling
Class may, on behalf of all Noteholders, waive any past Default or Event of
Default and its consequences except a Default or Event of Default (i) in
payment of principal of or interest on any of the Notes or (ii) in respect
of a covenant or provision hereof that cannot be amended, supplemented or
modified without the consent of all the Noteholders.  Upon any such
waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored
to their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other Default or Event of Default or impair
any right consequent thereto.  Upon any such waiver, such Default or
Event of Default shall cease to exist and be deemed to have been cured and not
to have occurred, and any Event of Default arising therefrom shall be deemed to
have been cured and not to have occurred, for every purpose of this Indenture,
but no such waiver shall extend to any subsequent or other Default or Event of
Default or impair any right consequent thereto.

     

    Section
5.13. Undertaking for
Costs.  All parties to this Indenture agree, and each Holder of
any Note by such Holder’s acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of
any right or remedy under this Indenture, or in any suit against the Indenture
Trustee for any action taken, suffered or omitted by it as Indenture Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; provided, however, that the provisions of this Section
shall not apply to any suit instituted by (i) the Indenture Trustee,
(ii) any Noteholder, or group of Noteholders, in each case holding Notes
evidencing in the aggregate more than 10% of the Note Balance (or, in the case
of any suit which is instituted by the Controlling Class, more than 10% of the
Note Balance of the Controlling Class) or (iii) any Noteholder for the
enforce­ment of the payment of principal of or interest on any Note on or
after 

     

    
      
        
        

      

      
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    the
respective due dates expressed in such Note and in this Indenture (or, in the
case of redemption, on or after the Redemption Date).

     

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

     

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

     

    Section
5.16. Performance and Enforcement
of Certain Obligations.

     

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

     

    (b) If an
Event of Default shall have occurred and be continuing, the Indenture Trustee
may, and at the direction (which direction shall be in writing or by telephone
(confirmed in writing promptly thereafter)) of Holders of Notes evidencing not
less than 662⁄3% of the Note Balance of the Controlling Class shall, exercise all
rights, remedies, powers, privileges and claims of the Issuer against the
Depositor, the Seller or the Master Servicer under or in connection with the
Sale and Servicing Agreement or against the Seller under or in connection with
the Receivables Purchase Agreement, including the right or power to take any
action to compel or secure performance or observance by the Depositor, the
Seller or the Master Servicer, as the case may be, of its obligations to the
Issuer thereunder and to give any consent, request, notice, direction, approval,
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    Receivables
Purchase Agreement, as the case may be, and any right of the Issuer to take such
action shall be suspended.

     

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

     

    (d) If an
Event of Default shall have occurred and be continuing, the Indenture Trustee
may, and at the direction (which direction shall be in writing or by telephone
(confirmed in writing promptly thereafter)) of the Holders of Notes evidencing
not less than 662⁄3% of the Note Balance of the Controlling Class shall, exercise
all rights, remedies, powers, privileges and claims of the Depositor against the
Seller under or in connection with the Receivables Purchase Agreement, including
the right or power to take any action to compel or secure performance or
observance by the Seller of its obligations to the Depositor thereunder and to
give any consent, request, notice, direction, approval, extension or waiver
under the Receivables Purchase Agreement, and any right of the Depositor to take
such action shall be suspended.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
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    ARTICLE SIX 

     

    THE INDENTURE TRUSTEE

     

    Section
6.01. Duties of Indenture
Trustee.

     

    (a) If an
Event of Default shall have occurred and be continuing, the Indenture Trustee
shall exercise the rights and powers vested in it by this Indenture and use the
same degree of care and skill in their exercise as a prudent person would
exercise or use under the circumstances in the conduct of such Person’s own
affairs; provided, however, that if the Indenture Trustee shall assume the
duties of the Master Servicer, pursuant to Section 3.07(e), the Indenture
Trustee in performing such duties shall use the degree of care and skill
customarily exercised by a prudent institutional servicer, with respect to
retail motor vehicle installment sale contracts and installment loans that it
administers or services, as the case may be, for itself or others.

     

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

     

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

     

    (ii) in the
absence of bad faith on its part, the Indenture Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Indenture Trustee and,
if required by the terms of this Indenture, conforming to the requirements of
this Indenture; provided, however, that the Indenture Trustee shall examine the
certificates and opinions to determine whether or not they conform to the
requirements of this Indenture.

     

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

     

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

     

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

     

    (iii) the
Indenture Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it
pursuant to Section 5.11.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    (i) The
Indenture Trustee shall not be charged with knowledge of any Event of Default
unless either (i) a Responsible Officer of the Indenture Trustee shall have
actual knowledge of such Event of Default or (ii) written notice of such
Event of Default shall have been given to the Indenture Trustee in accordance
with the provisions of this Indenture.

     

    Section
6.02. Rights of Indenture
Trustee.

     

    (a) The
Indenture Trustee may rely on any document believed by it to be genuine and to
have been signed or presented by the proper Person.  The Indenture
Trustee need not investigate any fact, calculation or matter stated in any such
document.  Notwithstanding the foregoing, the Indenture Trustee, upon
receipt of all resolutions, certificates, statements, opinions, reports,
documents, orders or other instruments furnished to the Indenture Trustee that
shall be specifically required to be furnished pursuant to any provision of this
Indenture, shall examine them to determine whether they comply as to form to the
requirements of this Indenture.

     

    (b) Before
the Indenture Trustee acts or refrains from acting, it may request and be
entitled to receive an Officer’s Certificate or an Opinion of
Counsel.  The Indenture Trustee shall not be liable for any action it
takes or omits to take in good faith in reliance on an Officer’s Certificate or
Opinion of Counsel unless it is proved that the Indenture Trustee was negligent
in such reliance.

     

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

     

    (d) The
Indenture Trustee shall not be liable for any action it takes or omits to take
in good faith which it believes to be authorized or within its rights or powers;
provided, however, that such action or omission by the Indenture Trustee does
not constitute willful misconduct, negligence or bad faith.

     

    (e) The
Indenture Trustee may consult with counsel, and the advice or opinion of counsel
with respect to legal matters relating to this Indenture and the Notes shall be
full and 

     

    
      
        
        

      

      
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    complete
authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the
advice or opinion of such counsel.

     

    (f) The
Indenture Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request or direction of any of the
Noteholders pursuant to this Indenture, unless such Noteholders shall have
offered to the Indenture Trustee security or indemnity satisfactory to it
against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction.

     

    Section
6.03. Individual Rights of
Indenture Trustee.  The Indenture Trustee in its individual or
any other capacity may become the owner or pledgee of Notes and may otherwise
deal with the Issuer or its Affiliates with the same rights it would have if it
were not Indenture Trustee.  Any Paying Agent, Note Registrar,
co-registrar or co-paying agent may do the same with like rights.

     

    Section
6.04. Indenture Trustee’s
Disclaimer.  The Indenture Trustee shall not be
(i) responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, (ii) accountable for the Issuer’s
use of the proceeds from the Notes and (iii) responsible for any statement
of the Issuer in this Indenture or in any document issued in connection with the
sale of the Notes or in the Notes other than the Indenture Trustee’s certificate
of authentication.

     

    Section
6.05. Notice of
Defaults.  If a Default occurs and is continuing and if it is
known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee
shall mail to each Noteholder and the Swap Counterparty notice of such Default
within 30 days after it occurs.  Except in the case of a Default
in payment of principal of or interest on any Note (including payments pursuant
to the mandatory redemption provisions of such Note), the Indenture Trustee may
withhold the notice to the Noteholders if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interests of Noteholders.

     

    Section
6.06. Reports by Indenture Trustee
to Noteholders.  The Indenture Trustee shall deliver, within a
reasonable period of time after the end of each calendar year, to each Person
who at any time during such calendar year was a Noteholder, such information
furnished to the Indenture Trustee as may be required to enable such Person to
prepare its federal and State income tax returns.

     

    Section
6.07. Compensation and
Indemnity.

     

    (a) The
Administrator, on behalf of the Issuer, shall pay or cause to be paid to the
Indenture Trustee from time to time reasonable compensation for its
services.  The Indenture Trustee’s compensation shall not be limited
by any law on compensation of a trustee of an express trust.  The
Administrator on behalf of the Issuer, shall reimburse the Indenture Trustee for
all expenses, advances and disbursements reasonably incurred or made by it,
including costs of collection, in addition to the compensation for its services;
provided, however, that the Administrator need not reimburse the Indenture
Trustee for any expense incurred through the Indenture Trustee’s willful
misconduct, negligence, or bad faith.  Such expenses shall include the

     

    
      
        
        

      

      
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    reasonable
compensation and expenses, disbursements and advances of the Indenture Trustee’s
agents, counsel, accountants and experts.  The Administrator, on
behalf of the Issuer, shall indemnify the Indenture Trustee for, and hold it and
its officers, directors, employees, representatives and agents, harmless
against, any and all loss, liability or expense (including reasonable attorneys’
fees and expenses) incurred by it in connection with the administration of this
trust and the performance of its duties hereunder; provided, however, that the
Administrator need not indemnify the Indenture Trustee for, or hold it harmless
against, any such loss, liability or expense incurred through the Indenture
Trustee’s willful misconduct, negligence, or bad faith. The Indenture
Trustee shall notify the Issuer and the Administrator promptly of any claim for
which it may seek indemnity.  Any failure by the Indenture Trustee to
so notify the Issuer and the Administrator shall not, however, relieve the
Administrator of its obligations hereunder.  The Administrator, on
behalf of the Issuer, shall defend any such claim.  The Indenture
Trustee may have separate counsel in connection with the defense of any such
claim, and the Administrator, on behalf of the Issuer, shall pay the fees and
expenses of such counsel.  Neither the Issuer nor the Administrator
need reimburse any expense or indemnify against any loss, liability or expense
incurred by the Indenture Trustee through the Indenture Trustee’s own willful
misconduct, negligence or bad faith.  The Administrator may delegate
any of its foregoing obligations to the Master Servicer with prior notice to the
Issuer and the Indenture Trustee.

     

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

     

    Section
6.08. Replacement of Indenture
Trustee.

     

    (a) No
resignation or removal of the Indenture Trustee and no appointment of a
successor Indenture Trustee shall become effective until the acceptance of
appointment by the successor Indenture Trustee pursuant to this
Section.  The Indenture Trustee may resign at any time by so notifying
the Issuer, the Depositor, the Swap Counterparty and the Noteholders, and will
provide all information reasonably requested by the Depositor in order to comply
with its reporting obligation under Item 6.02 of Form 8-K under the Exchange
Act, with respect to the resignation of the Indenture Trustee.  The
Holders of Notes evidencing not less than 51% of the Note Balance of the
Notes may remove the Indenture Trustee without cause by notifying the
Indenture Trustee (with a copy to the Issuer, the Depositor, the Swap
Counterparty and the Rating Agencies) of such removal and, following such
removal, may appoint a successor Indenture Trustee.  The Issuer shall
remove the Indenture Trustee if:

     

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

     

    (ii) the
Indenture Trustee is adjudged to be bankrupt or insolvent;

     

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

     

    
      
        
        

      

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

     

    The
Depositor may remove the Indenture Trustee if the Indenture Trustee fails to
comply with Section 3.07(e), Section 6.08 or Section 6.09 with respect to
notice to or providing information to the Depositor or the Swap Counterparty, or
with Article Nine of the Sale and Servicing Agreement, in each case if such
failure continues for the lesser or 10 days or such period in which the
applicable Exchange Act Report can be timely filed (without taking into account
any extensions).  If the Indenture Trustee resigns or is removed or if
a vacancy exists in the office of the Indenture Trustee for any reason (the
Indenture Trustee in such event being referred to herein as the retiring
Indenture Trustee), the Administrator shall promptly appoint a successor
Indenture Trustee and notify the Depositor such appointment.

     

    (b) Any
successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee, the Issuer, the Swap Counterparty
and the Depositor and shall also provide all information reasonably requested by
the Depositor in order to comply with its reporting obligation under the
Exchange Act with respect to the replacement Indenture Trustee.  Upon
delivery of such written acceptance, the resignation or removal of the retiring
Indenture Trustee shall become effective, and the successor Indenture Trustee
shall have all the rights, powers and duties of the Indenture Trustee under this
Indenture.  The successor Indenture Trustee shall mail a notice of its
succession to the Noteholders.  The retiring Indenture Trustee shall
promptly transfer all property held by it as Indenture Trustee to the successor
Indenture Trustee.

     

    (c) If a
successor Indenture Trustee does not take office within 60 days after the
retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuer or the Holders of Notes evidencing not less than 51% of the
Note Balance of the Controlling Class may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee.  If
the Indenture Trustee fails to comply with Section 6.11, any Noteholder may
petition any court of competent jurisdiction for the removal of the Indenture
Trustee and the appointment of a successor Indenture Trustee.

     

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

     

    Section
6.09. Successor Indenture Trustee
by Merger.

     

    (a) If the
Indenture Trustee consolidates with, merges or converts into, or transfers all
or substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation or banking association, without any further act, shall be the
successor Indenture Trustee; provided, however, that such corporation or banking
association must be otherwise qualified and eligible under
Section 6.11.  The Indenture Trustee shall provide the Rating
Agencies, the Swap Counterparty and the Depositor with prior written notice of
any such transaction and shall provide the Depositor with written notice of such
event no later than five Business Days after the effective date of such merger,
together with the information reasonably requested by the Depositor in order to
comply with its reporting obligation under the Exchange Act with respect to a
successor Indenture Trustee.

     

    
      
        
        

      

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

     

    Section
6.10. Appointment of Co-Trustee or
Separate Trustee.

     

    (a) Notwithstanding
any other provision of this Indenture, at any time, for the purpose of meeting
any legal requirement of any jurisdiction in which any part of the Trust Estate
may at the time be located, the Indenture Trustee and the Administrator, acting
jointly, shall have the power and may execute and deliver an instrument to
appoint one or more Persons to act as a co-trustee or co-trustees, jointly with
the Indenture Trustee, or separate trustee or separate trustees, of all or any
part of the Trust Estate, and to vest in such Person or Persons, in such
capacity and for the benefit of the Noteholders, such title to the Trust Estate
or any part thereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Indenture Trustee may
consider necessary or desirable.  No co-trustee or separate trustee
under this Indenture shall be required to meet the terms of eligibility as a
successor trustee under Section 6.11 and no notice of the appointment of
any co-trustee or separate trustee shall be required under
Section 6.08.

     

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

     

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

     

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

     

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

     

    (d) Any
separate trustee or co-trustee may at any time constitute the Indenture Trustee,
its agent or attorney-in-fact with full power and authority, to the extent
permitted by law, to do any lawful act under or in respect of this Indenture on
its behalf and in its name.  If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Indenture Trustee, to the extent permitted by law, without the appointment of a
new or successor trustee.

     

    Section
6.11. Eligibility;
Disqualification.  The Indenture Trustee shall at all times
satisfy the requirements of TIA Section 310(a).  The Indenture
Trustee or its parent shall have a combined capital and surplus of at least
$50,000,000 as set forth in its most recent published annual report of condition
and shall have a long term debt rating of investment grade by each Rating Agency
or shall otherwise be acceptable to each Rating Agency.  The Indenture
Trustee shall comply with TIA Section 310(b).

     

    If at any
time following the occurrence of an Event of Default which shall not have been
cured or waived, the Indenture Trustee shall ascertain that it has a conflict of
interest (as defined in TIA Section 310(b)), with respect to one or more Classes
of Notes, then within 90 days after ascertaining such conflict of interest,
unless authorized by the Commission, the Indenture Trustee shall either
eliminate such conflict of interest or, except as otherwise provided in TIA
Section 310(b), resign with respect to such Class or Classes of Notes in
accordance with Section 6.08, and the Issuer shall appoint a successor
Indenture Trustee for each such Class, as applicable, so that there will be one
or more separate Indenture Trustees, as necessary, for any Class or Classes
of Notes as to which the retiring Indenture Trustee had a conflict of
interest.  In the event the Indenture Trustee fails to comply with the
terms of the preceding sentence, the Indenture Trustee shall comply with clauses
(ii) and (iii) of TIA Section 310(b).

     

    In the
case of the appointment pursuant to this Section of a successor Indenture
Trustee with respect to one or more Classes of Notes, the Issuer, the retiring
Indenture Trustee and the successor Indenture Trustee with respect to such Class
of Notes shall execute and deliver an indenture supplemental hereto wherein each
successor Indenture Trustee shall accept such appointment and which
(i) shall contain such provisions as shall be necessary or desirable to
transfer and confirm to, and to vest in, the successor Indenture Trustee all the
rights, powers, trusts and duties of the retiring Indenture Trustee with respect
to the Notes of the Class to which the appointment of such successor
Indenture Trustee relates, (ii) if the retiring Indenture Trustee is not
retiring with respect to all Classes of Notes, shall contain such provisions as
shall be deemed necessary or desirable to confirm that all rights, powers,
trusts and duties of the retiring Indenture Trustee with respect to the Notes of
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    Trustee
is not retiring shall continue to be vested in the Indenture Trustee and
(iii) shall add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Indenture Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Indenture
Trustees co-trustees of the same trust and that each such Indenture Trustee
shall be a trustee of a trust or trusts hereunder separate and apart from any
trust or trusts hereunder administered by any other such Indenture Trustee; and
upon the removal of the retiring Indenture Trustee shall become effective to the
extent provided herein.

     

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

     

    Section
6.13. Representations and
Warranties of Indenture Trustee.  The Indenture Trustee hereby
makes the following representations and warranties on which the Issuer and the
Noteholders shall rely:

     

    (a) it is a
national banking association duly organized, validly existing and in good
standing under the laws of the United States;

     

    (b) it has
full power, authority and legal right to execute, deliver, and perform its
obligations under this Indenture and has taken all necessary action to authorize
the execution, delivery and performance by it of this Indenture;
and

     

    (c) this
Indenture is an enforceable obligation of the Indenture Trustee.

     

    
      
        
        

      

      
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    ARTICLE
SEVEN

     

    NOTEHOLDERS’
LISTS AND REPORTS

     

    Section
7.01. Issuer to Furnish Indenture
Trustee Names and Addresses of Noteholders.  The Issuer shall
furnish or cause to be furnished to the Indenture Trustee (i) not more than
five days after each Record Date, a list, in such form as the Indenture Trustee
may reasonably require, of the names and addresses of the Noteholders as of such
Record Date and (ii) at such other times as the Indenture Trustee may
request in writing, within 30 days after receipt by the Issuer of any such
request, a list of similar form and content as of a date not more than
ten days prior to the time such list is furnished; provided, however, that
so long as the Indenture Trustee is the Note Registrar or the Notes are issued
as Book-Entry Notes, no such list shall be required to be
furnished.

     

    Section
7.02. Preservation of Information;
Communications, Reports and Certain Documents to
Noteholders.

     

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

     

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

     

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

     

    (d) The
Indenture Trustee will provide to Securityholders the reports, certificates,
opinions and documents specified in Section 3.14 of the Sale and Servicing
Agreement, upon written request to the Indenture Trustee.

     

    Section
7.03. Reports by
Issuer.

     

    (a) The
Issuer shall:

     

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

     

    (ii) file with
the Indenture Trustee, the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information,
documents and reports with respect to compliance by the Issuer with the

     

    
      
        
        

      

      
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    conditions
and covenants of this Indenture as may be required from time to time by such
rules and regulations; and

     

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

     

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

     

    Section
7.04. Reports by Indenture
Trustee.

     

    (a) If
required by TIA Section 313(a), within 60 days after each December 15
beginning with December 15, 2008, the Indenture Trustee shall mail to each
Noteholder as required by TIA Section 313(c), a brief report dated as of such
date that complies with TIA Section 313(a).  The Indenture
Trustee shall also comply with TIA Section 313(b).

     

    (b) The
Indenture Trustee shall provide to the Administrator and the Master Servicer, to
be filed by the Administrator or the Master Servicer with the Commission and
each stock exchange, if any, on which the Notes are listed, a copy of each
report mailed to Noteholders pursuant to this Indenture.  The Issuer
shall notify the Indenture Trustee if and when the Notes are listed on any stock
exchange.

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
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    ARTICLE
EIGHT

     

    ACCOUNTS,
DISBURSEMENTS AND RELEASES

     

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

     

    Section
8.02. Accounts.

     

    (a) On or
before the Closing Date, the Issuer shall cause the Master Servicer to establish
and maintain, at an Eligible Institution, which shall initially be the Indenture
Trustee, in the name of the Indenture Trustee, for the benefit of the
Securityholders, the Master Servicer, the Trustees, the Swap Counterparty and
the Paying Agent, the Collection Account as provided in Section 4.01(a) of
the Sale and Servicing Agreement.  On or before each Distribution
Date, the Master Servicer shall deposit in the Collection Account all amounts
required to be deposited therein with respect to the preceding Collection Period
as provided in Sections 4.05 and 4.08 of the Sale and Servicing
Agreement.  On each Distribution Date, the Indenture Trustee shall
apply or cause to be applied the amount on deposit in the Collection Account on
such Distribution Date in accordance with Section 2.08(a) (or following the
acceleration of the Notes after the occurrence of an Event of Default, in
accordance with Section 2.08(f)).

     

    (b) On or
before the Closing Date, the Issuer shall cause the Master Servicer to establish
and maintain, at Wachovia Bank in the name of the Indenture Trustee, for the
benefit of the Securityholders and the Swap Counterparty, the Reserve Fund as
provided in Sections 4.01 and 4.02 of the Sale and Servicing
Agreement.  On or before each Distribution Date, upon receipt of
instructions from the Master Servicer pursuant to Section 4.09(c) of the
Sale and Servicing Agreement, the Indenture Trustee, directly or through the
Paying Agent, shall withdraw or cause to be withdrawn from the Reserve Fund and
deposit in the Collection Account, the Reserve Fund Draw Amount, if any, for
such Distribution Date.

     

    (c) On or
before the Closing Date, the Issuer shall cause the Master Servicer to establish
and maintain, at an Eligible Institution, which shall initially be the Indenture
Trustee, in the name of the Indenture Trustee, for the benefit of the
Noteholders, the Master Servicer, the Swap Counterparty, the Trustees and the
Paying Agent, the Note Payment Account as provided in Section 4.01(a) of
the Sale and Servicing Agreement.  On each Distribution Date, the
Indenture Trustee shall, directly or through the Paying Agent, apply or cause to
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    amount on
deposit in the Note Payment Account on such Distribution Date in accordance with
Section 2.08.

     

    Section
8.03. General Provisions Regarding
Accounts.

     

    (a) So long
as no Default or Event of Default shall have occurred and be continuing, all or
a portion of the funds in the Accounts shall be invested by the Master Servicer
or the Indenture Trustee at the written direction of the Master Servicer, as
applicable, in Eligible Investments as provided in Sections 4.01 of the Sale and
Servicing Agreement.  All income or other gain (net of losses and
investment expenses) from investments of monies deposited in the Accounts shall
be withdrawn (or caused to be withdrawn) by the Indenture Trustee, from such
accounts and distributed (but only under the circumstances set forth in the Sale
and Servicing Agreement) as provided in Sections 4.01, 4.02, 4.06, 4.07,
4.08 and 4.09 of the Sale and Servicing Agreement.  The Master
Servicer shall not and shall not direct the Indenture Trustee to make any
investment of any funds or to sell any investment held in any of the Accounts
unless the security interest granted and perfected in such account will continue
to be perfected in such investment or the proceeds of such sale, in either case
without any further action by any Person, and, in connection with any direction
to the Indenture Trustee to make any such investment or sale, if requested by
the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an
Opinion of Counsel, acceptable to the Indenture Trustee, to such
effect.

     

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

     

    (c) If
(i) the Master Servicer shall have failed to give written investment
directions for any funds on deposit in the Accounts to the Indenture Trustee by
11:00 A.M., New York City time (or such other time as may be agreed upon by
the Issuer and the Indenture Trustee), on the related Deposit Date or
(ii) a Default or Event of Default shall have occurred and be continuing
with respect to the Notes but the Notes shall not have been declared due and
payable pursuant to Section 5.02 or (iii) if the Notes shall have been
declared due and payable following an Event of Default but amounts collected or
receivable from the Trust Estate are being applied in accordance with
Section 5.05 as if there had not been such a declaration, then the
Indenture Trustee upon actual knowledge by a Responsible Officer of the
Indenture Trustee of such event shall, to the fullest extent practicable, invest
and reinvest funds in the Accounts in the one or more Eligible Investments
listed in clause (vii) of the definition of the term “Eligible
Investments”.

     

    Section
8.04. Release of Trust
Estate.

     

    (a) Subject
to the payment of its fees and expenses pursuant to Section 6.07, the
Indenture Trustee may, and when required by the provisions of this Indenture
shall, execute instruments to release property from the lien of this Indenture,
or convey the Indenture Trustee’s interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this
Indenture.  No party relying upon an instrument executed by the
Indenture 

     

    
      
        
        

      

      
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    Trustee
as provided in this Article shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent
or see to the application of any monies.

     

    (b) The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all
sums due to the Indenture Trustee pursuant to Section 6.07 and to the Swap
Counterparty pursuant to the Swap Agreement, have been paid in full, release any
remaining portion of the Trust Estate that secured the Notes from the lien of
this Indenture and release or cause to be released to the Issuer or any other
Person entitled thereto any funds then on deposit in the
Accounts.  The Indenture Trustee shall release property from the lien
of this Indenture pursuant to this Section only upon receipt of an Issuer
Request accompanied by an Officer’s Certificate and an Opinion of Counsel and,
if required by the TIA or Section 11.01, Independent Certificates in accordance
with TIA Sections 314(c) and 314(d)(1), and otherwise in accordance with the
applicable requirements of Section 11.01.

     

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

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
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    ARTICLE
NINE

     

    SUPPLEMENTAL
INDENTURES

     

    Section
9.01. Supplemental Indentures
Without Consent of Noteholders.

     

    (a) The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, may,
without the consent of any Holders of any Notes but with prior written notice to
the Rating Agencies and the Swap Counterparty (which written notice, in the case
of the Swap Counterparty, shall include a draft of any such supplemental
indenture), at any time and from time to time, enter into one or more indentures
supplemental hereto, in form satisfactory to the Indenture Trustee, for any of
the following purposes:

     

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

     

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

     

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

     

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

     

    (v) to cure
any ambiguity, to correct or supplement any provision herein or in any
supplemental indenture that may be inconsistent with any other provision herein
or in any supplemental indenture or in any (i) offering document used in
connection with the initial offer and sale of the Notes or to add any provisions
to or change in any manner or eliminate any of the provisions of this Indenture
which will not be inconsistent with other provisions of this Indenture or
(ii) other Basic Document with respect to matters or questions arising
under this Indenture or in any supplemental indenture;

     

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

     

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

     

    
      
        
        

      

      
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    provided,
however, that no such supplemental indenture (i) may materially adversely
affect the interests of any Noteholder and (ii) will be permitted unless an
Opinion of Counsel is delivered to the Indenture Trustee to the effect that such
supplemental indenture will not cause the Issuer to be characterized for federal
income tax purposes as an association or publicly traded partnership taxable as
a corporation or otherwise have any material adverse impact on the federal
income taxation of any Notes Outstanding or any Noteholder.  The
Indenture Trustee is hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

     

    A
supplemental indenture shall be deemed not to materially adversely affect the
interests of any Noteholder if the Person requesting such supplemental indenture
(i) has delivered no fewer than ten days prior written notice of such
supplemental indenture to each Rating Agency and (ii) obtains and delivers to
the Indenture Trustee an Opinion of Counsel to the effect that the supplemental
indenture would not materially adversely affect the interests of any
Noteholder.

     

    Upon
execution of any such supplemental indenture, an executed copy of such
supplemental indenture shall be provided to the Swap Counterparty.

     

    Section
9.02. Supplemental Indentures with
Consent of Noteholders.  The Issuer and the Indenture Trustee,
when authorized by an Issuer Order, may, with the consent of the Holders of
Notes evidencing not less than 51% of the Note Balance of the Controlling Class
and with prior written notice to the Rating Agencies and the Swap Counterparty
(which prior written notice shall include, in the case of the Swap Counterparty,
a draft of any such proposed supplemental indenture), by Act of such Holders
delivered to the Issuer and the Indenture Trustee, at any time and from time to
time enter into one or more indentures supplemental hereto for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided, however, that (i) the
Rating Agency Condition shall have been satisfied with respect such action and
(ii) no such supplemental indenture will be permitted unless an Opinion of
Counsel is delivered to the Indenture Trustee to the effect that such
supplemental indenture will not cause the Issuer to be characterized for federal
income tax purposes as an association or publicly traded partnership taxable as
a corporation or otherwise have any material adverse impact on the federal
income taxation of any Notes Outstanding or any Noteholder; and, provided
further, that no such supplemental indenture may, without the consent of the
Holder of each Outstanding Note, to the extent any such Person is materially and
adversely affected by such supplemental indenture:

     

    (a) change
any Final Scheduled Distribution Date or the date of payment of any installment
of principal of or interest on any Note, or reduce the principal amount thereof,
the Interest Rate applicable thereto or the Redemption Price with respect
thereto, change the provisions of this Indenture relating to the application of
collections on, or the proceeds of the sale of, the Trust Estate to payment of
principal of or interest on the Notes, or change any place of payment where, or
the coin or currency in which, any Note or the interest thereon is
payable;

     

    (b) impair
the right to institute suit for the enforcement of the provisions of this
Indenture requiring the application of available funds, as provided in
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    the
payment of any amount due on the Notes on or after the respective due dates
thereof (or, in the case of redemption, on or after the Redemption
Date);

     

    (c) reduce
the percentage of the Note Balance or the Note Balance of the Controlling Class,
the consent of the Holders of Notes of which is required for any such
supplemental indenture, or the consent of the Holders of Notes of which is
required for any waiver of compliance with the provisions of this Indenture or
of defaults hereunder and their consequences as provided in this
Indenture;

     

    (d) modify or
alter (A) the provisions of the proviso to the definition of the term
“Outstanding”, (B) the definition of the term “Note Balance” or
(C) the definition of the term “Controlling Class”;

     

    (e) reduce
the percentage of the Note Balance required to direct the Indenture Trustee to
sell or liquidate the Trust Estate pursuant to Section 5.04 if the proceeds
of such sale would be insufficient to pay in full the principal amount of and
accrued but unpaid interest on the Notes;

     

    (f) reduce
the percentage of the Note Balance of the Controlling Class the consent of
the Holders of Notes of which is required for any such supplemental indenture
amending the provisions of this Indenture which specify the applicable
percentage of the Note Balance of the Controlling Class the consent of
which is required for such supplemental indenture or the amendment of any other
Basic Document;

     

    (g) affect
the calculation of the amount of any interest on or principal of the Notes
payable on any Distribution Date (including the calculation of any of the
individual components of such calculation);

     

    (h) modify
any of the provisions of this Indenture in such a manner as to affect the rights
of the Holders of the Notes to the benefit of any provisions for the mandatory
redemption of the Notes; or

     

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

     

    The
Administrator shall certify to the Indenture Trustee whether or not any Notes
would be affected by any supplemental indenture and any such certification shall
be conclusive upon the Holders of all Notes, whether theretofore or thereafter
authenticated and delivered hereunder.

     

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

     

    
      
        
        

      

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

     

    Promptly
after the execution by the Issuer and the Indenture Trustee of any supplemental
indenture pursuant to this Section, the Indenture Trustee shall mail (i) to the
Noteholders to which such supplemental indenture relates a notice setting forth
in general terms the substance of such supplemental indenture and (ii) to the
Swap Counterparty a copy of such supplemental indenture.  Any failure
of the Indenture Trustee to mail such notice or supplemental indenture, or any
defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture.

     

    Notwithstanding
anything to the contrary in Section 9.01 or Section 9.02, no amendment or
supplemental indenture to this Indenture, or any provision or definition set
forth in any other Basic Document which is incorporated by reference in this
Indenture, may be entered into without the prior written consent of the Swap
Counterparty if such amendment or supplemental indenture could have a materially
adverse effect on the Swap Counterparty.

     

    Section
9.03. Execution of Supplemental
Indentures.  In executing, or permitting the additional trusts
created by, any supplemental indenture permitted by this Article or the
modification thereby of the trusts created by this Indenture, the Indenture
Trustee shall be entitled to receive, and subject to Sections 6.01 and
6.02, shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by
this Indenture and that all conditions precedent in this Indenture to the
execution and delivery of such supplemental indenture have been
satisfied.  The Indenture Trustee may, but shall not be obligated to,
enter into any such supplemental indenture that affects the Indenture Trustee’s
own rights, duties, liabilities or immunities under this Indenture or
otherwise.

     

    Section
9.04. Effect of Supplemental
Indenture.  Upon the execution of any supple­mental
indenture pursuant to the provisions hereof, this Indenture shall be and shall
be deemed to be modified and amended in accordance therewith with respect to the
Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the
Indenture Trustee, the Issuer and the Noteholders shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

     

    Section
9.05. Conformity with Trust
Indenture Act.  Every amendment of this Indenture and every
supplemental indenture executed pursuant to this Article shall conform to
the requirements of the TIA as then in effect so long as this Indenture shall
then be qualified under the TIA.

     

    Section
9.06. Reference in Notes to
Supplemental Indentures.  Notes authenticated and delivered
after the execution of any supplemental indenture pursuant to this
Article may, and if required by the Indenture Trustee shall, bear a
notation in form approved by the Indenture Trustee as to any matter provided for
in such supplemental indenture.  If the Issuer or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion
of the 

     

    
      
        
        

      

      
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    Indenture
Trustee and the Issuer, to any such supplemental indenture may be prepared and
executed by the Issuer and authenticated and delivered by the Indenture Trustee
in exchange for Outstanding Notes.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
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    ARTICLE
TEN

     

    REDEMPTION
OF NOTES

     

    Section
10.01. Redemption.

     

    (a) The Notes
are subject to redemption in whole, but not in part, at the direction of the
Seller pursuant to Section 8.01 of the Sale and Servicing Agreement, on any
Distribution Date on which the Seller exercises its option to purchase the
assets of the Issuer pursuant to said Section, and the amount paid by the Seller
shall be treated as collections in respect of the Receivables and applied to pay
all amounts due to the Master Servicer under the Sale and Servicing Agreement,
the Total Trustee Fees, all amounts owed to the Swap Counterparty and the unpaid
principal amount of the Notes plus accrued and unpaid interest
thereon.  The Seller or the Issuer shall furnish each Rating Agency
and the Swap Counterparty, notice of such redemption.  If the Notes
are to be redeemed pursuant to this Section, the Seller shall furnish notice of
such redemption to the Master Servicer, the Indenture Trustee, the Depositor,
the Swap Counterparty and the Rating Agencies, not fewer than 15 nor more than
30 days prior to the Redemption Date and the Issuer shall deposit one Business
Day prior to the Redemption Date with the Indenture Trustee in the Note Payment
Account the Redemption Price of the Notes to be redeemed (all or a portion of
which deposit may be made from Available Funds), whereupon all such Notes shall
be due and payable on the Redemption Date upon the furnishing of a notice
complying with Section 10.02 to each Noteholder.

     

    (b) In the
event that the assets of the Issuer are purchased by the Seller pursuant to
Section 8.01(a) of the Sale and Servicing Agreement, all amounts (i) on
deposit in the Note Payment Account shall be paid to the Noteholders up to the
unpaid principal amount of the Notes and all accrued and unpaid interest thereon
and (ii) owed to the Swap Counterparty shall be paid in full.  If such
amounts are to be paid to Noteholders pursuant to this Section, the Issuer
shall, to the extent practicable, furnish or cause the Seller to furnish notice
of such event to the Depositor, the Indenture Trustee, the Swap Counterparty and
the Rating Agencies, not fewer than 15 nor more than 30 days prior to the
Redemption Date, whereupon all such amounts shall be payable on the Redemption
Date.

     

    Section
10.02. Form of Redemption
Notice.  Notice of redemption of the Notes under
Section 10.01 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile transmitted promptly following receipt of
notice from the Issuer or the Seller pursuant to Section 10.01(a), but not
later than ten days prior to the applicable Redemption Date to each Noteholder,
as of the close of business on the Record Date preceding the applicable
Redemption Date, at such Noteholder’s address or facsimile number appearing in
the Note Register.

     

    All
notices of redemption shall state:

     

    (i) the
Redemption Date;

     

    (ii) the
Redemption Price;

     

    
      
        
        

      

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

     

    (iv) that on
the Redemption Date, the Redemption Price will become due and payable upon each
Note and that interest thereon shall cease to accrue from and after the
Redemption Date.

     

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

     

    Section
10.03. Notes Payable on Redemption
Date.  The Notes to be redeemed shall, following notice of
redemption as required by Section 10.02, on the Redemption Date become due
and payable at the Redemption Price and (unless the Issuer shall default in the
payment of the Redemption Price) no interest shall accrue on the Redemption
Price for any period after the date to which accrued interest is calculated for
purposes of calculating the Redemption Price.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
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    ARTICLE
ELEVEN

     

    MISCELLANEOUS

     

    Section
11.01. Compliance Certificates and
Opinions, etc.

     

    (a) Upon any
application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer shall furnish to the Indenture
Trustee (i) an Officer’s Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been
complied with, (ii) an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent, if any, have been complied with and
(iii) if required by Section 11.01(b)(ii) or the TIA or an Independent
Certificate, except that, in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision
of this Indenture, no additional certificate or opinion need be
furnished.

     

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

     

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

     

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

     

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

     

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

     

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

     

    (ii) Whenever
the Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the
matters described in clause (i) above, the Issuer shall also furnish
to the Indenture Trustee an Independent Certificate as to the same matters, if
the fair value to the Issuer of the property or securities to be so deposited
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    any such
withdrawal or release since the commencement of the then-current fiscal year of
the Issuer, as set forth in the certificates furnished pursuant to
clause (i) above and this clause (ii), is 10% or more of the Note
Balance, but such a certificate need not be furnished with respect to any
property or securities so deposited, if the fair value thereof to the Issuer as
set forth in the related Officer’s Certificate is less than $25,000 or less than
1% of the Note Balance.

     

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

     

    (iv) Whenever
the Issuer is required to furnish to the Indenture Trustee or the Swap
Counterparty an Officer’s Certificate certifying or stating the opinion of any
signer thereof as to the matters described in clause (iii) above, the
Issuer shall also furnish to the Indenture Trustee an Independent Certificate as
to the same matters if the fair value of the property or securities and of all
other property (other than property described in clauses (A) or (B) of
Section 11.01(b)(v)) released from the lien of this Indenture since the
commencement of the then-current calendar year, as set forth in the certificates
required by clause (iii) above and this clause (iv), equals 10%
or more of the Note Balance, but such certificate need not be furnished in the
case of any release of property or securities if the fair value thereof as set
forth in the related Officer’s Certificate is less than $25,000 or less than 1%
of the Note Balance at the time of such release.

     

    (v) Notwithstanding
Section 2.13 or any other provision of this Section, the Issuer may,
without compliance with the requirements of the other provisions of this
Section, (A) collect, liquidate, sell or otherwise dispose of Receivables
and Financed Vehicles as and to the extent permitted or required by the Basic
Documents and (B) make cash payments out of the Accounts as and to the
extent permitted or required by the Basic Documents.

     

    Section
11.02. Form of Documents Delivered
to Indenture Trustee.

     

    (a) In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

     

    (b) Any
certificate or opinion of an Authorized Officer of the Issuer may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the 

     

    
      
        
        

      

      
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    certificate
or opinion or representations with respect to the matters upon which such
Officer’s Certificate or opinion is based are erroneous.  Any such
certificate of an Authorized Officer or Opinion of Counsel may be based, insofar
as it relates to factual matters, upon a certificate or opinion of, or
representations by, one or more officers of the Seller, the Master Servicer, the
Depositor, the Issuer or the Administrator, stating that the information with
respect to such factual matters is in the possession of the Seller, the Master
Servicer, the Depositor, the Issuer or the Administrator, unless such Authorized
Officer or counsel knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to such matters
are erroneous.

     

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

     

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

     

    Section
11.03. Acts of
Noteholders.

     

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

     

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

     

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

     

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

     

    Section
11.04. Notices, etc., to Indenture
Trustee, Issuer, Depositor, Swap Counterparty and Rating
Agencies.  Any request, demand, authorization, direction,
notice, consent, waiver or Act of Noteholders or other documents provided or
permitted by this Indenture shall be in writing and if such request, demand,
authorization, direction, notice, consent, waiver or Act of Noteholders is to be
made upon, given or furnished to or filed with:

     

    (a) the
Indenture Trustee by any Noteholder or the Issuer shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing and sent by
first-class mail, postage prepaid, overnight courier or facsimile (followed by
original) to or with the Indenture Trustee at its Corporate Trust
Office;

     

    (b) the
Issuer by the Indenture Trustee or any Noteholder shall be sufficient for every
purpose hereunder if in writing and sent by first-class mail, postage prepaid,
overnight courier or facsimile (followed by original) to the Issuer addressed
to: Wachovia Auto Owner Trust 2008-A, in care of Wilmington Trust Company, 1100
North Market Street, Wilmington, Delaware 19890-1605, Attention: Corporate Trust
Administration (with a copy to the Administrator, 301 S. College Street, 8th
Floor, NC5578, Charlotte, North Carolina 28288-5578, Attention: ABS Deal
Administration), or at any other address previously furnished in writing to the
Indenture Trustee by the Issuer or the Administrator; the Issuer shall promptly
transmit any notice received by it from the Noteholders to the Indenture
Trustee;

     

    (c) the
Depositor by the Indenture Trustee, the Master Servicer or any Noteholder, shall
be sufficient for every purpose hereunder if in writing and sent by first-class
mail, postage prepaid, overnight courier or facsimile (followed by original) to
the Depositor addressed to WDS Receivables LLC, 444 East Warm Springs Road,
Suite 118, Las Vegas, Nevada 89119, Attention: Treasury ABS Department or at any
other address previously furnished in writing to the Indenture Trustee by the
Depositor; or

     

    (d) the Swap
Counterparty by the Depositor, the Master Servicer, the Indenture Trustee or any
Noteholder shall be sufficient for every purpose hereunder if in writing and
sent by first-class mail, postage prepaid, overnight courier or facsimile
(followed by original) to the Swap Counterparty addressed to Wachovia Bank,
National Association, 301 South College Street NC0600, Charlotte, North Carolina
28202–0600, Attention: Derivatives Documentation.

     

    Notices
required to be given to each Rating Agency, as applicable, by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally
delivered, telecopied, mailed by certified mail, return receipt requested, or
sent by electronic delivery in the case of (i) Moody’s, at Moody’s Investors
Service, Inc., ABS Monitoring Department, 7 World Trade Center, 25th Floor,
250 Greenwich Street, New York, New York 10007 (e-mail:   ServicerReports@Moodys.com )
and (ii) Standard & Poor’s, at Standard & Poor’s Ratings
Services, a Division of The McGraw-Hill Companies, Inc., 55 Water Street,
New York, New York 10041, Attention: Asset Backed Surveillance Department
(e-mail: 

     

    
      
        
        

      

      
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    Servicer_Reports@sandp.com);
or at such other address as shall be designated by written notice to the other
parties.

     

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

     

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

     

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

     

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

     

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

     

    Section
11.07. Conflict with Trust
Indenture Act.  If any provision hereof limits, qualifies or
conflicts with another provision hereof that is required to be included in this
Indenture by any of the provisions of the Trust Indenture Act, such required
provision shall control.

     

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

     

    
      
        
        

      

      
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    Section
11.08. Effect of Headings and Table
of Contents.  The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the meaning
or interpretation of the terms or provisions hereof.

     

    Section
11.09. Successors and
Assigns.  All covenants and agreements in this Indenture and
the Notes by the Issuer shall bind its successors and assigns, whether so
expressed or not.  All agreements of the Indenture Trustee in this
Indenture shall bind its successors, co-trustees and agents.

     

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

     

    Section
11.11. Benefits of Indenture; Third
Party Beneficiaries.  Nothing in this Indenture or in the
Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder and the Noteholders, and any other party
secured hereunder, and any other Person with an ownership interest in any part
of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture.  Notwithstanding the foregoing, this
Indenture shall inure to the benefit of and be binding upon the parties hereto,
and the Owner Trustee, the Noteholders, the Swap Counterparty, the
Certificateholders and their respective successors and permitted assigns shall
be third party beneficiaries.  Except as otherwise provided in this
Article, no other Person shall have any right or obligation
hereunder.

     

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

     

    Section
11.13. GOVERNING
LAW.  THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

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

     

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

     

    
      
        
        

      

      
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    Section
11.16. Trust
Obligation.  Except as otherwise provided in
Section 3.07(e), no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under this Indenture or any certificate or other writing
delivered in connection herewith or therewith, against (i) the Indenture
Trustee or the Owner Trustee in its individual capacity, (ii) any owner of
a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee, except as otherwise provided in
Section 3.07(e), and the Owner Trustee have no such obligations in their
individual capacities) and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.  For all purposes of this
Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Articles Six, Seven and Eight of the Trust
Agreement.

     

    Section
11.17. No
Petition.  The Indenture Trustee, by entering into this
Indenture, and each Noteholder or Note Owner, by accepting a Note or a
beneficial interest therein, as the case may be, hereby covenant and agree that
they will not at any time institute against the Issuer or the Depositor, or join
in any institution against the Issuer or the Depositor of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or State bankruptcy or similar law
in connection with any obligations relating to the Notes, this Indenture or any
of the other Basic Documents.

     

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

     

    Section
11.19. Subordination
Agreement.  Each Noteholder, by accepting a Note, hereby
covenants and agrees that, to the extent it is deemed to have any interest in
any assets of the Depositor, or a securitization vehicle (other than the Issuer)
related to the Depositor, dedicated to other debt obligations of the Depositor
or debt obligations of any other securitization vehicle (other than the Issuer)
related to the Depositor, its interest in those assets is subordinate to claims
or rights of such other debtholders to those other
assets.  Furthermore, each Noteholder, by accepting a Note, hereby
covenants and agrees that such agreement constitutes a subordination agreement
for purposes of Section 510(a) of the Bankruptcy Code.

     

    
      
        
        

      

      
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    Section
11.20. Security Interest
Matters.

     

    (a) This
Indenture creates a valid and continuing “security interest” (as defined in the
UCC) in the Receivables in favor of the Indenture Trustee, which security
interest is prior to all other Liens and is enforceable as such as against
creditors of and purchasers from the Issuer.  With respect to each
Receivable, the Issuer has taken all steps necessary to perfect its security
interest against the related Obligor in the related Financed
Vehicle.

     

    (b) The
Receivables constitute “tangible chattel paper” (as defined in the
UCC).  The Issuer has caused or will cause on or prior to the Closing
Date the filing of all appropriate financing statements in the proper filing
offices in the appropriate jurisdictions under applicable law necessary to
perfect the security interest in the Receivables granted to the Indenture
Trustee hereunder.  Other than the security interest granted to the
Indenture Trustee hereunder, the Issuer has not pledged, assigned, sold, granted
a security interest in or otherwise conveyed any of the
Receivables.  The Issuer has not authorized the filing of and is not
aware of any financing statements against the Issuer that include a description
of collateral covering the Receivables other than any financing statement
relating to the security interest granted to the Indenture Trustee hereunder or
that has been terminated.  The motor vehicle retail installment sale
contracts and installment loans that constitute or evidence the Receivables do
not have any marks or notations indicating that they have been pledged, assigned
or otherwise conveyed to any Person other than the Depositor, the Issuer or the
Indenture Trustee.  The Issuer is not aware of any judgment or tax
lien filings against the Issuer.

     

    (c) All
financing statements filed or to be filed against the Issuer in favor of the
Indenture Trustee contain a statement substantially to the following effect: “A
purchase of or security interest in any collateral described in this financing
statement will violate the rights of the Indenture Trustee”.

     

    Section
11.21. Obligations with Respect to
the Swap Counterparty.  Any obligations or duties owed to, or
rights of, the Swap Counterparty hereunder, including the right of the Swap
Counterparty to consent to, or receive notice of, any actions hereunder shall
terminate upon payment in full of the Class A-2b Notes, the Class A-3b Notes and
the Class A-4b Notes and payment of all amounts owed to the Swap Counterparty
under the Swap Agreement.

     

     

     

     

     

     

    
      
        
        

      

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

     

    
      
        	 	WACHOVIA
      AUTO OWNER TRUST 2008-A,	 
	 	 	 	 
	 	

                By:

              	

                WILMINGTON
      TRUST COMPANY, 

                  not
      in its individual capacity but solely as
      Owner Trustee

                

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ J.
      Christopher Murphy	 
	 	 	Name:
      J. Christopher Murphy	 
	 	 	Title:
      Financial Services Officer	 
	 	 	 	 

      

    

     

    
      
        	 	
                U.S.
      BANK NATIONAL ASSOCIATION,

                not in its individual capacity but solely as Indenture
      Trustee

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Shannon
      M. Rantz	 
	 	 	Name:
      Shannon M. Rantz	 
	 	 	Title:
      Vice President	 
	 	 	 	 

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT A

     

    FORM OF
CLASS [A-1] [A-2a] [A-2b] [A-3a] [A-3b] [A-4a] [A-4b] [B] NOTE

     

    [FOR
CLASS A NOTES] THE ACQUISITION OF THE NOTES BY, OR ON BEHALF OF, OR WITH THE
ASSETS OF ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO THE FIDUCIARY RESPONSIBILITY
PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”) OR ANY “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “INTERNAL REVENUE CODE”) OR ANY ENTITY PART OR ALL OF THE
ASSETS OF WHICH CONSTITUTE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN BY
REASON OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101 OR OTHERWISE IS
PROHIBITED UNLESS SUCH PURCHASE, HOLDING AND SUBSEQUENT DISPOSITION OF THE NOTES
WOULD NOT RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR UNDER SECTION 4975 OF THE INTERNAL REVENUE CODE. EACH BENEFICIAL OWNER
OF THIS NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET
FORTH IN THE INDENTURE.

     

    [FOR
CLASS A AND B NOTES] [A FIDUCIARY OF A BENEFIT PLAN PURCHASING THE CLASS [A-1]
[A-2a] [A-2b] [A-3a] [A-3b] [A-4a] [A-4b] NOTES WITH THE ASSETS OF A BENEFIT
PLAN IS DEEMED TO REPRESENT THAT THE PURCHASE OF ONE OR MORE NOTES IS CONSISTENT
WITH ITS FIDUCIARY DUTIES UNDER ERISA AND DOES NOT RESULT IN A NONEXEMPT
PROHIBITED TRANSACTION AS DEFINED IN SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE.]

     

    [FOR
CLASS B NOTES] [THE CLASS B NOTES MAY NOT BE ACQUIRED BY, OR ON BEHALF OF, OR
WITH THE ASSETS OF ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF ERISA OR ANY “PLAN” SUBJECT TO SECTION 4975 OF THE
INTERNAL REVENUE CODE, OR ANY ENTITY PART OR ALL OF THE ASSETS OF WHICH
CONSTITUTE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN BY REASON OF
DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, ERISA SECTION 3(42) OR
OTHERWISE.  EACH BENEFICIAL OWNER OF THIS NOTE WILL BE DEEMED TO HAVE
MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE
INDENTURE.]

     

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

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE
& CO.).

     

    TRANSFERS
OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO
HEREIN.

     

    PRINCIPAL
OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN.  ACCORDINGLY, THE
OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN
ON THE FACE HEREOF.  ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS
CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE INDENTURE TRUSTEE.

     

    THE
FAILURE TO PROVIDE THE ISSUING ENTITY AND THE INDENTURE TRUSTEE WITH THE
APPLICABLE U.S. FEDERAL INCOME TAX CERTIFICATIONS (GENERALLY, AN INTERNAL
REVENUE SERVICE FORM W-9 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON
THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF
THE INTERNAL REVENUE CODE, OR AN APPROPRIATE INTERNAL REVENUE SERVICE FORM W-8
(OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS NOT A “UNITED
STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE INTERNAL REVENUE
CODE) MAY RESULT IN THE IMPOSITION OF U.S. FEDERAL BACK-UP WITHHOLDING UPON
PAYMENTS TO THE HOLDER IN RESPECT OF THIS NOTE.

     

    [FOR
CLASS A-2, A-3 AND A-4 NOTES] THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT
TO THE CLASS A-1 NOTES [THE CLASS A-2 NOTES, THE CLASS A-3 NOTES] AS
DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.]

     

    [FOR
CLASS B NOTES] THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE
CLASS A NOTES AS DESCRIBED IN THE INDENTURE REFERRED TO
HEREIN.]

     

    THIS NOTE
IS NOT A DEPOSIT OR OBLIGATION OF OR AN INTEREST IN WACHOVIA DEALER SERVICES,
INC. OR ANY OF ITS AFFILIATES.  THIS NOTE IS NOT GUARANTEED OR INSURED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENTAL ENTITY OR FUND
OF THE UNITED STATES.

     

    
    

     

    
      	 REGISTERED 	
               $___________

            
	 No. R-A1-1
      [R-A2-1] [R-A3-1]	
              CUSIP
      NO. ___________

            
	 [R-A4-1][R-B-1]	
               ISIN NO.
      ___________

            

    

     

     

    WACHOVIA
AUTO OWNER TRUST 2008-A

     

    _____%
CLASS A-1 [A-2a] [A-2b] [A-3a] [A-3b] [A-4a] [A-4b] [B] ASSET BACKED
NOTE

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    Wachovia
Auto Owner Trust 2008-A, a statutory trust organized and existing under the laws
of the State of Delaware (the “Issuer”), for value received, hereby promises to
pay to Cede & Co., or its registered assigns, the principal sum of
___________________ DOLLARS ($___________), payable to the extent described in
the Indenture referred to on the reverse hereof on each Distribution Date;
provided, however, that the entire unpaid principal amount of this Note shall be
payable on the earlier of _______________, 200__ (the “Class A-1 [A-2a]
[A-2b] [A-3a] [A-3b] [A-4a] [A-4b] [B] Final Scheduled Distribution Date”) and
the Redemption Date, if any, selected pursuant to the Indenture.

     

    The
Issuer will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding
Distribution Date (after giving effect to all payments of principal made on such
preceding Distribution Date), or on the Closing Date in the case of the first
Distribution Date or if no interest has yet been paid, subject to certain
limitations contained in the Indenture.  Interest on this Note will
accrue for each Distribution Date from, and including, the most recent
Distribution Date on which interest has been paid (or, in the case of the first
Distribution Date or if no interest has yet been paid, from and including the
Closing Date), to but excluding such current Distribution Date.  [For
Class [A-1, A-2b, A-3b and A-4b Notes: Interest will be computed on the basis of
the actual number of days during the related Interest Period divided by
360.]  [For Class A-2a, A-3a, A-4a and B Notes: Interest on this
Note will accrue for each Distribution Date from and including the 20th day of
the prior month (or from and including the Closing Date, in the case of the
first Distribution Date or if no interest has yet been paid) to but excluding
the 20th day of
the current month.  Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months.]  The Issuer shall
pay interest on overdue installments of interest at the interest rate shown
above to the extent lawful.  Such principal and interest on this Note
shall be paid in the manner specified on the reverse hereof.

     

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

     

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

     

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

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

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

     

    
      
        
          	
                  Date:
      June __, 2008

                	 
      	
                  WACHOVIA
      AUTO OWNER TRUST 2008-A

                
	 	 	 
	 
      	
                  By:

                	
                  WILMINGTON
      TRUST COMPANY, not in its individual capacity but solely as
      Owner Trustee under the Trust Agreement

                
	 
      	 
      	 
      
	 
      	
                  By:

                	 
      
	 
      	 
      	
                  Authorized
      Signatory

                

        

      

    

     

     

    INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

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

     

    
      
        	
                Date:
      June __, 2008

              	 
      	
                U.S.
      BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as
      Indenture Trustee,

              
	 
      	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	
                Authorized
      Signatory

              

      

    

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

     

    [REVERSE
OF CLASS A-1 [A-2a] [A-2b] [A-3a] [A-3b] [A-4a] [A-4b] [B]
NOTE]

     

    This Note
is one of a duly authorized issue of Notes of the Issuer, designated as its
_____% Class A-1 [A-2a] [A-2b] [A-3a] [A-3b] [A-4a] [A-4b] [B] Asset Backed
Notes (the “Class [___] Notes”), all issued under the Indenture, dated as
of June 1, 2008 (the “Indenture”), between the Issuer and U.S. Bank National
Association, as trustee (the “Indenture Trustee”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Noteholders.  The Notes are subject to all terms of
the Indenture.  Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Indenture, which also
contains rules as to construction that shall be applicable hereto.

     

    The
Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the
Class A-3a Notes, the Class A-3b Notes, the Class A-4a Notes, the Class
A-4b Notes and the Class B Notes (collectively, the “Notes”) are, except as
otherwise provided in the Indenture or in the Sale and Servicing Agreement,
equally and ratably secured by the Collateral pledged as security therefor as
provided in the Indenture.

     

    Principal
payable on the Class [A-1] [A-2a] [A-2b] [A-3a] [A-3b] [A-4a] [A-4b] [B]
Notes will be paid on each Distribution Date in the amount specified in the
Indenture and in the Sale and Servicing Agreement.  As described
above, the entire unpaid principal amount of this Note will be payable on the
earlier of the Class [A-1] [A-2a] [A-2b] [A-3a] [A-3b] [A-4a] [A-4b] [B]
Final Scheduled Distribution Date and the Redemption Date, if any, selected
pursuant to the Indenture.  Notwithstanding the foregoing, under
certain circumstances, the entire unpaid principal amount of the
Class [A-1] [A-2] [A-3] [A-4] [B] Notes shall be due and payable following
the occurrence and continuance of an Event of Default, if the Indenture Trustee
or the Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class have declared the Notes to be immediately due and payable
in the manner provided in Section 5.02 of the Indenture.  All
principal payments on the Class [A-1] [A-2a] [A-2b] [A-3a] [A-3b] [A-4a] [A-4b]
[B] Notes shall be made pro rata to the Class [A-1] [A-2a] [A-2b] [A-3a]
[A-3b] [A-4a] [A-4b] [B] Noteholders entitled thereto.

     

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

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

     

    of the
Issuer, will notify the Person who was the registered Noteholder as of the
Record Date preceding such Distribution Date or Redemption Date by notice mailed
within 30 days of such Distribution Date or Redemption Date and the amount
then due and payable shall be payable only upon presentation and surrender of
this Note at the Corporate Trust Office of the Indenture Trustee or at the
office of the Indenture Trustee’s agent appointed for such purposes located in
the City of New York.

     

    As
provided in the Indenture, the Notes may be redeemed, in whole but not in part,
in the manner and to the extent described in the Indenture and the Sale and
Servicing Agreement.

     

    As
provided in the Indenture and subject to the limitations set forth therein and
on the face hereof, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office
or agency designated by the Issuer pursuant to the Indenture, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Noteholder or such Noteholder’s attorney
duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, all in
accordance with the Exchange Act, and thereupon one or more new Notes of
authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees.  No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

     

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

     

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

     

    The
Issuer has entered into the Indenture and this Note is issued with the intention
that, for federal, State and local income, single business and franchise tax
purposes, the Notes will 

     

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

     

    qualify
as indebtedness of the Issuer secured by the Trust Estate.  Each
Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a
beneficial interest in a Note), agrees to treat the Notes for federal, State and
local income, single business and franchise tax purposes as indebtedness of the
Issuer.

     

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

     

    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Holders of Notes representing at least 51% of the Note Balance of
the Controlling Class.  The Indenture also contains provisions
permitting the Noteholders representing specified percentages of the Note
Balance of the Controlling Class, on behalf of all Noteholders, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences.  Any such
consent or waiver by the Noteholder of this Note (or any one of more Predecessor
Notes) shall be conclusive and binding upon such Noteholder and upon all future
Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note.  The Indenture also
permits the Issuer and the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of the
Noteholders.

     

    The
Indenture permits the Issuer, under certain circumstances, to consolidate or
merge with or into another Person, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

     

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

     

    THIS NOTE
AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN
SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

     

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

     

    
      
        
        

      

      
        A-7

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    _______________________________________________________________________________

     

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

     

    ________________________________________________________________________________

    (name and
address of assignee)

     

    the
within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints

     

    _________________________________________________________________________________

    attorney,
to transfer said Note on the books kept for registration thereof, with full
power of substitution in the premises.

     

     

    
    

     

    
      	 Dated:   ____________________________	
              ________________________________*

            
	 	 
	 	Signature
      Guaranteed:
	 	 
	 	 
	 	

              ________________________________*

            

    

    
 

    

    

      

    

      
      
        	
                *

              	
                NOTICE:  The
      signature to this assignment must correspond with the name of the
      registered owner as it appears on the face of the within Note in every
      particular, without alteration, enlargement or any change
      whatsoever.  Such signature must be guaranteed by an “eligible
      guarantor institution” meeting the require­ments of the Note
      Registrar.

              

      

       

       

       

       

       

       

       

       

       

       

       

      
        A-8efc8-0994_emailedex42.htm

    
      
        Exhibit
4.2

        EXECUTION
VERSION

      

      

       

      
         

        

        
          
            
              

            

          

          

           

      

    

    WDS
RECEIVABLES LLC,

     

    as
Depositor,

     

    and

     

    WILMINGTON
TRUST COMPANY,

     

    as Owner
Trustee

     

     

    _______________________________________

     

    AMENDED
AND RESTATED

    TRUST
AGREEMENT

    Dated as
of June 1, 2008

    _______________________________________

     

     

    
      
         

        

        
          
            
              

            

          

           

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

    

    TABLE OF
CONTENTS

     

    Page

    

      
        	
                ARTICLE
      ONE

              
	
                DEFINITIONS

              
	 
	
                Section
      1.01. General Definitions

              	
                1

              
	
                Section
      1.02. Other Definitional Provisions.

              	
                6

              
	
                Section
      1.03. Interpretive Provisions

              	
                6

              
	 
	
                ARTICLE
      TWO

              
	
                ORGANIZATION

              
	 
	
                Section
      2.01. Name

              	
                7

              
	
                Section
      2.02. Office

              	
                7

              
	
                Section
      2.03. Purposes and Powers.

              	
                7

              
	
                Section
      2.04. Appointment of Owner Trustee

              	
                8

              
	
                Section
      2.05. Initial Capital Contribution of Owner Trust Estate

              	
                8

              
	
                Section
      2.06. Declaration of Trust

              	
                8

              
	
                Section
      2.07. Liability of Certificateholders

              	
                9

              
	
                Section
      2.08. Title to Trust Property

              	
                9

              
	
                Section
      2.09. Situs of Issuer

              	
                9

              
	
                Section
      2.10. Representations and Warranties of the Depositor

              	
                9

              
	
                Section
      2.11. Federal Income Tax Matters

              	
                10

              
	 
	
                ARTICLE
      THREE

              
	
                CERTIFICATES
      AND TRANSFER OF INTERESTS

              
	 
	
                Section
      3.01. Initial Ownership

              	
                12

              
	
                Section
      3.02. The Certificates

              	
                12

              
	
                Section
      3.03. Authentication and Delivery of Certificates

              	
                12

              
	
                Section
      3.04. Registration, Transfer and Exchange of Certificates.

              	
                12

              
	
                Section
      3.05. Mutilated, Destroyed, Lost or Stolen Certificates.

              	
                14

              
	
                Section
      3.06. Persons Deemed Certificateholders

              	
                14

              
	
                Section
      3.07. Access to List of Certificateholders’ Names and
      Addresses

              	
                15

              
	
                Section
      3.08. Maintenance of Office or Agency

              	
                15

              
	
                Section
      3.09. Appointment of Paying Agent

              	
                15

              
	
                Section
      3.10. Certificates Nonassessable and Fully Paid

              	
                16

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        	 
	
                ARTICLE
      FOUR

              
	
                ACTIONS
      BY OWNER TRUSTEE

              
	 
	
                Section
      4.01. Prior Notice to Certificateholders with Respect to Certain
      Matters

              	
                17

              
	
                Section
      4.02. Action by Certificateholders with Respect to Certain
      Matters

              	
                17

              
	
                Section
      4.03. Action by Certificateholders with Respect to
    Bankruptcy

              	
                18

              
	
                Section
      4.04. Restrictions on Certificateholders’ Power

              	
                18

              
	
                Section
      4.05. Majority Control

              	
                18

              
	
                Section
      4.06. Certain Litigation Matters

              	
                18

              
	 
	
                ARTICLE
      FIVE

              
	
                APPLICATION
      OF TRUST FUNDS; CERTAIN DUTIES

              
	 
	
                Section
      5.01. Establishment of Certificate Payment Account

              	
                19

              
	
                Section
      5.02. Application of Trust Funds.

              	
                19

              
	
                Section
      5.03. Method of Payment

              	
                20

              
	
                Section
      5.04. No Segregation of Monies; No Interest

              	
                20

              
	
                Section
      5.05. Accounting and Reports to Noteholders, Certificateholders, the IRS
      and Others

              	
                20

              
	
                Section
      5.06. Signature on Returns; Tax Matters Partner.

              	
                21

              
	 
	
                ARTICLE
      SIX

              
	
                AUTHORITY
      AND DUTIES OF OWNER TRUSTEE

              
	 
	
                Section
      6.01. General Authority

              	
                22

              
	
                Section
      6.02. General Duties.

              	
                22

              
	
                Section
      6.03. Action Upon Instruction.

              	
                23

              
	
                Section
      6.04. No Duties Except as Specified in this Agreement or in
      Instructions

              	
                24

              
	
                Section
      6.05. No Action Except Under Specified Documents or
      Instructions

              	
                24

              
	
                Section
      6.06. Restrictions

              	
                24

              
	 
	
                ARTICLE
      SEVEN

              
	
                THE
      OWNER TRUSTEE

              
	 
	
                Section
      7.01. Acceptance of Duties

              	
                25

              
	
                Section
      7.02. Furnishing of Documents

              	
                26

              
	
                Section
      7.03. Representations and Warranties

              	
                27

              
	
                Section
      7.04. Reliance; Advice of Counsel.

              	
                27

              
	
                Section
      7.05. Not Acting in Individual Capacity

              	
                28

              
	
                Section
      7.06. Owner Trustee Not Liable for Certificates or
    Receivables

              	
                28

              
	
                Section
      7.07. Owner Trustee May Own Certificates and Notes

              	
                28

              
	
                Section
      7.08. Paying Agent; Authenticating Agent

              	
                29

              

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

      
        	 
	
                ARTICLE
      EIGHT

              
	
                COMPENSATION
      AND INDEMNIFICATION OF OWNER TRUSTEE

              
	 
	
                Section
      8.01. Owner Trustee’s Fees and Expenses

              	
                30

              
	
                Section
      8.02. Indemnification

              	
                30

              
	
                Section
      8.03. Payments to the Owner Trustee

              	
                30

              
	 
	
                ARTICLE
      NINE

              
	
                TERMINATION
      OF TRUST AGREEMENT

              
	 
	
                Section
      9.01. Termination of Trust Agreement.

              	
                31

              
	 
	
                ARTICLE
      TEN

              
	
                SUCCESSOR
      AND ADDITIONAL OWNER TRUSTEES

              
	 
	
                Section
      10.01. Eligibility Requirements for Owner Trustee

              	
                33

              
	
                Section
      10.02. Resignation or Removal of Owner Trustee.

              	
                33

              
	
                Section
      10.03. Successor Owner Trustee

              	
                34

              
	
                Section
      10.04. Merger or Consolidation of Owner Trustee.

              	
                34

              
	
                Section
      10.05. Appointment of Co-Trustee or Separate Trustee

              	
                35

              
	 
	
                ARTICLE
      ELEVEN

                REGULATION
      AB

              
	 
	
                Section
      11.01. Intent of the Parties; Reasonableness.

              	
                37

              
	
                Section
      11.02. Representations and Warranties

              	
                37

              
	
                Section
      11.03. Information to Be Provided by the Owner Trustee.

              	
                37

              
	 
	
                ARTICLE
      TWELVE

                MISCELLANEOUS

              
	 
	
                Section
      12.01. Supplements and Amendments.

              	
                39

              
	
                Section
      12.02. No Legal Title to Owner Trust Estate in
      Certificateholders

              	
                40

              
	
                Section
      12.03. Limitations on Rights of Others

              	
                41

              
	
                Section
      12.04. Notices

              	
                41

              
	
                Section
      12.05. Severability

              	
                41

              
	
                Section
      12.06. Counterparts

              	
                41

              
	
                Section
      12.07. Successors and Assigns

              	
                41

              
	
                Section
      12.08. Covenants of the Depositor

              	
                42

              
	
                Section
      12.09. No Petition

              	
                42

              
	
                Section
      12.10. No Recourse

              	
                42

              
	
                Section
      12.11. Headings

              	
                42

              

      

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
      12.12. GOVERNING LAW

              	
                42

              
	
                Section
      12.13. Servicer Payment Obligation

              	
                42

              
	
                Section
      12.14. Obligations with Respect to the Swap Counterparty

              	
                42

              
	 
      	 
      
	 
	 
	
                EXHIBITS

              
	
                Exhibit A
      – Form of Certificate

              	
                A-1

              
	
                Exhibit B
      – Form of Certificate of Trust

              	
                B-1

              

      

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    AMENDED
AND RESTATED TRUST AGREEMENT

     

    This
Amended and Restated Trust Agreement, dated as of June 1, 2008, is between WDS
Receivables LLC, a Nevada limited liability company, as depositor (the
“Depositor”), and Wilmington Trust Company, a Delaware banking corporation, as
trustee (the “Owner Trustee”).

     

    WHEREAS,
Wachovia Auto Owner Trust 2008-A has been created pursuant to a trust agreement,
dated as of August 21, 2007, between the Depositor and the Owner Trustee (the
“Initial Trust Agreement”), and the filing of a certificate of trust with the
Secretary of State of the State of Delaware on August 21, 2007; and

     

    WHEREAS,
the Depositor and the Owner Trustee wish to amend and restate the Initial Trust
Agreement on the terms and conditions hereinafter set forth.

     

    NOW,
THEREFORE, in consideration of the premises and mutual covenants herein
contained, and of other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as
follows:

     

    ARTICLE
ONE

     

    DEFINITIONS

     

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

     

    “Accountants” means a
firm of independent public accountants.

     

    “Administration
Agreement” means the administration agreement, dated as of June 1, 2008,
among the Administrator, the Issuer, the Depositor and the Indenture
Trustee.

     

    “Administrator” means
Wachovia Bank, in its capacity as administrator under the Administration
Agreement, and its successors in such capacity.

     

    “Affiliate” has the
meaning specified in the Sale and Servicing Agreement.

     

    “Agreement” means this
Amended and Restated Trust Agreement.

     

    “Applicants” has the
meaning specified in Section 3.07.

     

    “Basic Documents” has
the meaning specified in the Sale and Servicing Agreement.

     

    “Benefit Plan” means
(i) an employee benefit plan (as such term is defined in Section 3(3)
of ERISA) that is subject to the provisions of Title I of ERISA,
(ii) a plan described in Section 4975(e)(1) of the Code that is not
exempt under Section 4975(g) of the Code or (iii) any entity whose
underlying assets include plan assets by reason of a plan’s investment in the
entity.

     

    “Business Day” has the
meaning specified in the Sale and Servicing Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

    “Certificate of Trust”
means the Certificate of Trust substantially in the form of Exhibit B filed
for the Issuer pursuant to Section 3810(a) of the Statutory Trust
Statute.

     

    “Certificate Payment
Account” has the meaning specified in Section 5.01.

     

    “Certificate Percentage
Interest” has the meaning specified in the Sale and Servicing
Agreement.

     

    “Certificate Register”
and “Certificate
Registrar” shall have the respective meanings specified in
Section 3.04(a).

     

    “Certificateholder” or
“Holder” means
a Person in whose name a Certificate is registered on the Certificate
Register.

     

    “Class” has the
meaning specified in the Indenture.

     

    “Closing Date” has the
meaning specified in the Indenture.

     

    “Code” has the meaning
specified in the Indenture.

     

    “Collection Period”
has the meaning specified in the Indenture.

     

    “Commission” has the
meaning specified in the Sale and Servicing Agreement.

     

    “Corporate Trust
Office” means, with respect to the Owner Trustee, the principal corporate
trust office of the Owner Trustee located at 1100 North Market Street,
Wilmington, Delaware 19890-1605, Attention: Corporate Trust Administration, or
at such other address as the Owner Trustee may designate from time to time by
notice to the Certificateholders, the Indenture Trustee, the Master Servicer and
the Depositor, or the principal corporate trust office of any successor Owner
Trustee at the address designated by such successor Owner Trustee by notice to
the Certificateholders, the Indenture Trustee, the Master Servicer and the
Depositor.

     

    “Cutoff Date Pool
Balance” has the meaning specified in the Sale and Servicing
Agreement.

     

    “Depositor” means WDS
Receivables, in its capacity as depositor hereunder, and its successors in such
capacity.

     

    “Distribution Date”
has the meaning specified in the Indenture.

     

    “Eligible Institution”
has the meaning specified in the Sale and Servicing Agreement.

     

    “Eligible Investments”
has the meaning specified in the Sale and Servicing Agreement.

     

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

     

    
      
        
        

      

      
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    “Excess Collections”
has the meaning specified in the Indenture.

     

    “Exchange Act” has the
meaning specified in the Indenture.

     

    “Exchange Act Reports”
has the meaning specified in the Sale and Servicing Agreement.

     

    “Excluded Property”
means any funds held and invested pursuant to Section 2.03(b).

     

    “Expenses” means any
and all liabilities, obligations, losses, damages, taxes, claims, actions and
suits, reasonable costs, expenses and disbursements (including reasonable legal
fees and expenses) of any kind and nature whatsoever.

     

    “Final Scheduled Distribution
Date” has the meaning specified in the Indenture.

     

    “Financed Vehicle” has
the meaning specified in the Sale and Servicing Agreement.

     

    “Indemnified Parties”
means the Owner Trustee and its successors, assigns, directors, officers and
agents.

     

    “Indenture” means the
indenture, dated as of June 1, 2008, between the Issuer and the Indenture
Trustee.

     

    “Indenture Trustee”
has the meaning specified in the Indenture.

     

    “IRS” means the United
States Internal Revenue Service.

     

    “Issuer” has the
meaning specified in the Indenture.

     

    “Item 1119 Party” has
the meaning specified in the Sale and Servicing Agreement.

     

    “Lien” has the meaning
specified in the Sale and Servicing Agreement.

     

    “Maryland Vehicle Sales
Finance Act” has the meaning specified in the Indenture.

     

    “Master Servicer” has
the meaning specified in the Sale and Servicing Agreement.

     

    “Moody’s” has the
meaning specified in the Indenture.

     

    “Note Balance” has the
meaning specified in the Indenture.

     

    “Note Registrar” has
the meaning specified in the Indenture.

     

    “Noteholder” has the
meaning specified in the Indenture.

     

    “Notes” has the
meaning specified in the Indenture.

     

    “Opinion of Counsel”
means one or more written opinions of counsel, who may, except as expressly
provided in this Agreement, be an employee of or outside counsel to the
Issuer,

     

    
      
        
        

      

      
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     Depositor,
the Seller or the Master Servicer, and who shall be acceptable to the Indenture
Trustee or the Owner Trustee, as the case may be.

     

    “Optional Purchase”
means the exercise by the Seller of its option to purchase all remaining
Receivables from the Issuer on any Distribution Date following the last day of a
Collection Period as of which the Pool Balance is 10% or less of the Cutoff Date
Pool Balance.

     

    “Outstanding” has the
meaning specified in the Indenture.

     

    “Owner Trust Estate”
means the $1,000 initial capital contribution from the Depositor and all right,
title and interest of the Issuer in, to and under the property and rights
assigned to the Issuer pursuant to Article Two of the Sale and Servicing
Agreement.

     

    “Owner Trustee” means
Wilmington Trust Company, not in its individual capacity but solely as Owner
Trustee under this Agreement, and any successor in such capacity.

     

    “Paying Agent” means
the Indenture Trustee, in its capacity as Paying Agent under this Agreement, and
any successor paying agent or co-paying agent appointed pursuant to
Section 3.09 who is authorized by the Owner Trustee on behalf of the Issuer
to make distributions from the Certificate Payment Account on behalf of the
Issuer.

     

    “Pennsylvania Motor Vehicle
Sales Finance Act” has the meaning specified in the
Indenture.

     

    “Person” has the
meaning specified in the Sale and Servicing Agreement.

     

    “Plan Asset
Regulation” means 29 C.F.R. Section 2510.3-101 issued by the United
States Department of Labor, as modified by Section 3(42) of ERISA.

     

    “Pool Balance” has the
meaning specified in the Sale and Servicing Agreement.

     

    “Protected Purchaser”
has the meaning specified in Section 8-303 of the UCC.

     

    “PTCE 95-60” means
Prohibited Transaction Class Exemption 95-60.

     

    “Rating Agency” has
the meaning specified in the Indenture.

     

    “Rating Agency
Condition” has the meaning specified in the Indenture.

     

    “Receivable” has the
meaning specified in the Receivables Purchase Agreement.

     

    “Receivables Purchase
Agreement” means the receivables purchase agreement, dated as of
June 1, 2008, between the Seller and WDS Receivables.

     

    “Record Date” means,
with respect to the Certificates and any Distribution Date, the close of
business on the Business Day immediately preceding such Distribution
Date.

     

    “Regulation AB” has
the meaning specified in the Sale and Servicing Agreement.

     

    
      
        
        

      

      
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    “Required Rating”
means, with respect to any entity, the short-term credit rating of the related
entity is at least equal to “Prime-1” by Moody’s and “A-1+” by Standard &
Poor’s.

     

    “Reserve Fund” has the
meaning specified in the Sale and Servicing Agreement.

     

    “Responsible Officer”
has the meaning specified in the Sale and Servicing Agreement.

     

    “Sale and Servicing
Agreement” means the sale and servicing agreement, dated as of
June 1, 2008, among the Issuer, the Depositor, the Seller and the Master
Servicer.

     

    “Secretary of State”
means the Secretary of State of the State of Delaware.

     

    “Securities Act” has
the meaning specified in the Sale and Servicing Agreement.

     

    “Securitization
Transaction” means any transaction involving a sale or other transfer of
receivables directly or indirectly to an issuing entity in connection with
an issuance of publicly offered or privately placed, rated or
unrated asset-backed securities.

     

    “Seller” has the
meaning specified in the Receivables Purchase Agreement.

     

    “Servicer Termination
Event” has the meaning specified in the Sale and Servicing
Agreement.

     

    “Standard &
Poor’s” has the meaning specified in the Indenture.

     

    “State” has the
meaning specified in the Indenture.

     

    “Statutory Trust
Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.
Code § 3801 et seq.

     

    “Successor Master
Servicer” has the meaning specified in the Sale and Servicing
Agreement.

     

    “Swap Agreement” has
the meaning specified in the Indenture.

     

    “Swap Counterparty”
has the meaning specified in the Indenture.

     

    “Transfer” means a
sale, exchange, transfer, assignment, participation, pledge or other disposition
of a Certificate.

     

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

     

    “UCC” has the meaning
specified in the Indenture.

     

    “United States” has
the meaning specified in the Indenture.

     

    
      
        
        

      

      
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    “Vice President” has
the meaning specified in the Sale and Servicing Agreement.

     

    “Wachovia Bank” means
Wachovia Bank, National Association.

     

    “WDS Receivables”
means WDS Receivables LLC.

     

    Section
1.02. Other Definitional
Provisions.

     

    (a)  Capitalized
terms used herein that are not otherwise defined shall have the meanings
ascribed thereto in the Sale and Servicing Agreement or the Indenture, as the
case may be.

     

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

     

    Section
1.03. Interpretive
Provisions.  With respect to all terms in this Agreement,
unless the context otherwise requires: (i) a term has the meaning assigned
to it; (ii) an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting principles as in
effect from time to time in the United States; (iii) “or” is not exclusive;
(iv) “including” means including without limitation; (v) words in the
singular include the plural and words in the plural include the singular;
(vi) any agreement, instrument or statute defined or referred to herein or
in any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, restated,
modified or supplemented and includes (in the case of agreements or instruments)
references to all attachments thereto and instruments incorporated therein;
(vii) references to a Person are also to its successors and permitted
assigns; (viii) the words “hereof”, “herein” and “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; (ix) Section,
subsection, Schedule and Exhibit references in this Agreement are
references to Sections, subsections, Schedules and Exhibits in or to this
Agreement unless otherwise specified; (x) references to “writing” include
printing, typing, lithography and other means of reproducing words in a visible
form; and (xi) the term “proceeds” has the meaning set forth in the
applicable UCC.

     

    
      
        
        

      

      
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    ARTICLE
TWO

    ORGANIZATION

     

    Section
2.01. Name.  The
statutory trust created by the Initial Trust Agreement and the filing of the
Certificate of Trust and continued hereby shall be known as “Wachovia Auto Owner
Trust 2008-A”, in which name the Owner Trustee may conduct the business of the
Issuer, make and execute contracts and other instruments on behalf of the Issuer
and sue and be sued on behalf of the Issuer, to the extent herein
provided.

     

    Section
2.02. 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
2.03. Purposes and
Powers.

     

    (a) The
purpose of the Issuer is, and the Issuer shall have the power and authority to
engage in, the following activities:

     

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

     

    (ii) to permit
the Depositor to use, or to use, at the direction of the Depositor, the proceeds
of the sale of the Notes to (A) purchase the Receivables to be acquired on the
Closing Date, (B) fund the Reserve Fund with an amount equal to the Reserve
Fund Deposit, (C) pay the organizational, start-up and transactional expenses of
the Issuer and (D) to pay the balance to the Depositor (or to permit the
Depositor to retain the balance, as applicable) pursuant to the Sale and
Servicing Agreement;

     

    (iii) to pay
interest on and principal of the Notes to the Noteholders and to cause any
Excess Collections to be paid to the Certificateholders or otherwise in
accordance with the Indenture;

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (b) The
Issuer may, at its discretion, actively invest in United States treasury
securities for the purpose of realizing a gain on such investments; provided,
however, that (i) the Issuer may not invest more than $100,000 in such
securities and (ii) the funds used to purchase such securities must not be
subject to the Lien of the Indenture.

     

    (c) The
Issuer is hereby authorized to engage in the foregoing
activities.  The Issuer shall not engage in any activities other than
in connection with the foregoing or other than as required or authorized by the
terms of this Agreement and the other Basic Documents.

     

    Section
2.04. Appointment of Owner
Trustee.  The Depositor hereby confirms the appointment of the
Owner Trustee as trustee of the Issuer effective as of the date of creation of
the Issuer, to have all the rights, powers and duties set forth herein and in
the Statutory Trust Statute, and the Owner Trustee hereby confirms its
acceptance of such appointment.

     

    The Owner
Trustee may engage, in the name of the Issuer or in its own name on behalf of
the Issuer, in the activities of the Issuer, make and execute contracts on
behalf of the Issuer and sue on behalf of the Issuer.

     

    Section
2.05. Initial Capital Contribution
of Owner Trust Estate.  As of August 21, 2007, the Depositor
assigned, transferred, conveyed and set over to the Owner Trustee the sum of
$1,000.  The Owner Trustee hereby acknowledges receipt in trust from
the Depositor, as of such date, of the foregoing contribution, which amounts
constituted the initial Owner Trust Estate and were deposited in the Certificate
Payment Account.  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
2.06. 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 (i) the Issuer constitute a statutory trust under the
Statutory Trust Statute and that this Agreement constitute the governing
instrument of such statutory trust and (ii) solely for income and franchise
tax purposes, the Issuer shall be treated as either an entity that is
disregarded as separate from the beneficial owner of the equity if there is only
one such owner, or as a partnership (other than an association or publicly
traded partnership) if there are two or more such owners, with the assets of the
partnership being the Receivables and other assets held by the Issuer, the
partners of the partnership being the Certificateholders and any holders of the
Notes that are required by the IRS to be treated as equity in the Issuer, and
the remaining Notes constituting indebtedness of the 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 foregoing characterization of the Issuer for
such tax purposes.  Effective as of the date hereof, the Owner Trustee
shall have all rights, powers and duties set forth herein and in the Statutory
Trust Statute to accomplish the purposes of the Issuer as set forth in
Section 2.03(a).  The Owner Trustee has filed the Certificate of
Trust with the Secretary of State.

     

    
      
        
        

      

      
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    Section
2.07. Liability of
Certificateholders.  The Certificateholders shall be entitled
to the same limitation of personal liability extended to stockholders of private
corporations organized under the general corporation law of the State of
Delaware.

     

    Section
2.08. Title to Trust
Property.  Legal title to the entirety of 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
title shall be deemed to be vested in the Owner Trustee, a co-trustee or a
separate trustee, as the case may be.

     

    Section
2.09. 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 States of Delaware, California,
Nevada, North Carolina or New York.  The Issuer shall not have any
employees in any State other than the State of Delaware; provided, however, that
nothing herein shall restrict or prohibit the Owner Trustee from having
employees within or without the State of Delaware.  Payments will be
received by the Issuer only in, and payments will be made by the Issuer only
from, the States of Delaware, California, North Carolina, Nevada or New
York.  The only office of the Issuer will be at the Corporate Trust
Office.

     

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

     

    (a) The
Depositor has been duly organized and is validly existing as a limited liability
company in good standing under the laws of the State of Nevada, with power,
authority and legal right 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 the power, authority and legal right to
acquire, own and sell the Receivables.

     

    (b) The
Depositor is duly qualified to do business as a foreign limited liability
company in good standing and has obtained all necessary licenses and approvals
in each jurisdiction in which the failure to so qualify or to obtain such
licenses and approvals would materially and adversely affect the performance by
the Depositor of its obligations under, or the validity or enforceability of,
this Agreement, any of the other Basic Documents to which it is a party, the
Receivables, the Notes or the Certificates.

     

    (c) The
Depositor has the power and authority to execute, deliver and perform its
obligations under this Agreement and each other Basic Document to which it is a
party; the Depositor has full power and authority to sell, assign, transfer and
convey the property to be sold and assigned to and deposited with the Owner
Trustee as part of the Owner Trust Estate and the Depositor has duly authorized
such sale and assignment and deposit to the Issuer by all necessary limited
liability company action; and the execution, delivery and performance of this
Agreement and the other Basic Documents to which it is a party have been duly
authorized by the Depositor by all necessary limited liability company
action.

     

    (d) This
Agreement constitutes a legal, valid and binding obligation of the Depositor,
enforceable in accordance with its terms, except as enforceability may be
subject to or limited by bankruptcy, insolvency, reorganization, moratorium,
liquidation, fraudulent conveyance or other 

     

    
      
        
        

      

      
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    similar
laws affecting the enforcement of creditors’ rights in general and by general
principles of equity, regardless of whether such enforceability shall be
considered in a proceeding in equity or at law.

     

    (e) The
execution, delivery and performance by the Depositor of this Agreement and each
other Basic Document to which the Depositor is a party, the consummation of the
transactions contemplated hereby and thereby 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
or both) a default under, the certificate of formation or limited liability
company agreement of the Depositor, or conflict with or violate 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 or to which any of its
properties are subject; nor result in the creation or imposition of any Lien
upon any of its properties pursuant to the terms of any such indenture,
agreement or other instrument (other than pursuant to the Basic Documents); nor
violate any law or, to the best of the Depositor’s knowledge, any order of any
court, rule or regulation applicable to the Depositor or its properties or of
any federal or State regulatory body, court, administrative agency or other
governmental instrumentality having jurisdiction over the Depositor or its
properties; which breach, default, conflict, Lien or violation would have a
material adverse effect on the earnings, business affairs or business prospects
of the Depositor.

     

    (f) There are
no proceedings or investigations pending or, to the Depositor’s knowledge,
threatened against the Depositor before any court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over the Depositor or its properties (i) asserting the invalidity of this
Agreement, any other Basic Document, the Notes or the Certificates,
(ii) seeking to prevent the issuance of the Notes or the Certificates or
the consummation of any of the transactions contemplated by this Agreement or
any of the other Basic Documents, (iii) seeking any determination or ruling
that would materially and adversely affect the performance by the Depositor of
its obligations under, or the validity or enforceability of, this Agreement, any
of the other Basic Documents, the Receivables, the Notes or the Certificates or
(iv) seeking any determination or ruling that would adversely affect the
federal tax attributes of the Issuer or of the Notes or the
Certificates.

     

    (g) The
representations and warranties of the Depositor in Section 3.01 of the
Receivables Purchase Agreement are true and correct.

     

    Section
2.11. Federal Income Tax
Matters.  The Certificateholders acknowledge that it is their
intent and that they understand it is the intent of the Depositor and the Master
Servicer that, for purposes of federal income, State and local income and
franchise tax and any other income taxes, the Issuer shall be treated as either
an entity that is disregarded as separate from the beneficial owner of the
equity in the Issuer if there is only one such owner, or as a partnership (other
than an association or publicly traded partnership) if there are two or more
such owners, and income, gain or loss of the Issuer for such month as determined
for federal, State and local income and franchise tax purposes shall be
allocated among the Certificateholders as of the Record Date occurring within
such month, in proportion to their ownership of the Certificate Percentage
Interest on such date.  The Depositor hereby agrees and each
Certificateholder by 

     

    
      
        
        

      

      
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    acceptance
of a Certificate agrees to such treatment and each agrees to take no action
inconsistent with the foregoing characterization.

     

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

     

    
      
        
        

      

      
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    ARTICLE
THREE

     

    CERTIFICATES
AND TRANSFER OF INTERESTS

     

    Section
3.01. Initial
Ownership.  Upon the formation of the Issuer by the
contribution by the Depositor as described in Section 2.05 and until the
issuance of the Certificates, the Depositor shall be the sole beneficiary of the
Issuer.

     

    Section
3.02. The
Certificates.  The Certificates shall be issued in one or more
registered, definitive, physical certificates substantially in the form of
Exhibit A.  The Certificates may be in printed or typewritten
form and shall be executed on behalf of the Issuer by manual or facsimile
signature of an authorized officer of the Owner Trustee.  Certificates
bearing the manual or facsimile signatures of individuals who were, at the time
when such signatures shall have been affixed, authorized to sign on behalf of
the Issuer, shall be validly issued and entitled to the benefits of this
Agreement, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of authentication and
delivery of such Certificates.

     

    If
Transfer of the Certificates is permitted pursuant to this Section and
Section 3.04, a transferee of a Certificate shall become a
Certificateholder, and shall be entitled to the rights and subject to the
obligations of a Certificateholder hereunder upon such transferee’s acceptance
of a Certificate duly registered in such transferee’s name pursuant to
Section 3.04.

     

    Section
3.03. Authentication and Delivery
of Certificates.  Concurrently with the sale of the Receivables
to the Issuer pursuant to the Sale and Servicing Agreement, the Owner Trustee
shall cause the Certificates to be executed on behalf of the Issuer,
authenticated and delivered to or upon the written order of the Depositor,
signed by its president, any Vice President, any assistant vice president, its
treasurer, any assistant treasurer, its secretary or any assistant secretary,
without further limited liability company action by the Depositor.  No
Certificate shall entitle the respective Certificateholder to any benefit under
this Agreement, or be valid for any purpose, unless there shall appear on such
Certificate a certificate of authentication substantially in the form set forth
in Exhibit A, executed by the Owner Trustee or its authenticating agent, by
manual signature; and 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.  Upon issuance, authentication and delivery pursuant
to the terms hereof, the Certificates will be entitled to the benefits of this
Agreement.

     

    Section
3.04. Registration, Transfer and
Exchange of Certificates.

     

    (a) The Owner
Trustee initially shall be the registrar (the “Certificate Registrar”) for the
purpose of registering Certificates and Transfers of Certificates as herein
provided.  The Certificate Registrar shall keep or cause to be kept,
at the office or agency maintained pursuant to Section 3.08, 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 the registration of Transfers of
Certificates.  Upon any resignation of any Certificate Registrar, the
Owner Trustee shall, upon receipt of written instructions from the Depositor,
promptly appoint a successor thereto.

     

    
      
        
        

      

      
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    (b) The
Certificates may not be acquired by or for the account of a Benefit
Plan.  Each Certificateholder, by its acceptance of a Certificate,
shall be deemed to have represented and warranted that such Certificateholder is
not (i) a Benefit Plan and is not a Person acting on behalf of a Benefit
Plan or a Person using the assets of a Benefit Plan to effect the transfer of
such Certificate or (ii) an insurance company purchasing a Certificate with
funds contained in an “insurance company general account” (as defined in
Section V(e) of PTCE 95-60) that includes the assets of a Benefit Plan for
purposes of the Plan Asset Regulation.

     

    Any
Person who is not an Affiliate of the Seller and acquires more than 49.9% of the
Certificates will be deemed to represent that it is not a party in interest
(within the meaning of ERISA) or a disqualified person (within the meaning of
Section 4975(e)(2) of the Code) with respect to any Benefit Plan, other
than a Benefit Plan that it sponsors for the benefit of its employees, and that
no Benefit Plan with respect to which it is a party in interest has or will
acquire any interest in the Notes.

     

    To the
extent permitted under applicable law (including ERISA), neither the Owner
Trustee nor the Certificate Registrar shall be under any liability to any Person
for any registration of Transfer of any Certificate that is in fact not
permitted under applicable law (including ERISA) or for taking any other action
with respect to such Certificate under the provisions of this Agreement so long
as such Transfer was registered by the Owner Trustee or the Certificate
Registrar in accordance with this Agreement.

     

    (c) Upon
surrender by a Certificateholder for registration of Transfer of any Certificate
at the office or agency of the Certificate Registrar to be maintained as
provided in Section 3.08, and upon compliance with any provisions of this
Agreement relating to such Transfer, the Owner Trustee shall execute on behalf
of the Issuer and the Owner Trustee shall authenticate and deliver to the
Certificateholder making such surrender, in the name of the designated
transferee or transferees, one or more new Certificates in any authorized
denomination evidencing the same aggregate interest in the
Issuer.  Each Certificate presented or surrendered for registration of
Transfer shall be accompanied by a written instrument of transfer and
accompanied by IRS Form W-8BEN, W-8ECI or W-9, as applicable, in form
satisfactory to the Owner Trustee and the Certificate Registrar, duly executed
by the Certificateholder or his attorney duly authorized in
writing.  Each Certificate presented or surrendered for registration
of Transfer shall be canceled and subsequently disposed of by the Certificate
Registrar in accordance with its customary practice.  No service
charge shall be made for any registration of Transfer 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 of Certificates.

     

    (d) All
Certificates surrendered for registration of Transfer, if surrendered to the
Issuer or any agent of the Owner Trustee or the Issuer under this Agreement,
shall be delivered to the Owner Trustee and promptly cancelled by it, or, if
surrendered to the Owner Trustee, shall be promptly cancelled by it, and no
Certificates shall be issued in lieu thereof except as expressly permitted by
any of the provisions of this Agreement.  The Owner Trustee shall
dispose of cancelled Certificates in accordance with its normal
practice.

     

    
      
        
        

      

      
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    Section
3.05. Mutilated, Destroyed, Lost
or Stolen Certificates.

     

    (a) If
(i) any mutilated Certificate is surrendered to the Certificate Registrar,
or the Certificate Registrar receives evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (ii) there is delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity as
may be required by them to save each of them harmless, then, in the absence of
notice that such Certificate has been acquired by a Protected Purchaser, the
Owner Trustee on behalf of the Issuer shall execute and the Owner Trustee or its
authenticating agent shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate
of a like tenor and Certificate Percentage Interest.  If, after the
delivery of such replacement Certificate or payment of a destroyed, lost or
stolen Certificate, a Protected Purchaser of the original Certificate in lieu of
which such replacement Certificate was issued presents for payment such original
Certificate, the Issuer and the Owner Trustee shall be entitled to recover such
replacement Certificate (or such payment) from the Person to whom such
replacement Certificate was delivered or any Person taking 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 Issuer or the Owner
Trustee in connection therewith.  Any duplicate Certificate issued
pursuant to this Section shall constitute conclusive evidence of ownership in
the Issuer, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.

     

    (b) Upon the
issuance of any replacement Certificate under this Section, the Issuer may
require the payment by the Certificateholder of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with such
issuance and any other reasonable expenses (including the fees and expenses of
the Owner Trustee) related thereto.

     

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

     

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

     

    Section
3.06. Persons Deemed
Certificateholders.  Prior to due presentation of a Certificate
for registration of Transfer, the Owner Trustee, the Certificate Registrar, any
Paying Agent and any of their respective agents may treat the Person in whose
name such Certificate is registered in the Certificate Register (as of the day
of determination) as the Certificateholder of such Certificate for the purpose
of receiving distributions pursuant to Section 5.02 and for all other
purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar,
any Paying Agent or any of their respective agents shall be bound by any notice
to the contrary.

     

    
      
        
        

      

      
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    Section
3.07. Access to List of
Certificateholders’ Names and Addresses.  The Certificate
Registrar shall furnish or cause to be furnished to the Master Servicer and the
Depositor, or to the Indenture Trustee or the Owner Trustee, within 15 days
after receipt by the Certificate Registrar of a written request therefor from
the Master Servicer, the Depositor or the Indenture Trustee or the Owner
Trustee, as the case may be, a list, in such form as the requesting party may
reasonably require, of the names and addresses of the Certificateholders as of
the most recent Record Date.  If three or more Certificateholders, or
one or more Certificateholders evidencing not less than 25% of the aggregate
Certificate Percentage Interest (hereinafter referred to as the “Applicants”),
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 (which shall be deemed to be a purpose reasonably related to
the Applicants’ interest in the Issuer), 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 Certificateholder, by receiving and holding
a Certificate, shall be deemed to have agreed not to hold any of the Depositor,
the Certificate Registrar or the Owner Trustee accountable by reason of the
disclosure of its name and address, regardless of the source from which such
information was derived.

     

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

     

    Section
3.09. Appointment of Paying
Agent.  The Paying Agent shall make distributions to
Certificateholders from the Certificate Payment Account pursuant to
Section 5.02(a) and shall report the amount of such distributions to the
Owner Trustee.  The Paying Agent shall have the revocable power to
withdraw funds from the Certificate Payment Account for the purpose of making
the distributions referred to above.  The Owner Trustee may revoke
such power and remove the Paying Agent if the Owner Trustee determines in its
sole discretion that the Paying Agent shall have failed to perform its
obligations under this Agreement in any material respect.  The Paying
Agent shall initially be the Indenture Trustee, and any co-paying agent chosen
by the Paying Agent that is acceptable to the Owner Trustee and the
Depositor.  Each Paying Agent shall be permitted to resign as Paying
Agent upon 30 days’ prior written notice to the Owner Trustee.  In the
event that the Indenture Trustee shall no longer be the Paying Agent, the Owner
Trustee, upon receipt of written instruction from the Depositor, shall appoint a
successor to act as Paying Agent (which shall be a bank or trust
company).  The Owner Trustee shall cause such successor Paying Agent
or any additional Paying Agent appointed by the Owner Trustee to execute and
deliver to the Owner Trustee an instrument in which such successor Paying Agent
or additional Paying Agent shall agree with the Owner Trustee that, as Paying
Agent, such successor 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 

     

    
      
        
        

      

      
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    shall be
paid to such Certificateholders.  The Paying Agent shall return all
unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such
Paying Agent shall also return all funds in its possession to the Owner
Trustee.  If at any time the Owner Trustee shall act as Paying Agent,
the rights, privileges, protections and indemnities afforded to the Owner
Trustee hereunder shall apply equally to the Owner Trustee in its role as Paying
Agent.  Any reference in this Agreement to the Paying Agent shall
include any co-paying agent unless the context requires otherwise.

     

    Section
3.10. Certificates Nonassessable
and Fully Paid.  Certificateholders shall not be personally
liable for obligations of the Issuer.  The interests represented by
the Certificates shall be nonassessable for any losses or expenses of the Issuer
or for any reason whatsoever, and, upon the authentication thereof by the Owner
Trustee pursuant to Section 3.03, 3.04 or 3.05, the Certificates are and
shall be deemed fully paid.

     

    
      
        
        

      

      
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    ARTICLE
FOUR

     

    ACTIONS
BY OWNER TRUSTEE

     

    Section
4.01. Prior Notice to
Certificateholders with Respect to Certain Matters.  Subject to
the provisions and limitations of Section 4.04, with respect to the
following matters, the Owner Trustee shall not take action unless at least 30
days before the taking of such action, the Owner Trustee shall have notified the
Certificateholders, the Swap Counterparty and the Rating Agencies that have
provided ratings of the Notes, in writing of the proposed action and the
Certificateholders evidencing not less than 51% of the aggregate Certificate
Percentage Interest shall not have notified the Owner Trustee in writing prior
to the 30th day after such notice is given that such Certificateholders have
withheld consent or provided alternative direction:

     

    (a) the
initiation of any claim or lawsuit by the Issuer and the settlement of any
action, proceeding, investigation, claim or lawsuit brought by or against the
Issuer, in each case (except claims or lawsuits for collection by the Master
Servicer of the Receivables brought by the Issuer);

     

    (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 Statutory 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 interests of the Certificateholders;

     

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

     

    (f) the
amendment of the Swap Agreement (which amendment shall be made with the consent
of the Swap Counterparty and the Noteholders; provided that the consent of the
Noteholders shall not be required for any amendment to the Swap Agreement that
(i) cures any ambiguity in or corrects any provision of the Swap Agreement and
(ii) does not materially and adversely affect the interests of the Noteholders);
or

     

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

     

    Section
4.02. Action by Certificateholders
with Respect to Certain Matters.  The Owner Trustee may not,
except upon the occurrence of a Servicer Termination Event, subsequent to the

     

    
      
        
        

      

      
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    payment
in full of the Notes and in accordance with the written direction of the
Certificateholders evidencing not less than 51% of the aggregate Certificate
Percentage Interest, (i) remove the Master Servicer pursuant to
Article Seven of the Sale and Servicing Agreement, (ii) appoint a
Successor Master Servicer pursuant to Article Seven of the Sale and
Servicing Agreement, (iii) remove the Administrator pursuant to
Section 1.09 of the Administration Agreement, (iv) appoint a successor
Administrator pursuant to Section 1.09 of the Administration Agreement or
(v) sell the Receivables after the termination of the Indenture, except as
expressly provided in the Basic Documents.

     

    Section
4.03. 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 unless (i) the Notes have been paid in full and (ii) each
Certificateholder approves of such commencement in writing in advance and
delivers to the Owner Trustee a certificate certifying that such Person
reasonably believes that the Issuer is insolvent.

     

    Section
4.04. 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 the purposes of the Issuer as set forth in Section 2.03, nor
shall the Owner Trustee be obligated to follow any such direction, if
given.

     

    Section
4.05. Majority
Control.  Except as expressly provided herein, any action that
may be taken by the Certificateholders under this Agreement may be taken by the
Certificateholders evidencing not less than 51% of the aggregate Certificate
Percentage Interest.  Except as expressly provided herein, any written
notice of the Certificateholders delivered pursuant to this Agreement shall be
effective if signed by Certificateholders evidencing not less than 51% of the
aggregate Certificate Percentage Interest at the time of the delivery of such
notice.

     

    Section
4.06. Certain Litigation
Matters.  The Owner Trustee shall provide prompt written notice
to the Depositor, the Seller and the Master Servicer of any action, proceeding
or investigation actually known to a Responsible Officer of the Owner Trustee
that could reasonably be expected to adversely affect the Issuer or the Owner
Trust Estate or their respective rights or obligations under any of the Basic
Documents.

     

    
      
        
        

      

      
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    ARTICLE
FIVE

    APPLICATION
OF TRUST FUNDS; CERTAIN DUTIES

     

    Section
5.01. Establishment of Certificate
Payment Account.  Pursuant to Section 4.01 of the Sale and
Servicing Agreement, the Master Servicer has agreed to establish, on or before
the Closing Date, and maintain in the name of the Owner Trustee at an Eligible
Institution (which shall initially be U.S. Bank National Association) a
segregated account designated as the “Wachovia Auto Owner Trust 2008-A
Certificate Payment Account” (the “Certificate Payment Account”).  The
Certificate Payment Account shall be held in trust for the benefit of the
Certificateholders.  Except as expressly provided in Section 3.09
herein and Section 4.01(b) of the Sale and Servicing Agreement, the Owner
Trustee shall have the sole and exclusive right to direct the Indenture Trustee
to deposit monies into, make withdrawals from, or otherwise deal with the
Certificate Payment Account.  All monies deposited from time to time
in the Certificate Payment Account pursuant to the Sale and Servicing Agreement
or the Indenture shall be applied as provided in this Agreement, the Sale and
Servicing Agreement and the Indenture.

     

    Section
5.02. Application of Trust
Funds.

     

    (a) On each
Distribution Date, upon receipt from the Master Servicer of a distribution
statement pursuant to Section 4.10(a) of the Sale and Servicing Agreement,
the Owner Trustee shall (if at any time it is the Paying Agent) or shall direct
the Paying Agent to distribute to the Certificateholders, in proportion to each
Certificateholder’s Certificate Percentage Interest, amounts deposited in the
Certificate Payment Account on such Distribution Date pursuant to
Section 4.09 of the Sale and Servicing Agreement and Section 2.08 of
the Indenture.

     

    (b) On each
Distribution Date, the Owner Trustee shall (if at any time it is the Paying
Agent), or shall direct the Paying Agent to, send to each Certificateholder the
statement or statements provided to the Owner Trustee by the Master Servicer
pursuant to Section 4.10 of the Sale and Servicing Agreement with respect
to such Distribution 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 such Certificateholder in accordance with this
Section.  The Owner Trustee and each Paying Agent are hereby
authorized and directed to retain from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any such withholding tax
that is legally owed by the Issuer (but such authorization shall not prevent the
Owner Trustee or any Paying Agent from contesting any such tax in appropriate
proceedings and withholding payment of such tax, if permitted by law, pending
the outcome of such proceedings, it being understood that neither the Owner
Trustee nor any Paying Agent shall have any duty to contest such
amounts).  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.  If there is a possibility that withholding tax is payable
with respect to a distribution (such as a distribution to a non-U.S.
Certificateholder), the Owner Trustee or any Paying Agent may, but shall not be
obligated to, withhold such amounts in accordance with this
Section.  If a Certificateholder wishes to apply for a refund of any
such withholding tax, the Owner Trustee and each Paying Agent shall

     

    
      
        
        

      

      
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    reasonably
cooperate with such Certificateholder in making such claim so long as such
Certificateholder agrees to reimburse the Owner Trustee and each Paying Agent
for any out-of-pocket expenses incurred, as applicable.

     

    Section
5.03. Method of
Payment.  Subject to Section 9.01(c), distributions
required to be made to Certificateholders on any Distribution Date shall be made
to each Certificateholder of record on the related Record Date by wire transfer,
in immediately available funds, to the account of such Certificateholder at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided to the Certificate Registrar and the
Paying Agent appropriate written instructions at least five Business Days prior
to such Distribution Date and such Certificateholder is the Seller or an
Affiliate thereof or, if not, by check mailed to such Certificateholder at the
address of such Certificateholder appearing in the Certificate
Register.  Notwithstanding the foregoing, the final distribution in
respect of any Certificate (whether on the Final Scheduled Distribution Date or
otherwise) will be payable only upon presentation and surrender of such
Certificate at the office or agency maintained for that purpose by the
Certificate Registrar pursuant to Section 3.08.

     

    Section
5.04. No Segregation of Monies; No
Interest.  Subject to Sections 5.01 and 5.02, monies received
by the Owner Trustee hereunder (other than monies constituting Excluded
Property) need not be segregated in any manner except to the extent required by
law, the Indenture, the Sale and Servicing Agreement or the Swap Agreement and
may be deposited under such general conditions as may be prescribed by law, and
the Owner Trustee shall not be liable for any interest thereon.

     

    Section
5.05. Accounting and Reports to
Noteholders, Certificateholders, the IRS and Others.  The Owner
Trustee shall, upon receipt of and based on information provided by the Seller
or the Master Servicer, (i) maintain (or cause to be maintained) the books
of the Issuer on the basis of a fiscal year ending December 31 and, based
on the accrual method of accounting, (ii) deliver to each
Certificateholder, as may be required by the Code and applicable Treasury
Regulations, such information as may be required (including Schedule K-1) to
enable such Certificateholder to prepare its federal and State income tax
returns, (iii) file such tax returns relating to the Issuer (including a
partnership information return, IRS Form 1065, if required) 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 Issuer’s characterization as a partnership, if so characterized,
for federal income tax purposes, (iv) cause such tax returns to be signed
in the manner required by law and (v) collect or cause to be collected any
withholding tax as described in and in accordance with Section 5.02(c) with
respect to income or distributions to Certificateholders.  The Owner
Trustee, on behalf of 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 Owner Trustee, on behalf of the
Issuer, shall not make the election provided under Section 754 of the
Code.

     

    The Owner
Trustee may satisfy its obligations with respect to this Section and
Section 5.02(c) by retaining, at the expense of the Seller, Accountants
selected by the Seller.  The Owner Trustee may require the Accountants
to provide to the Owner Trustee, on or before December 31, 2008, a letter in
form and substance satisfactory to the Owner Trustee as to whether any federal
tax withholding on Certificates is then required and, if required,
the

     

    
      
        
        

      

      
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     procedures
to be followed with respect thereto to comply with the requirements of the
Code.  The Accountants shall be required to update such letter in each
instance that any additional tax withholding is subsequently required or any
previously required tax withholding shall no longer be required.  The
Owner Trustee shall be deemed to have discharged its obligations pursuant to
this Section and Section 5.02(c) upon its retention of the Accountants, and
the Owner Trustee shall not have any liability with respect to the default,
negligence or misconduct of the Accountants.  The Owner Trustee shall
be entitled to rely on and shall be fully protected in so relying, upon the
letter, referred to in this paragraph, from the Accountants and shall have no
duty or obligation to verify the accuracy of the contents of such
letter.

     

    Section
5.06. Signature on Returns; Tax
Matters Partner.

     

    (a) The Owner
Trustee shall sign, on behalf of the Issuer, the tax returns of the Issuer upon
receipt of such completed tax returns.

     

    (b) In the
event that the Issuer is required to be treated as a partnership for federal
income tax purposes, WDS Receivables, or the Holder of the greatest Certificate
Percentage Interest, in the event that WDS Receivables no longer owns any
Certificates, shall be designated the “tax matters partner” of the Issuer
pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury
Regulations.

     

    
      
        
        

      

      
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    ARTICLE
SIX

     

    AUTHORITY
AND DUTIES OF OWNER TRUSTEE

     

    Section
6.01. General
Authority.  Subject to the provisions and limitations of
Section 2.03, the Owner Trustee is authorized and directed to execute and
deliver each Basic Document to which the Issuer is to be a party and each
certificate or other document attached as an exhibit to or contemplated by any
Basic Document to which the Issuer is to be a party, in each case in such form
as the Depositor shall approve and provide to the Owner Trustee for execution,
as evidenced conclusively by the Owner Trustee’s execution thereof and the
Depositor’s execution of this Agreement, and to direct the Indenture Trustee to
authenticate and deliver Notes in the aggregate principal amount of
$1,100,000,000 (comprised of $232,000,000 aggregate principal amount of 2.93084%
Class A-1 Asset Backed Notes, $175,000,000 aggregate principal amount of 4.09%
Class A-2a Asset Backed Notes, $139,000,000 aggregate principal amount of LIBOR
plus 0.67% Class A-2b Asset Backed Notes, $183,000,000 aggregate principal
amount of 4.81% Class A-3a Asset Backed Notes, $100,000,000 aggregate principal
amount of LIBOR plus 0.95% Class A-3b Asset Backed Notes, $75,000,000 aggregate
principal amount of 5.35% Class A-4a Asset Backed Notes, $165,750,000 aggregate
principal amount of LIBOR plus 1.15% Class A-4b Asset Backed Notes, and
$30,250,000 aggregate principal amount of 6.00% Class B Asset Backed
Notes).  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.  Subject to Section 2.03,
the Owner Trustee is further authorized from time to time to take such action on
behalf of the Issuer as is permitted by the Basic Documents and which the
Certificateholders, the Master Servicer or the Administrator recommends in
writing with respect to the Basic Documents, except to the extent that this
Agreement expressly requires the consent of the Certificateholders for such
action.

     

    Section
6.02. General
Duties.

     

    (a) Subject
to the provisions and limitations of Section 2.03, 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 each other Basic
Document to which it is a party and to administer the Issuer for the benefit of
the Certificateholders, subject to and in accordance with the Basic
Documents.  Notwithstanding the foregoing, the Owner Trustee shall be
deemed to have discharged (or caused to be discharged) its duties and
responsibilities hereunder and under the other 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 held liable for the
default, negligence or failure of the Administrator to carry out its obligations
under the Administration Agreement.  The Owner Trustee shall have no
duty or obligation to oversee the Administrator in the exercise of its duties or
obligations under the Administration Agreement.

     

    (b) The Owner
Trustee shall cooperate with the Administrator in carrying out the
Administrator’s obligation to qualify and preserve the Issuer’s qualification to
do business in each jurisdiction, if any, in which such qualification is or
shall be necessary to protect the validity and enforceability of the Indenture,
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    and
agreement included in the Owner Trust Estate; provided that the Owner Trustee
may rely on advice of counsel with respect to such obligation.

     

    Section
6.03. Action Upon
Instruction.

     

    (a) Subject
to Article Four, and in accordance with the terms of the Basic Documents,
the Certificateholders may, by written instruction, direct the Owner Trustee in
the management of the Issuer.

     

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

     

    (c) Subject
to Article Four, whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this
Agreement or any other Basic Document, the Owner Trustee shall promptly give
notice (in such form as shall be appropriate under the circumstances) to the
Certificateholders of record as of the preceding Record Date, 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 written instruction within ten days of such notice (or
within such shorter period of time as reasonably may be specified in such notice
or may be necessary under the circumstances) it may, but shall be under no duty
to, take or refrain from taking such action, not inconsistent with this
Agreement or the other Basic Documents, as it shall deem to be in the best
interests of the Certificateholders, and shall have no liability to any Person
for such action or inaction.

     

    (d) Subject
to Article Four, in the event the Owner Trustee is unsure as to the
application of any provision of this Agreement or any other Basic Document or
any such provision is ambiguous as to its application, or is, or appears to be,
in conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to take
with respect to a particular set of facts, the Owner Trustee may give notice (in
such form as shall be appropriate under the circumstances) to the
Certificateholders of record as of the preceding Record Date, requesting
instruction and, to the extent that the Owner Trustee acts or refrains from
acting in good faith in accordance with any such instruction received, the Owner
Trustee shall not be liable, on account of such action or inaction, to any
Person.  If the Owner Trustee shall not have received appropriate
written 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.

     

    
      
        
        

      

      
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    Section
6.04. No Duties Except as
Specified in this Agreement or in Instructions.  The Owner
Trustee shall not have any duty or obligation to manage, make any payment with
respect to, register, record, sell, dispose of, or otherwise deal with the Owner
Trust Estate, or to otherwise take or refrain from taking any action under, or
in connection with, any document contemplated hereby to which the Owner Trustee
or the Issuer 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 6.03; and no implied duties or obligations
shall be read into this Agreement or any other Basic Document against the Owner
Trustee.  The Owner Trustee shall have no responsibility for filing
any financing or continuation statement in any public office at any time or to
otherwise perfect or maintain the perfection of any security interest or Lien
granted to it hereunder or to prepare or file any 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 (other than
the Lien of the Indenture) 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
6.05. No Action Except Under
Specified Documents or Instructions.  The Owner Trustee shall
not manage, control, use, sell, dispose of or otherwise deal with any part of
the Owner Trust Estate except in accordance with (i) the powers granted to
and the authority conferred upon the Owner Trustee pursuant to this Agreement,
(ii) the other Basic Documents to which the Issuer is a party and
(iii) any document or written instruction delivered to the Owner Trustee
pursuant to Section 6.03.

     

    Section
6.06. Restrictions.  The
Owner Trustee shall not take any action that (i) is inconsistent with the
purposes of the Issuer set forth in Section 2.03 or (ii) to the actual
knowledge of a Responsible Officer of the Owner Trustee, would (a) affect
the treatment of the Notes as indebtedness for federal income or State income or
franchise tax purposes, (b) be deemed to cause a taxable exchange of the
Notes for federal income or State income or franchise tax purposes or
(c) cause the Issuer or any portion thereof to be taxable as an association
or publicly traded partnership taxable as a corporation for federal income or
State income or franchise tax purposes.  The Certificateholders, the
Administrator and the Master Servicer shall not direct the Owner Trustee to take
action that would violate the provisions of this Section.

     

    
      
        
        

      

      
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    ARTICLE
SEVEN

     

    THE OWNER
TRUSTEE

     

    Section
7.01. Acceptance of
Duties.  The Owner Trustee accepts the trust hereby continued
and agrees to perform its duties hereunder, but only upon the terms of this
Agreement.  The Owner Trustee also agrees to disburse all monies
actually received by it in accordance with the Basic Documents and constituting
part of the Owner Trust Estate upon the terms of this Agreement.  The
Owner Trustee shall not be answerable or accountable hereunder or under any
other Basic Document under any circumstances, except (i) for its own
willful misconduct, bad faith or negligence or (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 7.03
expressly made by the Owner Trustee, in its individual capacity.  In
particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

     

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

     

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

     

    (c) no
provision of this Agreement or any other Basic Document shall require the Owner
Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder or in the exercise
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
reasonably assured or provided to it;

     

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

     

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

     

    (f) the Owner
Trustee shall not be liable for the default, negligence or misconduct of the
Administrator, the Depositor, any Certificateholder, the Indenture Trustee, the
Master Servicer or the Seller under any Basic Document or otherwise, and

     

    
      
        
        

      

      
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    the Owner
Trustee shall have no obligation or liability to perform the obligations of the
Issuer under this Agreement or the other Basic Documents that are required to be
performed by the Administrator under the Administration Agreement, the Indenture
Trustee under the Indenture or the Seller, the Master Servicer or the Depositor
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 other than for its negligence, bad
faith or willful misconduct in the performance of any such act;

     

    (h) the right
of the Owner Trustee to perform any discretionary act enumerated in this
Agreement or any other Basic Document shall not be construed as a duty, and the
Owner Trustee shall not be answerable other than for its willful misconduct, bad
faith or negligence in the performance of any such act;

     

    (i) the Owner
Trustee shall have no responsibility for the accuracy of any information
provided to Certificateholders or any other individual or entity that has been
obtained from, or provided to the Owner Trustee by, any other
Person;

     

    (j) in the
absence of negligence or bad faith on its part, the Owner Trustee may
conclusively rely upon certificates or Opinions of Counsel furnished to the
Owner Trustee and conforming to the requirements of this Agreement in
determining the truthfulness of the statements and the correctness of the
opinions contained therein; provided, however, that the Owner Trustee shall have
examined such certificates or Opinions of Counsel so as to determine compliance
of the same with the requirements of this Agreement; and

     

    (k) the Owner
Trustee shall incur no liability if, by reason of any provision of any present
or future law or regulation thereunder, or by any force majeure event, including
natural disaster, war or other circumstances beyond its reasonable control, the
Owner Trustee shall be prevented from doing or performing any act or thing which
the terms of this Agreement provide shall or may be done or performed, or by
reason of any exercise of, or failure to exercise, any directions provided for
herein.

     

    Section
7.02. 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.

     

    
      
        
        

      

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

     

    (a) it is a
Delaware banking corporation duly organized and validly existing in good
standing under the laws of the State of Delaware and meets the eligibility
criteria set forth in Section 10.01;

     

    (b) it has
all requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement;

     

    (c) 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; and

     

    (d) neither
the execution nor the delivery by it of this Agreement, nor the consummation by
it of the transactions contemplated hereby, nor compliance by it with any of the
terms or provisions hereof will contravene any federal or Delaware law,
governmental rule or regulation governing the banking or trust powers of the
Owner Trustee or any judgment or order binding on it, constitute any default
under its charter documents or bylaws or any indenture, mortgage, contract,
agreement or instrument to which it is a party or by which any of its properties
may be bound or result in the creation or imposition of any lien, charge or
encumbrance on the Owner Trust Estate pursuant to the provisions of any
mortgage, indenture, contract, agreement or undertaking to which it is a party
(other than the Basic Documents), which lien, charge or encumbrance could
reasonably be expected to have a materially adverse effect on the Owner
Trustee’s performance or ability to perform its duties as trustee under this
Agreement or on the transactions contemplated in this Agreement.

     

    Section
7.04. Reliance; Advice of
Counsel.

     

    (a) The Owner
Trustee may rely upon, shall be protected in relying upon and shall incur no
liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond or other
document or paper believed by it to be genuine and believed by it to be signed
by the proper party or parties and need not investigate any fact or matter in
any such document as long as the Owner Trustee has otherwise satisfied its
obligations under this Agreement (nothing in this sentence shall be construed to
relieve the Owner Trustee of any obligation it may have in this Agreement,
including the obligations set forth in Section 7.01).  The Owner
Trustee may accept a certified copy of a resolution of the board of directors or
other governing body of any corporate party as conclusive evidence that such
resolution has been duly adopted by such body and that the same is in full force
and effect.  As to any fact or matter the method of determination of
which is not specifically prescribed herein, the Owner Trustee may for all
purposes hereof rely on a certificate, signed by the president or any Vice
President or by the treasurer or other authorized officers of the relevant
party, as to such fact or matter, and such certificate shall constitute full
protection to the Owner Trustee for any action taken or omitted to be taken by
it in good faith in reliance thereon.

     

    
      
        
        

      

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

     

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

     

    Section
7.06. Owner Trustee Not Liable for
Certificates or Receivables.  The recitals contained herein and
in the Certificates (other than the signature and the certificate of
authentication of the Owner Trustee on the Certificates) shall be taken as the
statements of the Depositor, and the Owner Trustee assumes no responsibility for
the correctness thereof.  The Owner Trustee makes no representations
as to the validity or sufficiency of this Agreement, any other Basic Document,
the Certificates (other than the signature and the certificate of authentication
of the Owner Trustee on the Certificates and the representations and warranties
in Section 7.03) or the Notes, or of any Receivable or related
documents.  The Owner Trustee shall at no time have any responsibility
or liability for or with respect to the legality, validity and enforceability of
any Receivable, or the perfection and priority of any security interest created
by any Receivable in any Financed Vehicle or the maintenance of any such
perfection and priority, or for or with respect to the sufficiency of the Owner
Trust Estate or its ability to generate the payments to be distributed to the
Certificateholders under this Agreement or to 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, the Seller or
the Master 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 Administrator, the Indenture Trustee or the
Master Servicer taken in the name of the Owner Trustee.

     

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

     

    
      
        
        

      

      
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    Section
7.08. Paying Agent; Authenticating
Agent.  The rights and protections afforded to the Owner
Trustee pursuant to this Article and Sections 8.02, 10.02 and 10.03 shall
also be afforded to each Paying Agent, any authenticating agent and the
Certificate Registrar.

     

    
      
        
        

      

      
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    ARTICLE
EIGHT

     

    COMPENSATION
AND INDEMNIFICATION OF OWNER TRUSTEE

     

    Section
8.01. Owner Trustee’s Fees and
Expenses.  The Owner Trustee shall receive as compensation for
its services hereunder such fees as have been separately agreed upon before the
date hereof between the Master Servicer and the Owner Trustee, and upon the
formation of the Issuer, the Owner Trustee shall be entitled to be reimbursed,
except as otherwise provided in the Basic Documents, by the Master Servicer for
its other reasonable expenses hereunder, including the reasonable compensation,
expenses and disbursements of such agents, representatives, experts and counsel
as the Owner Trustee may employ in connection with the exercise and performance
of its rights and its duties hereunder.

     

    Section
8.02. Indemnification.  Wachovia
Bank shall be liable as prime obligor for, and shall indemnify the Indemnified
Parties from and against, any and all Expenses, which may at any time be imposed
on, incurred by, or asserted against the Owner Trustee or any other Indemnified
Party in any way relating to or arising out of this Agreement, the other Basic
Documents, the Owner Trust Estate, the administration of the Owner Trust Estate
or the action or inaction of the Owner Trustee hereunder; provided, however,
that Wachovia Bank shall not be liable for or required to indemnify an
Indemnified Party from and against Expenses arising or resulting from any of the
matters described in the third sentence of Section 7.01.  In no
event will Wachovia Bank or the Owner Trustee be entitled to make any claim upon
the Owner Trust Estate for the payment or reimbursement of any
Expenses.  The indemnities contained in this Section shall survive the
resignation or termination of the Owner Trustee or the termination of this
Agreement.  In the event of any claim, action or proceeding for which
indemnity will be sought pursuant to this Section, the Owner Trustee’s choice of
legal counsel shall be subject to the approval of Wachovia Bank, which approval
shall not be unreasonably withheld.

     

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

     

    
      
        
        

      

      
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    ARTICLE
NINE

     

    TERMINATION
OF TRUST AGREEMENT

     

    Section
9.01. Termination of Trust
Agreement.

     

    (a) This
Agreement (other than the provisions of Article Eight) shall terminate and
be of no further force or effect and the Issuer shall dissolve upon the earlier
of (i) the payment to the Master Servicer, the Paying Agent, the Owner
Trustee, the Indenture Trustee, the Swap Counterparty, the Noteholders and the
Certificateholders of all amounts required to be paid to them pursuant to the
terms of the Indenture, the Sale and Servicing Agreement, the Swap Agreement and
Article Five, (ii) the Distribution Date next succeeding the month
which is one year after the maturity or other liquidation of the last Receivable
and the disposition of any amounts received upon liquidation of any property
remaining in the Issuer or (iii) upon the purchase of the Receivables by
the Seller in connection with an Optional Purchase and retirement of the Notes
and Certificates.  The bankruptcy, liquidation, dissolution, death or
incapacity of any Certificateholder shall not (i) operate to terminate this
Agreement or the Issuer, (ii) entitle such Certificateholder’s legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part of the
Issuer or the Owner Trust Estate or (iii) otherwise affect the rights,
obligations and liabilities of the parties hereto.

     

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

     

    (c) Notice of
any termination of the Issuer, specifying the Distribution Date upon which
Certificateholders shall surrender their Certificates to the Paying Agent for
payment of the final distribution and cancellation, shall be given by the Owner
Trustee by letter to Certificateholders mailed within five Business Days of
receipt of notice of such termination from the Master Servicer, stating
(i) the Distribution Date upon or with respect to which final payment of
the Certificates shall be made upon presentation and surrender of the
Certificates at the office of the Paying Agent therein designated, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise
applicable to such Distribution Date is not applicable and that payments are
being made only upon presentation and surrender of the Certificates at the
office of the Paying Agent therein specified.  The Owner Trustee shall
give such notice to the Certificate Registrar (if other than the Owner Trustee),
the Paying Agent and the Swap Counterparty at the time such notice is given to
Certificateholders.  Upon presentation and surrender of the
Certificates, the Paying Agent shall cause to be distributed to
Certificateholders, subject to Section 3808 of the Statutory Trust Statute,
amounts distributable on such Distribution Date pursuant to
Section 5.02.

     

    (d) In the
event that 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

     

    
      
        
        

      

      
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    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.  Subject to
applicable escheat laws, any funds remaining in the Issuer after exhaustion of
such remedies shall be distributed by the Owner Trustee to the Seller, as
Certificateholder.

     

    (e) Upon the
winding up of the Issuer, in accordance with Section 3808 of the Statutory
Trust Statute, and its termination, the Owner Trustee, acting pursuant to the
written instructions of the Depositor, which instructions shall certify that the
winding up of the Issuer has been duly completed in accordance with this
Article, shall cause the Certificate of Trust to be cancelled by filing a
certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810(d) of the Statutory Trust Statute.

     

    
      
        
        

      

      
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    ARTICLE
TEN

     

    SUCCESSOR
AND ADDITIONAL OWNER TRUSTEES

     

    Section
10.01. Eligibility Requirements for
Owner Trustee.  The Owner Trustee shall at all times
(i) be authorized to exercise corporate trust powers, (ii) have a
combined capital and surplus of at least $50,000,000 and be subject to
supervision or examination by federal or State authorities and (iii) have
(or have a parent that has) a long-term debt rating of investment grade by
Moody’s and Standard & Poor’s or otherwise be acceptable to each of the
Rating Agencies.  If such entity 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 or banking association shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published.  If 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 10.02.

     

    Section
10.02. Resignation or Removal of
Owner Trustee.

     

    (a) The Owner
Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the Administrator and the Depositor, and
will provide to the Depositor in writing and in form and substance reasonably
satisfactory to the Depositor, all information reasonably requested by the
Depositor in order to comply with its reporting obligation under the Exchange
Act with respect to the resignation of the Owner Trustee.  Upon
receiving such notice of resignation, the Administrator shall promptly appoint a
successor Owner Trustee acceptable to the Depositor 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.

     

    (b) If at any
time the Owner Trustee shall: (i) cease to be eligible in accordance with
Section 10.01 and shall fail to resign after written request therefor by
the Administrator, or if at any time the Owner Trustee shall be legally unable
to act; (ii) 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; (iii) fail to
comply with any of its obligations under Section 10.02, Section 10.04 or Section
11.03 of this Agreement, during the period that the Depositor is required to
file Exchange Act Reports with respect to the Issuer and such failure is not
remedied within the lesser of ten calendar days and the period of time in which
the related Exchange Act Report is required to be filed (without taking into
account any extensions) or (iv) otherwise become incapable of acting, then
the Administrator or the Depositor may remove the Owner Trustee.  If
the Administrator or Depositor shall remove the Owner Trustee under the
authority of the immediately preceding sentence, the Administrator shall
promptly appoint a successor Owner Trustee acceptable to the Depositor by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the outgoing Owner Trustee so removed and one 

     

    
      
        
        

      

      
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    copy to
the successor Owner Trustee, and shall pay all fees and expenses owed to the
outgoing Owner Trustee.

     

    Any
resignation or removal of the Owner Trustee and appointment of a successor Owner
Trustee pursuant to any of the provisions of this Section shall not become
effective until acceptance of appointment by the successor Owner Trustee
pursuant to Section 10.03 and payment of all fees and expenses owed to the
outgoing Owner Trustee.  The Administrator shall provide notice of
such resignation or removal of the Owner Trustee to each Rating Agency that has
provided ratings of the Notes, the Depositor, the Certificateholders, the Swap
Counterparty and the Indenture Trustee.

     

    Section
10.03. Successor Owner
Trustee.  Any successor Owner Trustee appointed pursuant to
Section 10.02 shall execute, acknowledge and deliver to the Administrator
and to its predecessor Owner Trustee an instrument accepting such appointment
under this Agreement and deliver to the Depositor in writing and in form and
substance reasonably satisfactory to the Depositor, all information reasonably
requested by the Depositor in order to comply with its reporting obligation
under the Exchange Act with respect to the successor Owner Trustee, and
thereupon, subject to the payment of all fees and expenses owed to the
predecessor Owner Trustee, the resignation or removal of the predecessor Owner
Trustee shall become effective, and such successor Owner Trustee, without any
further act, deed or conveyance, shall become fully vested with all the rights,
powers, duties and obligations of its predecessor under this Agreement, with
like effect as if originally named as Owner Trustee.  The predecessor
Owner Trustee shall upon payment of its fees and expenses deliver to the
successor Owner Trustee all documents and statements and monies held by it under
this Agreement and the Administrator and the predecessor Owner Trustee shall
execute and deliver such instruments and do such other things as may reasonably
be required for fully and certainly vesting and confirming in the successor
Owner Trustee all such rights, powers, duties and obligations.

     

    No
successor Owner Trustee shall accept appointment as provided in this Section
unless at the time of such acceptance such successor Owner Trustee shall be
eligible pursuant to Section 10.01.

     

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

     

    Upon
acceptance of appointment by a successor Owner Trustee pursuant to this Section,
the Administrator shall mail notice thereof to all Certificateholders, the
Indenture Trustee, the Noteholders, the Swap Counterparty and each Rating Agency
that has provided ratings of the Notes.  If the Administrator shall
fail to mail such notice within ten days after acceptance of such appointment by
the successor Owner Trustee, the successor Owner Trustee shall cause such notice
to be mailed at the expense of the Administrator.

     

    Section
10.04. Merger or Consolidation of
Owner Trustee.

     

    (a) If the
Owner Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another entity, the
resulting, surviving or 

     

    
      
        
        

      

      
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    transferee
corporation or banking association without any further act, except the filing of
an amendment to the Certificate of Trust, if required under the Statutory Trust
Statute, shall be the successor Owner Trustee; provided, however, that such
corporation or banking association must be otherwise qualified and eligible
under Section 10.01.  The Owner Trustee shall (i) provide
the Rating Agencies that have provided ratings of the Notes with written notice
as soon as practicable after a public announcement is made regarding any such
transaction, (ii) file an amendment to the Certificate of Trust as required
by Section 10.03 (if required under the Statutory Trust Statute) and
(iii) provide the Depositor in writing and in form and substance reasonably
satisfactory to the Depositor, all information reasonably requested by the
Depositor in order to comply with its reporting obligation under the Exchange
Act with respect to the successor Owner Trustee.

     

    (b) If any of
the Certificates shall have been authenticated but not delivered at the time
such successor or successors by consolidation, merger or conversion to the Owner
Trustee shall succeed to the trusts created by this Agreement, any such
successor to the Owner Trustee may adopt the certificate of authentication of
any predecessor trustee and deliver such Certificates so
authenticated.  If any of the Certificates shall not have been
authenticated upon such succession, any such successor to the Owner Trustee may
authenticate such Certificates either in the name of any predecessor trustee or
in the name of the successor to the Owner Trustee.  In all such cases
such certificates shall have the full force which the Certificates or this
Agreement provide that the certificate of the Owner Trustee shall
have.

     

    Section
10.05. Appointment of Co-Trustee or
Separate Trustee.  Notwithstanding any other provision of this
Agreement, at any time, for the purpose of meeting any legal requirement 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 Administrator and Owner Trustee to
act as co-trustee, jointly with the Owner Trustee, or as separate trustee or
separate trustees, of all or any part of the Owner Trust Estate, and to vest in
such Person, in such capacity and for the benefit of the Certificateholders,
such title to the Owner Trust Estate or any part thereof and, subject to the
other provisions of this Section, such powers, duties, obligations, rights and
trusts as the Administrator and the Owner Trustee may consider necessary or
desirable.  If the Administrator shall not have joined in such
appointment within 15 days after the receipt by it of a request so to do, the
Owner Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee under this Agreement shall be required to meet
the terms of eligibility as a successor Owner Trustee pursuant to
Section 10.01, except that such co-trustee or successor trustee shall have
the Required Rating or otherwise be acceptable to each Rating Agency, and no
notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 10.03.

     

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

     

    (a) all
rights, powers, duties and obligations conferred or imposed upon the Owner
Trustee shall be conferred or imposed 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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
ELEVEN

     

    REGULATION
AB

     

    Section
11.01. Intent of the Parties;
Reasonableness.

     

    (a) The
Depositor and the Owner Trustee acknowledge and agree that the purpose of this
Article Eleven is to facilitate compliance by the Depositor with the provisions
of Regulation AB and related rules and regulations of the
Commission.  The Depositor shall not exercise its right to request
delivery of information or other performance under these provisions other than
in good faith, or for purposes other than the Depositor’s compliance with the
Securities Act, the Exchange Act and the rules and regulations of the Commission
thereunder (or the provision in a private offering of disclosure comparable to
that required under the Securities Act).  The Owner Trustee agrees to
cooperate in good faith with any reasonable request by the Depositor for
information regarding the Owner Trustee which is required in order to enable the
Depositor to comply with the provisions of Regulation AB, including, without
limitation, Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB as it relates
to the Owner Trustee or to the Owner Trustee’s obligations under this
Agreement.

     

    Section
11.02. Representations and
Warranties.  The Owner Trustee represents that:

     

    (i) there are
no affiliations, relating to the Owner Trustee with respect to any Item 1119
Party;

     

    (ii) there are
no relationships or transactions with respect to any Item 1119 Party and the
Owner Trustee that are outside the ordinary course of business or on terms other
than would be obtained in an arm’s length transaction with an unrelated third
party, apart from the transactions contemplated under the Basic Documents, and
that are material to the investors’ understanding of the Notes; and

     

    (iii) there are
no legal proceedings pending, or known to be contemplated by governmental
authorities, against the Owner Trustee, or of which the property of the Owner
Trustee is subject, that is material to the Noteholders.

     

    Section
11.03. Information to Be Provided
by the Owner Trustee.

     

    (a) For so
long as the Depositor is required to report under Regulation AB, the Owner
Trustee shall, as promptly as practicable, notify the Depositor, in writing, of:
(i) the commencement of, a material development in or, if applicable, the
termination of, any and all legal proceedings against the Owner Trustee or any
and all proceedings of which any property of the Owner Trustee is the subject,
that is material to the Noteholders; and (ii) any such proceedings known to be
contemplated by governmental authorities.  The Owner Trustee shall
also notify the Depositor, in writing, as promptly as practicable following
notice to or discovery by a Responsible Officer of the Owner Trustee of any
material changes to proceedings described in the preceding
sentence.  In addition, the Owner Trustee will furnish to the
Depositor, in writing, the necessary disclosure regarding the Owner Trustee
describing such proceedings required to be disclosed under Item 1117 of
Regulation AB, for inclusion in reports filed by or on behalf of the Depositor
pursuant to the Exchange Act.

     

    
      
        
        

      

      
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    (b) For so
long as the Depositor is required to report under Regulation AB, the Owner
Trustee shall (i) on or before the fifth Business Day of each January, April,
July and October, provide to the Depositor such information regarding the Owner
Trustee as is required for the purpose of compliance with Items 1109(a), 1109(b)
and 1119 of Regulation AB; provided, however, the Owner Trustee shall not be
required to provide such information in the event that there has been no change
to the information previously provided by the Owner Trustee to the Depositor;
and (ii) as promptly as practicable following notice to or discovery by a
Responsible Officer of the Owner Trustee of any changes to such information,
provide to the Depositor, in writing, such updated information.  Such
information shall include, at a minimum:

     

    (A) the Owner
Trustee’s name and form of organization;

     

    (B) a
description of the extent to which the Owner Trustee has had prior experience
serving as a trustee for asset-backed securities transactions involving auto
finance receivables;

     

    (C) a
description of any affiliation between the Owner Trustee and any of the
following parties to a Securitization Transaction, as such parties are
identified to the Owner Trustee by the Depositor in writing in advance of such
Securitization Transaction:

     

    (1) the
sponsor;

     

    (2) any
depositor;

     

    (3) the
issuing entity;

     

    (4) any
master servicer or subservicer;

     

    (5) any other
trustee;

     

    (6) any
originator;

     

    (7) any
significant obligor;

     

    (8) any
enhancement or support provider; and

     

    (9) any other
material party related to any Securitization Transaction.

     

    In
addition, the Owner Trustee shall provide a description of whether there is, and
if so the general character of, any business relationship, agreement,
arrangement, transaction or understanding between the Owner Trustee and any
above-listed party that is entered into outside the ordinary course of business
or is on terms other than would be obtained in an arm’s length transaction with
an unrelated third party, apart from the Securitization Transactions, that
currently exists or that existed during the past two years and that is material
to an investor’s understanding of the Notes.

     

    
      
        
        

      

      
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    ARTICLE
TWELVE

     

    MISCELLANEOUS

     

    Section
12.01. Supplements and
Amendments.

     

    (a) This
Agreement may be amended from time to time by the Depositor and the Owner
Trustee with prior written notice to the Rating Agencies that have provided
ratings of the Notes and to the Swap Counterparty, without the consent of any of
the Noteholders or the Certificateholders, (i) to cure any ambiguity, to correct
or supplement any provision herein that may be inconsistent with any other
provision herein or in any offering document used in connection with the initial
offer and sale of the Notes or the Certificates and (ii) for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement which will not be inconsistent with other
provisions of this Agreement; provided, however, that no such amendment
(i) may materially adversely affect the interests of any Noteholder or
Certificateholder and (ii) will be permitted unless an Opinion of Counsel
is delivered to the Owner Trustee to the effect that such amendment will not
cause the Issuer to be characterized for federal income tax purposes as an
association or publicly-traded partnership taxable as a corporation or otherwise
have any material adverse impact on the federal income taxation of any Notes
Outstanding or outstanding Certificates.

     

    (b) This
Agreement may be amended from time to time by the Depositor and the Owner
Trustee with prior written notice to the Rating Agencies that have provided
ratings of the Notes and with the consent of the Noteholders of Notes evidencing
not less than 51% of the Note Balance or, if the Notes have been paid in full,
the Certificateholders evidencing not less than 51% of the aggregate Certificate
Percentage Interest, 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,
however, that no such amendment will be permitted unless an Opinion of Counsel
is delivered to the Owner Trustee to the effect that such amendment will not
cause the Issuer to be characterized for federal income tax purposes as an
association or a publicly traded partnership taxable as a corporation or
otherwise have any material adverse impact on the federal income taxation of any
Notes Outstanding or outstanding Certificates; and, provided further, that no
such amendment may:

     

    (i) increase
or reduce in any manner the amount of, or accelerate or delay the timing of, or
change the allocation or priority of, collections of payments on or in respect
of the Receivables or distributions that are required to be made for the benefit
of the Noteholders or the Certificateholders without the consent of all
Noteholders and Certificateholders adversely affected by such
amendment;

     

    (ii) reduce
the percentage of the Note Balance or the percentage of the aggregate
Certificate Percentage Interest the consent of the Noteholders or
Certificateholders, as applicable, of which is required for any amendment to
this Agreement without the consent of all the Noteholders and Certificateholders
adversely affected by the amendment; or

     

    
      
        
        

      

      
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    (iii) adversely
affect the rating assigned by any Rating Agency that has provided ratings of the
Notes, to any Class of Notes without the consent of the Noteholders evidencing
not less than 662⁄3% of the Note Balance of such Class of Notes.

     

    (c) An
amendment to this Agreement shall be deemed not to materially adversely affect
the interests of any Noteholder or Certificateholder if (i) the Person
requesting such amendment obtains and delivers to the Owner Trustee an Opinion
of Counsel to that effect or (ii) the Rating Agency Condition is
satisfied.

     

    (d) Prior to
the execution of any such amendment or consent, the Owner Trustee shall deliver
a copy of such proposed amendment or consent to the Swap
Counterparty.  Promptly after the execution of any such amendment or
consent, the Owner Trustee shall furnish written notification of the substance
of such amendment or consent to each Certificateholder and the Depositor shall
furnish (i) written notice of the substance of such amendment or consent to the
Indenture Trustee and the Rating Agencies that have provided ratings of the
Notes and (ii) a copy of such amendment or consent to the Swap
Counterparty..

     

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

     

    (f) Promptly
after the execution of any amendment to the Certificate of Trust, the Owner
Trustee shall file such amendment or cause such amendment to be filed with the
Secretary of State.

     

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

     

    (h) Prior to
the execution of any amendment to this Agreement or any amendment to any other
agreement to which the Issuer is a party, the Owner Trustee shall be entitled to
receive and shall be fully protected in relying upon an Opinion of Counsel
stating that the execution of such amendment is authorized or permitted by this
Agreement and that all conditions precedent in this Agreement to the execution
and delivery of such amendment have been satisfied.

     

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

     

    
      
        
        

      

      
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    Section
12.03. Limitations on Rights of
Others.  The provisions of this Agreement are solely for the
benefit of the Owner Trustee, the Indemnified Parties, the Depositor, the
Certificateholders, the Administrator, the Master Servicer and, to the extent
expressly provided herein, the Indenture Trustee, the Swap Counterparty and the
Noteholders, and nothing in this Agreement or in the Certificates, 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
12.04. Notices.  All
demands, notices and other communications under this Agreement shall be in
writing, personally delivered, sent by telecopier, overnight courier or mailed
by certified mail, return receipt requested, or where electronic delivery is
applicable and requested, shall be delivered by electronic delivery, and shall
be deemed to have been duly given upon receipt in the case of (i) the Owner
Trustee, at the Corporate Trust Office, (ii) the Depositor, at 444 East
Warm Springs Road, Suite 118, Las Vegas, Nevada  89119,
(iii) the Indenture Trustee, at the Corporate Trust Office (as defined in
the Indenture), (iv) the Swap Counterparty, to Wachovia Bank, National
Association, 301 South College Street NC0600, Charlotte, North Carolina
28202–0600, Attention: Derivatives Documentation, (v) Moody’s, at Moody’s
Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center,
25th
Floor, 250 Greenwich Street, New York, New York 10007 (e-mail:  ServicerReports@Moodys.com), (vi) Standard &
Poor’s, to Standard & Poor’s Ratings Services, a Division of The
McGraw-Hill Companies, Inc., 55 Water Street, New York, New
York  10041, Attention: Asset Backed Surveillance Department (e-mail:
Servicer_reports@sandp.com)
or (vii) as to each of the foregoing, at such other address as shall be
designated by written notice to the other entities whose addresses are listed in
this Section.  Any notice required or permitted to be mailed to a
Certificateholder shall be given by first class mail, postage prepaid, at the
address of such Certificateholder as shown in the Certificate
Register.  Any notice so mailed within the time prescribed in this
Agreement shall be conclusively presumed to have been duly given, whether or not
the Certificateholder shall receive such notice.

     

    Section
12.05. Severability.  If
any one or more of the covenants, agreements, provisions or terms of this
Agreement or the Certificates shall be for any reason whatsoever held invalid,
illegal or unenforceable, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions
and terms of this Agreement and the Certificates and shall in no way affect or
impair the validity or enforceability of the other covenants, agreements,
provisions and terms of this Agreement or of the Certificates or the rights of
the Certificateholders.

     

    Section
12.06. 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
12.07. Successors and
Assigns.  All covenants and agreements contained herein and in
the Certificates shall be binding upon, and inure to the benefit of, each of the
Depositor, the Owner Trustee, and each Certificateholder and their respective
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.

     

    
      
        
        

      

      
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    Section
12.08. Covenants of the
Depositor.  The Depositor shall 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 the Certificates, the
Notes, this Agreement or any of the other Basic Documents.

     

    Section
12.09. No
Petition.  The Owner Trustee (not in its individual capacity
but solely as Owner Trustee), by entering into this Agreement, each
Certificateholder, by accepting a Certificate or a beneficial interest therein,
the Indenture Trustee, the Swap Counterparty and each Noteholder, by accepting
the benefits of this Agreement, hereby covenant and agree that they will not at
any time institute against the Depositor or the Issuer, or join in any
institution against the Depositor or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other
proceedings under any United States federal or State bankruptcy or similar law
in connection with any obligations relating to the Certificates, the Notes, this
Agreement or any other Basic Document.

     

    Section
12.10. No
Recourse.  Each Certificateholder by accepting a Certificate
acknowledges that the Certificates represent beneficial interests in the Issuer
only and do not represent interests in or obligations of the Depositor, the
Seller, the Master Servicer, the Administrator, the Owner Trustee, the Indenture
Trustee or any of their respective Affiliates and no recourse may be had against
such parties or their assets, except as may be expressly set forth or
contemplated in the Certificates, this Agreement or any other Basic
Document.

     

    Section
12.11. Headings.  The
Article and Section headings and the Table of Contents herein are for
purposes of reference only and shall not otherwise affect the meaning or
interpretation of any provision hereof.

     

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

     

    Section
12.13. Servicer Payment
Obligation.  The Master Servicer shall be responsible for the
payment of all fees and expenses of the Issuer, the Owner Trustee and the
Indenture Trustee paid by any of them in connection with any of their
obligations under the Basic Documents to obtain or maintain or cause to be
obtained or maintained any required license under the (i) Maryland Vehicle
Sales Finance Act or (ii) Pennsylvania Motor Vehicle Sales Finance
Act.

     

    Section
12.14. Obligations with Respect to
the Swap Counterparty.  Any obligations or duties owed to, or
rights of, the Swap Counterparty hereunder, including the right of the Swap
Counterparty to consent to, or receive notice of, any actions hereunder shall
terminate upon payment in full of the Class A-2b Notes, the Class A-3b Notes and
the Class A-4b Notes and payment of all amounts owed to the Swap Counterparty
under the Swap Agreement.

     

    
      
        
        

      

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

     

     

    
      
        	 	

                WDS
      RECEIVABLES LLC,
    as
      Depositor

              	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Keith
      Ford	 
	 	 	Name: 
      Keith Ford	 
	 	 	Title:   
      Assistant Vice President	 
	 	 	 	 

      

    

     

    
      
        	 	
                WILMINGTON
      TRUST COMPANY, 

                      not in
      its individual capacity but solely as Owner Trustee

                

              	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/  
      J. Christopher Murphy	 
	 	 	Name: 
      J. Christopher Murphey	 
	 	 	Title:   
      Financial Services Officer	 
	 	 	 	 

      

    

     

    Agreed
and Accepted:

    

    WACHOVIA
BANK, NATIONAL ASSOCIATION

     

    By: /s/ April
Hughey­­­­___________________

    Name: April Hughey

    Title: Vice President

     

     

     

    Amended and Restated Trust
Agreement

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT A

     

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

     

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

     

    THIS
ASSET BACKED CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR AN OBLIGATION OF
WDS RECEIVABLES LLC,  WACHOVIA DEALER SERVICES, INC. OR ANY OF THEIR
RESPECTIVE AFFILIATES.

     

    THIS
ASSET BACKED CERTIFICATE MAY NOT BE ACQUIRED BY OR WITH PLAN ASSETS OF AN
EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR ARRANGEMENT THAT IS SUBJECT TO
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.

     

    
      
        	REGISTERED	 NO. R-1

      

       

    

     

    WACHOVIA
AUTO OWNER TRUST 2008-A

    ASSET
BACKED CERTIFICATE

     

    evidencing
a beneficial interest in the property of Wachovia Auto Owner Trust 2008-A, a
Delaware statutory trust (the “Issuer”), which property includes a pool of
retail installment sale contracts and installment loans secured by new and used
motor vehicles sold by Wachovia Dealer Services, Inc., a California corporation
(“Wachovia Dealer Services”), to WDS Receivables LLC (“WDS Receivables”), a
Nevada limited liability company (the “Depositor”), and sold by the Depositor to
the Issuer.  The property of the Issuer (other than the Certificate
Payment Account and the proceeds thereof) has been pledged by the Issuer to U.S.
Bank National Association, a national banking association, as trustee (the
“Indenture Trustee”), pursuant to an indenture, dated as of June 1, 2008 (as
amended, restated, supplemented or otherwise modified from time to time, the
“Indenture”), between the Issuer and the Indenture Trustee, to secure the
payment of the Notes issued thereunder.

     

    This
certifies that WDS Receivables is the registered owner of a 100% Certificate
Percentage Interest nonassessable, fully paid, beneficial interest in the
Issuer.  The Issuer was created pursuant to a trust agreement dated
August 21, 2007 between the Depositor and Wilmington Trust Company, as trustee
(in such capacity, and not in its individual capacity, the “Owner Trustee”), as
amended and restated by the amended and restated trust agreement, dated as of
June 1, 2008 (as amended, restated, supplemented or otherwise modified from time
to time, the “Trust Agreement”), between the Depositor and the Owner Trustee, a
summary of certain of the pertinent provisions of which is set forth
below.  Capitalized terms used herein that are not 

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    otherwise
defined shall have the meanings ascribed in the Trust Agreement, the Indenture
or in the sale and servicing agreement, dated as of June 1, 2008 (as amended,
restated, supplemented or otherwise modified from time to time, the “Sale and
Servicing Agreement”), among the Issuer, the Depositor, Wachovia Dealer
Services, as seller (in such capacity, the “Seller”) and Wachovia Bank, National
Association, as master servicer (the “Master Servicer”).

     

    This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the registered
holder of this Certificate (the “Certificateholder”) by virtue of the acceptance
hereof assents and by which such Certificateholder is bound.  The
property of the Issuer primarily includes: (i) a pool of retail installment
sale contracts and installment loans originated in connection with the sale of
new or used motor vehicles (the “Receivables”), (ii) all amounts received
on or in respect of the Receivables after the Cutoff Date, (iii) the
security interests in the Financed Vehicles granted by the Obligors pursuant to
the Receivables and (iv) all proceeds of the foregoing.

     

    THE
RIGHTS OF THE ISSUER IN THE FOREGOING PROPERTY OF THE ISSUER (OTHER THAN THE
CERTIFICATE PAYMENT ACCOUNT AND THE PROCEEDS THEREOF) HAVE BEEN PLEDGED TO THE
INDENTURE TRUSTEE TO SECURE THE PAYMENT OF THE NOTES.

     

    Pursuant
to the Trust Agreement, there will be distributed on each Distribution Date to
the Person in whose name this Certificate is registered at the close of business
on the Business Day preceding such Distribution Date such Certificateholder’s
Certificate Percentage Interest in the amount to be distributed to
Certificateholders on such Distribution Date.  “Distribution Date”
means the 20th day of each month or, if such 20th day is not a Business Day, the
following Business Day, commencing on July 21, 2008.

     

    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 TRUST AGREEMENT, THE SALE AND SERVICING
AGREEMENT AND THE INDENTURE.

     

    It is the
intent of the Depositor, the Seller, the Master Servicer and the
Certificateholders that, for purposes of federal income taxes, State and local
income taxes and any other income taxes the Issuer will be treated as either an
entity that is disregarded as separate from the beneficial owner of the equity
in the Issuer if there is only one such owner, or as a partnership (other than
an association or publicly traded partnership) if there are two or more such
owners.  The Depositor and any other Certificateholders, by acceptance
of a Certificate, agree with the foregoing characterization of the Certificates
for such tax purposes and further agree to take no action inconsistent
therewith.

     

    Each
Certificateholder, by its acceptance of a Certificate or a beneficial interest
therein, covenants and agrees that such Certificateholder will not at any time
institute against the Depositor or the Issuer, or join in any institution
against the Depositor or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other proceedings under
any United States federal or State bankruptcy or similar law in connection

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    with any
obligations relating to the Notes, the Certificates, the Trust Agreement or any
other Basic Document.

     

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

     

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

     

    Unless
the certificate of authentication hereon has been executed by an authorized
officer of the Owner Trustee, by manual signature, this Certificate shall not
entitle the Holder hereof to any benefit under the 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, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

       

    

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

     

    
      
        
          
            	
                    Date:
      June 1, 2008

                  	 
      	
                    WACHOVIA
      AUTO OWNER TRUST 2008-A

                  
	 	 	 
	 
      	
                    By:

                  	
                    WILMINGTON
      TRUST COMPANY,

                    not
      in its individual capacity but solely as
  Owner Trustee

                  
	 
      	 
      	 
      
	 
      	
                    By:

                  	 
      
	 
      	 
      	
                    Name:

                  
	 	 	Title:

          

        

      

    

     

    OWNER
TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

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

    
       

      
        
          
            
              	
                      Date:
      June 1, 2008

                    	 
      	
                      WILMINGTON
      TRUST COMPANY,

                    
	 	 	not
      in its individual capacity but solely as
    Owner Trustee
	 
      	 
      	 
      
	 
      	
                      By:

                    	 
      
	 
      	 
      	
                      Name:

                    
	 	 	Title:

            

             

            
              
                
                

              

              
                A-4

                
                  

                

              

              
                
                

              

            

             

          

        

      

    

    [REVERSE
OF CERTIFICATE]

     

    This
Certificate does not represent an obligation of, or an interest in, the
Depositor, the Seller, the Master Servicer, the Administrator, the Owner Trustee
or any of their respective Affiliates, and no recourse may be had against such
parties or their assets, except as may be expressly set forth or contemplated
herein, in the Trust Agreement or in the other Basic Documents.  In
addition, this Certificate is not guaranteed by any governmental agency or
instrumentality and is limited in right of payment to certain collections with
respect to the Receivables (and certain other amounts), all as more specifically
set forth herein and in the Indenture and the Sale and Servicing
Agreement.

     

    The Trust
Agreement permits the Depositor and the Owner Trustee, on behalf of the Issuer,
with certain exceptions therein provided, to amend from time to time certain
terms and conditions set forth in the Trust Agreement without the consent of the
Certificateholders.  The Trust Agreement also permits the Depositor
and the Owner Trustee, on behalf of the Issuer, with certain exceptions as
therein provided, to amend certain terms and conditions set forth in the Trust
Agreement with the consent of the Noteholders evidencing not less than 51% of
the Note Balance and the Certificateholders evidencing not less than 51% of the
aggregate Certificate Percentage Interest.  Any such consent by the
Certificateholder shall be conclusive and binding on such Certificateholder and
on all future Certificateholders and of any Certificate issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent is made upon this Certificate.

     

    As
provided in the Trust Agreement and subject to certain limitations therein set
forth, the Transfer of this Certificate may be registered in the Certificate
Register upon surrender of this Certificate for registration of Transfer at the
Corporate Trust Office and a written instrument of transfer in form satisfactory
to the Owner Trustee and the Certificate Registrar duly executed by the
Certificateholder or such Certificateholder’s attorney duly authorized in
writing, and thereupon one or more new Certificates in any authorized
denomination and in the same aggregate Certificate Percentage Interest in the
Issuer will be issued to the designated transferee or transferees.  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 therewith.  The initial Certificate Registrar
appointed under the Trust Agreement is the Owner Trustee.

     

    Each
Certificateholder, by its acceptance of a Certificate, shall be deemed to have
represented and warranted that such Certificateholder is not an
(i) employee benefit plan or arrangement subject to Title I of ERISA,
a plan subject to Section 4975 of the Code or any entity whose underlying
assets include plans assets by reason of a plan’s investment in the entity (a
“Benefit Plan”), nor a person acting on behalf of a Benefit Plan nor using the
assets of a Benefit Plan to effect the transfer of such Certificate, or
(ii) insurance company purchasing a Certificate with funds contained in an
“insurance company general account” (as defined in Section V(e) of PTCE
95-60) that includes the assets of a Benefit Plan for purposes of the Plan Asset
Regulation.

     

    Any
Person who is not an Affiliate of the Seller and acquires more than 49.9% of the
Certificates will be deemed to represent that it is not a party in interest
(within the meaning of ERISA) or a disqualified person (within the meaning of
Section 4975(e)(2) of the Code) with 

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

     

    respect
to any Benefit Plan, other than a Benefit Plan that it sponsors for the benefit
of its employees, and that no Benefit Plan with respect to which it is a party
in interest has or will acquire any interest in the Notes.

     

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

     

    The Owner
Trustee, the Certificate Registrar and any Paying Agent may treat the Person in
whose name this Certificate is registered in the Certificate Register (as of the
day of determination) as the owner of this Certificate for the purpose of
receiving distributions pursuant to the Trust Agreement and for all other
purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or
any Paying Agent shall be bound by any notice to the contrary.

     

    The Trust
Agreement, with certain exceptions therein provided, shall terminate and be of
no further force or effect and the Issuer shall dissolve upon the earlier of (i)
the payment to the Master Servicer, the Paying Agent, the Owner Trustee, the
Indenture Trustee, the Swap Counterparty, the Noteholders and the
Certificateholders of all amounts required to be paid to them pursuant to the
terms of the Indenture, the Sale and Servicing Agreement, the Swap Agreement and
the Trust Agreement, (ii) the Distribution Date next succeeding the month which
is one year after the maturity or other liquidation of the last Receivable and
the disposition of any amounts received upon liquidation of any property
remaining in the Issuer or (iii) upon the purchase of the Receivables by the
Seller in connection with an Optional Purchase and retirement of the Notes and
Certificates.

     

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    SOCIAL
SECURITY NUMBER

    OR OTHER
IDENTIFICATION

    NUMBER OF
ASSIGNEE: ________________

     

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

    

    _____________________________________________________________________________________________________________________________________________________

    

    (name and
address of assignee)

    

    the
within Certificate and all rights thereunder, and hereby irrevocably constitutes
and appoints ________________________, attorney, to transfer said Certificate on
the Certificate Register, with full power of substitution in the
premises.

    

    Dated:

    

    ________________________________________*/

    

    Signature
Guaranteed:

    

    ________________________________________*/

    

    
      	
              */

            	
              NOTICE:
      The signature to this assignment must correspond with the name of the
      registered owner as it appears on the face of the within Certificate in
      every particular, without alteration, enlargement or any change
      whatsoever.  Such signature must be guaranteed by an “eligible
      guarantor institution” meeting the requirements of the Certificate
      Registrar.

            

    

     

    
      
        
        

      

      
        A-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT B

     

    CERTIFICATE
OF TRUST OF

     

    WACHOVIA
AUTO OWNER TRUST 2008-A

     

    This
Certificate of Trust of Wachovia Auto Owner Trust 2008-A (the “Trust”), is being
duly executed and filed by Wilmington Trust Company, a Delaware banking
corporation, as trustee (the “Trustee”), to form a statutory trust under the
Delaware Statutory Trust Act (12 Del. Code, § 3801 et seq.) (the
“Act”).

     

    1.           Name.  The
name of the statutory trust formed hereby is Wachovia Auto Owner Trust
2008-A.

     

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

     

    3.           Effective
Date.  This Certificate of Trust shall be effective upon its
filing with the Secretary of State of the State of Delaware.

     

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

    
       

      
        
          	 	
                  WILMINGTON
      TRUST COMPANY, 

                        as
      Trustee

                  

                	 
	 	 	 	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/  
      	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

        

      

    

     

    B-1

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