Document:

EXECUTION COPY 

Exhibit 4.1 

	
 

	

USAA AUTO OWNER TRUST 2009-1

Class A-1 1.70670% Auto Loan Asset Backed
Notes

Class A-2 2.64% Auto Loan Asset Backed Notes

Class A-3 3.02% Auto Loan Asset Backed Notes

Class A-4 4.77% Auto Loan Asset Backed Notes

Class B 7.00% Auto Loan Asset Backed Notes

INDENTURE

Dated as of April 22, 2009

THE BANK OF NEW YORK MELLON,

as the Indenture Trustee

	
 

	

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)

	
 

	
6.8; 6.11

	
 

	
 

	
(c)

	
 

	
N.A.

	
311

	
 

	
(a)

	
 

	
6.12

	
 

	
 

	
(b)

	
 

	
6.12

	
 

	
 

	
(c)

	
 

	
N.A.

	
312

	
 

	
(a)

	
 

	
7.1

	
 

	
 

	
(b)

	
 

	
7.2

	
 

	
 

	
(c)

	
 

	
7.2

	
313

	
 

	
(a)

	
 

	
7.3

	
 

	
 

	
(b) (1)

	
 

	
7.3

	
 

	
 

	
(b) (2)

	
 

	
7.3

	
 

	
 

	
(c)

	
 

	
7.3

	
 

	
 

	
(d)

	
 

	
7.3

	
314

	
 

	
(a)

	
 

	
3.9

	
 

	
 

	
(b)

	
 

	
3.6; 11.15

	
 

	
 

	
(c) (1)

	
 

	
11.15

	
 

	
 

	
(c) (2)

	
 

	
11.1

	
 

	
 

	
(c) (3)

	
 

	
11.1

	
 

	
 

	
(d)

	
 

	
11.1

	
 

	
 

	
(e)

	
 

	
11.1

	
 

	
 

	
(f)

	
 

	
N.A.

	
315

	
 

	
(a)

	
 

	
6.1(b)

	
 

	
 

	
(b)

	
 

	
6.5

	
 

	
 

	
(c)

	
 

	
6.1(a)

	
 

	
 

	
(d)

	
 

	
6.1(c)

	
 

	
 

	
(e)

	
 

	
5.13

	
316

	
 

	
(a) (1) (A)

	
 

	
5.11

	
 

	
 

	
(a) (1) (B)

	
 

	
5.12

	
 

	
 

	
(a) (2)

	
 

	
N.A.

	
 

	
 

	
(b)

	
 

	
5.7

	
 

	
 

	
(c)

	
 

	
5.6(b)

	
317

	
 

	
(a) (1)

	
 

	
5.3(b)

	
 

	
 

	
(a) (2)

	
 

	
5.3(d)

	
 

	
 

	
(b)

	
 

	
3.3(c)

	
318

	
 

	
(a)

	
 

	
11.7

	
 

	
 

	

	
1

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

	
 

	
 

	
2

	
N.A. means Not Applicable.
 

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE I
           DEFINITIONS AND
 INCORPORATION BY REFERENCE

	
 

	
2

	
 

	
 

	
 

	
SECTION 1.1

	
 

	
Definitions

	
 

	
2

	
 

	
 

	
 

	
SECTION 1.2

	
 

	
Incorporation
 by Reference of Trust Indenture Act

	
 

	
2

	
 

	
 

	
 

	
SECTION 1.3

	
 

	
Other
 Interpretive Provisions

	
 

	
2

	
 

	
 

	
ARTICLE II
          THE NOTES

	
 

	
3

	
 

	
 

	
 

	
SECTION 2.1

	
 

	
Form

	
 

	
3

	
 

	
 

	
 

	
SECTION 2.2

	
 

	
Execution,
 Authentication and Delivery

	
 

	
3

	
 

	
 

	
 

	
SECTION 2.3

	
 

	
Temporary
 Notes

	
 

	
3

	
 

	
 

	
 

	
SECTION 2.4

	
 

	
Registration
 of Transfer and Exchange

	
 

	
4

	
 

	
 

	
 

	
SECTION 2.5

	
 

	
Mutilated,
 Destroyed, Lost or Stolen Notes

	
 

	
6

	
 

	
 

	
 

	
SECTION 2.6

	
 

	
Persons
 Deemed Owners

	
 

	
7

	
 

	
 

	
 

	
SECTION 2.7

	
 

	
Payment of
 Principal and Interest; Defaulted Interest

	
 

	
7

	
 

	
 

	
 

	
SECTION 2.8

	
 

	
Cancellation

	
 

	
8

	
 

	
 

	
 

	
SECTION 2.9

	
 

	
Release of
 Collateral

	
 

	
9

	
 

	
 

	
 

	
SECTION 2.10

	
 

	
Book-Entry
 Notes

	
 

	
9

	
 

	
 

	
 

	
SECTION 2.11

	
 

	
Notices to
 Clearing Agency

	
 

	
10

	
 

	
 

	
 

	
SECTION 2.12

	
 

	
Definitive
 Notes

	
 

	
10

	
 

	
 

	
 

	
SECTION 2.13

	
 

	
Authenticating
 Agents

	
 

	
10

	
 

	
 

	
 

	
SECTION 2.14

	
 

	
Tax
 Treatment

	
 

	
11

	
 

	
 

	
ARTICLE III
         COVENANTS

	
 

	
11

	
 

	
 

	
 

	
SECTION 3.1

	
 

	
Payment of
 Principal and Interest

	
 

	
11

	
 

	
 

	
 

	
SECTION 3.2

	
 

	
Maintenance
 of Office or Agency

	
 

	
12

	
 

	
 

	
 

	
SECTION 3.3

	
 

	
Money for
 Payments To Be Held in Trust

	
 

	
12

	
 

	
 

	
 

	
SECTION 3.4

	
 

	
Existence

	
 

	
13

	
 

	
 

	
 

	
SECTION 3.5

	
 

	
Protection
 of Collateral

	
 

	
14

	
 

	
 

	
 

	
SECTION 3.6

	
 

	
Opinions as
 to Collateral

	
 

	
14

	
 

	
 

	
 

	
SECTION 3.7

	
 

	
Performance
 of Obligations; Servicing of Receivables

	
 

	
15

	
 

	
 

	
 

	
SECTION 3.8

	
 

	
Negative
 Covenants

	
 

	
15

	
 

	
 

	
 

	
SECTION 3.9

	
 

	
Annual
 Compliance Statement

	
 

	
16

	
 

	
 

	
 

	
SECTION 3.10

	
 

	
Restrictions
 on Certain Other Activities

	
 

	
17

	
 

	
 

	
 

	
SECTION 3.11

	
 

	
Restricted
 Payments

	
 

	
17

	
 

	
 

	
 

	
SECTION 3.12

	
 

	
Notice of
 Events of Default

	
 

	
18

	
 

	
 

	
 

	
SECTION 3.13

	
 

	
Further
 Instruments and Acts

	
 

	
18

	
 

i

TABLE OF CONTENTS
(Continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.14

	
 

	
Compliance
 with Laws

	
 

	
18

	
 

	
 

	
 

	
SECTION 3.15

	
 

	
Perfection
 Representations, Warranties and Covenants

	
 

	
18

	
 

	
 

	
ARTICLE IV
           SATISFACTION AND
 DISCHARGE 

	
 

	
18

	
 

	
 

	
 

	
SECTION 4.1

	
 

	
Satisfaction
 and Discharge of Indenture

	
 

	
18

	
 

	
 

	
 

	
SECTION 4.2

	
 

	
Application
 of Trust Money

	
 

	
19

	
 

	
 

	
 

	
SECTION 4.3

	
 

	
Repayment of
 Monies Held by Paying Agent

	
 

	
19

	
 

	
 

	
ARTICLE V
            REMEDIES

	
 

	
19

	
 

	
 

	
 

	
SECTION 5.1

	
 

	
Events of
 Default

	
 

	
19

	
 

	
 

	
 

	
SECTION 5.2

	
 

	
Acceleration
 of Maturity; Waiver of Event of Default

	
 

	
20

	
 

	
 

	
 

	
SECTION 5.3

	
 

	
Collection
 of Indebtedness and Suits for Enforcement by the Indenture Trustee

	
 

	
21

	
 

	
 

	
 

	
SECTION 5.4

	
 

	
Remedies;
 Priorities

	
 

	
23

	
 

	
 

	
 

	
SECTION 5.5

	
 

	
Optional
 Preservation of the Collateral

	
 

	
25

	
 

	
 

	
 

	
SECTION 5.6

	
 

	
Limitation
 of Suits

	
 

	
26

	
 

	
 

	
 

	
SECTION 5.7

	
 

	
Unconditional
 Rights of Noteholders to Receive Principal and Interest

	
 

	
26

	
 

	
 

	
 

	
SECTION 5.8

	
 

	
Restoration
 of Rights and Remedies

	
 

	
27

	
 

	
 

	
 

	
SECTION 5.9

	
 

	
Rights and
 Remedies Cumulative

	
 

	
27

	
 

	
 

	
 

	
SECTION 5.10

	
 

	
Delay or Omission
 Not a Waiver

	
 

	
27

	
 

	
 

	
 

	
SECTION 5.11

	
 

	
Control by
 Noteholders

	
 

	
27

	
 

	
 

	
 

	
SECTION 5.12

	
 

	
Waiver of
 Past Defaults

	
 

	
28

	
 

	
 

	
 

	
SECTION 5.13

	
 

	
Undertaking
 for Costs

	
 

	
28

	
 

	
 

	
 

	
SECTION 5.14

	
 

	
Waiver of
 Stay or Extension Laws

	
 

	
28

	
 

	
 

	
 

	
SECTION 5.15

	
 

	
Action on
 Notes

	
 

	
29

	
 

	
 

	
 

	
SECTION 5.16

	
 

	
Performance
 and Enforcement of Certain Obligations

	
 

	
29

	
 

	
 

	
 

	
SECTION 5.17

	
 

	
Sale of
 Collateral

	
 

	
29

	
 

	
 

	
ARTICLE VI
          THE INDENTURE TRUSTEE

	
 

	
30

	
 

	
 

	
 

	
SECTION 6.1

	
 

	
Duties of
 the Indenture Trustee

	
 

	
30

	
 

	
 

	
 

	
SECTION 6.2

	
 

	
Rights of
 the Indenture Trustee

	
 

	
32

	
 

	
 

	
 

	
SECTION 6.3

	
 

	
Individual
 Rights of the Indenture Trustee

	
 

	
33

	
 

	
 

	
 

	
SECTION 6.4

	
 

	
The
 Indenture Trustee’s Disclaimer

	
 

	
33

	
 

	
 

	
 

	
SECTION 6.5

	
 

	
Notice of
 Defaults

	
 

	
33

	
 

ii

TABLE OF CONTENTS
(Continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.6

	
 

	
Reports by the Indenture Trustee to Noteholders

	
 

	
33

	
 

	
 

	
 

	
SECTION 6.7

	
 

	
Compensation
 and Indemnity

	
 

	
34

	
 

	
 

	
 

	
SECTION 6.8

	
 

	
Removal,
 Resignation and Replacement of the Indenture Trustee

	
 

	
34

	
 

	
 

	
 

	
SECTION 6.9

	
 

	
Successor
 Indenture Trustee by Merger

	
 

	
35

	
 

	
 

	
 

	
SECTION 6.10

	
 

	
Appointment
 of Co-Indenture Trustee or Separate Indenture Trustee

	
 

	
36

	
 

	
 

	
 

	
SECTION 6.11

	
 

	
Eligibility;
 Disqualification

	
 

	
37

	
 

	
 

	
 

	
SECTION 6.12

	
 

	
Preferential
 Collection of Claims Against the Issuer

	
 

	
37

	
 

	
 

	
 

	
SECTION 6.13

	
 

	
Representations
 and Warranties

	
 

	
37

	
 

	
 

	
ARTICLE
 VII          NOTEHOLDERS’
 LISTS AND REPORTS

	
 

	
37

	
 

	
 

	
 

	
SECTION 7.1

	
 

	
The Issuer
 to Furnish the Indenture Trustee Names and Addresses of Noteholders

	
 

	
37

	
 

	
 

	
 

	
SECTION 7.2

	
 

	
Preservation
 of Information; Communications to Noteholders

	
 

	
38

	
 

	
 

	
 

	
SECTION 7.3

	
 

	
Reports by
 the Indenture Trustee

	
 

	
38

	
 

	
 

	
ARTICLE VIII
         ACCOUNTS, DISBURSEMENTS AND
 RELEASES

	
 

	
38

	
 

	
 

	
 

	
SECTION 8.1

	
 

	
Collection
 of Money

	
 

	
38

	
 

	
 

	
 

	
SECTION 8.2

	
 

	
Trust
 Accounts

	
 

	
39

	
 

	
 

	
 

	
SECTION 8.3

	
 

	
General
 Provisions Regarding Accounts

	
 

	
39

	
 

	
 

	
 

	
SECTION 8.4

	
 

	
Release of
 Collateral

	
 

	
40

	
 

	
 

	
 

	
SECTION 8.5

	
 

	
Opinion of
 Counsel

	
 

	
40

	
 

	
 

	
ARTICLE IX
           SUPPLEMENTAL
 INDENTURES

	
 

	
41

	
 

	
 

	
 

	
SECTION 9.1

	
 

	
Supplemental
 Indentures Without Consent of Noteholders

	
 

	
41

	
 

	
 

	
 

	
SECTION 9.2

	
 

	
Supplemental
 Indentures with Consent of Noteholders

	
 

	
42

	
 

	
 

	
 

	
SECTION 9.3

	
 

	
Execution of
 Supplemental Indentures

	
 

	
44

	
 

	
 

	
 

	
SECTION 9.4

	
 

	
Effect of
 Supplemental Indenture

	
 

	
44

	
 

	
 

	
 

	
SECTION 9.5

	
 

	
Conformity
 With Trust Indenture Act

	
 

	
44

	
 

	
 

	
 

	
SECTION 9.6

	
 

	
Reference in
 Notes to Supplemental Indentures

	
 

	
44

	
 

	
 

	
ARTICLE X
            REDEMPTION
 OF NOTES

	
 

	
44

	
 

	
 

	
 

	
SECTION 10.1

	
 

	
Redemption

	
 

	
44

	
 

	
 

	
 

	
SECTION 10.2

	
 

	
Form of
 Redemption Notice

	
 

	
45

	
 

	
 

	
 

	
SECTION 10.3

	
 

	
Notes
 Payable on Redemption Date

	
 

	
45

	
 

iii

TABLE OF CONTENTS
(Continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE
 XI          MISCELLANEOUS

	
 

	
45

	
 

	
 

	
 

	
SECTION 11.1

	
 

	
Compliance
 Certificates and Opinions, etc.

	
 

	
45

	
 

	
 

	
 

	
SECTION 11.2

	
 

	
Form of
 Documents Delivered to the Indenture Trustee

	
 

	
47

	
 

	
 

	
 

	
SECTION 11.3

	
 

	
Acts of
 Noteholders

	
 

	
48

	
 

	
 

	
 

	
SECTION 11.4

	
 

	
Notices

	
 

	
48

	
 

	
 

	
 

	
SECTION 11.5

	
 

	
Notices to
 Noteholders; Waiver

	
 

	
48

	
 

	
 

	
 

	
SECTION 11.6

	
 

	
Alternate
 Payment and Notice Provisions

	
 

	
49

	
 

	
 

	
 

	
SECTION 11.7

	
 

	
Conflict
 with Trust Indenture Act

	
 

	
49

	
 

	
 

	
 

	
SECTION 11.8

	
 

	
Effect of
 Headings and Table of Contents

	
 

	
49

	
 

	
 

	
 

	
SECTION 11.9

	
 

	
Successors
 and Assigns

	
 

	
50

	
 

	
 

	
 

	
SECTION
 11.10

	
 

	
Severability

	
 

	
50

	
 

	
 

	
 

	
SECTION
 11.11

	
 

	
[RESERVED]

	
 

	
50

	
 

	
 

	
 

	
SECTION
 11.12

	
 

	
Legal
 Holidays

	
 

	
50

	
 

	
 

	
 

	
SECTION
 11.13

	
 

	
Governing
 Law

	
 

	
50

	
 

	
 

	
 

	
SECTION
 11.14

	
 

	
Counterparts

	
 

	
50

	
 

	
 

	
 

	
SECTION
 11.15

	
 

	
Recording of
 Indenture

	
 

	
50

	
 

	
 

	
 

	
SECTION
 11.16

	
 

	
Trust
 Obligation

	
 

	
50

	
 

	
 

	
 

	
SECTION
 11.17

	
 

	
No Petition

	
 

	
51

	
 

	
 

	
 

	
SECTION
 11.18

	
 

	
Intent

	
 

	
51

	
 

	
 

	
 

	
SECTION
 11.19

	
 

	
Submission
 to Jurisdiction; Waiver of Jury Trial

	
 

	
51

	
 

	
 

	
 

	
SECTION
 11.20

	
 

	
Subordination
 of Claims

	
 

	
52

	
 

	
 

	
 

	
SECTION
 11.21

	
 

	
Limitation
 of Liability of Owner Trustee

	
 

	
52

	
 

	
 

	
 

	
SECTION
 11.22

	
 

	
Information
 Requests

	
 

	
53

	
 

	
 

	
 

	
SECTION
 11.23

	
 

	
Inspection

	
 

	
53

	
 

iv

	
 

	
 

	
 

	
Schedule I

	
 

	
Perfection
 Representations, Warranties and Covenants

	
 

	
Exhibit A

	
 

	
Forms of
 Notes

v

          This INDENTURE, dated as of April 22, 2009 (as
amended, modified or
supplemented from time to time, this “Indenture”), is between USAA AUTO OWNER TRUST 2009-1, a Delaware
statutory trust (the “Issuer”), and THE
BANK OF NEW YORK MELLON, a banking corporation organized under the
laws of the State of New York, solely as trustee and not in its individual
capacity (the “Indenture
Trustee”). 

          Each
party agrees as follows for the benefit of the other party and the equal and
ratable benefit of the Holders of the Issuer’s Class A-1 1.70670% Auto Loan
Asset Backed Notes (the “Class A-1 Notes”), Class A-2 2.64% Auto Loan
Asset Backed Notes (the “Class A-2 Notes”), Class A-3 3.02% Auto Loan
Asset Backed Notes (the “Class A-3 Notes”) and Class A-4 4.77% Auto Loan
Asset Backed Notes (the “Class A-4 Notes” and together with the Class
A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”)
and Class B 7.00% Auto Loan Asset Backed Notes (the “Class B Notes” and
together with the Class A Notes, the “Notes”).  

GRANTING CLAUSE

          The
Issuer, to secure the payment of principal of and interest on, and any other
amounts owing in respect of, the Notes, equally and ratably without prejudice,
priority or distinction except as set forth herein, and to secure compliance
with the provisions of this Indenture, hereby Grants in trust to the Indenture
Trustee on the Closing Date, as trustee for the benefit of the Noteholders, all
of the Issuer’s right, title and interest, whether now owned or hereafter
acquired, in and to (i) the Trust Estate and (ii) all present and future
claims, demands, causes and choses in action in respect of any or all of the
Trust Estate and all payments on or under and all proceeds of every kind and
nature whatsoever in respect of any or all of the Trust Estate, including all
proceeds of the conversion, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments, securities, financial assets and
other property which at any time constitute all or part of or are included in
the proceeds of any of the Trust Estate (collectively, the “Collateral”).

          The
Indenture Trustee, on behalf of the Noteholders, acknowledges the foregoing
Grant, accepts the trusts under this Indenture and agrees to perform its duties
required in this Indenture in accordance with the provisions of this Indenture.

          The
foregoing Grant is made in trust to secure (i) the payment of principal of and
interest on, and any other amounts owing in respect of, the Notes, equally and
ratably without prejudice, priority or distinction except as set forth herein
and (ii) compliance with the provisions of this Indenture, all as provided in
this Indenture. 

          Without
limiting the foregoing Grant, any Receivable purchased by the Bank pursuant to Section
3.3 of the Purchase Agreement or by the Seller or the Servicer pursuant to Section
2.3 or Section 3.6, respectively, of the Sale and Servicing
Agreement shall be deemed to be automatically released from the lien of this
Indenture without any action being taken by the Indenture Trustee upon payment
by the Seller or the Servicer, as applicable, of the related Repurchase Price
for such Repurchased Receivable. 

ARTICLE I DEFINITIONS AND INCORPORATION BY
REFERENCE

          SECTION
1.1 Definitions. Except as
otherwise specified herein or the context may otherwise require, capitalized
terms are used in this Indenture as defined in Appendix A to the Sale
and Servicing Agreement, dated as of April 22, 2009 (as amended, modified or
supplemented from time to time, the “Sale and Servicing Agreement”),
among USAA Acceptance, LLC, as Seller, the Issuer, USAA Federal Savings Bank,
as Servicer, and the Indenture Trustee. 

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

          “Commission”
means the Securities and Exchange Commission. 

          “indenture
securities” means the Notes.

          “indenture security holder” means a
Noteholder.  

          “indenture
to be qualified” means this Indenture. 

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

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

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

          SECTION
1.3 Other Interpretive Provisions.
All terms defined in this Indenture shall have the defined meanings when used
in any certificate or other document delivered pursuant hereto unless otherwise
defined therein. For purposes of this Indenture and all such certificates and
other documents, unless the context otherwise requires: (a) accounting terms
not otherwise defined in this Indenture, and accounting terms partly defined in
this Indenture to the extent not defined, shall have the respective meanings
given to them under GAAP (provided,
that, to the extent that the definitions in this Indenture and GAAP conflict,
the definitions in this Indenture shall control); (b) the words “hereof,”
“herein” and “hereunder” and words of similar import refer to this Indenture as
a whole and not to any particular provision of this Indenture; (c) references
to any Article, Section, Schedule or Exhibit are references to Articles, Sections,
Schedules and Exhibits in or to this Indenture and references to any paragraph,
subsection, clause or other subdivision within any Section or definition refer
to such paragraph, subsection, clause or other subdivision of such Section or
definition; (d) the term “including” and all variations thereof means
“including without limitation”; (e) except as otherwise expressly provided
herein, references to any law or regulation refer to that law or regulation as
amended from time to time and include any successor law or regulation; and (f)
references to any Person include that Person’s successors and assigns. 

2

ARTICLE II THE NOTES

          SECTION
2.1 Form. The Class A-1 Notes,
Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and 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 hereto, 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 the
Notes, as evidenced by their execution of the Notes. Any portion of the text of
any Note may be set forth on the reverse thereof, with an appropriate reference
thereto on the face of the Note. 

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

          SECTION
2.2 Execution, Authentication and Delivery.
The Notes shall be executed on behalf of the Issuer by any of its Authorized
Officers. The signature of any such Authorized Officer on the Notes may be
manual or facsimile. 

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

          The
Indenture Trustee shall, upon Issuer Order, authenticate and deliver Class A-1
Notes for original issue in an Initial Note Balance of $381,000,000, Class A-2
Notes for original issue in an Initial Note Balance of $271,000,000, Class A-3
Notes for original issue in an Initial Note Balance of $587,000,000, Class A-4
Notes for original issue in an Initial Note Balance of $267,889,000 and Class B
Notes for original issue in an Initial Note Balance of $46,604,000. The Note
Balance 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 amounts except as
provided in Section 2.5. 

          Each
Note shall be dated the date of its authentication. The Notes shall be issuable
as registered Notes in the minimum denomination of $1,000 and in integral
multiples of $1,000 in excess thereof (except for one Note of each Class which
may be issued in a denomination other than an integral multiple of $1,000). 

          No
Note shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose, unless there appears on such Note a certificate of
authentication substantially in the form provided for herein 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
2.3 Temporary Notes. Pending the
preparation of Definitive Notes, the Issuer may execute, and upon receipt of an
Issuer Order, the Indenture Trustee shall authenticate and deliver, temporary
Notes which are printed, lithographed, typewritten, mimeographed or otherwise
produced, substantially of the tenor of the Definitive Notes in lieu of which
they are 

3

issued and
with such variations not inconsistent with the terms of this Indenture as the
officers executing such Notes may determine, as evidenced by their execution of
such Notes. 

          If
temporary Notes are issued, the Issuer 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 Issuer to be maintained
as provided in Section 3.2, without charge to the Holder. Upon surrender
for cancellation of any one or more temporary Notes, the Issuer shall execute
and the Indenture Trustee upon Issuer Order shall authenticate and deliver in
exchange therefor a like principal amount of Definitive Notes of authorized
denominations. Until so exchanged, the temporary Notes shall in all respects be
entitled to the same benefits under this Indenture as Definitive Notes. 

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

          If
a Person other than the Indenture Trustee is appointed by the Issuer as Note
Registrar, the Issuer shall 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 conclusively rely
upon a certificate executed on behalf of the Note Registrar by a Responsible
Officer thereof as to the names and addresses of the Noteholders and the
principal amounts and number of such Notes. 

          Upon
surrender for registration of transfer of any Note at the office or agency of
the Issuer to be maintained as provided in Section 3.2, if the
requirements of Section 8-401 of the UCC are met, the Issuer shall execute and
upon its written request the Indenture Trustee shall authenticate and the
Noteholder shall obtain from the Indenture Trustee, in the name of the
designated transferee or transferees, one or more new Notes, in any authorized
denominations, of the same Class and a like aggregate outstanding principal
amount. 

          At
the option of the related Noteholder, Notes may be exchanged for other Notes in
any authorized denominations, of the same Class and a like aggregate
outstanding principal amount, upon surrender of the Notes to be exchanged at
such office or agency. Whenever any Notes are so surrendered for exchange, if
the requirements of Section 8-401 of the UCC are met the Issuer shall execute
and, upon Issuer Request, the Indenture Trustee shall authenticate and the
related Noteholder shall obtain from the Indenture Trustee, the Notes which the
Noteholder making the exchange is entitled to receive. 

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

4

          Every
Note presented or surrendered for registration of transfer or exchange shall be
(i) duly endorsed by, or be accompanied by, a written instrument of transfer in
form and substance satisfactory to the Issuer and the Indenture Trustee duly
executed by the Noteholder thereof or its attorney-in-fact duly authorized in
writing, with such signature guaranteed by an “eligible grantor institution”
meeting the requirements of the Note Registrar which requirements include
membership or participation in a Securities Transfer Agents Medallion Program
(“Stamp”) or such other “signature guarantee program” as may be
determined by the Note Registrar in addition to, or in substitution for, Stamp,
all in accordance with the Exchange Act and (ii) accompanied by such other
documents as the Indenture Trustee may require. 

          No
service charge shall be made to a Noteholder for any registration of transfer
or exchange of Notes, but the Issuer may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Notes, other than exchanges
pursuant to Section 2.3 or Section 9.6 not involving any
transfer. 

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

          Each
Class A Noteholder, by its acceptance of a Class A Note (and each Note Owner,
by its acceptance of a beneficial interest in a Class A Note) will be deemed to
have represented that (x) it is not, and is not acquiring a Class A Note on
behalf of, or with “plan assets” (as determined under Department of Labor
Regulation §2510.3-101 (as modified by Section 3(42) of ERISA) or otherwise)
of, a Benefit Plan, or any governmental plan, non-U.S. plan, church plan or
retirement arrangement that is subject to a law that is similar to Section 406
of ERISA or Section 4975 of the Code (“Similar Law”), or (y) in the case
of the Class A-2, Class A-3 and Class A-4 Notes (or in the case of the Class
A-1 Notes only if an opinion of counsel, which counsel and opinion shall be
acceptable to the Administrator, has been or is delivered to the Administrator
that such Notes will constitute debt for United States federal income tax
purposes) its acquisition and holding of such Class A Note satisfy the
requirements for relief under Prohibited Transaction Class Exemption (“PTCE”)
84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, the service provider
exemption provided under Section 408(b)(17) of ERISA and Section 4975(d)(20) of
the Code or a similar exemption, or, in the case of an employee benefit plan
subject to Similar Law, do not result in a non-exempt violation of any Similar
Law. 

          (a)
Each Class B Noteholder, by its acceptance of a Class B Note (and each Note
Owner by its acceptance of a beneficial interest in a Class B Note) will be
deemed to have represented that either: 

	
 

	
 

	
 

	
          (i)
 for the entire period during which such purchaser or transferee holds its
 interest in the Class B Notes, no portion of such purchaser’s or transferee’s
 assets constitutes assets of any Benefit Plan or any governmental plan,
 church plan or non-U.S. plan that is subject to any Similar Law; or 

5

	
 

	
 

	
 

	
          (ii)
 (1)(a) the assets used by such purchaser or transferee to acquire the Class B
 Notes (or any interest therein) constitute assets of an insurance company
 general account, (b) for the entire period during which such purchaser or
 transferee holds its interest in the Class B Notes, less than 25% of the
 assets of such insurance company general account will constitute “plan
 assets” of any Benefit Plan, (c) neither such purchaser or transferee nor any
 affiliate is a Controlling Person of the Issuer and (d) the acquisition and
 holding of the Class B Notes by such purchaser or transferee will satisfy the
 requirements of Section I of PTCE 95-60 and will not constitute a non-exempt
 prohibited transaction under Section 406 of ERISA or Section 4975 of the Code
 or (2) if such purchaser or transferee is a governmental plan, church plan or
 non-U.S. plan that is subject to any Similar Law, the acquisition and holding
 of the Class B Notes by such purchaser or transferee will not constitute a
 non-exempt violation of any applicable Similar Law. 

          (b)
Each Class A-1 Noteholder or Class B Noteholder, by its acceptance of a Class
A-1 Note or Class B Note (and each Note Owner by its acceptance of a beneficial
interest in a Class A-1 Note or a Class B Note) will be deemed to represent
that it is, and each account (if any) for which it is purchasing Class A-1
Notes or Class B Notes is, a Person who is (A) a citizen or resident of the
United States, (B) a corporation or partnership organized in or under the laws
of the United States, any state thereof or the District of Columbia, (C) an
estate the income of which is includible gross income for United States tax
purposes, regardless of its source or (D) a trust with respect to which a U.S.
court is able to exercise primary supervision over the administration of such
trust and one or more Persons meeting the conditions of clause (A), (B),
(C) or (D) of this paragraph has the authority to control all
substantial decisions of the trust. The limitations in this paragraph will not
apply to the extent an applicable opinion of counsel, which counsel and opinion
shall be acceptable to the Administrator, has been or is delivered to the
Administrator that such Notes will constitute debt for United States federal
income tax purposes. 

          (c)
Each Class A-1 Noteholder and Class B Noteholder, by its acceptance of a Class
A-1 Note or Class B Note (and each Note Owner by its acceptance of a beneficial
interest in a Class A-1 Note or Class B Note) will be deemed to have
represented that it understands that any purported transfer of any Class A-1
Note or Class B Note (or any interest therein), as applicable, to any Person
who does not meet the conditions of paragraphs (a) and (b) above,
as applicable, shall be, to the fullest extent permitted by law, void ab
initio, and the purported transferee in such transfer shall not be recognized
by the Issuer or any other Person as a Class A-1 Noteholder or Class B
Noteholder, as applicable, for any purpose. 

          (d)
Neither the Class A-1 Notes nor the Class B Notes have been registered under
the Securities Act or any state securities law. None of the Issuer, the Note
Registrar or the Indenture Trustee is obligated to register the Class A-1 Notes
or the Class B Notes under the Securities Act or any other securities or “blue
sky” laws or to take any other action not otherwise required under this
Indenture or the Trust Agreement to permit the transfer of any Class A-1 Note
or Class B Note without registration. 

          (e)
Until such time as any such Class of Notes has been registered under the
Securities Act and any applicable state securities law, the Class A-1 Notes and
the Class B Notes may not be sold, transferred, assigned, participated,
pledged, or otherwise disposed of (any such act, a “Class A-1 Note Transfer,”
and a “Class B Note Transfer”, respectively) to any Person 

6

except in
accordance with the provisions of this Section 2.4, and any attempted
Class A-1 Note Transfer or Class B Note Transfer in violation of this Section
2.4 will be null and void (each a “Void Class A-1 Note Transfer,”
and a “Void Class B Note Transfer”, respectively). 

          (f)
Each Class A-1 Note and Class B Note will bear a legend to the effect of the
following unless determined otherwise by the Administrator (as certified to the
Indenture Trustee in an Officer’s Certificate) consistent with applicable law: 

	
 

	
 

	
 

	
 

	
THIS NOTE
HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE
SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER OF THIS NOTE, BY
PURCHASING THIS NOTE, AGREES FOR THE BENEFIT OF THE ISSUER AND THE DEPOSITOR
THAT THIS NOTE MAY BE SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED, PLEDGED OR
OTHERWISE DISPOSED OF ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS, AND ONLY (I) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE l44A (A “QIB”),
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER
HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE, OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (II) TO THE DEPOSITOR OR
ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF THE UNITED STATES.  

	
 

          (g)
By acceptance of any Class A-1 Note or Class B Note, the Class A-1 Noteholder
and the Class B Noteholder, respectively, specifically agrees with and
represents to the Depositor, the Issuer and the Note Registrar, that no Class
A-1 Note Transfer or Class B Note Transfer, as applicable, will be made unless
(i) the registration requirements of the Securities Act and any applicable
state securities laws have been complied with, (ii) such Class A-1 Note
Transfer or Class B Note Transfer, as applicable, is to the Depositor or its
Affiliates, or (iii) such Class A-1 Note Transfer or Class B Note Transfer, as
applicable, is exempt from the registration requirements under the Securities
Act because such Class A-1 Note Transfer or Class B Note Transfer, as
applicable, is in compliance with Rule 144A under the Securities Act, to a
transferee who the transferor reasonably believes is a “Qualified Institutional
Buyer” (as defined in the Securities Act) that is purchasing for its own
account or for the account of a Qualified Institutional Buyer and to whom
notice is given that such Class A-1 Note Transfer or Class B Note Transfer, as
applicable, is being made in reliance upon Rule 144A under the Securities Act. 

          (h)
The Depositor will make available to the prospective transferor and transferee
of a Class A-1 Note or a Class B Note information requested to satisfy the
requirements of paragraph (d)(4) of Rule 144A (the “Rule 144A Information”).

          The
Indenture Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this
Indenture or under 

7

applicable law
with respect to any transfer of any interest in any Note other than to require
delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms
of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof. 

          SECTION
2.5 Mutilated, Destroyed, Lost or Stolen
Notes. If (i) any mutilated Note is surrendered to the Indenture
Trustee, or the Indenture Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold
the Issuer and the Indenture Trustee harmless, then, in the absence of written
notice to the Issuer, the Note Registrar and a Responsible Officer of the
Indenture Trustee that such Note has been acquired by a “protected purchaser”
(as contemplated by Article 8 of the UCC), and provided,
that the requirements of Section 8-405 of the UCC are met, the Issuer shall
execute and upon its written request the Indenture Trustee shall authenticate
and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
or stolen Note, a replacement Note; provided,
that if any such destroyed, lost or stolen Note, but not a mutilated Note,
shall have become or within seven days shall be due and payable, or shall have
been called for redemption, instead of issuing a replacement Note, the Issuer
may upon delivery of the security or indemnity herein required pay such
destroyed, lost or stolen Note when so due or payable or upon the Redemption
Date without surrender thereof. If, after the delivery of such replacement Note
or payment of a destroyed, lost or stolen Note pursuant to the proviso to the
preceding sentence, a “protected purchaser” (as contemplated by Article 8 of
the UCC) of the original Note in lieu of which such replacement Note was issued
presents for payment such original Note, the Issuer and the Indenture Trustee
shall be entitled to recover such replacement Note (or such payment) from the
Person to whom it was delivered or any Person taking such replacement Note from
such Person to whom such replacement Note was delivered or any assignee of such
Person, except a “protected purchaser” (as contemplated by Article 8 of the
UCC), and shall be entitled to recover upon the security or indemnity provided
therefor to the extent of any loss, damage, cost or expense incurred by the
Issuer or the Indenture Trustee in connection therewith. 

          Upon
the issuance of any replacement Note under this Section 2.5, the Issuer
or the Indenture Trustee may require the payment by the Noteholder of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other reasonable expenses (including the fees and
expenses of the Indenture Trustee or the Note Registrar) connected therewith. 

          Every
replacement Note issued pursuant to this Section 2.5 in replacement of
any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, and shall be entitled to all
the benefits of this Indenture equally and proportionately with any and all
other Notes duly issued hereunder. 

          The
provisions of this Section 2.5 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes. 

          SECTION
2.6 Persons Deemed Owners. Prior
to due presentment for registration of transfer of any Note, the Issuer, the
Indenture Trustee and any agent of the Issuer or the 

8

Indenture
Trustee may treat the Person in whose name any Note is registered (as of the
day of determination) as the owner of such Note for the purpose of receiving
payments of principal of and interest, if any, on such Note and for all other
purposes whatsoever, whether or not such Note be overdue, and neither the
Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture
Trustee shall be affected by notice to the contrary. 

          SECTION
2.7 Payment of Principal and Interest;
Defaulted Interest. (a) Each Note shall accrue interest at its
respective Interest Rate, and such interest shall be payable on each Payment
Date as specified therein, subject to Sections 3.1 and 8.2. Any
installment of interest or principal, if any, payable on any Note which is
punctually paid or duly provided for by the Issuer on the applicable Payment
Date shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the Record Date. On each Payment Date,
distributions to be made with respect to interest on and principal of the
Book-Entry Notes will be paid to the registered Noteholder by wire transfer in
immediately available funds to the account designated by the nominee of the
Clearing Agency (initially, such nominee will be Cede & Co.). Distributions
to be made with respect to interest on and principal of the Definitive Notes
will be paid to the Registered Noteholder (i) if such Noteholder has provided to
the Note Register appropriate written instructions at least five (5) Business
Days prior to such Payment Date, by wire transfer in immediately available
funds to the account of such Noteholder or otherwise (ii) by check mailed first
class mail, postage prepaid, to such registered Noteholder’s address as it
appears on the Note Register on the related Record Date. However, the final
installment of principal (whether payable by wire transfer or check) of each
Note on a Payment Date, the Redemption Date or the applicable Final Scheduled
Payment Date will be payable as provided below. The funds represented by any
such checks returned undelivered shall be held in accordance with Section
3.3. 

          (b)
The principal of each Note shall be payable in installments on each Payment
Date as provided in Section 8.2. Notwithstanding the foregoing, the
entire unpaid Note Balance and all accrued interest thereon shall be due and
payable, if not previously paid, on the earlier of (i) the date on which an
Event of Default shall have occurred and be continuing, if the Indenture
Trustee or the Holders of a majority of the Note Balance of the Controlling
Class, have declared the Notes to be immediately due and payable in the manner
provided in Section 5.2 and (ii) with respect to any Class of Notes, on the
Final Scheduled Payment Date for that Class. All principal payments on each
Class of Notes shall be made pro rata to the Noteholders of such Class entitled
thereto. The Indenture Trustee shall notify the Person in whose name a Note is
registered at the close of business on the Record Date preceding the Payment
Date on which Indenture Trustee expects that the final installment of principal
of and interest on such Note will be paid. Such notice shall be transmitted
prior to such final Payment Date and shall specify that such final installment
will be payable only upon presentation and surrender of such Note and shall
specify the place where such Note may be presented and surrendered for payment
of such installment. Notices in connection with redemptions of Notes shall be
mailed to Noteholders as provided in Section 10.2.  

          (c)
If the Issuer defaults on a payment of interest on any Class of Notes, the
Issuer shall pay defaulted interest (plus interest on such defaulted interest
to the extent lawful at the applicable Interest Rate for such Class of Notes),
which shall be due and payable on the Payment 

9

Date following
such default. The Issuer shall pay such defaulted interest to the Persons who
are Noteholders on the Record Date for such following Payment Date. 

          SECTION
2.8 Cancellation. All Notes
surrendered for payment, registration of transfer, exchange or redemption
shall, if surrendered to any Person other than the Indenture Trustee, be
delivered to the Indenture Trustee and shall be promptly 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 that such Notes have not been previously disposed of by the
Indenture Trustee. 

          SECTION
2.9 Release of Collateral.
Subject to Section 11.1, 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 Independent
Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion
of Counsel in lieu of such Independent Certificates to the effect that the TIA
does not require any such Independent Certificates. If the Commission shall
issue an exemptive order under TIA Section 304(d) modifying the Issuer’s
obligations under TIA Sections 314(c) and 314(d)(1), subject to Section 11.1 and
the terms of the Transaction Documents, the Indenture Trustee shall release
property from the lien of this Indenture in accordance with the conditions and
procedures set forth in such exemptive order.  

          SECTION
2.10 Book-Entry Notes. The Notes,
upon original issuance, will be issued in the form of typewritten notes
representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as
agent for DTC, the initial Clearing Agency, by, or on behalf of, the Issuer.
One fully registered Note shall be issued with respect to each $500 million in
principal amount of each Class of Notes and any such lesser amount. Such Notes
shall initially be registered on the Note Register in the name of Cede &
Co., the nominee of the initial Clearing Agency, and no Note Owner shall
receive a Definitive Note representing such Note Owner’s interest in such Note,
except as provided in Section 2.12. Unless and until definitive, fully
registered Notes (the “Definitive Notes”) have been issued to Note
Owners pursuant to Section 2.12: 

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

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

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

10

          (d)
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 or
among such Note Owners and the Clearing Agency and/or the Clearing Agency
Participants or Persons acting through Clearing Agency Participants. Pursuant
to the Note Depository Agreement, unless and until Definitive Notes are issued
pursuant to Section 2.12, the initial Clearing Agency will make
book-entry transfers among the Clearing Agency Participants and receive and
transmit payments of principal of and interest on the Notes to such Clearing
Agency Participants (and neither the Indenture Trustee nor the Note Registrar
shall have liability or responsibility thereof); and 

          (e)
whenever this Indenture requires or permits actions to be taken based upon
instructions or directions of Noteholders evidencing a specified percentage of
the Outstanding 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 or Persons acting
through Clearing Agency Participants owning or representing, respectively, such
required percentage of the beneficial interest in the Notes and has delivered
such instructions to the Indenture Trustee. 

          SECTION
2.11 Notices to Clearing Agency.
Whenever a notice or other communication to the Noteholders is required under
this Indenture, unless and until Definitive Notes shall have been issued to
Note Owners pursuant to Section 2.12, the 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 the Note
Owners. 

          SECTION
2.12 Definitive Notes. If (a) the
Administrator advises the Indenture Trustee in writing that the Clearing Agency
is no longer willing or able to properly discharge its responsibilities with
respect to the Notes, and the Administrator or the Indenture Trustee is unable
to locate a qualified successor, (b) the Administrator at its option advises
the Indenture Trustee in writing that it elects to terminate the book-entry
system through the Clearing Agency or (c) after the occurrence of an Event of
Default, Note Owners representing beneficial interests aggregating at least a
majority of the Outstanding Note Balance, voting together as a single Class,
advise the Indenture Trustee through the Clearing Agency or its successor in
writing that the continuation of a book-entry system through the Clearing
Agency or its successor is no longer in the best interests of the Note Owners,
then the Indenture Trustee shall notify the Clearing Agency, who shall notify
each Clearing Agency Participant, who shall notify the Note Owners associated
with it of the occurrence of any such event and of the availability of
Definitive Notes to Note Owners requesting the same. Upon surrender to the
Indenture Trustee of the typewritten Note or Notes representing the Book-Entry
Notes by the Clearing Agency, accompanied by registration instructions, the
Issuer shall execute and 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, the Indenture Trustee shall recognize the Holders of the
Definitive Notes as Noteholders. 

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

11

          SECTION
2.13 Authenticating Agents. (a)
Upon the request of the Issuer, the Indenture Trustee shall, and if the
Indenture Trustee so chooses 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 2.2, 2.3, 2.4, 2.5
and 9.6, 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.” The Indenture
Trustee shall be the Authenticating Agent in the absence of any appointment
thereof. 

          (b)
Any corporation into which any Authenticating Agent may be merged or converted
or with which it may be consolidated, or any corporation 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
further act on the part of the parties hereto or such Authenticating Agent or
such successor corporation. 

          (c)
Any Authenticating Agent may at any time resign by giving written notice of
resignation to the Indenture Trustee and the Issuer. 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 Issuer. Upon
receiving such notice of resignation or upon such termination, the Indenture
Trustee may appoint a successor Authenticating Agent and shall give written
notice of any such appointment to the Issuer. 

          (d)
The provisions of Section 6.4
shall be applicable to any Authenticating Agent. 

          SECTION
2.14 Tax Treatment. The Issuer
has entered into this Indenture, and the Notes shall be issued, with the
intention that, solely for federal, state and local income, franchise and/or
value added tax purposes, the Notes shall qualify as indebtedness secured by
the Collateral (except Notes when owned by the same person which concurrently
owns all of the Certificates). 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, if applicable),
agree to treat such Notes for federal, state and local income, franchise and/or
value added tax purposes as indebtedness (except Notes when owned by the same
person which concurrently owns all of the Certificates or a person whom is
considered the same person as such owner for U.S. federal tax purposes). For
each taxable year of the Issuer, pursuant to Sections 7704(c) and 7704(d) of
the Code, the principal activity of the Issuer will consist of purchasing and
holding debt receivables (which are capital assets to the Issuer) and issuing
and paying notes, and at least 90% of the Issuer’s gross income for each
taxable year of the Issuer will constitute “qualifying income” under such Code
provisions in the form of interest and gains from such receivables and other
qualifying income. 

12

ARTICLE III COVENANTS

          SECTION
3.1 Payment of Principal and Interest.
The Issuer will duly and punctually pay the principal of and interest on the
Notes in accordance with the terms of the Notes and this Indenture. Without
limiting the foregoing and subject to Section 8.2, on each Payment Date
the Issuer shall cause to be paid all amounts on deposit in the Collection
Account which represent Available Funds for such Payment Date, Advances made on
such Payment Date pursuant to Section 4.3(c) of the Sale and Servicing
Agreement and the Reserve Account Draw Amount for such Payment Date received by
the Servicer during the preceding Collection Period. Amounts properly withheld
under the Code by any Person from a payment to any Noteholder of interest
and/or principal shall be considered to have been paid by the Issuer to such
Noteholder for all purposes of this Indenture. Interest accrued on the Notes
shall be due and payable on each Payment Date. The final interest payment on
each Class of Notes is due on the earlier of (a) the Payment Date (including
any Redemption Date) on which the principal amount of that Class of Notes is
reduced to zero or (b) the applicable Final Scheduled Payment Date for that
Class of Notes. 

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

          SECTION
3.3 Money for Payments To Be Held in Trust.
(a) As provided in Sections 8.2 and 5.4, all payments of amounts
due and payable with respect to any Notes that are to be made from amounts
withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the
Indenture Trustee or by another Paying Agent, and no amounts so withdrawn therefrom
for payments on the Notes shall be paid over to the Issuer except as provided
in this Section 3.3 and Section 4.4 of the Sale and Servicing Agreement.

          (b)
On or prior to each Payment Date and Redemption Date, the Issuer shall deposit
or cause to be deposited into the Collection Account an aggregate sum
sufficient to pay the amounts then becoming due under the Notes, and the Paying
Agent shall hold such sum to be held in trust for the benefit of the Persons
entitled thereto pursuant to the Transaction Documents 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 shall 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 

13

agrees to the
extent relevant), subject to the provisions of this Section, that such Paying
Agent shall: 

	
 

	
 

	
 

	
          (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 provided in the Transaction
 Documents; 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

          (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 a payment by any Paying Agent to the Indenture Trustee, such Paying Agent
shall be released from all further liability with respect to such money. 

          (e)
Subject to applicable laws with respect to the 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
distributed by the Indenture Trustee to the Issuer upon receipt of an Issuer
Request and the Holder of such Note shall thereafter, as an unsecured general
creditor, look only to the Issuer for payment thereof and all liability of the
Indenture Trustee or such Paying Agent with respect to such trust money shall
thereupon cease; provided, however, that the Indenture Trustee or
such Paying Agent, before being required to make any such payment, shall at the
reasonable expense and direction of the Issuer cause to be published once, in
an Authorized Newspaper, notice that such money remains unclaimed and that,
after a date specified therein, which date shall not be less than 30 days from
the date of such publication, any unclaimed balance of such money then
remaining shall be distributed to the Issuer. The Indenture Trustee may also
adopt and employ, at the written direction of and at the expense of the Issuer,
any other reasonable means of notification of such repayment (including,

14

but not limited to, mailing notice of such repayment to Holders whose Notes have been
called  but have not
been surrendered for redemption or whose right to or interest in monies due and
payable but not claimed is determinable from the records of the Indenture
Trustee or of any Paying Agent, at the last address of record for each such
Noteholder). 

          SECTION
3.4 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 of America, in which case the Issuer shall keep in full
effect its existence, rights and franchises under the laws of such other
jurisdiction) and shall 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.

          SECTION
3.5 Protection of Collateral. The
Issuer intends the security interest Granted pursuant to this Indenture in
favor of the Indenture Trustee on behalf of the Noteholders to be prior to all
other Liens in respect of the Collateral, and the Issuer shall take all actions
necessary to obtain and maintain, for the benefit of the Indenture Trustee on
behalf of the Noteholders, a first lien on and a first priority, perfected
security interest in the Collateral. The Issuer shall from time to time execute
and deliver all such supplements and amendments hereto, shall file or authorize
the filing of 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 shall take such other action
necessary or advisable to: 

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

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

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

          (d)
enforce any of the Collateral; or 

          (e)
preserve and defend title to the Collateral and the rights of the Indenture
Trustee and the Noteholders in the Collateral against the claims of all
Persons. 

          The
Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact
and hereby authorizes the Indenture Trustee to file all financing statements,
continuation statements or other instruments required to be executed (if any)
pursuant to this Section 3.5; provided,
however, the Indenture Trustee shall have no duty and shall not be
responsible for filing any financing or continuation statements or recording
any documents or instruments in any public office at any time or times or
otherwise perfecting or maintaining the perfection of any security interest.
Notwithstanding any statement to the contrary contained herein or in any other
Transaction Document, the Issuer shall not be required to notify any insurer
with respect to any Insurance Policy or about any aspect of the transactions
contemplated by the Transaction Documents.

15

          SECTION
3.6 Opinions as to Collateral.
(a) On the Closing Date, the Issuer shall furnish or cause to be furnished to
the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion
of such counsel, either (i) such action has been taken with respect to the
recording and filing of this Indenture, any indentures supplemental hereto and
any other requisite documents, and with respect to the filing of any financing
statements and continuation statements as are necessary to perfect and make
effective the first priority lien and security interest of this Indenture, and
reciting the details of such action, or (ii) no such action is necessary to
make such lien and security interest effective. 

          (b)
On or before April 30th of each calendar year, beginning with April
30, 2010, the Issuer shall furnish to the Indenture Trustee an Opinion of
Counsel to the effect that, in the opinion of such counsel, either (i) 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 filing of any financing statements
and continuation statements as are necessary to maintain the lien and security
interest created by this Indenture, and reciting the details of such actions or
referring to prior Opinions of Counsel in which such details are given or (ii)
no such action is necessary to maintain such lien and security interest. Such
Opinion of Counsel shall also describe the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and the filing of any financing statements and continuation
statements that will, in the opinion of such counsel, be required to maintain
the lien and security interest of this Indenture until April 30 in the
following calendar year. 

          SECTION
3.7 Performance of Obligations; Servicing of
Receivables. (a) The Issuer shall not take any action and shall use
its reasonable efforts not to permit any action to be taken by others,
including the Administrator, that would release any Person from any of such
Person’s material covenants or obligations under any instrument or agreement
included in the Collateral or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
ordered by any bankruptcy or other court or as expressly provided in this
Indenture, the Transaction Documents or such other instrument or agreement. 

          (b)
The Issuer may contract with other Persons to assist it in performing its
duties under this Indenture, and any performance of such duties by a Person
identified to the Indenture Trustee 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 Administrator, and the Administrator has agreed, to assist
the Issuer in performing its duties under this Indenture. 

          (c)
The Issuer shall, and shall cause the Administrator and the Servicer to,
punctually perform and observe all of its respective obligations and agreements
contained in this Indenture, the other Transaction Documents and the
instruments and agreements included in the Collateral, including but not
limited to preparing (or causing to prepared) and filing (or causing to be
filed) all UCC financing statements and continuation statements required to be
filed by the terms of this Indenture and the other Transaction Documents in
accordance with and within the time periods provided for herein and therein.
Except as otherwise expressly provided therein, the Issuer shall not waive,
amend, modify, supplement or terminate any Transaction Document or 

16

any provision
thereof other than in accordance with the amendment provisions set forth in
such Transaction Document. 

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

          (a)
engage in any activities other than financing, acquiring, owning, pledging and
managing the Receivables and the other Collateral as contemplated by this
Indenture and the other Transaction Documents; 

          (b)
except as expressly permitted by this Indenture or in the other Transaction
Documents, sell, transfer, exchange or otherwise dispose of any of the
properties or assets of the Issuer; 

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

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

          (e)
(i) permit the validity or effectiveness of this Indenture to be impaired, or
permit the lien of this Indenture to be amended, hypothecated, subordinated,
terminated or discharged, or permit any Person to be released from any
covenants or obligations with respect to the Notes under this Indenture except
as may be expressly permitted hereby, (ii) permit any Lien (other than
Permitted Liens) to be created on or extend to or otherwise arise upon or burden
the assets of the Issuer or any part thereof or any interest therein or the
proceeds thereof or (iii) permit the lien of this Indenture not to constitute a
valid first priority (other than with respect to any Permitted Lien) security
interest in the Collateral; 

          (f)
incur, assume or guarantee any indebtedness other than indebtedness incurred in
accordance with the Transaction Documents; or 

          (g)
merge or consolidate with, or transfer substantially all of its assets to, any
other Person. 

          SECTION
3.9 Annual Compliance Statement. 

          (a)
The Issuer shall deliver to the Indenture Trustee on or before April 30th
of each calendar year beginning with April 30, 2010, an Officer’s Certificate
stating, as to the Authorized Officer signing such Officer’s Certificate, that:

	
 

	
 

	
 

	
          (i)
 a review of the activities of the Issuer during such year (or since the
 Closing Date, 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 

	
 

	
 

	
 

	
          (ii)
 to the best of such Authorized Officer’s knowledge, based on such review, the
 Issuer has complied with all conditions and covenants under this Indenture in
 all 

17

	
 

	
 

	
 

	
material
 respects throughout such year, or, if there has been a default in the
 compliance of any such condition or covenant, specifying each such default
 known to such Authorized Officer and the nature and status thereof. 

	
 

	
 

	
 

	
(b) The
 Issuer shall: 

	
 

	
 

	
 

	
          (i)
 deliver to the Indenture Trustee, within 15 days after the Issuer is required
 (if at all) to file the same with the Commission, copies of the annual
 reports and such other information, documents and reports (or copies of such
 portions of any of the foregoing as the Commission may from time to time by
 rules and regulations prescribe) as the Issuer may be required to file with
 the Commission pursuant to Section 13 or 15(d) of the Exchange Act or such
 other reports required pursuant to TIA Section 314(a)(1); 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iii)
 supply to the Indenture Trustee (and if required by TIA Section 313(c) the
 Indenture Trustee shall transmit by mail to all Noteholders) such summaries
 of any information, documents and reports required to be filed by the Issuer
 pursuant to clauses (i) and (ii) of this Section 3.9(b)
 as may be required pursuant to rules and regulations prescribed from time to
 time by the Commission. 

          (c)
Delivery of such reports, information and documents to the Indenture Trustee is
for informational purposes only and the Indenture Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein
or determinable from information contained therein, including the Issuer’s
compliance with any of its covenants hereunder (as to which the Indenture
Trustee is entitled to rely exclusively on Officer’s Certificates). 

          (d)
Unless the Issuer otherwise determines, the fiscal year of the Issuer shall be
the same as the fiscal year of the Servicer. 

          SECTION
3.10 Restrictions on Certain Other
Activities. The Issuer shall not: (i) engage in any activities other
than financing, acquiring, owning, pledging and managing the Trust Estate and
the other Collateral in the manner contemplated by the Transaction Documents;
(ii) issue, incur, assume, guarantee or otherwise become liable, directly or
indirectly, for any indebtedness other than the Notes; (iii) make any loan,
advance or credit to, 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, 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; or (iv) make any expenditure (by long-term or operating lease or
otherwise) for capital assets (either realty or personalty). 

18

          SECTION
3.11 Restricted Payments. The
Issuer shall not, directly or indirectly, (a) 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 Servicer or the
Administrator, (b) redeem, purchase, retire or otherwise acquire for value any
such ownership or equity interest or security or (c) set aside or otherwise segregate
any amounts for any such purpose; provided,
that the Issuer may cause to be made distributions to the Servicer, the
Administrator, the Owner Trustee, the Indenture Trustee, the Noteholders and
the Certificateholders as permitted by, and to the extent funds are available
for such purpose under, this Indenture, the Sale and Servicing Agreement, the
Administration Agreement or the Trust Agreement. Other than as set forth in the
preceding sentence, the Issuer will not, directly or indirectly, make distributions
from the Trust Accounts. 

          SECTION
3.12 Notice of Events of Default.
The Issuer shall promptly deliver to the Indenture Trustee and each Rating
Agency written notice in the form of an Officer’s Certificate of any event
which with the giving of notice, the lapse of time or both would become an
Event of Default, its status and what action the Issuer is taking or proposes
to take with respect thereto. 

          SECTION
3.13 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
3.14 Compliance with Laws. The
Issuer shall comply with the requirements of all applicable laws, the
non-compliance with which would, individually or in the aggregate, materially
and adversely affect the ability of the Issuer to perform its obligations under
the Notes, this Indenture or any other Transaction Document. 

          SECTION
3.15 Perfection Representations, Warranties
and Covenants. The perfection representations, warranties and
covenants attached hereto as Schedule I shall be deemed to be part of
this Indenture for all purposes. 

ARTICLE IV SATISFACTION AND DISCHARGE

          SECTION
4.1 Satisfaction and Discharge of Indenture.
This Indenture shall cease to be of further effect with respect to the Notes
except as to (a) rights of registration of transfer and exchange, (b)
substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of
Noteholders to receive payments of principal thereof and interest thereon, (d) Sections
3.3, 3.4, 3.5, 3.8, 3.10 and 3.11, (e)
the rights and immunities of the Indenture Trustee hereunder and (f) 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)
all Notes theretofore authenticated and delivered (other than (1) Notes that
have been destroyed, lost or stolen and that have been replaced or paid as provided
in Section 2.5 and (2) Notes for which payment money has theretofore
been deposited in trust or segregated and held in 

19

trust by the
Issuer and thereafter repaid to the Issuer or discharged from such trust, as
provided in Section 3.3) have been delivered to the Indenture Trustee
for cancellation; 

          (b)
the Issuer has paid or caused to be paid all other sums payable hereunder by
the Issuer; and 

          (c)
the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an
Opinion of Counsel and (if required by the TIA or the Indenture Trustee), a
certificate from a firm of certified public accountants, each meeting the
applicable requirements of Section 11.1(a) and, subject to Section
11.2, each stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture have been complied
with (and, in the case of an Officer’s Certificate, stating that the Rating
Agency Condition has been satisfied (provided,
that such Officer’s Certificate need not state that the Rating Agency Condition
has been satisfied if all amounts owing on each Class of Notes have been paid
or will be paid in full on the date of delivery of such Officer’s
Certificate)). 

          SECTION
4.2 Application of Trust Money.
All monies deposited with the Indenture Trustee pursuant to Section 4.1
shall be held in trust and applied by it, in accordance with the provisions of
the Notes, this Indenture and Article IV of the Sale and Servicing
Agreement. Such monies need not be segregated from other funds except to the
extent required herein, in the Sale and Servicing Agreement or by law. 

          SECTION
4.3 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 3.3 and thereupon such Paying
Agent shall be released from all further liability with respect to such monies.

ARTICLE V REMEDIES

          SECTION
5.1 Events of Default. The
occurrence and continuation 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) shall constitute a default under this
Indenture (each, an “Event of Default”): 

	
 

	
 

	
 

	
          (a)
 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 Business Days or more; 

	
 

	
 

	
 

	
          (b)
 default in the payment of principal of any Note at the related Final
 Scheduled Payment Date or the Redemption Date; 

	
 

	
 

	
 

	
          (c)
 any failure by the Issuer to duly observe or perform in any material respect
 any of its material covenants or agreements made in this Indenture (other
 than a covenant or agreement, a default in the observance or performance of
 which is elsewhere in this Section specifically dealt with), which failure 

20

	
 

	
 

	
 

	
materially
 and adversely affects the interests of the Noteholders, and such failure
 shall continue unremedied for a period of 60 days after there shall have been
 given, by registered or certified mail, to the Issuer by the Indenture
 Trustee or by Noteholders evidencing at least a majority of the Outstanding
 Note Balance, a written notice specifying such failure and requiring it to be
 remedied and stating that such notice is a “Notice of Default”
 hereunder; 

	
 

	
 

	
 

	
          (d)
 any representation or warranty of the Issuer made in this Indenture proves to
 have been incorrect in any material respect when made, which failure
 materially and adversely affects the interests of the Noteholders, and which
 failure continues unremedied for 60 days after there shall have been given,
 by registered or certified mail, to the Issuer by the Indenture Trustee or by
 Noteholders evidencing at least a majority of the Outstanding Note Balance, a
 written notice specifying such failure and requiring it to be remedied and
 stating that such notice is a “Notice of Default” hereunder; or 

	
 

	
 

	
 

	
          (e)
 an Insolvency Event with respect to the Issuer; 

provided, however,
that a delay in or failure of performance referred to under clauses (a),
(b), (c) or (d) above for a period of 90 days will not
constitute an Event of Default if that delay or failure was caused by force
majeure or other similar occurrence as certified by the Issuer in an Officer’s
Certificate of the Issuer delivered to the Indenture Trustee. 

          SECTION
5.2 Acceleration of Maturity; Waiver of
Event of Default. (a) Except as set forth in the last sentence of
this Section 5.2(a), if an Event of Default should occur and be
continuing, then and in every such case the Indenture Trustee may, or if
directed by the Noteholders representing not less than a majority of the Note
Balance of the Controlling Class shall, or the Noteholders of at least a
majority of the Note Balance of the Controlling Class may declare all the Notes
to be immediately due and payable, by a notice in writing to the Issuer (and to
the Indenture Trustee if given by Noteholders), and upon any such declaration
the unpaid Note Balance of such Notes, together with accrued and unpaid
interest thereon through the date of acceleration, shall become immediately due
and payable. For the avoidance of doubt, except as set forth in the following
sentence, if an Event of Default should occur and be continuing, and all
distributions pursuant to clause (i) though (ix) of Section
4.4 of the Sale and Servicing Agreement can be made, the Noteholders may
elect not to declare all of the Notes to be immediately due and payable. If an
Event of Default specified in Section 5.1(e) occurs, all unpaid
principal, together with all accrued and unpaid interest thereon, of all Notes,
and all other amounts payable hereunder, shall automatically become due and
payable without any declaration or other act on the part of the Indenture
Trustee or any Noteholder. 

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

21

	
 

	
 

	
 

	
          (i)
 the Issuer has paid or deposited with the Indenture Trustee a sum sufficient
 to pay (A) all payments of principal of and interest on all Notes and all
 other amounts that would then be due hereunder or upon such Notes if the
 Event of Default giving rise to such acceleration had not occurred, and (B)
 all sums paid or advanced by the Indenture Trustee hereunder and the
 reasonable compensation, expenses, disbursements and advances of the
 Indenture Trustee and its agents and counsel; and 

	
 

	
 

	
 

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

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

          If
the Notes have been declared due and payable or have automatically become due
and payable following an Event of Default, the Indenture Trustee may institute
Proceedings to collect amounts due, exercise remedies as a secured party
(including foreclosure or sale of the Collateral) or elect to maintain the
Collateral and continue to apply the proceeds from the Collateral as if there
had been no declaration of acceleration. Any sale of the Collateral by the
Indenture Trustee will be subject to the terms and conditions of Section 5.4.

          SECTION
5.3 Collection of Indebtedness and Suits for
Enforcement by the Indenture Trustee. (a) The Issuer covenants that
if (i) default is made in the payment of 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 Business Days or more, or (ii) default is made
in the payment of the principal of any Note at the related Final Scheduled
Payment Date or the Redemption Date, the Issuer will, upon demand of the
Indenture Trustee in writing as directed by a majority of the Note Balance of
the Controlling Class, pay to the Indenture Trustee, for the benefit of the
Holders of the Notes, the whole amount then due and payable on such Notes for
principal and interest, with interest upon the overdue principal, and, to the
extent payment at such rate of interest shall be legally enforceable, upon
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.

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

          (c)
If an Event of Default shall have occurred and is continuing, the Indenture
Trustee may, as more particularly provided in Section 5.4, in its
discretion, proceed to protect and enforce its rights and the rights of the
Noteholders, by such appropriate Proceedings as the Indenture Trustee shall
deem most effective to protect and enforce any such rights, whether for 

22

the specific
enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy or
legal or equitable right vested in the Indenture Trustee by this Indenture or
by law. 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

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

23

Trustee except
as a result of negligence, bad faith or willful misconduct, and any other
amounts due the Indenture Trustee under Section 6.7. 

          (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 Holders of the Notes, to the extent set forth in Section
5.4(b). 

          (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. 

          SECTION
5.4 Remedies; Priorities. (a) If
an Event of Default shall have occurred and be continuing, the Indenture
Trustee may, or at the direction of Noteholders representing not less than a
majority of the Note Balance of the Controlling Class shall, do one or more of
the following (subject to Sections 5.2 and 5.5): 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iii)
 exercise any other 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)
 subject to Section 5.17, after an acceleration of the maturity of the
 Notes pursuant to Section 5.2, sell the Collateral or any portion
 thereof or rights or interest therein, at one or more public or private sales
 called and conducted in any manner permitted by law; 

provided, however, that the Indenture Trustee may
not sell or otherwise liquidate the Collateral following an Event of Default
unless (A) the Holders of 100% of the Note Balance of the 

24

Controlling
Class have consented to such liquidation, (B) the proceeds of such sale or liquidation
are sufficient to pay in full the principal of and the accrued interest on the
Outstanding Notes or (C) the default relates to the failure to pay interest or
principal when due (a “Payment Default”) and the Indenture Trustee
determines (but shall have no obligation to make such determination) that the
Collections on the Receivables will not be sufficient on an ongoing basis to
make all payments on the Notes as they would have become due if the Notes had
not been declared due and payable, and the Indenture Trustee obtains the
consent of the Holders of 66-2/3% of the Note Balance of the Controlling Class.
In determining such sufficiency or insufficiency with respect to clauses (B)
and (C) of the preceding sentence, 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.
Notwithstanding anything herein to the contrary, if the Event of Default does
not relate to a Payment Default or Insolvency Event with respect to the Issuer,
the Indenture Trustee may not sell or otherwise liquidate the Trust Estate
unless the Holders of all Outstanding Notes consent to such sale or the
proceeds of such sale are sufficient to pay in full the principal of and
accrued interest on the Outstanding Notes. 

          (b)
Notwithstanding the provisions of Section 8.2 of this Indenture or Section
4.4 of the Sale and Servicing Agreement, if the Indenture Trustee collects
any money or property pursuant to this Article V, it shall pay out such
money or property (and other amounts, including all amounts held on deposit in
the Reserve Account) held as Collateral for the benefit of the Noteholders (net
of liquidation costs associated with the sale of the Trust Estate) in the
following order of priority: 

	
 

	
 

	
 

	
 

	
          (i)
 first, to the Indenture Trustee
 and the Owner Trustee, any accrued and unpaid fees, (including any unpaid
 Indenture Trustee or the Owner Trustee fees with respect to prior periods)
 and expenses and indemnity payments which have not previously been paid; 

	
 

	
 

	
 

	
 

	
          (ii)
 second, to the Servicer (or any
 predecessor Servicer, if applicable), for reimbursement of all outstanding
 Advances; 

	
 

	
 

	
 

	
 

	
          (iii)
 third, to the Servicer, the
 Servicing Fee and all unpaid Servicing Fees with respect to prior Collection
 Periods; 

	
 

	
 

	
 

	
 

	
          (iv)
 fourth, pro rata, based on
 amounts due to the Class A Noteholders, for payment to each respective Class
 of Class A Noteholders, the Accrued Class A Note Interest; provided, that if there are not
 sufficient funds available to pay the entire amount of the Accrued Class A
 Note Interest, the amount available shall be applied to the payment of such
 interest on each Class of Class A Notes on a pro rata basis based on the
 amount of interest payable to each Class of Class A Notes; 

	
 

	
 

	
 

	
 

	
          (v)
 fifth, if an Event of Default
 described in Section 5.1(a), (b) or (e) has occurred, in
 the following order of priority:

	
 

	
 

	
 

	
 

	
 

	
          (a)
 to the Holders of the Class A-1 Notes in respect of principal thereon until
 the Class A-1 Notes have been paid in full; 

25

	
 

	
 

	
 

	
 

	
 

	
          (b)
 to the Holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes,
 in respect of principal thereon, on a pro rata basis (based on the Note
 Balance of each Class on such Payment Date), until all Classes of the Class A
 Notes have been paid in full; 

	
 

	
 

	
 

	
 

	
 

	
          (c)
 to the Holders of the Class B Notes, the Accrued Class B Note Interest; and 

	
 

	
 

	
 

	
 

	
 

	
          (d)
 to the Holders of the Class B Notes in respect of principal thereon until the
 Class B Notes have been paid in full; 

	
 

	
 

	
 

	
 

	
          (vi)
 sixth, if an Event of Default
 described in Section 5.1(c) or (d) has occurred, in the
 following order of priority: 

	
 

	
 

	
 

	
 

	
 

	
          (a)
 to the Holders of the Class B Notes, the Accrued Class B Note Interest; 

	
 

	
 

	
 

	
 

	
 

	
          (b)
 to the Holders of the Class A-1 Notes in respect of principal thereof until
 the Class A-1 Notes have been paid in full; 

	
 

	
 

	
 

	
 

	
 

	
          (c)
 to the Holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes,
 in respect of principal thereon, on a pro rata basis (based on the Note
 Balance of each Class on such Payment Date), until all Classes of the Class A
 Notes have been paid in full; and 

	
 

	
 

	
 

	
 

	
 

	
          (d)
 to the Holders of the Class B Notes in respect of principal thereon until the
 Class B Notes have been paid in full; 

	
 

	
 

	
 

	
 

	
          (vii)
 seventh, to the Indenture
 Trustee and the Owner Trustee, any accrued and unpaid fees, reasonable
 expenses and indemnity payments which have not previously been paid; and 

	
 

	
 

	
 

	
 

	
          (viii)
 eighth, to the Servicer, legal
 expenses and costs incurred pursuant to Section 6.4 (b) of the Sale
 and Servicing Agreement; and 

	
 

	
 

	
 

	
 

	
          (ix)
 ninth, any remaining funds
 shall be distributed to or at the direction of the Certificateholder. 

          The
Indenture Trustee may fix a record date and payment date for any payment to Noteholders
pursuant to this Section 5.4. At least 15 days before such record date, the
Issuer shall mail to each Noteholder and the Indenture Trustee a notice that
states the record date, the payment date and the amount to be paid. 

          If
the Notes have not been accelerated because of an Event of Default, if the
Indenture Trustee collects any money or property pursuant to this Article V,
such amounts shall be deposited into the Collection Account and distributed in
accordance with Section 4.4 of the Sale and Servicing Agreement and Section
8.2 hereof. 

26

          SECTION
5.5 Optional Preservation of the Collateral.
If the Notes have been declared or are automatically due and payable under Section
5.2 following an Event of Default and such declaration or automatic
occurrence and its consequences have not been rescinded and annulled, if
permitted hereunder, the Indenture Trustee may, but need not, elect to maintain
possession of the Trust Estate and continue to apply the proceeds thereof in
accordance with Section 5.4(b). It is the intent of the parties hereto
and the Noteholders that there be at all times sufficient funds for the payment
of principal of and interest on the Notes, and the Indenture Trustee shall take
such intent into account when determining whether or not to maintain possession
of the Collateral. In determining whether to maintain possession of the
Collateral, the Indenture Trustee may (at other than its own expense), but need
not, obtain and rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Collateral for such purpose. 

          SECTION
5.6 Limitation of Suits. (a) No
Holder of any Note shall have any right to institute any Proceeding, judicial
or otherwise, with respect to this Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless: 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (ii)
 the Holders of not less than 25% of the 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 the
 Indenture Trustee hereunder; 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

No Noteholder
or group of 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 each case, to the extent and in the manner herein
provided. 

          In
the event the Indenture Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Noteholders, each
representing less than a majority of the Note Balance of the Controlling Class,
the Indenture Trustee shall act at the direction of the group of Noteholders
representing the greater Note Balance of the Controlling Class. If the
Indenture Trustee receives conflicting or inconsistent requests and indemnity
from two or more groups of Noteholders representing equal Note Balances of the
Controlling Class, the Indenture 

27

Trustee in its
sole discretion may determine what action, if any, shall be taken,
notwithstanding any other provisions of this Indenture. 

          (b)
No Noteholder shall have any right to vote except as provided pursuant to this
Indenture and the Notes, nor any right in any manner to otherwise control the
operation and management of the Issuer. However, in connection with any action
as to which Noteholders are entitled to vote or consent under this Indenture
and the Notes, the Issuer may set a record date for purposes of determining the
identity of Noteholders entitled to vote or consent in accordance with TIA
Section 316(c). 

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

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

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

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

          SECTION
5.11 Control by Noteholders.
Subject to the provisions of Sections 5.4, 5.6, 6.2(d) and
6.2(e), Noteholders holding not less than a majority of the Note Balance
of the Controlling Class, shall have the right to direct the time, method and
place of conducting any 

28

Proceeding for
any remedy available to the Indenture Trustee with respect to the Notes or with
respect to the exercise of any trust or power conferred on the Indenture
Trustee; provided, that 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (b)
 subject to the express terms of the proviso and the last sentence of Section
 5.4(a), any direction to the Indenture Trustee to sell or liquidate the
 Trust Estate shall be by the Holders of Notes representing not less than 100%
 of the Outstanding Note Balance unless the proceeds of such sale are
 sufficient to pay in full the principal of and accrued interest on the
 Outstanding Notes; 

	
 

	
 

	
 

	
          (c)
 if the conditions set forth in Section 5.5 have been satisfied and the
 Indenture Trustee elects to retain the Trust Estate pursuant to such Section,
 then any direction to the Indenture Trustee by Holders of Notes representing
 less than 100% of the Outstanding Note Balance to sell or liquidate the Trust
 Estate shall be of no force and effect; 

	
 

	
 

	
 

	
          (d)
 the Indenture Trustee may take any other action deemed proper by the
 Indenture Trustee that is not inconsistent with such direction, applicable
 law and the terms of this Indenture; and 

	
 

	
 

	
 

	
          (e)
 such direction shall be in writing; 

provided, further, that, subject to Section 6.1,
the Indenture Trustee need not take any action that it determines might expose
it to personal liability or might materially adversely affect or unduly
prejudice 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 5.2, the Holders of Notes of not less than a
majority of the Note Balance of the Controlling Class, may waive any past
Default or Event of Default and its consequences except a Default (a) in
payment of principal of or interest on any of the Notes, (b) in respect of a
covenant or provision hereof which cannot be modified or amended without the
consent of each Noteholder or (c) arising from an Insolvency Event with respect
to the Issuer. In the case of any such waiver, the Issuer, the Indenture
Trustee and the Noteholders shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any subsequent
or other Default or Event of Default or impair any right consequent thereto. 

          Upon
any such waiver, such Default 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
prior, subsequent or other Default or Event of Default or impair any right
consequent thereto. 

          SECTION
5.13 Undertaking for Costs. All
parties to this Indenture agree, and each Noteholder by such Noteholder’s
acceptance 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 

29

this
Indenture, or in any suit against the Indenture Trustee for any action taken,
suffered or omitted by it as the Indenture Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that
such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to (a) any suit
instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder,
or group of Noteholders, in each case holding in the aggregate more than 10% of
the Outstanding Note Balance or (c) any suit instituted by any Noteholder for
the enforcement of the payment of principal of or interest on any Note on or
after the respective due dates expressed in such Note and in this Indenture
(or, in the case of redemption, on or after the Redemption Date). 

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

          SECTION
5.15 Action on Notes. The
Indenture Trustee’s right to seek and recover judgment on the Notes or under
this Indenture shall not be affected by the seeking, obtaining or application
of any other relief under or with respect to this Indenture. Neither the lien
of this Indenture nor any rights or remedies of the Indenture Trustee or the
Noteholders shall be impaired by the recovery of any judgment by the Indenture
Trustee against the Issuer or by the levy of any execution under such judgment
upon any portion of the 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 5.4(b), if the maturity of the Notes has been
accelerated pursuant to Section 5.2, or Section 4.4 of the Sale
and Servicing Agreement and Section 8.2 of this Indenture, if the
maturity of the Notes has not been accelerated. 

          SECTION
5.16 Performance and Enforcement of Certain
Obligations. (a) Promptly following a request from the Indenture
Trustee to do so, the Issuer shall take all such lawful action as the Indenture
Trustee may request to compel or secure the performance and observance (i) by
the Seller and the Servicer, as applicable, of each of their obligations to the
Issuer under or in connection with the Sale and Servicing Agreement, or (ii) by
the Seller or the Bank, as applicable, of each of their obligations under or in
connection with the Purchase Agreement, in each case, in accordance with the
terms thereof, and to exercise any and all rights, remedies, powers and
privileges lawfully available to the Issuer under or in connection with the
Sale and Servicing Agreement and the Purchase Agreement, as the case may be, to
the extent and in the manner directed by the Indenture Trustee, including the
transmission of notices of default on the part of the Seller, the Servicer or
the Bank thereunder and the institution of legal or administrative actions or
Proceedings to compel or secure performance by the Seller or the Servicer of
each of their obligations under the Sale and Servicing Agreement or by the
Seller or the Bank, as applicable, of each of their obligations under or in
connection with the Purchase Agreement. 

30

          (b)
If an Event of Default has occurred and is continuing, the Indenture Trustee
may, and, at the direction (which direction shall be in writing) of the Holders
of a majority of the Note Balance of the Controlling Class shall, exercise all
rights, remedies, powers, privileges and claims of the Issuer against the Seller
or the Servicer under or in connection with the Sale and Servicing Agreement or
against the Seller or the Bank under the Purchase Agreement, including the
right or power to take any action to compel or secure performance or observance
by the Seller, the Servicer or the Bank of each of their obligations to the
Issuer thereunder and to give any consent, request, notice, direction,
approval, extension or waiver under the Sale and Servicing Agreement or the
Purchase Agreement, as applicable, and any right of the Issuer to take such
action shall be suspended. 

          SECTION
5.17 Sale of Collateral. If the
Indenture Trustee acts to sell the Collateral or any part thereof, pursuant to Section
5.4(a), the Indenture Trustee or its agent shall publish a notice in an
Authorized Newspaper stating that the Indenture Trustee or its agent intends to
effect such a sale in a commercially reasonable manner and on commercially
reasonable terms, which shall include the solicitation of competitive bids.
Following such publication, the Indenture Trustee or its agent shall, unless
otherwise prohibited by applicable law from any such action, sell the
Collateral or any part thereof, in such manner and on such terms as provided
above to the highest bidder, provided,
however, that the Indenture
Trustee or its agent may from time to time postpone any sale by public
announcement made at the time and place of such sale. The Indenture Trustee or
its agent shall give notice to the Seller and the Servicer of any proposed
sale, and the Seller, the Servicer or any Affiliate thereof shall be permitted
to bid for the Collateral at any such sale. The Indenture Trustee or its agent
may obtain a prior determination from a conservator, receiver or trustee in
bankruptcy of the Issuer that the terms and manner of any proposed sale are
commercially reasonable. The power to effect any sale of any portion of the
Collateral pursuant to Section 5.4 and this Section 5.17 shall
not be exhausted by any one or more sales as to any portion of the Collateral remaining
unsold, but shall continue unimpaired until the entire Collateral shall have
been sold or all amounts payable on the Notes shall have been paid. The
Indenture Trustee may utilize an agent at other than its own expense for the
purpose of conducting any sale of Collateral hereunder. 

ARTICLE VI THE INDENTURE TRUSTEE

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

          (b)
Except during 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 the other Transaction
 Documents to which it is a party and no implied covenants or obligations
 shall be read into this Indenture or the other Transaction Documents 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 

31

	
 

	
 

	
 

	
therein,
 upon certificates or opinions furnished to the Indenture Trustee and
 conforming to the requirements of this Indenture; but in the case of any such
 certificates or opinions which by any provisions hereof are specifically
 required to be furnished to the Indenture Trustee, the Indenture Trustee
 shall examine the certificates and opinions to determine whether or not they
 conform to the requirements of this Indenture (but need not confirm or
 investigate the accuracy of mathematical calculations or other facts stated
 therein). 

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

	
 

	
 

	
 

	
          (i)
 this paragraph does not limit the effect of paragraph (b) of this
 Section 6.1; 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (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 from
 Noteholders in accordance with the terms of this Indenture Section 5.11;
 and 

	
 

	
 

	
 

	
          (iv)
 the Indenture Trustee shall have no duty (A) to see to any recording, filing,
 or depositing of this Indenture or any agreement referred to herein or any
 financing statement or continuation statement evidencing a security interest,
 or to see to the maintenance of any such recording or filing or depositing or
 to any re-recording, refiling or redepositing of any thereof, (B) to see to
 any insurance, (C) to see to the payment or discharge of any tax, assessment,
 or other governmental charge or any lien or encumbrance of any kind owing
 with respect to, assessed or levied against, any part of the Trust Estate
 other than as directed by the Servicer or the Administrator, in either case,
 from funds available in the Collection Account, (D) except as otherwise set
 forth in Section 6.1(b)(ii), to confirm or verify the contents of any
 reports or certificates of the Servicer delivered to the Indenture Trustee
 pursuant to this Indenture believed by the Indenture Trustee to be genuine
 and to have been signed or presented by the proper party or parties, or (E)
 to execute any certificates or other documents required pursuant to the
 Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated
 thereunder, except with respect to the back-up certification provided
 pursuant to Section 9.21 of the Sale and Servicing Agreement. 

          (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 6.1. 

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

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

32

          (g)
No provision of this Indenture or any other Transaction Document 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
thereunder or in the exercise of any of its rights or powers, if it shall have
reasonable grounds to believe that repayment of such funds or indemnity
satisfactory to it against such risk or liability is not reasonably assured to
it, and none of the provisions contained in this Indenture shall in any event
require the Indenture Trustee to perform, or be responsible for the manner of performance
of, any of the obligations of the Servicer under this Indenture except during
such time, if any, as the Indenture Trustee shall be the successor to, and be
vested with the rights, duties, powers and privileges of the Servicer in
accordance with the terms of this Indenture. 

          (h)
Every provision of this Indenture and each other Transaction Document 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 take all actions required to be taken by the
Indenture Trustee under the Sale and Servicing Agreement. 

          SECTION
6.2 Rights of the Indenture Trustee.
Subject to the provisions of Section 6.1: 

          (a)
The Indenture Trustee may conclusively rely on any resolution, certification,
statement, opinion, report, notice, request, direction, consent, order, bond,
debenture or other paper or document believed by it to be genuine and to have
been signed or presented by the proper Person. The Indenture Trustee need not
investigate any fact or matter stated in the document. 

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

          (c)
The Indenture Trustee may execute any of the trusts or powers hereunder or
under any of the Transaction Documents to which the Indenture Trustee is a
party or perform any duties hereunder or under any of the Transaction Documents
to which the Indenture Trustee is a party either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall
not be responsible for any misconduct or negligence on the part of, or for the
supervision of, the Administrator, any co-trustee or separate trustee appointed
in accordance with the provisions of Section 6.10, or any other 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 reasonably believes to be authorized or within
discretion or rights or powers conferred upon it by this Indenture; provided, however,
that the Indenture Trustee’s conduct does not constitute willful misconduct,
negligence or bad faith. 

          (e)
The Indenture Trustee may consult with counsel, and the advice or opinion of
counsel with respect to legal matters relating to this Indenture, the Notes and
any Transaction Documents to which the Indenture Trustee is a party shall be
full and complete authorization and protection 

33

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 or to institute, conduct or
defend any litigation under this Indenture or in relation to this Indenture or
to honor the request or direction of any of the Noteholders pursuant to this
Indenture unless such Noteholders shall have offered to the Indenture Trustee
reasonable security or indemnity satisfactory to the Indenture Trustee against
the reasonable costs, expenses, disbursements, advances and liabilities that
might be incurred by it, its agents and its counsel in compliance with such
request or direction. 

          (g)
The Indenture Trustee shall not be deemed to have notice of any Default or
Event of Default unless a Responsible Officer of the Indenture Trustee has
actual knowledge thereof or unless written notice of any event which is in fact
such a default is received by the Indenture Trustee at the Corporate Trust
Office of the Indenture Trustee, and such notice references the Notes and this
Indenture. 

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

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

          SECTION
6.3 Individual Rights of the Indenture
Trustee. Subject to Section 310 of the TIA, the Indenture Trustee in
its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Seller, the Owner Trustee, the Administrator
and their respective Affiliates with the same rights it would have if it were
not the Indenture Trustee, and the Seller, the Owner Trustee, the Administrator
and their respective Affiliates may maintain normal commercial banking and
investment banking relationships with the Indenture Trustee and its Affiliates.
Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or
separate trustee may do the same with like rights. However, the Indenture
Trustee must comply with Section 6.11. 

          SECTION
6.4 The Indenture Trustee’s Disclaimer.
The Indenture Trustee shall not be responsible for and makes no representation
as to the validity or adequacy of this Indenture, the Notes or the other
Transaction Documents, shall not be accountable for the Issuer’s use of the
proceeds from the Notes, and shall not be responsible for any statement or
omission of the Issuer in the Indenture or the other Transaction Documents or
in any document issued in connection with the sale of the Notes or in the
Notes, all of which shall be taken as the statements of the Issuer, other than
the Indenture Trustee’s certificate of authentication. 

          SECTION
6.5 Notice of Defaults. If a
Default occurs and is continuing and if it is either actually known by a
Responsible Officer of the Indenture Trustee or written notice of the existence
thereof has been delivered to a Responsible Officer of the Indenture Trustee,
the Indenture Trustee shall mail to each Noteholder and the Rating Agencies
notice of the Default within 90 days after such knowledge or notice occurs.
Except in the case of a Default in 

34

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

          SECTION
6.6 Reports by the Indenture Trustee to
Noteholders. Upon delivery from the Servicer, the Indenture Trustee,
at the expense of the Issuer, shall deliver by mail, e-mail, courier, fax or
the Indenture Trustee’s website at www.bnyinvestorreporting.com or such other
website address as is provided by the Indenture Trustee to each Noteholder, not
later than the latest date permitted by law, such information as may be
required by law to enable such Holder to prepare its federal and state income
tax returns. 

          SECTION
6.7 Compensation and Indemnity.
The Issuer shall cause the Servicer pursuant to the Sale and Servicing
Agreement to agree, (i) to pay to the Indenture Trustee from time to time such
compensation as the Servicer and the Indenture Trustee shall from time to time
agree in writing for services rendered by the Indenture Trustee hereunder in
accordance with a fee letter between the Servicer and the Indenture Trustee,
(ii) to reimburse the Indenture Trustee for all reasonable expenses, advances
and disbursements incurred by it in connection with the performance of its
duties as Indenture Trustee and (iii) to indemnify the Indenture Trustee, its
directors, officers and agents for, and hold it harmless against, any and all
loss, liability or expense (including reasonable attorneys’ fees and
disbursements) incurred by it in connection with the administration of the
trust or trusts hereunder or the performance of its duties as Indenture
Trustee, including but not limited to the costs and expenses of defending
itself against any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder. The Indenture Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Indenture Trustee shall notify the Issuer and the Servicer
promptly of any claim for which it may seek indemnity. Failure by the Indenture
Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer
or the Servicer of its obligations hereunder. The Issuer shall, or shall cause
the Servicer to, defend any such claim, and the Indenture Trustee may have
separate counsel and the Issuer shall, or shall cause the Servicer to, pay the
fees and expenses of such counsel. The Indenture Trustee shall not be
indemnified by the Administrator, the Issuer, the Seller or the Servicer
against any loss, liability or expense incurred by it or arising from (i) The
Bank of New York Mellon’s own willful misconduct, negligence or bad faith, (ii)
the inaccuracy of any representation or warranty expressly made by The Bank of
New York Mellon in its individual capacity or any representation or warranty
made by The Bank of New York Mellon in accordance with Sections 9.20, 9.21
or 9.22 of the Sale and Servicing Agreement or (iii) taxes, fees or
other charges on, based on or measured by, any fees, commissions or compensation
received by the Indenture Trustee. 

          The
compensation and indemnity obligations to the Indenture Trustee pursuant to
this Section shall survive the resignation or removal of the Indenture Trustee
and the discharge of this Indenture. When the Indenture Trustee incurs expenses
after the occurrence of an Event of Default set forth in Section 5.1(e)
with respect to the Issuer, the expenses are intended to constitute expenses of
administration under the Bankruptcy Code or any other applicable federal or
state bankruptcy, insolvency or similar law. 

35

          SECTION
6.8 Removal, Resignation and Replacement of
the Indenture Trustee. The Indenture Trustee may resign at any time
by so notifying the Issuer, the Administrator, the Servicer and each Rating
Agency. The Holders of a majority of the Note Balance of the Controlling Class
may remove the Indenture Trustee without cause by so notifying the Indenture
Trustee and the Issuer, and following that removal may appoint a successor to
the Indenture Trustee. The Issuer shall cause the Administrator to remove the
Indenture Trustee if: 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

          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 Issuer
shall cause the Administrator to promptly appoint a successor Indenture Trustee
which satisfies the requirements set forth in Section 6.11. 

          A
successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the
resignation or removal of the retiring Indenture Trustee shall become
effective, and the successor Indenture Trustee, without any further act, deed
or conveyance, shall have all the rights, powers and duties of the Indenture
Trustee under this Indenture subject to satisfaction of the Rating Agency
Condition. The successor Indenture Trustee shall mail a notice of its
succession to Noteholders. The retiring Indenture Trustee shall promptly
transfer all property held by it as the Indenture Trustee to the successor
Indenture Trustee. 

          If
a successor Indenture Trustee does not take office within 60 days after the
retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuer or the Holders of a majority of the Note Balance of the
Controlling Class may petition any court of competent jurisdiction, at the
expense of the Issuer, for the appointment of a successor Indenture Trustee. 

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

          Any
resignation or removal of the Indenture Trustee and appointment of a successor
Indenture Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Indenture
Trustee pursuant to this Section 6.8 and payment of all fees and
expenses owed to the retiring Indenture Trustee. 

          The
Indenture Trustee shall not be liable for the acts or omissions of any
successor Indenture Trustee. 

36

          SECTION
6.9 Successor Indenture Trustee by Merger.
Subject to Section 6.11, if the Indenture Trustee consolidates with,
merges or converts into, or transfers all or substantially all its corporate
trust business or assets to, another corporation or banking association, the
resulting, surviving or transferee corporation without any further act shall be
the successor Indenture Trustee, provided,
that such corporation or banking association shall be otherwise qualified and
eligible under Section 6.11. The Indenture Trustee shall provide each
Rating Agency and the Administrator written notice of any such consolidation,
merger, conversion or transfer within one Business Day of the effectiveness of
such transaction. 

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

          SECTION
6.10 Appointment of Co-Indenture Trustee or
Separate Indenture Trustee. (a) Notwithstanding any other provisions
of this Indenture, at any time, after delivering written notice to the
Administrator, 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 all instruments to appoint one or more Persons to
act as a co-trustee or co-trustees, or separate trustee or separate trustees,
of all or any part of the 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 hereof, and, subject to the other provisions of this
Section, such powers, duties, obligations, rights and trusts as the Indenture
Trustee and the Administrator may consider necessary or desirable. No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 6.11 and no notice to
Noteholders of the appointment of any co-trustee or separate trustee shall be
required under Section 6.8. 

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

	
 

	
 

	
 

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

37

	
 

	
 

	
 

	
          (ii)
 no separate trustee or co-trustee hereunder shall be personally liable by
 reason of any act or omission of any other trustee hereunder, including acts
 or omissions of predecessor or successor trustees; and 

	
 

	
 

	
 

	
          (iii)
 the Indenture Trustee and the Administrator may at any time accept the
 resignation of or, acting jointly, 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 separate trustees and co-trustees, as
effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Indenture and the conditions
of this Article VI. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Indenture Trustee or separately, as may be provided therein, subject to all the
provisions of this Indenture, specifically including every provision of this
Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument shall be filed with
the Indenture Trustee 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 not prohibited by law, to do any lawful act under or in respect of this
Indenture on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all 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. Notwithstanding anything to the
contrary in this Indenture, the appointment of any separate trustee or
co-trustee shall not relieve the Indenture Trustee of its obligations and
duties under this Indenture. 

          SECTION
6.11 Eligibility; Disqualification.
The Indenture Trustee shall at all times satisfy the requirements of TIA
Section 310(a) and, in addition, 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 or better
by each Rating Agency or shall otherwise be acceptable to each Rating Agency.
The Indenture Trustee shall also satisfy the requirements of TIA Section
310(b). Neither the Issuer nor any Affiliate of the Issuer may serve as
Indenture Trustee. 

          SECTION
6.12 Preferential Collection of Claims
Against the Issuer. The Indenture Trustee shall comply with TIA
Section 311(a), excluding any creditor relationship listed in TIA Section 311(b).
Any 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.
The Indenture Trustee hereby makes the following representations and warranties
on which the Issuer and the Noteholders shall rely: 

	
 

	
 

	
 

	
          (i)
 the Indenture Trustee is a banking corporation duly organized, validly
 existing and in good standing under the laws of the State of New York; and 

38

	
 

	
 

	
 

	
          (ii)
 the Indenture Trustee has full power, authority and legal right to execute,
 deliver, and perform this Indenture and shall have taken all necessary action
 to authorize the execution, delivery and performance by it of this Indenture.
 

ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS

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

          SECTION
7.2 Preservation of Information;
Communications to Noteholders. (a) The Indenture Trustee shall
preserve, in as current a form as is reasonably practicable, the names and
addresses of the Noteholders contained in the most recent list furnished to the
Indenture Trustee as provided in Section 7.1 and the names and addresses
of Noteholders received by the Indenture Trustee in its capacity as the Note
Registrar. The Indenture Trustee may destroy any list furnished to it as
provided in such Section 7.1 upon receipt of a new list so furnished; 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 preserved or
maintained. 

          (b)
The Noteholders may communicate pursuant to TIA Section 312(b) with other
Noteholders with respect to their rights under this Indenture or under the
Notes. Upon receipt by the Indenture Trustee of any request by three or more
Noteholders or by one or more Noteholders of Notes evidencing not less than 25%
of the Outstanding Note Balance to receive a copy of the current list of
Noteholders (whether or not made pursuant to TIA Section 312(b)), the Indenture
Trustee shall promptly notify the Administrator thereof by providing to the
Administrator a copy of such request and a copy of the list of Noteholders
produced in response thereto. 

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

          SECTION
7.3 Reports by the Indenture Trustee.
If required by TIA Section 313(a), within 60 days after each March 31,
beginning with March 31, 2010, the Indenture Trustee shall mail to each
Noteholder as required by TIA Section 313(c), a brief report dated as of such
date that complies with TIA Section 313(a). The Indenture Trustee also shall
comply with TIA Section 313(b). A copy of each report at the time of its
mailing to Noteholders shall be filed by the Indenture Trustee with the
Commission and each stock exchange, if any, on which the Notes are listed. The
Issuer shall notify the Indenture Trustee if and when the Notes are listed on
any stock exchange. 

39

ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND
RELEASES

          SECTION
8.1 Collection of Money. Except
as otherwise expressly provided herein, the Indenture Trustee may demand
payment or delivery of, and shall receive and collect, directly and without
intervention or assistance of any fiscal agent or other intermediary, all money
and other property payable to or receivable by the Indenture Trustee pursuant
to this Indenture and the 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 Collateral, the Indenture
Trustee may take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate
Proceedings. Any such action shall be without prejudice to any right to claim a
Default or Event of Default under this Indenture and any right to proceed
thereafter as provided in Article V. 

          SECTION
8.2 Trust Accounts. (a) On or
prior to the Closing Date, the Issuer shall cause the Servicer to establish, in
the name of Indenture Trustee, the Trust Accounts as provided in Section 4.1
of the Sale and Servicing Agreement. 

          (b)
On or before each Payment Date, the Issuer shall cause (i) the Servicer to
deposit all Collections and Advances and (ii) the Servicer, the Seller or the
Bank, as applicable, to deposit all Repurchase Prices with respect to the
Collection Period preceding such Payment Date in the Collection Account as
provided in the Sale and Servicing Agreement. On or before each Payment Date,
all amounts required to be withdrawn from the Reserve Account and deposited in
the Collection Account pursuant to Section 4.3 of the Sale and Servicing
Agreement shall be withdrawn by the Indenture Trustee from the Reserve Account
and deposited to the Collection Account. 

          (c)
If the Notes have not been accelerated because of an Event of Default, then on
each Payment Date and the Redemption Date, the Indenture Trustee shall
distribute all amounts on deposit in the Principal Distribution Account to
Noteholders in respect of principal of the Notes to the extent of the funds
therein in the following order of priority: 

	
 

	
 

	
 

	
          (i)
 first, to the Holders of the
 Class A-1 Notes, until the Class A-1 Notes are paid in full; 

	
 

	
 

	
 

	
          (ii)
 second, to the Holders of the
 Class A-2 Notes, until the Class A-2 Notes are paid in full; 

	
 

	
 

	
 

	
          (iii)
 third, to the Holders of the
 Class A-3 Notes, until the Class A-3 Notes are paid in full; 

	
 

	
 

	
 

	
          (iv)
 fourth, to the Holders of the
 Class A-4 Notes, until the Class A-4 Notes are paid in full; and 

	
 

	
 

	
 

	
          (v)
 fifth, to the Holders of the
 Class B Notes, until the Class B Notes are paid in full. 

40

          SECTION
8.3 General Provisions Regarding Accounts.
(a) The funds in the Trust Accounts shall be invested in Permitted Investments
in accordance with and subject to Section 4.1(b) of the Sale and
Servicing Agreement and all interest and investment income (net of losses and
investment expenses) on funds on deposit (i) in the Collection Account shall be
distributed in accordance with the provisions of Section 3.7 of the Sale
and Servicing Agreement and (ii) in the Reserve Account shall be distributed in
accordance with the provisions of Sections 4.3(b) and (d) of the Sale
and Servicing Agreement. The Indenture Trustee shall not be directed to make
any investment of any funds or to sell any investment held in any of the Trust
Accounts unless the security interest Granted and perfected in such account
will continue to be perfected in such investment or the proceeds of such sale,
in either case without any further action by any Person. 

          (b)
Subject to Section 6.1(c), the Indenture Trustee shall not in any way be
held liable by reason of any insufficiency in any of the Trust Accounts
resulting from any loss on any Permitted Investment included therein, except
for losses attributable to the Indenture Trustee’s failure to make payments on
any such Permitted 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) investment directions shall not have been given in writing by the
Servicer in accordance with Section 4.1(b) of the Sale and Servicing
Agreement for any funds on deposit in the Trust Accounts to the Indenture
Trustee by 11:00 a.m., New York City time (or such other time as may be agreed
by the Servicer and the Indenture Trustee), on any Business Day or (ii) a
Default or Event of Default shall have occurred and be continuing with respect
to the Notes but the Notes shall not have been declared due and payable
pursuant to Section 5.2 or (iii) if the Notes shall have been declared
due and payable following an Event of Default and amounts collected or received
from the Trust Estate are being applied in accordance with Section 5.4 as
if there had not been such a declaration, then the Indenture Trustee shall, to
the fullest extent practicable, invest and reinvest funds in the Trust Accounts
in one or more Permitted Investments in accordance with the standing
instructions most recently given by the Servicer or should that for any reason
not be possible such funds shall be held uninvested. 

          SECTION
8.4 Release of Collateral. (a)
The Indenture Trustee may if permitted by and in accordance with the terms
hereof, 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 or such other
document. No party relying upon an instrument executed by the Indenture Trustee
as provided in this Article VIII shall be bound to ascertain the
Indenture Trustee’s authority, inquire into the satisfaction of any conditions
precedent or see to the application of any monies. 

          (b)
The Indenture Trustee shall, at such time as there are no Notes Outstanding and
all amounts due to the Indenture Trustee have been paid pursuant to Section
6.7 (as certified by an Authorized Officer of the Issuer in an Officer’s
Certificate delivered to the Indenture Trustee), release any remaining portion
of the Collateral that secured the Notes from the lien of this Indenture and
release to the Issuer or any other Person entitled thereto any funds then on
deposit in the Trust Accounts. Such release shall include release of the lien
of this Indenture and transfer of dominion and control over the Trust Accounts
to the Issuer or its designee. The Indenture Trustee shall release property
from the lien of this Indenture pursuant to this Section only upon 

41

receipt of an
Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel
and (if required by the TIA) Independent Certificates in accordance with TIA
Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section
11.1. 

          Each
Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note
Owner, a beneficial interest in a Note, acknowledges that from time to time the
Indenture Trustee shall release the lien of this Indenture (or shall be deemed
to automatically release the lien of this Indenture without any further action)
on any Receivable to be sold to (i) the Seller in accordance with Section 2.3
of the Sale and Servicing Agreement, (ii) to the Servicer in accordance with Section
3.6 of the Sale and Servicing Agreement and (iii) to the Bank in accordance
with Section 3.3 of the Purchase Agreement. 

          SECTION
8.5 Opinion of Counsel. The Indenture
Trustee shall receive at least five days’ notice (or such shorter notice
acceptable to the Indenture Trustee) when requested by the Issuer to take any
action pursuant to Section 8.4(a), accompanied by copies of any
instruments involved, and the Indenture Trustee may also require as a condition
to such action, an Opinion of Counsel, in form and substance satisfactory to
the Indenture Trustee, stating the legal effect of any such action, outlining
the steps required to complete the same, and concluding that all conditions
precedent to the taking of such action have been complied with and such action
will not materially and adversely impair the security for the Notes or the
rights of the Noteholders in contravention of the provisions of this Indenture;
provided, 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, as to factual
matters, without independent investigation, on the accuracy and validity of any
certificate or other instrument delivered to the Indenture Trustee in
connection with any such action. 

ARTICLE IX SUPPLEMENTAL INDENTURES

          SECTION
9.1 Supplemental Indentures Without Consent
of Noteholders. (a) Without the consent of the Noteholders or any
other Person but with prior notice to each Rating Agency, the Issuer and the
Indenture Trustee, when authorized by an Issuer Order, at any time and from
time to time, may enter into one or more indentures supplemental hereto (which
shall conform to the provisions of the Trust Indenture Act as in force at the
date of the execution thereof), in form satisfactory to the Indenture Trustee,
for any of the following purposes: 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (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 contained herein and in the Notes; 

	
 

	
 

	
 

	
          (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; 

42

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (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 

	
 

	
 

	
 

	
          (viii)
 to add, modify or eliminate such provisions as may be necessary or advisable
 in order to enable (a) the transfer to the Issuer of all or any portion of
 the Receivables to be derecognized under GAAP by the Seller to the Issuer,
 (b) the Issuer to avoid becoming a member of the Seller’s consolidated group
 under GAAP or (c) the Seller or any of its Affiliates to otherwise comply
 with or obtain more favorable treatment under any law or regulation or any
 accounting rule or principle; it being a condition to any such amendment that
 the Rating Agency Condition be satisfied. 

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

          (b)
The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may,
also without the consent of any Noteholder, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner (other than the modifications set forth in Section
9.2, which require consent of each Noteholder affected thereby) the rights
of the Noteholders under this Indenture; provided,
(i) that the Rating Agency Condition shall have been satisfied with respect to
such action, and (ii) that such action shall not, as evidenced by an Opinion of
Counsel, (A) materially and adversely affect the interests of any Noteholder,
(B) affect the treatment of the Notes as debt for federal income tax purposes,
or (C) be deemed to cause a taxable exchange of the Notes for federal income
tax purposes. 

          (c)
Notwithstanding the foregoing, this Agreement may not be amended in any way
that would significantly amend the permitted activities or powers of the Issuer
even if such amendments would not have an adverse effect on the Holders of the
Notes without the consent of the Holders of at least a majority of the
Outstanding Notes. 

43

          SECTION
9.2 Supplemental Indentures with Consent of
Noteholders. The Issuer and the Indenture Trustee, when authorized
by an Issuer Order, also may, with prior notice to the Rating Agencies and with
the consent of the Holders of not less than a majority of the Outstanding Note
Balance of the Controlling Class, by Act of such Holders delivered to the
Issuer and the Indenture Trustee, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Noteholders under this Indenture; provided, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Note
affected thereby: 

	
 

	
 

	
 

	
          (i)
 change the Final Scheduled Payment Date of any Note, or reduce the principal
 amount thereof, the interest rate thereon or the Redemption Price with
 respect thereto, change the provision 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, or impair the right to institute suit for the
 enforcement of the provisions of this Indenture requiring the application of
 funds available therefor, as provided in Article V, to the payment of
 any such amount due on the Notes on or after the respective due dates thereof
 (or, in the case of redemption, on or after the Redemption Date); 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iv)
 reduce the percentage of the Outstanding Note Balance required to direct the
 Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate
 pursuant to Section 5.4 if
 the proceeds of such sale would be insufficient to pay the Outstanding Note
 Balance plus accrued but unpaid interest on the Notes;

	
 

	
 

	
 

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

	
 

	
 

	
 

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

44

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (viii)
 impair the right to institute suit for the enforcement of payment as provided
 in Section 5.7. 

          Any
such supplemental indenture shall be executed only upon delivery of an Opinion
of Counsel to the same effect as in Section 9.1(b)(ii). 

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

          Promptly
after the execution by the Issuer and the Indenture Trustee of any supplemental
indenture pursuant to this Section, the Indenture Trustee shall mail to the
Noteholders to which such amendment or supplemental indenture relates a notice
(to be provided by the Issuer and at the Issuer’s expense) setting forth in
general terms the substance of such supplemental indenture. Any failure of the
Indenture Trustee to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental
indenture. 

          SECTION
9.3 Execution of Supplemental Indentures.
In executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article IX or the modifications thereby of
the trusts created by this Indenture, the Indenture Trustee shall be entitled
to receive, and subject to Sections 6.1 and 6.2, 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 to the execution and delivery by the Indenture
Trustee 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
9.4 Effect of Supplemental Indenture.
Upon the execution of any supplemental indenture pursuant to the provisions
hereof, this Indenture shall be and be deemed to be modified and amended in
accordance therewith with respect to the Notes affected thereby, and the
respective rights, limitations of rights, obligations, duties, liabilities and
immunities under this Indenture of the Indenture Trustee, the Issuer 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
9.5 Conformity With Trust Indenture Act.
Every amendment of this Indenture and every supplemental indenture executed
pursuant to this Article IX shall conform to the requirements of the
Trust Indenture Act as then in effect so long as this Indenture shall then be
qualified under the Trust Indenture Act. 

45

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

ARTICLE X REDEMPTION OF NOTES

          SECTION
10.1 Redemption. (a) Each of the
Notes will be redeemed in whole, but not in part, at the direction of the Bank,
as Servicer, pursuant to Section 8.1 of the Sale and Servicing
Agreement, on any Payment Date on which the Bank exercises its option to
purchase the Trust Estate (other than the Reserve Account) pursuant to said Section
8.1, for a purchase price equal to the Optional Purchase Price, which
amount shall be deposited by the Servicer into the Collection Account on the
Redemption Date. 

          (b)
If the Notes are to be redeemed pursuant to Sections 10.1(a), the
Administrator or the Issuer shall provide at least 20 days’ prior notice of the
redemption of the Notes to the Indenture Trustee and the Owner Trustee, and the
Indenture Trustee shall provide prompt (but not later than 10 days prior to the
applicable Redemption Date) notice thereof to the Noteholders. 

          SECTION
10.2 Form of Redemption Notice.
Notice of redemption under Section 10.1 shall be given by the Indenture
Trustee by facsimile or by first-class mail, postage prepaid, transmitted or
mailed prior to the applicable Redemption Date to each Holder of Notes as of
the close of business on the Record Date preceding the applicable Redemption
Date, at such Holder’s address appearing in the Note Register. 

	
 

	
 

	
 

	
          All
 notices of redemption shall state: 

	
 

	
 

	
 

	
          (i)
 the Redemption Date; 

	
 

	
 

	
 

	
          (ii)
 the Redemption Price; 

	
 

	
 

	
 

	
          (iii)
 that the Record Date otherwise applicable to such Redemption Date is not
 applicable and that payments shall be made only upon presentation and
 surrender of such Notes, and 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 3.2); 

	
 

	
 

	
 

	
          (iv)
 that interest on the Notes shall cease to accrue on the Redemption Date; and 

	
 

	
 

	
 

	
          (v)
 the CUSIP numbers (if applicable) for such Notes. 

          Notice
of redemption of the Notes shall be given by the Indenture Trustee in the name
and at the expense of the Issuer. In addition, the Issuer shall notify each
Rating Agency upon 

46

redemption of
the Notes. 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
Note.

          SECTION
10.3 Notes Payable on Redemption Date.
The Notes to be redeemed shall, following notice of redemption as required by Section
10.2 (in the case of redemption pursuant to Section 10.1), on the
Redemption Date become due and payable at the Redemption Price and (unless the
Issuer shall default in the payment of the Redemption Price) no interest shall
accrue on the Redemption Price for any period after the date to which accrued
interest is calculated for purposes of calculating the Redemption Price. 

ARTICLE XI MISCELLANEOUS

          SECTION
11.1 Compliance Certificates and Opinions,
etc. (a) Upon any application or request by the Issuer to the
Indenture Trustee to take any action under any provision of this Indenture, 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 that satisfies TIA
Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent, if any, have been complied with
that satisfies TIA Section 314(c)(2) and (iii) if required by the TIA in the
case of condition precedent compliance with which is subject to verification by
accountants, a certificate or opinion of an accountant that satisfies TIA
Section 314(c)(3), 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 in accordance with TIA Section 314(e) with respect to
compliance with a condition or covenant provided for in this Indenture shall
include: 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

          (b)
(i) Prior to the deposit of any Collateral or other property or securities with
the Indenture Trustee that is to be made the basis for 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 11.1(a) or elsewhere in
this Indenture, furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of each Person signing such certificate as to
the fair value in 

47

accordance
with TIA Section 314(d) (within 90 days of such deposit) to the Issuer of the
Collateral or other property or securities to be so deposited. 

	
 

	
 

	
 

	
          (ii)
 Whenever the Issuer is required to furnish to the Indenture Trustee an
 Officer’s Certificate certifying or stating the opinion of any signer thereof
 as to the matters described in clause (i) above, the Issuer shall also
 deliver to the Indenture Trustee an Independent Certificate as to the same
 matters, if the fair value in accordance with TIA Section 314(d) to the
 Issuer of the property or securities to be so deposited and of all other such
 securities made the basis of any such withdrawal or release since the
 commencement of the then-current fiscal year of the Issuer, as set forth in
 the certificates delivered pursuant to clause (i) and this clause
 (ii), is 10% or more of the Outstanding Note Balance, but such a
 certificate need not be furnished with respect to any securities so
 deposited, if the fair value thereof to the Issuer as set forth in the
 related Officer’s Certificate is less than $25,000 or less than one percent
 of the Outstanding Note Balance. 

	
 

	
 

	
 

	
          (iii)
 Other than as contemplated by Section 11.1(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 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 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 Purchased
Receivables, or securities released from the lien of this Indenture since the
commencement of the then current calendar year, as set forth in the
certificates required by clause (iii) above and this clause (iv), equals 10%
or more of the Outstanding 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 one percent of the then Outstanding Note Balance.  

	
 

	
 

	
 

	
          (v)
 Notwithstanding Section 2.9 or any other provision of this Section,
 the Issuer may (A) collect, liquidate, sell or otherwise dispose of
 Receivables and Financed Vehicles as and to the extent permitted or required
 by the Transaction Documents, and (B) make cash payments out of the Trust
 Accounts as and to the extent permitted or required by the Transaction
 Documents. 

          SECTION
11.2 Form of Documents Delivered to the
Indenture Trustee. In any case where several matters are required to
be certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to
some matters and one or more other such 

48

Persons as to
other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents. 

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

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

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

          SECTION
11.3 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 6.1)
conclusive in favor of the Indenture Trustee and the Issuer, if made in the
manner provided in this Section. 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

49

	
 

	
 

	
 

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

          SECTION
11.4 Notices. All demands,
notices and communications hereunder shall be in writing and shall be delivered
or mailed by registered or certified first-class United States mail, postage
prepaid, hand delivery, prepaid courier service, or by facsimile, and addressed
in each case as specified on Schedule II to the Sale and Servicing
Agreement or at such other address as shall be designated by any of the
specified addressees in a written notice to the other parties hereto. Delivery
shall occur only upon receipt or reported tender of such communication by an
officer of the recipient entitled to receive such notices located at the
address of such recipient for notices hereunder. 

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

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

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

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

          SECTION
11.6 Alternate Payment and Notice Provisions.
Notwithstanding any provision of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any agreement with any Noteholder providing
for a method of payment, or notice by the Indenture Trustee or any Paying Agent
to such Noteholder, that is different from the methods provided for in this
Indenture for such payments or notices, provided,
that such methods are reasonable and 

50

consented to
by the Indenture Trustee (which consent shall not be unreasonably withheld).
The Issuer will furnish to the Indenture Trustee a copy of each such agreement
and the Indenture Trustee will cause payments to be made and notices to be
given in accordance with such agreements. 

          SECTION
11.7 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. 

          SECTION
11.8 Effect of Headings and Table of
Contents. The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof.

          SECTION
11.9 Successors and Assigns. All
covenants and agreements in this Indenture and the Notes by the Issuer shall
bind its successors and assigns, whether so expressed or not. All agreements of
the Indenture Trustee in this Indenture shall bind its successors. 

          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 shall not in any way be affected or impaired thereby. 

          SECTION
11.11 [RESERVED] 

          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 SECTIONS
5-1401 AND 5-1402 OF THE NEW YORK 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 so
executed shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument. 

          SECTION
11.15 Recording of Indenture. If
this Indenture is subject to recording in any appropriate public recording
offices, such recording is to be effected by the Issuer and at its 

51

expense
accompanied by an Opinion of Counsel to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person
secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture. 

          SECTION
11.16 Trust Obligation. Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner or a beneficial interest in a Note, by accepting the benefits of this
Indenture, 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 this Indenture or any certificate
or other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in their respective individual
capacities, (ii) any Certificateholder or any other owner of a beneficial
interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or
(iv) any partner, owner, beneficiary, agent, officer, director, employee,
successor or assign of any Person described in clauses (i), (ii)
and (iii) above, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. 

          SECTION
11.17 No Petition. Each of the
Indenture Trustee, by entering into this Indenture, and each Noteholder and
Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial
interest in a Note, hereby covenants and agrees that prior to the date which is
one year and one day after payment in full of all obligations of each
Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy
Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party
to commence a voluntary winding-up or other voluntary case or other Proceeding
seeking liquidation, reorganization or other relief with respect to such
Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case
or other Proceeding commenced against such Bankruptcy Remote Party, or to make
a general assignment for the benefit of, its creditors generally, any party
hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of
the parties hereto shall commence, join or institute against, with any other
Person, any Proceeding against such Bankruptcy Remote Party under any
bankruptcy, reorganization, arrangement, liquidation or insolvency law or
statute now or hereafter in effect in any jurisdiction. 

          SECTION
11.18 Intent. (a) It is the
intent of the Issuer that the Notes constitute indebtedness for all financial
accounting purposes and the Issuer agrees and each purchaser of a Note (by
virtue of the acquisition of such Note or an interest therein) shall be deemed
to have agreed, to treat the Notes as indebtedness for all financial accounting
purposes. 

          (b)
It is the intent of the Issuer that the Notes constitute indebtedness of the
Issuer for all tax purposes and the Issuer agrees and each purchaser of a Note
(by virtue of the acquisition of such Note or an interest therein) shall be
deemed to have agreed to treat the Notes as indebtedness for all federal, state
and local income and franchise tax purposes (except Notes 

52

owned by the
sole owner of the Certificate or a person considered to be the same person as
such owner for U.S. federal tax purposes). 

          SECTION
11.19 Submission to Jurisdiction; Waiver of
Jury Trial. Each of the parties hereto hereby irrevocably and
unconditionally: 

          (a)
submits for itself and its property in any legal action or Proceeding relating
to this Indenture or any documents executed and delivered in connection
herewith, or for recognition and enforcement of any judgment in respect
thereof, to the nonexclusive general jurisdiction of the courts of the State of
New York, the courts of the United States of America for the Southern District
of New York and appellate courts from any thereof; 

          (b)
consents that any such action or Proceeding may be brought in such courts and
waives any objection that it may now or hereafter have to the venue of such
action or Proceeding in any such court or that such action or Proceeding was
brought in an inconvenient court and agrees not to plead or claim the same; 

          (c)
agrees that service of process in any such action or Proceeding may be effected
by mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to such Person at its address
determined in accordance with Section 11.4 of this Indenture; 

          (d)
agrees that nothing herein shall affect the right to effect service of process
in any other manner permitted by law or shall limit the right to sue in any
other jurisdiction; and 

          (e)
to the extent permitted by applicable law, waives all right of trial by jury in
any action, Proceeding or counterclaim based on, or arising out of, under or in
connection with this Indenture, any other Transaction Document, or any matter
arising hereunder or thereunder. 

          SECTION
11.20 Subordination of Claims.
The Issuer’s obligations under this Indenture are obligations solely of the
Issuer and will not constitute a claim against the Seller to the extent that
the Issuer does not have funds sufficient to make payment of such obligations.
In furtherance of and not in derogation of the foregoing, each of the Owner
Trustee (in its individual capacity and as the Owner Trustee), by accepting the
benefits of this Indenture, the Certificateholder, by accepting the
Certificate, and Indenture Trustee (in its individual capacity and as Indenture
Trustee), by entering into this Indenture, and each Noteholder, each Note
Owner, by accepting the benefits of this Indenture, hereby acknowledges and
agrees that such Person has no right, title or interest in or to the Other
Assets of the Seller. To the extent that, notwithstanding the agreements and
provisions contained in the preceding sentence, each of the Owner Trustee, the
Indenture Trustee, each Noteholder or Note Owner and the Certificateholder
either (i) asserts an interest or claim to, or benefit from, Other Assets, or
(ii) is deemed to have any such interest, claim to, or benefit in or from Other
Assets, whether by operation of law, legal process, pursuant to applicable
provisions of insolvency laws or otherwise (including by virtue of Section
1111(b) of the Bankruptcy Code or any successor provision having similar effect
under the Bankruptcy Code), then such Person further acknowledges and agrees
that any such interest, claim or benefit in or from Other Assets is and will be
expressly subordinated to the indefeasible payment in full, which, under the
terms of the relevant documents relating to the securitization or 

53

conveyance of
such Other Assets, are entitled to be paid from, entitled to the benefits of,
or otherwise secured by such Other Assets (whether or not any such entitlement
or security interest is legally perfected or otherwise entitled to a priority
of distributions or application under applicable law, including insolvency
laws, and whether or not asserted against the Seller), including the payment of
post-petition interest on such other obligations and liabilities. This
subordination agreement will be deemed a subordination agreement within the
meaning of Section 510(a) of the Bankruptcy Code. Each of the Indenture Trustee
(in its individual capacity and as the Indenture Trustee), by entering into or
accepting this Indenture, the Certificateholder, by accepting the Certificate,
and the Owner Trustee, and each Noteholder or Note Owner, by accepting the
benefits of this Indenture, hereby further acknowledges and agrees that no
adequate remedy at law exists for a breach of this Section and the terms of
this Section may be enforced by an action for specific performance. The
provisions of this Section will be for the third party benefit of those
entitled to rely thereon and will survive the termination of this Indenture. 

          SECTION
11.21 Limitation of Liability of Owner
Trustee. It is expressly understood and agreed by and between the
parties hereto that (i) this Indenture is executed and delivered by Wells Fargo
Delaware Trust Company, not in its individual capacity but solely as Owner
Trustee of the Issuer in the exercise of the power and authority conferred and
vested in it as such Owner Trustee, (ii) each of the representations,
undertakings and agreements made herein by the Issuer are not personal
representations, undertakings and agreements of Wells Fargo Delaware Trust
Company, but are binding only on the Issuer, (iii) nothing contained herein
shall be construed as creating any liability on Wells Fargo Delaware Trust
Company individually or personally, to perform any covenant of the Issuer,
either expressed or implied, contained herein, all such liability, if any,
being expressly waived by the parties hereto and by any Person claiming by,
through or under any such party, and (iv) under no circumstances shall Wells
Fargo Delaware Trust Company be personally liable for the payment of any
indebtedness or expense of the Issuer or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the
Issuer under this Indenture. 

          SECTION
11.22 Information Requests. The
parties hereto shall provide any information reasonably requested by the
Servicer, the Issuer, the Seller or any of their Affiliates, that such party
has access to, and is not restricted from providing, in order to comply with or
obtain more favorable treatment under any current or future law, rule,
regulation, accounting rule or principle. 

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

[Remainder of Page Intentionally Left Blank]

54

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

	
 

	
 

	
 

	
 

	
USAA AUTO OWNER TRUST 2009-1

	
 

	
 

	
 

	
 

	
By: Wells
 Fargo Delaware Trust Company, not in its individual capacity but solely as
 Owner Trustee

	
 

	
 

	
 

	
By:

	
 /s/ Sandra
 Battaglia

	
 

	
 

	

	
 

	
Name: Sandra
 Battaglia

	
 

	
Title: Vice
 President

S-1

	
 

	
 

	
 

	
 

	
THE BANK OF NEW YORK MELLON, not in its

	
 

	
individual
 capacity but solely as Indenture Trustee

	
 

	
 

	
 

	
By:

	
 /s/ Michael
 Burack

	
 

	
 

	

	
 

	
Name:
 Michael Burack

	
 

	
Title:
 Assistant Treasurer

S-2

SCHEDULE I

PERFECTION REPRESENTATIONS, WARRANTIES AND
COVENANTS

          In
addition to the representations, warranties and covenants contained in the
Indenture, the Issuer hereby represents, warrants and covenants to the
Indenture Trustee as follows on the Closing Date: 

General  

          1. The Indenture creates a valid and continuing security interest (as defined in
the applicable UCC) in the Receivables and the other Collateral in favor of the
Indenture Trustee, which security interest is prior to all other Liens, and is
enforceable as such against creditors of and purchasers from the Issuer. 

          2. The Receivables constitute “chattel paper” (including “tangible chattel paper”
and “electronic chattel paper”) “accounts,” “instruments” or “general
intangibles” within the meaning of the applicable UCC. 

          3. Each Receivable is secured by a first priority validly perfected security
interest in the related Financed Vehicle in favor of the Originator, as secured
party, or all necessary actions with respect to such Receivable have been taken
or will be taken to perfect a first priority security interest in the related
Financed Vehicle in favor of the Originator, as secured party. 

          4. Each Trust Account constitutes either a “deposit account” or a “securities
account” within the meaning of the UCC. 

Creation

          5. Immediately prior to the sale, transfer, assignment and conveyance of a
Receivable by the Seller to the Issuer, the Seller owned and had good and
marketable title to such Receivable free and clear of any Lien and immediately
after the sale, transfer, assignment and conveyance of such Receivable to the
Issuer, the Issuer will have good and marketable title to such Receivable free
and clear of any Lien. 

Perfection

          6. The Issuer has caused or will have caused, within ten days after the effective
date of the Indenture, the filing of all appropriate financing statements in
the proper filing office in the appropriate jurisdictions under applicable law
in order to perfect the security interest in the Receivables granted to the
Indenture Trustee hereunder; and the Servicer, in its capacity as custodian,
has in its possession the original copies of such instruments or tangible
chattel paper that constitute or evidence the Receivables, and all financing
statements referred to in this paragraph contain a statement that: “A purchase
of or security interest in any collateral described in this financing statement
will violate the rights of the Secured Party.” 

          7. With respect to Receivables that constitute instruments or tangible chattel
paper, either: 

I - 1

          (i)
all original executed copies of each such instrument or tangible chattel paper
have been delivered to the Indenture Trustee; or 

          (ii)
such instruments or tangible chattel paper are in the possession of the
Servicer and the Indenture Trustee has received a written acknowledgment from
the Servicer that the Servicer (in its capacity as custodian) is holding such
instruments or tangible chattel paper solely on behalf and for the benefit of
the Indenture Trustee; or 

          (iii)
the Servicer received possession of such instruments or tangible chattel paper
after the Indenture Trustee received a written acknowledgment from the Servicer
that the Servicer is acting solely as agent of the Indenture Trustee. 

          8.
With respect to the Trust Accounts that constitute deposit accounts, either: 

          (i)
the Issuer has delivered to the Indenture Trustee a fully executed agreement
pursuant to which the bank maintaining the deposit accounts has agreed to
comply with all instructions originated by the Indenture Trustee directing
disposition of the funds in such Trust Accounts without further consent by the
Issuer; or 

          (ii)
the Issuer has taken all steps necessary to cause the Indenture Trustee to
become the account holder of such Trust Accounts. 

          9.
With respect to the Trust Accounts that constitute securities accounts or
securities entitlements, either: 

          (i)
the Issuer has delivered to the Indenture Trustee a fully executed agreement
pursuant to which the securities intermediary has agreed to comply with all
instructions originated by the Indenture Trustee relating to such Trust
Accounts without further consent by the Issuer; or 

          (ii)
the Issuer has taken all steps necessary to cause the securities intermediary
to identify in its records the Indenture Trustee as the Person having a
security entitlement against the securities intermediary in each of such Trust
Accounts. 

Priority

          10.
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 (i) relating to the
conveyance of the Receivables by the Bank to the Seller under the Purchase
Agreement, (ii) relating to the conveyance of the Receivables by the Seller to
the Issuer under the Sale and Servicing Agreement, (iii) relating to the
security interest granted to the Indenture Trustee under the Indenture or (iv)
that has been terminated. 

          11.
The Issuer is not aware of any material judgment, ERISA or tax lien filings
against the Issuer. 

          12.
Neither the Issuer nor a custodian or vaulting agent thereof holding any
Receivable that is electronic chattel paper has communicated an “authoritative
copy” (as such 

I - 2

term is used
in Section 9-105 of the UCC) of any loan agreement that constitutes or
evidences such Receivable to any Person other than the Servicer. 

          13.
None of the instruments, tangible chattel paper or electronic chattel paper
that constitute or evidence the Receivables has any marks or notations
indicating that they have been pledged, assigned or otherwise conveyed to any
Person other than the Seller, the Issuer or the Indenture Trustee. 

          14.
No Trust Account that constitutes a securities account or securities
entitlement is in the name of any Person other than the Issuer or the Indenture
Trustee. The Issuer has not consented to the securities intermediary of any
such Trust Account to comply with entitlement orders of any Person other than
the Indenture Trustee. 

          15.
No Trust Account that constitutes a deposit account is in the name of any
Person other than the Issuer or the Indenture Trustee. The Issuer has not
consented to the bank maintaining such Trust Account to comply with
instructions of any Person other than the Indenture Trustee.

Survival of Perfection Representations

          16.
Notwithstanding any other provision of the Indenture or any other Transaction
Document, the perfection representations, warranties and covenants contained in
this Schedule I shall be continuing, and remain in full force and effect until
such time as all obligations under the Indenture have been finally and fully
paid and performed.  

No Waiver

          17.
The parties to this Indenture shall provide the Rating Agencies with prompt
written notice of any material breach of the perfection representations,
warranties and covenants contained in this Schedule I, and shall not,
without satisfying the Rating Agency Condition, waive a breach of any of such
perfection representations, warranties or covenants. 

Issuer to Maintain Perfection and Priority

          18.
The Issuer covenants that, in order to evidence the interests of the Indenture
Trustee under this Indenture, the Issuer shall take such action, or execute and
deliver such instruments as may be necessary or advisable (including, without
limitation, such actions as are requested by the Indenture Trustee) to maintain
and perfect, as a first priority interest, the Indenture Trustee’s security
interest in the Receivables. The Issuer shall, from time to time and within the
time limits established by law, prepare and file, all financing statements,
amendments, continuations, initial financing statements in lieu of a
continuation statement, terminations, partial terminations, releases or partial
releases, or any other filings necessary or advisable to continue, maintain and
perfect the Indenture Trustee’s security interest in the Receivables as a
first-priority interest. 

I - 3

Exhibit A

FORMS OF NOTES

FORM OF CLASS [A-1] [A-2] [A-3] [A-4] [B]
NOTES

	
 

	
 

	
REGISTERED

	
$___________________1

	
No.
 R-________

	
CUSIP NO.
 ______________ 

	
 

	
ISIN.
 ______________

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

          [Class
A-1 Notes and Class B Notes only: THIS NOTE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE UNITED
STATES. THE HOLDER OF THIS NOTE, BY PURCHASING THIS NOTE, AGREES FOR THE
BENEFIT OF THE ISSUER AND THE DEPOSITOR THAT THIS NOTE MAY BE SOLD,
TRANSFERRED, ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I)
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN
THE MEANING OF RULE l44A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, OR (II) TO THE DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE
WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES.] 

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

          [FOR
THE CLASS A NOTES: EACH CLASS A NOTEHOLDER, BY ITS ACCEPTANCE OF A CLASS A
NOTE (AND EACH NOTE OWNER, BY ITS ACCEPTANCE OF A BENEFICIAL INTEREST IN A
CLASS A NOTE) WILL BE DEEMED TO HAVE REPRESENTED THAT (X) IT IS NOT, AND IS NOT
ACQUIRING A CLASS A NOTE ON BEHALF OF, OR WITH “PLAN ASSETS” (AS DETERMINED
UNDER DEPARTMENT OF 

	 	 

	
        

	1	Denominations of $1,000
          and integral multiples of $1,000 in excess thereof. 

A-2

LABOR
REGULATION §2510.3-101 (AS MODIFIED BY SECTION 3(42) OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR OTHERWISE) OF, A
BENEFIT PLAN, OR ANY GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR
RETIREMENT ARRANGEMENT THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO SECTION 406
OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“SIMILAR
LAW”), OR (Y) [in the case of the Class A-2, Class A-3 and Class A-4 Notes
(or in the case of the Class A-1 Notes only if an opinion of counsel, which
counsel and opinion shall be acceptable to the Administrator, has been or is
delivered to the Administrator that such Notes will constitute debt for United
States federal income tax purposes)] ITS ACQUISITION AND HOLDING OF THE CLASS A
NOTE SATISFY THE REQUIREMENTS FOR RELIEF UNDER PROHIBITED TRANSACTION CLASS
EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23,
THE SERVICE PROVIDER EXEMPTION PROVIDED UNDER SECTION 408(B)(17) OF ERISA AND
SECTION 4975(D)(20) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR A
SIMILAR EXEMPTION, OR, IN THE CASE OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO
SIMILAR LAW, DOES NOT RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.]

          [FOR
THE CLASS B NOTES: THE CLASS B NOTES MAY BE ACQUIRED ONLY IF EITHER: (A) FOR
THE ENTIRE PERIOD DURING WHICH SUCH PURCHASER OR TRANSFEREE HOLDS ITS INTEREST
IN THE CLASS B NOTES, NO PORTION OF SUCH PURCHASER’S OR TRANSFEREE’S ASSETS
CONSTITUTES ASSETS OF ANY BENEFIT PLAN OR ANY GOVERNMENTAL PLAN, CHURCH PLAN OR
NON-U.S. PLAN THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO SECTION 406 OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“SIMILAR LAW”); OR (B)
(1) (A) THE ASSETS USED BY SUCH PURCHASER OR TRANSFEREE TO ACQUIRE THE CLASS B
NOTES (OR ANY INTEREST THEREIN) CONSTITUTE ASSETS OF AN INSURANCE COMPANY
GENERAL ACCOUNT, (B) FOR THE ENTIRE PERIOD DURING WHICH SUCH PURCHASER OR
TRANSFEREE HOLDS ITS INTEREST IN THE CLASS B NOTES, LESS THAN 25% OF THE ASSETS
OF SUCH INSURANCE COMPANY GENERAL ACCOUNT WILL CONSTITUTE “PLAN ASSETS” OF ANY
BENEFIT PLAN, (C) NEITHER SUCH PURCHASER OR TRANSFEREE NOR ANY AFFILIATE IS A
CONTROLLING PERSON OF THE ISSUER AND (D) THE ACQUISITION AND HOLDING OF THE
CLASS B NOTES BY SUCH PURCHASER OR TRANSFEREE WILL SATISFY THE REQUIREMENTS OF
SECTION I OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND
WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR (2)
IF SUCH PURCHASER OR TRANSFEREE IS A GOVERNMENTAL PLAN, CHURCH PLAN OR NON-U.S.
PLAN THAT IS SUBJECT TO ANY SIMILAR LAW, THE ACQUISITION AND HOLDING OF THE
CLASS B NOTES BY SUCH PURCHASER OR TRANSFEREE WILL NOT CONSTITUTE A NONEXEMPT
VIOLATION OF ANY APPLICABLE SIMILAR LAW.] 

          [FOR
THE CLASS A-1 NOTES AND THE CLASS B NOTES: TRANSFERS OF THE NOTES MUST GENERALLY
BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER 

A-3

DOCUMENTATION
AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.] 

USAA AUTO OWNER TRUST 2009-1

[CLASS A-1 [   ]%] [CLASS A-2 [   ]%] [CLASS A-3
[   ]%]

[CLASS A-4 [   ]%] [CLASS B [   ]%]

AUTO LOAN ASSET BACKED NOTES

          USAA
Auto Owner Trust 2009-1, a
statutory trust organized and existing under the laws of the State of Delaware
(including any successor, the “Issuer”), for value received, hereby
promises to pay to [______], or registered assigns, the principal sum of [___]
DOLLARS ($[___]), in monthly installments on the 15th of each month,
or if such day is not a Business Day, on the immediately succeeding Business
Day, commencing on May 15, 2009 (each, a “Payment Date”) until the
principal of this Note is paid or made available for payment, and to pay
interest on each Payment Date on the Class [A-1] [A-2] [A-3] [A-4] [B] Note
Balance as of the preceding Payment Date (after giving effect to all payments
of principal made on the preceding Payment Date), or as of the Closing Date in
the case of the first Payment Date, at the rate per annum shown above (the
“Interest Rate”), in each case as and to the extent set forth in Sections
2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section
4.4 of the Sale and Servicing Agreement; provided,
however, that the entire Class
[A-1] [A-2] [A-3] [A-4] [B] Note Balance shall be due and payable on the
earliest of (i) [___] (the “Final Scheduled Payment Date”), (ii) the
Redemption Date, if any, pursuant to Section 10.1 of the Indenture and
(iii) the date the Notes are accelerated after an Event of Default pursuant to Section
5.2 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the preceding Payment Date (or, in the case of the initial
Payment Date, from and including the Closing Date) to but excluding such
Payment Date. Interest will be computed on the basis of [Class A-1: actual days
elapsed and a 360-day year][Class A-2, A-3, A-4 and B: a 360-day year of twelve
30-day months]. Such principal of and interest on this Note shall be paid in
the manner specified on the reverse hereof.  

          The
principal of and interest on this Note are payable in such coin or currency of
the United States 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 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 the name of which appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture referred to on the reverse
hereof or be valid or obligatory for any purpose. 

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

Dated: [     ], 2009 

A-4

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
USAA AUTO
 OWNER TRUST 2009-1

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
WELLS FARGO
 DELAWARE TRUST

	
 

	
 

	
 

	
COMPANY, not
 in its individual capacity but

 solely as Owner Trustee

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	

	
 

A-5

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

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

Dated:
[     ], 2009 

	
 

	
 

	
 

	
 

	
THE BANK OF NEW YORK MELLON,

 not in its individual capacity but solely as Indenture Trustee

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Authorized Signatory

A-6

[REVERSE OF
NOTE]  

          This
Note is one of a duly authorized issue of Notes of the Issuer, designated as
its [Class A-1 [   ]%] [Class A-2 [   ]%] [Class A-3 [   ]%] [Class A-4 [   ]%] [Class
B [   ]%] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2]
[A-3] [A-4] [B] Notes” or the “Notes”), all issued under an
Indenture dated as of April 22, 2009 (such Indenture, as supplemented or
amended, is herein called the “Indenture”), between the Issuer and The
Bank of New York Mellon, a banking corporation organized under the laws of the
State of New York, not in its individual capacity but solely as trustee (the “Indenture
Trustee”), which term includes any successor Indenture Trustee under the
Indenture, to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
are subject to all terms of the Indenture and the Sale and Servicing Agreement.
All terms used in this Note that are not otherwise defined herein and that are
defined in the Indenture or the Sale and Servicing Agreement shall have the
meanings assigned to them in the Indenture or in Appendix A of the Sale
and Servicing Agreement. 

          The
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture. The Class B Notes are
subordinated to the Class A Notes, and are secured by the collateral pledged as
security therefor on a subordinated basis as provided in the Indenture. All
covenants and agreements made by the Issuer in the Indenture are for the
benefit of the Holders of the Class A Notes and the Class B Notes. 

          Principal
payable on the Notes will be paid on each Payment Date in the amount specified
in the Indenture and in the Sale and Servicing Agreement. As described above,
the entire Class [A-1] [A-2] [A-3] [A-4] [B] Note Balance shall be due and
payable on the earliest of (i) [___] (the “Final Scheduled Payment Date”),
(ii) the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture and (iii) the date the Notes are accelerated after an Event of
Default pursuant to Section 5.2 of the Indenture. All principal payments
on the Class [A-1] [A-2] [A-3] [A-4] [B] Notes shall be made pro rata to the
Class [A-1] [A-2] [A-3] [A-4] [B] Noteholders entitled thereto. 

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

A-7

Payment
Date or Redemption Date, then the Indenture Trustee, in the name of and on
behalf of the Issuer, will notify the Person who was the registered Holder
hereof as of the Record Date preceding such Payment Date or Redemption Date by
notice mailed prior to such Payment 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. 

          Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in a Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the
Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee on
the Notes or under the Indenture or any certificate or other writing delivered
in connection herewith or therewith, against (i) the Seller, the Servicer, the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director, employee or agent of the Seller, the Servicer, the
Indenture Trustee or the Owner Trustee in its individual capacity, any Holder
of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Seller,
the Servicer, the Indenture Trustee or the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such 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. 

          It
is the intent of the Seller, the Servicer, the Noteholders and the Note Owners
that, for purposes of federal, state and local income and franchise tax the
Notes will qualify as indebtedness of the Issuer (except for Notes owned by the
sole owner of the Certificate or a person considered to be the same person as
such owner for U.S. federal tax purposes). The Noteholders, by acceptance of a
Note, agree to treat, and to take no action inconsistent with the treatment of,
the Notes for such tax purposes as indebtedness of the Issuer. 

          Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in a Note, covenants and agrees that, prior to the
date which is one year and one day after payment in full of all obligations of
each Bankruptcy Remote Party in respect of all securities issued by any
Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or
other Proceeding seeking liquidation, reorganization or other relief with
respect to such Bankruptcy Remote Party or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect in any jurisdiction
or seeking the appointment of an administrator, a trustee, receiver,
liquidator, custodian or other similar official with respect to such Bankruptcy
Remote Party or any substantial part of its property or to consent to any such
relief or to the appointment of or taking possession by any such official in
any involuntary case or other Proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of, its creditors
generally, any party hereto or any other creditor of such Bankruptcy Remote
Party, and (ii) none of the parties hereto shall commence or join with any
other Person in commencing any Proceeding against such Bankruptcy Remote Party
under any bankruptcy, 

A-8

reorganization,
liquidation or insolvency law or statute now or hereafter in effect in any
jurisdiction. 

          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, 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-9

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: 

	
 

	
 

	
 

	
______________________________________________________________

 Signatures must be guaranteed by an “eligible guarantor institution” meeting
 the requirements of the Note Registrar, which requirements include membership
 or participation in STAMP or such other “signature guarantee program” as may
 be determined by the Note Registrar in addition to, or in substitution for,
 STAMP, all in accordance with the Securities Exchange Act of 1934, as
 amended. 

	
_________________________

	
 

          */          NOTE:
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. 

A-10EXECUTION COPY 

Exhibit 10.1

	
 

	

	
 

	
PURCHASE AGREEMENT

	
 

	
dated as of April 22, 2009

	
 

	
between

	
 

	
USAA FEDERAL SAVINGS BANK

	
 

	
and

	
 

	
USAA ACCEPTANCE, LLC

	
 

	

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE I

	
DEFINITIONS
 AND USAGE

	
 

	
1

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 1.1

	
Definitions

	
 

	
1

	
 

	
SECTION 1.2

	
Other
 Interpretive Provisions

	
 

	
1

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE II

	
PURCHASE

	
 

	
2

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.1

	
Agreement to
 Sell and Contribute on the Closing Date

	
 

	
2

	
 

	
SECTION 2.2

	
Consideration
 and Payment

	
 

	
2

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE III

	
REPRESENTATIONS,
 WARRANTIES AND COVENANTS

	
 

	
2

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.1

	
Representations
 and Warranties of the Bank

	
 

	
2

	
 

	
SECTION 3.2

	
Representations
 and Warranties of the Bank as to each Receivable

	
 

	
3

	
 

	
SECTION 3.3

	
Repurchase
 upon Breach

	
 

	
4

	
 

	
SECTION 3.4

	
Protection
 of Title

	
 

	
4

	
 

	
SECTION 3.5

	
Other Liens
 or Interests

	
 

	
5

	
 

	
SECTION 3.6

	
Perfection
 Representations, Warranties and Covenants

	
 

	
5

	
 

	
SECTION 3.7

	
FDIC Rule;
 Official Record

	
 

	
5

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IV

	
MISCELLANEOUS

	
 

	
6

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 4.1

	
Transfers
 Intended as Sale; Security Interest

	
 

	
6

	
 

	
SECTION 4.2

	
Notices, Etc.

	
 

	
7

	
 

	
SECTION 4.3

	
Choice of Law

	
 

	
7

	
 

	
SECTION 4.4

	
Headings

	
 

	
7

	
 

	
SECTION 4.5

	
Counterparts

	
 

	
7

	
 

	
SECTION 4.6

	
Amendment

	
 

	
7

	
 

	
SECTION 4.7

	
Waivers

	
 

	
9

	
 

	
SECTION 4.8

	
Entire
 Agreement

	
 

	
9

	
 

	
SECTION 4.9

	
Severability
 of Provisions

	
 

	
9

	
 

	
SECTION 4.10

	
Binding
 Effect

	
 

	
9

	
 

	
SECTION 4.11

	
Acknowledgment
 and Agreement

	
 

	
9

	
 

	
SECTION 4.12

	
Cumulative
 Remedies

	
 

	
10

	
 

	
SECTION 4.13

	
Nonpetition
 Covenant

	
 

	
10

	
 

	
SECTION 4.14

	
Submission
 to Jurisdiction; Waiver of Jury Trial

	
 

	
10

i

EXHIBITS

	
 

	
 

	
Exhibit A

	
Form of
 Assignment Pursuant to Purchase Agreement

	
Schedule I

	
Representations
 and Warranties With Respect to the Receivables

	
Schedule II

	
Perfection
 Representations, Warranties and Covenants

ii

          THIS
PURCHASE AGREEMENT is made and entered into as of
April 22, 2009 (as amended from time to time, this “Agreement”) by USAA FEDERAL SAVINGS BANK, a federally
chartered savings association (the “Bank”), and USAA ACCEPTANCE, LLC, a Delaware limited liability company
(the “Purchaser”).  

WITNESSETH:

          WHEREAS,
the Purchaser desires to purchase from the Bank a portfolio of motor vehicle
receivables, including retail motor vehicle installment loans that are secured
by new and used automobiles and light-duty trucks; and 

          WHEREAS,
the Bank is willing to sell such portfolio of motor vehicle receivables and
related property to the Purchaser on the terms and conditions set forth in this
Agreement. 

          NOW,
THEREFORE, in consideration of the premises and the mutual agreements set forth
herein, the parties hereto agree as follows: 

ARTICLE I

DEFINITIONS AND USAGE

          SECTION
1.1 Definitions. Except as otherwise defined herein or as the context
may otherwise require, capitalized terms used but not otherwise defined herein
are defined in Appendix A to the Sale and Servicing Agreement dated as of the
date hereof (as from time to time amended, supplemented or otherwise modified
and in effect, the “Sale and Servicing Agreement”) among USAA Auto Owner Trust
2009-1, the Bank, as servicer, the Purchaser, as seller, and The Bank of New
York Mellon, as indenture trustee.  

          SECTION
1.2 Other Interpretive Provisions. For purposes of this Agreement,
unless the context otherwise requires: (a) accounting terms not otherwise
defined in this Agreement, and accounting terms partly defined in this
Agreement to the extent not defined, shall have the respective meanings given
to them under GAAP; (b) terms defined in Article 9 of the UCC as in effect in
the relevant jurisdiction and not otherwise defined in this Agreement are used
as defined in that Article; (c) the words “hereof,” “herein” and “hereunder”
and words of similar import refer to this Agreement as a whole and not to any
particular provision of this Agreement; (d) references to any Article, Section,
Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules,
Appendices and Exhibits in or to this Agreement and references to any
paragraph, subsection, clause or other subdivision within any Section or
definition refer to such paragraph, subsection, clause or other subdivision of
such Section or definition; (e) the term “including” means “including without
limitation”; (f) except as otherwise expressly provided herein, references to
any law or regulation refer to that law or regulation as amended from time to
time and include any successor law or regulation; and (g) references to any
Person include that Person’s successors and assigns. 

ARTICLE II

PURCHASE

          SECTION
2.1 Agreement to Sell and Contribute on the Closing Date. On the terms
and subject to the conditions set forth in this Agreement, the Bank agrees to
transfer, assign, set over, sell and otherwise convey to the Purchaser without
recourse (subject to the obligations herein) on the Closing Date all of its
right, title and interest in, to and under the Receivables, the Collections on
or after the Cut-Off Date, the Receivable Files and the Related Security
relating thereto, described in the assignment in the form of Exhibit A (the
“Assignment”) delivered on the Closing Date (the “Purchased Assets”) having a
Net Pool Balance as of the Cut-Off Date equal to $1,553,493,948.46, which sale
shall be effective as of the Cut-Off Date. The sale, transfer, assignment and
conveyance made hereunder does not constitute and is not intended to result in
an assumption by the Purchaser of any obligation of the Originator to the
Obligors or any other Person in connection with the Receivables or the other
assets and properties conveyed hereunder or any agreement, document or
instrument related thereto.  

          SECTION
2.2 Consideration and Payment. In consideration of the transfer of the
Purchased Assets conveyed to the Purchaser on the Closing Date, the Purchaser
shall deliver to, or upon the order of, the Bank (i) $1,114,841,358.33 in cash
and (ii) all of the Class A-1 and Class B Notes, which represents the estimated
fair market value of the Purchased Assets. Notwithstanding the preceding
sentence, if such purchase price for the Purchased Assets exceeds the amount of
cash available to the Purchaser from the proceeds of the sale of the Notes,
then an undivided interest in such Purchased Assets in an amount equal to such
excess shall be deemed to have been contributed to the Purchaser by the Bank. 

ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS

          SECTION
3.1 Representations and Warranties of the Bank. The Bank makes the
following representations and warranties as of the Closing Date on which the
Purchaser will be deemed to have relied in acquiring the Purchased Assets. The
representations and warranties will survive the conveyance of the Purchased
Assets to the Purchaser pursuant to this Agreement, the conveyance of the
Purchased Assets to the Issuer pursuant to the Sale and Servicing Agreement and
the Grant thereof by the Issuer to the Indenture Trustee pursuant to the
Indenture: 

          (a) Existence and Power. The Bank is a federally chartered savings
association validly existing and in good standing under the laws of the United
States and has, in all material respects, all power and authority required to
carry on its business as now conducted. The Bank has obtained all necessary
licenses and approvals in each jurisdiction where the failure to do so would materially
and adversely affect the ability of the Bank to perform its obligations under
the Transaction Documents or the enforceability or collectibility of the
Receivables or any other part of the Purchased Assets. 

-2-

          (b) Authorization and No Contravention. The execution, delivery and
performance by the Bank of each Transaction Document to which it is a party (i)
have been duly authorized by all necessary action on the part of the Bank and
(ii) do not contravene or constitute a default under (A) any applicable law,
rule or regulation, (B) its organizational documents or (C) any material
agreement, contract, order or other instrument to which it is a party or its
property is subject (other than violations which do not affect the legality,
validity or enforceability of any of such agreements and which, individually or
in the aggregate, would not materially and adversely affect the transactions
contemplated by, or the Bank’s ability to perform its obligations under, the
Transaction Documents). 

          (c)
No Consent Required. No approval or authorization by, or filing with,
any Governmental Authority is required in connection with the execution,
delivery and performance by the Bank of any Transaction Document other than (i)
UCC filings, (ii) approvals and authorizations that have previously been
obtained and filings that have previously been made and (iii) approvals,
authorizations or filings which, if not obtained or made, would not have a
material adverse effect on the enforceability or collectibility of the
Receivables or any other part of the Purchased Assets or would not materially
and adversely affect the ability of the Bank to perform its obligations under
the Transaction Documents. 

          (d)
Binding Effect. Each Transaction Document to which the Bank is a party
constitutes the legal, valid and binding obligation of the Bank enforceable
against the Bank in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
receivership, conservatorship or other similar laws affecting creditors’ rights
generally and, if applicable, the rights of creditors of federally chartered
savings associations from time to time in effect or by general principles of
equity. 

          (e)
No Proceedings. There are no actions, suits or Proceedings pending or,
to the knowledge of the Bank, threatened against the Bank before or by any
Governmental Authority that (i) assert the invalidity or unenforceability of
this Agreement or any of the other Transaction Documents, (ii) seek to prevent
the issuance of the Notes or the consummation of any of the transactions
contemplated by this Agreement or any of the other Transaction Documents, (iii)
seek any determination or ruling that would materially and adversely affect the
performance by the Bank of its obligations under this Agreement or any of the
other Transaction Documents, or (iv) relate to the Bank that would materially
and adversely affect the federal or Applicable Tax State income, excise, franchise
or similar tax attributes of the Notes. 

          (f)
Lien Filings. The Bank is not aware of any material judgment, ERISA or
tax lien filings against the Bank. 

          SECTION
3.2 Representations and Warranties of the Bank as to each Receivable.
The Bank hereby makes the representations and warranties set forth on Schedule
I as to the Receivables, sold, contributed, transferred, assigned, set over,
sold and otherwise conveyed to the Purchaser under this Agreement on which such
representations and warranties the Purchaser relies in acquiring the
Receivables. Such representations and warranties shall survive the sale of the
Receivables to the Issuer under the Sale and Servicing Agreement, and the Grant
of the Receivables by the Issuer to the Indenture Trustee pursuant to the
Indenture. Notwithstanding  

-3-

any statement
to the contrary contained herein or in any other Transaction Document, the Bank
shall not be required to notify any insurer with respect to any Insurance
Policy obtained by an Obligor. 

          SECTION
3.3 Repurchase upon Breach. Upon discovery by or notice to the Purchaser
or the Bank of a breach of any of the representations and warranties set forth
in Section 3.2 at the time such representations and warranties were made which
materially and adversely affects the interests of the Issuer or the
Noteholders, the party discovering such breach or receiving such notice shall
give prompt written notice thereof to the other party; provided, that delivery of the Servicer’s
Certificate, which identifies that Receivables are being or have been
repurchased, shall be deemed to constitute prompt notice by the Servicer (if
the Bank is the Servicer) of such breach; provided, further, that the failure to give such notice shall not affect any
obligation
of the Bank hereunder. If the Bank does not correct or cure such breach prior
to the end of the Collection Period which includes the 60th day (or, if the
Bank elects, an earlier date) after the date that the Bank became aware or was
notified of such breach, then the Bank shall purchase any Receivable materially
and adversely affected by such breach from the Purchaser on the Payment Date
following the end of such Collection Period. Any such breach or failure will
not be deemed to have a material and adverse effect if such breach or failure
does not affect the ability of the Purchaser (or its assignee) to collect,
receive and retain timely payment in full on such Receivable, including
Liquidation Proceeds. Any such purchase by the Bank shall be at a price equal
to the Repurchase Price. In consideration for such repurchase, the Bank shall
make (or shall cause to be made) a payment to the Purchaser equal to the
Repurchase Price by depositing such amount into the Collection Account prior to
11:00 a.m., New York City time on such Payment Date. Upon payment of such
Repurchase Price by the Bank, the Purchaser shall release and shall execute and
deliver such instruments of release, transfer or assignment, in each case
without recourse or representation, as may be reasonably requested by the Bank
to evidence such release, transfer or assignment or more effectively vest in
the Bank or its designee any Receivable repurchased pursuant hereto. It is
understood and agreed that the obligation of the Bank to purchase any
Receivable as described above shall constitute the sole remedy respecting such
breach available to the Purchaser.  

          SECTION
3.4 Protection of Title. 

          (a)
The Bank shall authorize and file such financing statements and cause to be
authorized and filed such continuation and other statements, all in such manner
and in such places as may be required by law fully to preserve, maintain and
protect the interest of the Purchaser under this Agreement in the Receivables
as well as any subsequent assignee of the Receivables. The Bank shall deliver
(or cause to be delivered) to the Purchaser as well as any subsequent assignee
of the Receivables file-stamped copies of, or filing receipts for, any document
filed as provided above, as soon as available following such filing. 

          (b)
The Bank will notify the Purchaser in writing within ten (10) days following
the occurrence of (i) any change in the Bank’s organizational structure as a
federally chartered savings association, (ii) any change in the Bank’s
“location” (within the meaning of Section 9-307 of the UCC of all applicable
jurisdictions) and (iii) any change in the Bank’s name and shall have taken all
action prior to making such change (or shall have made arrangements to take
such action substantially simultaneously with such change, if it is not
possible to take such action 

-4-

in advance)
reasonably necessary or advisable in the opinion of the Purchaser to amend all
previously filed financing statements or continuation statements described in
paragraph (a) above.  

          (c)
The Bank shall maintain (or shall cause the Servicer to maintain) its computer
systems so that, from time to time after the conveyance under this Agreement of
the Receivables, the master computer records (including any backup archives, it
being understood that any such backup archives may not reflect such interest
until thirty-five (35) days after the applicable changes are made to such
master computer records) that refer to a Receivable shall indicate clearly the interest
of the Purchaser (or any subsequent assignee of the Purchaser) in such
Receivable and that such Receivable is owned by such Person. Indication of such
Person’s interest in a Receivable shall not be deleted from or modified on such
computer systems until, and only until, the related Receivable shall have been
paid in full or repurchased. 

          (d)
If at any time the Bank shall propose to sell, grant a security interest in or
otherwise transfer any interest in motor vehicle receivables to any prospective
purchaser, lender or other transferee, the Bank shall give to such prospective
purchaser, lender or other transferee computer tapes, records or printouts
(including any restored from backup archives) that, if they shall refer in any
manner whatsoever to any Receivable, shall indicate clearly that such
Receivable has been sold and is owned by the Purchaser (or any subsequent
assignee of the Purchaser). 

          SECTION
3.5 Other Liens or Interests. Except for the conveyances and grants of
security interests pursuant to this Agreement and the other Transaction
Documents, the Bank shall not sell, pledge, assign or transfer the Receivables
or other property transferred to the Purchaser to any other Person, or grant,
create, incur, assume or suffer to exist any Lien (other than Permitted Liens)
on any interest therein, and the Bank shall defend the right, title and
interest of the Purchaser in, to and under such Receivables or other property
transferred to the Purchaser against all claims of third parties claiming
through or under the Bank. 

          SECTION
3.6 Perfection Representations, Warranties and Covenants. The Bank
hereby makes the perfection representations, warranties and covenants set forth
on Schedule II hereto to the Purchaser and the Purchaser shall be deemed to
have relied on such representations, warranties and covenants in acquiring the
Purchased Assets.  

          SECTION
3.7 FDIC Rule; Official Record. 

          (a)
The parties hereto intend that (A) the FDIC Rule shall apply to the
transactions contemplated by this Agreement and the other Transaction
Documents, (B) the transactions contemplated by this Agreement and the other
Transaction Documents, taken as a whole, constitute a “securitization” within
the meaning of the FDIC Rule and (C) the transfer of Receivables and other
property pursuant to this Agreement constitutes a sale, and not a secured
borrowing, for accounting purposes as it relates to the FDIC Rule. 

          (b)
So long as the Notes remain outstanding, this Agreement shall be treated as an
official record of the Bank within the meaning of Section 13(e) of the Federal
Deposit Insurance Act (12 U.S.C. Section 1823(e)). 

-5-

ARTICLE IV

MISCELLANEOUS

          SECTION
4.1 Transfers Intended as Sale; Security Interest. 

          (a)
Each of the parties hereto expressly intends and agrees that the transfers
contemplated and effected under this Agreement are complete and absolute sales
and contributions rather than pledges or assignments of only a security
interest and shall be given effect as such for all purposes. It is further the
intention of the parties hereto that the Receivables and related Purchased
Assets shall not be treated as property of the Bank by the FDIC or other
governmental authority acting as conservator or receiver of the Bank in a
conservatorship, receivership, insolvency or other similar proceeding in
respect of the Bank under the Federal Deposit Insurance Act, 12 U.S.C. Section
1811 et seq or other applicable law. The sales and transfers by the Bank of the
Receivables and related Purchased Assets hereunder are and shall be without
recourse to, or representation or warranty (express or implied) by, the Bank,
except as otherwise specifically provided herein. The limited rights of
recourse specified herein against the Bank are intended to provide a remedy for
breach of representations and warranties relating to the condition of the
property sold, rather than to the collectibility of the Receivables. 

          (b)
Notwithstanding the foregoing, in the event that the Receivables and other
Purchased Assets are held to be property of the Bank, or if for any reason this
Agreement is held or deemed to create indebtedness or a security interest in
the Receivables and other Purchased Assets, then it is intended that: 

	
 

	
 

	
 

	
          (i)
 This Agreement shall be deemed to be a security agreement within the meaning
 of Articles 8 and 9 of the New York UCC and the UCC of any other applicable
 jurisdiction; 

	
 

	
 

	
 

	
          (ii)
The conveyance provided for in Section 2.1 shall be deemed to be a grant by
the Bank of, and the Bank hereby grants to the Purchaser, a security interest
in all of its right (including the power to convey title thereto), title and
interest, whether now owned or hereafter acquired, in and to the Receivables
and other Purchased Assets, to secure such indebtedness and the performance
of the obligations of the Bank hereunder;  

	
 

	
 

	
 

	
          (iii)
 The possession by the Purchaser or its agent of the Receivable Files and any
 other property as constitute instruments, money, negotiable documents or
 chattel paper shall be deemed to be “possession by the secured party” or
 possession by the purchaser or a Person designated by such purchaser, for
 purposes of perfecting the security interest pursuant to the New York UCC and
 the UCC of any other applicable jurisdiction; and 

	
 

	
 

	
 

	
          (iv)
 Notifications to Persons holding such property, and acknowledgments, receipts
 or confirmations from Persons holding such property, shall be deemed to be
 notifications to, or acknowledgments, receipts or confirmations from, bailees
 or agents (as applicable) of the Purchaser for the purpose of perfecting such
 security interest under applicable law. 

-6-

          SECTION
4.2 Notices, Etc. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier
service, or by facsimile and addressed in each case as specified on Schedule
II to the Sale and Servicing Agreement, or at such other address as shall
be designated by any of the specified addressees in a written notice to the
other parties hereto. Any notice required or permitted to be mailed to a
Noteholder shall be given by first class mail, postage prepaid, at the address
of such Noteholder as shown in the Note Register. Delivery shall occur only
upon receipt or reported tender of such communication by an officer of the
recipient entitled to receive such notices located at the address of such
recipient for notices hereunder; provided, however, that any notice to a Noteholder
mailed within the time and manner prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the Noteholder
shall receive such notice.

          SECTION
4.3 Choice of Law. THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE
LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING
TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK
GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          SECTION
4.4 Headings. The section headings hereof have been inserted for
convenience only and shall not be construed to affect the meaning, construction
or effect of this Agreement. 

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

          SECTION
4.6 Amendment. 

          (a)
Any term or provision of this Agreement may be amended by the Bank and the
Purchaser without the consent of the Indenture Trustee, any Noteholder, the
Issuer, the Owner Trustee or any other Person subject to subsections (e)
and (f) of this Section 4.6 and the satisfaction of one of the
following conditions: 

	
 

	
 

	
 

	
          (i)
 the Bank or the Purchaser delivers an Opinion of Counsel to the Indenture
 Trustee to the effect that such amendment will not materially and adversely
 affect the interests of the Noteholders; 

	
 

	
 

	
 

	
          (ii)
 the Bank or the Purchaser delivers an Officer’s Certificate of the Bank or
 the Purchaser, respectively, to the Indenture Trustee to the effect that such
 amendment will not materially and adversely affect the interests of the
 Noteholders; or 

	
 

	
 

	
 

	
          (iii)
 the Bank or the Purchaser delivers to the Indenture Trustee written
 confirmation from each Rating Agency that such amendment will not cause it to
 downgrade, qualify or withdraw its rating assigned to any of the Notes; 

-7-

          (b)
Subject to subsections (e) and (f) of this Section 4.6,
any term or provision of this Agreement may be amended by the Bank and the
Purchaser without the consent of the Indenture Trustee, any Noteholder, the
Issuer, the Servicer, the Owner Trustee or any other Person to add, modify or
eliminate any provisions as may be necessary or advisable in order to enable
the Bank, the Purchaser or any of their Affiliates to comply with or obtain
more favorable treatment under any law or regulation or any accounting rule or
principle (whether now or in the future in effect), it being a condition to any
such amendment that the Rating Agency Condition shall have been satisfied. 

          (c)
Subject to subsections (e) and (f) of this Section 4.6,
this Agreement may also be amended from time to time by the Bank and the
Purchaser, with the consent of the Holders of Notes evidencing not less than a
majority of the Outstanding Note Balance of the Controlling Class, voting as a
single class, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying
in any manner the rights of the Noteholders. It will not be necessary for the
consent of Noteholders to approve the particular form of any proposed amendment
or consent, but it will be sufficient if such consent approves the substance
thereof. The manner of obtaining such consents (and any other consents of
Noteholders provided for in this Agreement) and of evidencing the authorization
of the execution thereof by Noteholders will be subject to such reasonable
requirements as the Indenture Trustee may prescribe, including the
establishment of record dates pursuant to the Note Depository Agreement. 

          (d)
Prior to the execution of any amendment to this Agreement, the Bank shall
provide written notification of the substance of such amendment to each Rating
Agency; and promptly after the execution of any such amendment or consent, the
Bank shall furnish a copy of such amendment or consent to each Rating Agency
and the Indenture Trustee. Any written confirmation received from any Rating
Agency that an amendment will not cause it to downgrade, qualify or withdraw
its rating on the Notes shall not create any presumption that such amendment
does not materially and adversely affect the interests of the Noteholders. 

          (e)
Prior to the execution of any amendment to this Agreement, the Purchaser, the
Servicer, the Owner Trustee and the Indenture Trustee shall be entitled to
receive and conclusively rely upon an Opinion of Counsel stating that the
execution of such amendment is authorized or permitted by this Agreement and
that all conditions precedent to the execution and delivery of such amendment
have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall
not be obligated to, enter into any such amendment which materially and
adversely affects the Owner Trustee’s or the Indenture Trustee’s, as
applicable, own rights, privileges, indemnities, duties or obligations under
this Agreement, the Transaction Documents or otherwise. Prior to the execution
of any amendment to this Agreement without the consent of the Owner Trustee and
Indenture Trustee, as applicable, such Person shall be entitled to receive an
Opinion of Counsel to the effect that such amendment shall not materially and
adversely affect the Owner Trustee’s or Indenture Trustee’s, as applicable, own
rights, privileges, indemnities, duties or obligations under this Agreement; provided that such Opinion of Counsel
shall not be given by counsel that is also an employee of the Seller, the
Servicer or their respective Affiliates. Furthermore, notwithstanding anything
to the contrary herein, this Agreement may not be amended in any way that would
materially and adversely affect the Owner Trustee’s or the Indenture Trustee’s,
as applicable, own rights, privileges, indemnities, 

-8-

duties or
obligations under this Agreement, the Transaction Documents or otherwise
without the prior written consent of such Person. 

          (f)
Notwithstanding any provision of this Section 4.6 to the contrary, the
permitted activities of the Issuer may be significantly changed only with the
approval of the Holders of at least a majority of the Notes held by entities
other than the Purchaser, its Affiliates and its agents.  

          SECTION
4.7 Waivers. No failure or delay on the part of the Purchaser, the
Servicer, the Bank, the Issuer or the Indenture Trustee in exercising any power
or right hereunder (to the extent such Person has any power or right hereunder)
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such power or right preclude any other or further exercise thereof or the
exercise of any other power or right. No notice to or demand on the Purchaser
or the Bank in any case shall entitle it to any notice or demand in similar or
other circumstances. No waiver or approval by either party under this Agreement
shall, except as may otherwise be stated in such waiver or approval, be
applicable to subsequent transactions. No waiver or approval under this
Agreement shall require any similar or dissimilar waiver or approval thereafter
to be granted hereunder. 

          SECTION
4.8 Entire Agreement. The Transaction Documents contain a final and
complete integration of all prior expressions by the parties hereto with
respect to the subject matter thereof and shall constitute the entire agreement
among the parties hereto with respect to the subject matter thereof,
superseding all prior oral or written understandings. There are no unwritten
agreements among the parties. 

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

          SECTION
4.10 Binding Effect. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and permitted
assigns. This Agreement shall create and constitute the continuing obligations
of the parties hereto in accordance with its terms, and shall remain in full
force and effect until such time as the parties hereto shall agree. 

          SECTION
4.11 Acknowledgment and Agreement. By execution below, the Bank
expressly acknowledges and consents to the sale of the Purchased Assets and the
assignment of all rights and obligations of the Bank related thereto by the
Purchaser to the Issuer pursuant to the Sale and Servicing Agreement and the
Grant of a security interest in the Receivables and the other Purchased Assets
by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit
of the Noteholders. In addition, the Bank hereby acknowledges and agrees that
for so long as the Notes are outstanding, the Indenture Trustee will have the
right to exercise all powers, privileges and claims of the Purchaser under this
Agreement pursuant to the Grant of such security interest. 

-9-

          SECTION
4.12 Cumulative Remedies. The remedies herein provided are cumulative
and not exclusive of any remedies provided by law. 

          SECTION
4.13 Nonpetition Covenant. Each party hereto agrees that, prior to the
date which is one year and one day after payment in full of all obligations of
each Bankruptcy Remote Party in respect of all securities issued by any
Bankruptcy Remote Party (i) such party hereto shall not authorize any
Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary
case or other Proceeding seeking liquidation, reorganization or other relief
with respect to such Bankruptcy Remote Party or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect in any jurisdiction
or seeking the appointment of an administrator, a trustee, receiver,
liquidator, custodian or other similar official with respect to such Bankruptcy
Remote Party or any substantial part of its property or to consent to any such
relief or to the appointment of or taking possession by any such official in an
involuntary case or other Proceeding commenced against such Bankruptcy Remote
Party, or to make a general assignment for the benefit of its creditors generally,
any party hereto or any other creditor of such Bankruptcy Remote Party, and
(ii) none of the parties hereto shall commence or join with any other Person in
commencing any Proceeding against such Bankruptcy Remote Party under any
bankruptcy, reorganization, liquidation or insolvency law or statute now or
hereafter in effect in any jurisdiction. This Section shall survive the
termination of this Agreement. 

          SECTION
4.14 Submission to Jurisdiction; Waiver of Jury Trial. Each of the
parties hereto hereby irrevocably and unconditionally: 

          (a)
submits for itself and its property in any legal action or Proceeding relating
to this Agreement or any documents executed and delivered in connection
herewith, or for recognition and enforcement of any judgment in respect
thereof, to the nonexclusive general jurisdiction of the courts of the State of
New York, the courts of the United States of America for the Southern District
of New York and appellate courts from any thereof; 

          (b)
consents that any such action or Proceeding may be brought in such courts and
waives any objection that it may now or hereafter have to the venue of such
action or Proceeding in any such court or that such action or Proceeding was
brought in an inconvenient court and agrees not to plead or claim the same; 

          (c)
agrees that service of process in any such action or Proceeding may be effected
by mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to such Person at its address
determined in accordance with Section 4.2;  

          (d)
agrees that nothing herein shall affect the right to effect service of process
in any other manner permitted by law or shall limit the right to sue in any
other jurisdiction; and 

          (e)
to the extent permitted by applicable law, each party hereto irrevocably waives
all right of trial by jury in any action, Proceeding or counterclaim based on,
or arising out of, under or in connection with this Agreement, any other
Transaction Document, or any matter arising hereunder or thereunder. 

-10-

[Remainder of Page Intentionally Left Blank]

-11-

          IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
and year first written above. 

	
 

	
 

	
 

	
USAA FEDERAL SAVINGS BANK

	
 

	
 

	
 

	
By:  /s/
 David K. Kimball

	
 

	

	
 

	
Name: David
 K. Kimball

	
 

	
Title: Vice
 President and Senior Financial Officer

	
 

	
 

	
 

	
USAA ACCEPTANCE, LLC

	
 

	
 

	
 

	
By:  /s/
 Edwin T. McQuiston

	
 

	

	
 

	
Name: Edwin
 T. McQuiston

	
 

	
Title:
 Senior Vice President and Treasurer

S-1

EXHIBIT A

FORM OF

ASSIGNMENT PURSUANT TO PURCHASE AGREEMENT

April 22, 2009

          For
value received, in accordance with the Purchase Agreement dated as of April 22,
2009 (the “Agreement”), between USAA
Federal Savings Bank, a federally chartered savings association (the “Bank”),
and USAA Acceptance, LLC, a Delaware limited liability company (the “Purchaser”),
on the terms and subject to the conditions set forth in the Agreement, the Bank
does hereby transfer, assign, set over, sell and otherwise convey to the
Purchaser without recourse (subject to the obligations in the Agreement) on the
Closing Date, all of its right, title and interest in, to and under the
Receivables set forth on the schedule of Receivables delivered by the Bank to
the Purchaser on the date hereof, the Collections on or after the Cut-Off Date,
the Receivable Files and the Related Security relating thereto, which sale
shall be effective as of the Cut-Off Date.

          The
foregoing sale does not constitute and is not intended to result in any
assumption by the Purchaser of any obligation of the undersigned or the
Originator to the Obligors or any other Person in connection with the
Receivables, or the other assets and properties conveyed hereunder or any
agreement, document or instrument related thereto.

          This
assignment is made pursuant to and upon the representations, warranties and
agreements on the part of the undersigned contained in the Agreement and is
governed by the Agreement.

          Capitalized
terms used herein and not otherwise defined shall have the meaning assigned to
them in the Agreement or if not defined in the Agreement, in Appendix A to the
Sale and Servicing Agreement, dated as of April 22, 2009, among USAA Auto Owner
Trust 2009-1, the Bank, as servicer, the Purchaser, as seller, and The Bank of
New York Mellon, as indenture trustee.

[Remainder of page intentionally left blank]

A-1

          IN
WITNESS HEREOF, the undersigned has caused this assignment to be duly executed
as of the date first above written.

	
 

	
 

	
 

	
USAA FEDERAL SAVINGS BANK

	
 

	
 

	
 

	
By:

	
 

	

	
 

	
Name: 

	
 

	
Title:

A-2

SCHEDULE I

REPRESENTATIONS AND WARRANTIES WITH RESPECT
TO THE RECEIVABLES

	
 

	
 

	
(a)

	
Characteristics of Receivables. Each
 Receivable:

	
 

	
 

	
 

	
 

	
(i)

	
has been
 fully and properly executed or electronically authenticated (as defined in
 the UCC) by the Obligor thereto;

	
 

	
 

	
 

	
 

	
(ii)

	
has been
 originated or acquired directly by the Originator in accordance with its
 customary practices;

	
 

	
 

	
 

	
 

	
(iii)

	
as of the
 Closing Date is secured by a first priority validly perfected security
 interest in the Financed Vehicle in favor of the Originator, as secured
 party, or all necessary actions have been commenced that would result in a
 first priority security interest in the Financed Vehicle in favor of the
 Originator, as secured party, which security interest, in either case, is
 assignable and has been so assigned (x) by the Bank to the Purchaser and (y)
 by the Purchaser to the Issuer; 

	
 

	
 

	
 

	
 

	
(iv)

	
contains
 customary and enforceable provisions such that the rights and remedies of the
 holder thereof are adequate for realization against the collateral of the
 benefits of the security;

	
 

	
 

	
 

	
 

	
(v)

	
provided, at
 origination, for level periodic payments which fully amortize the initial
 Outstanding Principal Balance over the original term; provided, that the amount
 of the first or last payment may be different but in no event more than three
 times the level monthly payment;

	
 

	
 

	
 

	
 

	
(vi)

	
provides for
 interest at the Contract Rate specified in the Schedule of Receivables; and

	
 

	
 

	
 

	
 

	
(vii)

	
was
 originated in the United States.

	
 

	
 

	
 

	
(b)

	
Individual Characteristics. Each Receivable
 has the following individual characteristics as of the Cut-Off Date:

	
 

	
 

	
 

	
 

	
(i)

	
each
 Receivable is secured by a new or used automobile or light-duty truck;

	
 

	
 

	
 

	
 

	
(ii)

	
each
 Receivable has a Contract Rate of no less than 3.19% and not more than
 17.94%;

	
 

	
 

	
 

	
 

	
(iii)

	
each
 Receivable had an original term to maturity of not more than 72 months and
 not less than 12 months and each Receivable has a remaining term to maturity,
 as of the Cut-Off Date, of 8 months or more;

	
 

	
 

	
 

	
 

	
(iv)

	
each
 Receivable has an Outstanding Principal Balance as of the Cut-Off Date of
 greater than or equal to $800.00;

Schedule I-1

	
 

	
 

	
 

	
 

	
(v)

	
no
 Receivable has a scheduled maturity date later than March 24, 2015;

	
 

	
 

	
 

	
 

	
(vi)

	
no
 Receivable was more than 30 days past due as of the Cut-Off Date; 

	
 

	
 

	
 

	
 

	
(vii)

	
as of the
 Cut-Off Date, no Receivable was noted in the records of the Servicer as being
 the subject of any pending bankruptcy or insolvency Proceeding;

	
 

	
 

	
 

	
 

	
(viii)

	
no
 Receivable is subject to a force-placed Insurance Policy on the related
 Financed Vehicle; 

	
 

	
 

	
 

	
 

	
(ix)

	
each
 Receivable is a Simple Interest Receivable; and

	
 

	
 

	
 

	
 

	
(x)

	
each of the
 Receivables were selected using selection procedures that were not known or
 intended by the Bank to be adverse to the Purchaser. 

	
 

	
 

	
 

	
(c)

	
Schedule of Receivables.
 The information with respect to each Receivable transferred on the Closing
 Date set forth in the Schedule of Receivables was true and correct in all
 material respects as of the Cut-Off Date.

	
 

	
 

	
 

	
(d)

	
Compliance with Law. Each
 Receivable complied at the time it was originated or made, in all material
 respects with all requirements of applicable federal, state and local laws,
 and regulations thereunder, including, to the extent applicable, usury laws,
 the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair
 Credit Reporting Act, the Federal Trade Commission Act, the Fair Debt
 Collection Practices Act, the Fair Credit Billing Act, the Magnuson-Moss
 Warranty Act, Federal Reserve Board Regulations B and Z, the Servicemembers
 Civil Relief Act of 2003, as amended, state adaptations of the National
 Consumer Act and of the Uniform Consumer Credit Code and any other consumer
 credit, equal opportunity and disclosure laws applicable to that Receivable.

	
 

	
 

	
 

	
(e)

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

	
 

	
 

	
 

	
(f)

	
Receivable in Force.
 Each Receivable has not been satisfied, subordinated or rescinded nor has the
 related Financed Vehicle been released from the lien granted by the
 Receivable in whole or in part.

	
 

	
 

	
 

	
(g)

	
No Waiver. As of the Cut-Off Date, no
 provision of a Receivable has been waived.

	
 

	
 

	
 

	
(h)

	
No Default. Except
 for payment delinquencies continuing for a period of not more than 30 days as
 of the Cut-Off Date, the records of the Servicer did not disclose that any
 default, breach, violation or event permitting acceleration under the terms
 of the Receivable existed as of the Cut-Off Date or that any continuing
 condition that with notice or lapse of time, or both, would constitute a
 default, breach, violation or event 

Schedule I-2

	
 

	
 

	
 

	
 

	
permitting
 acceleration under the terms of the Receivable had arisen as of the Cut-Off
 Date.

	
 

	
 

	
 

	
(i)

	
Insurance. Each
 Receivable requires the Obligor thereunder to insure the Financed Vehicle
 under a physical damage insurance policy.

	
 

	
 

	
 

	
(j)

	
No Government Obligor. The
 Obligor on each Receivable is not the United States of America or any state
 thereof or any local government, or any agency, department, political
 subdivision or instrumentality of the United States of America or any state
 thereof or any local government.

	
 

	
 

	
 

	
(k)

	
Assignment. No
 Receivable has been originated in, or is subject to the laws of, any
 jurisdiction under which the sale, transfer, assignment, conveyance or pledge
 of such Receivable would be unlawful, void, or voidable. The Bank has not
 entered into any agreement with any Obligor that prohibits, restricts or
 conditions the assignment of the related Receivable.

	
 

	
 

	
 

	
(l)

	
Good Title. It is
 the intention of the Bank that the sale, contribution, transfer, assignment
 and conveyance herein contemplated constitute an absolute sale, contribution,
 transfer, assignment and conveyance of the Receivables and that the
 Receivables not be part of the Bank’s estate in the event of the filing of a
 bankruptcy petition by or against the Bank under any bankruptcy law. No
 Receivable has been sold, transferred, assigned, conveyed or pledged to any
 Person other than pursuant to the Transaction Documents. As of the Closing
 Date, and immediately prior to the sale and transfer herein contemplated, the
 Bank had good and marketable title to each Receivable free and clear of all
 Liens, and, immediately upon the sale and transfer thereof, the Purchaser
 will have good and marketable title to each Receivable, free and clear of all
 Liens (other than Permitted Liens).

	
 

	
 

	
 

	
(m)

	
Filings. All
 filings (including, without limitation, UCC filings) necessary in any
 jurisdiction to give the Issuer a first priority, validly perfected ownership
 interest in the Receivables (other than the Related Security with respect
 thereto), and to give the Indenture Trustee a first priority perfected
 security interest therein, will be made within ten days of the Closing Date.

	
 

	
 

	
 

	
(n)

	
Priority. The
 Receivable is not pledged, assigned, sold, subject to a security interest, or
 otherwise conveyed other than pursuant to the Transaction Documents. The Bank
 has not authorized the filing of and is not aware of any financing statements
 against the Bank or the Purchaser that include a description of collateral
 covering the Receivables other than any financing statement relating to
 security interests granted under the Transaction Documents or that have been
 terminated. The Purchase Agreement creates a valid and continuing security
 interest in the Receivable (other than the Related Security with respect
 thereto) in favor of the Purchaser which security interest is prior to all
 other Liens (other than Permitted Liens) and is enforceable as such against
 all other creditors of and purchasers and assignees from the Purchaser.

Schedule I-3

	
 

	
 

	
 

	
(o)

	
Characterization of Receivables. Each
 Receivable constitutes either “tangible chattel paper,” “electronic chattel
 paper,” an “account,” a “promissory note” or a “payment intangible,” each as
 defined in the UCC.

	
 

	
 

	
 

	
(p)

	
One Original. With
 respect to any Receivable constituting electronic chattel paper, there is
 only one “authoritative copy” (as such term is used in Section 9-105 of the
 UCC) of the Receivable or with respect to any Receivable constituting
 tangible chattel paper for which an original executed copy exists, there is
 no more than one original executed copy of such Receivable and none of the
 instruments, tangible chattel paper or electronic chattel paper that
 constitute or evidence the Receivables has any marks or notations indicating
 that it has been pledged, assigned or otherwise conveyed to any Person other
 than to a party to the Transaction Documents.

	
 

	
 

	
 

	
(q)

	
No Defenses. The Bank has no knowledge
 either of any facts which would give rise to any right of rescission,
 set-off, counterclaim or defense, or of the same being asserted or
 threatened, with respect to any Receivable.

	
 

	
 

	
 

	
(r)

	
No Repossession. As of the Cut-Off Date, no
 Financed Vehicle shall have been repossessed.

Schedule I-4

SCHEDULE
II

PERFECTION REPRESENTATIONS, WARRANTIES AND
COVENANTS

          In
addition to the representations, warranties and covenants contained in the
Agreement, the Bank hereby represents, warrants and covenants to the Purchaser
as follows on the Closing Date:

General

          1.
This Agreement creates a valid and continuing security interest (as defined in
the applicable UCC) in the Receivables and the other Purchased Assets in favor
of the Purchaser, which security interest is prior to all other Liens, and is
enforceable as such against creditors of and purchasers from the Bank. 

          2.
The Receivables constitute “chattel paper” (including “electronic chattel
paper” and “tangible chattel paper”), “accounts,” “instruments” or “general
intangibles,” within the meaning of the applicable UCC. 

          3.
Each Receivable is secured by a first priority validly perfected security
interest in the related Financed Vehicle in favor of the Originator, as secured
party, or all necessary actions with respect to such Receivable have been taken
or will be taken to perfect a first priority security interest in the related
Financed Vehicle in favor of the Originator, as secured party.

Creation

          4.
Immediately prior to the sale, transfer, assignment and conveyance of a
Receivable by the Bank to the Purchaser, the Bank owned and had good and
marketable title to such Receivable free and clear of any Lien and immediately
after the sale, transfer, assignment and conveyance of such Receivable to the
Purchaser, the Purchaser will have good and marketable title to such Receivable
free and clear of any Lien. 

          5.
The related Originator has received all consents and approvals to the sale of
the Receivables hereunder to the Purchaser required by the terms of the
Receivables that constitute instruments.

Perfection

          6.
The Bank has caused or will have caused, within ten days after the effective
date of this Agreement, the filing of all appropriate financing statements in
the proper filing office in the appropriate jurisdictions under applicable law
in order to perfect the security interest in the Receivables granted to the
Purchaser hereunder; and the Servicer, in its capacity as custodian, has in its
possession the original copies of such instruments or tangible chattel paper
that constitute or evidence the Receivables, and all financing statements
referred to in this paragraph contain a statement that: “A purchase of or
security interest in any collateral described in this financing statement will
violate the rights of the Secured Party/Purchaser.”

Schedule

II-1

          7.
With respect to Receivables that constitute instruments or tangible chattel
paper, either: 

	
 

	
 

	
 

	
 

	
a.

	
All original
 executed copies of each such instrument or tangible chattel paper have been
 delivered to the Indenture Trustee; or

	
 

	
 

	
 

	
 

	
b.

	
Such
 instruments or tangible chattel paper are in the possession of the Servicer
 and the Indenture Trustee has received a written acknowledgment from the
 Servicer that the Servicer (in its capacity as custodian) is holding such
 instruments or tangible chattel paper solely on behalf and for the benefit of
 the Indenture Trustee; or 

	
 

	
 

	
 

	
 

	
c.

	
The Servicer
 received possession of such instruments or tangible chattel paper after the
 Indenture Trustee received a written acknowledgment from the Servicer that
 the Servicer is acting solely as agent of the Indenture Trustee.

Priority

          8.
The Bank has not authorized the filing of, and is not aware of, any financing
statements against the Bank that include a description of collateral covering
the Receivables other than any financing statement (i) relating to the
conveyance of the Receivables by the Bank to the Purchaser under the Purchase
Agreement, (ii) relating to the conveyance of the Receivables by the Seller to
the Issuer under the Sale and Servicing Agreement, (iii) relating to the
security interest granted to the Indenture Trustee under the Indenture or (iv)
that has been terminated.

          9.
The Bank is not aware of any material judgment, ERISA or tax lien filings
against the Bank. 

          10.
Neither the Bank nor a custodian or vaulting agent thereof holding any
Receivable that is electronic chattel paper has communicated an “authoritative
copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement
that constitutes or evidences such Receivable to any Person other than the
Servicer.

          11.
None of the instruments, tangible chattel paper or electronic chattel paper
that constitute or evidence the Receivables has any marks or notations
indicating that they have been pledged, assigned or otherwise conveyed to any
Person other than the Purchaser, the Issuer or the Indenture Trustee.

Survival
of Perfection Representations

          12.
Notwithstanding any other provision of the Purchase Agreement or any other
Transaction Document, the perfection representations, warranties and covenants
contained in this Schedule II shall be continuing, and remain in
full force and effect until such time as all obligations under the Transaction
Documents and the Notes have been finally and fully paid and performed.

Schedule

II-2

No
Waiver

          13.
The parties to the Purchase Agreement shall provide the Rating Agencies with
prompt written notice of any material breach of the perfection representations,
warranties and covenants contained in this Schedule II, and shall
not, without satisfying the Rating Agency Condition, waive a breach of any of
such perfection representations, warranties or covenants.

Schedule 
II-3

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