Document:

WPS RESOURCES
CORPORATION 

AS ISSUER                                            

TO 

US BANK NATIONAL
ASSOCIATION 

AS TRUSTEE                                           

     _________________ 

INDENTURE 

SUBORDINATED DEBT
SECURITIES 

DATED AS OF NOVEMBER
13, 2006 

     _________________ 

     

TABLE OF CONTENTS 

		PAGE
	
RECITALS OF THE COMPANY	  1

	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  2
	         SECTION 1.01.	Definitions	  2
	                  (a)	“ACT,”	  2
	                  (b)	“AFFILIATE”	  2
	                  (c)	“AUTHENTICATING AGENT”	  2
	                  (d)	“BANKRUPTCY LAW”	  2
	                  (e)	“BOARD OF DIRECTORS”	  2
	                  (f)	“BOARD RESOLUTION”	  3
	                  (g)	“BUSINESS DAY,”	  3
	                  (h)	“COMMISSION”	  3
	                  (i)	“COMPANY”	  3
	                  (j)	“COMPANY REQUEST” or “COMPANY ORDER”	  3
	                  (k)	“CORPORATE TRUST OFFICE”	  3
	                  (l)	“COVENANT DEFEASANCE”	  3
	                  (m)	“CUSTODIAN”	  3
	                  (n)	“DEBT”	  3
	                  (o)	“DEFAULT”	  3
	                  (p)	“DEFAULTED INTEREST”	  4
	                  (q)	“DEFEASANCE”	  4
	                  (r)	“DEPOSITARY”	  4
	                  (s)	“DOLLARS” and “$”	  4
	                  (t)	“EVENT OF DEFAULT”	  4
	                  (u)	“EXCHANGE ACT”	  4
	                  (v)	“GAAP”	  4
	                  (w)	“GLOBAL SECURITY”	  4
	                  (x)	“HOLDER” or “SECURITY HOLDER”	  4
	                  (y)	“INDENTURE”	  4
	                  (z)	“INTEREST,”	  4
	                  (aa)	“INTEREST PAYMENT DATE,”	  4
	                  (bb)	“MATURITY,”	  4
	                  (cc)	“OFFICER”	  5
	                  (dd)	“OFFICER’S CERTIFICATE”	  5
	                  (ee)	“OPINION OF COUNSEL”	  5
	                  (ff)	“ORIGINAL ISSUE DISCOUNT SECURITY”	  5
	                  (gg)	“OUTSTANDING,”	  5
	                  (hh)	“PAYING AGENT”	  6

-i- 

			PAGE
	
                  (ii)	“PERSON”	  6
	                  (jj)	“PLACE OF PAYMENT,”	  6
	                  (kk)	“PREDECESSOR SECURITIES,”	  6
	                  (ll)	“REDEMPTION DATE,”	  6
	                  (mm)	“REDEMPTION PRICE,”	  6
	                  (nn)	“REGULAR RECORD DATE”	  6
	                  (oo)	“RESPONSIBLE OFFICER,”	  6
	                  (pp)	“SECURITIES”	  6
	                  (qq)	“SECURITY REGISTER” and “SECURITY REGISTRAR”	  7
	                  (rr)	“SENIOR INDEBTEDNESS”	  7
	                  (ss)	“SPECIAL RECORD DATE”	  7
	                  (tt)	“STATED MATURITY,”	  7
	                  (uu)	“SUBSIDIARY”	  7
	                  (vv)	“TRUST INDENTURE ACT”	  7
	                  (ww)	“TRUSTEE”	  7
	                  (xx)	“U.S. GOVERNMENT OBLIGATIONS”	  8
	                  (yy)	“VICE PRESIDENT,”	  8
	         SECTION 1.02.	Compliance Certificates and Opinions	  8
	         SECTION 1.03.	Form of Documents Delivered to Trustee	  9
	         SECTION 1.04.	Acts of Holders	  9
	         SECTION 1.05.	Notices, Etc., to Trustee and Company	10
	         SECTION 1.06.	Notice to Holders; Waiver	10
	         SECTION 1.07.	Conflict with Trust Indenture Act	11
	         SECTION 1.08.	Effect of Headings and Table of Contents	11
	         SECTION 1.09.	Successors and Assigns	11
	         SECTION 1.10.	Separability Clause	11
	         SECTION 1.11.	Benefits of Indenture	11
	         SECTION 1.12.	Governing Law	12
	         SECTION 1.13.	Legal Holidays	12
	         SECTION 1.14.	No Recourse Against Others	12
	
ARTICLE II SECURITY FORMS	13
	         SECTION 2.01.	Forms Generally	13
	         SECTION 2.02.	Form of Trustee’s Certificate of Authentication	13
	         SECTION 2.03.	Securities Issuable in the Form of a Global Security	13
	         SECTION 2.04.	CUSIP Number	15
	         SECTION 2.05.	Payment of Securities	16
	
ARTICLE III THE SECURITIES	17
	         SECTION 3.01.	Amount Unlimited; Issuable in Series	17
	         SECTION 3.02.	Denominations	19
	         SECTION 3.03.	Execution, Authentication, Delivery and Dating	19
	         SECTION 3.04.	Temporary Securities	21
	         SECTION 3.05.	Registration, Registration of Transfer and Exchange	21

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			PAGE
	
         SECTION 3.06.	Mutilated, Destroyed, Lost and Stolen Securities	22
	         SECTION 3.07.	Payment of Interest; Interest Rights Preserved	23
	         SECTION 3.08.	Persons Deemed Owners	24
	         SECTION 3.09.	Cancellation	25
	         SECTION 3.10.	Computation of Interest	25
	
ARTICLE IV SATISFACTION AND DISCHARGE	26
	         SECTION 4.01.	Satisfaction and Discharge of Indenture	26
	         SECTION 4.02.	Application of Trust Money	27
	
ARTICLE V REMEDIES	28
	         SECTION 5.01.	Events of Default	28
	         SECTION 5.02.	Acceleration of Maturity and Rescission	29
	         SECTION 5.03.	Collection of Indebtedness and Suits for Enforcement by Trustee	30
	         SECTION 5.04.	Trustee May File Proofs of Claim	30
	         SECTION 5.05.	Trustee May Enforce Claims Without Possession of Securities	31
	         SECTION 5.06.	Application of Money Collected	31
	         SECTION 5.07.	Limitation on Suits	32
	         SECTION 5.08.	Unconditional Right of Holders to Receive Principal, Premium and Interest	32
	         SECTION 5.09.	Restoration of Rights and Remedies	33
	         SECTION 5.10.	Rights and Remedies Cumulative	33
	         SECTION 5.11.	Delay or Omission Not Waiver	33
	         SECTION 5.12.	Control by Holders	33
	         SECTION 5.13.	Waiver of Past Defaults	34
	         SECTION 5.14.	Undertaking for Costs	34
	         SECTION 5.15.	Waiver of Stay or Extension	34
	
ARTICLE VI THE TRUSTEE	36
	         SECTION 6.01.	Certain Duties and Responsibilities of the Trustee	36
	         SECTION 6.02.	Notice of Defaults	36
	         SECTION 6.03.	Certain Rights of Trustee	36
	         SECTION 6.04.	Not Responsible for Recitals or Issuance of Securities	37
	         SECTION 6.05.	May Hold Securities	37
	         SECTION 6.06.	Money Held in Trust	38
	         SECTION 6.07.	Compensation and Reimbursement	38
	         SECTION 6.08.	Disqualification; Conflicting Interests	38
	         SECTION 6.09.	Corporate Trustee Required; Eligibility	39
	         SECTION 6.10.	Resignation and Removal; Appointment of Successor	39
	         SECTION 6.11.	Acceptance of Appointment by Successor	40
	         SECTION 6.12.	Merger, Conversion, Consolidation or Succession to Business	41

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			PAGE
	
         SECTION 6.13.	Preferential Collection of Claims Against Company	42
	         SECTION 6.14.	Appointment of Authenticating Agent	42
	
ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	44
	         SECTION 7.01.	Company to Furnish Trustee Names and Addresses of Holders	44
	         SECTION 7.02.	Preservation of Information; Communications to Holders	44
	         SECTION 7.03.	Reports by Trustee	45
	         SECTION 7.04.	Reports by Company	45
	
ARTICLE VIII CONSOLIDATION, MERGER, LEASE, SALE OR TRANSFER	47
	         SECTION 8.01.	Then Company May Merge, Etc	47
	         SECTION 8.02.	Opinion of Counsel	47
	         SECTION 8.03.	Successor Corporation Substituted	47
	
ARTICLE IX SUPPLEMENTAL INDENTURES	48
	         SECTION 9.01.	Supplemental Indentures Without Consent of Holders	48
	         SECTION 9.02.	Supplemental Indentures with Consent of Holders	49
	         SECTION 9.03.	Execution of Supplemental Indentures	50
	         SECTION 9.04.	Effect of Supplemental Indentures	50
	         SECTION 9.05.	Conformity with Trust Indenture Act	50
	         SECTION 9.06.	Reference in Securities to Supplemental Indentures	50
	
ARTICLE X COVENANTS	51
	         SECTION 10.01.	Payments of Principal and Interest	51
	         SECTION 10.02.	Maintenance of Office or Agency	51
	         SECTION 10.03.	Corporate Existence	51
	         SECTION 10.04.	Payment of Taxes and Other Claims	51
	         SECTION 10.05.	Maintenance of Properties	52
	         SECTION 10.06.	Certificates Respecting Defaults	52
	         SECTION 10.07.	Money for Securities Payments to Be Held in Trust	52
	
ARTICLE XI REDEMPTION OF SECURITIES	54
	         SECTION 11.01.	Applicability of Article	54
	         SECTION 11.02.	Election to Redeem; Notice to Trustee	54
	         SECTION 11.03.	Election by Trustee of Securities to Be Redeemed	54
	         SECTION 11.04.	Notice of Redemption	55
	         SECTION 11.05.	Deposit of Redemption Price	55
	         SECTION 11.06.	Securities Payable on Redemption Date	56
	         SECTION 11.07.	Securities Redeemed in Part	56

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			PAGE
	
ARTICLE XII SINKING FUNDS	57
	         SECTION 12.01.	Applicability of Article	57
	         SECTION 12.02.	Satisfaction of Sinking Fund Payments with Securities	57
	         SECTION 12.03.	Redemption of Securities for Sinking Fund	57
	
ARTICLE XIII DEFEASANCE AND COVENANT DEFEASANCE	58
	         SECTION 13.01.	Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance.	58
	         SECTION 13.02.	Defeasance and Discharge	58
	         SECTION 13.03.	Covenant Defeasance	58
	         SECTION 13.04.	Conditions to Defeasance or Covenant Defeasance	59
	         SECTION 13.05.	Deposited Money and Government Obligations To Be Held In Trust	60
	
ARTICLE XIV SUBORDINATION OF DEBT SECURITIES	62
	         SECTION 14.01.	Agreement to Subordinate	62
	         SECTION 14.02.	Default on Senior Indebtedness	62
	         SECTION 14.03.	Liquidation; Dissolution; Bankruptcy	63
	         SECTION 14.04.	Subrogation	64
	         SECTION 14.05.	Trustee to Effectuate Subordination	65
	         SECTION 14.06.	Notice by the Company	65
	         SECTION 14.07.	Rights of the Trustee; Holders of Senior Indebtedness	66
	         SECTION 14.08.	Subordination May Not Be Impaired	66
	
ARTICLE XV MISCELLANEOUS	67
	         SECTION 15.01.	Miscellaneous	67

 

-v- 

WPS RESOURCES
CORPORATION 
Reconciliation and tie between Trust Indenture Act of 1939  
and Indenture,
dated as of November 13, 2006  

	Trust Indenture

Act Section	Indenture Section
	Section 310 (a) (1)	6.09
	                (a) (2)	6.09
	                (a) (3)	Not Applicable
	                (a) (4)	Not Applicable
	                (a) (5)	6.09
	                (b)	6.08, 6.10
	Section 311 (a)	6.13
	                (b)	6.13
	Section 312 (a)	7.01(a), 7.02(a)
	                (b)	7.02(b)
	                (c)	7.02(c)
	Section 313 (a)	7.03(a)
	                (b)	7.03(b)
	                (c)	7.03(a), 7.03(b)
	                (d)	7.03(b)
	Section 314 (a)	7.04
	                (b)	Not Applicable
	                (c) (1)	1.02
	                (c) (2)	1.02
	                (c) (3)	Not Applicable
	                (d)	Not Applicable
	                (e)	1.02
	Section 315 (a)	6.01(a)
	                (b)	6.02
	                (c)	6.01(b)
	                (d)	6.01(c)
	                (d) (1)	6.01(a), 6.01(c)
	                (d) (2)	6.01(c)
	                (d) (3)	6.01(c)
	                (e)	5.14
	Section 316 (a) (1) (A)	5.12
	                (a) (1) (B)	5.02, 5.13
	                (a) (2)	Not Applicable
	                (b)	5.08
	Section 317 (a) (1)	5.03
	                (a) (2)	5.04
	                (b)	10.07
	Section 318 (a)	1.07

NOTE:  This reconciliation and tie
shall not, for any purpose, be deemed to be a part of this Indenture. 

-vi- 

        INDENTURE,
dated as of November 13, 2006, between WPS RESOURCES CORPORATION, a corporation duly
organized and existing under the laws of the State of Wisconsin (herein called the
“COMPANY”), having its principal office at 700 North Adams Street, Green Bay,
Wisconsin 54301 and U.S. Bank National Association, a national banking association
organized and existing under and by virtue of the laws of the United States, as Trustee
(herein called the “TRUSTEE”). 

RECITALS OF THE COMPANY 

        The
Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its unsecured debentures, notes or other evidences of
indebtedness (herein called the “SECURITIES”), to be issued in one or more
series as in this Indenture provided. 

        All
things necessary to make this Indenture a valid agreement of the Company, in accordance
with its terms, has been done. 

        NOW,
THEREFORE, THIS INDENTURE WITNESSETH: 

        For
and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of
all Holders of the Securities or of series thereof, as follows: 

ARTICLE I  

DEFINITIONS AND OTHER
PROVISIONS
OF GENERAL APPLICATION  

        SECTION
1.01.    Definitions. 

        For
all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires: 

		    (1)    the
terms defined in this Article have the meanings assigned to them in this
          Article and include the plural as well as the singular;  

		    (2)    all
other terms used herein which are defined in the Trust Indenture Act, either
          directly or by reference therein, have the meanings assigned to them therein;  

		    (3)    all
accounting terms not otherwise defined herein have the meanings assigned to
          them in accordance with GAAP;  

		    (4)    the
word “INCLUDING” (and with correlative meaning           “INCLUDE”)
means including, without limiting the generality of, any           description preceding
such term; and  

		    (5)    the
words “HEREIN,” “HEREOF” and “HEREUNDER” and
          other words of similar import refer to this Indenture as a whole and not to any
          particular Article, Section or other subdivision.  

        Certain
terms, used principally in Article Seven, are defined in that Article. 

        (a)              “ACT,” when
used with respect to any Holder, has the meaning specified           in Section 1.04.  

        (b)              “AFFILIATE” of
any specified Person means any other Person directly or           indirectly controlling
or controlled by or under direct or indirect common           control with such specified
Person. For the purposes of this definition,           “control” when used with
respect to any specified Person means the           power to direct the management and
policies of such Person, directly or           indirectly, whether through the ownership
of voting securities, by contract or           otherwise; and the terms “controlling” and
“controlled” have           meanings correlative to the foregoing.  

        (c)              “AUTHENTICATING
AGENT” means any Person authorized by the Trustee to           act on behalf of the
Trustee to authenticate Securities.  

        (d)              “BANKRUPTCY
LAW” means Title 11, U.S. Code or any similar federal or           state law for the
relief of debtors.  

        (e)              “BOARD
OF DIRECTORS” means the board of directors of the Company;           provided,
however, that when the context refers to actions or resolutions of the           Board of
Directors, then the term “Board of Directors” shall also mean           any
duly authorized committee of the Board of Directors of the Company or           Officer
authorized to act with respect to any particular matter to exercise the           power
of the Board of Directors of the Company.  

-2- 

        (f)              “BOARD
RESOLUTION” means a copy of a resolution certified by the           Secretary or an
Assistant Secretary of the Company to have been duly adopted by           the Board of
Directors and to be in full force and effect on the date of such           certification,
and delivered to the Trustee.  

        (g)              “BUSINESS
DAY,” when used with respect to any Place of Payment, means           each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which           banking
institutions in that Place of Payment are authorized or obligated by law           or
regulation to close.  

        (h)              “COMMISSION” means
the Securities and Exchange Commission, as from           time to time constituted,
created under the Exchange Act, or, if at any time           after the execution of this
instrument such Commission is not existing and           performing the duties now
assigned to it under the Trust Indenture Act, then the           body performing such
duties at such time.  

        (i)              “COMPANY” means
the Person named as the “Company” in the           first paragraph of this
Indenture until a successor corporation shall have           become such pursuant to the
applicable provisions of this Indenture, and           thereafter “Company” shall
mean such successor corporation.  

        (j)              “COMPANY
REQUEST” or “COMPANY ORDER” means a written request           or order
signed in the name of the Company by its Chairman of the Board, its           President
or a Vice President, and by its Treasurer, an Assistant Treasurer, its
          Controller, an Assistant Controller, its Secretary or an Assistant Secretary,
          and delivered to the Trustee.  

        (k)              “CORPORATE
TRUST OFFICE” means the principal office of the Trustee at           which at any
time its corporate trust business shall be administered, which           office at the
date hereof is located at 100 Wall Street, Suite 1600, New York,           New York
10005, or such other address as the Trustee may designate from time to           time by
notice to the Holders and the Company, or the principal corporate trust           office
of any successor Trustee (or such other address as a successor Trustee           may
designate from time to time by notice to the Holders and the Company).  

        (l)              “COVENANT
DEFEASANCE” has the meaning specified in Section 13.03.  

        (m)              “CUSTODIAN” means
any receiver, trustee, assignee, liquidator,           sequestrator or similar official
under any Bankruptcy Law.  

        (n)              “DEBT” means
any outstanding debt for money borrowed evidenced by           notes, debentures, bonds
or other securities or guarantees of any thereof.  

        (o)              “DEFAULT” means
any event which is, or after notice or passage of time           or both would be, an
Event of Default.  

-3- 

        (p)              “DEFAULTED
INTEREST” has the meaning specified in Section 3.07.  

        (q)              “DEFEASANCE” has
the meaning specified in Section 13.02.  

        (r)              “DEPOSITARY” shall
mean, unless otherwise specified pursuant to           Section 3.01 hereof, The
Depository Trust Company, New York, New York, or any           successor thereto
registered or qualified as a clearing agency under the           Securities Exchange Act
of 1934, or other applicable statute or regulation.  

        (s)              “DOLLARS” and
“$” means lawful money of the United States of           America.  

        (t)              “EVENT
OF DEFAULT” has the meaning specified in Section 5.01.  

        (u)              “EXCHANGE
ACT” means the Securities and Exchange Act of 1934, as           amended from time
to time, and the rules and regulations promulgated thereunder.  

        (v)              “GAAP” shall
mean generally accepted accounting principles in the           United States of America
as in effect on the date hereof, applied on a basis           consistent with those used
in the preparation of any financial statements           referred to herein, unless
otherwise stated herein.  

        (w)              “GLOBAL
SECURITY” shall mean a Security that, pursuant to Sections           3.01 and 3.03
hereof, is issued to evidence Securities, that is delivered to the           Depositary
or pursuant to the instructions of the Depositary and that shall be           registered
in the name of the Depositary or its nominee.  

        (x)              “HOLDER” or
“SECURITY HOLDER” means a Person in whose name a           Security is
registered in the Security Register.  

        (y)              “INDENTURE” means
this instrument as originally executed or as it may           from time to time be
supplemented or amended by one or more indentures           supplemental hereto entered
into pursuant to the applicable provisions hereof           and shall include the terms
of particular series of Securities established as           contemplated by Section 3.01.  

        (z)              “INTEREST,” when
used with respect to an Original Issue Discount           Security which by its terms
bears interest only after Maturity, means interest           payable after Maturity.  

        (aa)              “INTEREST
PAYMENT DATE,” when used with respect to any Security, means           the Stated
Maturity of an installment of interest on such Security.  

        (bb)              “MATURITY,” when
used with respect to any Security, means the date on           which the principal of
such Security or an installment of principal becomes due           and payable as therein
or herein provided, whether at the Stated Maturity or by           declaration of
acceleration, call for redemption or otherwise.  

-4- 

        (cc)              “OFFICER” means
the Chairman of the Board, the Vice-Chairman of the           Board, the President, any
Vice President, the Treasurer, any Assistant           Treasurer, the Controller, the
Secretary or any Assistant Secretary of the           Company.  

        (dd)              “OFFICER’S
CERTIFICATE” means a certificate signed by an Officer           and delivered to the
Trustee.  

        (ee)              “OPINION
OF COUNSEL” means a written opinion of counsel, who may be an           employee of
or counsel for the Company, and who shall be reasonably acceptable           to the
Trustee.  

        (ff)              “ORIGINAL
ISSUE DISCOUNT SECURITY” means any Security, which provides           for an amount
less than the principal amount thereof to be due and payable upon           a declaration
of acceleration of the Maturity thereof pursuant to           Section 5.02.  

        (gg)              “OUTSTANDING,” when
used with respect to Securities or Securities of           any series, means, as of the
date of determination, all such Securities           theretofore authenticated and
delivered under this Indenture, except:  

	 	        (i)             Securities
theretofore cancelled by the Trustee or delivered to the Trustee for
          cancellation;  

	 	        (ii)              Securities,
or portions thereof, for whose payment or redemption money in the           necessary
amount has been theretofore deposited with the Trustee or any Paying           Agent
(other than the Company) in trust or set aside and segregated in trust by           the
Company (if the Company shall act as its own Paying Agent) for the Holders           of
such Securities; provided that, if such Securities are to be redeemed, notice
          of such redemption has been duly given pursuant to this Indenture or provision
          therefor satisfactory to the Trustee has been made;  

	 	        (iii)              Securities
which have been paid pursuant to Section 3.06 or in exchange for or           in lieu of
which other Securities have been authenticated and delivered pursuant           to this
Indenture, other than any such Securities in respect of which there           shall have
been presented to the Trustee proof satisfactory to it that such           Securities are
held by a bona fide purchaser in whose hands such Securities are           valid
obligations of the Company; and  

	 	        (iv)              Securities
which have been defeased pursuant to Section 13.02;  

provided, however, that in
determining whether the Holders of the requisite principal amount of the Outstanding
Securities have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, (a) the principal amount of an Original Issue Discount Security that
shall be deemed to be Outstanding for such purposes shall be that portion of the principal
amount thereof that could be declared to be due and payable upon the occurrence of an
Event of Default and the continuation thereof pursuant to the terms of such Original Issue
Discount Security as of the date of such determination and (b) Securities owned by the
Company or any other obligor upon the Securities or any Affiliate of the Company or of
such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Securities which the
Trustee knows to be so owned shall be so disregarded. Securities so owned which have been
pledged in good faith may be regarded as Outstanding if the pledge establishes to the
satisfaction of the Trustee the pledge’s right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor. 

-5- 

        (hh)              “PAYING
AGENT” means any Person authorized by the Company to pay the           principal of
(and premium, if any) or interest on any Securities on behalf of           the Company.
The Company may act as Paying Agent with respect to any Securities           issued
hereunder.  

        (ii)              “PERSON” means
any individual, corporation, partnership, joint           venture, association,
joint-stock company, trust, unincorporated organization or           government or any
agency or political subdivision thereof.  

        (jj)              “PLACE
OF PAYMENT,” when used with respect to the Securities of any           series, means
the place or places where the principal of (and premium, if any)           and interest
on the Securities of that series are payable as specified as           contemplated by
Section 3.01.  

        (kk)              “PREDECESSOR
SECURITIES,” of any particular security means every           previous Security
evidencing all or any portion of the same debt as that           evidenced by such
particular Security; and, for purposes of this definition, any           Securities
authenticated and delivered under Section 3.06 in lieu of destroyed,           lost, or
stolen Securities shall be deemed to evidence the same debt as the           destroyed,
lost or stolen Securities.  

        (ll)              “REDEMPTION
DATE,” when used with respect to any Security of any           series to be
redeemed, means the date fixed for such redemption by or pursuant           to this
Indenture.  

        (mm)              “REDEMPTION
PRICE,” when used with respect to any Security of any           series to be
redeemed, means the price at which it is to be redeemed pursuant to           this
Indenture.  

        (nn)              “REGULAR
RECORD DATE” for the interest payable on any Interest Payment           Date on the
Securities of any series means the date specified for that purpose           as
contemplated by Section 3.01.  

        (oo)              “RESPONSIBLE
OFFICER,” when used with respect to the Trustee, means           any vice president,
any assistant vice president, the secretary, any assistant           secretary, the
treasurer, any assistant treasurer, the cashier, any assistant           cashier, any
senior trust officer, any trust officer or assistant trust officer,           the
controller or any assistant controller or any other officer of the Trustee
          customarily performing functions similar to those performed by any of the above
          designated officers and also means, with respect to a particular corporate
trust           matter, any other officer to whom such matter is referred because of his
          knowledge of and familiarity with the particular subject.  

        (pp)              “SECURITIES” has
the meaning stated in the first recital of this           Indenture and more particularly
means any Securities authenticated and delivered           under this Indenture.  

-6- 

        (qq)              “SECURITY
REGISTER” and “SECURITY REGISTRAR” have the           respective meanings
specified in Section 3.05.  

        (rr)              “SENIOR
INDEBTEDNESS” means, with respect to the Company, (i) the           principal,
premium, if any, and interest in respect of (A) indebtedness of the           Company for
money borrowed and (B) indebtedness evidenced by securities,           debentures, bonds
or other similar instruments issued by the Company; (ii) all           capital lease
obligations of the Company; (iii) all obligations of the Company           issued or
assumed as the deferred purchase price of property, all conditional           sale
obligations of the Company and all obligations of the Company under any           title
retention agreement (but excluding trade accounts payable arising in the
          ordinary course of business); (iv) all obligations of the Company for the
          reimbursement on any letter of credit, banker’s acceptance, security
          purchase facility or similar credit transaction; (v) all obligations of the
type           referred to in clauses (i) through (iv) of other Persons for the payment
of           which the Company is responsible or liable as obligor, guarantor or
otherwise;           and (vi) all obligations of the type referred to in clauses (i)
through (v) of           other Persons secured by any lien on any property or asset of
the Company           (whether or not such obligation is assumed by the Company); except
in each case           for (1) any such indebtedness that is by its terms subordinated to
or pari passu with the Securities, as the case may be, and (2) any
          indebtedness from the Company to any Affiliate of the Company.  

        (ss)              “SPECIAL
RECORD DATE” for the payment of any Defaulted Interest means           a date fixed
by the Trustee pursuant to Section 3.07.  

        (tt)              “STATED
MATURITY,” when used with respect to any Security or any           installment of
principal thereof or interest thereon, means the date specified           in such
Security as the fixed date on which the principal of such Security or           such
installment of principal or interest is due and payable.  

        (uu)              “SUBSIDIARY” of
a Person means (i) any corporation of which more than           50% of the outstanding
securities having ordinary voting power shall at the time           be owned or
controlled, directly or indirectly, by such Person or by one or more           of its
Subsidiaries or by such Person and one or more of its Subsidiaries, or           (ii) any
partnership, association, joint venture or similar business           organization of
which more than 50% of the ownership interests having ordinary           voting power
shall at the time be so owned or controlled. Unless otherwise           expressly
provided, all references herein to a “Subsidiary” shall mean           a
Subsidiary of the Company.  

        (vv)              “TRUST
INDENTURE ACT” means the Trust Indenture Act of 1939, as           amended, as in
force at the date as of which this Indenture was executed;           provided, however,
that in the event that such Act is amended after such date,           “TRUST
INDENTURE ACT” means the Trust Indenture Act of 1939 as so           amended.  

        (ww)              “TRUSTEE” means
the Person named as the “Trustee” in the           first paragraph of this
instrument until a successor Trustee shall have become           such pursuant to the
applicable provisions of this Indenture, and thereafter           “Trustee” shall
mean or include each Person who is then a Trustee           hereunder, and if at any time
there is more than one such Person,           “Trustee” as used with respect to
the Securities of any series shall           mean the Trustee with respect to Securities
of that series.  

-7- 

        (xx)              “U.S.
GOVERNMENT OBLIGATIONS” means securities which are           (i) direct
obligations of the United States of America for the payment of           which its full
faith and credit is pledged or (ii) obligations of a Person           controlled or
supervised by and acting as an agency or instrumentality of the           United States
of America the timely payment of which is unconditionally           guaranteed by the
full faith and credit of the United States of America which,           in either case,
are not callable or redeemable at the option of the issuer           thereof or otherwise
subject to prepayment, and shall also include a depository           receipt issued by a
New York Clearing House bank or trust company as custodian           with respect to any
such U.S. Government Obligation or a specific payment or           interest on or
principal of any such U.S. Government Obligation held by such           custodian for the
account of the holder of a depository receipt, provided that           (except as
required by law) such custodian is not authorized to make any           deduction from
the amount payable to the holder of such depository receipt or           from any amount
held by the custodian in respect of the U.S. Government           Obligation or the
specific payment of interest on or principal of the U.S.           Government Obligation
evidenced by such depository receipt.  

        (yy)              “VICE
PRESIDENT,” when used with respect to the Company or the           Trustee, means
any vice president, whether or not designated by a number or a           word or words
added before or after the title “vice president”.  

        SECTION
1.02.    Compliance Certificates and Opinions. 

        Upon
any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, other than as action permitted by Sections 2.03 and 7.04, the
Company shall furnish to the Trustee 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 and an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent, if any, have been complied with, 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 relating to such
particular application or request, no additional certificate or opinion need be furnished. 

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

        (a)              a
statement that each individual signing such certificate or opinion has read
          such covenant or condition and the definitions herein relating thereto;  

        (b)              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;  

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

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

-8- 

        SECTION
1.03.    Form of Documents Delivered to Trustee. 

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

Any certificate or opinion of an
Officer may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such Officer knows, or in the exercise
of reasonable care should know, that the certificate or Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an Officer or Officers of the Company stating that the information
with respect to such factual matters is in the possession of the Company, unless such
counsel knows, or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to such matters are erroneous. 

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

        SECTION
1.04.    Acts of Holders. 

        (a)              Any
request, demand, authorization, direction, notice, consent, waiver or other
          action provided by this Indenture to be given or taken by Holders may be
          embodied in and evidenced by one or more instruments of substantially similar
          tenor signed by such Holders 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 Trustee and,
          where it is hereby expressly required, to the Company. Such instrument or
          instruments (and the action embodied therein and evidenced thereby) are herein
          sometimes referred to as the “ACT” of the Holders 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 5.01) conclusive in favor of the Trustee and
          the Company, 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 by the affidavit of a witness of such execution or by a
          certificate of a notary public or other officer authorized by law to take
          acknowledgments of deeds, certifying that the individual signing such
instrument           or writing acknowledged to him the execution thereof. Where such
execution is by           a signer acting in a capacity other than his individual
capacity, such           certificate or affidavit shall also constitute sufficient proof
of his           authority. The fact and date of the execution of any such instrument or
writing,           or the authority of the Person executing the same, may also be proved
in any           other manner, which the Trustee deems sufficient.  

        (c)              The
ownership of Registered Securities shall be proved by the Security Register.  

-9- 

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

        (e)              If
the Company shall solicit from the Holders any request, demand,           authorization,
direction, notice, consent, waiver or other Act, the Company may,           at its
option, by or pursuant to a Board Resolution, fix in advance a record           date for
the determination of Holders entitled to give such request, demand,
          authorization, direction, notice, consent, waiver or other Act, but the Company
          shall have no obligation to do so. If such a record date is fixed, such
request,           demand, authorization, direction, notice, consent, waiver or other Act
may be           given before or after such record date, but only the Holders of record
at the           close of business on such record date shall be deemed to be Holders for
the           purposes of determining whether Holders of the requisite proportion of
          Outstanding Securities have authorized or agreed or consented to such request,
          demand, authorization, direction, notice, consent, waiver or other Act, and for
          that purpose the Outstanding Securities shall be computed as of such record
          date; provided that no such authorization, agreement or consent by the Holders
          on such record date shall be deemed effective unless it shall become effective
          pursuant to the provisions of this Indenture not later than six months after
the           record date.  

        SECTION
1.05.    Notices, Etc., to Trustee and Company. 

        Any
request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with, 

	 	        (i)              the
Trustee by any Holder or by the Company shall be sufficient for every           purpose
hereunder if made, given, furnished or filed in writing to or with the           Trustee
and received by the Trustee at its Corporate Trust Office, Attention:           Corporate
Trust Department or  

	 	        (ii)              the
Company by the Trustee or by any Holder shall be sufficient for every           purpose
hereunder (unless otherwise herein expressly provided) if in writing and
          mailed, first-class postage prepaid, to the Company addressed to it at the
          address of its principal office specified in the first paragraph of this
          Indenture, attention: Secretary, or at any other address previously furnished
in           writing to the Trustee by the Company.  

        SECTION
1.06.    Notice to Holders; Waiver. 

        Where
this Indenture or any Security provides for notice to Holders of any event, such notice
shall be deemed sufficiently given (unless otherwise herein or in such Security expressly
provided) if in writing and mailed, first-class postage prepaid, to each Holder affected
by such event, at his address as it appears in the Security 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 Holders is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular Holder shall affect
the sufficiency of such notice with respect to other Holders or the validity of the
proceedings to which such notice relates. Where this Indenture or any Security provides
for notice in any manner, such notice may be waived in writing by the 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 Holders shall be filed with the Trustee,
but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver. 

-10- 

        In
case by reason of the suspension of regular mail service or by reason of any other cause
it shall be impracticable to give such notice by mail, then such notification as shall be
made with the approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder. 

        Any
request, demand, authorization, direction, notice, consent or waiver required or permitted
under this Indenture shall be in the English language, except that any published notice
may be in an official language of the country of publication. 

        SECTION
1.07.    Conflict with Trust Indenture Act. 

        If
any provision hereof limits, qualifies or conflicts with another provision hereof which is
required to be included in this Indenture by any of the provisions of the Trust Indenture
Act, such required provision shall control. If any provision of this Indenture modifies or
excludes any provision of the Trust Indenture Act that may be so modified or excluded, the
latter provision shall be deemed to apply to this Indenture as so modified or shall be
excluded, as the case may be. 

        SECTION
1.08.    Effect of Headings and Table of Contents. 

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

        SECTION
1.09.    Successors and Assigns. 

        All
covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not. 

        SECTION
1.10.    Separability Clause. 

        In
case any provision in this Indenture or in the Securities 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
1.11.    Benefits of Indenture. 

        Nothing
in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder and the Holders, any benefit
or any legal or equitable right, remedy or claim under this Indenture. 

-11- 

        SECTION
1.12.    Governing Law. 

        This
Indenture and the Securities shall be governed by and construed in accordance with the
laws (other than the choice of law provisions) of the State of Wisconsin. 

        SECTION
1.13.    Legal Holidays. 

        In
any case where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security shall not be a Business Day at any Place of Payment, then (notwithstanding any
other provision of this Indenture or of the Securities) payment of interest or principal
(and premium, if any) need not be made at such Place of Payment on such date, but may be
made on the next succeeding Business Day or on such other day as may be set out in the
Officer’s Certificate pursuant to Section 3.01 at such Place of Payment with the same
force and effect as if made on the Interest Payment Date or Redemption Date, or at the
Stated Maturity, provided that no interest shall accrue for the period from and after such
Interest Payment Date, Redemption Date or Stated Maturity, as the case may be. 

        SECTION
1.14.    No Recourse Against Others. 

        A
director, officer, employee or stockholder, as such, of the Company shall not have any
liability for any obligations of the Company under the Securities or this Indenture or for
any claim based on, in respect of or by reason of such obligations or their creation. Each
Securityholder, by accepting a Security, waives and, releases all such liability. Such
waivers and releases are part of the consideration for the issuance of the Securities. 

-12- 

ARTICLE II 

SECURITY
FORMS 

        SECTION
2.01.    Forms Generally. 

        The
Securities of each series shall be in substantially such form as shall be established by
or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in
each case 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 be
required to comply with the rules of any securities exchange or as may, consistently
herewith, be determined by the Officers executing such Securities, as evidenced by their
execution of the Securities. If the form of Securities of any series is established by
action taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Company Order contemplated by
Section 3.03 for the authentication and delivery of such Securities. 

        The
Trustee’s certificates of authentication shall be in substantially the form set forth
in this Article. 

        The
definitive Securities shall be photocopied, printed, lithographed or engraved on steel
engraved borders or may be produced in any other manner, all as determined by the Officers
executing such Securities, as evidenced by their execution of such Securities. 

        SECTION
2.02.    Form of Trustee’s Certificate of Authentication. 

Dated:  _______________ 

        This
is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 

_________________________________________
As
Trustee 

By ________________________________________
Authorized Signatory

        SECTION
2.03.    Securities Issuable in the Form of a Global Security. 

-13- 

        (a)              If
the Company shall establish pursuant to Section 3.01 hereof that the           Securities
of a particular series are to be issued in whole or in part in the           form of one
or more Global Securities, then the Company shall execute and the           Trustee
shall, in accordance with Section 3.03 hereof and the Company Order           delivered
to the Trustee hereunder, authenticate and deliver such Global           Security or
Securities, which (i) represent, shall be denominated in an amount           equal to the
aggregate principal amount of, and shall have the same terms as,           the
outstanding Securities of such series to be represented by such Global           Security
or Securities, (ii) shall be registered in the name of the Depositary           or its
nominee, (iii) shall be delivered by the Trustee to the Depositary or           pursuant
to the Depositary’s instruction and (iv) shall bear a legend           substantially
to the following effect: “This Security is a Global Security           registered in
the name of the Depositary (referred to herein) or a nominee           thereof and,
unless and until it is exchanged in whole or in part for the           individual
Securities represented hereby, this Global Security may not be           transferred
except as a whole by the Depositary to a nominee of the Depositary           or by a
nominee of the Depositary to the Depositary or another nominee of the
          Depositary or by the Depositary or any such nominee to a successor Depositary
or           a nominee of such successor Depositary. Unless this Global Security is
presented           by an authorized representative of The Depository Trust Company (55
Water           Street, New York, New York), to the Trustee for registration of transfer,
          exchange or payment, and any certificate issued is registered in the name of
          Cede & Co. or such other name as requested by an authorized representative
          of The Depository Trust Company and any payment is made to Cede & Co., any
          transfer, pledge or other use hereof for value or otherwise by or to any person
          is wrongful since the registered owner hereof, Cede & Co., has an interest
          herein” or such other legend as may be required by the rules and
          regulations of the Depositary.  

        (b)              Notwithstanding
any other provision of Section 3.05 hereof or of this Section           2.03, unless the
terms of a Global Security expressly permit such Global           Security to be
exchanged in whole or in part for individual Securities, a Global           Security may
be transferred, in whole but not in part, only as described in the           legend
thereto.  

        (c)              (i)
If at any time the Depositary for a Global Security notifies the Company           that
it is unwilling or unable to continue as Depositary for such Global           Security or
if at any time the Depositary for the Global Security shall no           longer be
eligible or in good standing under the Exchange Act or other           applicable statute
or regulation, the Company shall appoint a successor           Depositary with respect to
such Global Security. If a successor Depositary for           such Global Security is not
appointed by the Company within 90 days after the           Company receives such notice
or becomes aware of such ineligibility, the           Company’s election pursuant to
Section 3.01(3) hereof shall no longer be           effective with respect to the series
of Securities evidenced by such Global           Security and the Company shall execute,
and the Trustee, upon receipt of a           Company Order for the authentication and
delivery of individual Securities of           such series in exchange for such Global
Security, shall authenticate and           deliver, individual Securities of such series
of like tenor and terms in           definitive form in an aggregate principal amount
equal to the principal amount           of the Global Security in exchange for such
Global Security. The Trustee shall           not be charged with knowledge or notice of
the ineligibility of a Depositary           unless a responsible officer assigned to and
working in its corporate trustee           administration department shall have actual
knowledge thereof.  

        (ii)               The
Company may at any time and in its sole discretion determine that all
          Outstanding (but not less than all) Securities of a series issued or issuable
in           the form of one or more Global Securities shall no longer be represented by
such           Global Security or Securities. In such event the Company shall execute,
and the           Trustee, upon receipt of a Company Order for the authentication and
delivery of           individual Securities in exchange for such Global Security, shall
authenticate           and deliver individual Securities of like tenor and terms in
definitive form in           an aggregate principal amount equal to the principal amount
of such Global           Security or Securities in exchange for such Global Security or
Securities.  

-14- 

        (iii)               In
any exchange provided for in any of the preceding two paragraphs, the Company
          will execute and the Trustee will authenticate and deliver individual
Securities           in definitive registered form in authorized denominations. Upon the
exchange of           a Global Security for individual Securities, such Global Security
shall be           cancelled by the Trustee. Securities issued in exchange for a Global
Security           pursuant to this Section shall be registered in such names and in such
          authorized denominations as the Depositary for such Global Security, pursuant
to           instructions from its direct or indirect participants or otherwise, shall
          instruct the Trustee. The Trustee shall deliver such Securities to the
          Depositary for delivery to the persons in whose names such Securities are so
          registered, or if the Depositary shall refuse or be unable to deliver such
          Securities, the Trustee shall deliver such Securities to the persons in whose
          names such Securities are registered, unless otherwise agreed upon between the
          Trustee and the Company, in which event the Company shall cause the Securities
          to be delivered to the persons in whose names such Securities are registered.  

        (d)              Neither
the Company, the Trustee, any Authenticating Agent nor any paying agent           shall
have any responsibility or liability for any aspect of the records           relating to,
or payments made on account of, beneficial ownership interests of a           Global
Security or for maintaining, supervising or reviewing any records           relating to
such beneficial ownership interest.  

        (e)              Pursuant
to the provisions of this subsection, at the option of the Trustee and           upon 30
days’ written notice to the Depositary but not prior to the first           Interest
Payment Date of the respective Global Securities of the same series,           the
Depositary shall be required to surrender any two or more Global Securities           of
the same series which have identical terms, including, without limitation,
          identical maturities, interest rates and redemption provisions to the Trustee,
          and the Company shall execute and the Trustee shall authenticate and deliver
to,           or at the direction of, the Depositary a Global Security of the same series
in           principal amount equal to the aggregate principal amount of, and with all
terms           identical to, the Global Securities surrendered thereto. The exchange
          contemplated in this subsection shall be consummated at least 30 days prior to
          any Interest Payment date applicable to any of the Global Securities
surrendered           to the Trustee. Upon any exchange of any Global Security, whether
pursuant to           this Section or pursuant to Section 3.05 or Section 11.07 hereof,
the aggregate           principal amount of the Securities or a series shall be the same
before and           after such exchange, after giving effect to any retirement of
Securities of such           series.  

        SECTION
2.04.    CUSIP Number. 

        The
Company in issuing Securities of any series may use a “CUSIP” number, and, if
so, the Trustee may use the CUSIP number in notices of redemption or exchange as a
convenience to Holders of such series; provided, that any such notice may state that no
representation is made as to the correctness or accuracy of the CUSIP number printed on
the notice or on the Securities of such series, and that reliance may be placed only on
the other identification numbers printed on the Securities, and any such redemption shall
not be affected by any defect in or omission of such numbers. The Company will promptly
notify the Trustee of any change in the CUSIP number of any series of Securities. 

-15- 

        SECTION
2.05.    Payment of Securities. 

        Payment
of the principal, interest and premium on all Securities shall be payable as follows: 

        (a)              On
or before 9:30 a.m., New York City time, or such other time as shall be           agreed
upon between the Trustee and the Company, of the day on which payment of
          principal, interest and premium is due on any Global Security pursuant to the
          terms thereof, the Company shall deliver to the Trustee funds available on such
          date sufficient to make such payment, by wire transfer of immediately available
          funds or by instructing the Trustee to withdraw sufficient funds from an
account           maintained by the Company with the Trustee or such other method as is
acceptable           to the Trustee. On or before 10:00 a.m., New York City time, or such
other time           as shall be agreed upon between the Trustee and the Depositary, of
the day on           which any payment of interest is due on any Global Security (other
than at           maturity), the Trustee shall pay to the Depositary such interest in
same day           funds. On or before 10:00 a.m., New York City time or such other time
as shall           be agreed upon between the Trustee and the Depositary, of the day on
which           principal, interest payable at maturity and premium, if any, is due on
any           Global Security, the Trustee shall deposit with the Depositary the amount
equal           to the principal, interest payable at maturity and premium, if any, by
wire           transfer into the account specified by the Depositary. As a condition to
the           payment, at maturity or upon redemption, of any part of the principal or
          interest on and applicable premium of any Global Security, the Depositary shall
          surrender, or cause to be surrendered, such Global Security to the Trustee,
          whereupon a new Global Security shall be issued to the Depositary pursuant to
          Section 3.05 hereof.  

        (b)              With
respect to any Security that is not a Global Security, principal,           applicable
premium and interest due at the maturity of the Security shall be           payable in
immediately available funds when due upon presentation and surrender           of such
Security at the corporate trust office of the Trustee or at the           authorized
office of any paying agent. Interest on any Security that is not a           Global
Security (other than interest payable at maturity) shall be paid by check
          mailed to the Holder thereof at such Holder’s address as it appears on the
          register by check payable in clearinghouse funds; provided that if the
          Trustee receives a written request from any Holder of Securities, the aggregate
          principal amount of which having the same Interest Payment Date equals or
          exceeds $10,000,000, on or before the applicable Regular Record Date for such
          Interest Payment Date, interest shall be paid by wire transfer of immediately
          available funds to a bank within the continental United States designated by
          such Holder in its request or by direct deposit into the account of such Holder
          designated by such Holder in its request if such account is maintained with the
          Trustee or any paying agent.  

-16- 

ARTICLE III 

THE
SECURITIES 

        SECTION
3.01.    Amount Unlimited; Issuable in Series. 

        The
aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited. 

        The
Securities may be issued from time to time in one or more series. There shall be
established in or pursuant to a Board Resolution, and set forth in an Officer’s
Certificate, or established in one or more indentures supplemental hereto, prior to the
issuance of Securities of any series: 

	 	        (1)              the
title of the Securities of the series (which shall distinguish the           Securities
of the series from all other Securities);  

	 	        (2)              any
limit upon the aggregate principal amount of the Securities of the series           which
may be authenticated and delivered under this Indenture (except for           Securities
authenticated and delivered upon registration of transfer of, or in           exchange
for, or in lieu of, other Securities of the series pursuant to Sections           3.04,
3.05, 3.06, 9.06 or 11.07);  

	 	        (3)              whether
any Securities of the series are to be issuable in permanent global form           with
or without coupons and, if so, (i) whether beneficial owners of interests           in
any such permanent global Security may exchange such interests for Securities
          of such series and of like tenor of any authorized form and denomination and
the           circumstances under which any such exchanges may occur, if other than in
the           manner provided in Sections 2.03 and 3.05, and (ii) the name of the
Depositary           with respect to any global Security;  

	 	        (4)              the
date or dates on which the principal of the Securities of the series is
          payable;  

	 	        (5)              the
rate or rates at which the Securities of the series shall bear interest, if
          any, the date or dates from which such interest shall accrue, the Interest
          Payment Dates on which such interest shall be payable and the Regular Record
          Date for the interest payable on any Interest Payment Date and, if applicable
to           such series of Securities, the basis points and United States Treasury
rate(s)           and any other rates to be used in calculating the reset rate;  

	 	        (6)              the
place or places where the principal of (and premium, if any) and interest on
          Securities of the series shall be payable;  

	 	        (7)              the
period or periods within which, the price or prices at which and the terms           and
conditions upon which Securities of the series may be redeemed, in whole or           in
part, at the option of the Company, pursuant to any sinking fund or           otherwise;  

-17- 

	 	        (8)              the
obligation, if any, of the Company to redeem or purchase Securities of the
          series pursuant to any sinking fund or analogous provisions or at the option of
          a Holder thereof and the period or periods within which, the price or prices at
          which and the terms and conditions upon which Securities of the series shall be
          redeemed or purchased, in whole or in part, pursuant to such obligation, and,
          where applicable, the obligation of the Company to select the Securities to be
          redeemed;  

	 	        (9)              the
denominations in which Securities of the series shall be issuable;  

	 	        (10)              if
other than the principal amount thereof, the portion of the principal amount           of
Securities of the series which shall be payable upon declaration of
          acceleration of the Maturity thereof pursuant to Section 5.02;  

	 	        (11)              additional
Events of Default with respect to Securities of the series, if any,           other than
those set forth herein;  

	 	        (12)              if
either or both of Section 13.02 and Section 13.03 shall be inapplicable to           the
Securities of the series (provided that if no such inapplicability shall be
          specified, then both Section 13.02 and Section 13.03 shall be applicable to the
          Securities of the series);  

	 	        (13)              if
other than U.S. dollars, the currency or currencies or units based on or
          related to currencies in which the Securities of such series shall be
          denominated and in which payments or principal of, and any premium and interest
          on, such Securities shall or may by payable;  

	 	        (14)              additional
covenants with respect to Securities of the series, if any, other           than those
set forth herein;  

	 	        (15)              if
other than the Trustee, the identity of the Registrar and any Paying Agent;           and  

	 	        (16)              any
other terms of the series (which terms shall not be inconsistent with the
          provisions of this Indenture).  

        All
Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to such Board Resolution and set
forth in such Officer’s Certificate or in any such Indenture supplemental hereto. 

        If
any of the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by the
Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or
prior to the delivery of the Officer’s Certificate setting forth, or providing the
manner for determining, the terms of the Securities of such series. 

-18- 

        SECTION
3.02.    Denominations. 

        The
Securities of each series shall be issuable in registered form without coupons in such
denominations as shall be specified as contemplated by Section 3.01. In the absence of any
such provisions with respect to the Securities of any series, the Securities of such
series shall be issuable in denominations of $1,000 and any integral multiple thereof. 

        SECTION
3.03.    Execution, Authentication, Delivery and Dating. 

        The
Securities shall be executed on behalf of the Company by its Chairman of the Board, its
Vice Chairman of the Board, its President or one of its Vice Presidents, under its
corporate seal reproduced thereon attested by its Secretary or one of its Assistant
Secretaries. The signature of any of these officers on the Securities may be manual or
facsimile. The seal of the Company may be in the form of a facsimile thereof and may be
impressed, affixed, imprinted or otherwise reproduced on the Securities. Typographical and
other minor errors or defects in any such reproduction of the seal or any such signature
shall not affect the validity or enforceability of any Security that has been duly
authenticated and delivered by the Trustee. 

        Securities
bearing the manual or facsimile signatures of individuals who were at any time the proper
officers of the Company shall bind the Company, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and delivery of
such Securities or did not hold such offices at the date of such Securities. 

        At
any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order shall authenticate and
make such Securities available for delivery. If the form or terms of the Securities of the
series have been established in or pursuant to one or more Board Resolutions as permitted
by Sections 2.01 and 3.01, in authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to Sections 315(a) through (d) of the Trust Indenture
Act) shall be fully protected in relying upon, an Opinion of Counsel stating, 

        (a)              that
the form of such Securities has been established in conformity with the
          provisions of this Indenture;  

        (b)              if
the terms of such Securities have been established by or pursuant to Board
          Resolution as permitted by Section 3.01, that such terms have been established
          in conformity with the provisions of this Indenture;  

        (c)              that
such Securities, when authenticated and delivered by the Trustee and issued           by
the Company in the manner and subject to any conditions specified in such
          Opinion of Counsel, will constitute valid and legally binding obligations of
the           Company, enforceable in accordance with their terms, except to the extent
          enforceability may be limited by applicable bankruptcy, insolvency,
          reorganization, moratorium and other similar laws affecting the enforcement of
          creditors’ rights generally and by the effect of general principles of
          equity (regardless of whether enforceability is considered in a proceeding in
          equity or at law);  

-19- 

        (d)              that
no consent, approval, authorization, order, registration or qualification           of or
with any court or any governmental agency or body having jurisdiction over           the
Company is required for the execution and delivery of such Securities by the
          Company, except such as have been obtained (except that no opinion need be
          expressed as to state securities or Blue Sky laws).  

If such form or terms have been so
established, the Trustee shall not be required to authenticate such Securities if the
issue of such Securities pursuant to this Indenture will affect the Trustee’s own
rights, duties or immunities under the Securities and this Indenture or otherwise in a
manner which is not reasonably acceptable to the Trustee, or in the written opinion of
counsel to the Trustee (which counsel may be an employee of the Trustee) such
authentication may not lawfully be made or would involve the Trustee in personal
liability. 

        Notwithstanding
the provisions of Section 3.01 and of the immediately preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall not be
necessary to deliver the Officer’s Certificate otherwise required pursuant to Section
3.01 or the Company Order and Opinion of Counsel otherwise required pursuant to the
immediately preceding paragraph at or prior to the time of authentication of each Security
of such series if such documents are delivered at or prior to the authentication upon
original issuance of the first Security of such series to be issued. 

        If
the Company shall establish pursuant to Section 3.01 that the Securities of a series are
to be issued in the form of one or more global Securities, then the Company shall execute
and the Trustee shall, in accordance with this section and the Company Order with respect
to the authentication and delivery of such series, authenticate and deliver one or more
global Securities that (i) shall be in an aggregate amount equal to the aggregate
principal amount specified in such Company Order, (ii) shall be registered in the name of
the Depositary therefor or its nominee, and (iii) shall be made available for delivery by
the Trustee to the Depositary or pursuant to the Depositary’s instruction. 

        Each
depositary designated pursuant to Section 3.01 must, at the time of its designation and at
all times while it serves as depositary, be a clearing agency registered under the
Exchange Act and any other applicable statute or regulation. 

        Unless
otherwise provided for in the form of Security, each Security shall be dated the date of
its authentication. 

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

-20- 

        SECTION
3.04.    Temporary Securities. 

        Pending
the preparation of definitive Securities of any series, the Company may execute, and upon
Company Order the Trustee shall authenticate and make available for delivery, temporary
Securities which are printed, lithographed, typewritten, mimeographed or otherwise
produced, in any authorized denomination, substantially of the tenor of the definitive
Securities in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such Securities
may determine, as evidenced by their execution of such Securities. 

        In
the case of Securities of any series, such temporary Securities may be in global form,
representing all or a portion of the Outstanding Securities of such series. 

        Except
in the case of temporary Securities in global form (which shall be exchanged in accordance
with the provisions of Section 3.05), if temporary Securities of any series are issued,
the Company will cause definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of definitive Securities of such series, the
temporary Securities of such series shall be exchangeable for definitive Securities of
such series upon surrender of the temporary Securities of such series at the office or
agency of the Company in a Place of Payment for that series, without charge to the Holder.
Upon surrender for cancellation of any one or more temporary Securities of any series, the
Company shall execute and the Trustee shall authenticate and make available for delivery
in exchange therefor a like principal amount of definitive Securities of the same series
of authorized denominations and of like tenor. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series. 

        If
temporary Securities of any series are issued in global form, any such temporary global
Security shall, unless otherwise provided therein, be delivered to the office of the
Depositary therefor for credit to the respective accounts of the beneficial owners of such
Securities (or to such other accounts as they may direct). 

        SECTION
3.05.    Registration, Registration of Transfer and Exchange. 

        The
Company shall cause to be kept at the Corporate Trust Office of the Trustee a register
(the register maintained in such office and in any other office or agency of the Company
in a Place of Payment being herein sometimes collectively referred to as the
“SECURITY REGISTER”) in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Securities and of
registration of transfers of Securities. The Trustee is hereby appointed “SECURITY
REGISTRAR” for the purpose of registering Securities and transfers of Securities as
herein provided. 

        Upon
surrender for registration of transfer of any Security of any series at the office or
agency of the Company in Place of Payment for that series, the Company shall execute, and
the Trustee shall authenticate and make available for delivery, in the name of the
designated transferee or transferees, one or more new Securities of the same series, of
any authorized denominations and of a like aggregate principal amount and Stated Maturity. 

-21- 

        At
the option of the Holder, Securities of any series may be exchanged for other Securities
of the same series, of any authorized denominations and of a like aggregate principal
amount and Stated Maturity, upon surrender of the Securities to be exchanged at such
office or agency. Whenever any Securities are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and make available for delivery, the
Securities which the Holder making the exchange is entitled to receive. 

        If
the principal amount and applicable premium, of part but not all of a Global Security is
paid, then upon surrender to the Trustee of such Global Security, the Company shall
execute and the Trustee shall authenticate, deliver and register a Global Security in an
authorized denomination in aggregate principal amount equal to, and having the same terms
and of the same series as, the unpaid portion of such Global Security. 

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

        Every
Security presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company or the Trustee) be duly endorsed, or be accompanied by a
written instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 

        Unless
otherwise provided in the Securities to be transferred or exchanged, no service charge
shall be made for any registration of transfer or exchange of Securities, but the Company
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 Securities,
other than exchanges pursuant to Section 3.04, 9.06 or 11.07 not involving any transfer. 

        The
Company shall not be required (i) to issue, register the transfer of or exchange
Securities of any series during a period beginning at the opening of business 15 days
before the day of the mailing of a notice of redemption of Securities of that series
selected for redemption under Section 11.03 and ending at the close of business on the day
of such mailing, or (ii) to register the transfer of or exchange any Security so selected
for redemption in whole or in part, except the unredeemed portion of any Security being
redeemed in part. 

        SECTION
3.06.    Mutilated, Destroyed, Lost and Stolen Securities. 

        If
any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of the same
series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding. 

        If
there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii) such security or indemnity as
may be required by them to save each of them and any agent of either of them harmless,
then, in the absence of notice to the Company or the Trustee that such Security has been
acquired by a bona fide purchaser, the Company shall execute and upon its request the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security, a new Security of the same series and of like tenor and principal amount and
bearing a number not contemporaneously outstanding. 

-22- 

        In
case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security. 

        Upon
the issuance of any new Security under this Section, the Company may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee)
connected therewith. 

        Every
new Security of any series issued pursuant to this Section in lieu of any destroyed, lost
or stolen Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Securities of that series duly issued
hereunder. 

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

        SECTION
3.07.    Payment of Interest; Interest Rights Preserved. 

        Interest
on any Security which is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the Person in whose name that Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest. 

        Any
interest on any Security of any series which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called “DEFAULTED
INTEREST”) shall forthwith cease to be payable to the Holder on the relevant Regular
Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid
by the Company, at its election in each case, as provided in Clause (1) or (2) below: 

	 	        (1)              The
Company may elect to make payment of any Defaulted Interest to the Persons           in
whose names the Securities of such series (or their respective Predecessor
          Securities) are registered at the close of business on a Special Record Date
for           the payment of such Defaulted Interest, which shall be fixed in the
following           manner. The Company shall notify the Trustee in writing of the amount
of           Defaulted Interest proposed to be paid on each Security of such series and
the           date of the proposed payment, and at the same time the Company shall
deposit           with the Trustee an amount of money equal to the aggregate amount
proposed to be           paid in respect of such Defaulted Interest or shall make
arrangements           satisfactory to the Trustee for such deposit prior to the date of
the proposed           payment, such money when deposited to be held in trust for the
benefit of the           Persons entitled to such Defaulted Interest as in this Section
3.07 provided.           Thereupon the Trustee shall fix a Special Record Date for the
payment of such           Defaulted Interest which shall be not more than 15 days and not
less than 10           days prior to the date of the proposed payment and not less than
10 days after           the receipt by the Trustee of the notice of the proposed payment.
The Trustee           shall promptly notify the Company of such Special Record Date and,
in the name           and at the expense of the Company, shall cause notice of the
proposed payment of           such Defaulted Interest and the Special Record Date
therefor to be mailed,           first-class postage prepaid, to each Holder of
Securities of such series at his           address as it appears in the Security
Register, not less than 10 days prior to           such Special Record Date. Notice of
the proposed payment of such Defaulted           Interest and the Special Record Date
therefor having been so mailed, such           Defaulted Interest shall be paid to the
Persons in whose names the Securities of           such series (or their respective
Predecessor Securities) are registered at the           close of business on such Special
Record Date and shall no longer be payable           pursuant to the following Clause
(2).  

-23- 

	 	        (2)              The
Company may make payment of any Defaulted Interest on the Securities of any
          series in any other lawful manner not inconsistent with the requirements of any
          securities exchange on which such Securities may be listed, and upon such
notice           as may be required by such exchange, if, after notice given by the
Company to           the Trustee of the proposed payment pursuant to this Section 3.07,
such manner           of payment shall be deemed practicable by the Trustee.  

        Subject
to the foregoing provisions of this Section, each Security delivered under this Indenture
upon registration of transfer of or in exchange for or in lieu of any other Security shall
carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Security. 

        SECTION
3.08.    Persons Deemed Owners. 

        Prior
to due presentment of a Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name such
Security is registered as the owner of such Security for the purpose of receiving payment
of principal of (and premium, if any) and (subject to Section 3.07) interest on such
Security and for all other purposes whatsoever, whether or not such Security be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary. 

        None
of the Company, the Trustee or any agent of the Company or the Trustee shall have any
responsibility or liability for any aspect of the records relating to or payments made on
account of beneficial ownership interest of a Security in global form, or for maintaining,
supervising or reviewing any records relating to such beneficial ownership interest.
Notwithstanding the foregoing, with respect to any Security in global form, nothing herein
shall prevent the Company or the Trustee or any agent of the Company or the Trustee from
giving effect to any written certification, proxy or other authorization furnished by any
Depositary (or its nominee), as a Holder, with respect to such Security in global form or
impair, as between such Depositary and owners of beneficial interests in such Security in
global form, the operation of customary practices governing the exercise of the right of
such Depositary (or its nominee) as holder of such Security in global form. 

-24- 

        SECTION
3.09.    Cancellation. 

        All
Securities surrendered for payment, redemption, registration of transfer or exchange or
for credit against any sinking fund payment shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The
Company may at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any manner
whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities cancelled
as provided in this Section, except as expressly permitted by this Indenture. All
cancelled Securities shall be held by the Trustee and may be destroyed (and, if so
destroyed, certification of their destruction shall be delivered to the Company, unless,
by a Company Order, the Company shall direct that cancelled Securities be returned to it). 

        SECTION
3.10.    Computation of Interest. 

        Except
as otherwise specified as contemplated by Section 3.01 for Securities of any series,
interest on the Securities of each series shall be computed on the basis of a year of
twelve 30-day months. 

-25- 

ARTICLE IV 

SATISFACTION
AND DISCHARGE 

        SECTION
4.01.    Satisfaction and Discharge of Indenture. 

        This
Indenture shall cease to be of further effect (except as to any surviving rights of
registration of transfer or exchange of Securities herein expressly provided for or in the
form of Security for such series), when the Trustee, upon Company Request and at the
expense of the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when 

        (a)              either  

        (1)              all
Securities theretofore authenticated and delivered (other than (A)           Securities
which have been destroyed, lost or stolen and which have been           replaced or paid
as provided in Section 3.06 and (B) Securities for whose           payment money has
theretofore been deposited in trust or segregated and held in           trust by the
Company and thereafter repaid to the Company or discharged from           such trust, as
provided in Section 10.07) have been delivered to the Trustee for           cancellation;
or  

        (2)              all
such Securities not theretofore delivered to the Trustee for cancellation  

        (A)              have
become due and payable, or  

        (B)              will
become due and payable at their Stated Maturity within one year, or  

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

and the Company, in the case of (A),
(B) or (C) above, has deposited with the Trustee as trust funds in trust for the purpose
an amount sufficient to pay and discharge the entire indebtedness on such Securities not
theretofore delivered to the Trustee for cancellation, for principal (and premium, if any)
and interest to the date of such deposit (in the case of Securities which have become due
and payable) or the Stated Maturity or Redemption Date, as the case may be; 

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

        (c)              the
Company has delivered to the Trustee an Officer’s Certificate and an
          Opinion of Counsel, each stating that all conditions precedent provided for
          herein relating to the satisfaction and discharge of this Indenture have been
          complied with.  

        Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the
Trustee under Section 6.07, the obligations of the Company to any Authenticating Agent
under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to
subclause (2) of clause (a) of this Section 4.01, the obligations of the Trustee under
Section 4.02 and the last paragraph of Section 10.07 shall survive. 

-26- 

        If
the Company shall have paid or caused to be paid in whole or in part the principal of and
premium, if any, and interest on any Security, as and when the same shall become due and
payable or the Company shall have delivered to the Trustee for cancellation any
outstanding Security, such Security shall cease to be entitled to the lien, benefit or
security interest under this Indenture to the extent of such amounts paid. 

        SECTION
4.02.    Application of Trust Money. 

        Subject
to the provisions of the last paragraph of Section 10.07, all money deposited with the
Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if
any) and interest for whose payment such money has been deposited with or received by the
Trustee. 

-27- 

ARTICLE V 

REMEDIES 

        SECTION
5.01.    Events of Default. 

        “EVENT
OF DEFAULT,” wherever used herein with respect to Securities of any series, means any
one of the following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or to 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): 

	 	        (1)              the
Company defaults in the payment of interest on any Security when such           interest
becomes due and payable and such default continues for a period of 30           days; or  

	 	        (2)              the
Company defaults in the payment of the principal of (or premium, if any, on)
          any Security when the same becomes due and payable at Maturity, upon redemption
          (including redemptions under Article XI), or otherwise; or  

	 	        (3)              the
Company fails to observe or perform any of its other covenants, warranties           or
agreements in the Securities of that series or this Indenture (other than a
          covenant, agreement or warranty a default in whose performance or whose breach
          is elsewhere in this Section specifically dealt with or which has expressly
been           included in this Indenture solely for the benefit of series of Securities
other           than that series), and the failure to observe or perform continues for a
period           of 60 days after the date on which written notice of such failure,
requiring the           same to be remedied and stating that such notice is a “Notice
of           Default” hereunder shall have been given to the Company by the Trustee
by           registered or certified mail, or to the Company and the Trustee by the
holders           of at least 25% in principal amount of the Outstanding Securities of
that           series; or  

	 	        (4)              the
Company pursuant to or within the meaning of any Bankruptcy Law (A)           commences a
voluntary case or proceeding under any Bankruptcy Law with respect           to itself,
(B) consents to the entry of a judgment, decree or order for relief           against it
in an involuntary case or proceeding under any Bankruptcy Law, (C)           consents to
or acquiesces in the institution of bankruptcy or insolvency           proceedings
against it, (D) applies for, consents to or acquiesces in the           appointment of or
taking possession by a Custodian of the Company or for any           material part of its
property, (E) makes a general assignment for the benefit of           its creditors or
(F) takes any corporate action in furtherance of or to           facilitate,
conditionally or otherwise, any of the foregoing; or  

	 	        (5)              (i)
a court of competent jurisdiction enters a judgment, decree or order for           relief
in respect of the Company in an involuntary case or proceeding under any
          Bankruptcy Law which shall (A) approve as properly filed a petition seeking
          reorganization, arrangement, adjustment or composition in respect of the
          Company, (B) appoint a Custodian of the Company or for any material part of its
          property or (C) order the winding-up or liquidation of its affairs, and such
          judgment, decree or order shall remain unstayed and in effect for a period of
60           consecutive days; or (ii) any bankruptcy or insolvency petition or
application           is filed, or any bankruptcy or insolvency proceeding is commenced
against the           Company and such petition, application or proceeding is not
dismissed within 60           days; or (iii) a warrant of attachment is issued against
any material portion of           the property of the Company which is not released
within 60 days of service, or  

-28- 

	 	        (6)              any
other Event of Default provided with respect to Securities of that series.  

        A
Default under clause (3) above is not an Event of Default until the Trustee or the Holders
of at least 25% in aggregate principal amount of the Outstanding Securities of that series
notify the Company of the Default and the Company does not cure the Default within 60 days
after receipt of the notice. 

        SECTION
5.02.    Acceleration of Maturity and Rescission. 

        If
an Event of Default with respect to Securities of any series (other than an Event of
Default specified in clause (4) or (5) of Section 5.01) occurs and is continuing, the
Trustee by notice in writing to the Company, or the Holders of at least 25% in aggregate
principal amount of the Outstanding Securities of that series by notice in writing to the
Company and the Trustee, may declare the unpaid principal of and accrued interest to the
date of acceleration (or, if the Securities of that series are Original Issue Discount
Securities, such portion of the principal amount as may be specified in the terms of that
series) on all the Outstanding Securities of that series to be due and payable immediately
and, upon any such declaration, the Outstanding Securities of that series (or specified
principal amount) shall become and be immediately due and payable. 

        If
an Event of Default specified in clause (4) or (5) of Section 5.01 occurs, all unpaid
principal of and accrued interest on the Outstanding Securities of that series (or
specified principal amount) shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder of any
Security of that series. 

        Upon
payment of all such principal and interest, all of the Company’ obligations under the
Securities of that series and (upon payment of the Securities of all series) this
Indenture shall terminate, except obligations under Section 6.07. 

        The
Holders of not less than a majority in principal amount of the Outstanding Securities of
that series by notice to the Trustee may rescind an acceleration and its consequences if
(i) all existing Events of Default, other than the nonpayment of the principal of and
interest on the Securities of that series that has become due solely by such declaration
of acceleration, have been cured or waived, (ii) to the extent the payment of such
interest is lawful, interest on overdue installments of interest and overdue principal
that has become due otherwise than by such declaration of acceleration have been paid,
(iii) the rescission would not conflict with any judgment or decree of a court of
competent jurisdiction and (iv) all payments due to the Trustee and any predecessor
Trustee under Section 6.07 have been made. 

-29- 

        SECTION
5.03.    Collection of Indebtedness and Suits for Enforcement by Trustee. 

        The
Company covenants that if: 

	 	        (1)              default
is made in the payment of any interest on any Security when such           interest
becomes due and payable, (A) if such default occurs prior to the           Release Date,
and such default continues for a period of 90 days, or (B) if such           default
occurs on or after the Release Date, such default continues for a period           of 30
days, or  

	 	        (2)              default
is made in the payment of the principal of (or premium, if any, on) any
          Security at Maturity, upon redemption (including redemption under Article XII)
          or otherwise,  

the Company will, upon demand of the
Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount
then due and payable on such Securities for principal (and premium, if any) and interest
and, to the extent that payment of such interest shall be legally enforceable, interest on
any overdue principal (and premium, if any) and on any overdue interest, at the rate or
rates prescribed therefor in such Securities, and, in addition thereto, such further
amount as shall be sufficient to cover the reasonable costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel. 

        If
the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the
collection of the sums so due and unpaid, may prosecute such proceeding to judgment or
final decree and may enforce the same against the Company or any other obligor upon such
Securities and collect the moneys adjudged or decreed to be payable in the manner provided
by law out of the property of the Company or any other obligor upon such Securities,
wherever situated. 

        If
an Event of Default hereunder occurs and is continuing, the Trustee may in its discretion
proceed to protect and enforce its rights and the rights of the Holders of Securities by
such appropriate judicial proceedings as the Trustee shall deem most effectual to protect
and enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted herein, or to
secure any other proper remedy. 

        SECTION
5.04.    Trustee May File Proofs of Claim. 

        In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative
to the Company or any other obligor upon the Securities or the property of the Company or
of such other obligor or their creditors, the Trustee (irrespective of whether the
principal of the Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made any
demand on the Company for the payment of overdue principal or interest) shall be entitled
and empowered, by intervention in such proceeding or otherwise, 

-30- 

	 	        (i)              to
file and prove a claim for the whole amount of principal (and premium, if           any)
and interest owing and unpaid in respect of the Securities and to file such
          other papers or documents as may be necessary or advisable in order to have the
          claims of the Trustee (including any claim for the reasonable compensation,
          expenses, disbursements and advances of the Trustee, its agent and counsel) and
          of the Holders allowed in such judicial proceedings, and  

	 	        (ii)              to
collect and receive any moneys or other property payable or deliverable on           any
such claims and to distribute the same; and any custodian, receiver,           assignee,
trustee, liquidator, sequestrator or other similar official in any           such
judicial proceeding is hereby authorized by each Holder to make such           payments
to the Trustee and, in the event that the Trustee shall consent to the           making
of such payments directly to the Holders, to pay to the Trustee any           amount due
it for the reasonable compensation, expenses, disbursements and           advances of the
Trustee, its agents and counsel, and any other amounts due the           Trustee under
Section 6.07.  

        Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or
to authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding. 

        SECTION
5.05.    Trustee May Enforce Claims Without Possession of Securities. 

        All
rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the production
thereof in any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Securities in respect of which such judgment has
been recovered. 

        SECTION
5.06.    Application of Money Collected. 

        Any
money collected by the Trustee pursuant to this Article in respect of the Securities of
any series shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of principal (or
premium, if any) or interest, upon presentation of the Securities in respect of which
moneys have been collected and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid: 

        First:
 To the payment of all amounts due the Trustee under Section 6.07 applicable to such
series; 

-31- 

        Second:
To the payment of the amounts then due and unpaid for principal of (and premium, if any)
and interest on the Securities of such series in respect of which or for the benefit of
which such money has been collected, ratably, without preference or priority of any kind,
according to the amounts due and payable on such Securities of such series for principal
(and premium, if any) and interest, respectively; and 

        Third:
To the Company. 

        The
Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section 5.06. At least fifteen (15) days before such record date, the Trustee shall mail
to each Holder and the Company a notice that states the record date, the payment date and
the amount to be paid. 

        SECTION
5.07.    Limitation on Suits. 

        No
Holder of any Security of any series 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: 

	 	        (1)              such
Holder has previously given written notice to the Trustee of a continuing           Event
of Default with respect to the Securities of that series;  

	 	        (2)              the
Holders of not less than 25% in principal amount of the Outstanding           Securities
of that series shall have made written request to the Trustee to           institute
proceedings in respect of such Event of Default in its own name as           Trustee
hereunder;  

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

	 	        (4)              the
Trustee for 60 days after its receipt of such notice, request and offer of
          indemnity has failed to institute any such proceeding; and  

	 	        (5)              no
direction inconsistent with such written request has been given to the           Trustee
during such 60-day period by the Holders of a majority in principal           amount of
the Outstanding Securities of that series;  

it being understood and intended that
no one or more of Holders of Securities of any series 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 of such Holders, or to obtain or to seek to
obtain priority or preference over any other of such Holders or to enforce any right under
this Indenture, except in the manner herein provided and for the equal and ratable benefit
of all Holders of Securities of the affected series. 

        SECTION
5.08.    Unconditional Right of Holders to Receive Principal, Premium and Interest. 

        Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right,
which is absolute and unconditional, to receive payment of the principal of (and premium,
if any) and (subject to Section 3.07) interest on such Security on the Stated Maturity or
Maturities expressed in such Security (or, in the case of redemption, on the Redemption
Date) and to institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder. 

-32- 

        SECTION
5.09.    Restoration of Rights and Remedies. 

        If
the Trustee or any Holder 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 Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company, the Trustee
and the Holders shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and the Holders shall
continue as though no such proceeding has been instituted. 

        SECTION
5.10.    Rights and Remedies Cumulative. 

        Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities in the last paragraph of Section 3.06, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by
law, be cumulative and in addition to every other right and remedy given hereunder or now
or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 

        SECTION
5.11.    Delay or Omission Not Waiver. 

        No
delay or omission of the Trustee or of any Holder of any Securities to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article or by law to the Trustee or to the Holders may be
exercised from time to time, and as often as may be deemed expedient, by the Trustee or by
the Holders, as the case may be. 

        SECTION
5.12.    Control by Holders. 

        The
Holders of a majority in principal amount of the Outstanding Securities of any series
shall have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power conferred on the
Trustee, with respect to the Securities of such series, provided that: 

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

	 	        (2)              the
Trustee may take any other action deemed proper by the Trustee which is not
          inconsistent with such direction; and  

-33- 

	 	        (3)              subject
to Section 6.01, the Trustee need not take any action which might           involve the
Trustee in personal liability or be unduly prejudicial to the           Holders not
joining therein.  

        SECTION
5.13.    Waiver of Past Defaults. 

        The
Holders of not less than a majority in principal amount of the Outstanding Securities of
any series may by written notice to the Trustee on behalf of the Holders of all the
Securities of such series waive any Default or Event of Default with respect to such
series and its consequences, except a Default or Event of Default 

	 	        (1)              in
respect of the payment of the principal of (or premium, if any) or interest           on
any Security of such series, or  

	 	        (2)              in
respect of a covenant or other provision hereof which under Article IX
          cannot be modified or amended without the consent of the Holder of each
          Outstanding Security of such series affected.  

        Upon
any such waiver, such Default or Event of Default shall cease to exist and shall be deemed
to have been cured, for every purpose of this Indenture and the Securities of such series;
but no such waiver shall extend to any subsequent or other Default or Event of Default or
impair any right consequent thereon. 

        SECTION
5.14.    Undertaking for Costs. 

        All
parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken, suffered or omitted by it as 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 any suit instituted by the Company, to any suit instituted by
the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the
aggregate more than 10% in principal amount of the Outstanding Securities of any series,
or to any suit instituted by any Holder for the enforcement of the payment of the
principal of (or premium, if any) or interest on any Security on or after the Stated
Maturity or Maturities expressed in such Security (or, in the case of redemption, on or
after the Redemption Date). 

        SECTION
5.15.    Waiver of Stay or Extension. 

-34- 

        The
Company 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, and will actively resist any and
all efforts to be compelled to take the benefit or advantage of, any stay or extension law
wherever enacted, now or at any time hereafter in force, which may affect the covenants or
the performance of this Indenture; and (to the extent that it may lawfully do so) the
Company 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
Trustee, but will suffer and permit the execution of every such power as though no such
law had been enacted. 

-35- 

ARTICLE VI 

THE TRUSTEE 

        SECTION
6.01.    Certain Duties and Responsibilities of the Trustee. 

        (a)              Except
during the continuance of an Event of Default, the Trustee’s duties           and
responsibilities under this Indenture shall be governed by Section 315 (a)           of
the Trust Indenture Act.  

        (b)              In
case an Event of Default has occurred and is continuing, and is known to the
          Trustee, the 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 man would exercise or use under the circumstances in the conduct
of           his own affairs.  

        (c)              None
of the provisions of Section 315 (d) of the Trust Indenture Act shall be
          excluded from this Indenture.  

        SECTION
6.02.    Notice of Defaults. 

        Within
30 days after the occurrence of any Default or Event of Default with respect to the
Securities of any series, the Trustee shall give to all Holders of Securities of such
series, as their names and addresses appear in the Security Register, notice of such
Default or Event of Default known to the Trustee, unless such Default or Event of Default
shall have been cured or waived; provided, however, that, except in the case of a Default
or Event of Default in the payment of the principal of (or premium, if any) or interest on
any Security of such series or in the payment of any sinking fund installment with respect
to Securities of such series, the Trustee shall be protected in withholding such notice if
and so long as the board of directors, the executive committee or a trust committee of
directors and/or Responsible Officers of the Trustee in good faith determine that the
withholding of such notice is in the interest of the Holders of Securities of such series. 

        SECTION
6.03.    Certain Rights of Trustee. 

        Subject
to the provisions of the Trust Indenture Act: 

        (a)              the
Trustee may rely and shall be protected in acting or refraining from acting
          upon any resolution, certificate, statement, instrument, opinion, report,
          notice, request, direction, consent, order, bond, debenture, note, other
          evidence of indebtedness or other paper or document believed by it to be
genuine           and to have been signed or presented by the proper party or parties;  

        (b)              any
request or direction of the Company mentioned herein shall be sufficiently
          evidenced by a Company Request or Company Order and any resolution of the Board
          of Directors may be sufficiently evidenced by a Board Resolution;  

        (c)              whenever
in the administration of this Indenture the Trustee shall deem it           desirable
that a matter be proved or established prior to taking, suffering or           omitting
any action hereunder, the Trustee (unless other evidence be herein           specifically
prescribed) may, in the absence of bad faith on its part, rely upon           an Officer’s
Certificate;  

-36- 

        (d)              the
Trustee may consult with counsel and the written advice of such counsel or           any
Opinion of Counsel shall be full and complete authorization and protection           in
respect of any action taken, suffered or omitted by it hereunder in good           faith
and in reliance thereon;  

        (e)              the
Trustee shall be under no obligation to exercise any of the rights or powers
          vested in it by this Indenture at the request or direction of any of the
Holders           pursuant to this Indenture, unless such Holders shall have offered to
the           Trustee security or indemnity to its reasonable satisfaction against the
costs,           expenses and liabilities which might be incurred by it in compliance
with such           request or direction;  

        (f)              prior
to the occurrence of an Event of Default with respect to the Securities of           any
series and after the curing or waiving of all such Events of Default which           may
have occurred, the Trustee shall not be bound to make any investigation into
          the facts or matters stated in any resolution, certificate, statement,
          instrument, opinion, report, notice, request, direction, consent, order,
          approval or other paper or document, or the books and records of the Company,
          unless requested in writing to do so by the Holders of a majority in principal
          amount of the outstanding Securities of any series; provided, however, that if
          the payment within a reasonable time to the Trustee of the costs, expenses or
          liabilities likely to be incurred by it in the making of such investigation is
          not, in the opinion of the Trustee, reasonably assured to the Trustee by the
          security afforded to it by the terms of this Indenture, the Trustee may require
          reasonable indemnity against such costs, expenses or liabilities as a condition
          to so proceeding; the reasonable expense of every such investigation shall be
          paid by the Company or, if paid by the Trustee, shall be repaid by the Company
          upon demand;  

        (g)              the
Trustee may execute any of the trusts or powers hereunder or perform any           duties
hereunder either directly or by or through agents or attorneys and the           Trustee
shall not be responsible for any misconduct or negligence on the part of           any
agent or attorney appointed with due care by it hereunder; and  

        SECTION
6.04.    Not Responsible for Recitals or Issuance of Securities. 

        The
recitals herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and the Trustee or any
Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Securities.
Neither the Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of Securities or the proceeds thereof. 

        SECTION
6.05.    May Hold Securities. 

        The
Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the owner or
pledgee of Securities and, subject to Sections 6.08 and 6.13, may otherwise deal with the
Company with the same rights it would have if it were not Trustee, Authenticating Agent,
Paying Agent, Security Registrar or such other agent. 

-37- 

        SECTION
6.06.    Money Held in Trust. 

        Money
held by the Trustee in trust hereunder (including amounts held by the Trustee as Paying
Agent) need not be segregated from other funds except to the extent required by law. The
Trustee may allow and credit the Company interest on any money received by it hereunder at
such rate, if any, as may be agreed upon by the Company and the Trustee from time to time
as may be permitted by law. 

        SECTION
6.07.    Compensation and Reimbursement. 

        The
Company agrees 

	 	        (1)              to
pay to the Trustee from time to time reasonable compensation for all services
          rendered by it hereunder (which compensation shall not be limited by any
          provision of law in regard to the compensation of a trustee of an express
          trust);  

	 	        (2)              except
as otherwise expressly provided herein, to reimburse the Trustee upon its
          request for all reasonable expenses, disbursements and advances incurred or
made           by the Trustee in accordance with any provision of this Indenture
(including the           reasonable compensation and the expenses and disbursements of
its agents and           counsel), except any such expense, disbursement or advance as
may be           attributable to its negligence or bad faith; and  

	 	        (3)              to
indemnify the Trustee for, and to hold it harmless against, any loss,
          liability, damage, claim or expense, including taxes (other than taxes based
          upon or determined or measured by the income of the Trustee), incurred without
          negligence or bad faith on its part, arising out of or in connection with the
          acceptance or administration of the trust or trusts hereunder, including 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.  

        When
the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Section 5.01(4) or Section 5.01(5), the expenses (including the reasonable
charges and expenses of its counsel) and the compensation for the services are intended to
constitute expenses of administration under any applicable federal or state bankruptcy,
insolvency or other similar law. 

        The
provisions of this Section 6.07 shall survive this Indenture. 

        SECTION
6.08.    Disqualification; Conflicting Interests. 

        The Trustee
shall be disqualified only where such disqualification is required by Section 310(b) of
the Trust Indenture Act. Nothing shall prevent the Trustee from filing with the Commission
the application referred to in the second to last paragraph of Section 310(b) of the Trust
Indenture Act. 

-38- 

        SECTION
6.09.    Corporate Trustee Required; Eligibility. 

        There
shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under
Section 310(a) (1) of the Trust Indenture Act having a combined capital and surplus of at
least $50,000,000 subject to supervision or examination by federal or State authority. If
such corporation publishes reports of condition at least annually, pursuant to law or to
the requirements of said supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so
published. Neither the Company nor any Person directly or indirectly controlling,
controlled by, or under common control with the Company may serve as Trustee. If at any
time the Trustee shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect hereinafter
specified in this Article. 

        SECTION
6.10.    Resignation and Removal; Appointment of Successor. 

        (a)              No
resignation or removal of the Trustee and no appointment of a successor           Trustee
pursuant to this Article shall become effective until the acceptance of
          appointment by the successor Trustee in accordance with the applicable
          requirements of Section 6.11.  

        (b)              The
Trustee may resign at any time with respect to the Securities of one or more
          series by giving written notice thereof to the Company. If the instrument of
          acceptance by a successor Trustee required by Section 6.11 shall not have been
          delivered to the Trustee within 30 days after the giving of such notice of
          resignation, the resigning Trustee may petition any court of competent
          jurisdiction for the appointment of a successor Trustee with respect to the
          Securities of such series.  

        (c)              The
Trustee may be removed at any time with respect to the Securities of any           series
by Act of the Holders of a majority in principal amount of the           Outstanding
Securities of such series, delivered to the Trustee and to the           Company.  

        (d)              If
at any time:  

	 	        (1)              the
Trustee shall fail to comply with Section 310(b) of the Trust Indenture Act
          after written request therefor by the Company or by any Holder who has been a
          bona fide Holder of a Security for at least six months; or  

	 	        (2)              the
Trustee shall cease to be eligible under Section 6.09 and shall fail to           resign
after written request therefor by the Company or by any such Holder of a
          Security who has been a bona fide Holder of a Security for at least six months;
          or  

	 	        (3)              the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or
          insolvent or a receiver of the Trustee or of its property shall be appointed or
          any public officer shall take charge or control of the Trustee or of its
          property or affairs for the purpose of rehabilitation, conservation or
          liquidation;  

-39- 

then, in any such case, (i) the
Company by a Board Resolution may remove the Trustee with respect to all Securities, or
(ii) subject to Section 315(e) of the Trust Indenture Act, any Holder who has been a bona
fide Holder of a Security for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee with respect to all Securities and the appointment of a successor Trustee or
Trustees. 

        (e)              If
the Trustee shall resign, be removed or become incapable of acting, or if a
          vacancy shall occur in the office of Trustee for any cause, with respect to the
          Securities of one or more series, the Company, by a Board Resolution, shall
          promptly appoint a successor Trustee or Trustees with respect to the Securities
          of that or those series (it being understood that any such successor Trustee
may           be appointed with respect to the Securities of one or more or all of such
series           and that at any time there shall be only one Trustee with respect to the
          Securities of any particular series) and shall comply with the applicable
          requirements of Section 6.11. If, within one year after such resignation,
          removal or incapability, or the occurrence of such vacancy, a successor Trustee
          with respect to the Securities of any series shall be appointed by Act of the
          Holders of a majority in principal amount of the Outstanding Securities of such
          series delivered to the Company and the retiring Trustee, the successor Trustee
          so appointed shall, forthwith upon its acceptance of such appointment in
          accordance with the applicable requirements of Section 6.11, become the
          successor Trustee with respect to the Securities of such series and to that
          extent supersede the successor Trustee appointed by the Company with respect to
          such Securities. If no successor Trustee with respect to the Securities of any
          series shall have been so appointed by the Company or the Holders and accepted
          appointment in the manner required by Section 6.11, any Holder who has been a
          bona fide Holder of a Security of such series for at least six months may, on
          behalf of himself and all others similarly situated, petition any court of
          competent jurisdiction for the appointment of a successor Trustee with respect
          to the Securities of such series.  

        (f)              The
Company shall give notice of each resignation and each removal of the           Trustee
with respect to the Securities of any series and each appointment of a
          successor Trustee with respect to the Securities of any series by mailing
          written notice of such event by first-class mail, postage prepaid, to all
          Holders of Securities of such series as their names and addresses appear in the
          Security Register. Each notice shall include the name of the successor Trustee
          with respect to the Securities of such series and the address of its Corporate
          Trust Office.  

        SECTION
6.11.    Acceptance of Appointment by Successor. 

        (a)              In
case of the appointment hereunder of a successor Trustee with respect to all
          Securities, every such successor Trustee so appointed shall execute,
acknowledge           and deliver to the Company and to the retiring Trustee an
instrument accepting           such appointment, and thereupon the resignation or removal
of the retiring           Trustee shall become effective and such successor Trustee,
without any further           act, deed or conveyance, shall become vested with all the
rights, powers, trusts           and duties of the retiring Trustee; but, on the request
of the Company or the           successor Trustee, such retiring Trustee shall, upon
payment of its charges,           execute and deliver an instrument transferring to such
successor Trustee all the           rights, powers and trusts of the retiring Trustee and
shall duly assign,           transfer and deliver to such successor Trustee all property
and money held by           such retiring Trustee hereunder.  

-40- 

        (b)              In
case of the appointment hereunder of a successor Trustee with respect to the
          Securities of one or more (but not all) series, the Company, the retiring
          Trustee and each successor Trustee with respect to the Securities of one or
more           series shall execute and deliver an indenture supplemental hereto wherein
each           successor Trustee shall accept such appointment and which (1) shall
contain such           provisions as shall be necessary or desirable to transfer and
confirm to, and to           vest in, each successor Trustee all the rights, powers,
trusts and duties of the           retiring Trustee with respect to the Securities of
that or those series to which           the appointment of such successor Trustee
relates, (2) if the retiring Trustee           is not retiring with respect to all
Securities, shall contain such provisions as           shall be deemed necessary or
desirable to confirm that all the rights, powers,           trusts and duties of the
retiring Trustee with respect to the Securities of that           or those series as to
which the retiring Trustee is not retiring shall continue           to be vested in the
retiring Trustee, and (3) shall add to or change any of the           provisions of this
Indenture as shall be necessary to provide for or facilitate           the administration
of the trusts hereunder by more than one Trustee, it being           understood that
nothing herein or in such supplemental indenture shall           constitute such Trustees
co-trustees of the same trust and that each such           Trustee shall be trustee of a
trust or trusts hereunder separate and apart from           any trust or trusts hereunder
administered by any other such Trustee; and upon           the execution and delivery of
such supplemental indenture, the resignation or           removal of the retiring Trustee
shall become effective to the extent provided           therein and each such successor
Trustee, without any further act, deed or           conveyance, shall become vested with
all the rights, powers, trusts and duties           of the retiring Trustee with respect
to the Securities of that or those series           to which the appointment of such
successor Trustee relates; but, on request of           the Company or any successor
Trustee, such retiring Trustee shall duly assign,           transfer and deliver to such
successor Trustee all property and money held by           such retiring Trustee
hereunder with respect to the Securities of that or those           series to which the
appointment of such successor Trustee relates.  

        (c)              Upon
request of any such successor Trustee, the Company shall execute any and           all
instruments for more fully and certainly vesting in and confirming to such
          successor Trustee all such rights, powers and trusts referred to in paragraph
          (a) or (b) of this Section, as the case may be.  

        (d)              No
successor Trustee shall accept its appointment unless at the time of such
          acceptance such successor Trustee shall be qualified and eligible under the
          Trust Indenture Act.  

        SECTION
6.12.    Merger, Conversion, Consolidation or Succession to Business. 

        Any
corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to
which the Trustee shall be a party, or any corporation succeeding to all or substantially
all the corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and deliver the
Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities. 

-41- 

        SECTION
6.13.    Preferential Collection of Claims Against Company. 

        The
Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any
creditor relationship listed in Section 311(b) of the Trust Indenture Act. A Trustee who
has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act
to the extent indicated therein. 

        SECTION
6.14.    Appointment of Authenticating Agent. 

        At
any time when any of the Securities remain Outstanding the Trustee may appoint an
Authenticating Agent or Agents with respect to one or more series of Securities which
shall be authorized to act on behalf of, and subject to the direction of, the Trustee to
authenticate Securities of such series issued upon exchange, registration of transfer or
partial redemption thereof or pursuant to Section 3.06, and Securities so authenticated
shall be entitled to the benefits of this Indenture and shall be valid and obligatory for
all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in
this Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee’s certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times
be a corporation organized and doing business under the laws of the United States of
America, any State thereof or the District of Columbia, authorized under such laws to act
as Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by federal or State authority. If
such Authenticating Agent publishes reports of condition at least annually, pursuant to
law or to the requirements of said supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such Authenticating Agent
shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time an Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section, such Authenticating Agent
shall resign immediately in the manner and with the effect specified in this Section. 

        Any
corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which such Authenticating Agent shall be a party, or any corporation
succeeding to the corporate agency or corporate trust business of an Authenticating Agent,
shall continue to be an Authenticating Agent, provided such corporation shall be otherwise
eligible under this Section, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent. 

        An
Authenticating Agent may resign at any time by giving written notice thereof to the
Trustee and to the Company. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating Agent and to
the Company. Upon receiving such a notice of resignation or upon such a termination, or in
case at any time such Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section, the Trustee may appoint a successor Authenticating Agent
which shall be acceptable to the Company and shall mail written notice of such appointment
by first-class mail, postage prepaid, to all Holders of Securities of the series with
respect to which such Authenticating Agent will serve, as their names and addresses appear
in the Security Register. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the provisions
of this Section. 

-42- 

        The
Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section. 

        If
an appointment with respect to one or more series is made pursuant to this Section, the
Securities of such series may have endorsed thereon, in addition to the Trustee’s
certificate of authentication, an alternate certificate of authentication in the following
form: 

Form of Authenticating
Agent’s                                       
Certificate of Authentication 

Dated: ______________________  

        This
is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 

_______________________________________
                                                                                   
As Trustee 

By ____________________________________
                                                                                 
As Authenticating Agent 

By ____________________________________
                                                                                  
Authorized Signatory 

-43- 

ARTICLE VII 

HOLDERS’ LISTS
AND REPORTS BY TRUSTEE AND COMPANY 

        SECTION
7.01.    Company to Furnish Trustee Names and Addresses of Holders. 

        The
Company will furnish or cause to be furnished to the Trustee: 

        (a)              semi-annually,
not later than January 1 and July 1 in each year, a list, in such           form as the
Trustee may reasonably require, of the names and addresses of the           Holders as of
the preceding December 15 or June 15, as the case may be; and  

        (b)              at
such other times as the Trustee may request in writing, within 30 days after
          the receipt by the Company of any such request, a list of similar form and
          content as of a date not more than 15 days prior to the time such list is
          furnished;  

provided, however, that so long as
the Trustee is the Security Registrar, no such list shall be required to be furnished. 

        SECTION
7.02.    Preservation of Information; Communications to Holders. 

        (a)              The
Trustee shall preserve, in as current a form as is reasonably practicable,           the
names and addresses of Holders contained in the most recent list furnished           to
the Trustee as provided in Section 7.01 and the names and addresses of           Holders
received by the Trustee in its capacity as Security Registrar. The           Trustee may
destroy any list furnished to it as provided in Section 7.02 upon           receipt of a
new list so furnished.  

        (b)              If
three or more Holders (herein referred to as “applicants”) apply in
          writing to the Trustee, and furnish to the Trustee reasonable proof that each
          such applicant has owned a Security for a period of at least six months
          preceding the date of such application, and such application states that the
          applicants desire to communicate with other Holders with respect to their
rights           under this Indenture or under the Securities and is accompanied by a
copy of the           form of proxy or other communication which such applicants propose
to transmit,           then the Trustee shall, within five Business Days after the
receipt of such           application, at its election, either  

	 	        (i)              afford
such applicants access to the information preserved at the time by the           Trustee
in accordance with Section 7.02(a); or  

	 	        (ii)              inform
such applicants as to the approximate number of Holders whose names and
          addresses appear in the information preserved at the time by the Trustee in
          accordance with Section 7.02 (a), and as to the approximate cost of mailing to
          such Holders the form of proxy or other communication, if any, specified in
such           application.  

-44-  

        If
the Trustee shall elect not to afford such applicants access to such information, the
Trustee shall, upon the written request of such applicants, mail to each Holder whose name
and address appears in the information preserved at the time by the Trustee in accordance
with Section 7.02 (a) a copy of the form of proxy or other communication which is
specified in such request, with reasonable promptness after a tender to the Trustee of the
material to be mailed and of payment, or provision for the payment, of the reasonable
expenses of mailing, unless within five days after such tender the Trustee shall mail to
such applicants and file with the Commission, together with a copy of the material to be
mailed, a written statement to the effect that, in the opinion of the Trustee, such
mailing would be contrary to the best interest of the Holders or would be in violation of
applicable law. Such written statement shall specify the basis of such opinion. If the
Commission, after opportunity for a hearing upon the objections specified in the written
statement so filed, shall enter an order refusing to sustain any of such objections or if,
after the entry of an order sustaining one or more of such objections, the Commission
shall find, after notice and opportunity for hearing, that all objections so sustained
have been met and shall enter an order so declaring, the Trustee shall mail copies of such
material to all such Holders with reasonable promptness after the entry of such order and
the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or
duty to such applicants respecting their application. 

        (c)              Every
Holder of Securities, by receiving and holding the same, agrees with the
          Company and the Trustee that neither the company nor the Trustee nor any agent
          of either of them shall be held accountable by reason of the disclosure of any
          such information as to the names and addresses of the Holders in accordance
with           Section 7.02(b), regardless of the source from which such information was
          derived, and that the Trustee shall not be held accountable by reason of
mailing           any material pursuant to a request made under Section 7.02(b).  

        SECTION
7.03.    Reports by Trustee. 

        (a)              Within
60 days after May 15 of each year, the Trustee shall transmit by mail to           all
Holders of Securities as provided in Section 313(c) of the Trust Indenture           Act,
a brief report dated as of May 15, if required by and in compliance with
          Section 313(a) of the Trust Indenture Act.  

        (b)              The
Trustee shall from time to time transmit by mail to all Holders of           Securities
as provided in Section 313(c) of the Trust Indenture Act brief           reports that
comply, both as to content and date of delivery, with Section           313(b) of the
Trust Indenture Act (to the extent required by such Section).  

        (c)              A
copy of each such report shall, at the time of such transmission to Holders,           be
filed by the Trustee with each stock exchange upon which any Securities are
          listed, with the Commission and with the Company. The Company will notify the
          Trustee when any Securities are listed on any stock exchange.  

        SECTION
7.04.    Reports by Company. 

        The
Company shall: 

	 	        (1)              file
with the Trustee, within 30 days after the Company is required to file the           same
with the Commission, copies of the annual reports and of the information,
          documents and other reports (or copies of such portions of any of the foregoing
          as the Commission may from time to time by rules and regulations prescribe)
          which the Company may be required to file with the Commission pursuant to
          Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not
          required to file information, documents or reports pursuant to either of said
          Sections, then it shall file with the Trustee and the Commission, in accordance
          with rules and regulations prescribed from time to time by the Commission, such
          of the supplementary and periodic information, documents and reports which may
          be required pursuant to Section 13 of the Exchange Act in respect of a security
          listed and registered on a national securities exchange as may be prescribed
          from time to time in such rules and regulations;  

-45- 

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

	 	        (3)              transmit
by mail to all Holders, as their names and addresses appear in the           Security
Register, within 30 days after the filing thereof with the Trustee,           such
summaries of any information, documents and reports required to be filed by           the
Company pursuant to paragraphs (1) and (2) of this Section as may be           required
by rules and regulations prescribed from time to time by the           Commission; and  

	 	        (4)              furnish
to the Trustee, on or before May 1 of each year, a brief certificate           from the
principal executive officer, principal financial officer or principal
          accounting officer as to his or her knowledge of the Company’s compliance
          with all conditions and covenants under this Indenture. For purposes of this
          paragraph, such compliance shall be determined without regard to any period of
          grace or requirement of notice provided under this Indenture. Such certificate
          need not comply with Section 1.02.  

-46- 

ARTICLE VIII

CONSOLIDATION, MERGER, LEASE, SALE OR TRANSFER 

        SECTION
8.01.    Then Company May Merge, Etc. 

        The
Company shall not consolidate with, or merge with or into any other corporation (whether
or not the Company shall be the surviving corporation), or sell, assign, transfer or lease
all or substantially all of its properties and assets as an entirety or substantially as
an entirety to any Person or group of affiliated Persons, in one transaction or a series
of related transactions, unless: 

	 	        (1)              either
the Company shall be the continuing Person or the Person (if other than           the
Company) formed by such consolidation or with which or into which the           Company
is merged or the Person (or group of affiliated Persons) to which all or
          substantially all the properties and assets of the Company as an entirety or
          substantially as an entirety are sold, assigned, transferred or leased shall be
          a corporation (or constitute corporations) and shall expressly assume, by an
          indenture supplemental hereto, executed and delivered to the Trustee, in form
          satisfactory to the Trustee, all the obligations of the Company under the
          Securities and this Indenture; and  

	 	        (2)              immediately
before and after giving effect to such transaction or series of           related
transactions, no Event of Default, and no Default, shall have occurred           and be
continuing.  

        SECTION
8.02.    Opinion of Counsel. 

        The
Company shall deliver to the Trustee prior to the proposed transaction(s) covered by
Section 8.01 an Officer’s Certificate and an Opinion of Counsel stating that the
transaction(s) and such supplemental indenture comply with this Indenture and that all
conditions precedent to the consummation of the transaction(s) under this Indenture have
been met. 

        SECTION
8.03.    Successor Corporation Substituted. 

        Upon
any consolidation by the Company with or merger by the Company into any other corporation
or any lease, sale, assignment, or transfer of all or substantially all of the property
and assets of the Company in accordance with Section 8.01, the successor corporation
formed by such consolidation or into which the Company is merged or the successor
corporation or affiliated group of corporations to which such lease, sale, assignment, or
transfer is made shall succeed to, and be substituted for, and may exercise every right
and power of, the Company under this Indenture with the same effect as if such successor
corporation or corporations had been named as the Company herein, and thereafter, except
in the case of a lease, the predecessor corporation or corporations shall be relieved of
all obligations and covenants under this Indenture and the Securities and in the event of
such conveyance or transfer, except in the case of a lease, any such predecessor
corporation may be dissolved and liquidated. 

-47- 

ARTICLE IX 

SUPPLEMENTAL
INDENTURES  

        SECTION
9.01.    Supplemental Indentures Without Consent of Holders. 

        Without
notice to or the consent of any Holders, the Company, when authorized by a Board
Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the
following purposes: 

	 	        (1)              to
evidence the succession of another corporation to the Company and the
          assumption by any such successor of the covenants of the Company herein and in
          the Securities; or  

	 	        (2)              to
add to the covenants of the Company for the benefit of the Holders of all or
          any series of Securities (and if such covenants are to be for the benefit of
          less than all series of Securities, stating that such covenants are expressly
          being included solely for the benefit of such series) or to surrender any right
          or power herein conferred upon the Company; or  

	 	        (3)              to
add any additional Events of Default with respect to all or any series of
          Securities; or  

	 	        (4)              to
add or change any of the provisions of this Indenture to such extent as shall
          be necessary to permit or facilitate the issuance of Securities in bearer form,
          registrable or not registrable as to principal, and with or without interest
          coupons; or  

	 	        (5)              to
change or eliminate any of the provisions of this Indenture, provided that           any
such change or elimination shall become effective only when there is no
          Security Outstanding of any series created prior to the execution of such
          supplemental indenture which is entitled to the benefit of such provision; or  

	 	        (6)              to
establish the form or terms of Securities of any series as permitted by
          Sections 2.01 and 3.01; or  

	 	        (7)              to
evidence and provide for the acceptance of appointment hereunder by a           successor
Trustee with respect to the Securities of one or more series and to           add to or
change any of the provisions of this Indenture as shall be necessary           to provide
for or facilitate the administration of the trusts hereunder by more           than one
Trustee, pursuant to the requirements of Section 6.11(b); or  

	 	        (8)              to
cure any ambiguity, defect or inconsistency or to correct or supplement any
          provision herein which may be inconsistent with any other provision herein; or  

	 	        (9)              to
make any change that does not materially adversely affect the interests of           the
Holders of Securities of any series.  

-48- 

        Upon
request of the Company, accompanied by a Board Resolution authorizing the execution of any
such supplemental indenture, and upon receipt by the Trustee of the documents described in
(and subject to the last sentence of) Section 9.03, the Trustee shall join with the
Company in the execution of any supplemental indenture authorized or permitted by the
terms of this Indenture. 

        SECTION
9.02.    Supplemental Indentures with Consent of Holders. 

        With
the written consent of the Holders of a majority in principal amount of the Outstanding
Securities of each series affected by such supplemental indenture, by Act of said Holders
delivered to the Company and the Trustee, the Company, when authorized by a Board
Resolution, and the Trustee shall, subject to Section 10.03, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of modifying in any
manner the rights of the Holders of Securities of such series under this Indenture;
provided, however, that no such supplemental indenture shall, without the consent of the
Holder of each Outstanding Security affected thereby, 

	 	        (1)              change
the Stated Maturity of the principal of, or any installment of principal           of or
interest on, any Security, or reduce the principal amount thereof or the           rate
of interest thereon or any premium payable upon the redemption thereof or
          extend the time for payment thereof, or reduce the amount of the principal of
an           Original Issue Discount Security that would be due and payable upon a
          declaration of acceleration of the Maturity thereof pursuant to Section 5.02,
or           change any Place of Payment where, or the coin or currency in which, any
          Security or any premium or the interest thereon is payable, or impair the right
          to institute suit for the enforcement of any such payment on or after the
Stated           Maturity thereof (or, in the case of redemption, on or after the
Redemption           Date); or  

	 	        (2)              reduce
the percentage in principal amount of the Outstanding Securities of any           series,
the consent of whose Holders is required for any such supplemental           indenture,
or the consent of whose Holders is required for any waiver of           compliance with
certain provisions of this Indenture or Defaults or Events of           Default hereunder
and their consequences provided for in this Indenture; or  

	 	        (3)              change
the redemption provisions (including Article XI) hereof in a manner           adverse to
such Holder; or  

	 	        (4)              modify
any of the provisions of this Section or Section 5.13, except to increase           any
such percentage or to provide that certain other provisions of this           Indenture
cannot be modified or waived without the consent of the Holder of each
          Outstanding Security affected thereby; provided, however, that this clause
shall           not be deemed to require the consent of any Holder with respect to
changes in           the references to “the Trustee” and concomitant changes in
this           Section, or the deletion of this proviso, in accordance with the
requirements of           Sections 6.11(b) and 9.01(7).  

-49- 

A supplemental indenture which
changes or eliminates any covenant or other provisions of this Indenture which has
expressly been included solely for the benefit of one or more particular series of
Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights
under this Indenture of the Holders of Securities of any other series. 

        It
shall not be necessary for any Act of Holders 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. 

        SECTION
9.03.    Execution of Supplemental Indentures. 

        The
Trustee shall sign any supplemental indenture authorized pursuant to this Article, subject
to the last sentence of this Section 9.03. In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee shall be
entitled to receive, and (subject to Section 6.01) shall be fully protected in relying
upon, an Officer’s Certificate and an Opinion of Counsel stating that the execution
of such supplemental indenture is authorized or permitted by this Indenture. The Trustee
may, but shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise. 

        SECTION
9.04.    Effect of Supplemental Indentures. 

        Upon
the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of
this Indenture for all purposes; and every Holder of Securities theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby. 

        SECTION
9.05.    Conformity with Trust Indenture Act. 

        Every
supplemental indenture executed pursuant to this Article shall conform to the requirements
of the Trust Indenture Act as then in effect. 

        SECTION
9.06.    Reference in Securities to Supplemental Indentures. 

        Securities
of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article may, and shall if required by the Trustee, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Securities of any series so
modified as to conform, in the opinion of the Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company and authenticated and
delivered by the Trustee in exchange for Outstanding Securities of such series. 

-50- 

ARTICLE X 

COVENANTS 

        SECTION
10.01.    Payments of Principal and Interest. 

        With
respect to each series of Securities, the Company will duly and punctually pay the
principal of (and premium, if any) and interest on such Securities in accordance with
their terms and this Indenture, and will duly comply with all the other terms, agreements
and conditions contained in, or made in the Indenture for the benefit of, the Securities
of such series. 

        SECTION
10.02.    Maintenance of Office or Agency. 

        The
Company will maintain an office or agency in each Place of Payment where Securities may be
surrendered for registration of transfer or exchange or for presentation for payment,
where notices and demands to or upon the Company in respect of the Securities and this
Indenture may be served. The Company will give prompt written notice to the Trustee of the
location, and any change in location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and demands may
be made or served at the address of the Trustee as set forth in Section 1.05. 

        The
Company may also from time to time designate one or more other offices or agencies where
the Securities may be presented or surrendered for any or all such purposes and may from
time to time rescind such designations. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any
such other office or agency. 

        Unless
otherwise set forth in, or pursuant to, a Board Resolution or Indenture supplemental
hereto with respect to a series of Securities, the Company hereby initially designates the
Corporate Trust Office of U.S. Bank National Association, at 100 Wall Street, Suite 1600,
New York, New York 10005, as such office of the Company. 

        SECTION
10.03.    Corporate Existence. 

        Subject
to Article VIII, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its corporate existence and the rights (charter and
statutory) and franchises of the Company; provided, however, that the Company shall not be
required to preserve any such right or franchise if the Board of Directors shall determine
that the preservation thereof is no longer desirable in the conduct of the business of the
Company. 

        SECTION
10.04.    Payment of Taxes and Other Claims. 

        The
Company will pay or discharge, or cause to be paid or discharged, before the same shall
become delinquent, (l) all material taxes, assessments and governmental charges levied or
imposed upon the Company or upon the income, profits or property of the Company, and (2)
all lawful claims for labor, materials and supplies which, if unpaid, might by law become
a material lien upon the property of the Company; provided, however, that the Company
shall not be required to pay or discharge or cause to be paid or discharged any such tax,
assessment, charge or claim whose amount, applicability or validity is being contested in
good faith by appropriate proceedings and for which adequate provision has been made. 

-51- 

        SECTION
10.05.    Maintenance of Properties. 

        The
Company will cause all material properties used or useful in the conduct of its business
to be maintained and kept in good condition, repair and working order (normal wear and
tear excepted) and supplied with all necessary equipment and will cause to be made all
necessary repairs, renewals, replacements, betterments and improvements thereof, all as in
the judgment of the Company may be necessary, so that the business carried on in
connection therewith may be properly and advantageously conducted at all times; provided,
however, that nothing in this Section shall prevent the Company from discontinuing the
operation or maintenance of any of such properties, or disposing of any of them, if such
discontinuance or disposal is, in the judgment of the Board of Directors, desirable in the
conduct of the business of the Company. 

        SECTION
10.06.    Certificates Respecting Defaults. 

        The
Company shall deliver to the Trustee forthwith upon becoming aware of a Default or Event
of Default (but in no event later than 10 days after the occurrence of each Default or
Event of Default that is continuing), an Officer’s Certificate setting forth the
details of such Default or Event of Default and the action that the Company proposes to
take with respect thereto and the specific section or sections of this Indenture in
connection with which such Default or Event of Default has occurred. 

        SECTION
10.07.    Money for Securities Payments to Be Held in Trust. 

        If
the Company shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of (and premium, if any)
or interest on any of the Securities of that series, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum sufficient to pay the principal (and
premium, if any) or interest so becoming due until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and will promptly notify the Trustee of its
action or failure so to act. 

        Whenever
the Company shall have one or more Paying Agents for any series of Securities, it will,
prior to each due date of the principal of (and premium, if any) or interest on any
Securities of that series, deposit with a Paying Agent a sum sufficient to pay the
principal (and premium, if any) or interest so becoming due, such sum to be held in trust
for the benefit of the Persons entitled to such principal, premium or interest, and
(unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of
its action or failure to so act. 

        The
Company will cause each Paying Agent for any series of Securities (other than the Trustee)
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree
with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 

-52- 

	 	        (1)              hold
all sums held by it for the payment of the principal of (and premium, if           any)
or interest on Securities of that series 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;  

	 	        (2)              give
the Trustee notice of any default by the Company (or any other obligor upon           the
Securities of that series) in the making of any payment of principal And
          premium, if any) or interest on the Securities of that series; and  

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

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

        Any
money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest on any
Security of any series and remaining unclaimed for two years after such principal (and
premium, if any) or interest has become due and payable shall be paid to the Company on
Company Request, or (if then held by the Company) shall be discharged from such trust; and
the Holder of such Security shall thereafter, as an unsecured general creditor, look only
to the Company for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company cause to be
published once, in a newspaper published in the English language, customarily published on
each Business Day and of general circulation in New York, New York, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such publication, any unclaimed balance or such money then
remaining will be repaid to the Company. 

-53- 

ARTICLE XI 

REDEMPTION
OF SECURITIES 

        SECTION
11.01.    Applicability of Article. 

        Securities
of any series which are redeemable before their Stated Maturity shall be redeemable in
accordance with their terms and (except as otherwise specified as contemplated by Section
3.01 for Securities of any series) in accordance with this Article. 

        SECTION
11.02.    Election to Redeem; Notice to Trustee. 

        The
election of the Company to redeem any Securities shall be evidenced by a Board Resolution.
In case of any redemption at the election of the Company of less than all the Securities
of any series, the Company shall, at least 45 days prior to the Redemption Date fixed by
the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee of such Redemption Date and of the principal amount of Securities of such series
to be redeemed. In the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or elsewhere in
this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate
evidencing compliance with such restriction. 

        SECTION
11.03.    Election by Trustee of Securities to Be Redeemed. 

        If
less than all the Securities of any series are to be redeemed, the particular Securities
to be redeemed shall be selected not more than 90 days prior to the Redemption Date by the
Trustee, from the Outstanding Securities of such series not previously called for
redemption, substantially pro rata, by lot or by any other method as the Trustee considers
fair and appropriate and that complies with the requirements of the principal national
securities exchange, if any, on which such Securities are listed, and which may provide
for the selection for redemption of portions (equal to the minimum authorized denomination
for Securities of that series or any integral multiple thereof) of the principal amount of
Securities of such series of a denomination larger than the minimum authorized
denomination for Securities of that series; provided that in case the Securities of such
series have different terms and maturities, the Securities to be redeemed shall be
selected by the Company and the Company shall give notice thereof to the Trustee. 

        The
Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the
principal amount thereof to be redeemed. 

        For
all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of the Securities shall relate, in the case of any Securities
redeemed or to be redeemed only in part, to the portion of the principal amount of such
Securities which has been or is to be redeemed. 

-54- 

        SECTION
11.04.    Notice of Redemption. 

        Notice
of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30
nor more than 45 days prior to the Redemption Date, unless otherwise provided in an
indenture supplemental hereto, to each Holder of Securities to be redeemed, at his address
appearing in the Security Register. 

        All
notices of redemption shall state: 

	 	        (1)              the
Redemption Date;  

	 	        (2)              the
Redemption Price;  

	 	        (3)              if
less than all the Outstanding Securities of any series are to be redeemed,           the
identification (and, in the case of partial redemption, the principal           amounts)
of the particular Securities to be redeemed;  

	 	        (4)              that
on the Redemption Date the Redemption Price will become due and payable           upon
each such Security to be redeemed and, if applicable, that interest thereon
          will cease to accrue on and after said date;  

	 	        (5)              the
place or places where such Securities are to be surrendered for payment of           the
Redemption Price;  

	 	        (6)              that
the redemption is for a sinking fund, if such is the case;  

	 	        (7)              the
CUSIP number, if any, of the Securities to be redeemed; and  

	 	        (8)              unless
otherwise provided as to a particular series of Securities, if at the           time of
publication or mailing of any notice of redemption the Company shall not           have
deposited with the Trustee or Paying Agent and/or irrevocably directed the
          Trustee or Paying Agent to apply, from money held by it available to be used
for           the redemption of Securities, an amount in cash sufficient to redeem all of
the           Securities called for redemption, including accrued interest to the
Redemption           Date, such notice shall state that it is subject to the receipt of
the           redemption moneys by the Trustee or Paying Agent before the Redemption Date
          (unless such redemption is mandatory) and such notice shall be of no effect
          unless such moneys are so received before such date.  

        Notice
of redemption of Securities to be redeemed at the election of the Company shall be given
by the Company or, at the Company’s request, by the Trustee in the name and at the
expense of the Company. 

        SECTION
11.05.    Deposit of Redemption Price. 

        Prior
to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent
(or, if the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 10.07) an amount of money sufficient to pay the Redemption Price of,
and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on,
all the Securities which are to be redeemed on that date. 

-55-  

        SECTION
11.06.    Securities Payable on Redemption Date. 

        Notice
of redemption having been given as aforesaid, the Securities so to be redeemed shall, on
the Redemption Date, become due and payable at the Redemption Price therein specified, and
from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon
surrender of any such Security for redemption in accordance with said notice, such
Security shall be paid by the Company at the Redemption Price, together with accrued
interest to the Redemption Date; provided, however, that installments of interest whose
Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of
such Securities, or one or more Predecessor Securities, registered as such at the close of
business on the relevant Regular or Special Record Dates according to their terms and the
provisions of Section 3.07. 

        If
any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal (and premium, if any) shall, until paid, bear interest from the
Redemption Date at the rate prescribed therefor in the Security. 

        SECTION
11.07.    Securities Redeemed in Part. 

        Any
Security which is to be redeemed only in part shall be surrendered at an office or agency
of the Company at a Place of Payment therefor (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form satisfactory to
the Company and the Trustee duly executed by, the Holder thereof or his attorney duly
authorized in writing), and the Company shall execute, and the Trustee shall authenticate
and deliver to the Holder of such Security without service charge, a new Security or
Securities of the same series and Stated Maturity, of any authorized denomination as
requested by such Holder, in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Security so surrendered. 

-56- 

ARTICLE XII 

SINKING
FUNDS 

        SECTION
12.01.    Applicability of Article. 

        The
provisions of this Article shall be applicable to any sinking fund for the retirement of
Securities of a series, except as otherwise specified as contemplated by Section 3.01
for Securities of such series. 

        The
minimum amount of any sinking fund payment provided for by the terms of Securities of any
series is herein referred to as a “MANDATORY SINKING FUND PAYMENT,” and any
payment in excess of such minimum amount provided for by the terms of Securities of any
series is herein referred to as an “OPTIONAL SINKING FUND PAYMENT.” If provided
for by the terms of Securities of any series, the cash amount of any sinking fund payment
may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall
be applied to the redemption of Securities of any series as provided for by the terms of
Securities of such series. 

        SECTION
12.02.    Satisfaction of Sinking Fund Payments with Securities. 

        The
Company (1) may deliver Securities of a series (other than any Securities previously
called for redemption) and (2) may apply as a credit Securities of a series which have
been redeemed either at the election of the Company pursuant to the terms of such
Securities or through the application of permitted optional sinking fund payments pursuant
to the terms of such Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of such series required to be made
pursuant to the terms of such Securities as provided for by the terms of such series;
provided that such Securities have not been previously so credited. Such Securities shall
be received and credited for such purpose by the Trustee at the Redemption Price specified
in such Securities for redemption through operation of the sinking fund and the amount of
such sinking fund payment shall be reduced accordingly. 

        SECTION
12.03.    Redemption of Securities for Sinking Fund. 

        Not
less than 45 days prior to each sinking fund payment date for any series of Securities,
the Company will deliver to the Trustee an Officer’s Certificate specifying the
amount of the next ensuing sinking fund payment for that series pursuant to the terms of
that series, the portion thereof, if any, which is to be satisfied by payment of cash and
the portion thereof, if any, which is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 12.02 and will also deliver to the Trustee
any Securities to be so delivered. Not less than 30 days before each such sinking fund
payment date the Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 11.03 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the manner
provided in Section 11.04. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections 11.06 and
11.07. 

-57- 

ARTICLE XIII 

DEFEASANCE
AND COVENANT DEFEASANCE 

        SECTION
13.01.    Applicability of Article; Company’s Option to Effect Defeasance or Covenant
Defeasance. 

        Unless
pursuant to Section 3.01 provision is made for the inapplicability of either or both of
(a) Defeasance of the Securities of a series under Section 13.02 or (b) Covenant
Defeasance of the Securities of a series under Section 13.03, then the provisions of such
Section or Sections, as the case may be, together with the other provisions of this
Article, shall be applicable to the Securities of such series, and the Company may at its
option by Board Resolution, at any time, with respect to the Securities of such series,
elect to have either Section 13.02 (unless inapplicable) or Section 13.03 (unless
inapplicable) be applied to the Outstanding Securities of such series upon compliance with
the applicable conditions set forth below in this Article. 

        SECTION
13.02.    Defeasance and Discharge. 

        Upon
the Company’s exercise of the option provided in Section 13.01 to defease the
Outstanding Securities of a particular series, the Company shall be discharged from its
obligations with respect to the Outstanding Securities of such series on the date the
applicable conditions set forth in Section 13.04 are satisfied (hereinafter,
“DEFEASANCE”). Defeasance shall mean that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by the Outstanding Securities of
such series and to have satisfied all its other obligations under such Securities and this
Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging the same); provided, however, that
the following rights, obligations, powers, trusts, duties and immunities shall survive
until otherwise terminated or discharged hereunder: (A) the rights of Holders of
Outstanding Securities of such series to receive, solely from the trust fund provided for
in Section 13.04, payments in respect of the principal of (and premium, if any) and
interest on such Securities when such payments are due, (B) the Company’s obligations
with respect to such Securities under Sections 3.04, 3.05, 3.06, 10.02 and 10.07, (C) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and (D) this
Article. Subject to compliance with this Article, the Company may exercise its option with
respect to Defeasance under this Section 13.02 notwithstanding the prior exercise of its
option with respect to Covenant Defeasance under Section 14.03 in regard to the Securities
of such series. 

        SECTION
13.03.    Covenant Defeasance. 

        Upon
the Company’s exercise of the option provided in Section 13.01 to obtain a Covenant
Defeasance with respect to the Outstanding Securities of a particular series, the Company
shall be released from its obligations under this Indenture (except its obligations under
Sections 3.04, 3.05, 3.06, 5.06, 5.09, 6.10, 10.01, 10.02, and 10.07) with respect to the
Outstanding Securities of such series on and after the date the applicable conditions set
forth in Section 13.04 are satisfied (hereinafter, “COVENANT DEFEASANCE”).
Covenant Defeasance shall mean that, with respect to the Outstanding Securities of such
series, the Company may omit to comply with and shall have no liability in respect of any
term, condition or limitation set forth in this Indenture (except its obligations under
Sections 3.04, 3.05, 3.06, 5.06, 5.09, 6.10, 10.01, 10.02, and 10.07), whether directly or
indirectly by reason of any reference elsewhere herein or by reason of any reference to
any other provision herein or in any other document, and such omission to comply shall not
constitute an Event of Default under Section 5.01(3) with respect to Outstanding
Securities of such series, and the remainder of this Indenture and of the Securities of
such series shall be unaffected thereby. 

-58- 

        SECTION
13.04.    Conditions to Defeasance or Covenant Defeasance. 

        The
following shall be the conditions to Defeasance under Section 13.02 and Covenant
Defeasance under Section 13.03 with respect to the Outstanding Securities of a particular
series: 

	 	        (1)              The
Company shall irrevocably have deposited or caused to be deposited with the
          Trustee (or another trustee satisfying the requirements of Section 6.09 who
          shall agree to comply with the provisions of this Article applicable to it),
          under the terms of an irrevocable trust agreement in form and substance
          reasonably satisfactory to such Trustee, as trust funds in trust for the
purpose           of making the following payments, specifically pledged as security for,
and           dedicated solely to, the benefit of the Holders of such Securities, (A)
Dollars           in an amount, or (B) U.S. Government Obligations which through the
scheduled           payment of principal and interest in respect thereof in accordance
with their           terms will provide, not later than the due date of any payment,
money in an           amount, or (C) a combination thereof, in each case sufficient,
after payment of           all federal, state and local taxes or other charges or
assessments in respect           thereof payable by the Trustee, in the opinion of a
nationally recognized firm           of independent public accountants expressed in a
written certification thereof           delivered to the Trustee, to pay and discharge,
and which shall be applied by           the Trustee (or other qualifying trustee) to pay
and discharge, (i) the           principal of (and premium, if any, on) and each
installment of principal of (and           premium, if any) and interest on the
Outstanding Securities of such series on           the Stated Maturity of such principal
or installment of principal or interest           and (ii) any mandatory sinking fund
payments or analogous payments applicable to           the Outstanding Securities of such
series on the day on which such payments are           due and payable in accordance with
the terms of this Indenture and of such           Securities.  

	 	        (2)              No
Default or Event of Default with respect to the Securities of such series           shall
have occurred and be continuing on the date of such deposit or shall occur           as a
result of such deposit, and no Default or Event of Default under clause (4)           or
(5) of Section 5.01 shall occur and be continuing, at any time during the
          period ending on the 91st day after the date of such deposit (it being
          understood that this condition shall not be deemed satisfied until the
          expiration of such period).  

	 	        (3)              Such
deposit, Defeasance or Covenant Defeasance shall not result in a breach or
          violation of, or constitute a default under, any other agreement or instrument
          to which the Company is a party or by which it is bound.  

-59- 

	 	        (4)              Such
Defeasance or Covenant Defeasance shall not cause any Securities of such           series
then listed on any national securities exchange registered under the           Exchange
Act to be delisted.  

	 	        (5)              In
the case of an election with respect to Section 13.02, the Company shall have
          delivered to the Trustee either (A) a ruling directed to the Trustee received
          from the Internal Revenue Service to the effect that the Holders of the
          Outstanding Securities of such series will not recognize income, gain or loss
          for federal income tax purposes as a result of such Defeasance and will be
          subject to federal income tax on the same amounts, in the same manner and at
the           same times as would have been the case if such Defeasance had not occurred
or           (B) an Opinion of Counsel, based on such ruling or on a change in the
applicable           federal income tax law since the date of this Indenture, in either
case to the           effect that, and based thereon such opinion shall confirm that, the
Holders of           the Outstanding Securities of such series will not recognize income,
gain or           loss for federal income tax purposes as a result of such Defeasance and
will be           subject to federal income tax on the same amounts, in the same manner
and at the           same times as would have been the case if such Defeasance had not
occurred.  

	 	        (6)              In
the case of an election with respect to Section 13.03, the Company shall have
          delivered to the Trustee an Opinion of Counsel or a ruling directed to the
          Trustee received from the Internal Revenue Service to the effect that the
          Holders of the Outstanding Securities of such series will not recognize income,
          gain or loss for federal income tax purposes as a result of such Covenant
          Defeasance and will be subject to federal income tax on the same amounts, in
the           same manner and at the same times as would have been the case if such
Covenant           Defeasance had not occurred.  

	 	        (7)              Such
Defeasance or Covenant Defeasance shall be effected in compliance with any
          additional terms, conditions or limitations which may be imposed on the Company
          in connection therewith pursuant to Section 3.01.  

	 	        (8)              The
Company shall have delivered to the Trustee an Officer’s Certificate           and
an Opinion of Counsel, each stating that all conditions precedent provided           for
relating to either the Defeasance under Section 13.02 or the Covenant
          Defeasance under Section 13.03 (as the case may be) have been complied with.  

        SECTION
13.05.    Deposited Money and Government Obligations To Be Held In Trust. 

        Subject
to the provisions of the last paragraph of Section 10.07, all money and Government
Obligations (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee — collectively for purposes of this Section 13.05, the
“Trustee”) pursuant to Section 13.04 in respect of the Outstanding Securities of
a particular series shall be held in trust and applied by the Trustee, in accordance with
the provisions of such Securities and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Holders of such Securities of all sums due and to become due
thereon in respect of principal (and premium, if any) and interest, but such money need
not be segregated from other funds except to the extent required by law. 

-60- 

        The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the Government Obligations deposited pursuant to Section 13.04 or
the principal and interest received in respect thereof, other than any such tax, fee or
other charge which by law is for the account of the Holders of the Outstanding Securities
of such series. 

        Anything
in this Article to the contrary notwithstanding, the Trustee shall deliver to pay to the
Company from time to time upon company Request any money or Government Obligations held by
it as provided in Section 13.04 which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to
the Trustee, are in excess of the amount thereof which would then be required to be
deposited for the purpose for which such money or Government Obligations were deposited. 

-61- 

ARTICLE XIV

SUBORDINATION OF DEBT SECURITIES 

        SECTION
14.01.    Agreement to Subordinate. 

        The
Company covenants and agrees, and each Holder of Securities issued hereunder, by such
Holder’s acceptance thereof, likewise covenants and agrees, that all Securities shall
be issued subject to the provisions of this Article XIV, and each Holder of a
Security, whether upon original issue or upon transfer or assignment thereof, accepts and
agrees to be bound by such provisions. 

        The
payment by the Company of the principal of, premium, if any, and interest on all
Securities issued hereunder shall, to the extent and in the manner hereinafter set forth,
be subordinated and junior in right of payment to the prior payment in full of all Senior
Indebtedness of the Company, whether outstanding at the date of this Indenture or
thereafter incurred. Senior Indebtedness shall continue to be Senior Indebtedness and
entitled to the benefits of this Article XIV irrespective of any amendment,
modification or waiver of any term of such Senior Indebtedness. 

        No
provision of this Article XIV shall prevent the occurrence of any Default or Event of
Default hereunder. 

        SECTION
14.02.    Default on Senior Indebtedness. 

        In
the event that any default by the Company in the payment of principal, premium, interest
or any other payment due on any Senior Indebtedness of the Company has occurred and is
continuing and any applicable grace period with respect to such default has expired and
such default has not been cured or waived or ceased to exist, or in the event that the
maturity of any Senior Indebtedness of the Company has been accelerated because of a
default, then, in either case, no payment shall be made by the Company with respect to the
principal (including redemption and sinking fund payments) of, or premium, if any, or
interest on the Securities. 

        In
the event that, notwithstanding the foregoing, any payment shall be received by the
Trustee when such payment is prohibited by the preceding paragraph of this
Section 14.02, such payment shall be held in trust for the benefit of, and shall be
paid over or delivered to, the holders of Senior Indebtedness or their respective
representatives, or to the trustee or trustees under any indenture pursuant to which any
of such Senior Indebtedness may have been issued, as their respective interests may
appear, but only to the extent that the holders of the Senior Indebtedness (or their
representative or representatives or a trustee) notify the Trustee in writing within
90 days of such payment of the amounts then due and owing on the Senior Indebtedness
and only the amounts specified in such notice to the Trustee shall be paid to the holders
of Senior Indebtedness. 

-62- 

        SECTION
14.03.    Liquidation; Dissolution; Bankruptcy. 

        Upon
any payment by the Company or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to creditors upon any dissolution or
winding-up or liquidation or reorganization of the Company, whether voluntary or
involuntary or in bankruptcy, insolvency, receivership or other proceedings, all amounts
due upon all Senior Indebtedness of the Company shall first be paid in full, or payment
thereof provided for in money in accordance with its terms, before any payment is made by
the Company on account of the principal (and premium, if any) or interest on the
Securities; and upon any such dissolution or winding-up or liquidation or reorganization,
any payment by the Company, or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, which the Holders or the Trustee would
be entitled to receive from the Company, except for the provisions of this
Article XIV, shall be paid by the Company or by any receiver, trustee in bankruptcy,
liquidating trustee, agent or other Person making such payment or distribution, or by the
Holders or by the Trustee under the Indenture if received by them or it, directly to the
holders of Senior Indebtedness of the Company (pro rata to such holders on the basis
of the respective amounts of Senior Indebtedness held by such holders, as calculated by
the Company) or their representative or representatives, or to the trustee or trustees
under any indenture pursuant to which any instruments evidencing such Senior Indebtedness
may have been issued, as their respective interests may appear, to the extent necessary to
pay such senior indebtedness in full, in money or money’s worth, after giving effect
to any concurrent payment or distribution to or for the holders of such Senior
Indebtedness, before any payment or distribution is made to the Holders or to the Trustee. 

        In
the event that, notwithstanding the foregoing, any payment or distribution of assets of
the Company of any kind or character, whether in cash, property or securities, prohibited
by the foregoing, shall be received by the Trustee before all Senior Indebtedness of the
Company is paid in full, or provision is made for such payment in money in accordance with
its terms, such payment or distribution shall be held in trust for the benefit of and
shall be paid over or delivered to the holders of such Senior Indebtedness or their
representative or representatives, or to the trustee or trustees under any indenture
pursuant to which any instruments evidencing such Senior Indebtedness may have been
issued, as their respective interests may appear, as calculated by the Company, for
application to the payment of all Senior Indebtedness of the Company remaining unpaid to
the extent necessary to pay such Senior Indebtedness in full in money in accordance with
its terms, after giving effect to any concurrent payment or distribution to or for the
benefit of the holders of such Senior Indebtedness. 

        For
purposes of this Article XIV, the words “cash, property or securities”
shall not be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other corporation provided for by a plan
of reorganization or readjustment, the payment of which is subordinated at least to the
extent provided in this Article XIV with respect to the Securities to the payment of
all Senior Indebtedness of the Company that may at the time be outstanding, provided that
(i) such Senior Indebtedness is assumed by the new corporation, if any, resulting from any
such reorganization or readjustment, and (ii) the rights of the holders of such Senior
Indebtedness are not, without the consent of such holders, altered by such reorganization
or readjustment. The consolidation of the Company with, or the merger of the Company into,
another corporation or the liquidation or dissolution of the Company following the
conveyance or transfer of its property as an entirety, or substantially as an entirety, to
another corporation upon the terms and conditions provided for in Article VIII of
this Indenture shall not be deemed a dissolution, winding-up, liquidation or
reorganization for the purposes of this Section 14.03 if such other corporation
shall, as a part of such consolidation, merger, conveyance or transfer, comply with the
conditions stated in Article VIII of this Indenture. Nothing in Section 14.02 or
in this Section 14.03 shall apply to claims of, or payments to, the Trustee under or
pursuant to Section 6.07 of this Indenture. 

-63- 

        SECTION
14.04.    Subrogation. 

        Subject
to the payment in full of all Senior Indebtedness of the Company, the rights of the
Holders shall be subrogated to the rights of the holders of such Senior Indebtedness to
receive payments or distributions of cash, property or securities of the Company
applicable to such Senior Indebtedness until the principal of (and premium, if any) and
interest on the Securities shall be paid in full; and, for the purposes of such
subrogation, no payments or distributions to the holders of such Senior Indebtedness of
any cash, property or securities to which the Holders or the Trustee would be entitled
except for the provisions of this Article XIV, and no payment pursuant to the
provisions of this Article XIV to or for the benefit of the holders of such Senior
Indebtedness by Holders or the Trustee, shall, as between the Company, its creditors other
than holders of Senior Indebtedness of the Company, and the Holders of the Securities, be
deemed to be a payment by the Company to or on account of such Senior Indebtedness. It is
understood that the provisions of this Article XIV are and are intended solely for
the purposes of defining the relative rights of the Holders of the Securities, on the one
hand, and the holders of such Senior Indebtedness on the other hand. 

        Nothing
contained in this Article XIV or elsewhere in this Indenture or in the Securities is
intended to or shall impair, as between the Company, its creditors other than the holders
of Senior Indebtedness of the Company, and the Holders of the Securities, the obligation
of the Company, which is absolute and unconditional, to pay to the Holders of the
Securities the principal of (and premium, if any) and interest on the Securities as and
when the same shall become due and payable in accordance with their terms, or is intended
to or shall affect the relative rights of the Holders of the Securities and creditors of
the Company, other than the holders of Senior Indebtedness of the Company, nor shall
anything herein or therein prevent the Trustee or the Holder of any Security from
exercising all remedies otherwise permitted by applicable law upon default under this
Indenture, subject to the rights, if any, under this Article XIV of the holders of
such Senior Indebtedness in respect of cash, property or securities of the Company
received upon the exercise of any such remedy. 

        Upon
any payment or distribution of assets of the Company referred to in this Article XIV,
the Trustee, subject to the provisions of Section 6.01 of this Indenture, and the
Holders shall be entitled to conclusively rely upon any order or decree made by any court
of competent jurisdiction in which such dissolution, winding-up, liquidation or
reorganization proceedings are pending, or a certificate of the receiver, trustee in
bankruptcy, liquidation trustee, agent or other Person making such payment or
distribution, delivered to the Trustee or to the Holders, for the purposes of ascertaining
the Persons entitled to participate in such distribution, the holders of Senior
Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent thereto or
to this Article XIV. 

-64- 

        SECTION
14.05.    Trustee to Effectuate Subordination. 

        Each
Holder by such Holder’s acceptance of a Security authorizes and directs the Trustee
on such Holder’s behalf to take such action as may be necessary or appropriate to
effectuate the subordination provided in this Article XIV and appoints the Trustee
such Holder’s attorney-in-fact for any and all such purposes. 

        SECTION
14.06.    Notice by the Company. 

        The
Company shall give prompt written notice to a Responsible Officer of the Trustee of any
fact known to the Company that would prohibit the making of any payment of monies to or by
the Trustee in respect of the Securities pursuant to the provisions of this
Article XIV. Notwithstanding the provisions of this Article XIV or any other
provision of this Indenture, the Trustee shall not be charged with knowledge of the
existence of any facts that would prohibit the making of any payment of monies to or by
the Trustee in respect of the Securities pursuant to the provisions of this
Article XIV, unless and until a Responsible Officer of the Trustee shall have
received written notice thereof from the Company or a holder or holders of Senior
Indebtedness of the Company or from any trustee therefor; and before the receipt of any
such written notice, the Trustee, subject to the provisions of Section 6.01 of this
Indenture, shall be entitled in all respects to assume that no such facts exist;
provided, however, that if the Trustee shall not have received the notice
provided for in this Section 14.06 at least two Business Days prior to the date upon
which by the terms hereof any money may become payable for any purpose (including, without
limitation, the payment of the principal of (or premium, if any) or interest on any
Security), then, anything herein contained to the contrary notwithstanding, the Trustee
shall have full power and authority to receive such monies and to apply the same to the
purposes for which they were received, and shall not be affected by any notice to the
contrary that may be received by it within two Business Days prior to such date. 

        The
Trustee, subject to the provisions of Section 6.01 of this Indenture, shall be
entitled to conclusively rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Indebtedness of the Company (or a trustee on
behalf of such holder), to establish that such notice has been given by a holder of such
Senior Indebtedness or a trustee on behalf of any such holder or holders. In the event
that the Trustee determines in good faith that further evidence is required with respect
to the right of any Person as a holder of such Senior Indebtedness to participate in any
payment or distribution pursuant to this Article XIV, the Trustee may request such
Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount
of such Senior Indebtedness held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and any other facts pertinent to
the rights of such Person under this Article XIV, and, if such evidence is not
furnished, the Trustee may defer any payment to such Person pending judicial determination
as to the right of such Person to receive such payment. 

-65- 

        SECTION
14.07.    Rights of the Trustee; Holders of Senior Indebtedness. 

        The
Trustee in its individual capacity shall be entitled to all the rights set forth in this
Article XIV in respect of any Senior Indebtedness at any time held by it, to the same
extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall
deprive the Trustee of any of its rights as such holder. 

        With
respect to the holders of Senior Indebtedness of the Company, the Trustee undertakes to
perform or to observe only such of its covenants and obligations as are specifically set
forth in this Article XIV, and no implied covenants or obligations with respect to
the holders of such Senior Indebtedness shall be read into this Indenture or against the
Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of such
Senior Indebtedness and, subject to the provisions of Section 6.01 of this Indenture,
the Trustee shall not be liable to any holder of such Senior Indebtedness if it shall pay
over or deliver to Holders, the Company or any other Person money or assets to which any
holder of such Senior Indebtedness shall be entitled by virtue of this Article XIV or
otherwise. 

        SECTION
14.08.    Subordination May Not Be Impaired. 

        No
right of any present or future holder of any Senior Indebtedness of the Company to enforce
subordination as herein provided shall be at any time in any way prejudiced or impaired by
any act or failure to act on the part of the Company or by any act or failure to act, in
good faith, by any such holder, or by any noncompliance by the Company with the terms,
provisions and covenants of this Indenture, regardless of any knowledge thereof that any
such holder may have or otherwise be charged with. 

        Without
in any way limiting the generality of the foregoing paragraph, the holders of Senior
Indebtedness of the Company may, at any time and from time to time, without the consent of
or notice to the Trustee or the Holders, without incurring responsibility to the Holders
and without impairing or releasing the subordination provided in this Article XIV or
the obligations hereunder of the Holders of the Securities to the holders of such Senior
Indebtedness, do any one or more of the following: (i) change the manner, place or terms
of payment or extend the time of payment of, or renew or alter, such Senior Indebtedness,
or otherwise amend or supplement in any manner such Senior Indebtedness or any instrument
evidencing the same or any agreement under which such Senior Indebtedness is outstanding;
(ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or
otherwise securing such Senior Indebtedness; (iii) release any Person liable in any manner
for the collection of such Senior Indebtedness; and (iv) exercise or refrain from
exercising any rights against the Company and any other Person. 

-66- 

MISCELLANEOUS 

        SECTION
14.09.    Miscellaneous. 

        This
instrument 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. 

        IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and
their respective corporate seals to be hereunto affixed and attested, all as of the day
and year first above written. 

		WPS RESOURCES CORPORATION
	

 	By:  /s/ Bradley A. Johnson
		        Name:  Bradley A. Johnson
		        Title:    Vice President and Treasurer
	

Attest:
	

/s/ Barth J. Wolf
	Name:  Barth J. Wolf
	Title:    Secretary and Manager - Legal Services
	

 	U.S. BANK NATIONAL ASSOCIATION
		as Trustee
	

	By:  /s/ Peter M. Brennan
		        Name:  Peter M. Brennan
		        Title:    Vice President
	
Attest:
	

/s/ Steven F. Posto
	Name:  Steven F. Posto
	Title:    Assistant Vice President

-67-Exhibit 4.1
                                                                   -----------

                                                                EXECUTION COPY

------------------------------------------------------------------------------
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                                   INDENTURE

                                    between

                         USAA AUTO OWNER TRUST 2006-4
                                   as Issuer

                                      and

                             THE BANK OF NEW YORK
                             as Indenture Trustee

                         Dated as of November 21, 2006

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

<PAGE>

                               Table of Contents
                                                                          Page
                                                                          ----

                                   ARTICLE I
               DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE

SECTION 1.1.   Definitions and Usage.........................................2
SECTION 1.2.   Incorporation by Reference of Trust Indenture Act.............2

                                  ARTICLE II
                                   THE NOTES

SECTION 2.1.   Form..........................................................2
SECTION 2.2.   Execution, Authentication and Delivery........................3
SECTION 2.3.   Temporary Notes...............................................3
SECTION 2.4.   Tax Treatment.................................................4
SECTION 2.5.   Registration; Registration of Transfer and Exchange...........4
SECTION 2.6.   Mutilated, Destroyed, Lost or Stolen Notes....................7
SECTION 2.7.   Persons Deemed Owners.........................................7
SECTION 2.8.   Payment of Principal and Interest; Defaulted Interest.........8
SECTION 2.9.   Cancellation..................................................9
SECTION 2.10.  Release of Collateral.........................................9
SECTION 2.11.  Book-Entry Notes..............................................9
SECTION 2.12.  Notices to Clearing Agency...................................10
SECTION 2.13.  Definitive Notes.............................................10
SECTION 2.14.  Authenticating Agents........................................11

                                  ARTICLE III
                                   COVENANTS

SECTION 3.1.   Payment of Principal and Interest............................11
SECTION 3.2.   Maintenance of Office or Agency..............................11
SECTION 3.3.   Money for Payments To Be Held in Trust.......................12
SECTION 3.4.   Existence....................................................13
SECTION 3.5.   Protection of Indenture Trust Estate.........................13
SECTION 3.6.   Opinions as to Indenture Trust Estate........................15
SECTION 3.7.   Performance of Obligations; Servicing of Receivables.........15
SECTION 3.8.   Negative Covenants...........................................17
SECTION 3.9.   Annual Statement as to Compliance............................18
SECTION 3.10.  Issuer May Consolidate, etc., Only on Certain Terms..........18
SECTION 3.11.  Successor or Transferee......................................20
SECTION 3.12.  No Other Business............................................20
SECTION 3.13.  No Borrowing.................................................20
SECTION 3.14.  Servicer's Obligations.......................................20
SECTION 3.15.  Guarantees, Loans, Advances and Other Liabilities............20
SECTION 3.16.  Capital Expenditures.........................................21

                                      i

<PAGE>

SECTION 3.17.  Further Instruments and Acts.................................21
SECTION 3.18.  Restricted Payments..........................................21
SECTION 3.19.  Notice of Events of Default..................................21
SECTION 3.20.  Removal of Administrator.....................................21

                                  ARTICLE IV
                          SATISFACTION AND DISCHARGE

SECTION 4.1.   Satisfaction and Discharge of Indenture......................21
SECTION 4.2.   Application of Trust Money...................................22
SECTION 4.3.   Repayment of Monies Held by Note Paying Agent................23

                                   ARTICLE V
                                   REMEDIES

SECTION 5.1.   Events of Default............................................23
SECTION 5.2.   Acceleration of Maturity; Rescission and Annulment...........24
SECTION 5.3.   Collection of Indebtedness and Suits for Enforcement by
               Indenture Trustee............................................24
SECTION 5.4.   Remedies; Priorities.........................................26
SECTION 5.5.   Optional Preservation of the Receivables.....................29
SECTION 5.6.   Limitation of Suits..........................................30
SECTION 5.7.   Unconditional Rights of Noteholders To Receive Principal
               and Interest.................................................30
SECTION 5.8.   Restoration of Rights and Remedies...........................31
SECTION 5.9.   Rights and Remedies Cumulative...............................31
SECTION 5.10.  Delay or Omission Not a Waiver...............................31
SECTION 5.11.  Control by Controlling Class.................................31
SECTION 5.12.  Waiver of Past Defaults......................................32
SECTION 5.13.  Undertaking for Costs........................................32
SECTION 5.14.  Waiver of Stay or Extension Laws.............................32
SECTION 5.15.  Action on Notes..............................................32
SECTION 5.16.  Performance and Enforcement of Certain Obligations...........33

                                  ARTICLE VI
                             THE INDENTURE TRUSTEE

SECTION 6.1.   Duties of Indenture Trustee..................................33
SECTION 6.2.   Rights of Indenture Trustee..................................35
SECTION 6.3.   Individual Rights of Indenture Trustee.......................36
SECTION 6.4.   Indenture Trustee's Disclaimer...............................36
SECTION 6.5.   Notice of Defaults; Insolvency or Dissolution of
               Depositor or the Seller......................................36
SECTION 6.6.   Reports by Indenture Trustee to Noteholders..................36
SECTION 6.7.   Compensation and Indemnity...................................37
SECTION 6.8.   Replacement of Indenture Trustee.............................37
SECTION 6.9.   Successor Indenture Trustee by Merger........................38
SECTION 6.10.  Appointment of Co-Indenture Trustee or Separate
               Indenture Trustee............................................39

                                      ii

<PAGE>

SECTION 6.11.  Eligibility; Disqualification................................40
SECTION 6.12.  Preferential Collection of Claims Against Issuer.............41

                                  ARTICLE VII
                        NOTEHOLDERS' LISTS AND REPORTS

SECTION 7.1.   Issuer To Furnish Indenture Trustee Names and Addresses
               of Noteholders...............................................41
SECTION 7.2.   Preservation of Information; Communications to
               Noteholders..................................................41
SECTION 7.3.   Reports by Issuer............................................42
SECTION 7.4.   Reports by Indenture Trustee.................................42

                                 ARTICLE VIII
                     ACCOUNTS, DISBURSEMENTS AND RELEASES

SECTION 8.1.   Collection of Money..........................................42
SECTION 8.2.   Trust Accounts...............................................43
SECTION 8.3.   General Provisions Regarding Accounts........................46
SECTION 8.4.   Release of Indenture Trust Estate............................47
SECTION 8.5.   Opinion of Counsel...........................................48

                                  ARTICLE IX
                            SUPPLEMENTAL INDENTURES

SECTION 9.1.   Supplemental Indentures Without Consent of Noteholders.......48
SECTION 9.2.   Supplemental Indentures with Consent of Noteholders..........49
SECTION 9.3.   Execution of Supplemental Indentures.........................51
SECTION 9.4.   Effect of Supplemental Indenture.............................51
SECTION 9.5.   Conformity with Trust Indenture Act..........................51
SECTION 9.6.   Reference in Notes to Supplemental Indentures................51

                                   ARTICLE X
                                  PREPAYMENT

SECTION 10.1.  Prepayment...................................................52
SECTION 10.2.  Form of Prepayment Notice....................................52
SECTION 10.3.  Notes Payable on Prepayment Date.............................52

                                  ARTICLE XI
                                 MISCELLANEOUS

SECTION 11.1.  Compliance Certificates and Opinions, etc....................53
SECTION 11.2.  Form of Documents Delivered to Indenture Trustee.............54
SECTION 11.3.  Acts of Noteholders..........................................55
SECTION 11.4.  Notices, etc., to Indenture Trustee, Issuer and Rating
               Agencies.....................................................56
SECTION 11.5.  Notices to Noteholders; Waiver...............................56
SECTION 11.6.  Alternate Payment and Notice Provisions......................57
SECTION 11.7.  Conflict with Trust Indenture Act............................57

                                     iii

<PAGE>

SECTION 11.8.  Effect of Headings and Table of Contents.....................57
SECTION 11.9.  Successors and Assigns.......................................57
SECTION 11.10. Separability.................................................57
SECTION 11.11. Benefits of Indenture........................................57
SECTION 11.12. Legal Holidays...............................................58
SECTION 11.13. GOVERNING LAW................................................58
SECTION 11.14. Counterparts.................................................58
SECTION 11.15. Recording of Indenture.......................................58
SECTION 11.16. Trust Obligation.............................................58
SECTION 11.17. No Petition..................................................58
SECTION 11.18. Subordination Agreement......................................59
SECTION 11.19. No Recourse..................................................59
SECTION 11.20. Inspection...................................................59
EXHIBIT A-1    FORM OF CLASS A-1 NOTE....................................A-1-1
EXHIBIT A-2    FORM OF CLASS A-2 NOTE....................................A-2-1
EXHIBIT A-3    FORM OF CLASS A-3 NOTE....................................A-3-1
EXHIBIT A-4    FORM OF CLASS A-4 NOTE....................................A-4-1
EXHIBIT B      FORM OF CLASS B NOTE........................................B-1
SCHEDULE A     Schedule of Receivables....................................SA-1
APPENDIX A     Definitions and Usage..............................Appendix-A-1

                                      iv

<PAGE>

      INDENTURE, dated as of November 21, 2006 (as from time to time amended,
supplemented or otherwise modified and in effect, this "Indenture"), between
USAA AUTO OWNER TRUST 2006-4, a Delaware statutory trust, as Issuer, and THE
BANK OF NEW YORK, a New York banking corporation, as trustee and not in its
individual capacity (in such capacity, the "Indenture Trustee").

      Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the holders of the Issuer's Class A-1 5.34%
Asset Backed Notes (the "Class A-1 Notes"), Class A-2 5.16% Asset Backed Notes
(the "Class A-2 Notes"), Class A-3 5.01% Asset Backed Notes (the "Class A-3
Notes"), Class A-4 4.98% 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 5.26% Asset Backed Notes (the "Class B
Notes" and, together with the Class A Notes, the "Notes"):

                                GRANTING CLAUSE

      The Issuer hereby Grants to the Indenture Trustee at the Closing Date,
as Indenture Trustee for the benefit of the Noteholders, all of the Issuer's
right, title and interest in, to and under, whether now owned or existing or
hereafter acquired or arising, (a) the Receivables; (b) monies received
thereunder on or after the Cut-off Date; (c) the security interests in the
Financed Vehicles granted by Obligors pursuant to the Receivables and any
other interest of the Issuer in the Financed Vehicles; (d) rights to receive
proceeds with respect to the Receivables from claims on any theft, physical
damage, credit life, credit disability, or other insurance policies covering
Financed Vehicles or Obligors; (e) all of the rights to the Receivable Files;
(f) the Trust Accounts, and all amounts, securities, investments and other
property deposited in or credited to any of the foregoing, all securities
entitlements related to the foregoing and all proceeds thereof; (g) the
Receivables Purchase Agreement and the Sale and Servicing Agreement; (h)
payments and proceeds with respect to the Receivables held by the Servicer;
(i) all property (including the right to receive Liquidation Proceeds)
securing a Receivable (other than a Receivable purchased by the Servicer or
repurchased by the Depositor); (j) rebates of premiums and other amounts
relating to insurance policies and other items financed under the Receivables
in effect as of the Cut-off Date; and (k) all present and future claims,
demands, causes of action and choses in action in respect of any or all of the
foregoing and all payments on or under and all proceeds of every kind and
nature whatsoever in respect of any or all of the foregoing, including all
proceeds of the conversion thereof, voluntary or involuntary, into cash or
other liquid property, all cash proceeds, accounts, accounts receivable,
notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds, condemnation awards, rights to payment of any and every kind and
other forms of obligations and receivables, instruments and other property
which at any time constitute all or part of or are included in the proceeds of
any of the foregoing (collectively, the "Collateral").

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

<PAGE>

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

                                   ARTICLE I

              DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE

      SECTION 1.1. Definitions and Usage. Except as otherwise specified herein
or as the context may otherwise require, capitalized terms used but not
otherwise defined herein are defined in Appendix A hereto, which also contains
rules as to usage that shall be applicable herein.

      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:

      "indenture securities" shall mean the Notes.

      "indenture security holder" shall mean a Noteholder.

      "indenture to be qualified" shall mean this Indenture.

      "indenture trustee" or "institutional  trustee" shall mean the Indenture
Trustee.

      "obligor" on the indenture securities shall mean the Issuer and any
other obligor on the indenture securities.

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

                                  ARTICLE II

                                   THE NOTES

      SECTION 2.1. Form. (a) The Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes, the Class A-4 Notes and the Class B Notes, together with the
Indenture Trustee's certificates of authentication, shall be in substantially
the forms set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and
Exhibit B, respectively, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may, consistently herewith,
be determined by the officers executing such Notes, as evidenced by their
execution thereof. 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.

                                      2
<PAGE>

      (b) 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.

      (c) Each Note shall be dated the date of its authentication. The terms
of the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4
and Exhibit B are part of the terms of this Indenture and are incorporated
herein by reference.

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

      (b) 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.

      (c) The Indenture Trustee shall, upon Issuer Order, authenticate and
deliver the Notes for original issue in the Classes and initial aggregate
principal amounts as set in the table below.

                                         Initial Aggregate
Class                                    Principal Amount
-----                                    ----------------
Class A-1 Notes                          $433,000,000
Class A-2 Notes                          $474,000,000
Class A-3 Notes                          $452,000,000
Class A-4 Notes                          $262,486,000
Class B Notes                            $ 45,852,019

      The aggregate principal amount of Class A-1 Notes, Class A-2 Notes,
Class A-3 Notes, Class A-4 Notes and Class B Notes Outstanding at any time may
not exceed those respective amounts except as provided in Section 2.6.

      (d) The Class A-1, Class A-2, Class A-3, Class A-4 and Class B Notes
shall be issuable as Book-Entry Notes in minimum denominations 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 of $1,000).

      (e) 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. (a) 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 that are
printed, lithographed, typewritten, mimeographed or otherwise produced,
substantially of the tenor of the Definitive Notes in lieu of

                                      3
<PAGE>

which they are issued and with such variations not inconsistent with the terms
of this Indenture as the officers executing the temporary Notes may determine,
as evidenced by their execution of such temporary 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 Noteholder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer
shall execute, and the Indenture Trustee shall authenticate and deliver in
exchange therefor, a like principal amount of Definitive Notes of authorized
denominations. Until so exchanged, the temporary Notes shall in all respects
be entitled to the same benefits under this Indenture as Notes.

      SECTION 2.4. Tax Treatment. The Issuer has entered into this Indenture,
and the Notes shall be issued, with the intention that, for federal, State and
local income and franchise tax purposes, the Notes shall qualify as
indebtedness of the Issuer secured by the Indenture Trust Estate. The Issuer,
by entering into this Indenture, and each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of an interest in the applicable
Book-Entry Note), agree to treat the Notes for federal, State and local income
and franchise tax purposes as indebtedness of the Issuer.

      SECTION 2.5. Registration; Registration of Transfer and Exchange. (a)
The Issuer shall cause to be kept a register (the "Note Register") in which,
subject to such reasonable regulations as it may prescribe, the Issuer shall
provide for the registration of Notes and the registration of transfers of
Notes. The Indenture Trustee initially shall be the "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, (i) 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, (ii) the
Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof, and (iii) the Indenture Trustee
shall have the right to rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer thereof as to the names and addresses of the
Noteholders and the principal amounts and number of such Notes.

      (b) 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(a) of the UCC are met, an Authorized Officer
of the Issuer shall execute, and the Indenture Trustee shall authenticate and
the Noteholder shall obtain from the Indenture Trustee, in the name of the
designated transferee or transferees, one or more new Notes of the same Class
in any authorized denomination, of a like aggregate principal amount.

      (c) At the option of the Noteholder, Notes may be exchanged for other
Notes of the same Class in any authorized denominations, of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at such office
or agency. Whenever any Notes are so

                                      4
<PAGE>

surrendered for exchange, if the requirements of Section 8-401(a) of the UCC
are met, the Issuer shall execute, the Indenture Trustee shall authenticate,
and the Noteholder shall obtain from the Indenture Trustee, the Notes which
the Noteholder making such exchange is entitled to receive.

      (d) 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.

      (e) 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 satisfactory to the Indenture Trustee duly
executed by, the Noteholder thereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible
guarantor institution" meeting the requirements of the Note Registrar and (ii)
accompanied by such other documents or evidence as the Indenture Trustee may
require.

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

      (g) The preceding provisions of this Section 2.5 notwithstanding, the
Issuer shall not be required to make and the Note Registrar need not register
transfers or exchanges of Notes selected for redemption or of any Note for a
period of fifteen (15) days preceding the Payment Date for any payment with
respect to such Note.

      (h) 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
the Class A Note on behalf of, or with "plan assets" (as determined under
Department of Labor Regulation ss.2510.3-101 (as modified by Section 3(42) of
ERISA) or otherwise) of, a Plan, or any employee benefit plan subject to
Similar Law, or (y) 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 Code or a similar exemption, or, in the case of an employee
benefit plan subject to Similar Law, do not result in a nonexempt violation of
Similar Law.

      (i) 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 the following:

            (i) 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 Investor; or

                                      5
<PAGE>

                  (B) (1) 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, (2) 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 Investor, (3) neither such purchaser or
            transferee nor any affiliate is a Controlling Person of the Issuer
            and (4) 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 will not constitute a violation of any applicable Similar Law.

            (ii) It is, and each account (if any) for which it is purchasing
      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 (ii) has the authority to control all substantial decisions of
      the trust.

            (iii) It understands that any purported transfer of any Class B
      Note (or any interest therein) to any Person who does not meet the
      conditions of paragraphs (i) and (ii) above shall be, to the fullest
      extent permitted by law, void ab initio, and the purported transferee in
      such a transfer shall not be recognized by the Issuer or any other
      Person as a Class B Noteholder for any purpose.

      (j) Plans and persons investing on behalf of or with "plan assets" of
Plans may not acquire the Class B Notes. However, an insurance company using
the assets of its general account that include "plan assets" may purchase the
Class B Notes if:

            (i) such insurance company is able to represent that, as of the
      date it acquires an interest in the Class B Notes, less than 25% of the
      assets of such general account constitute "plan assets" of a Benefit
      Plan Investor within the meaning of 29 C.F.R. ss.2510.3-101(f);

            (ii) such insurance company agrees that if at any time during any
      calendar quarter while it is holding an interest in the Class B Notes,
      25% or more of the assets of such general account constitute "plan
      assets" of a Benefit Plan Investor within the meaning of 29 C.F.R.
      ss.2510.3-101(f), and if, at that time, no appropriate exemption or
      exception applies to the operation of the Issuer and its assets under
      ERISA, such insurance company will dispose of the Class B Notes then
      held in its general account;

            (iii) neither such insurance company nor any affiliate is a
      Controlling Person of the Issuer; and

                                      6
<PAGE>

            (iv) the purchase satisfies the conditions for relief under
      Section I of PTCE 95-60.

      SECTION 2.6. Mutilated, Destroyed, Lost or Stolen Notes. (a) If (i) any
mutilated Note is surrendered to the Indenture Trustee or the Note Registrar,
or the Indenture Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold
the Issuer and the Indenture Trustee harmless, then, in the absence of notice
to the Issuer, the Note Registrar or the Indenture Trustee that such Note has
been acquired by a protected purchaser, as defined in Section 8-303 of the
UCC, and provided that the requirements of Section 8-405 of the UCC are met,
the Issuer shall execute, and upon Issuer Request the Indenture Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note of the same Class;
provided, however, that if any such destroyed, lost or stolen Note, but not a
mutilated Note, shall have become or within seven (7) days shall be due and
payable, or shall have been called for redemption, instead of issuing a
replacement Note, the Issuer may pay such destroyed, lost or stolen Note when
so due or payable or upon the Prepayment 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 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, 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.

      (b) Upon the issuance of any replacement Note under this Section 2.6,
the Issuer may require the payment by the Noteholder of such Note of a sum
sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other reasonable expenses (including the fees and
expenses of the Indenture Trustee) connected therewith.

      (c) Every replacement Note issued pursuant to this Section 2.6 in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute
an original additional contractual obligation of the Issuer, whether or not
the mutilated, destroyed, lost or stolen Note shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Notes duly issued hereunder.

      (d) The provisions of this Section 2.6 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 2.7. 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 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

                                      7
<PAGE>

Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of
the Issuer or the Indenture Trustee shall be affected by notice to the
contrary.

      SECTION 2.8. Payment of Principal and Interest; Defaulted Interest. (a)
The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4
Notes and the Class B Notes shall accrue interest at the Class A-1 Rate, the
Class A-2 Rate, the Class A-3 Rate, the Class A-4 Rate and the Class B Rate,
respectively, as set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit
A-4 and Exhibit B, respectively, and such interest shall be due and payable on
each Payment Date as specified therein, subject to Section 3.1. Any
installment of interest or principal, if any, payable on any Note that 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 either by wire transfer in
immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes
in the aggregate evidence a denomination of not less than $1,000,000, or, if
not, by check mailed first-class postage prepaid to such Person's address as
it appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners pursuant to Section 2.13,
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payment
shall be made by wire transfer in immediately available funds to the account
designated by such nominee, and except for the final installment of principal
payable with respect to such Note on a Payment Date, Prepayment Date or the
applicable Final Scheduled Payment Date, which shall be payable as provided
below. The funds represented by any such checks returned undelivered shall be
held in accordance with Section 3.3.

      (b) The principal of each Note shall be payable in installments on each
Payment Date as provided in this Indenture and in the forms of Notes set forth
in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and Exhibit B hereto.
Notwithstanding the foregoing, the entire unpaid principal amount of each
Class of Notes shall be due and payable, if not previously paid, on the date
on which an Event of Default shall have occurred and be continuing, if the
Indenture Trustee or the Noteholders of Notes evidencing not less than a
majority of the principal amount of the Controlling Class have declared the
Notes to be immediately due and payable in the manner provided in Section 5.2.
All principal payments on each Class of Notes shall be made pro rata to the
Noteholders of such Class entitled thereto. The Indenture Trustee shall notify
the Person in whose name a Note is registered at the close of business on the
Record Date preceding the Payment Date on which the Issuer expects that the
final installment of principal of and interest on such Note shall be paid.
Such notice shall be mailed or transmitted by facsimile prior to such final
Payment Date and shall specify that such final installment shall be payable
only upon presentation and surrender of such Note and shall specify the place
where such Note may be presented and surrendered for payment of such
installment. Notices in connection with redemption of Notes shall be mailed to
Noteholders as provided in Section 10.2.

      (c) If the Issuer defaults in a payment of interest on the Notes, the
Issuer shall pay defaulted interest (plus interest on such defaulted interest
to the extent lawful) at the applicable Note Interest Rate on the Payment Date
following such default. The Issuer shall pay such

                                      8
<PAGE>

defaulted interest to the Persons who are Noteholders on the Record Date for
such following Payment Date.

      SECTION 2.9. Cancellation. All Notes surrendered for payment,
registration of transfer or exchange 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 2.9, 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 and so long as such
Issuer Order is timely and the Notes have not been previously disposed of by
the Indenture Trustee.

      SECTION 2.10. Release of Collateral. Subject to Section 11.1 and the
terms of the Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and 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 Basic 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 2.11. Book-Entry Notes. The Notes, upon original issuance, shall
be issued in the form of typewritten Notes representing the Book-Entry Notes,
to be delivered to The Depository Trust Company, the initial Clearing Agency,
by, or on behalf of, the Issuer. The Book-Entry Notes shall be registered
initially on the Note Register in the name of Cede & Co., the nominee of the
initial Clearing Agency, and no Note Owner thereof shall receive a Definitive
Note (as defined below) representing such Note Owner's interest in such Note,
except as provided in Section 2.13. Unless and until definitive, fully
registered Notes (the "Definitive Notes") have been issued to such Note Owners
pursuant to Section 2.13:

            (i) the provisions of this Section 2.11 shall be in full force and
      effect;

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

            (iii) to the extent that the provisions of this Section 2.11
      conflict with any other provisions of this Indenture, the provisions of
      this Section 2.11 shall control;

                                      9
<PAGE>

            (iv) the rights of Note Owners shall be exercised only through the
      Clearing Agency and shall be limited to those established by law and
      agreements between such Note Owners and the Clearing Agency and/or the
      Clearing Agency Participants pursuant to the Security Depository
      Agreement. Unless and until Definitive Notes are issued to Note Owners
      pursuant to Section 2.13, the initial Clearing Agency shall make
      book-entry transfers among the Clearing Agency Participants and receive
      and transmit payments of principal of and interest on the Book-Entry
      Notes to such Clearing Agency Participants (and neither the Indenture
      Trustee nor the Note Registrar shall have any liability or
      responsibility therefor); and

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

      SECTION 2.12. Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders of Book-Entry Notes is required under this
Indenture, unless and until Definitive Notes shall have been issued to the
Note Owners pursuant to Section 2.13, the Indenture Trustee shall give all
such notices and communications specified herein to be given to Noteholders of
Book-Entry Notes to the Clearing Agency, and shall have no obligation to such
Note Owners.

      SECTION 2.13. Definitive Notes. With respect to any Class or Classes of
Book-Entry Notes, if (i) the Administrator advises the Indenture Trustee in
writing that the Clearing Agency is no longer willing or able to properly
discharge its responsibilities with respect to such Class of Book-Entry Notes
and the Administrator is unable to locate a qualified successor or (ii) after
the occurrence of an Event of Default or an Event of Servicing Termination,
Note Owners of such Class of Book- Entry Notes evidencing beneficial interests
aggregating not less than a majority of the principal amount of such Class
advise the Indenture Trustee and the Clearing Agency in writing that the
continuation of a book-entry system through the Clearing Agency is no longer
in the best interests of such Class of Note Owners, then the Clearing Agency
shall notify all Note Owners of such Class and the Indenture Trustee of the
occurrence of such event and of the availability of Definitive Notes to the
Note Owners of the applicable Class requesting the same. Upon surrender to the
Indenture Trustee of the typewritten Notes representing the Book-Entry Notes
by the Clearing Agency, accompanied by registration instructions, the Issuer
shall execute and the Indenture Trustee shall authenticate the Definitive
Notes in accordance with the instructions of the Clearing Agency. None of the
Issuer, the Note Registrar or the Indenture Trustee shall be liable for any
delay in delivery of such instructions and may conclusively rely on, and shall
be protected in relying on, such instructions. Upon the issuance of Definitive
Notes to Note Owners, the Indenture Trustee shall recognize the holders of
such Definitive Notes as Noteholders.

                                      10
<PAGE>

      SECTION 2.14. Authenticating Agents. (a) 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,
2.5, 2.6 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
2.14 shall be deemed to be the authentication of Notes "by the Indenture
Trustee."

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

      (d) The Administrator agrees to pay to each Authenticating Agent from
time to time reasonable compensation for its services. The provisions of
Sections 2.9 and 6.4 shall be applicable to any Authenticating Agent.

                                  ARTICLE III

                                   COVENANTS

      SECTION 3.1. Payment of Principal and Interest. The Issuer shall duly
and punctually pay the principal of and interest, if any, on the Notes in
accordance with the terms of the Notes and this Indenture. Without limiting
the foregoing, on each Payment Date the Issuer shall cause to be paid pursuant
to Section 8.2 all amounts on deposit in the Collection Account and the
Principal Distribution Account with respect to the Collection Period preceding
such Payment Date and deposited therein pursuant to the Sale and Servicing
Agreement. Amounts properly withheld under the Code by any Person from a
payment to any Noteholder of interest and/or principal shall be considered as
having been paid by the Issuer to such Noteholder for all purposes of this
Indenture.

      SECTION 3.2. Maintenance of Office or Agency. 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, and its Corporate Trust Office as its office,

                                      11
<PAGE>

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(b), 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 Note Paying Agent, and no amounts so withdrawn from the Trust Accounts
for payments of Notes shall be paid over to the Issuer, except as provided in
this Section 3.3.

      (b) On or before the Business Day preceding each Payment Date and
Prepayment Date, the Issuer shall deposit or cause to be deposited (including
the provision of written instructions to the Indenture Trustee to make any
required withdrawals from the Reserve Account and to deposit such amounts in
the Collection Account) in the Collection Account an aggregate sum sufficient
to pay the amounts then becoming due under the Notes, such sum to be held in
trust for the benefit of the Persons entitled thereto, and (unless the Note
Paying Agent is the Indenture Trustee) shall promptly notify the Indenture
Trustee of its action or failure so to act.

      (c) The Issuer shall cause each Note Paying Agent other than the
Indenture Trustee to execute and deliver to the Indenture Trustee an
instrument in which such Note Paying Agent shall agree with the Indenture
Trustee (and if the Indenture Trustee acts as Note Paying Agent, it hereby so
agrees), subject to the provisions of this Section 3.3, that such Note 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
      herein provided;

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

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

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

                                      12
<PAGE>

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

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

      (e) Subject to applicable laws with respect to escheat of funds, any
money held by the Indenture Trustee or any Note Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for
two (2) years after such amount has become due and payable shall be discharged
from such trust and be paid to the Issuer on Issuer Request; and the
Noteholder of such Note shall thereafter, as an unsecured general creditor,
look only to the Issuer for payment thereof (but only to the extent of the
amounts so paid to the Issuer), and all liability of the Indenture Trustee or
such Note Paying Agent with respect to such trust money shall thereupon cease;
provided, however, that the Indenture Trustee or such Note Paying Agent,
before being required to make any such repayment, shall at the expense and
direction of the Issuer cause to be published once, in a newspaper published
in the English language, customarily published on each Business Day and of
general circulation in The City of New York, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less
than thirty (30) days from the date of such publication, any unclaimed balance
of such money then remaining shall be repaid to the Issuer. The Indenture
Trustee shall also adopt and employ, at the expense and direction of the
Issuer, any other reasonable means of notification of such repayment
(including, but not limited to, mailing notice of such repayment to
Noteholders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in monies due and payable but not
claimed is determinable from the records of the Indenture Trustee or of any
Note Paying Agent, at the last address of record for each such Noteholder).

      SECTION 3.4. Existence. The Issuer shall 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 Indenture Trust Estate.

      SECTION 3.5. Protection of Indenture Trust Estate. (a) The Issuer shall
from time to time execute, deliver and file, as applicable, all such
supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other
instruments, and shall take such other action necessary or advisable to:

                                      13
<PAGE>

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

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

            (iii) enforce any of the Collateral; or

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

      The Issuer hereby authorizes the Indenture Trustee to file any financing
statement, continuation statement or other instrument required to be executed
pursuant to this Section 3.5; provided, however, that the Indenture Trustee
shall be under no obligation to file any such financing statement,
continuation statement or other instrument required pursuant to this Section
3.5.

      (b) The Issuer hereby represents and warrants that, as to the Collateral
pledged to the Indenture Trustee for the benefit of the Noteholders, on the
Closing Date, which representations and warranties shall survive such pledge:

            (i) the Indenture creates a valid and continuing security interest
      (as defined in the applicable UCC) in the Collateral that is in
      existence in favor of the Indenture Trustee, which security interest is
      prior to all other liens, and is enforceable as such as against
      creditors of and purchasers from the Issuer;

            (ii) the Receivables constitute "tangible chattel paper" under the
      applicable UCC;

            (iii) the Issuer owns and has good and marketable title to such
      Collateral free and clear of any liens, claims or encumbrances of any
      Person, other than the interest Granted under this Indenture;

            (iv) the Issuer has acquired its ownership in such Collateral in
      good faith without notice of any adverse claim;

            (v) the Trust Accounts are not in the name of any person other
      than the Indenture Trustee and the Issuer has not consented to the bank
      maintaining the Trust Accounts to comply with the instructions of any
      person other than the Indenture Trustee;

            (vi) the Issuer has not assigned, pledged, sold, granted a
      security interest in or otherwise conveyed any interest in such
      Collateral (or, if any such interest has been assigned, pledged or
      otherwise encumbered, it has been released) other than interests Granted
      pursuant to this Indenture;

            (vii) the Issuer has caused or will have caused, within ten days
      after the Closing Date, the filing of all appropriate financing
      statements in the proper filing office in the

                                      14
<PAGE>

      appropriate jurisdiction under the applicable law in order to perfect
      the security interest Granted hereunder in the Receivables, which
      financing statements will contain a statement to the following effect "A
      purchase of or security interest in any collateral described in this
      financing statement will violate the rights of the Secured Party";

            (viii) other than its Granting hereunder, the Issuer has not
      Granted such Collateral, the Issuer has not authorized the filing of and
      is not aware of any financing statements against the Issuer that include
      a description of such Collateral other than the financing statement in
      favor of the Indenture Trustee, and the Issuer is not aware of any
      judgment or tax lien filing against it; and

            (ix) the information relating to such Collateral set forth in the
      Schedule of Receivables (attached hereto as Schedule A) is correct.

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

      (b) On or before April 30 in each calendar year, beginning on April 30,
2007, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel
either stating that, in the opinion of such counsel, such action has been
taken with respect to the recording, filing, re-recording and refiling of this
Indenture, any indentures supplemental hereto and any other requisite
documents and with respect to the filing of any financing statements and
continuation statements and any other action that may be required by law as is
necessary to maintain the lien and security interest created by this Indenture
and reciting the details of such action or stating that in the opinion of such
counsel no such action is necessary to maintain such lien 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 shall, 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 best efforts not to
permit any action to be taken by others that would release any Person from any
of such Person's material covenants or obligations under any instrument or
agreement included in the Indenture Trust Estate or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or
impair the validity or effectiveness of, any such instrument or agreement,
except as expressly provided in this Indenture and the other Basic Documents.

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

                                      15
<PAGE>

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 Servicer
and the Administrator to assist the Issuer in performing its duties under this
Indenture.

      (c) The Issuer shall punctually perform and observe all of its
obligations and agreements contained in this Indenture, the other Basic
Documents and in the instruments and agreements included in the Indenture
Trust Estate, including, but not limited to, filing or causing to be filed all
financing statements and continuation statements required to be filed under
the UCC by the terms of this Indenture and the Sale and Servicing Agreement in
accordance with and within the time periods provided for herein and therein.
Except as otherwise expressly provided therein, the Issuer shall not waive,
amend, modify, supplement or terminate any Basic Document or any provision
thereof without the consent of the Indenture Trustee and the Noteholders of
Notes evidencing not less than a majority of the principal amount of each
Class of Notes then Outstanding, voting separately.

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

      (e) As promptly as possible after the giving of notice of termination to
the Servicer of the Servicer's rights and powers pursuant to Section 7.1 of
the Sale and Servicing Agreement or the Servicer's resignation in accordance
with the terms of the Sale and Servicing Agreement, the Issuer shall appoint a
Successor Servicer meeting the requirements of the Sale and Servicing
Agreement, and such Successor Servicer shall accept its appointment by a
written assumption in a form acceptable to the Indenture Trustee. In the event
that a Successor Servicer has not been appointed at the time when the Servicer
ceases to act as Servicer, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer. If the Indenture Trustee
shall be legally unable to act as Successor Servicer, it may appoint, or
petition a court of competent jurisdiction to appoint, a Successor Servicer.
The Indenture Trustee may resign as the Servicer by giving written notice of
such resignation to the Issuer and the Depositor and in such event shall be
released from such duties and obligations, such release not to be effective
until the date a new servicer enters into a servicing agreement with the
Issuer as provided below. In each case of either the appointment of the
Indenture Trustee (or any Affiliate as provided below) as Successor Servicer,
or resignation of the Indenture Trustee as Servicer, the Indenture Trustee
shall provide to the Depositor, in writing, such information as reasonably
requested by the Depositor to comply with its reporting obligation under the
Exchange Act with respect to a successor Servicer or the resignation of the
Servicer. Upon delivery of any such notice to the Issuer, the Issuer shall
obtain a new servicer as the Successor Servicer under the Sale and Servicing
Agreement. Any Successor Servicer (other than the Indenture Trustee or any
Affiliate thereof) shall (i) be an established institution having a net worth
of not less than $100,000,000 and whose regular business shall include the
servicing of automotive receivables and whose appointment as Successor
Servicer satisfies the Rating Agency Condition, (ii) enter into a servicing
agreement with the Issuer having substantially the same provisions as the
provisions of

                                      16
<PAGE>

the Sale and Servicing Agreement applicable to the Servicer and (iii) shall
provide to the Depositor, in writing, such information as reasonably requested
by the Depositor to comply with its reporting obligation under the Exchange
Act with respect to a successor Servicer. If, within thirty (30) days after
the delivery of the notice referred to above, the Issuer shall not have
obtained such a new servicer, the Indenture Trustee may appoint, or may
petition a court of competent jurisdiction to appoint, a Successor Servicer.
In connection with any such appointment, the Indenture Trustee may make such
arrangements for the compensation of such successor as it and such successor
shall agree, subject to the limitations set forth below and in the Sale and
Servicing Agreement, and, in accordance with Section 7.2 of the Sale and
Servicing Agreement, the Issuer shall enter into an agreement with such
successor for the servicing of the Receivables (such agreement to be in form
and substance satisfactory to the Indenture Trustee). Notwithstanding anything
herein or in the Sale and Servicing Agreement to the contrary, in no event
shall the Indenture Trustee be liable for any Servicing Fee or for any
differential in the amount of the Servicing Fee paid hereunder and the amount
necessary to induce any Successor Servicer to act as Successor Servicer under
the Basic Documents and the transactions set forth or provided for therein. If
the Indenture Trustee shall succeed to the Servicer's duties as servicer of
the Receivables as provided herein, it shall do so in its individual capacity
and not in its capacity as Indenture Trustee and, accordingly, the provisions
of Article VI hereof shall be inapplicable to the Indenture Trustee in its
duties as the successor to the Servicer and the servicing of the Receivables.
In case the Indenture Trustee shall become successor to the Servicer under the
Sale and Servicing Agreement, the Indenture Trustee shall be entitled to
appoint as Servicer any one of its Affiliates; provided that the Indenture
Trustee, in its capacity as the Servicer, shall be fully liable for the
actions and omissions of such Affiliate in such capacity as Successor
Servicer.

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

      (g) Without derogating from the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer hereby agrees that it shall not,
without the prior written consent of the Indenture Trustee or the Noteholders
of Notes evidencing not less than a majority in principal amount of the Notes
Outstanding, amend, modify, waive, supplement, terminate or surrender, or
agree to any amendment, modification, supplement, termination, waiver or
surrender of, the terms of any Collateral (except to the extent otherwise
provided in the Sale and Servicing Agreement or the other Basic Documents).

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

            (i) except as expressly permitted by this Indenture, the Trust
      Agreement or the Sale and Servicing Agreement, sell, transfer, exchange
      or otherwise dispose of any of the properties or assets of the Issuer,
      including those included in the Indenture Trust Estate, unless directed
      to do so by the Indenture Trustee;

                                      17
<PAGE>

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

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

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

      SECTION 3.9. Annual Statement as to Compliance. The Issuer shall deliver
to the Indenture Trustee, within 120 days after the end of each calendar year,
an Officer's Certificate stating, as to the Authorized Officer signing such
Officer's Certificate, that:

            (i) a review of the activities of the Issuer during such year and
      of 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 in all material respects with all
      conditions and covenants under this Indenture throughout such year (or
      since the Closing Date, in the case of the first such Officer's
      Certificate), or, if there has been a default in any material respect in
      its compliance with any such condition or covenant, specifying each such
      default known to such Authorized Officer and the nature and status
      thereof.

      SECTION 3.10. Issuer May Consolidate, etc., Only on Certain Terms. (a)
The Issuer shall not consolidate or merge with or into any other Person,
unless:

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

                                      18
<PAGE>

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

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

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

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

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

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

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

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

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

                                      19
<PAGE>

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

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

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

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

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

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

      SECTION 3.13. No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes and the Certificates.

      SECTION 3.14. Servicer's Obligations. The Issuer shall cause the
Servicer to comply with the Sale and Servicing Agreement, including Sections
3.9, 3.10, 3.11, 3.12, 3.13 and 4.9 and Article VI thereof.

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

                                      20
<PAGE>

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

      SECTION 3.17. Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuer shall 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 3.18. Restricted Payments. The Issuer shall not, directly or
indirectly, (i) 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, (ii) redeem, purchase, retire or
otherwise acquire for value any such ownership or equity interest or security
or (iii) set aside or otherwise segregate any amounts for any such purpose;
provided, however, that the Issuer may make, or cause to be made, (x) payments
to the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee,
the Noteholders and the Certificateholders as contemplated by, and to the
extent funds are available for such purpose under, this Indenture and the
other Basic Documents and (y) payments to the Indenture Trustee pursuant to
Section 2(a)(ii) of the Administration Agreement. The Issuer shall not,
directly or indirectly, make payments to or distributions from the Collection
Account or the Principal Distribution Account except in accordance with this
Indenture and the other Basic Documents.

      SECTION 3.19. Notice of Events of Default. The Issuer shall give the
Indenture Trustee and the Rating Agencies prompt written notice of each Event
of Default hereunder and of each default on the part of any party to the Sale
and Servicing Agreement with respect to any of the provisions thereof.

      SECTION 3.20. Removal of Administrator. For so long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause
unless the Rating Agency Condition shall have been satisfied in connection
therewith.

                                  ARTICLE IV

                          SATISFACTION AND DISCHARGE

      SECTION 4.1. Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of
mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
receive payments of principal thereof and interest thereon, (iv) Sections 3.3,
3.4, 3.5, 3.8, 3.10, 3.12 and 3.13, (v) the rights and immunities of the
Indenture Trustee hereunder (including the rights of the Indenture Trustee
under Section 6.7) and the obligations of the Indenture Trustee under Section
4.3, and (vi) the rights of Noteholders as beneficiaries hereof with respect
to the property so deposited with the Indenture Trustee payable to all or any
of them, and the Indenture Trustee, on demand of and at the expense of the
Issuer, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, when:

                  (A) either:

                                      21
<PAGE>

                        (1) all Notes theretofore authenticated and delivered
                  (other than (i) Notes that have been destroyed, lost or
                  stolen and that have been replaced or paid as provided in
                  Section 2.6 and (ii) Notes for whose payment money has
                  theretofore been deposited in trust or segregated and held
                  in trust by the Issuer and thereafter repaid to the Issuer
                  or discharged from such trust, as provided in Section 3.3)
                  have been delivered to the Indenture Trustee for
                  cancellation; or

                        (2) all Notes not theretofore delivered to the
                  Indenture Trustee for cancellation have become due and
                  payable and the Issuer has irrevocably deposited or caused
                  to be irrevocably deposited with the Indenture Trustee cash
                  or direct obligations of or obligations guaranteed by the
                  United States of America (which will mature prior to the
                  date such amounts are payable), in trust for such purpose,
                  in an amount sufficient without reinvestment to pay and
                  discharge the entire indebtedness on such Notes not
                  theretofore delivered to the Indenture Trustee for
                  cancellation when due to the applicable Final Scheduled
                  Payment Date or Prepayment Date (if Notes shall have been
                  called for prepayment pursuant to Section 10.1), as the case
                  may be, and all fees and other amounts due and payable to
                  the Indenture Trustee;

                  (B) the Issuer has paid or caused to be paid all other sums
            payable hereunder and under any of the other Basic Documents 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) an Independent 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.

      Upon the satisfaction and discharge of the Indenture pursuant to this
Section 4.1, at the request of the Owner Trustee, the Indenture Trustee shall
deliver to the Owner Trustee a certificate of a Trustee Officer stating that
all Noteholders have been paid in full and stating whether, to the best
knowledge of such Trustee Officer, any claims remain against the Issuer in
respect of the Indenture and the Notes.

      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 and this Indenture, to
the payment, either directly or through any Note Paying Agent, as the
Indenture Trustee may determine, to the Noteholders of the particular Notes
for the payment or redemption of which such monies have been deposited with
the Indenture Trustee, of all sums due and to become due thereon for principal
and interest, but such monies need not be segregated from other funds except
to the extent required herein or in the Sale and Servicing Agreement or
required by law.

                                      22
<PAGE>

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

                                   ARTICLE V

                                   REMEDIES

      SECTION 5.1. Events of Default. "Event of Default," wherever used
herein, means the occurrence of any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

            (i) default in the payment of any interest on any Class A Note or,
      if the Class A Notes are no longer Outstanding, any Class B Note when
      the same becomes due and payable on a Payment Date, and such default
      shall continue for a period of five (5) days or more; or

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

            (iii) default in the observance or performance of any covenant or
      agreement of the Issuer made in this Indenture (other than a covenant or
      agreement, a default in the observance or performance of which is
      elsewhere in this Section 5.1 specifically dealt with) that materially
      and adversely affects the Noteholders and such default shall continue
      for a period of sixty (60) days, after there shall have been given, by
      registered or certified mail, to the Issuer by the Indenture Trustee or
      to the Issuer and the Indenture Trustee by the holders of Notes
      evidencing not less than 25% of the principal amount of the Controlling
      Class, a written notice specifying such default and requiring it to be
      remedied and stating that such notice is a "Notice of Default"
      hereunder; or

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

            (v) the commencement by the Issuer of a voluntary case under any
      applicable federal or State bankruptcy, insolvency or other similar law
      now or hereafter in effect, or the consent by the Issuer to the entry of
      an order for relief in an involuntary case under

                                      23
<PAGE>

      any such law, or the consent by the Issuer to the appointment or taking
      possession by a receiver, liquidator, assignee, custodian, trustee,
      sequestrator or similar official of the Issuer or for any substantial
      part of the Indenture Trust Estate, or the making by the Issuer of any
      general assignment for the benefit of creditors, or the failure by the
      Issuer generally to pay its debts as such debts become due, or the
      taking of any action by the Issuer in furtherance of any of the
      foregoing.

The Issuer shall deliver to the Indenture Trustee, within five (5) days after
the occurrence thereof, written notice in the form of an Officer's Certificate
of any event which with the giving of notice and the lapse of time would
become an Event of Default under clause (iii) above, its status and what
action the Issuer is taking or proposes to take with respect thereto.

      SECTION 5.2. Acceleration of Maturity; Rescission and Annulment. (a) If
an Event of Default should occur and be continuing, then and in every such
case the Indenture Trustee or the holders of Notes evidencing not less than a
majority of the principal amount 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 principal amount of such Notes, together with accrued
and unpaid interest thereon through the date of acceleration, shall become
immediately due and payable.

      (b) At any time after a declaration of acceleration of maturity has been
made and before a judgment or decree for payment of the amount due has been
obtained by the Indenture Trustee as hereinafter provided in this Article V,
the holders of Notes evidencing not less than a majority of the principal
amount of the Controlling Class, by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences
if:

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

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

                  (B) all sums paid or advanced by the Indenture Trustee
            hereunder and the reasonable compensation, expenses,
            disbursements, indemnities 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.

      SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee. (a) The Issuer covenants that if (i) there is an Event of
Default relating to the nonpayment of any interest on any Note when the same
becomes due and payable, and such Event of Default continues for a period of
five (5) days, or (ii) there is an Event of Default relating to the nonpayment
in the payment of the principal of or any installment of the principal of any
Note when the same becomes due and payable, the Issuer shall, upon demand of
the

                                      24
<PAGE>

Indenture Trustee, pay to the Indenture Trustee, for the benefit of the
Noteholders, the whole amount then due and payable on such Notes for principal
and interest, with interest upon the overdue principal and, to the extent
payment at such rate of interest shall be legally enforceable, upon overdue
installments of interest at the applicable Note Interest Rate borne by the
Notes 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, attorneys and counsel.

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

      (c) If an Event of Default occurs and is continuing, the Indenture
Trustee, as more particularly provided in Section 5.4, in its discretion, may
proceed to protect and enforce its rights and the rights of the Noteholders,
by such appropriate Proceedings as the Indenture Trustee shall deem most
effective to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy or
legal or equitable right vested in the Indenture Trustee by this Indenture or
by law.

      (d) In case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest
in the Indenture Trust Estate, Proceedings under Title 11 of the United States
Code or any other applicable federal or State bankruptcy, insolvency or other
similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuer or its property or such other
obligor or Person, or in case of any other comparable judicial 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 5.3, 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 or bad faith) and of the Noteholders allowed in such
      Proceedings;

                                      25
<PAGE>

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

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

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

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

      (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 of Notes

                                      26
<PAGE>

evidencing not less than a majority of the principal amount of the Controlling
Class shall, do one or more of the following (subject to Section 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 Indenture
      Trust Estate;

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

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

provided, however, the Indenture Trustee may not sell or otherwise liquidate
the Indenture Trust Estate unless:

                  (A) the holders of Notes evidencing 100% of the principal
            amount of the Notes (excluding Notes held by the Seller, the
            Servicer or any of their Affiliates) consent thereto; or

                  (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) if the Event of Default is of the type described in
            Section 5.1(i) or (ii), the Indenture Trustee-

                        (1) determines (but shall have no obligation to make
                  such determination) that the Indenture Trust Estate will not
                  continue to provide sufficient funds for the payment of
                  principal of and interest on the Notes as they would have
                  become due if the Notes had not been declared due and
                  payable; and

                        (2) the Indenture Trustee obtains the consent of
                  holders of Notes evidencing not less than 66 2/3% of the
                  principal amount of the Controlling Class; or

                  (D) with respect to an Event of Default described in Section
            5.1(iii):

                        (1) the holders of all Outstanding Notes consent
                  thereto; or

                        (2) the proceeds of such sale or liquidation are
                  sufficient to pay in full the principal of and accrued
                  interest on the Outstanding Notes.

                                      27
<PAGE>

      In determining such sufficiency or insufficiency with respect to clauses
(C)(1) and (D)(2) above, 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 Indenture
Trust Estate for such purpose.

      (b) Notwithstanding the provisions of Section 8.2 of this Indenture or
Section 4.6 of the Sale and Servicing Agreement, if the Indenture Trustee
collects any money or property (and other amounts including amounts held on
deposit in the Reserve Account) pursuant to this Article V, it shall pay out
the money or property in the following order of priority:

            (i) first, to the Indenture Trustee and the Owner Trustee for all
      amounts due for fees, expenses and indemnification under Section 6.7 of
      this Indenture, Article VII of the Trust Agreement and Section 6.2 of
      the Sale and Servicing Agreement, respectively, and not previously paid;

            (ii) second, to the Servicer for due and unpaid Servicing Fees;

            (iii) third, if an Event of Default specified in Section 5.1(i),
      (ii), (iv) or (v) has occurred, in the following order of priority:

                  (A) first, to the Class A Noteholders, interest due and
            payable on the Class A Notes (including interest at the applicable
            Note Interest Rate on any overdue interest, to the extent lawful),
            provided that if there are not sufficient funds available to pay
            the entire amount of interest due and payable on the Class A
            Notes, the amounts available shall be applied to the payment of
            such interest on the Class A Notes on a pro rata basis;

                  (B) second, to the holders of the Class A-1 Notes in
            reduction of principal until the principal amount of the Class A-1
            Notes has been paid in full and then to the holders of the Class
            A-2 Notes, the Class A-3 Notes and the Class A-4 Notes on a pro
            rata basis in reduction of principal until the principal amount of
            such Class A Notes has been paid in full;

                  (C) third, to the holders of the Class B Notes, first,
            interest due and payable on the Class B Notes (including interest
            at the Class B Rate on any overdue interest, to the extent lawful)
            and second, in reduction of principal until the principal amount
            of the Class B Notes is paid in full; and

            (iv) fourth, if the only Event of Default that has occurred is the
      Event of Default specified in Section 5.1(iii), in the following order
      of priority:

                  (A) to the Class A Noteholders, accrued and unpaid interest
            on the Class A Notes (together with interest on overdue interest
            at the applicable Note Interest Rate, to the extent lawful)
            provided that if there are not sufficient funds available to pay
            the entire amount of such interest, the amounts available shall be
            applied to the payment of such interest on the Class A Notes on a
            pro rata basis;

                                      28
<PAGE>

                  (B) to the Class A Noteholders, the First Priority Principal
            Payment, if any, to be distributed in the same manner as described
            under Section 8.2(d) of this Indenture;

                  (C) to the holders of the Class B Notes, accrued and unpaid
            interest on the Class B Notes (together with interest on overdue
            interest at the Class B Rate, to the extent lawful);

                  (D) to the holders of the Class A-1 Notes in reduction of
            principal until the principal amount of the Class A-1 Notes has
            been paid in full and then to the holders of the Class A-2 Notes,
            the Class A-3 Notes and the Class A-4 Notes on a pro rata basis in
            reduction of principal until the principal amount of such Class A
            Notes has been paid in full; and

                  (E) to the holders of the Class B Notes in reduction of
            principal until the principal amount of the Class B Notes has been
            paid in full; and

            (v) fifth, to the Certificate Distribution Account, any money or
      property remaining after payment in full of the amounts described in
      clauses (i)-(iv) of this Section 5.4(b).

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

      (c) Upon a sale or other liquidation of the Receivables in the manner
set forth in Section 5.4(a), the Indenture Trustee shall provide reasonable
prior notice of such sale or liquidation to each Noteholder and
Certificateholder. A Noteholder or Certificateholder may submit a bid with
respect to such sale.

      SECTION 5.5. Optional Preservation of the Receivables. If the Notes have
been declared to be due and payable under Section 5.2 following an Event of
Default, and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may, but need not, elect to maintain
possession of the Indenture Trust Estate and apply proceeds as if there had
been no declaration of acceleration; provided, however, that funds on deposit
in the Collection Account at the time the Indenture Trustee makes such
election or deposited therein during the Collection Period in which such
election is made (including funds, if any, deposited therein from the Reserve
Account) shall be applied in accordance with such declaration of acceleration
in the manner specified in Section 4.6(c) of the Sale and Servicing Agreement.
It is the desire of the parties hereto and the Noteholders that there be at
all times sufficient funds for the payment of principal of and interest on the
Notes, and the Indenture Trustee shall take such desire into account when
determining whether or not to maintain possession of the Indenture Trust
Estate. In determining whether to maintain possession of the Indenture Trust
Estate, 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

                                      29
<PAGE>

national reputation as to the feasibility of such proposed action and as to
the sufficiency of the Indenture Trust Estate for such purpose.

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

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

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

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

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

      (e) no direction inconsistent with such written request has been given
to the Indenture Trustee during such sixty-day period by the Noteholders of
Notes evidencing not less than a majority of the principal amount of the
Controlling Class.

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

      In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Noteholders,
each evidencing less than a majority of the principal amount of the
Controlling Class, the Indenture Trustee shall act at the direction of the
group of Noteholders representing the greater principal amount of the
Controlling Class. If the Indenture Trustee receives conflicting or
inconsistent requests and indemnity from two or more groups of Noteholders
representing an equal principal amount of the Notes, the Indenture Trustee in
its sole discretion may determine what action, if any, shall be taken,
notwithstanding any other provisions of this Indenture.

      SECTION 5.7. Unconditional Rights of Noteholders To Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, any
Noteholder shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on its Note on or
after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of prepayment pursuant to Article X, on or after
the Prepayment 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.

                                      30
<PAGE>

      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 Noteholder to exercise any right or remedy
accruing upon any Default or Event of Default shall impair any such right or
remedy or constitute a waiver of any such Default or Event of Default or any
acquiescence therein. Every right and remedy given by this Article 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 Controlling Class. The Noteholders of Notes
evidencing not less than a majority of the principal amount of the Controlling
Class Outstanding shall have the right, subject to Section 6.2(f), to direct
the time, method and place of conducting any Proceeding for any remedy
available to the Indenture Trustee with respect to the Notes or exercising any
trust or power conferred on the Indenture Trustee; provided 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 Section 5.4, any direction to the
Indenture Trustee to sell or liquidate the Indenture Trust Estate shall be by
holders of Notes evidencing not less than 100% of the principal amount of the
Notes Outstanding;

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

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

Notwithstanding the rights of Noteholders set forth in this Section 5.11,
subject to Section 6.1, the Indenture Trustee need not take any action that it
determines might involve it in costs or

                                      31
<PAGE>

expenses for which it would not be adequately indemnified or 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 evidencing not less than a majority of the principal amount
of the Controlling Class Outstanding may waive any past Default or Event of
Default and its consequences except a Default (a) in the payment of principal
of or interest on any of the Notes or (b) in respect of a covenant or
provision hereof that cannot be amended, supplemented or modified without the
consent of each Noteholder. 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 impair any right consequent thereto.

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

      SECTION 5.13. Undertaking for Costs. All parties to this Indenture
agree, and each Noteholder by such Noteholder's acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any
suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Indenture Trustee for any action taken, suffered or
omitted by it as Indenture Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys'
fees, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 5.13 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
principal amount of the Notes Outstanding, or in the case of a right or remedy
under this Indenture which is instituted by the Controlling Class, more than
10% of the Controlling Class Outstanding 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.

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

      SECTION 5.15. Action on Notes. The Indenture Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or

                                      32
<PAGE>

application of any other relief under or with respect to this Indenture.
Neither the lien of this Indenture nor any rights or remedies of the Indenture
Trustee or the Noteholders shall be impaired by the recovery of any judgment
by the Indenture Trustee against the Issuer or by the levy of any execution
under such judgment upon any portion of the Indenture Trust Estate or upon any
of the assets of the Issuer. Any money or property collected by the Indenture
Trustee shall be applied in accordance with Section 5.4(b).

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

      (b) If an Event of Default has occurred and is continuing, the Indenture
Trustee may, and at the direction (which direction shall be in writing or by
telephone, confirmed in writing promptly thereafter) of the Noteholders of
Notes evidencing not less than a majority of the principal amount of the
Controlling Class shall, exercise all rights, remedies, powers, privileges and
claims of the Issuer against the Seller, the Depositor or the Servicer under
or in connection with the Receivables Purchase Agreement and the Sale and
Servicing Agreement, including the right or power to take any action to compel
or secure performance or observance by the Seller, the Depositor, the Servicer
or the Bank, as the case may be, of each of their obligations to the Issuer
thereunder and to give any consent, request, notice, direction, approval,
extension, or waiver under the Receivables Purchase Agreement and the Sale and
Servicing Agreement and any right of the Issuer to take such action shall be
suspended.

                                  ARTICLE VI

                             THE INDENTURE TRUSTEE

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

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

            (i) the Indenture Trustee undertakes to perform such duties and
      only such duties as are specifically set forth in this Indenture and no
      implied covenants or

                                      33
<PAGE>

      obligations shall be read into this Indenture or the other Basic
      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 therein, upon certificates or
      opinions furnished to the Indenture Trustee and, if required by the
      terms of this Indenture or the other Basic Documents, conforming to the
      requirements of this Indenture; provided, however, that the Indenture
      Trustee shall examine the certificates and opinions to determine whether
      or not they conform to the requirements of this Indenture.

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

            (i) this paragraph does not limit the effect of 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 Trustee 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 at the direction of
      the Noteholders in accordance with the terms of this Indenture; 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 Article X of the Sale and Servicing Agreement.

      (d)   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.

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

                                      34
<PAGE>

      (f) No provision of this Indenture shall require the Indenture Trustee
to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that
repayment of such funds or adequate indemnity 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.

      (g) Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this Section 6.1 and to the provisions
of the TIA.

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

      SECTION 6.2. Rights of Indenture Trustee. (a) The Indenture Trustee may
rely and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, 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 facts or matters
stated in any such document.

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

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

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

      (e) The Indenture Trustee may consult with counsel, and the advice or
opinion of counsel with respect to legal matters relating to this Indenture
and the Notes shall be full and complete authorization and protection from
liability in respect to any action taken, omitted or suffered by it hereunder
in good faith and in accordance with the advice or opinion of such counsel.

                                      35
<PAGE>

      (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 hereunder or in relation hereto 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 against the reasonable costs, expenses, disbursements,
advances and liabilities which might be incurred by it, its agents and its
counsel in compliance with such request or direction.

      (g) Any request or direction of the Issuer mentioned herein shall be
sufficiently evidenced by an Issuer Request.

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

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

      SECTION 6.5. Notice of Defaults; Insolvency or Dissolution of Depositor
or the Seller. If a Default occurs and is continuing and if it is actually
known to a Trustee Officer of the Indenture Trustee, the Indenture Trustee
shall mail to each Noteholder notice of such Default within ninety (90) days
after it occurs. Except in the case of a Default in payment of principal of or
interest on any Note (including payments pursuant to the redemption provisions
of such Note), the Indenture Trustee may withhold the notice if and so long as
a committee of its Trustee Officers in good faith determines that withholding
the notice is in the interests of Noteholders.

      SECTION 6.6. Reports by Indenture Trustee to Noteholders. Upon delivery
to the Indenture Trustee by the Servicer of such information prepared by the
Servicer pursuant to Section 3.9 of the Sale and Servicing Agreement as may be
required to enable each Noteholder to prepare its federal and State income tax
returns, the Indenture Trustee shall deliver such information to the
Noteholders by mail, e-mail, courier, fax, or the Indenture Trustee's website
at www.bnyinvestorreporting.com.

                                      36
<PAGE>

      SECTION 6.7. Compensation and Indemnity. (a) The Issuer shall cause the
Administrator to pay to the Indenture Trustee from time to time reasonable
compensation for its services. The Indenture Trustee's compensation shall not
be limited by any law on compensation of a trustee of an express trust. The
Issuer shall cause the Administrator to reimburse the Indenture Trustee for
all reasonable out-of-pocket expenses incurred or made by it, including costs
of collection, in addition to the compensation for its services. Such expenses
shall include the reasonable compensation and expenses, disbursements and
advances of the Indenture Trustee's agents, counsel, accountants and experts.
The Issuer shall cause the Administrator to indemnify the Indenture Trustee,
its directors, officers and agents for, and to hold it harmless against, any
and all loss, liability or expense (including attorneys' fees and
disbursements) incurred by it in connection with the administration of this
trust and the performance of its duties hereunder, including 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 shall notify the Issuer and the Administrator promptly of
any claim for which it may seek indemnity. Failure by the Indenture Trustee to
so notify the Issuer and the Administrator shall not relieve the Issuer or the
Administrator of its obligations hereunder. The Issuer shall cause the
Administrator to defend any such claim, and the Indenture Trustee may have
separate counsel and the Issuer shall cause the Administrator to pay the fees
and expenses of such counsel. Neither the Issuer nor the Administrator need
reimburse any expense or indemnity against any loss, liability or expense
incurred by the Indenture Trustee through the Indenture Trustee's own willful
misconduct, negligence or bad faith.

      (b) The Issuer's payment obligations to the Indenture Trustee pursuant
to this Section 6.7 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 a Default specified in Section 5.1(iv) or (v)
with respect to the Issuer, the expenses are intended to constitute expenses
of administration under Title 11 of the United States Code or any other
applicable federal or State bankruptcy, insolvency or similar law.

      SECTION 6.8. Replacement of Indenture Trustee. (a) No resignation or
removal of the Indenture Trustee, and no appointment of a successor Indenture
Trustee, shall become effective until the acceptance of appointment by the
successor Indenture Trustee pursuant to this Section 6.8 and payment in full
of all sums due to the Indenture Trustee pursuant to Section 6.7. The
Indenture Trustee may resign at any time by so notifying the Issuer and the
Depositor, and will provide all information reasonably requested by the
Depositor in order to comply with its reporting obligation under Item 6.02 of
Form 8-K with respect to the resignation of the Indenture Trustee. The holders
of Notes evidencing not less than a majority in principal amount of the
Controlling Class may remove the Indenture Trustee without cause by so
notifying the Indenture Trustee, the Issuer and the Depositor and may appoint
a successor Indenture Trustee. The Administrator shall remove the Indenture
Trustee if:

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

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

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

                                      37
<PAGE>

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

The Depositor may remove the Indenture Trustee if the Indenture Trustee fails
to comply with Section 3.7(e), Section 6.8 or Section 6.9 of the Indenture
with respect to notice to or providing information to the Depositor, or with
Article X of the Sale and Servicing Agreement, in each case if such failure
continues for the lesser or 10 days or such period in which the applicable
Exchange Act Report can be filed timely (without taking into account any
extensions). If the Indenture Trustee resigns or is removed or if a vacancy
exists in the office of Indenture Trustee for any reason (the Indenture
Trustee in such event being referred to herein as the retiring Indenture
Trustee), the Administrator shall promptly appoint a successor Indenture
Trustee and notify the Depositor such appointment.

      (b) Any successor Indenture Trustee shall deliver a written acceptance
of its appointment to the retiring Indenture Trustee and to the Issuer and
shall also provide all information reasonably requested by the Depositor in
order to comply with its reporting obligation under the Exchange Act with
respect to the replacement Indenture Trustee. Thereupon, if all sums due the
retiring Indenture Trustee pursuant to Section 6.7 have been paid in full, the
resignation or removal of the retiring Indenture Trustee shall become
effective, and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The successor
Indenture Trustee shall mail a notice of its succession to Noteholders. If all
sums due the retiring Indenture Trustee pursuant to Section 6.7 have been paid
in full, the retiring Indenture Trustee shall promptly transfer all property
held by it as Indenture Trustee to the successor Indenture Trustee.

      (c) If a successor Indenture Trustee does not take office within sixty
(60) days after the retiring Indenture Trustee resigns or is removed, the
retiring Indenture Trustee, the Issuer or the holders of Notes evidencing not
less than a majority in principal amount of the Controlling Class may petition
any court of competent jurisdiction for the appointment of a successor
Indenture Trustee. If the Indenture Trustee fails to comply with Section 6.11,
any Noteholder who has been a bona fide Noteholder for at least six (6) months
may petition any court of competent jurisdiction for the removal of the
Indenture Trustee and the appointment of a successor Indenture Trustee.

      (d) Notwithstanding the replacement of the Indenture Trustee pursuant to
this Section 6.8, the obligations of the Issuer and the Administrator under
Section 6.7 shall continue for the benefit of the retiring Indenture Trustee.

      SECTION 6.9. Successor Indenture Trustee by Merger. (a) If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation or banking association without any further act shall be the
successor Indenture Trustee; provided that such corporation or banking
association shall be otherwise qualified and eligible under Section 6.11. The
Indenture Trustee shall provide the Rating Agencies and the Depositor with
written notice of any such transaction and shall provide the Depositor with
written notice of such event no later than one (1) Business Day after the
effective date of such merger, together with the information reasonably
requested by the Depositor in

                                      38
<PAGE>

order to comply with its reporting obligation under the Exchange Act with
respect to a successor Indenture Trustee.

      (b) 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. In all such cases such
certificates shall have the full force which it is provided anywhere in the
Notes or in this Indenture that the certificate of the Indenture Trustee shall
have.

      SECTION 6.10. Appointment of Co-Indenture Trustee or Separate Indenture
Trustee. (a) Notwithstanding any other provisions of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Indenture Trust Estate may at the time be located, the
Indenture Trustee shall have the power and may execute and deliver an
instrument to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of
the Trust, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Indenture Trust Estate, or any
part hereof, and, subject to the other provisions of this Section 6.10, such
powers, duties, obligations, rights and trusts as the Indenture Trustee may
consider necessary or desirable. No co-trustee or separate trustee hereunder
shall be required to meet the terms of eligibility as a successor trustee
under Section 6.11 and no notice to Noteholders of the appointment of any
co-trustee or separate trustee shall be required under Section 6.8.

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

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

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

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

                                      39
<PAGE>

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

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

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

      (b) Within 90 days after ascertaining the occurrence of an Event of
Default which shall not have been cured or waived, unless authorized by the
Commission, the Indenture Trustee shall resign with respect to the Class A
Notes and the Class B Notes in accordance with Section 6.8 of this Indenture,
and the Issuer shall appoint a successor Indenture Trustee for each of such
Classes, as applicable, so that there will be separate Indenture Trustees for
the Class A Notes and the Class B Notes. In the event the Indenture Trustee
fails to comply with the terms of the preceding sentence, the Indenture
Trustee shall comply with clauses (ii) and (iii) of TIA Section 310(b).

      (c) In the case of the appointment hereunder of a successor Indenture
Trustee with respect to any Class of Notes pursuant to this Section 6.11, the
Issuer, the retiring Indenture Trustee and the successor Indenture Trustee
with respect to such Class of Notes shall execute and deliver an indenture
supplemental hereto wherein each successor Indenture Trustee shall accept such
appointment and which (i) shall contain such provisions as shall be necessary
or desirable to transfer and confirm to, and to vest in, the successor
Indenture Trustee all the rights, powers, trusts and duties of the retiring
Indenture Trustee with respect to the Notes of the Class to which the
appointment of such successor Indenture Trustee relates, (ii) if the retiring
Indenture Trustee is not retiring with respect to all Classes of Notes, shall
contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Indenture
Trustee with respect to the Notes of each Class as to which the retiring
Indenture Trustee is not retiring shall continue to be vested in the Indenture
Trustee and (iii) shall

                                      40
<PAGE>

add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by
more than one Indenture Trustee, it being understood that nothing herein or in
such supplemental indenture shall constitute such Indenture Trustees co
trustees of the same trust and that each such Indenture Trustee shall be a
trustee of a trust or trusts hereunder separate and apart from any trust or
trusts hereunder administered by any other such Indenture Trustee; and upon
the removal of the retiring Indenture Trustee shall become effective to the
extent provided herein.

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

                                  ARTICLE VII

                        NOTEHOLDERS' LISTS AND REPORTS

      SECTION 7.1. Issuer To Furnish 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 (5) 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 thirty
(30) days after receipt by the Issuer of any such request, a list of similar
form and content as of a date not more than ten (10) days prior to the time
such list is furnished; provided, however, that (i) so long as the Indenture
Trustee is the Note Registrar, no such list shall be required to be furnished
and (ii) no such list shall be required to be furnished with respect to
Noteholders of Book-Entry Notes.

      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 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.

      (b) Noteholders may communicate pursuant to TIA Section 312(b) with
other Noteholders with respect to their rights under this Indenture or under
the Notes. Upon receipt by the Indenture Trustee of any request by three or
more Noteholders or by one or more holders of Notes evidencing not less than
25% of the Notes Outstanding 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 the Note Registrar shall have
the protection of TIA Section 312(c).

                                      41
<PAGE>

      SECTION 7.3. Reports by Issuer. (a) The Issuer shall:

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

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

            (iii) supply to the Indenture Trustee (and the Indenture Trustee
      shall transmit by mail to all Noteholders described in TIA Section
      313(c)) such summaries of any information, documents and reports
      required to be filed by the Issuer pursuant to clauses (i) and (ii) of
      this Section 7.3(a) and by rules and regulations prescribed from time to
      time by the Commission.

      (b) Unless the Issuer otherwise determines, the fiscal year of the
Issuer shall correspond to the calendar year.

      SECTION 7.4. Reports by Indenture Trustee. (a) If required by TIA
Section 313(a), within sixty (60) days after each May 15, beginning with May
15, 2007, 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).

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

                                 ARTICLE VIII

                     ACCOUNTS, DISBURSEMENTS AND RELEASES

      SECTION 8.1. Collection of Money. Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Indenture Trustee pursuant to this Indenture and the 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 Indenture Trust Estate, the Indenture
Trustee may take such action as may be appropriate to enforce such payment or

                                      42
<PAGE>

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 and maintain the Trust Accounts
as provided in Sections 4.1 and 4.7 of the Sale and Servicing Agreement.

      (b) On or before each Payment Date, the Servicer shall deposit all
Available Collections with respect to the Collection Period preceding such
Payment Date in the Collection Account as provided in Sections 4.2, 4.3, 4.4
and 4.5 of 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 4.5 of the Sale and Servicing
Agreement shall be withdrawn by the Indenture Trustee (based on the
information contained in the Servicer's Certificate delivered on or before the
related Determination Date pursuant to Section 3.9 of the Sale and Servicing
Agreement) from the Reserve Account and deposited to the Collection Account.

      (c) On each Payment Date, the Indenture Trustee (based on the
information contained in the Servicer's Certificate delivered on or before the
related Determination Date pursuant to Section 3.9 of the Sale and Servicing
Agreement) shall make the following withdrawals from the Collection Account
and make deposits, distributions and payments, to the extent of Available
Funds for such Payment Date (including funds, if any, deposited therein from
the Reserve Account), in the following order of priority:

            (i) first, to the Servicer, the Servicing Fee and all unpaid
      Servicing Fees from prior Collection Periods;

            (ii) second, to the Class A Noteholders, the Accrued Class A Note
      Interest for such Payment Date; provided that if there are not
      sufficient funds available to pay the entire amount of the Accrued Class
      A Note Interest, the amounts available shall be applied to the payment
      of such interest on the Class A Notes on a pro rata basis;

            (iii) third, to the Class A Noteholders, the First Priority
      Principal Payment for such Payment Date, if any, to be distributed in
      the same priority as described under Section 8.2(d) of this Indenture;

            (iv) fourth, to the Class B Noteholders, the Accrued Class B Note
      Interest for such Payment Date;

            (v) fifth, to the Principal Distribution Account, the Regular
      Principal Distribution Amount (less any amounts distributed under clause
      (iii) above) for such Payment Date;

            (vi) sixth, if such Payment Date is a Final Scheduled Payment Date
      for any Class, the amount necessary to reduce the remaining principal
      amount of such Class to zero after giving effect to the amount, if any,
      to be applied on such Payment Date to such Class from funds deposited
      pursuant to clauses (iii) and (v) above;

                                      43
<PAGE>

            (vii) seventh, to the Reserve Account, the amount, if any,
      required to reinstate the amount in the Reserve Account up to the
      Specified Reserve Balance for such Payment Date;

            (viii) eighth, to the Indenture Trustee and the Owner Trustee, all
      amounts for fees, expenses and indemnification due under Section 6.7 of
      this Indenture and Section 7.1 of the Trust Agreement, respectively, and
      not previously paid; and

            (ix) ninth, to the Certificate Distribution Account, any remaining
      Available Funds for such Payment Date.

Notwithstanding the foregoing in this Section 8.2(c),

                  (A) if the Notes have been accelerated after an Event of
            Default specified in Section 5.1(iii), then the Indenture Trustee
            shall instead apply Available Funds in the following order of
            priority:

                        (1) to the Indenture Trustee and the Owner Trustee,
                  all amounts for fees, expenses and indemnification due under
                  Section 6.7 of this Indenture and Section 7.1 of the Trust
                  Agreement and not previously paid and to the Owner Trustee
                  all amounts for fees, expenses and indemnification due under
                  Section 6.2 of the Sale and Servicing Agreement and not
                  previously paid;

                        (2) to the Servicer, the Servicing Fee and all unpaid
                  Servicing Fees from prior Collection Periods;

                        (3) to the Class A Noteholders, the Accrued Class A
                  Note Interest for such Payment Date; provided that if there
                  are not sufficient funds available to pay the entire amount
                  of the Accrued Class A Note Interest, the amounts available
                  shall be applied to the payment of such interest on the
                  Class A Notes on a pro rata basis;

                        (4) to the Class A Noteholders, the First Priority
                  Principal Payment, if any, for such Payment Date, if any, to
                  be distributed in the same priority as described under
                  Section 8.2(d) of this Indenture;

                        (5) to the Class B Noteholders, the Accrued Class B
                  Note Interest for such Payment Date;

                        (6) to the Principal Distribution Account, until the
                  principal amount of the Notes has been paid in full; and

                        (7) to the Certificate Distribution Account, any
                  remaining Available Funds for such Payment Date; and

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<PAGE>

                  (B) if the Notes have been accelerated after an Event of
            Default specified in Section 5.1(i), (ii), (iv) or (v), then the
            Indenture Trustee shall instead apply Available Funds in the
            following order of priority:

                        (1) to the Indenture Trustee and the Owner Trustee,
                  all amounts due for fees, expenses and indemnification under
                  Section 6.7 of this Indenture, Section 7.1 of the Trust
                  Agreement and Section 6.2 of the Sale and Servicing
                  Agreement, respectively, and not previously paid;

                        (2) to the Servicer, the Servicing Fee and all unpaid
                  Servicing Fees from prior Collection Periods;

                        (3) to the Class A Noteholders, the Accrued Class A
                  Note Interest for such Payment Date; provided that if there
                  are not sufficient funds available to pay the entire amount
                  of the Accrued Class A Note Interest, the amounts available
                  shall be applied to the payment of such interest on the
                  Class A Notes on a pro rata basis;

                        (4) to the Principal Distribution Account, until the
                  principal amount of the Class A Notes has been paid in full;

                        (5) first, to the Class B Noteholders, the Accrued
                  Class B Note Interest for such Payment Date and second, to
                  the Principal Distribution Account, until the principal
                  amount of the Class B Notes has been paid in full; and

                        (6) to the Certificate Distribution Account, any
                  remaining Available Funds for such Payment Date.

      (d) If the Notes have not been accelerated because of an Event of
Default, on each Payment Date, the Indenture Trustee (based on the information
contained in the Servicer's Certificate delivered on or before the related
Determination Date pursuant to Section 3.9 of the Sale and Servicing
Agreement) shall withdraw the funds deposited in the Principal Distribution
Account on such Payment Date and make distributions and payments in the
following order of priority:

            (i) first, to the holders of the Class A-1 Notes on a pro rata
      basis in reduction of principal until the principal amount of the Class
      A-1 Notes has been paid in full;

            (ii) second, to the holders of the Class A-2 Notes on a pro rata
      basis in reduction of principal until the principal amount of the Class
      A-2 Notes has been paid in full;

            (iii) third, to the holders of the Class A-3 Notes on a pro rata
      basis in reduction of principal until the principal amount of the Class
      A-3 Notes have been paid in full;

                                      45
<PAGE>

            (iv) fourth, to the holders of the Class A-4 Notes on a pro rata
      basis in reduction of principal until the principal amount of the Class
      A-4 Notes have been paid in full; and

            (v) fifth, to the holders of the Class B Notes, on a pro rata
      basis in reduction of principal until the principal amount of the Class
      B Notes have been paid in full.

Any funds remaining on deposit in the Principal Distribution Account shall be
paid to the Indenture Trustee and the Owner Trustee to the extent, if any, of
amounts due to them under the Sale and Servicing Agreement that are unpaid and
then to the Certificate Distribution Account.

      Notwithstanding the foregoing in this Section 8.2(d), if the Notes have
been accelerated after an Event of Default, then the Indenture Trustee shall
(based on the information contained in the Servicer's Certificate delivered on
or before the related Determination Date pursuant to Section 3.9 of the Sale
and Servicing Agreement) withdraw the funds deposited in the Principal
Distribution Account on each Payment Date and pay them, first, to the holders
of the Class A-1 Notes until the principal amount of the Class A-1 Notes have
been paid in full, then to the holders of the Class A-2 Notes, Class A-3 Notes
and Class A-4 Notes on a pro rata basis in reduction of principal until the
principal amount of such Notes has been paid in full and then to the Class B
Notes until the principal amount of such Notes has been paid in full.

      (e) Notwithstanding anything to the contrary contained herein, with
respect to the Special Payment Date, if any, the instructions provided by the
Servicer to the Indenture Trustee (based on the information contained in the
Servicer's Certificate delivered on or before the related Determination Date
pursuant to Section 3.9 of the Sale and Servicing Agreement) pursuant to
Section 8.2(c) and Section 8.2(d) shall specify that on the Special Payment
Date, distributions shall be made from the Collection Account and the
Principal Distribution Account in respect of the Class A-1 Notes. The portion
of the Available Funds (plus funds, if any, deposited in the Collection
Account from the Reserve Account) distributed from the Collection Account and
the Principal Distribution Account in respect of the Class A-1 Notes on the
Special Payment Date, shall be allocated in the order and priority set forth
in Section 8.2(c) and Section 8.2(d) as though such amounts were to be
distributed on the December 2007 Payment Date.

      SECTION 8.3. General Provisions Regarding Accounts. (a) So long as no
Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Collection Account and the Reserve Account shall
be invested by the Indenture Trustee at the written direction of the Servicer,
in the case of the Collection Account, and at the written direction of the
holders of Certificates evidencing not less than a majority of the Percentage
Interests evidenced by the Certificates, in the case of the Reserve Account,
in Permitted Investments as provided in Sections 4.1 and 4.7 of the Sale and
Servicing Agreement. All income or other gain (net of losses and investment
expenses) from investments of monies deposited in the Collection Account shall
be withdrawn by the Indenture Trustee from such accounts and distributed as
provided in Section 4.1 of the Sale and Servicing Agreement. Amounts in the
Reserve Account (including net income and gain) shall be applied as provided
in Section 4.7 of the Sale and Servicing Agreement. The Servicer or the
holders of the requisite Percentage Interest evidencing the Certificates, as
applicable, shall not direct the Indenture Trustee to make any investment of
any funds or to sell any investment held in any of the Trust

                                      46
<PAGE>

Accounts unless the security interest Granted and perfected in such account
will continue to be perfected in such investment or the proceeds of such sale,
in either case without any further action by any Person, and, in connection
with any direction to the Indenture Trustee to make any such investment or
sale, if requested by the Indenture Trustee, the Issuer shall deliver to the
Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee,
to such effect.

      (b) Subject to Section 6.1(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
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) the Servicer or holders of the requisite Percentage Interests
evidencing the Certificates, as applicable, shall have failed to give
investment directions for any funds on deposit in the Collection Account or
the Reserve Account to the Indenture Trustee or (ii) to the actual knowledge
of a Trustee Officer of the Indenture Trustee, 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 such Notes shall have been declared due and payable following an Event of
Default, amounts collected or receivable from the Indenture Trust Estate are
being applied in accordance with Section 5.4 as if there had not been such a
declaration, then the Indenture Trustee shall, to the fullest extent
practicable, retain funds in the Collection Account or the Reserve Account, as
the case may be, uninvested.

      SECTION 8.4. Release of Indenture Trust Estate. (a) Subject to the
payment of its fees and expenses pursuant to Section 6.7, the Indenture
Trustee may, and when required by the provisions of this Indenture shall,
execute instruments to release property from the lien of this Indenture, or
convey the Indenture Trustee's interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture.
No party relying upon an instrument executed by the Indenture Trustee as
provided in this Article VIII shall be bound to ascertain the Indenture
Trustee's authority, inquire into the satisfaction of any conditions precedent
or see to the application of any monies.

      (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7
have been paid in full, release any remaining portion of the Indenture Trust
Estate that secured the Notes from the lien of this Indenture and release to
the Issuer or any other Person entitled thereto any funds then on deposit in
the Trust Accounts. The Indenture Trustee shall release property from the lien
of this Indenture pursuant to this Section 8.4(b) only upon receipt of an
Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel
and (if required by the TIA) Independent Certificates in accordance with TIA
Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section
11.1.

      (c) 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 on any Receivable to be sold to (i) the Depositor in accordance with
Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in
accordance with Section 3.7 of the Sale and Servicing Agreement.

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<PAGE>

      SECTION 8.5. Opinion of Counsel. The Indenture Trustee shall receive at
least seven (7) days' notice 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 shall also require, except in connection with any
action contemplated by Section 8.4(c), 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, however, that such Opinion of Counsel shall not be required to
express an opinion as to the fair value of the Indenture Trust Estate. Counsel
rendering any such opinion may rely, 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 but with prior notice to the Rating
Agencies, the Issuer and the Indenture Trustee, when authorized by an Issuer
Order, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

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

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

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

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

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

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<PAGE>

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

            (vii) to modify, eliminate or add to the provisions of this
      Indenture to such extent as shall be necessary to affect 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.

      With respect to (iv) above, prior to the execution of such supplemental
indenture, the Rating Agency Condition shall have been 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 of the Noteholders but with prior
notice to the Rating Agencies, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing
in any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner (other than the modifications set forth in Section
9.2) the rights of the Noteholders under this Indenture; provided, however,
that (i) such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any Noteholder, (ii)
the Rating Agency Condition shall have been satisfied with respect to such
action and (iii) such action shall not, as evidenced by an Opinion of Counsel,
cause the Issuer to be characterized for federal or any then Applicable Tax
State income tax purposes as an association taxable as a corporation or
otherwise have any material adverse impact on the federal or any then
Applicable Tax State income taxation of any Notes Outstanding or Outstanding
Certificates or any Noteholder or Certificateholder.

      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, 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 modifying in any manner the rights of the Noteholders under this Indenture;
provided, however, that (i) the Rating Agency Condition shall have been
satisfied with respect to such action and (ii) such action shall not, as
evidenced by an Opinion of Counsel, cause the Issuer to be characterized for
federal or any then Applicable Tax State income tax purposes as an association
taxable as a corporation or otherwise have any material adverse impact on the
federal or any then Applicable Tax State income taxation of any Notes
Outstanding or Outstanding Certificates or any Noteholder or
Certificateholder, and (iii) (x) such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Noteholder, with respect to supplemental indentures relating to matters
other than those specified in clause (y) below or (y) the Noteholders of each
Outstanding Note affected thereby shall have consented thereto, with respect
to any supplemental indenture which would:

                                      49
<PAGE>

            (i) modify or alter provisions of this Section 9.2;

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

            (iii) reduce the percentage of the principal amount of the
      Controlling Class or of the Notes Outstanding, the consent of the
      Noteholders of which is required for any such supplemental indenture, or
      the consent of the Noteholders of which is required for any waiver of
      compliance with certain provisions of this Indenture or certain Defaults
      or Events of Default hereunder and their consequences provided for in
      this Indenture;

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

            (v) reduce the percentage of the principal amount of the
      Controlling Class or the Notes Outstanding required to direct or consent
      to a sale or liquidation by the Indenture Trustee of the Indenture Trust
      Estate pursuant to Section 5.4 if the proceeds of such sale or
      liquidation would be insufficient to pay the principal amount and
      accrued but unpaid interest on the Notes;

            (vi) modify any provision of this Indenture specifying a
      percentage of the aggregate principal amount of the Controlling Class or
      of the Notes necessary to amend this Indenture or the other Basic
      Documents except to increase any percentage specified herein or to
      provide that certain additional provisions of this Indenture or the
      other Basic Documents cannot be modified or waived without the consent
      of the holder of each Outstanding Note affected thereby;

            (vii) modify any of the provisions of this Indenture in such
      manner as to affect the calculation of the amount of any payment of
      interest or principal due on any Note on any 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 redemption of the Notes contained herein; or

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

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<PAGE>

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

      It shall not be necessary for any Act of Noteholders under this Section
9.2 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 9.2, the Indenture Trustee
shall mail to the Noteholders of the Notes to which such amendment or
supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Indenture Trustee
to mail such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture.

      SECTION 9.3. Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modification 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 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 shall be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations
of rights, obligations, duties, liabilities and immunities under this
Indenture of the Indenture Trustee, the Issuer and the Noteholders shall
thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and
conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.

      SECTION 9.5. 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.

      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

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<PAGE>

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

                                  PREPAYMENT

      SECTION 10.1. Prepayment. The Class A Notes and Class B Notes are
subject to prepayment on any Payment Date on which the Servicer exercises its
option to purchase the assets of the Issuer pursuant to Section 8.1 of the
Sale and Servicing Agreement, and the amount paid by the Servicer shall be
treated as collections of Receivables and applied to pay the unpaid principal
amount of the Notes plus accrued and unpaid interest thereon. If the Notes are
to be prepaid pursuant to this Section 10.1, the Servicer or the Issuer shall
furnish notice of such election to the Indenture Trustee and the Rating
Agencies not later than forty (40) days prior to the Prepayment Date (and the
Indenture Trustee shall promptly furnish notice to the Noteholders) and the
Servicer or the Issuer shall deposit by 10:00 a.m. (New York City time) on the
Prepayment Date with the Indenture Trustee in the Collection Account the
Prepayment Price of the Notes, whereupon all Notes shall be due and payable on
the Prepayment Date.

      SECTION 10.2. Form of Prepayment Notice. Notice of prepayment under
Section 10.1 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile mailed or transmitted promptly following
receipt of notice from the Issuer or Servicer pursuant to Section 10.1, but
not later than thirty (30) days prior to the applicable Prepayment Date, to
each Noteholder as of the close of business on the Record Date preceding the
applicable Prepayment Date, at such Noteholder's address or facsimile number
appearing in the Note Register.

      All notices of prepayment shall state:

            (i) the Prepayment Date;

            (ii) the Prepayment Price;

            (iii) the place where such Notes are to be surrendered for payment
      of the Prepayment Price (which shall be the office or agency of the
      Issuer to be maintained as provided in Section 3.2); and

            (iv) that on the Prepayment Date, the Prepayment Price will become
      due and payable upon each such Note and that interest thereon shall
      cease to accrue for and after said date.

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

      SECTION 10.3. Notes Payable on Prepayment Date. The Notes shall,
following notice of prepayment as required by Section 10.2, shall on the
Prepayment Date become due and

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<PAGE>

payable at the Prepayment Price and (unless the Issuer shall default in the
payment of the Prepayment Price) no interest shall accrue on the Prepayment
Price for any period after the date to which accrued interest is calculated
for purposes of calculating the Prepayment 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, (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) (if required by the TIA) an Independent Certificate
from a firm of certified public accountants meeting the applicable
requirements of this Section 11.1, except that, in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

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

                  (A) 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;

                  (B) 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;

                  (C) 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

                  (D) 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 (within ninety (90) days of such deposit) to
the Issuer of the Collateral or other property or securities to be so
deposited.

            (ii) Whenever the Issuer is required to furnish to the Indenture
      Trustee an Officer's Certificate certifying or stating the opinion of
      any signer thereof as to the

                                      53
<PAGE>

      matters described in clause (i) above, the Issuer shall also deliver to
      the Indenture Trustee an Independent Certificate as to the same matters,
      if the fair value to the Issuer of the securities to be so deposited and
      of all other such securities made the basis of any such withdrawal or
      release since the commencement of the then-current fiscal year of the
      Issuer, as set forth in the certificates delivered pursuant to clause
      (i) above and this clause (ii), is ten percent (10%) or more of the
      principal amount of the Notes Outstanding, 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 (1%) of the
      principal amount of the Notes Outstanding.

            (iii) 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 ninety (90) days of such release) of the property or securities
      proposed to be released and stating that in the opinion of such person
      the proposed release will not impair the security 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 property as
      contemplated by clause (v) below or securities released from the lien of
      this Indenture since the commencement of the then-current calendar year,
      as set forth in the certificates required by clause (iii) above and this
      clause (iv), equals ten percent (10%) or more of the principal amount of
      the Notes Outstanding, 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 (1%) of the principal amount of the Notes
      Outstanding.

            (v) Notwithstanding Section 2.10 or any other provisions of this
      Section 11.1, the Issuer may, without compliance with the requirements
      of the other provisions of this Section 11.1, (A) collect, liquidate,
      sell or otherwise dispose of Receivables and Financed Vehicles as and to
      the extent permitted or required by the Basic Documents and (B) make
      cash payments out of the Trust Accounts as and to the extent permitted
      or required by the Basic Documents.

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

      (b) Any certificate or opinion of an Authorized Officer of the Issuer
may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by,

                                      54
<PAGE>

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

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

      (d) Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application
or at the effective date of such certificate or report (as the case may be),
of the facts and opinions stated in such document shall in such case be
conditions precedent to the right of the Issuer to have such application
granted or to the sufficiency of such certificate or report. The foregoing
shall not, however, be construed to affect the Indenture Trustee's right to
rely upon the truth and accuracy of any statement or opinion contained in any
such document as provided in Article 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 11.3.

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

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

      (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Noteholder of any Notes shall bind the
Noteholder of every Note issued upon the registration thereof or in exchange
therefor or in lieu thereof, in respect of anything done,

                                      55
<PAGE>

omitted or suffered to be done by the Indenture Trustee or the Issuer in
reliance thereon, whether or not notation of such action is made upon such
Note.

      SECTION 11.4. Notices, etc., to Indenture Trustee, Issuer and Rating
Agencies. Any request, demand, authorization, direction, notice, consent,
waiver or Act of Noteholders or other documents provided or permitted by this
Indenture shall be in writing and if such request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders is to be made upon,
given or furnished to or filed with:

            (i) the Indenture Trustee by any Noteholder, the Servicer, the
      Administrator or the Issuer shall be sufficient for every purpose
      hereunder if made, given, furnished or filed in writing to or with the
      Indenture Trustee at its Corporate Trust office; or

            (ii) the Issuer by the Indenture Trustee or by any Noteholder
      shall be sufficient for every purpose hereunder if in writing and mailed
      first-class, postage prepaid to the Issuer addressed to: USAA Auto Owner
      Trust 2006-4, in care of Wells Fargo Delaware Trust Company, 919 North
      Market Street, Suite 700, Wilmington, DE 19801, with a copy to the
      Administrator at 10750 McDermott Freeway, San Antonio, TX 78288,
      Attention: Secretary, or at any other address previously furnished in
      writing to the Indenture Trustee by the Issuer or the Administrator. The
      Issuer shall promptly transmit any notice received by it from the
      Noteholders to the Indenture Trustee.

      Notices required to be given to the Rating Agencies by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally
delivered, telecopied or mailed by certified mail, return receipt requested,
to (i) in the case of Moody's, at the following address: Moody's Investors
Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York
10007 and (ii) in case of Standard & Poor's, at the following address:
Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies,
Inc., 55 Water Street, 40th Floor, New York, New York 10041, Attention: Asset
Backed Surveillance Department.

      SECTION 11.5. Notices to Noteholders; Waiver. (a) 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.

      (b)   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.

                                      56
<PAGE>

      (c)   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.

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

      SECTION 11.6. 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 Note Paying Agent to
such Noteholder, that is different from the methods provided for in this
Indenture for such payments or notices. The Issuer shall furnish to the
Indenture Trustee a copy of each such agreement and the Indenture Trustee
shall 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
or deemed to be included in this Indenture by any of the provisions of the
Trust Indenture Act, such required or deemed 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, co-trustees and agents.

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

      SECTION 11.11. Benefits of Indenture. Nothing in this Indenture or in
the Notes, express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder, and the Noteholders, and any
other party secured hereunder, and any other Person with an ownership interest
in any part of the Indenture Trust Estate, any benefit or any legal or
equitable right, remedy or claim under this Indenture.

                                      57
<PAGE>

      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
CONFLICTS OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

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

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

      SECTION 11.16. Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under 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 individual
capacities, (ii) any owner of a beneficial interest in the Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director, employee or agent of
the Indenture Trustee or the Owner Trustee in their individual capacities, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or
the Owner Trustee in their individual capacities, except as any such Person
may have expressly agreed (it being understood that the Indenture Trustee and
the Owner Trustee have no such obligations in their individual capacities),
and except that any such partner, owner or beneficiary shall be fully liable,
to the extent provided by applicable law, for any unpaid consideration for
stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity. For all purposes of this Indenture, in the performance
of any duties or obligations of the Issuer hereunder, the Owner Trustee shall
be subject to, and entitled to the benefits of, the terms and provisions of
Article VI and VII of the Trust Agreement.

      SECTION 11.17. No Petition. The Indenture Trustee, by entering into this
Indenture, and each Noteholder or Note Owner, by accepting a Note or, in the
case of a Note Owner, a beneficial interest in a Note, hereby covenant and
agree that prior to the end of the period that is one year and one day after
there has been paid in full all debt issued by any securitization vehicle in
respect of which the Seller or the Depositor holds any interest, they will not
institute against the Issuer, or join in, or assist or encourage others to
institute any institution against the Issuer of,

                                      58
<PAGE>

any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or State
bankruptcy or similar law in connection with any obligations relating to the
Notes, this Indenture or any of the other Basic Documents.

      SECTION 11.18. Subordination Agreement. Each Noteholder, by accepting a
Note, hereby covenants and agrees that, to the extent it is deemed to have any
interest in any assets of the Seller or the Depositor, or a securitization
vehicle (other than the Trust) related to the Seller or the Depositor,
dedicated to other debt obligations of the Seller or the Depositor or debt
obligations of any other securitization vehicle (other than the Trust) related
to the Seller or the Depositor, its interest in those assets is subordinate to
claims or rights of such other debtholders to those other assets. Furthermore,
each Noteholder, by accepting a Note, hereby covenants and agrees that such
agreement constitutes a subordination agreement for purposes of Section 510(a)
of the Bankruptcy Code.

      SECTION 11.19. No Recourse. Notwithstanding any provisions herein to the
contrary, all of the obligations of the Issuer under or in connection with the
Notes and this Indenture are nonrecourse obligations of the Issuer payable
solely from the Collateral and following realization of the Collateral and its
reduction to zero, any claims of the Noteholders and the Indenture Trustee
(other than in respect of Section 6.7) against the Issuer shall be
extinguished and shall not thereafter revive. It is understood that the
foregoing provisions of this Section 11.19 shall not (i) prevent recourse to
the Collateral for the sums due or to become due under any security,
instrument or agreement which is part of the Collateral or (ii) constitute a
waiver, release or discharge of any indebtedness or obligation evidenced by
the Notes or secured by this Indenture (to the extent it relates to the
obligation to make payments on the Notes) until such Collateral has been
realized and reduced to zero, whereupon any Outstanding indebtedness or
obligation in respect of the Notes shall be extinguished and shall not
thereafter revive. It is further understood that the foregoing provisions of
this Section 11.19 shall not limit the right of any Person to name the Issuer
as a party defendant in any Proceeding or in the exercise of any other remedy
under the Notes or this Indenture, so long as no judgment in the nature of a
deficiency judgement shall be asked for or (if obtained) enforced against any
such Person or entity.

      SECTION 11.20. 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.

                                      59
<PAGE>

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

                             USAA AUTO OWNER TRUST 2006-4

                             By:   WELLS FARGO DELAWARE TRUST
                                   COMPANY, not in its individual
                                   capacity but solely as Owner Trustee of
                                   USAA Auto Owner Trust 2006-4

                                   By: /s/ Ann Roberts Dukart
                                       ----------------------
                                   Name:  Ann Roberts Dukart
                                   Title: Vice President

                             THE BANK OF NEW YORK, not in its
                             individual capacity but solely as
                             Indenture Trustee

                                   By: /s/ Suhrita Das
                                       ----------------------
                                   Name:  Suhrita Das
                                   Title: Assistant Vice President

<PAGE>

                                  EXHIBIT A-1

                            FORM OF CLASS A-1 NOTE

      [FOR BOOK ENTRY NOTES] [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.]

      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.

REGISTERED                               $433,000,000

No. A-1-__                               CUSIP NO. 90327L AA 8

                            USAA AUTO OWNER TRUST 2006-4

                         CLASS A-1 5.34% ASSET BACKED NOTES

      USAA Auto Owner Trust 2006-4, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of _______________ dollars payable on each Payment
Date in an amount equal to the result obtained by multiplying (i) a fraction
the numerator of which is $___________ (the original face amount of this Note)
and the denominator of which is $433,000,000 by (ii) the aggregate amount, if
any, payable to holders of Class A-1 Notes on such Payment Date from the
Principal Distribution Account or otherwise in respect of principal on the
Class A-1 Notes pursuant to Section 3.1 of the Indenture dated as of November
21, 2006 (as from time to time amended, supplemented or otherwise modified and
in effect, the "Indenture"), between the Issuer and The Bank of New York, as
Indenture Trustee (in such capacity the "Indenture Trustee"); provided,
however, that the entire unpaid principal amount of this Note shall be due and
payable on the Special Payment Date (the "Class A-1 Final Scheduled Payment
Date"). Capitalized terms used but not defined herein are defined in Article I
of the Indenture, which also contains rules as to construction that shall be
applicable herein.

      The Issuer shall pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note Outstanding on the
preceding Payment Date or the Closing Date in the case of the first Payment
Date (after giving effect to all payments of principal made on such preceding
Payment Date), subject to certain limitations contained in Section 3.1 of the
Indenture.

                                     A-1-1
<PAGE>

Interest on this Note will accrue for each Payment Date from and including the
previous Payment Date on which interest has been paid (or, in the case of the
initial Payment Date, from the Closing Date) to but excluding such Payment
Date. Interest will be computed on the basis of actual days elapsed and a
360-day year. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

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

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

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

      [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                     A-1-2
<PAGE>

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

Date: November 21, 2006

                              USAA AUTO OWNER TRUST 2006-4

                              By:   WELLS FARGO DELAWARE TRUST
                                    COMPANY, not in its individual
                                    capacity but solely as Owner Trustee of
                                    USAA Auto Owner Trust 2006-4

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

              INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This is one of the Class A-1 Notes designated above and referred to in
the within-mentioned Indenture.

Date: November 21, 2006

                              THE BANK OF NEW YORK,not in its
                              individual capacity but solely as
                              Indenture Trustee

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

                                    A-1-3
<PAGE>

                               [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-1 5.34% Asset Backed Notes (the "Class A-1 Notes")
which, together with the Issuer's Class A-2 5.16% Asset Backed Notes (the
"Class A-2 Notes"), Class A-3 5.01% Asset Backed Notes (the "Class A-3
Notes"), Class A-4 4.98% 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 5.26% Asset Backed Notes (the "Class B
Notes" and, together with the Class A Notes, the "Notes"), are issued under
the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

      Subject to the subordination provisions of the Indenture, the Class A-1
Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 and Class B Notes are and
will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

      Principal of the Class A-1 Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the 15th day of
each month, or, if any such day is not a Business Day, the next succeeding
Business Day, commencing December 15, 2006; provided, however, if any Class
A-1 Notes are Outstanding after the Payment Date in November 2007, Payment
Date shall also mean, in the context of the date for final payment of the
Class A-1 Notes and the Interest Period for the Class A-1 Notes from the
November 2007 Payment Date to but excluding such final payment date, the
Special Payment Date.

      As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-1 Final Scheduled Payment
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Noteholders
of Notes evidencing not less than a majority of the principal amount of the
Controlling Class have declared the Notes to be immediately due and payable in
the manner provided in Section 5.2 of the Indenture. All principal payments on
the Class A-1 Notes shall be made pro rata to the Noteholders entitled
thereto.

      Payments of interest on this Note on each Payment Date, together with
the installment of principal, if any, to the extent not in full payment of
this Note, shall be made to the Person whose name appears as the Registered
Noteholder of the Note (or one or more Predecessor Notes) on the Note Register
as of the close of business on each Record Date either by wire transfer in
immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such

                                    A-1-4
<PAGE>

payments will be made without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or
any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior
to such Payment Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

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

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

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

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

                                    A-1-5
<PAGE>

      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 by
accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Issuer, or join in any institution
against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings under any United States federal or State bankruptcy
or similar law in connection with any obligations relating to the Notes, the
Indenture or the other Basic Documents.

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

      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, will be deemed to have
represented that (x) it is not, and is not acquiring the Note on behalf of, or
with "plan assets" (as determined under Department of Labor Regulation
ss.2510.3-101 (as modified by Section 3(42) of ERISA) or otherwise) of, a
Plan, or any employee benefit plan subject to Similar Law, or (y) its
acquisition and holding of the 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 nonexempt violation of Similar Law.

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

      The Indenture permits (with certain exceptions requiring the consent of
all Noteholders adversely affected) the amendment thereof by the Issuer and
the Indenture Trustee without the consent of the Noteholders provided certain
conditions are satisfied. The Indenture also contains provisions permitting
the Noteholders of Notes evidencing specified percentages of the principal
amount of the Controlling Class Outstanding, on behalf of all Noteholders, to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Noteholder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and
upon all future Noteholders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note.

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

                                    A-1-6
<PAGE>

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

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

      This Note and the Indenture shall be governed by, and construed in
accordance with the laws of the State of New York, without reference to its
conflicts of law provisions.

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

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

                                    A-1-7
<PAGE>

                                  ASSIGNMENT

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

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

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

________________________________________________________________________________
      (name and address of assignee)

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

Dated: _____________________                 ____________________________*/
                                             Signature Guaranteed

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

                                     A-1-8
<PAGE>

                                  EXHIBIT A-2

                            FORM OF CLASS A-2 NOTE

      [FOR BOOK-ENTRY NOTES] [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.]

      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.

REGISTERED                               $474,000,000

No. A-2-___                              CUSIP NO. 90327L AB 6

                            USAA AUTO OWNER TRUST 2006-4

                         CLASS A-2 5.16% ASSET BACKED NOTES

      USAA Auto Owner Trust 2006-4, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of ______________________ dollars payable on each
Payment Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $___________ (the original face amount of
this Note) and the denominator of which is $474,000,000 by (ii) the aggregate
amount, if any, payable to holders of Class A-2 Notes on such Payment Date
from the Principal Distribution Account or otherwise in respect of principal
on the Class A-2 Notes pursuant to Section 3.1 of the Indenture dated as of
November 21, 2006 (as from time to time amended, supplemented or otherwise
modified and in effect, the "Indenture"), between the Issuer and The Bank of
New York, as Indenture Trustee (in such capacity the "Indenture Trustee");
provided, however, that the entire unpaid principal amount of this Note shall
be due and payable on the November 2009 Payment Date (the "Class A-2 Final
Scheduled Payment Date"). No payments of principal of the Class A-2 Notes will
be made until the Class A-1 Notes have been paid in full. Capitalized terms
used but not defined herein are defined in Article I of the Indenture, which
also contains rules as to construction that shall be applicable herein.

      The Issuer shall pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note Outstanding on the
preceding Payment Date or the Closing Date in

                                    A-2-1
<PAGE>

the case of the first Payment Date (after giving effect to all payments of
principal made on such preceding Payment Date), subject to certain limitations
contained in Section 3.1 of the Indenture. Interest on this Note will accrue
for each Payment Date from and including the fifteenth day of the calendar
month immediately preceding such Payment Date (or, in the case of the initial
Payment Date, from the Closing Date) to but excluding the fifteenth day of the
calendar month of the Payment Date. Interest will be computed on the basis of
a 360-day year of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified on the reverse hereof.

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

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

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

      [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                    A-2-2
<PAGE>

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

Date: November 21, 2006

                                 USAA AUTO OWNER TRUST 2006-4

                                 By:   WELLS FARGO DELAWARE TRUST
                                       COMPANY, not in its individual
                                       capacity but solely as Owner Trustee of
                                       USAA Auto Owner Trust 2006-4

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

              INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This is one of the Class A-2 Notes designated above and referred to in
the within-mentioned Indenture.

Date: November 21, 2006

                                    THE BANK OF NEW YORK, not in its
                                    individual capacity but solely as
                                    Indenture Trustee

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

                                    A-2-3
<PAGE>

                               [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-2 5.16% Asset Backed Notes (the "Class A-2 Notes")
which, together with the Issuer's Class, A-1 5.34% Asset Backed Notes (the
"Class A-1 Notes"), Class A-3 5.01% Asset Backed Notes (the "Class A-3
Notes"), Class A-4 4.98% 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 5.26% Asset Backed Notes (the "Class B
Notes" and, together with the Class A Notes, the "Notes") are issued under the
Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

      Subject to the subordination provisions of the Indenture, the Class A-1
Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 and Class B Notes are and
will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

      Principal of the Class A-2 Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the 15th day of
each month, or, if any such day is not a Business Day, the next succeeding
Business Day, commencing December 15, 2006; provided, however, if any Class
A-1 Notes are Outstanding after the Payment Date in November 2007, Payment
Date shall also mean, in the context of the date for final payment of the
Class A-1 Notes and the Interest Period for the Class A-1 Notes from the
November 2007 Payment Date to but excluding such final payment date, the
Special Payment Date.

      As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-2 Final Scheduled Payment
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Noteholders
of Notes evidencing not less than a majority of the principal amount of the
Controlling Class have declared the Notes to be immediately due and payable in
the manner provided in Section 5.2 of the Indenture. All principal payments on
the Class A-2 Notes shall be made pro rata to the Noteholders entitled
thereto.

      Payments of interest on this Note on each Payment Date, together with
the installment of principal, if any, to the extent not in full payment of
this Note, shall be made to the Person whose name appears as the Registered
Noteholder of the Note (or one or more Predecessor Notes) on the Note Register
as of the close of business on each Record Date either by wire transfer in
immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such

                                    A-2-4
<PAGE>

payments will be made without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or
any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior
to such Payment Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

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

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

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

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

                                    A-2-5
<PAGE>

      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 by
accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Issuer, or join in any institution
against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings under any United States federal or State bankruptcy
or similar law in connection with any obligations relating to the Notes, the
Indenture or the other Basic Documents.

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

      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, will be deemed to have
represented that (x) it is not, and is not acquiring the Note on behalf of, or
with "plan assets" (as determined under Department of Labor Regulation
ss.2510.3-101 (as modified by Section 3(42) of ERISA) or otherwise) of, a
Plan, or any employee benefit plan subject to Similar Law, or (y) its
acquisition and holding of the 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 nonexempt violation of Similar Law.

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

      The Indenture permits (with certain exceptions requiring the consent of
all Noteholders adversely affected) the amendment thereof by the Issuer and
the Indenture Trustee without the consent of the Noteholders provided certain
conditions are satisfied. The Indenture also contains provisions permitting
the Noteholders of Notes evidencing specified percentages of the principal
amount of the Controlling Class Outstanding, on behalf of all Noteholders, to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Noteholder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and
upon all future Noteholders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note.

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

                                    A-2-6
<PAGE>

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

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

      This Note and the Indenture shall be governed by, and construed in
accordance with the laws of the State of New York, without reference to its
conflicts of law provisions.

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

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

                                    A-2-7
<PAGE>

                                  ASSIGNMENT

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

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

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

________________________________________________________________________________
      (name and address of assignee)

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

Dated: _____________________                 ____________________________*/
                                             Signature Guaranteed

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

                                    A-2-8
<PAGE>

                                  EXHIBIT A-3

                            FORM OF CLASS A-3 NOTE

      [FOR BOOK-ENTRY NOTES] [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.]

      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.

REGISTERED                               $452,000,000

No. A-3-___                              CUSIP NO. 90327L AC 4

                            USAA AUTO OWNER TRUST 2006-4

                         CLASS A-3 5.01% ASSET BACKED NOTES

      USAA Auto Owner Trust 2006-4, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of ____________________ dollars payable on each
Payment Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $__________ (the original face amount of
this Note) and the denominator of which is $452,000,000 by (ii) the aggregate
amount, if any, payable to holders of Class A-3 Notes on such Payment Date
from the Principal Distribution Account or otherwise in respect of principal
on the Class A-3 Notes pursuant to Section 3.1 of the Indenture dated as of
November 21, 2006 (as from time to time amended, supplemented or otherwise
modified and in effect, the "Indenture"), between the Issuer and The Bank of
New York, as Indenture Trustee (in such capacity the "Indenture Trustee");
provided, however, that the entire unpaid principal amount of this Note shall
be due and payable on the June 2011 Payment Date (the "Class A-3 Final
Scheduled Payment Date"). No payments of principal of the Class A-3 Notes will
be made until the Class A-1 Notes and, except in the case of an Event of
Default, Class A-2 Notes have been paid in full. Capitalized terms used but
not defined herein are defined in Article I of the Indenture, which also
contains rules as to construction that shall be applicable herein.

      The Issuer shall pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the

                                    A-3-1
<PAGE>

principal amount of this Note Outstanding on the preceding Payment Date or the
Closing Date in the case of the first Payment Date (after giving effect to all
payments of principal made on such preceding Payment Date), subject to certain
limitations contained in Section 3.1 of the Indenture. Interest on this Note
will accrue for each Payment Date from and including the fifteenth day of the
calendar month immediately preceding such Payment Date (or, in the case of the
initial Payment Date, from the Closing Date) to but excluding the fifteenth
day of the calendar month of the Payment Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.

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

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

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

      [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                    A-3-2
<PAGE>

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

Date: November 21, 2006

                                 USAA AUTO OWNER TRUST 2006-4

                                 By:   WELLS FARGO DELAWARE TRUST
                                       COMPANY, not in its individual
                                       capacity but solely as Owner Trustee of
                                       USAA Auto Owner Trust 2006-4

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

              INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This is one of the Class A-3 Notes designated above and referred to in
the within-mentioned Indenture.

Date: November 21, 2006

                                 THE BANK OF NEW YORK, not in its
                                 individual capacity but solely as
                                 Indenture Trustee

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

                                    A-3-3
<PAGE>

                               [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-3 5.01% Asset Backed Notes (the "Class A-3 Notes")
which, together with the Issuer's Class A-1 5.34% Asset Backed Notes (the
"Class A-1 Notes"), Class A-2 5.16% Asset Backed Notes (the "Class A-2
Notes"), Class A-4 4.98% 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 5.26% Asset Backed Notes (the "Class B
Notes" and, together with the Class A Notes, the "Notes"), are issued under
the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

      Subject to the subordination provisions of the Indenture, the Class A-1
Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 and Class B Notes are and
will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

      Principal of the Class A-3 Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the 15th day of
each month, or, if any such day is not a Business Day, the next succeeding
Business Day, commencing December 15, 2006; provided, however, if any Class
A-1 Notes are Outstanding after the Payment Date in November 2007, Payment
Date shall also mean, in the context of the date for final payment of the
Class A-1 Notes and the Interest Period for the Class A-1 Notes from the
November 2007 Payment Date to but excluding such final payment date, the
Special Payment Date.

      As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-3 Final Scheduled Payment
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Noteholders
of Notes evidencing not less than a majority of the principal amount of the
Controlling Class have declared the Notes to be immediately due and payable in
the manner provided in Section 5.2 of the Indenture. All principal payments on
the Class A-3 Notes shall be made pro rata to the Noteholders entitled
thereto.

      Payments of interest on this Note on each Payment Date, together with
the installment of principal, if any, to the extent not in full payment of
this Note, shall be made to the Person whose name appears as the Registered
Noteholder of the Note (or one or more Predecessor Notes) on the Note Register
as of the close of business on each Record Date either by wire transfer in
immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such

                                    A-3-4
<PAGE>

payments will be made without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or
any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior
to such Payment Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

      The Issuer shall pay interest on overdue installments of interest at the
Class A-3 Rate to the extent lawful.

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

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

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

                                    A-3-5
<PAGE>

      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 by
accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Issuer, or join in any institution
against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings under any United States federal or State bankruptcy
or similar law in connection with any obligations relating to the Notes, the
Indenture or the other Basic Documents.

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

      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, will be deemed to have
represented that (x) it is not, and is not acquiring the Note on behalf of, or
with "plan assets" (as determined under Department of Labor Regulation
ss.2510.3-101 (as modified by Section 3(42) of ERISA) or otherwise) of, a
Plan, or any employee benefit plan subject to Similar Law, or (y) its
acquisition and holding of the 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 nonexempt violation of Similar Law.

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

      The Indenture permits (with certain exceptions requiring the consent of
all Noteholders adversely affected) the amendment thereof by the Issuer and
the Indenture Trustee without the consent of the Noteholders provided certain
conditions are satisfied. The Indenture also contains provisions permitting
the Noteholders of Notes evidencing specified percentages of the principal
amount of the Controlling Class Outstanding, on behalf of all Noteholders, to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Noteholder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and
upon all future Noteholders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note.

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

                                    A-3-6
<PAGE>

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

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

      This Note and the Indenture shall be governed by, and construed in
accordance with the laws of the State of New York, without reference to its
conflicts of law provisions.

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

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

                                    A-3-7
<PAGE>

                                  ASSIGNMENT

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

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

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

________________________________________________________________________________
      (name and address of assignee)

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

Dated: _____________________                 ____________________________*/
                                             Signature Guaranteed

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

                                    A-3-8
<PAGE>

                                  EXHIBIT A-4

                            FORM OF CLASS A-4 NOTE

      [FOR BOOK-ENTRY NOTES] [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.]

      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.

REGISTERED                               $262,486,000

No. A-4-___                              CUSIP NO. 90327L AD 2

                            USAA AUTO OWNER TRUST 2006-4

                         CLASS A-4 4.98% ASSET BACKED NOTES

      USAA Auto Owner Trust 2006-4, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of _____________________ dollars payable on each
Payment Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $__________ (the original face amount of
this Note) and the denominator of which is $262,486,000 by (ii) the aggregate
amount, if any, payable to holders of Class A-4 Notes on such Payment Date
from the Principal Distribution Account or otherwise in respect of principal
on the Class A-4 Notes pursuant to Section 3.1 of the Indenture dated as of
November 21, 2006 (as from time to time amended, supplemented or otherwise
modified and in effect, the "Indenture"), between the Issuer and The Bank of
New York, as Indenture Trustee (in such capacity the "Indenture Trustee");
provided, however, that the entire unpaid principal amount of this Note shall
be due and payable on the October 2012 Payment Date (the "Class A-4 Final
Scheduled Payment Date"). No payments of principal of the Class A-4 Notes will
be made until the Class A-1 Notes and, except in the case of an Event of
Default, the Class A-2 Notes and Class A-3 Notes have been paid in full.
Capitalized terms used but not defined herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be
applicable herein.

      The Issuer shall pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the

                                    A-4-1
<PAGE>

principal amount of this Note Outstanding on the preceding Payment Date or the
Closing Date in the case of the first Payment Date (after giving effect to all
payments of principal made on such preceding Payment Date), subject to certain
limitations contained in Section 3.1 of the Indenture. Interest on this Note
will accrue for each Payment Date from and including the fifteenth day of the
calendar month immediately preceding such Payment Date (or, in the case of the
initial Payment Date, from the Closing Date) to but excluding the fifteenth
day of the calendar month of the Payment Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.

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

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

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

              [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                    A-4-2
<PAGE>

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

Date: November 21, 2006

                               USAA AUTO OWNER TRUST 2006-4

                               By:   WELLS FARGO DELAWARE TRUST
                                     COMPANY, not in its individual
                                     capacity but solely as Owner Trustee of
                                     USAA Auto Owner Trust 2006-4

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

              INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This is one of the Class A-4 Notes designated above and referred to in
the within-mentioned Indenture.

Date: November 21, 2006

                               THE BANK OF NEW YORK, not in its
                               individual capacity but solely as
                               Indenture Trustee

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

                                    A-4-3
<PAGE>

                               [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-4 4.98% Asset Backed Notes (the "Class A-4 Notes")
which, together with the Issuer's Class A-1 5.34% Asset Backed Notes (the
"Class A-1 Notes"), Class A-2 5.16% Asset Backed Notes (the "Class A-2
Notes"), Class A-3 5.01% Asset Backed Notes (the "Class A-3 Notes" and,
together with the Class A-1 Notes, the Class A-2 Notes, Class A-3 Notes and
the Class A-4 Notes, the "Class A Notes") and Class B 5.26% Asset Backed Notes
(the "Class B Notes" and, together with the Class A Notes, the "Notes"), are
issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

      Subject to the subordination provisions of the Indenture, the Class A-1
Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 and Class B Notes are and
will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

      Principal of the Class A-4 Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the 15th day of
each month, or, if any such day is not a Business Day, the next succeeding
Business Day, commencing December 15, 2006; provided, however, if any Class
A-1 Notes are Outstanding after the Payment Date in November 2007, Payment
Date shall also mean, in the context of the date for final payment of the
Class A-1 Notes and the Interest Period for the Class A-1 Notes from the
November 2007 Payment Date to but excluding such final payment date, the
Special Payment Date.

      As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-4 Final Scheduled Payment
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Noteholders
of Notes evidencing not less than a majority of the principal amount of the
Controlling Class have declared the Notes to be immediately due and payable in
the manner provided in Section 5.2 of the Indenture. All principal payments on
the Class A-4 Notes shall be made pro rata to the Noteholders entitled
thereto.

      Payments of interest on this Note on each Payment Date, together with
the installment of principal, if any, to the extent not in full payment of
this Note, shall be made to the Person whose name appears as the Registered
Noteholder of the Note (or one or more Predecessor Notes) on the Note Register
as of the close of business on each Record Date either by wire transfer in
immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such

                                    A-4-4
<PAGE>

payments will be made without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or
any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior
to such Payment Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

      The Issuer shall pay interest on overdue installments of interest at the
Class A-4 Rate to the extent lawful.

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

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

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

                                    A-4-5
<PAGE>

      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 by
accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Issuer, or join in any institution
against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings under any United States federal or State bankruptcy
or similar law in connection with any obligations relating to the Notes, the
Indenture or the other Basic Documents.

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

      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, will be deemed to have
represented that (x) it is not, and is not acquiring the Note on behalf of, or
with "plan assets" (as determined under Department of Labor Regulation
ss.2510.3-101 (as modified by Section 3(42) of ERISA) or otherwise) of, a
Plan, or any employee benefit plan subject to Similar Law, or (y) its
acquisition and holding of the 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 nonexempt violation of Similar Law.

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

      The Indenture permits (with certain exceptions requiring the consent of
all Noteholders adversely affected) the amendment thereof by the Issuer and
the Indenture Trustee without the consent of the Noteholders provided certain
conditions are satisfied. The Indenture also contains provisions permitting
the Noteholders of Notes evidencing specified percentages of the principal
amount of the Controlling Class Outstanding, on behalf of all Noteholders, to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Noteholder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and
upon all future Noteholders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note.

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

                                    A-4-6
<PAGE>

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

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

      This Note and the Indenture shall be governed by, and construed in
accordance with the laws of the State of New York, without reference to its
conflicts of law provisions.

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

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

                                    A-4-7
<PAGE>

                                  ASSIGNMENT

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

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

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

________________________________________________________________________________
      (name and address of assignee)

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

Dated: _____________________                 ____________________________*/
                                             Signature Guaranteed

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

                                    A-4-8
<PAGE>

                                   EXHIBIT B

                             FORM OF CLASS B NOTE

      [FOR BOOK-ENTRY NOTES] [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.]

      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.

      PAYMENTS ON THIS NOTE ARE SUBORDINATE TO THE PAYMENT OF PRINCIPAL OF AND
INTEREST ON THE CLASS A NOTES.

REGISTERED                               $45,852,019

No. B-1                                  CUSIP NO. 90327L AE 0

                            USAA AUTO OWNER TRUST 2006-4

                          CLASS B 5.26% ASSET BACKED NOTES

      USAA Auto Owner Trust 2006-4, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of _____________________ dollars payable on each
Payment Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $__________ (the original face amount of
this Note) and the denominator of which is $45,852,019 by (ii) the aggregate
amount, if any, payable to holders of Class B Notes on such Payment Date from
the Principal Distribution Account or otherwise in respect of principal on the
Class B Notes pursuant to Section 3.1 of the Indenture dated as of November
21, 2006 (as from time to time amended, supplemented or otherwise modified and
in effect, the "Indenture"), between the Issuer and The Bank of New York, as
Indenture Trustee (in such capacity the "Indenture Trustee"); provided,
however, that the entire unpaid principal amount of this Note shall be due and
payable on the June 2013 Payment Date (the "Class B Final Scheduled Payment
Date"). No payments of principal of the Class B Notes will be made until the
Class A-1 Notes, the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes have
been paid in full. Capitalized terms used but not defined herein are defined
in Article I of the Indenture, which also contains rules as to construction
that shall be applicable herein.

                                     B-1
<PAGE>

      The Issuer shall pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note Outstanding on the
preceding Payment Date or the Closing Date in the case of the first Payment
Date (after giving effect to all payments of principal made on such preceding
Payment Date), subject to certain limitations contained in Section 3.1 of the
Indenture. Interest on this Note will accrue for each Payment Date from and
including the fifteenth day of the calendar month immediately preceding such
Payment Date (or, in the case of the initial Payment Date, from the Closing
Date) to but excluding the fifteenth day of the calendar month of the Payment
Date. Interest will be computed on the basis of a 360-day year of twelve
30-day months. Such principal of and interest on this Note shall be paid in
the manner specified on the reverse hereof.

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

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

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

              [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                     B-2
<PAGE>

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

Date: November 21, 2006

                                 USAA AUTO OWNER TRUST 2006-4

                                 By:   WELLS FARGO DELAWARE TRUST
                                       COMPANY, not in its individual
                                       capacity but solely as Owner Trustee of
                                       USAA Auto Owner Trust 2006-4

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

              INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: November 21, 2006

                                 THE BANK OF NEW YORK, not in its
                                 individual capacity but solely as
                                 Indenture Trustee

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

                                     B-3
<PAGE>

                               [REVERSE OF NOTE]

      This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class B 5.26% Asset Backed Notes (the "Class B Notes")
which, together with the Issuer's Class A-1 5.34% Asset Backed Notes (the
"Class A-1 Notes"), Class A-2 5.16% Asset Backed Notes (the "Class A-2
Notes"), Class A-3 5.01% Asset Backed Notes (the "Class A-3 Notes") and Class
A-4 4.98% 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 the Class A Notes together with the Class B Notes, the "Notes"),
are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Noteholders. The Notes are subject to all terms of the
Indenture.

      Subject to the subordination provisions of the Indenture, the Class A-1
Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes are
and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

      Principal of the Class B Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the 15th day of
each month, or, if any such day is not a Business Day, the next succeeding
Business Day, commencing December 15, 2006; provided, however, if any Class
A-1 Notes are Outstanding after the Payment Date in November 2007, Payment
Date shall also mean, in the context of the date for final payment of the
Class A-1 Notes and the Interest Period for the Class A-1 Notes from the
November 2007 Payment Date to but excluding such final payment date, the
Special Payment Date.

      As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class B Final Scheduled Payment
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Noteholders
of Notes evidencing not less than a majority of the principal amount of the
Controlling Class have declared the Notes to be immediately due and payable in
the manner provided in Section 5.2 of the Indenture. All principal payments on
the Class B Notes shall be made pro rata to the Noteholders entitled thereto.

      Payments of interest on this Note on each Payment Date, together with
the installment of principal, if any, to the extent not in full payment of
this Note, shall be made to the Person whose name appears as the Registered
Noteholder of the Note (or one or more Predecessor Notes) on the Note Register
as of the close of business on each Record Date either by wire transfer in
immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such

                                     B-4
<PAGE>

payments will be made without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or
any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior
to such Payment Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

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

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

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

      The Class B Notes may be acquired only if either: (A) (x) for the entire
period during which the 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 Investor; or (B) (1) 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, (2) 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 constitute "plan assets" of any Benefit Plan Investors, (3)
neither such purchaser or transferee nor any affiliate is a Controlling Person
of the Trust and (4) 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 will not constitute a
violation of any applicable Similar Law.

      In addition, the Class B Notes may not be acquired by or on behalf of a
Person other than (A) a citizen or resident of the United States, (B) a
corporation or partnership organized in or

                                     B-5
<PAGE>

under the laws of the United States, any state thereof or the District of
Columbia, (C) an estate the income of which is includible in 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
this paragraph has the authority to control all substantial decisions of the
trust.

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

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

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

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

      The Indenture permits (with certain exceptions requiring the consent of
all Noteholders adversely affected) the amendment thereof by the Issuer and
the Indenture Trustee without the consent of the Noteholders provided certain
conditions are satisfied. The Indenture also contains provisions permitting
the Noteholders of Notes evidencing specified percentages of the principal

                                     B-6
<PAGE>

amount of the Controlling Class Outstanding, on behalf of all Noteholders, to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Noteholder of this Note (or any one or more
Predecessor Notes) shall be conclusive and binding upon such Noteholder and
upon all future Noteholders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note.

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

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

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

      This Note and the Indenture shall be governed by, and construed in
accordance with the laws of the State of New York, without reference to its
conflicts of law provisions.

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

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

                                     B-7
<PAGE>

                                  ASSIGNMENT

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

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

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

________________________________________________________________________________
      (name and address of assignee)

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

Dated: _____________________                 ____________________________*/
                                             Signature Guaranteed

                                             ____________________________*/

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

                                     B-8
<PAGE>

                                  SCHEDULE A

                            Schedule of Receivables

                       [On file with Indenture Trustee]

                                     SA-1
<PAGE>

                                  Appendix A

                             DEFINITIONS AND USAGE

           (attached to Sale and Servicing Agreement as Appendix A)

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