Document:

EXHIBIT
4.1 

	
 

	
 

	
USAA AUTO OWNER TRUST
 20[   ]-[   ]

	
 

	
Class A-1 [   ]% Auto Loan Asset Backed Notes

	
Class A-2 [   ]% Auto Loan Asset Backed Notes

	
Class A-3 [   ]% Auto Loan Asset Backed Notes

	
Class A-4 [LIBOR +][   ]% Auto Loan Asset Backed Notes

	
Class B [   ]% Auto Loan Asset Backed Notes

	
 

	

	
 

	
FORM OF

	
INDENTURE

	
 

	
Dated as of [      ], 20[   ]

	
 

	

	
 

	
[                             ],

	
 

	
as the Indenture Trustee

CROSS REFERENCE TABLE1

	
 

	
 

	
 

	
 

	
TIA

 Section

	
 

	
 

	
Indenture

 Section

	
 

	
 

	
 

	
 

	
310

	
(a) (1)

	
 

	
6.11

	
 

	
(a) (2)

	
 

	
6.11

	
 

	
(a) (3)

	
 

	
6.10; 6.11

	
 

	
(a) (4)

	
 

	
N.A.2

	
 

	
(a) (5)

	
 

	
6.11

	
 

	
(b)

	
 

	
6.8; 6.11

	
 

	
(c)

	
 

	
N.A.

	
311

	
(a)

	
 

	
6.12

	
 

	
(b)

	
 

	
6.12

	
 

	
(c)

	
 

	
N.A.

	
312

	
(a)

	
 

	
7.1

	
 

	
(b)

	
 

	
7.2

	
 

	
(c)

	
 

	
7.2

	
313

	
(a)

	
 

	
7.3

	
 

	
(b) (1)

	
 

	
7.3

	
 

	
(b) (2)

	
 

	
7.3

	
 

	
(c)

	
 

	
7.3

	
 

	
(d)

	
 

	
7.3

	
314

	
(a)

	
 

	
3.9

	
 

	
(b)

	
 

	
3.6; 11.15

	
 

	
(c) (1)

	
 

	
11.15

	
 

	
(c) (2)

	
 

	
11.1

	
 

	
(c) (3)

	
 

	
11.1

	
 

	
(d)

	
 

	
11.1

	
 

	
(e)

	
 

	
11.1

	
 

	
(f)

	
 

	
N.A.

	
315

	
(a)

	
 

	
6.1(b)

	
 

	
(b)

	
 

	
6.5

	
 

	
(c)

	
 

	
6.1(a)

	
 

	
(d)

	
 

	
6.1(c)

	
 

	
(e)

	
 

	
5.13

	
316

	
(a) (1) (A)

	
 

	
5.11

	
 

	
(a) (1) (B)

	
 

	
5.12

	
 

	
(a) (2)

	
 

	
N.A.

	
 

	
(b)

	
 

	
5.7

	
 

	
(c)

	
 

	
5.6(b)

	
317

	
(a) (1)

	
 

	
5.3(b)

	
 

	
(a) (2)

	
 

	
5.3(d)

	
 

	
(b)

	
 

	
3.3(c)

	
318

	
(a)

	
 

	
11.7

	
 

	
 

	

	
1

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

	
 

	
 

	
2

	
N.A. means Not Applicable.
 

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE I 

	
DEFINITIONS
 AND INCORPORATION BY REFERENCE

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 1.1

	
Definitions

	
 

	
2

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 1.2

	
Incorporation
 by Reference of Trust Indenture Act

	
 

	
2

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 1.3

	
Other
 Interpretive Provisions

	
 

	
2

	
 

	
 

	
 

	
 

	
 

	
ARTICLE II 

	
THE NOTES

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.1

	
Form

	
 

	
3

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.2

	
Execution,
 Authentication and Delivery

	
 

	
3

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.3

	
Temporary
 Notes

	
 

	
3

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.4

	
Registration
 of Transfer and Exchange

	
 

	
4

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.5

	
Mutilated,
 Destroyed, Lost or Stolen Notes

	
 

	
7

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.6

	
Persons
 Deemed Owners

	
 

	
7

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.7

	
Payment of
 Principal and Interest; Defaulted Interest

	
 

	
8

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.8

	
Cancellation

	
 

	
9

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.9

	
Release of
 Collateral

	
 

	
9

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.10

	
Book-Entry
 Notes

	
 

	
9

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.11

	
Notices to
 Clearing Agency

	
 

	
10

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.12

	
Definitive
 Notes

	
 

	
10

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.13

	
Authenticating
 Agents

	
 

	
10

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.14

	
Tax
 Treatment

	
 

	
11

	
 

	
 

	
 

	
 

	
 

	
ARTICLE III 

	
COVENANTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.1

	
Payment of
 Principal and Interest

	
 

	
11

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.2

	
Maintenance
 of Office or Agency

	
 

	
12

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.3

	
Money for
 Payments To Be Held in Trust

	
 

	
12

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.4

	
Existence

	
 

	
14

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.5

	
Protection
 of Collateral

	
 

	
14

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.6

	
Opinions as
 to Collateral

	
 

	
14

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.7

	
Performance
 of Obligations; Servicing of Receivables

	
 

	
15

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.8

	
Negative
 Covenants

	
 

	
15

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.9

	
Annual
 Compliance Statement

	
 

	
16

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.10

	
Restrictions
 on Certain Other Activities

	
 

	
17

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.11

	
Restricted
 Payments

	
 

	
17

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.12

	
Notice of
 Events of Default

	
 

	
18

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.13

	
Further
 Instruments and Acts

	
 

	
18

i

TABLE OF CONTENTS
(Continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.14

	
Compliance
 with Laws

	
 

	
18

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.15

	
Perfection
 Representations, Warranties and Covenants

	
 

	
18

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IV

	
SATISFACTION
 AND DISCHARGE

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 4.1

	
Satisfaction
 and Discharge of Indenture

	
 

	
18

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 4.2

	
Application
 of Trust Money

	
 

	
19

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 4.3

	
Repayment of
 Monies Held by Paying Agent

	
 

	
19

	
 

	
 

	
 

	
 

	
 

	
ARTICLE V

	
REMEDIES

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.1

	
Events of
 Default

	
 

	
19

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.2

	
Acceleration
 of Maturity; Waiver of Event of Default

	
 

	
20

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.3

	
Collection
 of Indebtedness and Suits for Enforcement by the Indenture Trustee

	
 

	
21

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.4

	
Remedies;
 Priorities

	
 

	
23

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.5

	
Optional
 Preservation of the Collateral

	
 

	
26

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.6

	
Limitation
 of Suits

	
 

	
26

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.7

	
Unconditional
 Rights of Noteholders to Receive Principal and Interest

	
 

	
27

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.8

	
Restoration
 of Rights and Remedies

	
 

	
27

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.9

	
Rights and
 Remedies Cumulative

	
 

	
27

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.10

	
Delay or
 Omission Not a Waiver

	
 

	
27

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.11

	
Control by
 Noteholders

	
 

	
28

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.12

	
Waiver of
 Past Defaults

	
 

	
28

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.13

	
Undertaking
 for Costs

	
 

	
29

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.14

	
Waiver of
 Stay or Extension Laws

	
 

	
29

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.15

	
Action on
 Notes

	
 

	
29

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.16

	
Performance
 and Enforcement of Certain Obligations

	
 

	
29

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.17

	
Sale of
 Collateral

	
 

	
30

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VI

	
THE
 INDENTURE TRUSTEE

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.1

	
Duties of
 the Indenture Trustee

	
 

	
30

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.2

	
Rights of
 the Indenture Trustee

	
 

	
32

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.3

	
Individual
 Rights of the Indenture Trustee

	
 

	
33

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.4

	
The
 Indenture Trustee’s Disclaimer

	
 

	
33

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.5

	
Notice of
 Defaults

	
 

	
34

ii

TABLE OF CONTENTS
(Continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.6

	
Reports by
 the Indenture Trustee to Noteholders

	
 

	
34

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.7

	
Compensation
 and Indemnity

	
 

	
34

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.8

	
Removal,
 Resignation and Replacement of the Indenture Trustee

	
 

	
35

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.9

	
Successor
 Indenture Trustee by Merger

	
 

	
36

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.10

	
Appointment
 of Co-Indenture Trustee or Separate Indenture Trustee

	
 

	
36

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.11

	
Eligibility;
 Disqualification

	
 

	
37

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.12

	
Preferential
 Collection of Claims Against the Issuer

	
 

	
37

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.13

	
Representations
 and Warranties

	
 

	
38

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VII

	
NOTEHOLDERS’
 LISTS AND REPORTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 7.1

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

	
 

	
38

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 7.2

	
Preservation
 of Information; Communications to Noteholders

	
 

	
38

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 7.3

	
Reports by
 the Indenture Trustee

	
 

	
38

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VIII

	
ACCOUNTS,
 DISBURSEMENTS AND RELEASES

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 8.1

	
Collection
 of Money

	
 

	
39

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 8.2

	
Trust
 Accounts

	
 

	
39

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 8.3

	
General
 Provisions Regarding Accounts

	
 

	
40

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 8.4

	
Release of
 Collateral

	
 

	
40

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 8.5

	
Opinion of
 Counsel

	
 

	
41

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IX

	
SUPPLEMENTAL
 INDENTURES

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 9.1

	
Supplemental
 Indentures Without Consent of Noteholders

	
 

	
41

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 9.2

	
Supplemental
 Indentures with Consent of Noteholders

	
 

	
43

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 9.3

	
Execution of
 Supplemental Indentures

	
 

	
44

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 9.4

	
Effect of
 Supplemental Indenture

	
 

	
44

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 9.5

	
Conformity
 With Trust Indenture Act

	
 

	
45

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 9.6

	
Reference in
 Notes to Supplemental Indentures

	
 

	
45

	
 

	
 

	
 

	
 

	
 

	
ARTICLE X

	
REDEMPTION
 OF NOTES

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 10.1

	
Redemption

	
 

	
45

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 10.2

	
Form of
 Redemption Notice

	
 

	
45

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 10.3

	
Notes
 Payable on Redemption Date

	
 

	
46

iii

TABLE OF CONTENTS
(Continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE XI

	
MISCELLANEOUS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 11.1

	
Compliance
 Certificates and Opinions, etc

	
 

	
46

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 11.2

	
Form of
 Documents Delivered to the Indenture Trustee

	
 

	
48

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 11.3

	
Acts of
 Noteholders

	
 

	
48

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 11.4

	
Notices

	
 

	
49

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 11.5

	
Notices to
 Noteholders; Waiver

	
 

	
49

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 11.6

	
Alternate Payment
 and Notice Provisions

	
 

	
50

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 11.7

	
Conflict
 with Trust Indenture Act

	
 

	
50

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 11.8

	
Effect of
 Headings and Table of Contents

	
 

	
50

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 11.9

	
Successors
 and Assigns

	
 

	
50

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.10

	
Severability

	
 

	
50

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.11

	
Benefits of
 Indenture

	
 

	
50

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.12

	
Legal
 Holidays

	
 

	
50

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.13

	
Governing
 Law

	
 

	
50

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.14

	
Counterparts

	
 

	
51

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.15

	
Recording of
 Indenture

	
 

	
51

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.16

	
Trust
 Obligation

	
 

	
51

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.17

	
No Petition

	
 

	
51

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.18

	
Intent

	
 

	
52

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.19

	
Submission
 to Jurisdiction; Waiver of Jury Trial

	
 

	
52

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.20

	
Subordination
 of Claims

	
 

	
52

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.21

	
Limitation
 of Liability of Owner Trustee

	
 

	
53

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.22

	
Information
 Requests

	
 

	
53

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.23

	
Inspection

	
 

	
53

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION
 11.24

	
[Limitation
 of Rights]

	
 

	
54

iv

	
 

	
 

	
Schedule I

	
Perfection
 Representations, Warranties and Covenants

	
 

	
 

	
Exhibit A

	
Forms of
 Notes

v

          This
INDENTURE, dated as of
[          ],
20[   ] (as amended, modified or supplemented from time to time, this
 “Indenture”), is between USAA AUTO
OWNER TRUST 20[   ]-[   ], a Delaware statutory
trust (the “Issuer”), and
[                          
   ],
a
[                          
   ],
solely as trustee and not in its individual capacity (the “Indenture Trustee”). 

          Each
party agrees as follows for the benefit of the other party and the equal and
ratable benefit of the Holders of the Issuer’s Class A-1 [   ]%
Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2
[   ]% Auto Loan Asset Backed Notes (the “Class A-2 Notes”),
Class A-3 [   ]% Auto Loan Asset Backed Notes (the “Class A-3
Notes”) and Class A-4 [LIBOR +] [   ]% Auto Loan Asset
Backed Notes (the “Class A-4 Notes” and together with the Class A-1
Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”)
and Class B [__]% Auto Loan Asset Backed Notes (the “Class B Notes” and
together with the Class A Notes, the “Notes”).

GRANTING CLAUSE

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

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

          The
foregoing Grant is made in trust to secure (i) the payment of principal of and
interest on, and any other amounts owing in respect of, the Notes, equally and
ratably without prejudice, priority or distinction except as set forth herein[,
(ii) the payment of all amounts payable by the Issuer to the Swap Counterparty
under the Interest Rate Swap Agreement] and (iii) compliance with the
provisions of this Indenture, all as provided in this Indenture. 

          Without
limiting the foregoing Grant, any Receivable purchased by the Bank pursuant to Section
3.3 of the Purchase Agreement or by the Seller or the Servicer pursuant to
Section 2.3 or Section 3.6, respectively, of the Sale and Servicing
Agreement shall be deemed to be automatically released from the lien of this
Indenture without any action being taken by the

Indenture
Trustee upon payment by the Seller or the Servicer, as applicable, of the
related Repurchase Price for such Repurchased Receivable. 

ARTICLE I DEFINITIONS AND INCORPORATION BY
REFERENCE

          SECTION
1.1 Definitions. Except as otherwise
specified herein or the context may otherwise require, capitalized terms are
used in this Indenture as defined in Appendix A to the Sale and
Servicing Agreement, dated as of [    ], 20[  ]
(as amended, modified or supplemented from time to time, the “Sale and
Servicing Agreement”), among USAA Acceptance, LLC, as Seller, the Issuer,
USAA Federal Savings Bank, as Servicer, and the Indenture Trustee. 

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

           “Commission”
means the Securities and Exchange Commission. 

           “indenture
securities” means the Notes. 

           “indenture
security holder” means a Noteholder. 

           “indenture
to be qualified” means this Indenture. 

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

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

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

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

	
 

	
 

	
 

	
 

	
2

	
Indenture (USAA 20[  ]-[  ])

and include
any successor law or regulation; and (f) references to any Person include that
Person’s successors and assigns. 

ARTICLE II THE NOTES

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

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

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

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

          The
Indenture Trustee shall, upon Issuer Order, authenticate and deliver Class A-1
Notes for original issue in an Initial Note Balance of $[    ],
Class A-2 Notes for original issue in an Initial Note Balance of
$[    ], Class A-3 Notes for original issue in an Initial Note
Balance of $[    ], Class A-4 Notes for original issue in an
Initial Note Balance of $[    ] and Class B Notes for original
issue in an Initial Note Balance of $[    ]. The Note Balance of
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B
Notes Outstanding at any time may not exceed such amounts except as provided in
Section 2.5. 

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

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

          SECTION
2.3 Temporary Notes. Pending the
preparation of Definitive Notes, the Issuer may execute, and upon receipt of an
Issuer Order, the Indenture Trustee shall authenticate and 

	
 

	
 

	
 

	
 

	
3

	
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deliver,
temporary Notes which are printed, lithographed, typewritten, mimeographed or
otherwise produced, substantially of the tenor of the Definitive Notes in lieu
of which they are issued and with such variations not inconsistent with the
terms of this Indenture as the officers executing such Notes may determine, as
evidenced by their execution of such Notes. 

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

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

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

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

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

	
 

	
 

	
 

	
 

	
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Indenture (USAA 20[  ]-[  ])

          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. 

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

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

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

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

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

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

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

          The
Indenture Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this
Indenture or under applicable law with respect to any transfer of any interest
in any Note other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, 

	
 

	
 

	
 

	
 

	
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and to do so
if and when expressly required by the terms of, this Indenture, and to examine
the same to determine substantial compliance as to form with the express
requirements hereof. 

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

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

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

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

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

	
 

	
 

	
 

	
 

	
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and interest,
if any, on such Note and for all other purposes whatsoever, whether or not such
Note be overdue, and neither the Issuer, the Indenture Trustee nor any agent of
the Issuer or the Indenture Trustee shall be affected by notice to the
contrary. 

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

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

          (c)
If the Issuer defaults on a payment of interest on any Class of Notes, the
Issuer shall pay defaulted interest (plus interest on such defaulted interest
to the extent lawful at the applicable Interest Rate for such Class of Notes),
which shall be due and payable on the Payment Date following such default. The
Issuer shall pay such defaulted interest to the Persons who are Noteholders on
the Record Date for such following Payment Date. 

	
 

	
 

	
 

	
 

	
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Indenture (USAA 20[  ]-[  ])

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

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

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

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

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

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

          (d)
the rights of Note Owners shall be exercised only through the Clearing Agency
and shall be limited to those established by law and agreements between or
among such Note Owners and the Clearing Agency and/or the Clearing Agency Participants
or Persons acting through 

	
 

	
 

	
 

	
 

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

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

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

          SECTION
2.12 Definitive Notes. If (a) the
Administrator advises the Indenture Trustee in writing that the Clearing Agency
is no longer willing or able to properly discharge its responsibilities with
respect to the Notes, and the Administrator or the Indenture Trustee is unable
to locate a qualified successor, (b) the Administrator at its option advises
the Indenture Trustee in writing that it elects to terminate the book-entry
system through the Clearing Agency or (c) after the occurrence of an Event of
Default, Note Owners representing beneficial interests aggregating at least a
majority of the Outstanding Note Balance, voting together as a single Class,
advise the Indenture Trustee through the Clearing Agency or its successor in
writing that the continuation of a book-entry system through the Clearing
Agency or its successor is no longer in the best interests of the Note Owners,
then the Indenture Trustee shall notify the Clearing Agency, who shall notify
each Clearing Agency Participant, who shall notify the Note Owners associated
with it of the occurrence of any such event and of the availability of
Definitive Notes to Note Owners requesting the same. Upon surrender to the
Indenture Trustee of the typewritten Note or Notes representing the Book-Entry
Notes by the Clearing Agency, accompanied by registration instructions, the
Issuer shall execute and the Indenture Trustee shall authenticate the
Definitive Notes in accordance with the instructions of the Clearing Agency.
None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable
for any delay in delivery of such instructions and may conclusively rely on,
and shall be protected in relying on, such instructions. Upon the issuance of
Definitive Notes, the Indenture Trustee shall recognize the Holders of the
Definitive Notes as Noteholders. 

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

          SECTION
2.13 Authenticating Agents. (a)
Upon the request of the Issuer, the Indenture Trustee shall, and if the
Indenture Trustee so chooses the Indenture Trustee may, appoint one or 

	
 

	
 

	
 

	
 

	
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more Persons
(each, an “Authenticating Agent”) with power to act on its behalf and
subject to its direction in the authentication of Notes in connection with
issuance, transfers and exchanges under Sections 2.2, 2.3, 2.4, 2.5
and 9.6, as fully to all intents and purposes as though each such
Authenticating Agent had been expressly authorized by those Sections to
authenticate such Notes. For all purposes of this Indenture, the authentication
of Notes by an Authenticating Agent pursuant to this Section shall be deemed to
be the authentication of Notes “by the Indenture Trustee.” The Indenture
Trustee shall be the Authenticating Agent in the absence of any appointment
thereof. 

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

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

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

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

ARTICLE III COVENANTS

          SECTION
3.1 Payment of Principal and Interest.
The Issuer will duly and punctually pay the principal of and interest on the
Notes in accordance with the terms of the Notes and this Indenture. Without
limiting the foregoing and subject to Section 8.2, on each Payment Date
the 

	
 

	
 

	
 

	
 

	
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Issuer shall
cause to be paid all amounts on deposit in the Collection Account which
represent Available Funds for such Payment Date, Advances made on such Payment
Date pursuant to Section 4.3(c) of the Sale and Servicing Agreement and the
Reserve Account Draw Amount and Yield Supplement Account Draw Amount for such
Payment Date received by the Servicer during the preceding Collection Period.
Amounts properly withheld under the Code by any Person from a payment to any
Noteholder of interest and/or principal shall be considered to have been paid
by the Issuer to such Noteholder for all purposes of this Indenture. Interest
accrued on the Notes shall be due and payable on each Payment Date. The final
interest payment on each Class of Notes is due on the earlier of (a) the
Payment Date (including any Redemption Date) on which the principal amount of
that Class of Notes is reduced to zero or (b) the applicable Final Scheduled
Payment Date for that Class of Notes.  

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

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

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

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

	
 

	
 

	
 

	
          (i)
 hold all sums held by it for the payment of amounts due with respect to the
 Notes in trust for the benefit of the Persons entitled thereto until such
 sums shall be paid 

	
 

	
 

	
 

	
 

	
12

	
Indenture (USAA 20[  ]-[  ])

	
 

	
 

	
 

	
to such
 Persons or otherwise disposed of as herein provided and pay such sums to such
 Persons as provided in the Transaction Documents; 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

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

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

	
 

	
 

	
 

	
 

	
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Indenture (USAA 20[  ]-[  ])

          SECTION
3.4 Existence. The Issuer will
keep in full effect its existence, rights and franchises as a statutory trust
under the laws of the State of Delaware (unless it becomes, or any successor
Issuer hereunder is or becomes, organized under the laws of any other State or
of the United States of America, in which case the Issuer shall keep in full
effect its existence, rights and franchises under the laws of such other
jurisdiction) and shall obtain and preserve its qualification to do business in
each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Indenture, the Notes, the
Collateral and each other instrument or agreement included in the Trust Estate.

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

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

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

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

          (d)
enforce any of the Collateral; or 

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

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

          SECTION
3.6 Opinions as to Collateral.
(a) On the Closing Date, the Issuer shall furnish or cause to be furnished to
the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion
of such counsel, either (i) such action has been taken with respect to the
recording and filing of this Indenture, any indentures supplemental hereto and
any other requisite 

	
 

	
 

	
 

	
 

	
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Indenture (USAA 20[  ]-[  ])

documents, and
with respect to the filing of any financing statements and continuation
statements as are necessary to perfect and make effective the first priority
lien and security interest of this Indenture, and reciting the details of such
action, or (ii) no such action is necessary to make such lien and security interest
effective. 

          (b)
On or before April 30th of each calendar year, beginning with April
30, 20[    ], the Issuer shall furnish to the Indenture Trustee an Opinion of
Counsel to the effect that, in the opinion of such counsel, either (i) such
action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents, and with respect to the filing of any financing statements
and continuation statements as are necessary to maintain the lien and security
interest created by this Indenture, and reciting the details of such actions or
referring to prior Opinions of Counsel in which such details are given or (ii)
no such action is necessary to maintain such lien and security interest. Such
Opinion of Counsel shall also describe the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and the filing of any financing statements and continuation
statements that will, in the opinion of such counsel, be required to maintain
the lien and security interest of this Indenture until April 30 in the
following calendar year. 

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

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

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

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

	
 

	
 

	
 

	
 

	
15

	
Indenture (USAA 20[  ]-[  ])

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

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

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

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

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

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

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

          SECTION
3.9 Annual Compliance Statement. 

          (a)
The Issuer shall deliver to the Indenture Trustee on or before April 30th
of each calendar year beginning with April 30, 20[    ], an
Officer’s Certificate stating, as to the Authorized Officer signing such
Officer’s Certificate, that: 

	
 

	
 

	
 

	
          (i)
 a review of the activities of the Issuer during such year (or since the
 Closing Date, in the case of the first such Officer’s Certificate) and of its
 performance under this Indenture has been made under such Authorized
 Officer’s supervision; and 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
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Indenture (USAA 20[  ]-[  ])

          (b)
The Issuer shall: 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

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

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

          SECTION
3.10 Restrictions on Certain Other
Activities. The Issuer shall not: (i) engage in any activities other
than financing, acquiring, owning, pledging and managing the Trust Estate and
the other Collateral in the manner contemplated by the Transaction Documents;
(ii) issue, incur, assume, guarantee or otherwise become liable, directly or
indirectly, for any indebtedness other than the Notes; (iii) make any loan,
advance or credit to, guarantee (directly or indirectly or by an instrument having
the effect of assuring another’s payment or performance on any obligation or
capability of so doing or otherwise), endorse or otherwise become contingently
liable, directly or indirectly, in connection with the obligations, stocks or
dividends of, own, purchase, repurchase or acquire (or agree contingently to do
so) any stock, obligations, assets or securities of, or any other interest in,
or make any capital contribution to, any other Person; or (iv) make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty). 

          SECTION
3.11 Restricted Payments. The
Issuer shall not, directly or indirectly, (a) pay any dividend or make any
distribution (by reduction of capital or otherwise), whether in cash, property,
securities or a combination thereof, to the Owner Trustee or any owner of a
beneficial interest in the Issuer or otherwise with respect to any ownership or
equity interest or security in 

	
 

	
 

	
 

	
 

	
17

	
Indenture (USAA 20[  ]-[  ])

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

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

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

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

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

ARTICLE IV SATISFACTION AND DISCHARGE

          SECTION
4.1 Satisfaction and Discharge of Indenture.
This Indenture shall cease to be of further effect with respect to the Notes
except as to (a) rights of registration of transfer and exchange, (b)
substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of
Noteholders to receive payments of principal thereof and interest thereon, (d) Sections
3.3, 3.4, 3.5, 3.8, 3.10 and 3.11, (e)
the rights and immunities of the Indenture Trustee hereunder and (f) the rights
of Noteholders as beneficiaries hereof with respect to the property so
deposited with the Indenture Trustee payable to all or any of them, and the
Indenture Trustee, on demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture
with respect to the Notes, when: 

          (a)
all Notes theretofore authenticated and delivered (other than (1) Notes that
have been destroyed, lost or stolen and that have been replaced or paid as
provided in Section 2.5 and (2) Notes for which payment money has
theretofore been deposited in trust or segregated and held in 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; 

	
 

	
 

	
 

	
 

	
18

	
Indenture (USAA 20[  ]-[  ])

          (b)
the Issuer has paid or caused to be paid all other sums payable hereunder by
the Issuer[, including, without limitation, all amounts owed to the Swap
Counterparty, including all Swap Termination Payments]; and 

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

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

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

ARTICLE V REMEDIES

          SECTION
5.1 Events of Default. The
occurrence and continuation of any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body) shall constitute a default under this
Indenture (each, an “Event of Default”): 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (c)
 any failure by the Issuer to duly observe or perform in any material respect
 any of its material covenants or agreements made in this Indenture (other
 than a covenant or agreement, a default in the observance or performance of
 which is elsewhere in this Section specifically dealt with), which failure
 materially and adversely affects the interests of the Noteholders, and such
 failure shall continue unremedied for a period of [    ]
 days after there shall have been 

	
 

	
 

	
 

	
 

	
19

	
Indenture (USAA 20[  ]-[  ])

	
 

	
 

	
 

	
given, by
 registered or certified mail, to the Issuer by the Indenture Trustee or by
 Noteholders evidencing at least a majority of the Outstanding Note Balance, a
 written notice specifying such failure and requiring it to be remedied and
 stating that such notice is a “Notice of Default” hereunder; 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

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

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

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

	
 

	
 

	
 

	
          (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 

	
 

	
 

	
 

	
 

	
20

	
Indenture (USAA 20[  ]-[  ])

	
 

	
 

	
 

	
such
 acceleration had not occurred, and (B) all sums paid or advanced by the
 Indenture Trustee hereunder and the reasonable compensation, expenses,
 disbursements and advances of the Indenture Trustee and its agents and
 counsel[, and (C) any Net Swap Payments and any Swap Termination Payments
 then due and payable to the Swap Counterparty under the Interest Rate Swap
 Agreement]; and 

	
 

	
 

	
 

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

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

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

          SECTION
5.3 Collection of Indebtedness and Suits for
Enforcement by the Indenture Trustee. (a) The Issuer covenants that
if (i) default is made in the payment of any interest on any Note of the
Controlling Class when the same becomes due and payable, and such default
continues for a period of five Business Days or more, or (ii) default is made
in the payment of the principal of any Note at the related Final Scheduled Payment
Date or the Redemption Date, the Issuer will, upon demand of the Indenture
Trustee in writing as directed by a majority of the Note Balance of the
Controlling Class, pay to the Indenture Trustee, for the benefit of the Holders
of the Notes, the whole amount then due and payable on such Notes for principal
and interest, with interest upon the overdue principal, and, to the extent
payment at such rate of interest shall be legally enforceable, upon overdue
installments of interest, at the applicable Interest Rate and in addition
thereto such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel.

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

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

	
 

	
 

	
 

	
 

	
21

	
Indenture (USAA 20[  ]-[  ])

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

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

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

	
 

	
 

	
 

	
 

	
22

	
Indenture (USAA 20[  ]-[  ])

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

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

          (f)
All rights of action and of asserting claims under this Indenture, or under any
of the Notes, may be enforced by the Indenture Trustee without the possession
of any of the Notes or the production thereof in any trial or other Proceedings
relative thereto, and any such action or Proceedings instituted by the
Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses,
disbursements and compensation of the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Notes [and the Swap Counterparty], to the
extent set forth in Section 5.4(b). 

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

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

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

	
 

	
 

	
 

	
 

	
23

	
Indenture (USAA 20[  ]-[  ])

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

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iv)
 [fourth, to the Swap
 Counterparty, any due and unpaid Net Swap Payments;] 

	
 

	
 

	
 

	
          (v)
 fifth, pro rata, based on
 amounts due to the [(A) Swap Counterparty for any due and unpaid Senior Swap
 Termination Payments and (B)] Class A Noteholders, for payment to each
 respective Class of Class A Noteholders, the Accrued Class A Note Interest; provided, that if there are
not
 sufficient funds available to pay the entire amount of the Accrued Class A
 Note Interest, the amount available shall be applied to the payment of such
 interest on each Class of Class A Notes on a pro rata basis based on the
 amount of interest payable to each Class of Class A Notes; 

	
 

	
 

	
 

	
 

	
24

	
Indenture (USAA 20[  ]-[  ])

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
          (viii)
 [eighth, to the Swap
 Counterparty, any due and unpaid Subordinated Swap Termination Payments;] 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
25

	
Indenture (USAA 20[  ]-[  ])

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

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

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

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

No Noteholder
or group of Noteholders shall have any right in any manner whatever by virtue
of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of 

	
 

	
 

	
 

	
 

	
26

	
Indenture (USAA 20[  ]-[  ])

any other
Noteholders or to obtain or to seek to obtain priority or preference over any
other Noteholders or to enforce any right under this Indenture, except, in each
case, to the extent and in the manner herein provided. 

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

          (b)
No Noteholder shall have any right to vote except as provided pursuant to this
Indenture and the Notes, or any right in any manner to otherwise control the
operation and management of the Issuer. However, in connection with any action
as to which Noteholders are entitled to vote or consent under this Indenture
and the Notes, the Issuer may set a record date for purposes of determining the
identity of Noteholders entitled to vote or consent in accordance with TIA
Section 316(c). 

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

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

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

          SECTION
5.10 Delay or Omission Not a Waiver.
No delay or omission of the Indenture Trustee or any Holder of any Note to
exercise any right or remedy accruing upon any Default or 

	
 

	
 

	
 

	
 

	
27

	
Indenture (USAA 20[  ]-[  ])

Event of
Default shall impair any such right or remedy or constitute a waiver of any
such Default or Event of Default or an acquiescence therein. Every right and
remedy given by this Article V or by law to the Indenture Trustee or to
the Noteholders may be exercised from time to time, and as often as may be
deemed expedient, by the Indenture Trustee or by the Noteholders, as the case
may be. 

          SECTION
5.11 Control by Noteholders.
Subject to the provisions of Sections 5.4, 5.6, 6.2(d) and
6.2(e), Noteholders holding not less than a majority of the Note Balance
of the Controlling Class, shall have the right to direct the time, method and
place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or with respect to the exercise of any trust
or power conferred on the Indenture Trustee;
provided, that 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
          (e)
 such direction shall be in writing; 

provided, further, that, subject to Section 6.1,
the Indenture Trustee need not take any action that it determines might expose
it to personal liability or might materially adversely affect or unduly
prejudice the rights of any Noteholders not consenting to such action. 

          SECTION
5.12 Waiver of Past Defaults.
Prior to the declaration of the acceleration of the maturity of the Notes as
provided in Section 5.2, the Holders of Notes of not less than a
majority of the Note Balance of the Controlling Class, may waive any past
Default or Event of Default and its consequences except a Default (a) in
payment of principal of or interest on any of the Notes, (b) in respect of a
covenant or provision hereof which cannot be modified or amended without the
consent of each Noteholder or (c) arising from an Insolvency Event with respect
to the Issuer. In the case of any such waiver, the Issuer, the Indenture
Trustee and the Noteholders shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right consequent
thereto. 

	
 

	
 

	
 

	
 

	
28

	
Indenture (USAA 20[  ]-[  ])

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

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

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

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

          SECTION
5.16 Performance and Enforcement of Certain
Obligations. (a) Promptly following a request from the Indenture
Trustee to do so, the Issuer shall take all such lawful action as the Indenture
Trustee may request to compel or secure the performance and observance (i) by
the Seller and the Servicer, as applicable, of each of their obligations to the
Issuer under or in connection with the Sale and Servicing Agreement, or (ii) by
the Seller or the Bank, as applicable, of each of their obligations under or in
connection with the Purchase Agreement, in 

	
 

	
 

	
 

	
 

	
29

	
Indenture (USAA 20[  ]-[  ])

each case, in
accordance with the terms thereof, and to exercise any and all rights,
remedies, powers and privileges lawfully available to the Issuer under or in
connection with the Sale and Servicing Agreement and the Purchase Agreement, as
the case may be, to the extent and in the manner directed by the Indenture
Trustee, including the transmission of notices of default on the part of the
Seller, the Servicer or the Bank thereunder and the institution of legal or
administrative actions or Proceedings to compel or secure performance by the Seller
or the Servicer of each of their obligations under the Sale and Servicing
Agreement or by the Seller or the Bank, as applicable, of each of their
obligations under or in connection with the Purchase Agreement. 

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

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

ARTICLE VI THE INDENTURE TRUSTEE

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

	
 

	
 

	
 

	
 

	
30

	
Indenture (USAA 20[  ]-[  ])

	
 

	
 

	
 

	
(b) Except
 during an Event of Default: 

	
 

	
 

	
 

	
          (i)
 the Indenture Trustee undertakes to perform such duties and only such duties
 as are specifically set forth in this Indenture and the other Transaction
 Documents to which it is a party and no implied covenants or obligations
 shall be read into this Indenture or the other Transaction Documents against
 the Indenture Trustee; and 

	
 

	
 

	
 

	
          (ii)
 in the absence of bad faith on its part, the Indenture Trustee may
 conclusively rely, as to the truth of the statements and the correctness of
 the opinions expressed therein, upon certificates or opinions furnished to
 the Indenture Trustee and conforming to the requirements of this Indenture;
 but in the case of any such certificates or opinions which by any provisions
 hereof are specifically required to be furnished to the Indenture Trustee,
 the Indenture Trustee shall examine the certificates and opinions to
 determine whether or not they conform to the requirements of this Indenture
 (but need not confirm or investigate the accuracy of mathematical
 calculations or other facts stated therein). 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iii)
 the Indenture Trustee shall not be liable with respect to any action it takes
 or omits to take in good faith in accordance with a direction received from
 Noteholders in accordance with the terms of this Indenture Section 5.11;
 and 

	
 

	
 

	
 

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

	
 

	
 

	
          (d)
 Every provision of this Indenture that in any way relates to the Indenture
 Trustee is subject to paragraphs (a), (b) and (c) of
 this Section 6.1. 

	
 

	
 

	
 

	
 

	
31

	
Indenture (USAA 20[  ]-[  ])

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

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

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

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

          (i)
The Indenture Trustee shall take all actions required to be taken by the
Indenture Trustee under the Sale and Servicing Agreement. 

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

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

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

          (c)
The Indenture Trustee may execute any of the trusts or powers hereunder or
under any of the Transaction Documents to which the Indenture Trustee is a
party or perform any duties hereunder or under any of the Transaction Documents
to which the Indenture Trustee is a party either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall
not be responsible for any misconduct or negligence on the part of, or for the
supervision of, the Administrator, any co-trustee or separate trustee appointed
in accordance with the provisions of Section 6.10, or any other such
agent, attorney, custodian or nominee appointed with due care by it hereunder. 

	
 

	
 

	
 

	
 

	
32

	
Indenture (USAA 20[  ]-[  ])

          (d)
The Indenture Trustee shall not be liable for any action it takes or omits to
take in good faith which it reasonably believes to be authorized or within
discretion or rights or powers conferred upon it by this Indenture; provided, however,
that the Indenture Trustee’s conduct does not constitute willful misconduct,
negligence or bad faith. 

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

          (f)
The Indenture Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture or to institute, conduct or
defend any litigation under this Indenture or in relation to this Indenture or
to honor the request or direction of any of the Noteholders pursuant to this
Indenture unless such Noteholders shall have offered to the Indenture Trustee
reasonable security or indemnity satisfactory to the Indenture Trustee against
the reasonable costs, expenses, disbursements, advances and liabilities that
might be incurred by it, its agents and its counsel in compliance with such
request or direction. 

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

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

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

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

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

	
 

	
 

	
 

	
 

	
33

	
Indenture (USAA 20[  ]-[  ])

with the sale
of the Notes or in the Notes, all of which shall be taken as the statements of
the Issuer, other than the Indenture Trustee’s certificate of authentication. 

          SECTION
6.5 Notice of Defaults. If a
Default occurs and is continuing and if it is either actually known by a
Responsible Officer of the Indenture Trustee or written notice of the existence
thereof has been delivered to a Responsible Officer of the Indenture Trustee,
the Indenture Trustee shall mail to each Noteholder and the Rating Agencies
notice of the Default within 90 days after such knowledge or notice occurs.
Except in the case of a Default in payment of principal of or interest on any
Note (including payments pursuant to the mandatory redemption provisions of
such Note), the Indenture Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding
the notice is in the interests of Noteholders. 

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

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

	
 

	
 

	
 

	
 

	
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Indenture (USAA 20[  ]-[  ])

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

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

	
 

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

	
 

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

          If
the Indenture Trustee resigns or is removed or if a vacancy exists in the
office of the Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the retiring Indenture Trustee), the Issuer
shall cause the Administrator to promptly appoint a successor Indenture Trustee
which satisfies the requirements set forth in Section 6.11. 

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

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

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

	
 

	
 

	
 

	
 

	
35

	
Indenture (USAA 20[  ]-[  ])

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

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

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

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

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

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

	
 

	
 

	
 

	
          (i)
 all rights, powers, duties and obligations conferred or imposed upon the
 Indenture Trustee shall be conferred or imposed upon and exercised or
 performed by the Indenture Trustee and such separate trustee or co-trustee
 jointly (it being intended that such separate trustee or co-trustee is not
 authorized to act separately without the Indenture Trustee joining in such
 act), except to the extent that under any law of any 

	
 

	
 

	
 

	
 

	
36

	
Indenture (USAA 20[  ]-[  ])

	
 

	
 

	
 

	
jurisdiction
 in which any particular act or acts are to be performed the Indenture Trustee
 shall be incompetent or unqualified to perform such act or acts, in which
 event such rights, powers, duties and obligations (including the holding of
 title to the Collateral or any portion thereof in any such jurisdiction)
 shall be exercised and performed singly by such separate trustee or
 co-trustee, but solely at the direction of the Indenture Trustee; 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

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

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

          SECTION
6.11 Eligibility; Disqualification.
The Indenture Trustee shall at all times satisfy the requirements of TIA
Section 310(a) and, in addition, shall have a combined capital and surplus of
at least $50,000,000 as set forth in its most recent published annual report of
condition and shall have a long term debt rating of investment grade or better
by each Rating Agency or shall otherwise be acceptable to each Rating Agency.
The Indenture Trustee shall also satisfy the requirements of TIA Section
310(b). Neither the Issuer nor any Affiliate of the Issuer may serve as
Indenture Trustee. 

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

	
 

	
 

	
 

	
 

	
37

	
Indenture (USAA 20[  ]-[  ])

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

	
 

	
 

	
 

	
          (i)
 the Indenture Trustee is a
 [          ] duly
 organized, validly existing and in good standing under the laws of
 [          ]; and 

	
 

	
 

	
 

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

ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS

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

          SECTION
7.2 Preservation of Information;
Communications to Noteholders. (a) The Indenture Trustee shall
preserve, in as current a form as is reasonably practicable, the names and addresses
of the Noteholders contained in the most recent list furnished to the Indenture
Trustee as provided in Section 7.1 and the names and addresses of
Noteholders received by the Indenture Trustee in its capacity as the Note
Registrar. The Indenture Trustee may destroy any list furnished to it as
provided in such Section 7.1 upon receipt of a new list so furnished; provided, however,
that so long as the Indenture Trustee is the Note Registrar or the Notes are
issued as Book-Entry Notes, no such list shall be required to be preserved or
maintained. 

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

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

          SECTION
7.3 Reports by the Indenture Trustee.
If required by TIA Section 313(a), within 60 days after each March 31,
beginning with March 31, 20[  ], the Indenture Trustee shall mail to
each Noteholder as required by TIA Section 313(c), a brief report dated as of
such date that complies with TIA Section 313(a). The Indenture Trustee also
shall comply with TIA Section 313(b). A copy of each report at the time of its
mailing to Noteholders shall be filed by 

	
 

	
 

	
 

	
 

	
38

	
Indenture (USAA 20[  ]-[  ])

 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 Collateral, the Indenture
Trustee may take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate
Proceedings. Any such action shall be without prejudice to any right to claim a
Default or Event of Default under this Indenture and any right to proceed
thereafter as provided in Article V. 

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

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

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
39

	
Indenture (USAA 20[  ]-[  ])

	
 

	
 

	
 

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

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

          (b)
Subject to Section 6.1(c), the Indenture Trustee shall not in any way be
held liable by reason of any insufficiency in any of the Trust Accounts
resulting from any loss on any Permitted Investment included therein, except
for losses attributable to the Indenture Trustee’s failure to make payments on
any such Permitted Investments issued by the Indenture Trustee in its
commercial capacity as principal obligor and not as trustee, in accordance with
their terms. 

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

          SECTION
8.4 Release of Collateral. (a)
The Indenture Trustee may if permitted by and in accordance with the terms
hereof, and when required by the provisions of this Indenture shall, execute
instruments to release property from the lien of this Indenture, or convey the
Indenture Trustee’s interest in the same, in a manner and under circumstances
that are not inconsistent with the provisions of this Indenture or such other
document. No party relying upon an instrument executed by the Indenture Trustee
as provided in this Article VIII shall be bound to ascertain the
Indenture Trustee’s authority, inquire into the satisfaction of any conditions
precedent or see to the application of any monies. 

          (b)
The Indenture Trustee shall, at such time as there are no Notes Outstanding and
all amounts due to the Indenture Trustee [and the Swap Counterparty] have been
paid pursuant to Section 6.7 (as certified by an Authorized Officer of
the Issuer in an Officer’s Certificate 

	
 

	
 

	
 

	
 

	
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delivered to
the Indenture Trustee), release any remaining portion of the Collateral that
secured the Notes from the lien of this Indenture and release to the Issuer or
any other Person entitled thereto any funds then on deposit in the Trust
Accounts. Such release shall include release of the lien of this Indenture and
transfer of dominion and control over the Trust Accounts to the Issuer or its
designee. The Indenture Trustee shall release property from the lien of this
Indenture pursuant to this Section only upon receipt of an Issuer Request
accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required
by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and
314(d)(1) meeting the applicable requirements of Section 11.1. 

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

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

ARTICLE IX SUPPLEMENTAL INDENTURES

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
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Indenture (USAA 20[  ]-[  ])

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iii)
 to add to the covenants of the Issuer, for the benefit of the Noteholders
 [and the Swap Counterparty], 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 to supplement any provision herein or in
 any supplemental indenture which may be inconsistent with any other provision
 herein or in any supplemental indenture or to make any other provisions with
 respect to matters or questions arising under this Indenture or in any
 supplemental indenture; provided,
 that such action shall not materially and adversely affect the interests of
 the Noteholders; 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

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

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

	
 

	
 

	
 

	
 

	
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affect the
treatment of the Notes as debt for federal income tax purposes, or (C) be
deemed to cause a taxable exchange of the Notes for federal income tax
purposes. 

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

          SECTION
9.2 Supplemental Indentures with Consent of
Noteholders. The Issuer and the Indenture Trustee, when authorized
by an Issuer Order, also may, with prior notice to the Rating Agencies and with
the consent of the Holders of not less than a majority of the Outstanding Note
Balance of the Controlling Class, by Act of such Holders delivered to the
Issuer and the Indenture Trustee, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Noteholders under this Indenture; provided, [that no such supplemental
indenture shall materially and adversely affect the rights or obligations of
the Swap Counterparty under this Indenture unless the Swap Counterparty shall
have consented in writing to such supplemental indenture (and such consent
shall be deemed to have been given if the Swap Counterparty does not object in
writing within ten (10) Business Days after receipt of a written request for
such consent); provided, further,] that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Note
affected thereby: 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
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Indenture (USAA 20[  ]-[  ])

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

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

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

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

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

          SECTION
9.3 Execution of Supplemental Indentures.
In executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article IX or the modifications thereby of
the trusts created by this Indenture, the Indenture Trustee shall be entitled
to receive, and subject to Sections 6.1 and 6.2, shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture and
that all conditions precedent to the execution and delivery by the Indenture
Trustee of such Supplemental Indenture have been satisfied. The Indenture
Trustee may, but shall not be obligated to, enter into any such supplemental
indenture that affects the Indenture Trustee’s own rights, duties, liabilities
or immunities under this Indenture or otherwise. 

          SECTION
9.4 Effect of Supplemental Indenture.
Upon the execution of any supplemental indenture pursuant to the provisions
hereof, this Indenture shall be and be deemed 

	
 

	
 

	
 

	
 

	
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Indenture (USAA 20[  ]-[  ])

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

ARTICLE X REDEMPTION OF NOTES

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

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

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

	
 

	
 

	
 

	
          All
 notices of redemption shall state: 

	
 

	
 

	
 

	
          (i)
 the Redemption Date; 

	
 

	
 

	
 

	
          (ii)
 the Redemption Price; 

	
 

	
 

	
 

	
 

	
45

	
Indenture (USAA 20[  ]-[  ])

	
 

	
 

	
 

	
          (iii)
 that the Record Date otherwise applicable to such Redemption Date is not
 applicable and that payments shall be made only upon presentation and
 surrender of such Notes, and the place where such Notes are to be surrendered
 for payment of the Redemption Price (which shall be the office or agency of
 the Issuer to be maintained as provided in Section 3.2); 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

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

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

ARTICLE XI MISCELLANEOUS

          SECTION
11.1 Compliance Certificates and Opinions,
etc. (a) Upon any application or request by the Issuer to the
Indenture Trustee to take any action under any provision of this Indenture, the
Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate
stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with that satisfies TIA
Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent, if any, have been complied with
that satisfies TIA Section 314(c)(2) and (iii) if required by the TIA in the
case of condition precedent compliance with which is subject to verification by
accountants, a certificate or opinion of an accountant that satisfies TIA
Section 314(c)(3), except that, in the case of any such application or request
as to which the furnishing of such documents is specifically required by any
provision of this Indenture, no additional certificate or opinion need be
furnished. 

          Every
certificate or opinion in accordance with TIA Section 314(e) with respect to
compliance with a condition or covenant provided for in this Indenture shall
include: 

	
 

	
 

	
 

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

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iii)
 a statement that, in the opinion of each such signatory, such signatory has
 made such examination or investigation as is necessary to enable such
 signatory to 

	
 

	
 

	
 

	
 

	
46

	
Indenture (USAA 20[  ]-[  ])

	
 

	
 

	
 

	
express an
 informed opinion as to whether or not such covenant or condition has been
 complied with; and 

	
 

	
 

	
 

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

          (b)
(i) Prior to the deposit of any Collateral or other property or securities with
the Indenture Trustee that is to be made the basis for the release of any
property or securities subject to the lien of this Indenture, the Issuer shall,
in addition to any obligation imposed in Section 11.1(a) or elsewhere in
this Indenture, furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of each Person signing such certificate as to
the fair value in accordance with TIA Section 314(d) (within 90 days of such
deposit) to the Issuer of the Collateral or other property or securities to be
so deposited. 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iii)
 Other than as contemplated by Section 11.1(b)(v), whenever any
 property or securities are to be released from the lien of this Indenture,
 the Issuer shall also furnish to the Indenture Trustee an Officer’s
 Certificate certifying or stating the opinion of each Person signing such
 certificate as to the fair value (within 90 days of such release) of the
 property or securities proposed to be released and stating that in the opinion
 of such Person the proposed release will not impair the security under this
 Indenture in contravention of the provisions hereof. 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
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Indenture (USAA 20[  ]-[  ])

	
 

	
 

	
 

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

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

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

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

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

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

	
 

	
 

	
 

	
 

	
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appointing any
such agent shall be sufficient for any purpose of this Indenture and (subject
to Section 6.1) conclusive in favor of the Indenture Trustee and the
Issuer, if made in the manner provided in this Section. 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

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

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

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

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

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

	
 

	
 

	
 

	
 

	
49

	
Indenture (USAA 20[  ]-[  ])

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

          SECTION
11.6 Alternate
Payment and Notice Provisions. Notwithstanding any provision of this
Indenture or any of the Notes to the contrary, the Issuer may enter into any
agreement with any Noteholder providing for a method of payment, or notice by
the Indenture Trustee or any Paying Agent to such Noteholder, that is different
from the methods provided for in this Indenture for such payments or notices, provided, that such methods are reasonable
and consented to by the Indenture Trustee (which consent shall not be
unreasonably withheld). The Issuer will furnish to the Indenture Trustee a copy
of each such agreement and the Indenture Trustee will cause payments to be made
and notices to be given in accordance with such agreements.

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

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

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

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

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

          SECTION
11.11 Benefits
of Indenture. [The Swap Counterparty shall be a third party
beneficiary to the provisions of this Indenture.]

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

          SECTION
11.13 Governing
Law. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS
OTHER THAN SECTIONS 

	
 

	
 

	
 

	
 

	
50

	
Indenture (USAA 20[  ]-[  ])

5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

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

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

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

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

	
 

	
 

	
 

	
 

	
51

	
Indenture (USAA 20[  ]-[  ])

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

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

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

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

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

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

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

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

          SECTION
11.20 Subordination of Claims.
The Issuer’s obligations under this Indenture are obligations solely of the
Issuer and will not constitute a claim against the Seller to the extent that
the Issuer does not have funds sufficient to make payment of such obligations.
In furtherance of and not in derogation of the foregoing, each of the Owner
Trustee (in its individual capacity and as the Owner Trustee), by accepting the
benefits of this Indenture, the Certificateholder, by accepting the
Certificate, and Indenture Trustee (in its individual capacity and as Indenture
Trustee), by entering into this Indenture, and each Noteholder, each Note Owner
[and the Swap Counterparty], by accepting the benefits of this Indenture,
hereby acknowledges and agrees that such Person has no right, title or interest
in or to the Other Assets of the Seller. To the extent that, notwithstanding
the agreements and provisions contained in the 

	
 

	
 

	
 

	
 

	
52

	
Indenture (USAA 20[  ]-[  ])

preceding sentence,
each of the Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner
and the Certificateholder either (i) asserts an interest or claim to, or
benefit from, Other Assets, or (ii) is deemed to have any such interest, claim
to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Person
further acknowledges and agrees that any such interest, claim or benefit in or
from Other Assets is and will be expressly subordinated to the indefeasible
payment in full, which, under the terms of the relevant documents relating to
the securitization or conveyance of such Other Assets, are entitled to be paid
from, entitled to the benefits of, or otherwise secured by such Other Assets
(whether or not any such entitlement or security interest is legally perfected
or otherwise entitled to a priority of distributions or application under
applicable law, including insolvency laws, and whether or not asserted against
the Seller), including the payment of post-petition interest on such other
obligations and liabilities. This subordination agreement will be deemed a
subordination agreement within the meaning of Section 510(a) of the Bankruptcy
Code. Each of the Indenture Trustee (in its individual capacity and as the
Indenture Trustee), by entering into or accepting this Indenture, the
Certificateholder, by accepting the Certificate, and the Owner Trustee, and
each Noteholder or Note Owner, by accepting the benefits of this Indenture,
hereby further acknowledges and agrees that no adequate remedy at law exists
for a breach of this Section and the terms of this Section may be enforced by
an action for specific performance. The provisions of this Section will be for
the third party benefit of those entitled to rely thereon and will survive the
termination of this Indenture.

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

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

          SECTION
11.23 Inspection.
The Issuer agrees that, with reasonable prior notice, it will permit any
representative of the Indenture Trustee, during the Issuer’s normal business
hours, to examine all the books of account, records, reports and other papers
of the Issuer, to make copies and extracts therefrom, to cause such books to be
audited by Independent certified public accountants, and to discuss the
Issuer’s affairs, finances and accounts with the Issuer’s officers,

	
 

	
 

	
 

	
 

	
53

	
Indenture (USAA 20[  ]-[  ])

employees, and
Independent certified public accountants, all at such reasonable times and as
often as may be reasonably requested. The Indenture Trustee shall and shall
cause its representatives to hold in confidence all such information except to
the extent disclosure may be required by law (and all reasonable applications
for confidential treatment are unavailing) and except to the extent that the
Indenture Trustee may reasonably determine that such disclosure is consistent
with its obligations hereunder. 

          SECTION
11.24 [Limitation
of Rights]. [All of the rights of the Swap Counterparty in, to and
under this Indenture or any other Transaction Document (including, but not
limited to, all of the Swap Counterparty’s rights as a third-party beneficiary
of this Indenture and all of the Swap Counterparty’s rights to receive notice
of any action hereunder or under any other Transaction Document and to give or
withhold consent to any action hereunder or under any other Transaction
Document) shall terminate upon the termination of the Interest Rate Swap
Agreement in accordance with the terms thereof and the payment in full of all
amounts owing to the Swap Counterparty under such Interest Rate Swap
Agreement.]

[Remainder of Page Intentionally Left Blank]

	
 

	
 

	
 

	
 

	
54

	
Indenture (USAA 20[  ]-[  ])

          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
 20[  ]-[  ]

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name: 

	
 

	
Title: 

	
 

	
 

	
 

	
 

	
S-1

	
Indenture (USAA 20[  ]-[  ])

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name: 

	
 

	
Title: 

	
 

	
 

	
 

	
 

	
S-2

	
Indenture (USAA 20[  ]-[  ])

SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND
COVENANTS

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

General

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

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

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

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

Creation

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

Perfection

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

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

	
 

	
 

	
 

	
 

	
I - 1

	
Indenture (USAA 20[  ]-[  ])

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

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

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

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

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

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

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

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

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

Priority

          10.
The Issuer has not authorized the filing of, and is not aware of any financing
statements against the Issuer that include a description of collateral covering
the Receivables other than any financing statement (i) relating to the
conveyance of the Receivables by the Bank to the Seller under the Purchase
Agreement, (ii) relating to the conveyance of the Receivables by the
Seller to the Issuer under the Sale and Servicing Agreement, (iii) relating
to the security interest granted to the Indenture Trustee under the Indenture
or (iv) that has been terminated. 

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

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

	
 

	
 

	
 

	
 

	
I - 2

	
Indenture (USAA 20[  ]-[  ])

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

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

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

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

Survival of Perfection Representations

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

No Waiver

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

Issuer to Maintain Perfection and Priority

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

	
 

	
 

	
 

	
 

	
I - 3

	
Indenture (USAA 20[  ]-[  ])

Exhibit A

FORMS OF NOTES

	
 

	
 

	
 

	
 

	
 

	
Indenture (USAA 20[  ]-[  ])

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

	
 

	
 

	
REGISTERED

	
$___________________1

	
No.
 R-________

	
CUSIP NO.
 ______________

	
 

	
ISIN.
 ______________

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

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

          [FOR
THE CLASS A NOTES: EACH CLASS A NOTEHOLDER, BY ITS ACCEPTANCE OF A CLASS A
NOTE (AND EACH NOTE OWNER, BY ITS ACCEPTANCE OF A BENEFICIAL INTEREST IN A
CLASS A NOTE) WILL BE DEEMED TO HAVE REPRESENTED THAT (X) IT IS NOT, AND IS NOT
ACQUIRING A CLASS A NOTE ON BEHALF OF, OR WITH “PLAN ASSETS” (AS DETERMINED
UNDER DEPARTMENT OF LABOR REGULATION §2510.3-101 (AS MODIFIED BY SECTION 3(42)
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR OTHERWISE) OF, A BENEFIT PLAN, OR ANY GOVERNMENTAL PLAN, NON-U.S. PLAN,
CHURCH PLAN OR RETIREMENT ARRANGEMENT THAT IS SUBJECT TO A LAW THAT IS SIMILAR
TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (“SIMILAR LAW”), OR (Y) ITS ACQUISITION AND HOLDING OF THE
CLASS A NOTE SATISFY THE REQUIREMENTS FOR RELIEF UNDER PROHIBITED TRANSACTION
CLASS EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE
96-23, THE SERVICE PROVIDER EXEMPTION PROVIDED UNDER SECTION 408(B)(17) OF
ERISA AND SECTION 4975(D)(20) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED,
OR A SIMILAR EXEMPTION, OR, IN THE CASE OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO
SIMILAR LAW, DOES NOT RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW.]

          [FOR
THE CLASS B NOTES: THE CLASS B NOTES MAY BE ACQUIRED ONLY IF EITHER: (A)
FOR THE ENTIRE PERIOD DURING WHICH SUCH PURCHASER OR

	
 

	

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

	
 

	
 

	
 

	
 

	
A-2

	
Indenture (USAA 20[  ]-[  ])

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

          [FOR
THE CLASS A-1 NOTES AND THE CLASS B NOTES: TRANSFERS OF THE NOTES MUST
GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE
SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.]

USAA AUTO OWNER TRUST
20[   ]-[   ]

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

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

AUTO LOAN ASSET BACKED NOTES

          USAA
Auto Owner Trust 20[  ]-[  ], a
statutory trust organized and existing under the laws of the State of Delaware
(including any successor, the “Issuer”), for value received, hereby
promises to pay to [______], or registered assigns, the principal sum of [___]
DOLLARS ($[___]), in monthly installments on the [  ] of each month, or if such
day is not a Business Day, on the immediately succeeding Business Day,
commencing on [          ]
(each, a “Payment Date”) until the principal of this Note is paid or
made available for payment, and to pay interest on each Payment Date on the
Class [A-1] [A-2] [A-3] [A-4] [B] Note Balance as of the preceding Payment Date
(after giving effect to all payments of principal made on the preceding Payment
Date), or as of the Closing Date in the case of the first Payment Date, at the
rate per annum shown above (the “Interest Rate”), in each case as and to
the extent set forth in Sections 2.7, 3.1, 5.4(b) and 8.2
of the Indenture and Section 4.4 of the Sale and Servicing Agreement; provided,

	
 

	
 

	
 

	
 

	
A-3

	
Indenture (USAA 20[  ]-[  ])

however, that the
entire Class [A-1] [A-2] [A-3] [A-4] [B] Note Balance shall be due and payable
on the earliest of (i) [___] (the “Final Scheduled Payment Date”), (ii)
the Redemption Date, if any, pursuant to Section 10.1 of the Indenture
and (iii) the date the Notes are accelerated after an Event of Default pursuant
to Section 5.2 of the Indenture. Interest on this Note will accrue for
each Payment Date from and including the preceding Payment Date (or, in the
case of the initial Payment Date, from and including the Closing Date) to but excluding
such Payment Date. Interest will be computed on the basis of [Class A-1: actual
days elapsed and a 360-day year][Class A-2, A-3, A-4 and B: a 360-day year of
twelve 30-day months]. Such principal of and interest on this Note shall be
paid in the manner specified on the reverse hereof.

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

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

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

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

Dated:
[          ],
20[  ]

	
 

	
 

	
 

	
 

	
USAA AUTO
 OWNER TRUST 20[  ]-[  ]

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
Title:

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
A-4

	
Indenture (USAA 20[  ]-[  ])

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

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

Dated:
[          ],
20[  ]

	
 

	
 

	
 

	
 

	
[                              ],

	
 

	
not in its
 individual capacity but solely as Indenture Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Authorized Signatory

	
 

	
 

	
 

	
 

	
A-5

	
Indenture (USAA 20[  ]-[  ])

[REVERSE OF NOTE]

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

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

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

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

	
 

	
 

	
 

	
 

	
A-6

	
Indenture (USAA 20[  ]-[  ])

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

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

          It
is the intent of the Seller, the Servicer, the Noteholders and the Note Owners
that, for purposes of federal, state and local income and franchise tax the
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes will qualify as indebtedness of the Issuer (except for Notes owned by the
sole owner of the Certificate or a person considered to be the same person as
such owner for U.S. federal tax purposes). The Noteholders, by acceptance of a
Note, agree to treat, and to take no action inconsistent with the treatment of,
the Notes for such tax purposes as indebtedness of the Issuer.

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

	
 

	
 

	
 

	
 

	
A-7

	
Indenture (USAA 20[  ]-[  ])

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

          This
Note and the Indenture shall be construed in accordance with the laws of the
State of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

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

	
 

	
 

	
 

	
 

	
A-8

	
Indenture (USAA 20[  ]-[  ])

ASSIGNMENT

	
 

	
 

	
 

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

	
 

	
 

	

	
 

	

	
 

	
FOR VALUE
 RECEIVED, the undersigned hereby sells,

	
assigns and
 transfers unto 

	
 

	
 

	

	
 

	
(name and address of assignee)

the within
Note and all rights thereunder, and hereby irrevocably constitutes and appoints
______________________, attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises.

	
 

	
 

	
 

	
 

	
 

	
Dated:

	
 

	
 

	
 

	
 */

	
 

	

	
 

	

	
 

	
 

	
 

	
 

	
Signature
 Guaranteed:

	
 

	
 

	
 

	

	
 

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

          */
NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular without alteration, enlargement or any change whatsoever.

	
 

	
 

	
 

	
 

	
A-9

	
Indenture (USAA 20[  ]-[  ])EXHIBIT 4.2

	
 

	
USAA Acceptance, LLC

	
 

	
Seller,

	
 

	
USAA Federal Savings Bank

	
Servicer

	
 

	
and

	
 

	

	
 

	
Trustee

	
 

	
on behalf of the Holders

	
 

	
FORM OF POOLING AND SERVICING AGREEMENT

	
 

	
Dated as of ________ __, 20__

	
 

	
USAA AUTO OWNER TRUST 20[  ]-[  ]

	
 

	
____% Asset Backed Certificates, Class A

	
 

	
____% Asset Backed Certificates, Class B

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE I

	
DEFINITIONS

	
 

	
1

	
 

	
 

	
 

	
 

	
 

	
Section 1.1

	
 

	
Definitions

	
 

	
1

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 1.2

	
 

	
Other
 Interpretative Provisions

	
 

	
19

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 1.3

	
 

	
Calculations

	
 

	
19

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 1.4

	
 

	
References

	
 

	
19

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 1.5

	
 

	
Action by or
 Consent of Holders

	
 

	
19

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE
 II  

	
THE TRUST
 PROPERTY

	
 

	
19

	
 

	
 

	
 

	
 

	
 

	
Section 2.1

	
 

	
Conveyance
 of Trust Property

	
 

	
19

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 2.2

	
 

	
Representations
 and Warranties as to Each Receivable

	
 

	
20

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 2.3

	
 

	
Representations
 and Warranties as to the Receivables in the Aggregate

	
 

	
22

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 2.4

	
 

	
Repurchase
 upon Breach

	
 

	
23

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 2.5

	
 

	
Custodian of
 Receivable Files

	
 

	
23

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE
 III 

	
ADMINISTRATION
 AND SERVICING OF TRUST PROPERTY

	
 

	
26

	
 

	
 

	
 

	
 

	
 

	
Section 3.1

	
 

	
Duties of
 Servicer

	
 

	
26

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.2

	
 

	
Collection
 of Receivable Payments

	
 

	
27

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.3

	
 

	
Realization
 upon Receivables

	
 

	
28

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.4

	
 

	
Physical
 Damage Insurance

	
 

	
28

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.5

	
 

	
Maintenance
 of Security Interests in Financed Vehicles

	
 

	
28

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.6

	
 

	
Covenants of
 Servicer

	
 

	
29

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.7

	
 

	
Purchase by
 Servicer upon Breach

	
 

	
29

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.8

	
 

	
Servicing
 Compensation

	
 

	
30

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.9

	
 

	
Servicer’s
 Report

	
 

	
30

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.10

	
 

	
Annual
 Statement as to Compliance

	
 

	
30

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.11

	
 

	
Annual
 Registered Public Accounting Firm Attestation Report

	
 

	
31

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.12

	
 

	
Access to
 Certain Documentation and Information Regarding Receivables

	
 

	
31

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.13

	
 

	
Reports to
 the Commission

	
 

	
32

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.14

	
 

	
Reports to
 the Rating Agency

	
 

	
32

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 3.15

	
 

	
Servicer
 Expenses

	
 

	
32

-i-

TABLE OF CONTENTS
(continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IV

	
DISTRIBUTIONS;
 RESERVE ACCOUNT; STATEMENTS TO HOLDERS

	
 

	
32

	
 

	
 

	
 

	
 

	
 

	
Section 4.1

	
 

	
Establishment
 of Accounts

	
 

	
32

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 4.2

	
 

	
Collections

	
 

	
33

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 4.3

	
 

	
[RESERVED]

	
 

	
34

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 4.4

	
 

	
Additional
 Deposits; Net Deposits

	
 

	
34

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 4.5

	
 

	
Distributions

	
 

	
35

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 4.6

	
 

	
Reserve
 Account

	
 

	
37

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 4.7

	
 

	
Statements
 to Holders

	
 

	
38

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE V

	
THE
 CERTIFICATES

	
 

	
40

	
 

	
 

	
 

	
 

	
 

	
Section 5.1

	
 

	
The
 Certificates

	
 

	
40

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 5.2

	
 

	
Authentication
 of Certificates

	
 

	
40

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 5.3

	
 

	
Registration
 of Transfer and Exchange of Certificates

	
 

	
40

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 5.4

	
 

	
Mutilated,
 Destroyed, Lost or Stolen Certificates

	
 

	
41

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 5.5

	
 

	
Persons
 Deemed Owners

	
 

	
41

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 5.6

	
 

	
Access to
 List of Holders’ Names and Addresses

	
 

	
41

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 5.7

	
 

	
Maintenance
 of Office or Agency

	
 

	
42

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 5.8

	
 

	
Book Entry
 Certificates

	
 

	
42

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 5.9

	
 

	
Notices to
 Clearing Agency

	
 

	
43

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 5.10

	
 

	
Definitive
 Certificates

	
 

	
43

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VI

	
SELLER

	
 

	
44

	
 

	
 

	
 

	
 

	
 

	
Section 6.1

	
 

	
Representations
 and Warranties of Seller

	
 

	
44

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 6.2

	
 

	
Merger or
 Consolidation of, or Assumption of the Obligations of, Seller

	
 

	
45

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 6.3

	
 

	
Limitation
 on Liability of Seller and Others

	
 

	
46

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VII

	
SERVICER

	
 

	
46

	
 

	
 

	
 

	
 

	
 

	
Section 7.1

	
 

	
Representations
 and Warranties of Servicer

	
 

	
46

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 7.2

	
 

	
Indemnities
 of Servicer

	
 

	
47

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 7.3

	
 

	
Merger or
 Consolidation of or Assumption of the Obligations of Servicer

	
 

	
48

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 7.4

	
 

	
Limitation
 on Liability of Servicer and Others

	
 

	
49

-ii-

TABLE OF CONTENTS
(continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 7.5

	
 

	
Bank Not To
 Resign as Servicer

	
 

	
49

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 7.6

	
 

	
Servicer May
 Own Certificates

	
 

	
49

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 7.7

	
 

	
Existence

	
 

	
50

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VIII

	
SERVICING
 TERMINATION

	
 

	
50

	
 

	
 

	
 

	
 

	
 

	
Section 8.1

	
 

	
Servicer
 Termination Events

	
 

	
50

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 8.2

	
 

	
Trustee to
 Act; Appointment of Successor Servicer

	
 

	
52

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 8.3

	
 

	
Effect of
 Servicing Transfer

	
 

	
52

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 8.4

	
 

	
Notification
 to Holders

	
 

	
53

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 8.5

	
 

	
Waiver of
 Past Servicer Termination Events

	
 

	
53

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 8.6

	
 

	
Transfer of
 Accounts

	
 

	
53

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IX

	
TRUSTEE

	
 

	
54

	
 

	
 

	
 

	
 

	
 

	
Section 9.1

	
 

	
Acceptance
 by Trustee

	
 

	
54

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.2

	
 

	
Duties of
 Trustee

	
 

	
54

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.3

	
 

	
Trustee’s
 Certificate

	
 

	
55

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.4

	
 

	
Trustee’s
 Assignment of Purchased Receivables

	
 

	
55

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.5

	
 

	
Certain
 Matters Affecting Trustee

	
 

	
56

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.6

	
 

	
Trustee Not
 Liable for Certificates or Receivables

	
 

	
57

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.7

	
 

	
Trustee May
 Own Certificates

	
 

	
59

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.8

	
 

	
Trustee’s
 Fees and Expenses

	
 

	
59

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.9

	
 

	
Eligibility
 Requirements for Trustee

	
 

	
59

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.10

	
 

	
Resignation
 or Removal of Trustee

	
 

	
59

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.11

	
 

	
Successor
 Trustee

	
 

	
60

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.12

	
 

	
Merger or
 Consolidation of or Assumption of Obligations of Trustee

	
 

	
61

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.13

	
 

	
Appointment
 of Co-Trustee or Separate Trustee

	
 

	
61

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.14

	
 

	
Representations
 and Warranties of Trustee

	
 

	
62

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.15

	
 

	
Reports by
 Trustee

	
 

	
63

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.16

	
 

	
Tax Returns

	
 

	
63

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 9.17

	
 

	
Trustee May
 Enforce Claims Without Possession of Certificates

	
 

	
63

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE X

	
TERMINATION

	
 

	
64

-iii-

TABLE OF CONTENTS
(continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 10.1

	
 

	
Termination
 of the Trust

	
 

	
64

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 10.2

	
 

	
Optional
 Purchase of All Receivables

	
 

	
65

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE XI

	
MISCELLANEOUS
 PROVISIONS

	
 

	
65

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 11.1

	
 

	
Amendment

	
 

	
65

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 11.2

	
 

	
Protection
 of Title to Trust Property

	
 

	
66

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 11.3

	
 

	
Limitation
 on Rights of Holders

	
 

	
68

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 11.4

	
 

	
Governing
 Law

	
 

	
69

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 11.5

	
 

	
Notices

	
 

	
69

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 11.6

	
 

	
Severability
 of Provisions

	
 

	
69

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 11.7

	
 

	
Assignment

	
 

	
69

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 11.8

	
 

	
Certificates
 Nonassessable and Fully Paid

	
 

	
69

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 11.9

	
 

	
Intention of
 Parties

	
 

	
70

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section
 11.10

	
Counterparts

	
 

	
70

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section
 11.11

	
Further
 Assurances

	
 

	
70

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section
 11.12

	
No Waiver;
 Cumulative Remedies

	
 

	
70

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section
 11.13

	
Regulation
 AB

	
 

	
70

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section
 11.14

	
Information
 to Be Provided by Trustee

	
 

	
71

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section
 11.15

	
Form 8-K
 Filings

	
 

	
72

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section
 11.16

	
Indemnification

	
 

	
72

-iv-

SCHEDULE

	
 

	
 

	
 

	
 

	
 

	
 

	
SCHEDULE A

	
LOCATION OF
 RECEIVABLE FILES

	
 

	
S-1

	
 

	
 

	
 

	
 

	
 

	
 

	
EXHIBITS

	
 

	
 

	
 

	
 

	
 

	
 

	
EXHIBIT A

	
FORM OF
 CLASS A CERTIFICATE

	
 

	
A-1

	
EXHIBIT B

	
FORM OF
 CLASS B CERTIFICATE

	
 

	
B-1

	
EXHIBIT C

	
FORM OF
 SERVICER’S REPORT

	
 

	
C-1

	
EXHIBIT D

	
SERVICING
 CRITERIA

	
 

	
D-1

	
EXHIBIT E

	
FORM OF
 TRUSTEE’S ANNUAL CERTIFICATION

	
 

	
E-1

	
EXHIBIT F

	
FORM OF
 TRUSTEE’S ANNUAL CERTIFICATION REGARDING ITEM 1117 AND ITEM 1119 OF
 REGULATION AB

	
 

	
F-1

                    POOLING
AND SERVICING AGREEMENT dated as of ____________, 20__, between USAA
Acceptance, LLC, a Delaware limited liability company, as Seller, USAA Federal
Savings Bank (“Bank”), a federally chartered savings association, as
Servicer, and __________, a ______________________, as trustee hereunder.

                    In
consideration of the premises and of the mutual agreements herein contained,
and other good and valuable consideration, the receipt of which is
acknowledged, the parties hereto, intending to be legally bound, agree as
follows:

ARTICLE I

DEFINITIONS

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

                    
“Accounts” means collectively the Collection Account, the Class A
Distribution Account, the Class B Distribution Account and the Payahead
Account.

                    
“Account Property” means all amounts and investments held from time to
time in any Account or the Reserve Account, as the case may be (whether in the
form of deposit accounts, instruments, certificated securities, book entry
securities, uncertificated securities or otherwise), and all proceeds of the
foregoing.

                    
“Actuarial Receivable” means a Receivable that provides for (i)
amortization of the loan over a series of fixed level payment monthly
installments and (ii) each monthly installment, including the monthly
installment representing the final payment on the Receivable, to consist of an
amount of interest equal to 1/12 of the Contract Rate of the loan multiplied by
the unpaid principal balance of the loan, and an amount of principal equal to
the remainder of the monthly installment.

                    
“Acquired Receivable” means a Receivable acquired by Transferor through
a bulk purchase of Receivables or the acquisition of a financial institution
that owned the Receivable.

                    
“Additional Servicing” means, for each Distribution Date, an amount
equal to the lesser of (i) the amount by which (A) the aggregate amount of the
Servicing Fee for such Distribution Date and all prior Distribution Dates
exceeds (B) the aggregate amount of Additional Servicing paid to Servicer on
all prior Distribution Dates and (ii) the amount, if any, by which (A) the sum
of Available Interest and Available Principal for such Distribution Date exceed
(B) the sum, without duplication of (x) the Servicing Fee paid on such
Distribution Date with respect to the related Collection Period and any accrued
and unpaid Servicing Fee for prior Collection Periods, (y) all amounts required
to be distributed to the Holders on such Distribution Date and (z) the amount,
if any, deposited in the Reserve Account on such Distribution Date.

                    
“Administration Agreement” means the Administration Agreement dated as
of _______, 20__ by and among the Trust, the Administrator and the Indenture
Trustee as amended, restated and otherwise modified from time to time

                    
“Administrator” means Bank in its capacity as administrator of the Trust
under the Administration Agreement, and any successor thereto.

                    
“Affiliate” means, with respect to any specified Person, any other
Person controlling, controlled by or under 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. A Person shall not be
deemed to be an Affiliate of any specified Person solely because such other
Person has the contractual right or obligation to manage such specified Person
or act as servicer with respect to the financial assets of such specified
Person unless such other Person controls the specified Person through equity
ownership or otherwise.

                    
“Agreement” means this Pooling and Servicing Agreement, including its
schedules and exhibits, as amended, modified or supplemented from time to time.

                    
“Authorized Officer” means any officer within the Corporate Trust Office
of Trustee, including any vice president, assistant vice president, secretary,
assistant secretary or any other officer of Trustee customarily performing
functions similar to those performed by any of the above designated officers
and also, with respect to a particular matter, any other officer to whom such
matter is referred because of such officer’s knowledge of and familiarity with
the particular subject.

                    
“Available Interest” means, for any Distribution Date, the sum of the
following amounts for the related Collection Period: (a) that portion of the
Collections on the Receivables received during the such Collection Period that
is allocable to interest in accordance with Servicer’s customary servicing
procedures, (b) all Liquidation Proceeds received during the related Collection
Period and (c) the Purchase Amounts, to the extent allocable to accrued
interest, of all Receivables that are purchased by Servicer as of the last day
of the related Collection Period. “Available Interest” for any Distribution
Date shall exclude all payments and proceeds of any Receivables the Purchase
Amount of which has been distributed on a prior Distribution Date.

                    
“Available Principal” means, for any Distribution Date the sum of the
following amounts with respect to the related Collection Period: (a) that
portion of all Collections on the Receivables received during such Collection
Period that is allocable to principal in accordance with Servicer’s customary
servicing procedures; and (b) the Purchase Amounts, to the extent attributable
to principal, of all Receivables purchased by Servicer as of the last day of
the related Collection Period. “Available Principal” on any Distribution Date
shall exclude all payments and proceeds of any Receivables the Purchase Amount
of which has been distributed on a prior Distribution Date.

                    
“Available Reserve Amount” is defined in Section 4.6.

2

                    
“Book Entry Certificate” means beneficial interests in the definitive
Certificates described in Section 5.8, the ownership of which shall be
evidenced, and transfers of which shall be made, through book entries by a
Clearing Agency as described in Section 5.8.

                    
“Business Day” means a day that is not a Saturday or a Sunday and that
in the States of New York, Illinois, Texas and the State in which the Corporate
Trust Office is located is neither a legal holiday nor a day on which banking
institutions are authorized by law, regulation or executive order to be closed.

                    
“Certificate” means any Class A Certificate or Class B Certificate.

                    
“Certificate Owner” means, with respect to a Book Entry Certificate, the
Person who is the owner of such Book Entry Certificate, as reflected on the
books of the Clearing Agency, or on the books of a Person maintaining an
account with such Clearing Agency (directly or as an indirect participant, in
accordance with the rules, regulations and procedures of such Clearing Agency).

                    
“Certificate Register” means the register maintained by Trustee for the
registration of Certificates and of transfers and exchanges of Certificates as
provided in Section 5.3.

                    
“Class A Certificate” means a certificate executed by Trustee on behalf
of the Trust and authenticated by Trustee substantially in the form of Exhibit
A.

                    
“Class A Certificate Balance” means, at any time, the original Class A
Certificate Balance, as reduced by all amounts allocable to principal on the
Class A Certificates distributed to Class A Holders prior to such time.

                    
“Class A Certificate Rate” means ____% per annum, calculated on the
basis of a 360-day year consisting of twelve 30-day months.

                    
“Class A Distribution Account” means the account established, maintained
and designated as the “Class A Distribution Account” pursuant to Section 4.1.

                    
“Class A Holder” means the Person in whose name a Class A Certificate is
registered in the Certificate Register, except that, solely for the purpose of
giving any consent, request or waiver pursuant to this Agreement, the interest
evidenced by any Class A Certificate registered in the name of the Transferor,
Servicer, or any Person actually known to an Authorized Officer of Trustee to
be an Affiliate, the Transferor, or Servicer, shall not be taken into account
in determining whether the requisite percentage necessary to effect any such
consent, request or waiver shall have been obtained.

                    
“Class A Interest Carryover Shortfall” means, (a) with respect to the
initial Distribution Date, zero, and (b) with respect to any other Distribution
Date, the excess of Class A Monthly Interest for the preceding Distribution
Date and any outstanding Class A Interest Carryover Shortfall on such preceding
Distribution Date, over the amount in respect of interest that is actually
deposited in the Class A Distribution Account on such preceding Distribution
Date, plus 30 days of interest on such excess, to the extent permitted by law,
in an amount equal 

3

to the product
of one-twelfth multiplied by the Class A Certificate Rate multiplied by the
amount of such excess.

                    
“Class A Interest Distributable Amount” means, with respect to any
Distribution Date, the sum of (a) the Class A Monthly Interest for such
Distribution Date and (b) the Class A Interest Carryover Shortfall for such
Distribution Date.

                    
“Class A Monthly Interest” means, for any Distribution Date, an amount
equal to one-twelfth (or the actual number of days from and including the
Closing Date to but excluding _____________, 20__ divided by 360, for the
initial Distribution Date) of the Class A Certificate Rate multiplied by the
Class A Certificate Balance as of the close of business on the immediately
preceding Distribution Date, after giving effect to all payments of principal
to the Class A Certificates on or prior to such Distribution Date (or, in the
case of the first Distribution Date, the Original Class A Certificate Balance).

                    
“Class A Monthly Principal” means, with respect to any Distribution
Date, the Class A Percentage of Available Principal for such Distribution Date
plus the Class A Percentage of Realized Losses with respect to the related
Collection Period.

                    
“Class A Percentage” means _____%.

                    
“Class A Pool Factor” means, with respect to any Distribution Date, the
Class A Certificate Balance as of the close of business on such Distribution
Date (after giving effect to any payments to be made on such Distribution Date)
divided by the Original Class A Certificate Balance, expressed as a seven-digit
decimal.

                    
“Class A Principal Carryover Shortfall” means, as of the close of
business on any Distribution Date, the excess of Class A Monthly Principal for
such Distribution Date and any outstanding Class A Principal Carryover
Shortfall from the preceding Distribution Date over the amount in respect of
principal that is actually deposited in the Class A Distribution Account on
such Distribution Date.

                    
“Class A Principal Distributable Amount” means, with respect to any
Distribution Date, the sum of Class A Monthly Principal for such Distribution
Date and, in the case of any Distribution Date other than the initial
Distribution Date, the Class A Principal Carryover Shortfall as of the close of
business on the preceding Distribution Date; provided that the Class A
Principal Distributable Amount shall not exceed the Class A Certificate Balance
prior to such Distribution Date. In addition, on the Final Scheduled
Distribution Date, the Class A Principal Distributable Amount shall include, to
the extent not included under the preceding sentence, the amount that is
necessary (after giving effect to the other amounts to be deposited in the
Class A Distribution Account on such Distribution Date and allocable to
principal) to reduce the Class A Certificate Balance to zero.

                    
“Class B Certificate” means a certificate executed by Trustee on behalf
of the Trust and authenticated by Trustee substantially in the form of Exhibit
B.

4

                    
“Class B Certificate Balance” means, at any time, the Original Class B
Certificate Balance, as reduced by all amounts allocable to principal on the
Class B Certificates distributed to Class B Holders prior to such time.

                    “Class
B Certificate Owner” means, with respect to a Book Entry Certificate
representing a beneficial interest in the Class B Certificates, the Person who
is the owner of such Book Entry Certificate, as reflected on the books of the
Clearing Agency, or on the books of a Person maintaining an account with such
Clearing Agency (directly or as an indirect participant in accordance with the
rules, regulations and procedures of such Clearing Agency).

                    
“Class B Certificate Rate” means ____% per annum, calculated on the
basis of a 360-day year consisting of twelve 30-day months.

                    
“Class B Distribution Account” means the account established, maintained
and designated as the “Class B Distribution Account” pursuant to Section 4.1.

                    
“Class B Holder” means the Person in whose name a Class B Certificate is
registered in the Certificate Register, except that, solely for the purpose of
giving any consent, request or waiver pursuant to this Agreement, the interest
evidenced by any Class B Certificate registered in the name of the Transferor,
Servicer, or any Person actually known to an Authorized Officer of Trustee to
be an Affiliate of the Transferor or Servicer, shall not be taken into account
in determining whether the requisite percentage necessary to effect any such
consent, request or waiver shall have been obtained.

                    
“Class B Interest Carryover Shortfall” means, (a) with respect to the
initial Distribution Date, zero, and (b) with respect to any other Distribution
Date, the excess of Class B Monthly Interest for the preceding Distribution
Date and any outstanding Class B Interest Carryover Shortfall on such preceding
Distribution Date, over the amount in respect of interest that is actually
deposited in the Class B Distribution Account on such preceding Distribution
Date, plus 30 days of interest on such excess, to the extent permitted by law,
in an amount equal to the product of one-twelfth multiplied by the Class B
Certificate Rate multiplied by the amount of such excess.

                    
“Class B Interest Distributable Amount” means, with respect to any
Distribution Date, the sum of (a) the Class B Monthly Interest for such
Distribution Date and (b) the Class B Interest Carryover Shortfall for such
Distribution Date.

                    
“Class B Monthly Interest” means, for any Distribution Date, an amount
equal to one-twelfth (or the actual number of days from and including the
Closing Date to but excluding __________, 20__ divided by 360, for the initial
Distribution Date) of the Class B Certificate Rate multiplied by the Class B
Certificate Balance as of the close of business on the immediately preceding
Distribution Date, after giving effect to all payments of principal to the
Class B Certificates on or prior to such Distribution Date (or, in the case of
the first Distribution Date, the Certificate Balance on the Closing Date).

                    
“Class B Monthly Principal” means, with respect to any Distribution
Date, the Class B Percentage of Available Principal for such Distribution Date
plus the Class B Percentage of Realized Losses with respect to the related
Collection Period.

5

                    
“Class B Percentage” means __%.

                    
“Class B Pool Factor” means, with respect to any Distribution Date, the
Class B Certificate Balance as of the close of business on such Distribution
Date (after giving effect to any payments to be made on such Distribution Date)
divided by the Original Class B Certificate Balance, expressed as a seven-digit
decimal.

                    
“Class B Principal Carryover Shortfall” means, as of the close of
business on any Distribution Date, the excess of Class B Monthly Principal for
such Distribution Date and any outstanding Class B Principal Carryover
Shortfall from the preceding Distribution Date over the amount in respect of
principal that is actually deposited in the Class B Distribution Account on
such Distribution Date.

                    “Class
B Principal Distributable Amount” means, with respect to any Distribution
Date, the sum of Class B Monthly Principal for such Distribution Date and, in
the case of any Distribution Date other than the initial Distribution Date, the
Class B Principal Carryover Shortfall as of the close of business on the
preceding Distribution Date; provided that the Class B Principal
Distributable Amount shall not exceed the Class B Certificate Balance prior to
such Distribution Date. In addition, on the Final Scheduled Distribution Date,
the Class B Principal Distributable Amount shall include, to the extent not
included under the preceding sentence, the amount that is necessary (after
giving effect to the other amounts to be deposited in the Class B Distribution
Account on such Distribution Date and allocable to principal) to reduce the Class
B Certificate Balance to zero.

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

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

                    
“Closing Date” means the date of the initial issuance of the
Certificates hereunder.

                    
“Code” means the Internal Revenue Code of 1986, as amended, modified or
supplemented from time to time, and any successor law thereto, and the Treasury
Regulations promulgated thereunder.

                    
“Collection Account” means the segregated account or accounts
established, maintained and designated as the “Collection Account” pursuant to Section
4.1.

                    
“Collection Period” means, (a) in the case of the initial Collection
Period, the period from [but not including] the Cutoff Date to and including
___________ __, 20__ and (b) thereafter, each calendar month during the term of
this Pooling and Servicing Agreement. With respect to any Determination Date,
Deposit Date or Distribution Date, the “related Collection Period” means the
Collection Period preceding the month in which such Determination Date, Deposit
Date or Distribution Date occurs.

6

                    
“Collections” means all collections on the Receivables and any proceeds
from Insurance Policies and lender’s single interest insurance policies.

                    
“Commission” means the Securities and Exchange Commission.

                    
“Contract Rate” means, with respect to a Receivable, the rate per annum
of interest charged on the outstanding principal balance of such Receivable.

                    
“Corporate Trust Office” means the principal office of Trustee at which
at any particular time its corporate trust business shall be administered,
which office at date of execution of this Agreement is located at ____________,
Attention: ______________, Telephone: _______________, Facsimile:
________________ or at such other address as Trustee may designate from time to
time by notice to the Holders, the Transferor, Seller and Servicer, or the
principal corporate trust office of any successor Trustee (the address of which
the successor Trustee will notify the Holders, the Transferor, Seller and
Servicer).

                    
“Custodian” means Servicer in its capacity as agent of the Trustee, as
custodian of the Receivable Files and the Transferor acting as agent for
Servicer for the purpose of maintaining custody of the Receivables Files.

                    
“Cutoff Date” means the [opening] of business on ___________ __, 20___.

                    
“Cutoff Date Principal Balance” means, with respect to any Receivable,
the Initial Principal Balance of such Receivable minus the sum of the portion
of all payments received under such Receivable from or on behalf of the related
Obligor on or prior to the Cutoff Date and allocable to principal in accordance
with the terms of the Receivable.

                    
“Dealer” means, with respect to any Receivable, the seller of the
related Financed Vehicle.

                    
“Dealer Agreement” means an agreement between an Originator and a Dealer
pursuant to which such Originator acquires Motor Vehicle Loans from the Dealer
or gives such Dealer the right to induce persons to apply to such Originator
for loans in connection with the retail sale of Motor Vehicles by such Dealer.

                    
“Dealer Recourse” means, with respect to any Dealer, any rights and
remedies against such Dealer under the related Dealer Agreement (other than
with respect to any breach of representation or warranty thereunder) with
respect to credit losses on a Receivable secured by a Financed Vehicle sold by
such Dealer.

                    
“Defaulted Receivable” means, with respect to any Collection Period, a
Receivable (other than a Purchased Receivable) which Servicer has determined to
charge off during such Collection Period in accordance with its customary
servicing practices; provided that any Receivable which
Servicer is obligated to repurchase or purchase shall be deemed to have become
a Defaulted Receivable during a Collection Period if Servicer fails to deposit
the related Purchase Amount on the related Deposit Date when due.

                    
“Definitive Certificates” is defined in Section 5.8.

7

                    
“Delivery” when used with respect to Account Property means:

	
 

	
 

	
 

	
          (A)
 with respect to bankers’ acceptances, commercial paper, negotiable
 certificates of deposit and other obligations that constitute “instruments”
 within the meaning of Section 9-102(47) of the UCC and are susceptible of
 physical delivery, transfer thereof to Trustee or its nominee or custodian by
 physical delivery to Trustee or its nominee or custodian endorsed to, or
 registered in the name of, Trustee or its nominee or custodian or endorsed in
 blank, and, with respect to a “certificated security” (as defined in Section
 8-102 of the UCC) transfer thereof (i) by delivery of such certificated
 security endorsed to, or registered in the name of, Trustee or its nominee or
 custodian or endorsed in blank to a “financial intermediary” (as defined in
 Section 8-313 of the UCC) and the making by such financial intermediary of
 entries on its books and records identifying such certificated securities as
 belonging to Trustee or its nominee or custodian and the sending by such
 financial intermediary of a confirmation of the purchase of such certificated
 security by Trustee or its nominee or custodian, or (ii) by delivery thereof
 to a “clearing corporation” (as defined in Section 8-102(3) of the UCC) and
 the making by such clearing corporation of appropriate entries on its books
 reducing the appropriate securities account of the transferor and increasing
 the appropriate securities account of a financial intermediary by the amount
 of such certificated security, the identification by the clearing corporation
 of the certificated securities for the sole and exclusive account of the
 financial intermediary, the maintenance of such certificated securities by
 such clearing corporation or a “custodian bank” (as defined in Section 8-102(4)
 of the UCC) or the nominee of either subject to the clearing corporation’s
 exclusive control, the sending of a confirmation by the financial
 intermediary of the purchase by Trustee or its nominee or custodian of such
 securities and the making by such financial intermediary of entries on its
 books and records identifying such certificated securities as belonging to
 Trustee or its nominee or custodian (all of the foregoing, “Physical
 Property”), and, in any event, any such Physical Property in registered form
 shall be in the name of Trustee or its nominee or custodian; and such
 additional or alternative procedures as may hereafter become appropriate to
 effect the complete transfer of ownership of any such Account Property to
 Trustee or its nominee or custodian, consistent with changes in applicable
 law or regulations or the interpretation thereof;

	
 

	
 

	
 

	
          (B)
 with respect to any securities issued by the U.S. Treasury, the Federal Home
 Loan Mortgage Corporation or by the Federal National Mortgage Association
 that is a book-entry security held through the Federal Reserve System
 pursuant to Federal book-entry regulations, the following procedures, all in
 accordance with applicable law, including applicable Federal regulations and
 Articles 8 and 9 of the UCC: book-entry registration of such Account Property
 to an appropriate book-entry account maintained with a Federal Reserve Bank
 by a financial intermediary which is also a “depository” pursuant to
 applicable Federal regulations and issuance by such financial intermediary of
 a deposit advice or other written confirmation of such book-entry
 registration to Trustee or its nominee or custodian of the purchase by
 Trustee or its nominee or custodian of

8

	
 

	
 

	
 

	
such
 book-entry securities; the making by such financial intermediary of entries
 in its books and records identifying such book entry security held through
 the Federal Reserve System pursuant to Federal book-entry regulations as
 belonging to Trustee or its nominee or custodian and indicating that such
 custodian holds such Account Property solely as agent for Trustee or its
 nominee or custodian; and such additional or alternative procedures as may
 hereafter become appropriate to effect complete transfer of ownership of any
 such Account Property to Trustee or its nominee or custodian, consistent with
 changes in applicable law or regulations or the interpretation thereof; and

	
 

	
 

	
 

	
          (C)
 with respect to any item of Account Property that is an uncertificated
 security under Article 8 of the UCC and that is not governed by clause (b)
 above, registration on the books and records of the issuer thereof in the
 name of the financial intermediary, the sending of a confirmation by the
 financial intermediary of the purchase by Trustee or its nominee or custodian
 of such uncertificated security, the making by such financial intermediary of
 entries on its books and records identifying such uncertificated certificates
 as belonging to Trustee or its nominee or custodian.

                    
“Deposit Date” means, with respect to any Collection Period, the
Business Day preceding the related Distribution Date.

                    
“Depository Agreement” means the agreement among Seller, Servicer,
Trustee and the initial Clearing Agency, dated the Closing Date.

                    
“Determination Date” with respect to any Collection Period, means the
tenth day of the calendar month following such Collection Period (or, if the
tenth day is not a Business Day, the next succeeding Business Day).

                    
“Direct Loan” means motor vehicle promissory notes and security
agreements executed by an Obligor in favor of a motor vehicle lender.

                    
“Distribution Date” means the _____ day of each month (or, if the ___
day is not a Business Day, the next succeeding Business Day), commencing
_______ __, 20__.

                    
“Dollar” and the sign “$” mean lawful money of the United States.

                    
“Eligible Deposit Account” means either (a) a segregated account with an
Eligible Institution or (b) a segregated trust account with the corporate trust
department of a depository institution organized under the laws of the United
States of America or any one of the states thereof or the District of Columbia
(or any domestic branch of a foreign bank), having corporate trust powers and
acting as trustee for funds deposited in such account, so long as the long-term
unsecured debt of such depository institution shall have a credit rating from
each Rating Agency in one of its generic rating categories which signifies
investment grade. Any such accounts (other than the Reserve Account) may be
maintained with ______________, or any of its Affiliates, if such accounts meet
the requirements described in clause (a) of the preceding sentence.

9

                    
“Eligible Institution” means a depository institution (which may be
Servicer or any Affiliate of Servicer or Trustee) organized under the laws of
the United States of America or any one of the states thereof or the District
of Columbia (or any domestic branch of a foreign bank), which (a) has (i)
either a long-term senior unsecured debt rating of AA or a short-term senior
unsecured debt or certificate of deposit rating of A-1+ or better by S&P and
(ii) (A) a short-term senior unsecured debt rating of A-1 or better by S&P
and (B) a short-term senior unsecured debt rating of P-1 or better by Moody’s,
or any other long-term, short-term or certificate of deposit rating acceptable
to the Rating Agencies and (b) whose deposits are insured by the Federal
Deposit Insurance Corporation. If so qualified, Servicer, any Affiliate of
Servicer or Trustee may be considered an Eligible Institution.

                    
“Eligible Investments” shall mean any one or more of the following types
of investments:

	
 

	
 

	
 

	
          (A)
 direct obligations of, and obligations fully guaranteed as to timely payment
 by, the United States of America;

	
 

	
 

	
 

	
          (B)
 demand deposits, time deposits or certificates of deposit of any depository
 institution (including any Affiliate of the Transferor, Seller, Trustee or
 any Affiliate of the Trustee) or trust company incorporated under the laws of
 the United States of America or any state thereof or the District of Columbia
 (or any domestic branch of a foreign bank) and subject to supervision and
 examination by Federal or state banking or depository institution authorities
 (including depository receipts issued by any such institution or trust
 company as custodian with respect to any obligation referred to in clause
 (a) above or a portion of such obligation for the benefit of the holders
 of such depository receipts); provided that at the time of the
 investment or contractual commitment to invest therein (which shall be deemed
 to be made again each time funds are reinvested following each Distribution
 Date), the commercial paper or other short-term senior unsecured debt
 obligations (other than such obligations the rating of which is based on the
 credit of a Person other than such depository institution or trust company)
 of such depository institution or trust company shall have a credit rating
 from S&P of A-1+ and from Moody’s of P-1;

	
 

	
 

	
 

	
          (C)
 commercial paper (including commercial paper of any Affiliate of the
 Transferor Seller) having, at the time of the investment or contractual
 commitment to invest therein, a rating from S&P of A-1+ and from Moody’s
 of P-1;

	
 

	
 

	
 

	
          (D)
 investments in money market funds (including funds for which Trustee or any
 of its Affiliates or any of Seller’s or Transferor’s Affiliates is investment
 manager or advisor) having a rating from S&P of AAA-m or AAAm-and from
 Moody’s of Aaa;

	
 

	
 

	
 

	
          (E)
 bankers’ acceptances issued by any depository institution or trust company
 referred to in clause (b) above;

10

	
 

	
 

	
 

	
           (F)
 repurchase obligations with respect to any security that is a direct
 obligation of, or fully guaranteed by, the United States of America or any
 agency or instrumentality thereof the obligations of which are backed by the
 full faith and credit of the United States of America, in either case entered
 into with a depository institution or trust company (acting as principal)
 referred to in clause (b) above; and

	
 

	
 

	
 

	
          (G)
 any other investment with respect to which each Rating Agency has provided
 written notice that such investment would not cause such Rating Agency to
 downgrade or withdraw its then current rating on the Class A Certificates or
 the Class B Certificates.

                    “Eligible
Servicer” means a Person which, at the time of its appointment as Servicer,
(a) has a net worth of not less than $50,000,000, (b) is servicing a portfolio
of motor vehicle retail installment sales contracts and/or motor vehicle loans,
(c) is legally qualified, and has the capacity, to service the Receivables, (d)
has demonstrated the ability to service a portfolio of motor vehicle loans
similar to the Receivables professionally and competently in accordance with
standards of skill and care that are consistent with prudent industry standards,
and (e) is qualified and entitled to use pursuant to a license or other written
agreement, and agrees to maintain the confidentiality of, the software which
Servicer uses in connection with performing its duties and responsibilities
under this Agreement or obtains rights to use, or develops at its own expense,
software which is adequate to perform its duties and responsibilities under
this Agreement.

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

                    
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

                    
“Final Scheduled Distribution Date” means the _______ __ Distribution
Date.

                    
“Final Scheduled Maturity Date” means the last day of the Collection
Period immediately preceding the Collection Period during which the Final
Scheduled Distribution Date falls.

                    
“Financed Vehicle” means, with respect to a Receivable, the Motor
Vehicle, together with all accessories and accessions thereto, securing or
purporting to secure the indebtedness under such Receivable.

                    
“Fitch” means Fitch, Inc., or any successor that is a nationally
recognized statistical rating organization.

                    
“GAAP” is defined in Section 11.1(c).

                    
“Holder” means the Person in whose name a Certificate is registered in
the Certificate Register, except that, solely for the purpose of giving any
consent, request or waiver pursuant to this Agreement, the interest evidenced
by any Certificate registered in the name of the Transferor, Servicer or any
Person actually known to an Authorized Officer of Trustee to be 

11

an Affiliate
of the Transferor or Servicer, shall not be taken into account in determining
whether the requisite percentage necessary to effect any such consent, request
or waiver shall have been obtained.

                    
“Initial Principal Balance” means, in respect of a Receivable, the
amount advanced under the Receivable toward the purchase price of the Financed
Vehicle and related costs, including accessories, service and warranty
contracts, insurance premiums, other items customarily financed as part of
retail motor vehicle loans and/or retail installment sales contracts and other fees
charged by the Transferor or Dealer and included in the amount to be financed,
the total of which is shown as the initial principal balance in the note and
security agreement or retail installment sale contract evidencing and securing
such Receivable.

                    
“Insurance Policies” means, all credit life and disability insurance
policies maintained by the Obligors and all Physical Damage Insurance Policies.

                    
“Item 1117 Disclosure Item” means with respect to any Person, (a) any
legal proceedings pending against such Person or of which any property of such
Person is then subject, or (b) any governmental proceeding known to be
contemplated by governmental authorities against such Person or of which any
property of such Person would be subject, in each case that would be material
to the Certificateholders.

                    
“Item 1119 Party” means Seller, Bank, Servicer, Trustee, any underwriter
of the Certificates and any other material transaction party identified by
Seller or Bank to Trustee in writing.

                    
“Lien” means a security interest, lien, charge, pledge, preference,
participation interest or encumbrance of any kind, other than liens for taxes
not yet due and payable, mechanics’ or materialmen’s liens and other liens for
work, labor or materials, and any other liens that may attach by operation of
law.

                    
“Liquidation Proceeds” means, with respect to any Receivable which has
become a Defaulted Receivable, (a) insurance proceeds received by Servicer with
respect to the Insurance Policies, (b) amounts received by Servicer in
connection with such Defaulted Receivable pursuant to the exercise of rights
under that Receivable and (c) the monies collected by Servicer (from whatever
source, including proceeds of a sale of a Financed Vehicle or a deficiency
balance recovered after the charge-off of the related Receivable or as a result
of any Dealer Recourse) on such Defaulted Receivable net of any expenses
incurred by Servicer in connection therewith and any payments required by law
to be remitted to the Obligor.

                    
“Majority Holders” means Holders of Certificates evidencing not less
than a majority of the aggregate outstanding principal balance of the Class A
Certificates and the Class B Certificates taken together as a single class.

                    
“Minimum Specified Reserve Balance” with respect to any Distribution
Date means the lesser of (i) $______ and (ii) the aggregate outstanding Class A
Certificate Balance and Class B Certificate Balance (after giving effect to any
distributions on the Certificates on such Distribution Date).

12

                    
“Moody’s” means Moody’s Investors Service, Inc., or any successor that
is a nationally recognized statistical rating organization.

                    
“Motor Vehicle” means a new or used automobile or light duty truck.

                    
“Motor Vehicle Loan” means a Direct Loan or retail installment sales
contract secured by a Motor Vehicle originated by the Transferor or another
financial institution.

                    
“Obligor” means, with respect to a Receivable, the borrower or
co-borrowers under the related Receivable and any co-signer of the Receivable
or other Person who owes or may be primarily or secondarily liable for payments
under such Receivable.

                    
“Officer’s Certificate” means a certificate signed by the chairman, the
president, any vice president or the treasurer of the Transferor or Servicer,
as the case may be, and delivered to Trustee.

                    “Opinion
of Counsel” means a written opinion of counsel (who may be an employee of
the Transferor or Servicer or any of their Affiliates) reasonably acceptable in
form to Trustee.

                    
“Original Certificate Balance” means the sum of the Original Class A
Certificate Balance and the Original Class B Certificate Balance.

                    
“Original Class A Certificate Balance” means $_________.

                    
“Original Class B Certificate Balance” means $_________.

                    
“Original Pool Balance” means the Pool Balance as of the Cutoff Date.

                    
“Originator” means, with respect to any Direct Loan or retail
installment sales contract, the Transferor that was the lender with respect to
such Direct Loan or that acquired such Direct Loan or retail installment sales
contract from a Dealer or other Person.

                    
“Payahead Account” means the account designated as such, established and
maintained pursuant to Section 4.1.

                    
“Payaheads” means early payments by or on behalf of Obligors on
Precomputed Receivables which, in accordance with Servicer’s customary
practices, do not constitute scheduled payments or full prepayments and are
applied to principal and interest in a subsequent period.

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

13

                    
“Physical Damage Insurance Policy” means a theft and physical damage
insurance policy maintained by the Obligor under a Receivable, providing
coverage against loss or damage to or theft of the related Financed Vehicle.

                    
“Pool Balance” means, at any time, the aggregate Principal Balance of
the Receivables (excluding Defaulted Receivables) at such time.

                    
“Pool Factor” means, with respect to any Collection Period, the Pool
Balance as of the last day of such Collection Period divided by the Original
Pool Balance, expressed as a seven-digit decimal.

                    
“Precomputed Receivable” means (i) an Actuarial Receivable, (ii) a Rule
of 78’s Receivable or (iii) a Sum of Periodic Balances Receivable.

                    
“Principal Balance” means, as of any time, for any Receivable, the
principal balance of such Receivable under the terms of the Receivable
determined in accordance with Servicer’s customary practices.

                    
“Purchase Agreement” means each Purchase Agreement dated as of ________
__, 20__ by and between the Transferor and Seller, as amended, restated or
otherwise modified from time to time.

                    
“Purchase Amount” of any Receivable means, with respect to any Deposit
Date, an amount equal to the sum of (a) the outstanding Principal Balance of
such Receivable as of the last day of the preceding Collection Period and (b)
the amount of accrued and unpaid interest on such Principal Balance at the
related Contract Rate from the date a payment was last made by or on behalf of
the Obligor through and including the last day of such preceding Collection
Period, in each case after giving effect to the receipt of monies collected on
such Receivable in such preceding Collection Period.

                    
“Purchased Receivable” means, at any time, a Motor Vehicle Loan included
in the Schedule of Receivables as to which payment of the Purchase Amount has
previously been made by the Transferor or Servicer pursuant to this Agreement.

                    
“Rating Agencies” means Moody’s, S&P and Fitch.

                    
“Rating Agency Condition” means, with respect to any action, that each
Rating Agency shall have been given 10 days’ prior notice thereof (or such
shorter period as shall be acceptable to the Rating Agencies) and that none of
the Rating Agencies shall have notified the Transferor Seller, Servicer or Trustee
in writing that such action will, in and of itself, result in a reduction or
withdrawal of the then current rating on the Class A Certificates or the Class
B Certificates.

                    
“Realized Losses” means, for any Collection Period, the aggregate
Principal Balances of any Receivables that became Defaulted Receivables during
such Collection Period.

14

                    “Receivable”
means each Motor Vehicle Loan described in the Schedule of Receivables, but
excluding (i) Defaulted Receivables to the extent the Principal Balances
thereof have been deposited in the Collection Account and (ii) any Purchased
Receivables.

                    “Receivable
File” is defined in Section 2.5.

                    “Record
Date” means, subject to Section 1.4, with respect to any
Distribution Date, the last day of the related Collection Period.

                    “Regulation
AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17
C.F.R. §§229.110-229.1123, as such regulation may be amended from time to time
and subject to such clarification and interpretation as have been provided by
the Commission in the adopting release (Asset-Backed Securities, Securities Act
Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)) or by the staff
of the Commission, or as may be provided in writing by the Commission or its
staff from time to time.

                    “Related
Agreements” means the Certificates, the Depository Agreement and the
underwriting agreement between Seller and the underwriter(s) of the
Certificates. The Related Agreements to be executed by any party are referred
to herein as “such party’s Related Agreements”, “its Related Agreements” or by
a similar expression.

                    “Reportable
Event” means any event required to be reported on Form 8-K, and in any
event, the following:

	
 

	
 

	
 

	
          (A)
 entry into a material definitive agreement related to the Trust or the
 Certificates or an amendment to a Related Agreement, even if Seller is not a
 party to such agreement (e.g., a servicing agreement with a servicer
 contemplated by Item 1108(a)(3) of Regulation AB);

	
 

	
 

	
 

	
          (B)
 termination of a Related Agreement (other than by expiration of the agreement
 on its stated termination date or as a result of all parties completing their
 obligations under such agreement), even if Seller is not a party to such
 agreement (e.g., a servicing agreement with a servicer contemplated by Item
 1108(a)(3) of Regulation AB);

	
 

	
 

	
 

	
          (C)
 with respect to Servicer only, the occurrence of a Servicer Termination
 Event;

	
 

	
 

	
 

	
          (D)
 the resignation, removal, replacement, or substitution of Trustee; and

	
 

	
 

	
 

	
          (E)
 with respect to Trustee only, a required distribution to Holders of the
 Certificates is not made as of the required Distribution Date under this
 Agreement.

                    “Required
Rating” means a rating with respect to short term deposit obligations of at
least P-1 by Moody’s and at least A-1 by S&P.

15

                    “Reserve
Account” means the account established, maintained and designated as the
“Reserve Account” pursuant to Section 4.6.

                    “Reserve
Account Initial Deposit” means cash or Eligible Investments having a value
of at least $____________.

                    “Reserve
Account Property” is defined in Section 4.6.

                    
“Responsible Officer” means, with respect to the Trustee, any officer
within the corporate trust department of the Trustee, including any vice
president, assistant vice president, assistant secretary, assistant treasurer,
trust officer or any other officer of the Trustee who customarily performs
functions similar to those performed by the persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred because
of such person’s knowledge of and familiarity with the particular subject and
who, in each case, shall have direct responsibility for the administration of
the Agreement.

                    
“Rule of 78’s Receivable” means a Receivable that provides for the
payment by the Obligor of a specified total amount of payments, payable in
equal monthly installments on each due date, which total represents the
principal amount financed and add-on interest in an amount calculated at the
stated Contract Rate for the term of the Receivable and allocated to each
monthly payment based upon a fraction, the numerator of which is the number of
payments scheduled to have been made prior to the due date for such monthly
payments on such Receivable and the denominator of which is the sum of all such
numbers of payments to be made until the maturity of such Receivable.

                    
“S&P” means Standard & Poor’s Ratings Services, a division of
The McGraw-Hill Companies, Inc., or any successor that is a nationally recognized
statistical rating organization.

                    
“Schedule of Receivables” means, with respect to the Motor Vehicle Loans
to be conveyed to Seller by the Transferor and to Trustee by Seller, the list
identifying such retail Motor Vehicle Loans delivered to Trustee on the Closing
Date.

                    
“Securities Act” means the Securities Act of 1933, as amended.

                    
“Securities Intermediary” is defined in Section 4.6 of this
Agreement.

                    
“Seller” means USAA Acceptance, LLC, in its capacity as seller of the
Receivables to the Trust under this Agreement, or any successor pursuant to Section
6.3.

                    
“Servicer” means USAA Federal Savings Bank, in its capacity as servicer
of the Receivables under this Agreement, any successor pursuant to Section
7.3 or any successor Servicer appointed and acting pursuant to Section
8.2.

                    
“Servicer Termination Event” means an event specified in Section 8.1.

                    
“Servicer’s Report” is defined in Section 3.9.

16

                    
“Servicing Criteria” shall mean the “servicing criteria” set forth in
Item 1122(d) of Regulation AB.

                    
“Servicing Fee” means, with respect to any Distribution Date, an amount
equal to the product of (a) one-twelfth of the Servicing Fee Rate, multiplied
by (b) the Pool Balance as of the beginning of the first day of the preceding
Collection Period.

                    
“Servicing Fee Rate” shall be ___% per annum, calculated on the basis of
a 360-day year consisting of twelve 30-day months.

                    
“Servicing Officer” means any individual involved in, or responsible
for, the administration and servicing of the Receivables, whose name appears on
a list of servicing officers attached to an Officer’s Certificate furnished to
Trustee by Servicer, as such list may be amended from time to time by Servicer
in writing.

                    
“Simple Interest Method” means the method of allocating a fixed level
payment monthly installments between principal and interest, pursuant to which
such installment is allocated first to accrued and unpaid interest at the
Contract Rate on the unpaid principal balance and the remainder of such
installment is allocable to principal.

                    
“Simple Interest Receivable” means any Receivable under which the
portion of a payment allocable to interest and the portion allocable to
principal is determined in accordance with the Simple Interest Method.

                    “Specified
Reserve Account Balance” means, for any Distribution Date, the greater of
(a) ___% of the sum of the Class A Certificate Balance plus the Class B
Certificate Balance on such Distribution Date (after giving effect to all
payments on the Certificates to be made on or prior to such Distribution Date),
and (b) the Minimum Specified Reserve Balance as of such Distribution Date.

                    
“Sum of Periodic Balances Receivable” means a Receivable that provides
for the payment by the obligor of a specified total amount of payments, payable
in equal monthly installments on each due date, which total represents the
principal amount financed and add-on interest in an amount calculated at the
stated Contract Rate for the term of the Receivable and allocated to each
monthly payment based upon a fraction, the numerator of which is the principal
balance of such Receivable immediately prior to the due date for such monthly
payment and the denominator of which is the sum of all principal balances for
each monthly payment to be made until the maturity of such Receivable.

                    
“Supplemental Servicing Fee” is defined in Section 3.8.

                    
“Transferor” means USAA Acceptance, LLC.

                    
“Trust” means the trust created by this Agreement, which shall be known
as USAA Auto Owner Trust 20[ ]—[ ].

                    
“Trustee” means _________, a ___________, as Trustee under this
Agreement and any successor Trustee appointed and acting pursuant to this
Agreement.

17

                    “Trust
Property” means:

	
 

	
 

	
 

	
          (A)
 all right, title and interest of Seller in and to the Receivables, and all
 moneys received thereon [on or] after the Cutoff Date;

	
 

	
 

	
 

	
          (B)
 all right, title and interest of Seller in the security interests in the
 Financed Vehicles granted by Obligors pursuant to the Receivables and any
 other interest of Seller in the Financed Vehicles and any other property that
 shall secure the Receivables;

	
 

	
 

	
 

	
          (C)
 the interest of Seller in any proceeds with respect to the Receivables from
 claims on any Insurance Policies covering Financed Vehicles or the Obligors
 or from claims under any lender’s single interest insurance policy naming the
 Transferor as an insured;

	
 

	
 

	
 

	
          (D)
 rebates of premiums relating to Insurance Policies and rebates of other items
 such as extended warranties financed under the Receivables, in each case, to
 the extent Servicer would, in accordance with its customary practices, apply
 such amounts to the Principal Balance of the related Receivable;

	
 

	
 

	
 

	
          (E)
 the interest of Seller in any proceeds from (i) any Receivable repurchased by
 a Dealer, pursuant to a Dealer Agreement, as a result of a breach of
 representation or warranty in the related Dealer Agreement, (ii) a default by
 an Obligor resulting in the repossession of the Financed Vehicle under the
 applicable Motor Vehicle Loan or (iii) any Dealer Recourse or other rights
 relating to the Receivables under Dealer Agreements;

	
 

	
 

	
 

	
          (F)
 all right, title and interest in all funds on deposit from time to time in
 the Collection Account, the Payahead Account, the Class A Distribution
 Account and the Class B Distribution Account (including the Account Property
 related thereto) and in all investments and proceeds thereof (but excluding
 all investment income thereon);

	
 

	
 

	
 

	
          (G)
 all right, title and interest of Seller under each Purchase Agreement,
 including the right of Seller to cause the Transferor to repurchase
 Receivables from Seller;

	
 

	
 

	
 

	
          (H)
 all right, title and interest of Seller in any instrument or document
 relating to the Receivables; and

	
 

	
 

	
 

	
          (I)
 the proceeds of any and all of the foregoing.

                    Notwithstanding
anything to the contrary contained herein, the Trust Property shall not
include, and the Trust shall not have any right to, the Reserve Account or any
funds actually or deemed to be deposited in such account or any investments
therein.

                    “UCC”
means the Uniform Commercial Code as in effect in the relevant jurisdiction.

18

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

                    Section
1.3 Calculations. All calculations of the amount of interest accrued on
the Certificates during any Collection Period and all calculations of the
amount of the Servicing Fee payable with respect to a Collection Period shall be
made on the basis of a 360-day year consisting of twelve 30-day months.

                    Section
1.4 References. All references to the Record Date prior to the first
Record Date in the life of the Trust shall be to the Closing Date. All
references to the first day of a Collection Period shall refer to the opening
of business on such day. All references to the last day of a Collection Period
shall refer to the close of business on such day. All references herein to the
close of business means the close of business, [Texas] time.

                    Section
1.5 Action by or Consent of Holders. Whenever any provision of this
Agreement refers to action to be taken, or consented to, by Holders, such
provision shall be deemed to refer to Holders of record as of the Record Date
immediately preceding the date on which such action is to be taken, or
consented to, by Holders.

ARTICLE II

THE TRUST PROPERTY

                    Section
2.1 Conveyance of Trust Property. In consideration of Trustee’s delivery
to Seller or its designee of authenticated Certificates, in authorized
denominations, in an aggregate amount equal to the Original Certificate
Balance, Seller hereby sells, transfers, assigns and conveys to Trustee, upon
the terms and conditions hereof, in trust for the benefit of the Holders, the
Trust Property, without recourse (except to the extent of Servicer’s
obligations under this Agreement and the Related Agreements). The sale,
transfer, assignment, setting over and conveyance made hereunder shall not constitute
and is not intended to result in an assumption by Trustee, any Holder or any
Certificate Owner of any obligation of the Transferor to the Obligors, the
Dealers or any other Person in connection with the Receivables and the other
Trust Property or any agreement, document or instrument related thereto.

19

                    Section
2.2 Representations and Warranties as to Each Receivable. The Servicer
hereby makes the following representations and warranties as to each Receivable
on which Trustee shall rely in accepting the Trust Property in trust and
authenticating the Certificates. Unless otherwise indicated, such
representations and warranties shall speak as of the Closing Date, but shall
survive the sale, transfer and assignment of the Receivables and the other
Trust Property to the Trust.

	
 

	
 

	
 

	
          (a)
 Characteristics of Receivables. The Receivable has been fully and
 properly executed by the parties thereto and (i) is a Direct Loan made by an
 Originator or has been originated by a Dealer in the ordinary course of such
 Dealer’s business and has been purchased by an Originator, in either case, in
 the ordinary course of such Originator’s business and in accordance with such
 Originator’s underwriting standards to finance the retail sale by a Dealer of
 the related Financed Vehicle or has otherwise been acquired by the
 Transferor, (ii) the Originator of which has underwriting standards that
 require physical damage insurance to be maintained on the related Financed
 Vehicle, (iii) is secured by a valid, subsisting, binding and enforceable
 first priority security interest in favor of the Transferor in the Financed
 Vehicle (subject to administrative delays and clerical errors on the part of
 the applicable government agency and to any statutory or other lien arising
 by operation of law after the Closing Date which is prior to such security
 interest), which security interest is assignable together with such
 Receivable, and has been so assigned to Seller, and subsequently assigned by
 Seller to Trustee, (iv) contains customary and enforceable provisions such
 that the rights and remedies of the holder thereof are adequate for
 realization against the collateral of the benefits of the security, (v)
 provided, at origination, for level monthly payments (provided that the amount
 of the last payment may be different), which fully amortize the Initial
 Principal Balance over the original term, (vi) provides for interest at the
 Contract Rate specified in the Schedule of Receivables, (vii) was originated
 in the United States, and (viii) constitutes “chattel paper” as defined in
 the UCC.

	
 

	
 

	
 

	
          (b)
 Individual Characteristics. The Receivables have the following
 individual characteristics as of the Cutoff Date: (i) each Receivable is
 secured by a Motor Vehicle; (ii) each Receivable has a Contract Rate of at
 least ____% and not more than ___%; (iii) each Receivable had a remaining
 number of scheduled payments, as of the Cutoff Date, of not less than ______
 and not more than _____; (iv) each Receivable had an initial Principal
 Balance of not less than $_______ and not more than $_____; (v) no Receivable
 was more than 30 days past due as of the Cutoff Date; (vi) no Financed
 Vehicle had been repossessed as of the Cutoff Date; (vii) no Receivable is
 subject to a force placed Physical Damage Insurance Policy on the related
 Financed Vehicle; [(viii) each Receivable is a Simple Interest Receivable;]
 and (ix) the Dealer of the Financed Vehicle has no participation in, or other
 right to receive, any proceeds of the Receivable. The Receivables were
 selected using selection procedures that were not intended by the Transferor
 or Seller to be adverse to the Holders.

20

	
 

	
 

	
 

	
          (c)
 Schedule of Receivables. The information with respect to each
 Receivable set forth in the Schedule of Receivables, including (without
 limitation) the identity and address of the Obligor, account number, the
 Initial Principal Balance, the maturity date and the Contract Rate, was true
 and correct in all material respects as of the close of business on the Cutoff
 Date.

	
 

	
 

	
 

	
          (d)
 Compliance with Law. The Receivable complied at the time it was
 originated or made, and will comply as of the Closing Date, in all material
 respects with all requirements of applicable federal, state and local laws,
 and regulations thereunder, including, to the extent applicable, usury laws,
 the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair
 Credit Billing Act, the Fair Credit Reporting Act, the Federal Trade
 Commission Act, the Magnuson-Moss Warranty Act, the Fair Debt Collection
 Practices Act, Federal Reserve Board Regulations B and Z and any other
 consumer credit, consumer protection, equal opportunity and disclosure laws.

	
 

	
 

	
 

	
          (e)
 Binding Obligation. The Receivable constitutes the genuine, legal,
 valid and binding payment obligation in writing of the Obligor, enforceable
 in all material respects by the holder thereof in accordance with its terms,
 subject to the effect of bankruptcy, insolvency, reorganization, or other
 similar laws affecting the enforcement of creditors’ rights generally, and
 the Receivable is not subject to any right of rescission, setoff,
 counterclaim or defense, including the defense of usury.

	
 

	
 

	
 

	
          (f)
 Lien in Force. Neither Seller nor the Transferor has taken any action
 which would have the effect of releasing the related Financed Vehicle from
 the Lien granted by the Receivable in whole or in part.

	
 

	
 

	
 

	
          (g)
 No Amendment or Waiver. No material provision of the Receivable has
 been amended, waived, altered or modified in any respect, except such waivers
 as would be permitted under this Agreement, and no amendment, waiver,
 alteration or modification causes such Receivable not to conform to the other
 representations or warranties contained in this Section.

	
 

	
 

	
 

	
          (h)
 No Liens. Neither Seller nor the Transferor has received notice of any
 Liens or claims, including Liens for work, labor, materials or unpaid state
 or federal taxes, relating to the Financed Vehicle securing the Receivable,
 that are or may be prior to or equal to the Lien granted by the Receivable.

	
 

	
 

	
 

	
          (i)
 No Default. Except for payment delinquencies continuing for a period
 of not more than 30 days as of the Cutoff Date, to the knowledge of Seller,
 no default, breach, violation or event permitting acceleration under the
 terms of the Receivable exists and no continuing condition that with notice
 or lapse of time, or both, would constitute a default, breach, violation or
 event permitting acceleration under the terms of the Receivable has arisen.

21

	
 

	
 

	
 

	
          (j)
 Insurance. The Receivable requires the Obligor to insure the Financed
 Vehicle under a Physical Damage Insurance Policy, pay the premiums for such
 insurance and keep such insurance in full force and effect.

	
 

	
 

	
 

	
          (k)
 Good Title. No Receivable has been sold, transferred, assigned, or
 pledged by Seller to any Person other than the Trust. Immediately prior to
 the transfer and assignment herein contemplated, Seller had good and
 marketable title to the Receivable free and clear of any Lien and had full
 right and power to transfer and assign the Receivable to the Trust and
 immediately upon the transfer and assignment of the Receivable to the Trust,
 the Trust shall have good and marketable title to the Receivable, free and
 clear of any Lien; and the Trust’s interest in the Receivable resulting from
 the transfer has been perfected under the UCC.

	
 

	
 

	
 

	
          (l)
 Obligations. The Transferor has duly fulfilled all obligations on its
 part to be fulfilled under, or in connection with, the Receivable.

	
 

	
 

	
 

	
          (m)
 Possession. There is only one original executed Receivable, and
 immediately prior to the Closing Date, the Transferor will have possession of
 such original executed Receivable.

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (o)
 Marking Records. By the Closing Date, Seller shall have caused the
 portions of Seller’s and the Transferor’s electronic master record of Motor
 Vehicle Loans relating to the Receivables to be clearly and unambiguously
 marked to show that the Receivable is owned by Trustee in accordance with the
 terms of this Agreement.

	
 

	
 

	
 

	
          (p)
 No Assignment. As of the Closing Date, Seller shall not have taken any
 action to convey any right to any Person that would result in such Person
 having a right to payments received under the Insurance Policies or Dealer
 Agreements, or payments due under the Receivable, that is senior to, or equal
 with, that of Trustee.

	
 

	
 

	
 

	
          (q)
 Lawful Assignment. The Receivable has not been originated in, and is
 not subject to the laws of, any jurisdiction under which the sale, transfer
 or assignment of such Receivable hereunder or pursuant to transfers of the
 Certificates are unlawful, void or voidable. Neither Seller nor the
 Transferor has entered into any agreement with any obligor that prohibits,
 restricts or conditions the assignment of any portion of the Receivables.

                    Section
2.3 Representations and Warranties as to the Receivables in the Aggregate.
The Servicer hereby makes the following representations and warranties as to
the Receivables on which Trustee shall rely in accepting the Trust Property in
trust and 

22

authenticating
the Certificates. Unless otherwise indicated, such representations and
warranties shall speak as of the Closing Date, but shall survive the sale,
transfer and assignment of the Receivables and the other Trust Property to the
Trust.

	
 

	
 

	
 

	
          (a)
 Amounts. The Original Pool Balance was $______________.

	
 

	
 

	
 

	
          (b)
 Aggregate Characteristics. The Receivables had the following
 characteristics in the aggregate as of the Cutoff Date: (i) approximately
 ___% of the Original Pool Balance was attributable to loans for purchases of
 new Financed Vehicles, and approximately ___% of the Original Pool Balance
 was attributable to loans for purchases of used Financed Vehicles; (ii)
 approximately ___%, ___%, ___% and ____% of the Original Pool Balance was
 attributable to Receivables the mailing addresses of the Obligors with
 respect to which are located in the States of __________, __________,
 __________, and ___________, respectively, and no other state accounts for
 more than 5% of the Original Pool Balance; (iii) the weighted average
 Contract Rate of the Receivables was ____%; (iv) there are ______________ Receivables
 being conveyed by Seller to the Trust; (v) the average Cutoff Date Principal
 Balance of the Receivables was $________; and (vi) the weighted average
 original term and weighted average remaining term of the Receivables were
 ______ months and ___ months, respectively.

                    Section
2.4 Repurchase upon Breach. Seller, Servicer or Trustee, as the case may
be, shall inform the other parties to this Agreement promptly, in writing, upon
the discovery of any breach or failure to be true of the representations or
warranties made by Servicer in Section 2.2, provided that the failure to
give such notice shall not affect any obligation of Servicer. If the breach or
failure shall not have been cured by the last day of the Collection Period which
includes the 60th day (or if Servicer elects, the 30th day) after the date on
which Servicer becomes aware of, or receives written notice from Trustee or
Servicer of, such breach or failure, and such breach or failure materially and
adversely affects the interests of Trustee and the Holders in any Receivable,
Servicer shall purchase each such affected Receivable from Trustee as of such
last day of such Collection Period at a purchase price equal to the Purchase
Amount for such Receivable as of such last day of such Collection Period.
Notwithstanding the foregoing, any such breach or failure with respect to the
representations and warranties contained in Section 2.2 will not be
deemed to have such a material and adverse effect with respect to a Receivable
if the facts resulting in such breach or failure do not affect the ability of
the Trust to receive and retain payment in full on such Receivable. In
consideration of the repurchase of a Receivable hereunder, Servicer shall remit
the Purchase Amount of such Receivable, no later than the close of business on
the next Deposit Date, in the manner specified in Section 4.4. The sole
remedy of the Trust, Trustee or the Holders with respect to a breach or failure
to be true of the representations or warranties made by Servicer pursuant to Section
2.2 shall be to require Servicer to purchase Receivables pursuant to this
Section.

                    Section
2.5 Custodian of Receivable Files. (a) Custody. To assure uniform
quality in servicing the Receivables and to reduce administrative costs,
Trustee, upon the execution and delivery of this Agreement, revocably appoints
the Custodian, as agent, and the Custodian accepts such appointment, to act as
agent on behalf of Trustee to maintain custody of 

23

the following
documents or instruments, which are hereby constructively delivered to Trustee
with respect to each Receivable (collectively, a “Receivable File”):

	
 

	
 

	
 

	
(i) the
 fully executed original of the Receivable;

	
 

	
 

	
 

	
(ii) any
 documents customarily delivered to or held by Servicer evidencing the
 existence of any Physical Damage Insurance Policies;

	
 

	
 

	
 

	
(iii) the
 original credit application, fully executed by the Obligor;

	
 

	
 

	
 

	
(iv) the
 original certificate of title, or such other documents as the Transferor, as
 appropriate, keeps on file, in accordance with its customary procedures,
 evidencing the security interest of the Transferor in the Financed Vehicle;

	
 

	
 

	
 

	
(v)
 originals or true copies of all documents, instruments or writings relating
 to extensions, amendments or waivers of the Receivable; and

	
 

	
 

	
 

	
(vi) any and
 all other documents or electronic records that the Transferor or Servicer, as
 the case may be, keeps on file, in accordance with its customary procedures,
 relating to the Receivable, any Insurance Policies, the Obligor or the
 Financed Vehicle.

	
 

	
 

	
 

	
          (b)
 Safekeeping. Servicer, in its capacity as Custodian, shall hold the
 Receivable Files as agent on behalf of Trustee for the benefit of all present
 and future Holders, and maintain such accurate and complete accounts, records
 and computer systems pertaining to each Receivable as shall enable Servicer
 and Trustee to comply with the terms and provisions of this Agreement
 applicable to them. In performing its duties as Custodian hereunder, the
 Custodian shall act with reasonable care, exercising the degree of skill,
 attention and care that Custodian exercises with respect to receivable files
 relating to other similar motor vehicle loans owned and/or serviced by the
 Custodian and that is consistent with industry standards. In accordance with
 its customary practice with respect to its retail installment sale contracts,
 Custodian shall conduct, or cause to be conducted, periodic audits of the
 Receivable Files held by it under this Agreement, and of the related accounts,
 records, and computer systems, and shall maintain the Receivable Files in
 such a manner as shall enable Trustee to verify, if Trustee so elects, the
 accuracy of the record keeping of Custodian. Custodian shall promptly report
 to Trustee any failure on its part to hold the Receivable Files and maintain
 its accounts, records and computer systems as herein provided, and promptly
 take appropriate action to remedy any such failure. The Custodian hereby
 acknowledges receipt of the Receivable File for each Receivable listed on the
 Schedule of Receivables. Nothing herein shall be deemed to require Trustee to
 verify the accuracy of the record keeping of the Custodian.

	
 

	
 

	
 

	
          (c)
 Maintenance of and Access to Records. The Custodian shall maintain
 each Receivable File at the location specified in Schedule A to this
 Agreement, or at such other office of the Custodian within the United States
 (or, 

24

	
 

	
 

	
 

	
in the case
 of any successor Custodian, within the State in which its principal place of
 business is located) as shall be specified to Trustee by 30 days’ prior
 written notice. Upon Trustee’s reasonable request, the Custodian shall make
 available to Trustee or its agents (or, when requested in writing by Trustee,
 to its attorneys or auditors) the Receivable Files and the related accounts,
 records and computer systems maintained by the Custodian at such times during
 the normal business hours of the Custodian for purposes of inspecting,
 auditing or making copies or abstracts of the same.

	
 

	
 

	
 

	
          (d)
 Release of Documents. Upon written instructions from Trustee,
 Custodian shall release any document in the Receivable Files to Trustee or
 its agent or designee, as the case may be, at such place or places as Trustee
 may designate, as soon thereafter as is practicable. Any document so released
 shall be handled by Trustee with due care and returned to the Custodian for
 safekeeping as soon as Trustee or its agent or designee, as the case may be,
 shall have no further need therefor.

	
 

	
 

	
 

	
          (e)
 Title to Receivables. The Custodian agrees that, in respect of any
 Receivable File held by the Custodian hereunder, the Custodian will not at
 any time have or in any way attempt to assert any interest in such Receivable
 File or the related Receivable, other than solely for the purpose of
 collecting or enforcing the Receivable for the benefit of the Trust and that
 the entire equitable interest in such Receivable and the related Receivable
 File shall at all times be vested in the Trust.

	
 

	
 

	
 

	
          (f)
 Instructions; Authority to Act. The Custodian shall be deemed to have
 received proper instructions with respect to the Receivable Files upon its
 receipt of written instructions signed by an Authorized Officer of Trustee. A
 certified copy of excerpts of certain resolutions of the Board of Directors
 of Trustee shall constitute conclusive evidence of the authority of any such
 Authorized Officer to act and shall be considered in full force and effect
 until receipt by the Custodian of written notice to the contrary given by
 Trustee.

	
 

	
 

	
 

	
          (g)
 Custodian’s Indemnification. Custodian shall indemnify and hold
 harmless Trustee, its officers, directors, employees and agents and the
 Holders from and against any and all liabilities, obligations, losses,
 compensatory damages, payments, costs or expenses (including legal fees if
 any) of any kind whatsoever that may be imposed on, incurred or asserted
 against Trustee or the Holders as the result of any act or omission of
 Custodian relating to the maintenance and custody of the Receivable Files; provided
 that the Custodian shall not be liable hereunder to the extent that such
 liabilities, obligations, losses, compensatory damages, payments, costs or
 expenses result from the willful misfeasance, bad faith or negligence of
 Trustee. Indemnification under this Section 2.5(g) shall include
 reasonable fees and expenses of counsel and expenses of litigation and shall
 survive termination of this Agreement and the resignation or removal of
 Trustee. If Custodian shall have made any indemnity payments to Trustee
 pursuant to this Section and Trustee thereafter shall collect any of such

25

	
 

	
 

	
 

	
amounts from
 Persons other than Custodian, Trustee shall immediately upon receipt thereof
 repay such amounts to Custodian, without interest. 

	
 

	
 

	
 

	
          (h)
 Effective Period and Termination. Servicer’s appointment as Custodian
 shall become effective as of the Cutoff Date and shall continue in full force
 and effect until terminated pursuant to this subsection (h). If
 Servicer shall resign as Servicer in accordance with Section 7.5 or if
 all of the rights and obligations of Servicer shall have been terminated
 under Section 8.1, the appointment of Servicer as Custodian hereunder
 may be terminated by Trustee or by the Majority Holders, in the same manner
 as Trustee or such Holders may terminate the rights and obligations of
 Servicer under Section 8.1. Trustee may terminate Servicer’s
 appointment as Custodian hereunder at any time with cause, or with 30 days’
 prior written notice without cause, upon written notification to Servicer. As
 soon as practicable after any termination of such appointment Servicer shall
 deliver, or cause to be delivered, the Receivable Files to Trustee, Trustee’s
 agent or Trustee’s designee at such place or places as Trustee may reasonably
 designate. Notwithstanding any termination of Servicer as Custodian hereunder
 (other than in connection with a termination resulting from the termination
 of Servicer, as such, pursuant to Section 8.1), from and after the
 date of such termination, and for so long as Servicer is acting as such
 pursuant to this Agreement, Trustee shall provide, or cause the successor
 Custodian to provide, access to the Receivable Files to Servicer, at such
 times as Servicer shall reasonably request, for the purpose of carrying out
 its duties and responsibilities with respect to the servicing of the
 Receivables hereunder. 

	
 

	
 

	
 

	
          (i)
 Delegation. Custodian may, at any time without notice or consent,
 delegate any or all of its duties to the Transferor; provided that no such delegation shall
 relieve Custodian of its responsibility with respect to such duties and Custodian
 shall remain obligated and liable to Trustee and the Holders for its duties
 hereunder as if Custodian alone were performing such duties. 

ARTICLE III

ADMINISTRATION AND SERVICING OF TRUST
PROPERTY

                    Section
3.1 Duties of Servicer. (a) Servicer is hereby authorized to act as
agent for the Trust and in such capacity shall manage, service, administer and
make collections on the Receivables (other than Purchased Receivables), and
perform the other actions required by Servicer under this Agreement, with
reasonable care. Without limiting the standard set forth in the preceding
sentence, Servicer shall use a degree of skill, attention and care that is not
less than Servicer exercises with respect to comparable Motor Vehicle Loans
that it services for itself or others and that is consistent with prudent
industry standards. Servicer’s duties shall include the collection and posting
of all payments, responding to inquiries by obligors on the Receivables, or by
federal, state or local governmental authorities, investigating delinquencies,
sending payment coupons or monthly invoices to Obligors, reporting required tax
information to Obligors, accounting for Collections, monitoring the status of
Physical Damage Insurance Policies with respect to the Financed Vehicles as
provided in Section 3.4(a), furnishing monthly 

26

and annual
statements to Trustee with respect to distributions, providing collection and
repossession services in the event of Obligor default and performing the other
duties specified herein. Servicer shall also administer and enforce all rights
and responsibilities of the holder of the Receivables provided for in the
Physical Damage Insurance Policies as provided in Section 3.4(b) and the
Dealer Agreements. Without limiting the generality of the foregoing, Servicer
is hereby authorized and empowered by Trustee to execute and deliver, on behalf
of itself, the Trust, Trustee and the Holders, any and all instruments of
satisfaction or cancellation, or of partial or full release or discharge, and
all other comparable instruments, with respect to the Receivables or to the
Financed vehicles, all in accordance with this Agreement; provided that notwithstanding the
foregoing, Servicer shall not, except pursuant to an order from a court of competent
jurisdiction, release an Obligor from payment of any unpaid amount under any
Receivable or waive the right to collect the unpaid balance of any Receivable
from the Obligor, except in connection with a de minimis deficiency which
Servicer would not attempt to collect in accordance with its customary
procedures. If Servicer shall commence a legal proceeding to enforce a
Receivable, Trustee shall thereupon be deemed to have automatically assigned
such Receivable to Servicer, which assignment shall be solely for purposes of
collection. Trustee shall furnish Servicer with any powers of attorney and
other documents or instruments necessary or appropriate to enable Servicer to
carry out its servicing and administrative duties hereunder. 

	
 

	
 

	
 

	
          (b)
 Servicer may, at any time without notice (except that Servicer shall give
 written notice to each Rating Agency of any delegation outside the ordinary
 course of business of the substantial portion of its servicing business) or
 consent, delegate specific duties to subcontractors who are in the business
 of performing such duties; provided
 that no such delegation shall relieve Servicer of its responsibility with
 respect to such duties and Servicer shall remain obligated and liable to
 Trustee and the Holders for servicing and administering the Receivables in
 accordance with this Agreement as if Servicer alone were performing such
 duties. 

                    Section
3.2 Collection of Receivable Payments. (a) Servicer shall make
reasonable efforts to collect all payments called for under the terms and
provisions of the Receivables as and when the same shall become due, and
otherwise act with respect to the Receivables, the Physical Damage Insurance
Policies, the Dealer Agreements and the other Trust Property in such manner as
will, in the reasonable judgment of Servicer, maximize the amount to be
received by the Trust with respect thereto, in accordance with the standard of
care required by Section 3.1. Servicer shall be entitled to amend or
modify any Receivable in accordance with its customary procedures if Servicer
believes in good faith that such amendment or modification is in the best
interests of the Trust; provided
that Servicer may not, unless ordered by a court of competent jurisdiction or
otherwise required by applicable law, (i) extend a Receivable beyond the Final
Scheduled Maturity Date, or (ii) reduce the Principal Balance or Contract Rate
of any Receivable. If Servicer fails to comply with the provisions of the
preceding sentence, Servicer shall be required to purchase the Receivable or
Receivables affected thereby, for the Purchase Amount, in the manner specified
in Section 3.7 as of the last day of the Collection Period in which such
failure occurs. Servicer may, in its discretion (in accordance with its
customary standards, policies and procedures), waive any prepayment charge,
late payment charge, extension fee or any other fee that may be collected in
the ordinary course of servicing a Receivable. 

27

	
 

	
 

	
 

	
          (b)
 If in the course of collecting payments under the Receivables, Servicer
 determines to set off any obligation of Servicer to an Obligor against an
 amount payable by the Obligor with respect to such Receivable, Servicer shall
 deposit the amount so set off in the Collection Account, no later than the
 close of business on the Deposit Date for the Collection Period in which the
 set-off occurs. All references herein to payments or Liquidation Proceeds
 collected by Servicer shall include amounts set-off by Servicer. 

                    Section
3.3 Realization upon Receivables. On behalf of the Trust, Servicer shall
charge off a Receivable as a Defaulted Receivable in accordance with its
customary standards (and, in no event later than ___ days after a Receivable
shall have become delinquent) and shall use reasonable efforts to repossess and
liquidate the Financed Vehicle securing any Defaulted Receivable as soon as
feasible after default, in accordance with the standard of care required by Section
3.1. In taking such action, Servicer shall follow such customary and usual
practices and procedures as it shall deem necessary or advisable in its
servicing of Motor Vehicle Loans, and as are otherwise consistent with the
standard of care required under Section 3.1, which shall include
exercising any rights under the Dealer Agreements and selling the Financed
Vehicle at public or private sale. Servicer shall be entitled to recover all
reasonable expenses incurred by it in the course of repossessing and
liquidating a Financed Vehicle into cash proceeds or pursuing any deficiency
claim against the related Obligor, but only out of the cash proceeds of such
Financed Vehicle or any deficiency obtained from the Obligor. The foregoing
shall be subject to the provision that, in any case in which a Financed Vehicle
shall have suffered damage, Servicer shall not expend funds in connection with
the repair or the repossession of such Financed Vehicle unless it shall
determine in its discretion that such repair and/or repossession will increase
the Liquidation Proceeds of the related Receivable by an amount equal to or
greater than the amount of such expenses. 

                    If
Servicer elects to commence a legal proceeding to enforce a Dealer Agreement,
the act of commencement shall be deemed to be an automatic assignment from
Trustee to Servicer of the rights under such Dealer Agreement. If, however, in
any enforcement suit or legal proceeding, it is held that Servicer may not
enforce a Dealer Agreement on the grounds that it is not a real party in interest
or a Person entitled to enforce the Dealer Agreement, Trustee, on behalf of the
Trust, at Servicer’s expense, shall take such steps as Servicer deems necessary
to enforce the Dealer Agreement, including bringing suit in its name or the
names of the Holders. 

                    Section
3.4 Physical Damage Insurance. The Receivables require that each
Financed Vehicle be insured under a Physical Damage Insurance Policy. Servicer,
in accordance with its customary servicing procedures and underwriting standards
shall require that each Obligor shall have obtained and shall maintain Physical
Damage Insurance covering the related Financial Vehicle as of the execution of
the Receivable. 

                    Section
3.5 Maintenance of Security Interests in Financed Vehicles. Servicer, in
accordance with the standard of care required under Section 3.1, shall
take such reasonable steps as are necessary to maintain perfection of the
security interest created by each Receivable in the related Financed Vehicle
for the benefit of the Trust. Trustee, on behalf of the Trust, hereby
authorizes Servicer, and Servicer hereby agrees, to take such reasonable steps
as are necessary to re-perfect such security interest on behalf of the Trust in
the event Servicer receives 

28

notice of the
relocation of a Financed Vehicle. If there has been a Servicer Termination
Event, upon the request of Trustee, Servicer, at its expense, shall promptly
and duly execute and deliver such documents and instruments, and take such
other reasonable actions as may be necessary, as evidenced by an Opinion of
Counsel delivered to Trustee to perfect the Trust’s interest in the Trust
Property against all other Persons, including the delivery of the Receivables
and the Receivable Files to Trustee, its agent, or its designee, the
endorsement and delivery of the Physical Damage Insurance Policies or the
notification of the insurers thereunder, the execution of transfer instruments,
and the endorsement to Trustee and the delivery of the certificates of title to
the Financed Vehicles to the appropriate department or departments of motor
vehicles (or other appropriate governmental agency). 

                    Section
3.6 Covenants of Servicer. Servicer makes the following covenants on
which Trustee relies in accepting the Trust Property in trust and in executing
and authenticating the Certificates: 

	
 

	
 

	
 

	
          (a)
 Security Interest to Remain in Force. Servicer shall not release any
 Financed Vehicle from the security interest granted by the related Receivable
 in whole or in part, except upon payment in full of the Receivable or as
 otherwise contemplated herein. 

	
 

	
 

	
 

	
          (b)
 No Impairment. Servicer shall not impair in any material respect the
 rights of the Holders in the Receivables, the Dealer Agreements or the
 Physical Damage Insurance Policies or, subject to clause (c),
 otherwise amend or alter the terms thereof if, as a result of such amendment
 or alteration, the interests of the Trust and the Holders hereunder would be
 materially adversely affected. 

	
 

	
 

	
 

	
          (c)
 Amendments. Servicer shall not amend or otherwise modify any
 Receivable (including the grant of any extension thereunder), except in
 accordance with Section 3.2. 

                    Section
3.7 Purchase by Servicer upon Breach. Seller, Servicer or Trustee, as
the case may be, shall inform the other parties promptly, in writing, upon the
discovery of any breach by Servicer of its covenants under Section 3.5
or 3.6; provided that the
failure to give such notice shall not affect any obligation of Servicer. Unless
the breach shall have been cured by the last day of the Collection Period which
includes the 60th day (or the 30th day, if Servicer so elects) after the date
on which Servicer becomes aware of, or receives written notice of, such breach,
and such breach or failure materially and adversely affects the interests of
Trustee and the Holders in any Receivable, Servicer shall purchase such
Receivable from Trustee as of the last day of the Collection Period at a
purchase price equal to the Purchase Amount for such Receivable as of the last
day of such Collection Period; provided
that in the case of a breach of the covenant contained in Section 3.6(c),
Servicer shall be obligated to purchase the affected Receivable or Receivables
on the Deposit Date immediately succeeding the Collection Period during which
Servicer becomes aware of, or receives written notice of, such breach.
Notwithstanding the foregoing, any such breach or failure with respect to the
covenants contained in Sections 3.5 and 3.6 will not be deemed to
have such a material and adverse effect with respect to a Receivable if the
facts resulting in such breach or failure do not affect the ability of the
Trust to receive and retain payment in full on such Receivable. In
consideration of 

29

the purchase
of a Receivable hereunder, Servicer shall remit the Purchase Amount of such
Receivable in the manner specified in Section 4.4. The sole remedy of
the Trust, Trustee or the Holders against Servicer with respect to a breach
pursuant to Section 3.5 or 3.6 shall be to require Servicer to
repurchase Receivables pursuant to this Section. 

                    Section
3.8 Servicing Compensation. The servicing fee for (a) the _____ 20__
Distribution Date shall equal $________ and (b) for each Distribution Date
thereafter shall equal the product of (i) one-twelfth, (ii) the Servicing Fee
Rate and (iii) the Pool Balance as of the opening of business on the first day
of the related Collection Period (the “Servicing Fee”). Servicer shall
also be entitled to retain any late fees, extension fees, prepayment charges
(including, in the case of any Rule of 78’s Receivable or Sum of Periodic
Balances Receivable that is prepaid in full, amounts received in excess of the
outstanding Principal Balance of such Receivable and accrued interest thereon
calculated as if such Receivable were an Actuarial Receivable) and certain
non-sufficient funds charges and other administrative fees or similar charges
allowed by applicable law with respect to Receivables collected (from whatever
source) on the Receivables and shall be paid any interest earned on deposits in
the Accounts (the “Supplemental Servicing Fee”). It is understood and
agreed that Available Interest or Available Principal shall not include any
amounts retained by Servicer which constitute Supplemental Servicing Fees. The
Servicing Fee in respect of a Collection Period (together with any portion of
the Servicing Fee that remains unpaid from prior Distribution Dates), if the
Rating Agency Condition is satisfied, may be paid at the beginning of such
Collection Period out of Collections for such Collection Period. As provided in
Section 4.5, as additional compensation, Servicer shall be entitled to
receive on each Distribution Date, any Additional Servicing for such
Distribution Date. 

                    Section
3.9 Servicer’s Report. (a) On each Determination Date, Servicer shall
deliver to Trustee, each Paying Agent and Seller, with a copy to the Rating
Agencies, a Servicer’s Report substantially in the form of Exhibit C (a
“Servicer’s Report”) containing, among other things, (i) all information
necessary to make the deposits, transfers and distributions required by Sections
4.4, 4.5 and 4.6, (ii) all information necessary for sending
statements to Holders pursuant to Section 4.7, (iii) all information
necessary to prepare the certificate described in Section 9.3, (iv) all
information necessary to determine if there has been a Servicer Termination
Event under Section 8.1, and (v) all information necessary to reconcile
all deposits to, and withdrawals from, the Collection Account for such
Distribution Date and the related Collection Period. Servicer also shall
separately identify (by account number of the Receivable as it appears in the
Schedule of Receivables) to Trustee in a written notice or a list in computer
readable form the Receivables to be purchased by Servicer, as the case may be,
on the related Deposit Date, and each Receivable which became a Defaulted
Receivable during the related Collection Period. 

	
 

	
 

	
 

	
          (b)
 Servicer shall provide Trustee with a database file for the Receivables at or
 prior to the Closing Date (but with information as of the close of business
 on the Cutoff Date). 

                    Section
3.10 Annual Statement as to Compliance. (a) The Servicer will deliver to
the Trustee and each Rating Agency, on or before March 30th of each
year, beginning on 

30

March 30,
20[     ], an Officer’s Certificate (with appropriate
insertions) providing such information as is required under Item 1123 of
Regulation AB. 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (c)
 The Servicer will deliver to the Trustee, on or before March 30th
 of each year, beginning on March 30, 20[  ], a report regarding
 Servicer’s assessment of compliance with the Servicing Criteria during the
 immediately preceding calendar year, including disclosure of any material
 instance of non-compliance identified by Servicer, as required under
 paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122
 of Regulation AB. 

                    Section
3.11 Annual Registered Public Accounting Firm Attestation Report. On or
before the 90th day following the end of each fiscal year, beginning with the
fiscal year ending December 31, 20[  ], Servicer shall cause a firm
of nationally recognized independent public accountants (who may also render
other services to Servicer, Seller or their respective Affiliates) to furnish to
the Trustee, Servicer, Seller and each Rating Agency each attestation report on
assessments of compliance with the Servicing Criteria with respect to Servicer
or any affiliate thereof during the related fiscal year delivered by such
accountants pursuant to paragraph (c) of Rule 13a-18 or Rule 15d-18 of the
Exchange Act and Item 1122 of Regulation AB. The certification required by this
paragraph may be replaced by any similar certification using other procedures
or attestation standards which are now or in the future in use by servicers of
comparable motor vehicle receivables, or which comply with any rule,
regulation, “no action” letter or similar guidance promulgated by the
Commission. 

                    Such
report will also indicate that the firm is independent of Servicer within the
meaning of the Code of Professional Ethics of the American Institute of
Certified Public Accountants. 

                    Section
3.12 Access to Certain Documentation and Information Regarding Receivables.
Servicer shall provide Trustee and the Holders with access to the Receivable
Files (in the case of the Holders, only in such cases where it shall be
required by applicable statutes or regulations to give access to such
documentation as demonstrated by evidence satisfactory to Servicer in its
reasonable judgment). Such access shall be afforded without charge, but only
upon reasonable request and during normal business hours at the offices of
Servicer. Nothing in this Section shall affect the obligation of Servicer to
observe any applicable law prohibiting disclosure of information regarding the
Obligors, and the failure of Servicer to provide access to information as a
result of such obligation shall not constitute a breach of this Section. Any
Holder, by its acceptance of a Certificate, shall be deemed to have agreed to
keep any information obtained by it pursuant to this Section confidential and
not to use such information for any other purpose, except as required by
applicable law. 

31

                    Section
3.13 Reports to the Commission. Servicer shall, on behalf of the Trust,
cause to be filed with the Commission any periodic reports required to be filed
under the provisions of the Exchange Act, and the rules and regulations of the
Commission thereunder. 

                    Section
3.14 Reports to the Rating Agency. Servicer shall deliver to each Rating
Agency a copy of all reports or notices furnished or delivered pursuant to this
Article and a copy of any amendments, supplements or modifications to this
Agreement and any other information reasonably requested by such Rating Agency
to monitor this transaction. 

                    Section
3.15 Servicer Expenses. Servicer shall be required to pay all expenses
incurred by it in connection with its activities hereunder, including fees and
disbursements of the Trustee, independent accountants, taxes imposed on
Servicer and expenses incurred in connection with distributions and reports to
Holders. 

ARTICLE IV

DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO
HOLDERS

                    Section
4.1 Establishment of Accounts. (a) Trustee, on behalf of the Trust and
for the benefit of the Holders, shall establish and maintain in the name of
Trustee one or more segregated Eligible Deposit Accounts (collectively, the “Collection
Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Holders. Trustee, on behalf
of the Trust and for the benefit of the Class A Holders, shall establish and
maintain in the name of Trustee an Eligible Deposit Account (the “Class A
Distribution Account”), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Class A Holders.
Trustee, on behalf of the Trust and for the benefit of the Class B Holders,
shall establish and maintain in the name of Trustee an Eligible Deposit Account
(the “Class B Distribution Account”), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Class B Holders. Trustee on behalf of the Trust and for the benefit of the
Holders, shall establish and maintain in the name of Trustee an Eligible
Deposit Account (the “Payahead Account”), bearing a designation clearly
indicating that the funds therein are held for the benefit of the Holders. The
Collection Account, the Class A Distribution Account, the Class B Distribution
Account, and the Payahead Account shall be initially established and maintained
with the trust department of Trustee. 

	
 

	
 

	
 

	
          (b)
 Funds on deposit in the Collection Account, the Class A Distribution Account,
 the Class B Distribution Account, and the Payahead Account shall be invested
 by Trustee in Eligible Investments selected by Servicer (pursuant to standing
 instructions or otherwise) and confirmed in writing by Servicer to Trustee; provided that, it is understood and
 agreed that neither Servicer nor Trustee shall be liable for any loss arising
 from such investment in Eligible Investments. All such Eligible Investments
 shall be held by Trustee for the benefit of the beneficiaries of the
 applicable Account; provided
 that on each Distribution Date all interest and other investment income (net
 of losses and investment expenses) on funds on deposit therein shall be
 withdrawn from the Accounts at the written direction of Servicer and shall be
 paid to Servicer and shall not be available or otherwise subject to any
 claims or rights of the Holders. 

32

	
 

	
 

	
 

	
Other than
 as permitted by each Rating Agency, funds on deposit in the Accounts with
 respect to any Collection Period or Distribution Date shall be invested only
 in Eligible Investments that, except for money market funds, will mature so
 that such funds will be available at the close of business on the related
 Deposit Date. Funds deposited in an Account on a Deposit Date which
 immediately precedes a Distribution Date upon the maturity of any Eligible
 Investments are not required to be (but may be) invested overnight. No
 Eligible Investment with a stated maturity shall be disposed of prior to that
 maturity unless a default occurs with respect to that Eligible Investment and
 Servicer directs Trustee in writing to dispose of it. 

	
 

	
 

	
 

	
          (c)
 Trustee shall possess all right, title and interest in all funds on deposit
 from time to time in the Accounts and in all proceeds thereof (excluding all
 income thereon) and all such funds, investments and proceeds shall be part of
 the Trust Property. The Accounts shall be under the sole dominion and the
 exclusive custody and control of Trustee, and Trustee shall have sole
 signature authority with respect thereto. If, at any time, any of the
 Accounts ceases to be an Eligible Deposit Account, Trustee (or Servicer on
 its behalf) shall within 10 Business Days (or such longer period as to which
 each Rating Agency may consent) establish a new Account as an Eligible
 Deposit Account and shall transfer any cash and/or any investments that are
 in the existing Account which is no longer an Eligible Deposit Account to
 such new Account. 

                    Section
4.2 Collections. (a) Subject to the provisions of the succeeding
sentence and of subsections (b) and (c), Servicer shall remit to
the Collection Account all payments (other than amounts constituting
Supplemental Servicing Fees) by or on behalf of the Obligors on the
Receivables, including all Liquidation Proceeds received by Servicer during any
Collection Period, as soon as practicable, but in no event after the close of
business on the second Business Day, after identification thereof. Subject to
the provisions of subsections (b) and (c), on the Closing Date,
Servicer shall deposit in the Collection Account all payments by or on behalf
of the Obligors on the Receivables received by Servicer after the Cutoff Date
and on or prior to the second Business Day immediately preceding the Closing
Date. 

	
 

	
 

	
 

	
          (b)
 Notwithstanding the provisions of subsection (a), if Bank is the
 Servicer and (i)
 [          ] shall have the
 Required Rating or (ii) Trustee otherwise shall have received written notice
 from each of the Rating Agencies that the then outstanding rating on the
 Class A Certificates and the Class B Certificates would not be lowered or
 withdrawn as a result, Servicer may deposit all amounts referred to in subsection
 (a) for any Collection Period into the Collection Account not later than
 the close of business on the Deposit Date with respect to such Collection
 Period; provided that if (x) a
 Servicer Termination Event has occurred and is continuing, (y) Servicer has
 been terminated as such pursuant to Section 8.1 or (z)
 [          ] ceases to have
 the Required Rating, Servicer shall deposit such amounts (including any
 amounts then being held by Servicer) into the Collection Account as provided
 in Section 4.2(a). Notwithstanding the foregoing, the provisions of
 the proviso to the preceding sentence shall not be applicable to a successor
 Servicer solely by reason of the occurrence of an event specified in 

33

	
 

	
 

	
 

	
clauses (x),
 (y) and (z) of such proviso with respect to the outgoing
 Servicer. Pending the deposit of the amounts referred to in subsection (a)
 into the Collection Account, such amounts may be employed by Servicer at its
 own risk and for its own benefit and need not be segregated from Servicer’s
 own funds. Any losses resulting from Servicer’s actions shall be borne
 exclusively by Servicer. Servicer shall promptly notify Trustee in writing if
 [          ] shall obtain
 or lose the Required Rating. 

	
 

	
 

	
 

	
          (c)
 Notwithstanding the provisions of subsections (a) and (b),
 Servicer may retain, or will be entitled to be reimbursed, from amounts
 otherwise payable into, or on deposit in, the Collection Account with respect
 to a Collection Period any amounts previously deposited in the Collection
 Account but later determined to have resulted from mistaken deposits or
 postings or checks returned for insufficient funds, in each case, with
 respect to which Servicer has not been previously reimbursed hereunder. The
 amount to be retained or reimbursed hereunder shall not be included in
 Collections with respect to the related Distribution Date. 

	
 

	
 

	
 

	
          (d)
 With respect to each Precomputed Receivable, collections and payments by or
 on behalf of an obligor (other than any amounts constituting Supplemental
 Servicing Fees) for each Collection Period shall be applied to the scheduled
 payment on such Precomputed Receivable for such Collection Period. 

To the extent
such collections and payments on a Precomputed Receivable during a Collection
Period exceed the scheduled payment on such Precomputed Receivable and are
insufficient to prepay the Precomputed Receivable in full, collections shall be
treated as Payaheads until such later Collection Period as such Payaheads may
be transferred to the Collection Account and applied either to the scheduled
payments due or to prepay the Precomputed Receivable in full in accordance with
Section 4.5. 

                    Section
4.3 [RESERVED]. 

                    Section
4.4 Additional Deposits; Net Deposits. (a) On or prior to each Deposit
Date, Servicer shall remit to the Collection Account, in next-day or
immediately available funds, the aggregate Purchase Amounts of the Receivables
to be purchased by it under an obligation that arose during the preceding
Collection Period pursuant to Section 2.4, 3.7 or 10.2,
respectively. 

	
 

	
 

	
 

	
          (b)
 Servicer may make the remittances to be made by it pursuant to this Article
 IV net of amounts to be distributed to it pursuant to Section 4.5
 (but subject to the priorities set forth therein), for so long as (i) no
 Servicer Termination Event has occurred and is continuing and (ii) Servicer
 has not been terminated as such pursuant to Section 8.1; provided that Servicer shall account for
 all of such amounts in the related Servicer’s Report as if such amounts were
 deposited and distributed separately; and provided
 that, if an error is made by Servicer in calculating the amount to be
 deposited or retained by it and a shortfall in the amount deposited in the
 Collection Account results, Servicer shall make a 

34

	
 

	
 

	
 

	
payment of
 the deficiency to the Collection Account, immediately upon becoming aware, or
 receiving notice from Trustee, of such error. 

                    Section
4.5 Distributions. (a) On each Determination Date, Servicer shall
calculate all amounts required to determine the amounts to be deposited on the
related Distribution Date in the Class A Distribution Account and the Class B
Distribution Account which calculations shall be set forth in the Servicer’s
Report delivered to Trustee on or before such Determination Date. 

	
 

	
 

	
 

	
 

	
          (b)
 On or before each Distribution Date, Servicer shall instruct Trustee in
 writing (based on the information contained in Servicer’s Report delivered on
 the related Determination Date pursuant to Section 3.9) to, and the
 Trustee shall: 

	
 

	
 

	
 

	
 

	
 

	
(i) withdraw
 from the Payahead Account and deposit in the Collection Account, in
 immediately available funds, (x) with respect to each Precomputed Receivable
 for which the payments made by or on behalf of the obligor for the related
 Collection Period are less than the scheduled payment for the related
 Collection Period, the amount of Payaheads, if any, made with respect to such
 Receivable which, when added to the amount of such payments, is equal to the
 amount of such scheduled payment, (y) with respect to each Precomputed
 Receivable for which prepayments insufficient to prepay the Receivable in
 full have been made by or on behalf of the Obligor for the related Collection
 Period, the amount of Payaheads, if any, made with respect to such Receivable
 which, when added to the amount of such prepayments, is equal to an amount
 sufficient to prepay such Receivable in full, and (z) the amount of all
 Payaheads, if any, made with respect to any Purchased Receivable; and 

	
 

	
 

	
 

	
 

	
 

	
(ii)
 withdraw from the Collection Account and deposit in the Payahead Account (or
 receive from Servicer, which will remit to the Trustee for deposit in the
 Payahead Account, as the case may be), in immediately available funds, the
 aggregate amount of collections on Precomputed Receivables treated as
 Payaheads pursuant to Section 4.2 for the Collection Period related to
 such Distribution Date. 

	
 

	
 

	
 

	
 

	
          (c)
 On each Distribution Date, based on the related Servicer’s Report, Trustee
 will make the following deposits and distributions from the Collection
 Account by _____________ a.m. (___________, ________ time), to the extent of
 the sum of Available Interest and any Available Reserve Amount (and, in the
 case of shortfalls in the Class A Interest Distributable Amount occurring
 under clause (ii), the Class B Percentage of Available Principal to
 the extent of such shortfalls), in the following priority: 

	
 

	
 

	
 

	
 

	
 

	
(i) to
 Servicer, any unpaid Servicing Fee for the related Collection Period and all
 unpaid Servicing Fees from prior Collection Periods; 

35

	
 

	
 

	
 

	
 

	
 

	
(ii) to the
 Class A Distribution Account, the Class A Interest Distributable Amount for
 such Distribution Date; and 

	
 

	
 

	
 

	
 

	
 

	
(iii) to the
 Class B Distribution Account, the Class B Interest Distributable Amount for
 such Distribution Date. 

On each
Distribution Date, based on the related Servicer’s Report, Trustee will make
the following deposits and distributions, to the extent of the portion of
Available Principal, Available Interest and Available Reserve Amount remaining
after the application of clauses (i), (ii) and (iii), in
the following priority: 

	
 

	
 

	
 

	
 

	
 

	
(i) to the
 Class A Distribution Account, the Class A Principal Distributable Amount for
 such Distribution Date; 

	
 

	
 

	
 

	
 

	
 

	
(ii) to the
 Class B Distribution Account, the Class B Principal Distributable Amount for
 such Distribution Date; 

	
 

	
 

	
 

	
 

	
 

	
(iii) to the
 Reserve Account, any amounts remaining, until the amount on deposit in the
 Reserve Account equals the Specified Reserve Account Balance; 

	
 

	
 

	
 

	
 

	
 

	
(iv) to
 Servicer, the Additional Servicing for such Distribution Date; and 

	
 

	
 

	
 

	
 

	
 

	
(v) to the
 Transferor, any amounts remaining. 

	
 

	
 

	
 

	
 

	
          (d)
 On each Distribution Date, all amounts on deposit in the Class A Distribution
 Account will be distributed to the Class A Holders (determined as of the
 related Record Date) by Trustee and all amounts on deposit in the Class B
 Distribution Account will be distributed to the Class B Holders (determined
 as of the related Record Date) by Trustee. Except as provided in Section
 10.1, payments under this paragraph shall be made to the Holders by check
 mailed by Trustee to each Holder’s respective address of record (or, in the
 case of Certificates registered in the name of a Clearing Agency, or its
 nominee, by wire transfer of immediately available funds). To the extent that
 Trustee is required to wire funds to the Holders from the Class A
 Distribution Account or the Class B Distribution Account, as applicable, it
 shall request the bank maintaining the Class A Distribution Account or the
 Class B Distribution Account, as applicable, to make a wire transfer of the
 amount to be distributed and the bank maintaining the Class A Distribution
 Account or the Class B Distribution Account, as applicable, shall promptly
 deliver to Trustee a confirmation of such wire transfer. To the extent that
 Trustee is required to make payments to Holders by check hereunder, it shall
 request the bank maintaining the Class A Distribution Account or the Class B
 Distribution Account, as applicable, to provide it with a supply of checks to
 make such payments. The bank shall, if a request is made by Trustee for a
 wire transfer by _______________ a.m. (_______________, time) on any
 Distribution Date, wire such funds in accordance with such instructions by
 _______________ a.m. (_______________, time) on such Distribution Date, and 

36

	
 

	
 

	
 

	
it will
 otherwise act in compliance with the provisions of this paragraph and the
 other provisions of this Agreement applicable to it as the bank maintaining
 the Class A Distribution Account or the Class B Distribution Account, as
 applicable. Servicer shall take all necessary action (including requiring an
 agreement to such effect) to ensure that any bank maintaining the Class A
 Distribution Account or the Class B Distribution Account, as applicable,
 agrees to comply, and complies, with the provisions of this paragraph and the
 other provisions of this Agreement applicable to it as the bank maintaining
 the Class A Distribution Account or the Class B Distribution Account, as
 applicable. 

                    Section 4.6 Reserve
Account. (a) Servicer shall establish and maintain in the name of the
Trustee an Eligible Deposit Account (the “Reserve Account”). The Reserve
Account shall be initially established and maintained with the Trustee (the “Securities
Intermediary”). On the Closing Date, Servicer shall deposit or cause to be
deposited in the Reserve Account an amount equal to the Reserve Account Initial
Deposit. 

	
 

	
 

	
 

	
          (b)
 Trustee shall, at the written direction of Administrator, direct the
 Securities Intermediary to invest funds on deposit in the Reserve Account in
 Eligible Investments selected by Administrator and confirmed in writing by
 Administrator to Trustee; provided
 that it is understood and agreed that none of Trustee, Securities
 Intermediary or Administrator shall be liable for any loss arising from such
 investment in Eligible Investments. Funds on deposit in the Reserve Account
 shall be invested in Eligible Investments that will mature so that all such
 funds will be available at the close of business on each Deposit Date; provided that to the extent permitted by
 the Rating Agencies following written request by Administrator, funds on
 deposit in the Reserve Account may be invested in Eligible Investments that
 mature later than the next Deposit Date. Funds deposited in the Reserve
 Account on a Deposit Date upon the maturity of any Eligible Investments are
 not required to be (but may be) invested overnight. 

	
 

	
 

	
 

	
          (c)
 On each Distribution Date, any amounts on deposit in the Collection Account
 with respect to the preceding Collection Period after payments to Servicer,
 the Class A Distribution Account and the Class B Distribution Account have
 been made will be deposited into the Reserve Account until the amount of the
 Reserve Account is equal to the Specified Reserve Account Balance. 

	
 

	
 

	
 

	
          (d)
 The Reserve Account shall be under the sole custody and control of Trustee.
 If, at any time, the Reserve Account ceases to be an Eligible Deposit
 Account, Trustee shall within 10 Business Days (or such longer period, not to
 exceed 30 calendar days, as to which each Rating Agency may consent)
 establish a new Reserve Account as an Eligible Deposit Account and shall
 transfer any cash and/or any investments that are in the existing account
 which is no longer an Eligible Deposit Account to such new Reserve Account. 

	
 

	
 

	
 

	
          (e)
 On each Distribution Date, the amount available in the Reserve Account (the “Available
 Reserve Amount”) will equal the lesser of (i) the amount 

37

	
 

	
 

	
 

	
on deposit
 in the Reserve Account (exclusive of investment earnings) and (ii) the
 Specified Reserve Account Balance. On each Deposit Date, Trustee will
 withdraw funds from the Reserve Account to the extent that (A) the sum of the
 amounts required to be distributed to Holders and the accrued and unpaid
 Servicing Fees payable to Servicer on such Distribution Date exceeds (B) the
 amount on deposit in the Collection Account with respect to the preceding
 Collection Period (net of net investment income). The aggregate amount to be
 withdrawn from the Reserve Account on any Deposit Date shall not exceed the
 Available Reserve Amount with respect to the related Distribution Date.
 Trustee will deposit the proceeds of such withdrawal into the Collection
 Account on or before such Distribution Date with respect to which such
 withdrawal was made. 

	
 

	
 

	
 

	
          (f)
 Amounts on deposit in the Reserve Account will be released to Transferor on
 each Distribution Date to the extent that the amount credited to the Reserve
 Account would exceed the Specified Reserve Account Balance. Upon any
 distribution to Transferor of amounts from the Reserve Account, the Holders
 will not have any rights in, or claims to, such amounts. Amounts distributed
 to Transferor from the Reserve Account in accordance with this Section shall
 not be available under any circumstances to the Trust, Trustee or the Holders
 and Transferor shall in no event thereafter be required to refund any such
 distributed amounts. 

	
 

	
 

	
 

	
          (g)
 Investment earnings attributable to the Reserve Account Property and proceeds
 therefrom shall be held by Trustee for the benefit of Transferor. Investment
 earnings attributable to the Reserve Account Property shall not be available
 to pay the distributions provided for in Section 4.5 and shall not
 otherwise be subject to any claims or rights of the Holders or Servicer.
 Trustee shall cause all investment earnings attributable to the Reserve
 Account to be distributed on each Distribution Date to Transferor. 

	
 

	
 

	
 

	
          (h)
 Transferor may at any time, without consent of Holders, sell, transfer,
 convey or assign in any manner its rights to and interests in distributions
 from the Reserve Account provided
 that (i) the Rating Agencies confirm in writing that such action will not
 result in a reduction or withdrawal of the rating of the Class A Certificates
 or the Class B Certificates, (ii) Transferor provides to Trustee an Opinion
 of Counsel from independent counsel that such action will not cause Trust to
 be classified as an association (or publicly traded partnership) taxable as a
 corporation for federal income tax purposes and (iii) such transferee or
 assignee agrees in writing to take positions for federal income tax purposes
 consistent with the federal income tax positions agreed to be taken by
 Transferor. 

	
 

	
 

	
                    Section
 4.7 Statements to Holders. On each Distribution Date, Servicer shall
 provide to Trustee (with a copy to each Rating Agency) written instructions
 for Trustee to forward to each Holder of record a statement setting forth at
 least the following information as to the Certificates to the extent
 applicable: 

38

	
 

	
 

	
 

	
          (a)
 the amount of the distribution allocable to principal on the Class A
 Certificates and the Class B Certificates; 

	
 

	
 

	
 

	
          (b)
 the amount of the distribution allocable to interest on the Class A Certificates
 and the Class B Certificates; 

	
 

	
 

	
 

	
          (c)
 the amount of the Servicing Fee paid to Servicer with respect to the related
 Collection Period; 

	
 

	
 

	
 

	
          (d)
 the Class A Certificate Balance, the Class A Pool Factor, the Class B
 Certificate Balance and the Class B Pool Factor as of such Distribution Date,
 after giving effect to payments allocated to principal reported under clause
 (a); 

	
 

	
 

	
 

	
          (e)
 the Pool Balance as of the close of business on the last day of the preceding
 Collection Period; 

	
 

	
 

	
 

	
          (f)
 the amount of Defaulted Receivables and Liquidation Proceeds, if any, for
 such Collection Period; 

	
 

	
 

	
 

	
          (g)
 the aggregate Purchase Amount of Receivables purchased by Servicer with
 respect to the related Collection Period; 

	
 

	
 

	
 

	
          (h)
 the Class A Interest Carryover Shortfall, the Class B Interest Carryover
 Shortfall, the Class A Principal Carryover Shortfall and the Class B
 Principal Carryover Shortfall, if any, in each case as applicable to each of
 the Class A Certificates and the Class B Certificates, and the change in such
 amounts from the preceding statement; 

	
 

	
 

	
 

	
          (i)
 the balance of the Reserve Account on such Distribution Date, after giving
 effect to changes therein on such Distribution Date; 

	
 

	
 

	
 

	
          (j)
 the Specified Reserve Account Balance as of the close of business on such
 Distribution Date; and 

	
 

	
 

	
 

	
          (k)
 the number, and aggregate principal amount outstanding, of Receivables past
 due 31-60, 61-90 and over 90 days. 

	
 

	
 

	
Each amount
 set forth pursuant to clauses (a), (b) and (h) shall be
 expressed in the aggregate and as a dollar amount per $1,000 of original
 denomination of a Certificate. 

	
 

	
 

	
                    Within
 a reasonable period of time after the end of each calendar year, but not
 later than the latest date permitted by law, Servicer shall furnish a report
 to the Trust and Trustee shall furnish, or cause to be furnished, to each
 Person who at any time during such calendar year shall have been a Holder, a
 statement based upon such report as to the sum of the amounts determined in clauses
 (a) and (b) above for such calendar year, or, in the event such
 Person shall have been a Holder during a portion of such calendar year, for
 the applicable portion of such year, and such other information as is
 available to Servicer as Servicer deems necessary or desirable to enable the
 Holders to prepare their federal income tax returns. The obligation of the 

39

Trustee set
forth in this paragraph shall be deemed to have been satisfied to the extent
that substantially comparable information shall be provided pursuant to any
requirement of the Code. 

ARTICLE V

THE CERTIFICATES

                    Section
5.1 The Certificates. Trustee shall, upon written order or request
signed in the name of Seller by one of its officers authorized to do so and
delivered to an Authorized Officer of Trustee, execute on behalf of the Trust,
authenticate and deliver the Certificates to or upon the order of Seller in the
aggregate principal amount and denominations as set forth in such written order
or request. The Certificates shall be issuable in denominations of $1,000 and
integral multiples thereof; provided
that one Class A Certificate and one Class B Certificate may be issued in a
denomination that represents the residual amount of the original Class A
Certificate Balance and the Original Class B Certificate Balance, respectively.
Upon initial issuance, the Class A Certificates and the Class B Certificates
shall be in the form of Exhibit A and Exhibit B, respectively,
which are incorporated by reference herein, and shall be issued as provided in Section
5.8, in an aggregate amount equal to the Original Class A Certificate
Balance and the Original Class B Certificate Balance, respectively. The
Certificates shall be executed by Trustee on behalf of the Trust by manual or
facsimile signature of an Authorized Officer of Trustee under Trustee’s seal
imprinted thereon and attested by the manual or facsimile signature of an
Authorized Officer of Trustee. Certificates bearing the manual or facsimile
signatures of individuals who were, at the time when such signatures shall have
been affixed, authorized to sign on behalf of the Trust, shall be valid and
binding obligations of the Trust, notwithstanding that such individuals shall
have ceased to be so authorized prior to the authentication and delivery of
such Certificates or did not hold such offices at the date of such
Certificates. 

                    Section
5.2 Authentication of Certificates. No Certificate shall entitle the
Holder thereof to any benefit under this Agreement, or shall be valid for any
purpose, unless there shall appear on such Certificate a certificate of
authentication, substantially in the form set forth in the form of Certificates
attached hereto as Exhibit A and Exhibit B, executed by Trustee
by manual signature. Such authentication shall constitute conclusive evidence,
and the only evidence, that such Certificate has been duly authenticated and
delivered hereunder. All Certificates shall be dated the date of their
authentication. 

                    Section
5.3 Registration of Transfer and Exchange of Certificates. Trustee shall
maintain, or cause to be maintained, at the office or agency to be maintained
by it in accordance with Section 5.7, a Certificate Register in which,
subject to such reasonable regulations as it may prescribe, Trustee shall
provide for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided. Upon surrender for registration of transfer of
any Class A Certificate or Class B Certificate at such office or agency,
Trustee shall execute, authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Class A Certificates or Class B
Certificates, as the case may be, in authorized denominations of a like
aggregate amount. At the option of a Holder, Class A Certificates or Class B
Certificates may be exchanged for other Class A Certificates or Class B
Certificates, as the case may be, of authorized denominations of a like
aggregate amount at the office or agency 

40

maintained by
Trustee in accordance with Section 5.7. Every Certificate presented or
surrendered for registration of transfer or exchange shall be accompanied by a
written instrument of transfer duly executed by the Holder and in a form
satisfactory to Trustee. No service charge shall be made for any registration
of transfer or exchange of Certificates, but Trustee may require payment of a
sum sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates. All Certificates
surrendered for registration of transfer or exchange shall be cancelled and
disposed of in accordance with the customary procedures of Trustee. 

                    The
Class B Certificates and any beneficial interest in such Class B Certificates
may not be acquired (a) with the assets of an employee benefit plan (as defined
in Section 3(3) of ERISA) that is subject to the provisions of Title I
of ERISA, (b) by a plan described in Section 4975(e)(1) of the Code or (c) by
any entity whose underlying assets include plan assets by reason of a plan’s
investment in the entity. By accepting and holding a Class B Certificate or
interest therein, the Holder thereof or Class B Certificate Owner thereof shall
be deemed to have represented and warranted that it is not subject to the
foregoing limitation. 

                    The
preceding provisions of this Section 5.3 notwithstanding, Trustee shall
not make and need not register any transfer or exchange of Certificates for a
period of fifteen (15) days preceding any Distribution Date for any payment
with respect to the Certificates. 

                    Section
5.4 Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any
mutilated Class A Certificate or Class B Certificate shall be surrendered to
Trustee, or if Trustee shall receive evidence to its satisfaction of the
destruction, loss or theft of any Class A Certificate or Class B Certificate
and (b) there shall be delivered to Trustee such security or indemnity as may
be required to save Trustee harmless, then in the absence of notice that such
Class A Certificate or Class B Certificate shall have been acquired by a bona
fide purchaser, Trustee shall execute, authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Class A
Certificate or Class B Certificate, a new Class A Certificate or Class B
Certificate of like tenor and denomination. In connection with the issuance of
any new Certificate under this Section 5.4, Trustee may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection herewith. Any replacement Certificate issued
pursuant to this Section 5.4 shall constitute conclusive evidence of
ownership in the Trust, as if originally issued, whether or not the lost,
stolen or destroyed Certificate shall be found at any time. 

                    Section
5.5 Persons Deemed Owners. Prior to due presentation of a Certificate
for registration of transfer, Trustee may treat the Person in whose name any
Certificate shall be registered as the owner of such Certificate for the
purpose of receiving distributions pursuant to Section 4.5 and for all
other purposes, and Trustee shall not be bound by any notice to the contrary. 

                    Section
5.6 Access to List of Holders’ Names and Addresses. Trustee shall
furnish or cause to be furnished to Servicer, within fifteen days after receipt
by Trustee of a request therefor from Servicer in writing, in such form as
Servicer may reasonably require, a list of the names and addresses of the
Holders as of the most recent Record Date. If Definitive Certificates have been
issued, Trustee, upon written request of (a) three or more Holders or (b) 

41

one or more
Holders evidencing not less than 25% of the aggregate outstanding principal
balance of the Certificates, will, within five Business Days after the receipt
of such request, afford such Holders access during normal business hours to the
most current list of Holders for purposes of communicating with other Holders
with respect to their rights under the Agreement. Each Holder, by receiving and
holding a Certificate, shall be deemed to have agreed not to hold Seller, Servicer
or Trustee accountable by reason of the disclosure of such Holder’s name and
address, regardless of the source from which such information was derived. 

                    Section
5.7 Maintenance of Office or Agency. Trustee shall maintain, or cause to
be maintained, at its expense, in _________, an office or agency where
Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon Trustee in respect of the Certificates and
this Agreement may be served. Trustee initially designates its office located
at ________ for such purposes. Trustee shall give prompt written notice to
Servicer and to Holders of any change in the location of any such office or
agency. 

                    Section
5.8 Book Entry Certificates. Upon original issuance, the Class A
Certificates and the Class B Certificates, other than the Class A Certificate
representing the residual amount of the Original Class A Certificate Balance
and the Class B Certificate representing the residual amount of the Original
Class B Certificate Balance, which shall be issued upon the written order of
Seller, shall be issued in the form of one or more typewritten Certificates
representing the Book Entry Certificates, to be delivered to the initial Clearing
Agency, by, or on behalf of, Seller. Such Certificates shall initially be
registered on the Certificate Register in the name of Cede & Co., the
nominee of the initial Clearing Agency, and no Certificate Owner will receive a
Definitive Certificate representing such Certificate Owner’s interest in the
Class A Certificates or the Class B Certificates, as the case may be, except as
provided in Section 5.10. Unless and until definitive, fully registered
Certificates (“Definitive Certificates”) have been issued to the Holders
pursuant to Section 5.10: 

	
 

	
 

	
 

	
          (a)
 the provisions of this Section 5.8 shall be in full force and effect; 

	
 

	
 

	
 

	
          (b)
 Seller, Servicer and Trustee may deal with the Clearing Agency for all
 purposes (including the making of distributions on the Certificates and the
 taking of actions by the Holders) as the authorized representative of the
 Certificate Owners; 

	
 

	
 

	
 

	
          (c)
 to the extent that the provisions of this Section 5.8 conflict with
 any other provisions of this Agreement, the provisions of this Section 5.8
 shall control; 

	
 

	
 

	
 

	
          (d)
 the rights of Certificate Owners shall be exercised only through the Clearing
 Agency and shall be limited to those established by law, the rules,
 regulations and procedures of the Clearing Agency and agreements between such
 Certificate Owners and the Clearing Agency and all references in this
 Agreement to actions by Holders shall refer to actions taken by the Clearing
 Agency upon instructions from the Clearing Agency Participants, and all
 references in this Agreement to distributions, notices, reports and
 statements to Holders shall refer to distributions, notices, reports and
 statements to the Clearing Agency or its 

42

	
 

	
 

	
 

	
nominee, as
 registered holder of the Certificates, as the case may be, for distribution
 to Certificate Owners in accordance with the rules, regulations and
 procedures of the Clearing Agency; and 

	
 

	
 

	
 

	
          (e)
 pursuant to the Depository Agreement, the initial Clearing Agency will make
 book-entry transfers among the Clearing Agency Participants and receive and
 transmit distributions of principal and interest on the Certificates to the
 Clearing Agency Participants, for distribution by such Clearing Agency
 Participants to the Certificate Owners or their nominees. 

                    For
purposes of any provision of this Agreement requiring or permitting actions
with the consent of, or at the direction of, Holders of Certificates evidencing
specified percentages of the aggregate outstanding principal balance of such
Certificates, such direction or consent may be given by Certificate Owners
having interests in the requisite percentage, acting through the Clearing
Agency. 

                    Section
5.9 Notices to Clearing Agency. Whenever notice or other communication
to the Holders is required under this Agreement unless and until Definitive
Certificates shall have been issued to Certificate Owners pursuant to Section
5.10, Trustee shall give all such notices and communications specified
herein to be given to Holders to the Clearing Agency. 

                    Section
5.10 Definitive Certificates. If (a) (i) Servicer advises Trustee in
writing that the Clearing Agency is no longer willing or able properly to
discharge its responsibilities under the Depository Agreement and (ii) Trustee
or Servicer is unable to locate a qualified successor, (b) Servicer, at its
option, advises Trustee in writing that it elects to terminate the book-entry
system through the Clearing Agency or (c) after the occurrence of a Servicer
Termination Event, Certificate Owners representing in the aggregate not less
than a majority of the aggregate outstanding principal balance of the
Certificates, advise Trustee and the Clearing Agency through the Clearing
Agency Participants in writing that the continuation of a book-entry system
through the Clearing Agency is no longer in the Certificate Owners’ best
interests, Trustee shall notify the Clearing Agency which shall be responsible
to notify the Certificate Owners of the occurrence of any such event and of the
availability of Definitive Certificates to Certificate Owners requesting the
same. Upon surrender to Trustee by the Clearing Agency of the Certificates
registered in the name of the nominee of the Clearing Agency, accompanied by
re-registration instructions from the Clearing Agency for registration, Trustee
shall execute, on behalf of the Trust, authenticate and deliver Definitive
Certificates in accordance with such instructions. Seller shall arrange for,
and will bear all costs of, the printing and issuance of such Definitive
Certificates. Neither Seller, Servicer nor Trustee shall be liable for any
delay in delivery of such instructions and may conclusively rely on, and shall
be protected in relying on, such instructions. Upon the issuance of Definitive
Certificates, Trustee shall recognize the Holders of the Definitive
Certificates as Holders hereunder. 

43

ARTICLE VI

SELLER

	
 

	
 

	
                    Section
 6.1 Representations and Warranties of Seller. Seller makes the
 following representations and warranties, on which Trustee relies in
 accepting the Receivables and the other Trust Property in trust and executing
 and authenticating the Certificates. Such representations are made as of the
 execution and delivery of this Agreement, but shall survive the sale,
 transfer and assignment of the Receivables and the other Trust Property to
 the Trust. 

	
 

	
 

	
 

	
          (a)
 Organization and Good Standing. Seller has been duly organized and is
 validly existing as a Delaware limited liability company in good standing
 under the laws of the State of Delaware, with the power and authority to own
 its properties and to conduct its business as such properties are presently
 owned and such business is presently conducted and had at all relevant times,
 and has, full power, authority and legal right to acquire, own and sell the
 Receivables and the other Trust Property. 

	
 

	
 

	
 

	
          (b)
 Power and Authority. Seller has the power, authority and legal right
 to execute and deliver this Agreement and the Related Agreements to which it
 is a party and to carry out their respective terms and to sell and assign the
 property to be sold and assigned to and deposited with Trustee as Trust
 Property; and the execution, delivery and performance of this Agreement and
 the Related Agreements to which it is a party have been duly authorized by
 Seller by all necessary limited liability company action. 

	
 

	
 

	
 

	
          (c)
 No Consent Required. No approval, authorization, consent, license or
 other order or action of, or filing or registration with, any governmental
 authority, bureau or agency is required in connection with Seller’s
 execution, delivery or performance of this Agreement or the Related
 Agreements to which Seller is a party or the consummation of the transactions
 contemplated hereby or thereby, other than (i) as may be required under the
 blue sky or securities laws of any State or the Securities Act of 1933, as
 amended, and (ii) the filing of UCC financing statements. 

	
 

	
 

	
 

	
          (d)
 Valid Sale; Binding Obligation. Seller intends this Agreement to
 effect a valid sale, transfer, and assignment of the Receivables and the
 other Trust Property conveyed by Seller to the Trust hereunder, enforceable
 against creditors of and purchasers from Seller; and each of this Agreement
 and the Related Agreements to which it is a party constitutes a legal, valid
 and binding obligation of Seller, enforceable against Seller in accordance
 with its respective terms, subject, as to enforceability, to applicable
 bankruptcy, insolvency, reorganization, conservatorship, receivership,
 liquidation and other similar laws affecting enforcement of the rights of
 creditors generally and to equitable limitations on the availability of
 specific remedies. 

44

	
 

	
 

	
 

	
          (e)
 No Violation. The execution, delivery and performance by Seller of
 this Agreement and the Related Agreements to which it is a party and the
 consummation of the transactions contemplated hereby and thereby will not
 conflict with, result in any material breach of any of the terms and provisions
 of, constitute (with or without notice or lapse of time) a material default
 under or result in the creation or imposition of any Lien upon any of its
 material properties pursuant to the terms of, (i) the organic documents of
 Seller, (ii) any material indenture, contract, lease, mortgage, deed of trust
 or other instrument or agreement to which Seller is a party or by which
 Seller is bound, or (iii) any law, order, rule or regulation applicable to
 Seller of any federal or state regulatory body, any court, administrative
 agency, or other governmental instrumentality having jurisdiction over
 Seller. 

	
 

	
 

	
 

	
          (f)
 No Proceedings. There are no proceedings or investigations pending,
 or, to the knowledge of Seller, threatened, before any court, regulatory
 body, administrative agency, or other tribunal or governmental
 instrumentality having jurisdiction over Seller or its properties: (i)
 asserting the invalidity of this Agreement or any Related Agreement, (ii)
 seeking to prevent the issuance of the Certificates or the consummation of
 any of the transactions contemplated by this Agreement or any Related
 Agreement, (iii) seeking any determination or ruling that might materially
 and adversely affect the performance by Seller of its obligations under, or
 the validity or enforceability of, this Agreement or any Related Agreement or
 (iv) that may materially and adversely affect the federal or state income,
 excise, franchise or similar tax attributes of the Certificates. 

	
 

	
 

	
 

	
          (g)
 Chief Executive Office. The chief executive office of Seller is
 _______________. 

	
 

	
 

	
                    Section
 6.2 Merger or Consolidation of, or Assumption of the Obligations of,
 Seller. Any Person (a) into which Seller may be merged or consolidated,
 (b) that may result from any merger, conversion or consolidation to which
 Seller is a party, or (c) that may succeed by purchase and assumption to all
 or substantially all of the business of Seller, where Seller in any of the
 foregoing cases is not the surviving entity, which corporation or other
 entity shall execute an agreement of assumption to perform every obligation
 of Seller under this Agreement, shall be the successor to Seller hereunder
 without the execution or filing of any document or any further act by any of
 the parties to this Agreement; provided
 that (x) Servicer shall have delivered to Trustee an Officer’s Certificate
 and an Opinion of Counsel each stating that such merger, conversion,
 consolidation or succession and such agreement of assumption comply with this
 Section, and (y) Servicer shall have delivered to Trustee an Opinion of
 Counsel either (A) stating that, in the opinion of such counsel, all
 financing statements and continuation statements and amendments thereto have
 been executed and filed that are necessary fully to preserve and protect the
 interest of Trustee in the Receivables, and reciting the details of such
 filings, or (B) stating that, in the opinion of such counsel, no such action
 shall be necessary to fully preserve and protect such interest. Seller shall
 promptly inform Trustee and each Rating Agency of any such merger,
 conversion, consolidation or purchase and assumption, where Seller is not the
 surviving entity. 

45

                    Section
6.3 Limitation on Liability of Seller and Others. Seller and any
director or officer or employee or agent of Seller may rely in good faith on
the advice of counsel or on any document of any kind, prima facie properly
executed and submitted by any Person respecting any matters arising under this
Agreement or any Related Agreement (provided
that such reliance shall not limit in any way Seller’s obligations under Section
3.2). Seller shall not be under any obligation to appear in, prosecute or
defend any legal action that shall not be incidental to its obligations under
this Agreement, and that in its opinion may involve it in any expense or
liability. 

ARTICLE VII

SERVICER

                    Section
7.1 Representations and Warranties of Servicer. Servicer makes the
following representations and warranties on which Trustee relies in accepting
the Receivables and the other Trust Property in trust and in authenticating the
Certificates. These representations are made as of the Closing Date, but shall
survive the sale, transfer and assignment of the Receivables and the other
Trust Property to the Trust. 

	
 

	
 

	
 

	
          (a)
 Organization and Good Standing. Servicer has been duly organized and
 is validly existing as a federally chartered savings association in good
 standing under the laws of the United States, with the power and authority to
 own its properties and to conduct its business as such properties are
 presently owned and such business is presently conducted, and had at all
 relevant times, and shall have, the power, authority and legal right to
 service the Receivables and the other Trust Property. 

	
 

	
 

	
 

	
          (b)
 Due Qualification. Servicer shall have obtained all necessary licenses
 and approvals in all jurisdictions in which the ownership or lease of
 property or the conduct of its business (including the servicing of the
 Receivables as required by this Agreement) shall require such qualifications.
 

	
 

	
 

	
 

	
          (c)
 Power and Authority. Servicer has the power, authority and legal right
 to execute and deliver this Agreement and the Related Agreements to which it
 is a party and to carry out their respective terms; and the execution,
 delivery and performance of this Agreement and the Related Agreements to
 which it is a party have been duly authorized by Servicer by all necessary
 banking action. 

	
 

	
 

	
 

	
          (d)
 No Consent Required. No approval, authorization, consent, license or
 other order or action of, or filing or registration with, any governmental
 authority, bureau or agency is required in connection with Servicer’s
 execution, delivery or performance of this Agreement, the Related Agreements
 to which Servicer is a party or the consummation of the transactions
 contemplated hereby or thereby, other than the filing of UCC financing
 statements. 

	
 

	
 

	
 

	
          (e)
 Binding Obligation. Each of this Agreement and the Related Agreements
 to which it is a party constitutes a legal, valid and binding obligation 

46

	
 

	
 

	
 

	
of Servicer,
 enforceable against Servicer in accordance with its respective terms,
 subject, as to enforceability, to applicable bankruptcy, insolvency,
 reorganization, conservatorship, receivership, liquidation and other similar
 laws affecting enforcement of the rights of creditors of federally chartered
 savings associations generally and to equitable limitations on the
 availability of specific remedies. 

	
 

	
 

	
 

	
          (f)
 No Violation. The execution, delivery and performance by Servicer of
 this Agreement and the Related Agreements to which it is a party and the
 consummation of the transactions contemplated hereby and thereby will not
 conflict with, result in any material breach of any of the terms and
 provisions of, constitute (with or without notice or lapse of time) a
 material default under, or result in the creation or disposition of any Lien
 upon any of its material properties pursuant to the terms of, (i) the
 articles of association or bylaws of Servicer, (ii) any material indenture,
 contract, lease, mortgage, deed of trust or other instrument or agreement to
 which Servicer is a party or by which Servicer is bound, or (iii) any law,
 order, rule or regulation applicable to Servicer of any federal or state
 regulatory body, any court, administrative agency, or other governmental
 instrumentality having jurisdiction over Servicer. 

	
 

	
 

	
 

	
          (g)
 No Proceedings. There are no proceedings or investigations pending,
 or, to Servicer’s knowledge, threatened, before any court, regulatory body,
 administrative agency, or tribunal or other governmental instrumentality
 having jurisdiction over Servicer or its properties: (i) asserting the
 invalidity of this Agreement, any Related Agreement or the Certificates, (ii)
 seeking to prevent the issuance of the Certificates or the consummation of
 any of the transactions contemplated by this Agreement or any Related
 Agreement, (iii) seeking any determination or ruling that might materially
 and adversely affect the performance by Servicer of its obligations under, or
 the validity or enforceability of, this Agreement, any Related Agreement or
 the Certificates, or (iv) that may materially and adversely affect the
 federal or state income, excise, franchise or similar tax attributes of the
 Certificates. 

	
 

	
 

	
                    Section
 7.2 Indemnities of Servicer. (a) Servicer shall be liable in
 accordance herewith only to the extent of the obligations specifically
 undertaken by Servicer under this Agreement. 

	
 

	
 

	
 

	
          (b)
 Servicer shall indemnify, defend and hold harmless Trustee, Seller, the
 Holders and any of the officers, directors, employees and agents of Trustee
 or Seller from any and all costs, expenses, losses, claims, damages and
 liabilities (including reasonable attorneys’ fees and expenses) to the extent
 arising out of, or imposed upon any such Person through, the gross
 negligence, willful misfeasance or bad faith (other than errors in judgment)
 of Servicer in the performance of its obligations and duties under this
 Agreement or in the performance of the obligations and duties of any
 subservicer under any subservicing agreement. 

	
 

	
 

	
 

	
          (c)
 Servicer shall indemnify, defend and hold harmless Trustee and its officers,
 directors, employees and agents from and against any taxes that may at 

47

	
 

	
 

	
 

	
any time be
 asserted against any such Person with respect to the transactions
 contemplated in this Agreement or in the other Related Agreements, including
 any sales, gross receipts, general corporation, tangible or intangible
 personal property, privilege, or license taxes, or any taxes of any kind
 which may be asserted (but not including any Federal or other income taxes
 arising out of transactions contemplated by this Agreement and the other
 Related Agreements) against the Trust, and costs and expenses in defending
 against the same. 

	
 

	
 

	
 

	
          (d)
 Servicer shall indemnify, defend and hold harmless Trustee, Seller and the
 Holders or any of the officers, directors, employees and agents of Trustee or
 Seller from any and all costs, expenses, losses, claims, damages and
 liabilities (including reasonable attorneys’ fees and expenses) to the extent
 arising out of or imposed upon any such Person as a result of any compensation
 payable to any subcustodian or subservicer (including any fees payable in
 connection with the release of any Receivable File from the custody of such
 subservicer or in connection with the termination of the servicing activities
 of such subservicer with respect to any Receivable) whether pursuant to the
 terms of any subservicing agreement or otherwise. 

	
 

	
 

	
 

	
          (e)
 Servicer shall indemnify, defend and hold harmless Trustee, Seller and the
 Holders or any of the directors, officers, employees and agents of Trustee
 and Seller from and against any and all costs, expenses, losses, damages,
 claims and liabilities, including reasonable fees and expenses of counsel and
 expenses of litigation, arising out of or resulting from the use, ownership,
 or operation by Servicer or any Affiliate thereof of any Financed Vehicle. 

Indemnification
under this Section shall survive the resignation or removal of Trustee and the
termination of this Agreement and shall include reasonable fees and expenses of
counsel and other expenses of litigation. If Servicer shall have made any
indemnity payments pursuant to this Section and the Person to or on behalf of
whom such payments are made thereafter shall collect any of such amounts from
others, such Person shall promptly repay such amounts to Servicer, without
interest. 

                    Section
7.3 Merger or Consolidation of or Assumption of the Obligations of Servicer.
Any corporation or other entity (a) into which Servicer may be merged or
consolidated, (b) that may result from any merger, conversion, or consolidation
to which Servicer is a party, (c) that may succeed by purchase and assumption
to all or substantially all of the business of Servicer or (d) 50% of the
voting stock of which is owned directly or indirectly by Charter One Bank,
N.A., where, in the case of clauses (a), (b) and (c),
Servicer is not the surviving entity, which corporation or other entity in any
of the foregoing cases shall execute an agreement of assumption to perform
every obligation of Servicer under this Agreement, shall be the successor to
Servicer under this Agreement without any further act on the part of any of the
parties to this Agreement; provided
that, unless Bank is the surviving party to such transaction (x) Servicer shall
have delivered to Trustee an Officer’s Certificate and an Opinion of Counsel
each stating that such merger, conversion, consolidation or succession and such
agreement of assumption comply with this Section, and (y) Servicer shall have
delivered to Trustee an Opinion of Counsel either (A) stating that, in the
opinion of such counsel, all financing statements and 

48

continuation
statements and amendments thereto have been executed and filed that are
necessary fully to preserve and protect the interest of Trustee in the
Receivables, and reciting the details of such filings, or (B) stating that, in
the opinion of such counsel, no such action shall be necessary to fully
preserve and protect such interest. Servicer shall promptly inform Trustee and
each Rating Agency of any such merger, conversion, consolidation or purchase
and assumption where Servicer is not the surviving entity. 

                    Section
7.4 Limitation on Liability of Servicer and Others. Neither Servicer nor
any of its directors, officers, employees or agents shall be under any
liability to the Trust or the Holders, except as provided under this Agreement,
for any action taken or for refraining from the taking of any action by
Servicer or any subservicer pursuant to this Agreement or for errors in judgment;
provided that this provision
shall not protect Servicer or any such Person against any liability that would
otherwise be imposed by reason of willful misfeasance, bad faith or gross
negligence in the performance of duties (except for errors in judgment) or by
reason of reckless disregard of obligations and duties under this Agreement.
Servicer or any subservicer and any of their respective directors, officers,
employees or agents may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters
arising under this Agreement. 

                    Except
as provided in this Agreement, Servicer shall not be under any obligation to
appear in, prosecute or defend any legal action that shall not be incidental to
its duties to service the Receivables in accordance with this Agreement, and
that in its opinion may involve it in any expense or liability; provided that Servicer may (but shall not
be required to) undertake any reasonable action that it may deem necessary or
desirable in respect of this Agreement and the Related Agreements to protect
the interests of the Holders under this Agreement and the Related Agreements.
In such event, the legal expense and costs of such action and any liability
resulting therefrom shall be expenses, costs and liabilities of Servicer. 

                    Section
7.5 Bank Not To Resign as Servicer. Subject to the provisions of Section
7.3, Bank hereby agrees not to resign from the obligations and duties
hereby imposed on it as Servicer under this Agreement except upon determination
that the performance of its duties hereunder shall no longer be permissible
under applicable law or if such resignation is required by regulatory
authorities. Notice of any such determination permitting the resignation of
Bank as Servicer shall be communicated to Trustee at the earliest practicable
time (and, if such communication is not in writing, shall be confirmed in
writing at the earliest practicable time) and any such determination shall be
evidenced by an Opinion of Counsel to such effect delivered to Trustee
concurrently with or promptly after such notice. No such resignation shall
become effective until the earlier of Trustee or a successor Servicer having
assumed the responsibilities and obligations of the resigning Servicer in
accordance with Section 8.2 or the date upon which any regulatory
authority requires such resignation. 

                    Section
7.6 Servicer May Own Certificates. Servicer, and any Affiliate of Servicer,
may, in its individual or any other capacity, become the owner or pledgee of
Certificates with the same rights as it would have if it were not Servicer or
an Affiliate thereof, except as otherwise provided in the definition of
“Holder”, “Class A Holder” and “Class B Holder” in Section 1.1.
Certificates so owned by or pledged to Servicer or such Affiliate shall have an
equal and proportionate benefit under the provisions of this Agreement, without

49

preference,
priority or distinction as among all of the Certificates, except as otherwise
provided in the definitions of “Class A Holder” and “Class B Holder”. 

                    Section
7.7 Existence. Subject to the provisions of Section 7.3, during
the term of this Agreement, Bank will keep in full force and effect its
existence, rights and franchises as a federally chartered savings association
under the laws of the jurisdiction of its organization. 

ARTICLE VIII

SERVICING TERMINATION

                    Section
8.1 Servicer Termination Events. (a) Any one of the following events
shall constitute a “Servicer Termination Event”: 

	
 

	
 

	
 

	
 

	
 

	
(i) any
 failure by Servicer to deliver to Trustee a Servicer’s Report for any
 Collection Period, which failure shall continue beyond the related Deposit
 Date; 

	
 

	
 

	
 

	
 

	
 

	
(ii) any
 failure by Servicer to deliver to any Account or the Reserve Account any
 payment or deposit required to be so delivered or paid under the terms of the
 Certificates and this Agreement, or to direct Trustee to make any required
 distribution from any Account or the Reserve Account, which failure shall
 continue unremedied for a period of five Business Days after written notice
 is received from the Trustee by Servicer or after discovery of such failure
 by Servicer (or, in the case of a payment or deposit to be made no later than
 a Deposit Date immediately preceding a Distribution Date, the failure to make
 such payment or deposit by such Distribution Date); 

	
 

	
 

	
 

	
 

	
 

	
(iii) any
 failure on the part of Servicer to duly observe or to perform in any material
 respect any other covenants or agreements set forth in the Certificates or in
 this Agreement, which failure shall (A) materially and adversely affect the
 rights of Holders (which determination shall be made without regard to
 whether funds are available to the Holders pursuant to the Reserve Account)
 and (B) continue unremedied for a period of 60 days after the date on which
 written notice of such failure, requiring the same to be remedied, shall have
 been given (1) to Servicer by Trustee, or (2) to Trustee and Servicer by the
 Holders of Certificates representing not less than 25% of the outstanding
 principal amount of the Certificates (or for such longer period, not in
 excess of 120 days, as may be reasonably necessary to remedy such default; provided that such default is capable of
 remedy within 120 days and Servicer delivers an Officer’s Certificate to
 Trustee to such effect and to the effect that Servicer has commenced or will
 promptly commence, and will diligently pursue, all reasonable efforts to
 remedy such default); 

50

	
 

	
 

	
 

	
 

	
 

	
(iv) the
 entry of a decree or order by a court or agency or supervisory authority of
 competent jurisdiction for the appointment of a conservator, receiver,
 liquidator or trustee for Servicer, Seller, Transferor, or any of their respective
 successors, in any bankruptcy, receivership, conservatorship, insolvency or
 similar proceedings, or for the winding up or liquidation of its affairs, and
 any such decree or order continues unstayed and in effect for a period of 60
 consecutive days; or 

	
 

	
 

	
 

	
 

	
 

	
(v) the
 consent by Servicer, Seller, Transferor, or any of their respective
 successors, to the appointment of a conservator, receiver, liquidator or
 trustee in any bankruptcy, receivership, conservatorship, insolvency or
 similar proceedings of or relating to such Person or relating to
 substantially all of its property, the admission in writing by such Person of
 its inability to pay its debts generally as they become due, the filing by
 such Person of a petition to take advantage of any applicable bankruptcy,
 receivership, conservatorship, insolvency or similar statute, the making by
 such Person of an assignment for the benefit of its creditors or the
 voluntary suspension by such Person of payment of its obligations. 

Upon the
occurrence of any Servicer Termination Event, and so long as a Servicer
Termination Event shall not have been remedied, either Trustee, or the Majority
Holders, by notice then given in writing to Servicer, may terminate all of the
rights and obligations of Servicer (other than the obligations set forth in Section
7.2) under this Agreement. On or after the receipt by Servicer of such
written notice, all authority and power of Servicer under this Agreement,
whether with respect to the Certificates or the Trust Property or otherwise,
shall pass to and be vested in Trustee or such successor Servicer as may be
appointed under Section 8.2 pursuant to this Section 8.1; and
thereupon Trustee shall be authorized and empowered to execute and deliver, on
behalf of Servicer, as attorney-in-fact or otherwise, any and all documents and
other instruments, and to do or accomplish all other acts or things necessary
or appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement of the Receivable Files or the Physical
Damage Insurance Policies, the certificates of title to the Financed Vehicles,
or otherwise. Servicer shall cooperate with Trustee or any successor Servicer
in effecting the termination of its responsibilities and rights as Servicer
under this Agreement, including the transfer to Trustee or any successor
Servicer for administration of all cash amounts that are at the time held by
Servicer for deposit, shall have been deposited by Servicer in the Collection
Account, or thereafter shall be received with respect to a Receivable, all
Receivable Files and all information or documents that Trustee or such
successor Servicer may require. In addition, Servicer shall transfer its
electronic records relating to the Receivables to the successor Servicer in
such electronic form as the successor Servicer may reasonably request and shall
transfer to the successor Servicer all other records, correspondence and
documents necessary for the continued servicing of the Receivables in the
manner and at such times as the successor Servicer shall reasonably request.
All reasonable out-of-pocket costs and expenses incurred by the successor
Servicer in connection with the transfer of servicing shall be paid by the
predecessor Servicer upon presentation of reasonable documentation of such
costs and expenses. 

	
 

	
 

	
 

	
          (b)
 If any of the foregoing Servicer Termination Events occur, Trustee shall have
 no obligation to notify Holders or any other Person of such occurrence 

51

	
 

	
 

	
 

	
prior to the
 continuance of such event through the end of any cure period specified in Section
 8.1(a). 

                    Section
8.2 Trustee to Act; Appointment of Successor Servicer. Upon Servicer’s
resignation pursuant to Section 7.5 or upon Servicer’s receipt of notice
of termination as Servicer pursuant to Section 8.1, Trustee shall be the
successor in all respects to Servicer in its capacity as Servicer under this
Agreement, and shall be subject to all the responsibilities, duties and
liabilities relating thereto placed on Servicer by the terms and provisions of
this Agreement, except that Trustee, when acting as successor Servicer, shall
not be obligated to purchase Receivables pursuant to Section 3.7 unless
the obligation to repurchase arose after the date of the notice of termination
given to Servicer pursuant to Section 8.1, and neither Trustee nor any
successor Servicer shall be liable for any acts or omissions of the terminated
Servicer or for any breach by such Servicer of any of its representations or
warranties contained herein or in any related documents or agreements. As
compensation therefor, Trustee shall be entitled to the same Servicing Fees
(whether payable out of the Collection Account or otherwise) and Supplemental
Servicing Fees as Servicer would have been entitled to under this Agreement if
no such notice of termination or resignation had been given. Notwithstanding
the above, Trustee may appoint, or petition a court of competent jurisdiction
to appoint, an Eligible Servicer as the successor to the terminated Servicer
under this Agreement; provided
that Trustee shall continue to be the successor to Servicer until another
successor Servicer shall have assumed the responsibilities and obligations of
Servicer. In connection with such appointment, Trustee may make such
arrangements for the compensation of such successor Servicer out of payments on
Receivables as it and such successor shall agree, which shall in no event be
greater than the Servicing Fees and Supplemental Servicing Fees payable to Bank
as Servicer hereunder. Trustee and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such
succession. No Servicer shall resign or be relieved of its duties under this
Agreement until a newly appointed Servicer shall have assumed the
responsibilities and obligations of the terminated Servicer under this
Agreement. 

                    Section
8.3 Effect of Servicing Transfer. (a) After the transfer of servicing
hereunder, Trustee or successor Servicer shall notify Obligors to make directly
to the successor Servicer payments that are due under the Receivables after the
effective date of such transfer. 

	
 

	
 

	
 

	
          (b)
 Except as provided in Sections 7.2 and 9.8 after the transfer
 of servicing hereunder, the predecessor Servicer shall have no further
 obligations with respect to the management, administration, servicing,
 custody or collection of the Receivables and the successor Servicer shall
 have all of such obligations, except that the predecessor Servicer will transmit
 or cause to be transmitted directly to the successor Servicer for its own
 account, promptly on receipt and in the same form in which received, any
 amounts held by the predecessor Servicer (properly endorsed where required
 for the successor Servicer to collect any such items) received as payments
 upon or otherwise in connection with the Receivables and the predecessor
 Servicer shall continue to cooperate with the successor Servicer by providing
 information and in the enforcement of the Dealer Agreements and the Physical
 Damage Insurance Policies. 

52

	
 

	
 

	
 

	
          (c)
 A transfer of servicing hereunder shall not affect the rights and duties of
 the parties hereunder other than those relating to the management,
 administration, servicing, custody or collection of the Receivables and the
 other Trust Property. The successor Servicer shall, upon its appointment
 pursuant to Section 8.2 and as part of its duties and responsibilities
 under this Agreement, promptly take all action it deems necessary or appropriate
 so that the predecessor Servicer (in whatever capacity) is paid or reimbursed
 all amounts it is entitled to receive under this Agreement on each
 Distribution Date subsequent to the date on which it is terminated as
 Servicer hereunder. Without limiting the generality of the foregoing, the
 predecessor Servicer will be entitled to receive all accrued and unpaid
 Servicing Fees and Supplemental Servicing Fees through and including the
 effective date of the termination of the predecessor Servicer. 

	
 

	
 

	
 

	
          (d)
 Any successor Servicer shall provide Seller with access to the Receivable
 Files and to the successor Servicer’s records (whether written or automated)
 with respect to the Receivable Files. Such access shall be afforded without
 charge, but only upon reasonable request and during normal business hours at
 the offices of the successor Servicer. Nothing in this Section shall affect
 the obligation of the successor Servicer to observe any applicable law
 prohibiting disclosure of information regarding the Obligors, and the failure
 of Servicer to provide access to information as a result of such obligation
 shall not constitute a breach of this Section. 

                    Section
8.4 Notification to Holders. Upon any notice of a Servicer Termination
Event or upon any termination of, or appointment of a successor to, Servicer
pursuant to this Article VIII, Trustee shall give prompt written notice
thereof to Holders at their respective addresses of record, and to each Rating
Agency. 

                    Section
8.5 Waiver of Past Servicer Termination Events. The Majority Holders
may, on behalf of all Holders of Certificates, waive any Servicer Termination
Event hereunder and its consequences, except an event resulting from the
failure to make any required deposits or payments to the Collection Account in
accordance with this Agreement. Upon any such waiver of a past Servicer
Termination Event, such event shall cease to exist and shall be deemed to have
been remedied for every purpose of this Agreement. No such waiver shall extend
to any subsequent or other event or impair any right arising therefrom, except
to the extent expressly so waived. 

                    Section
8.6 Transfer of Accounts. Notwithstanding the provisions of Section
8.1, if any of the Accounts or the Reserve Account is maintained with
Servicer or an Affiliate of Servicer and a Servicer Termination Event shall
occur and be continuing, Servicer shall promptly, and in any event within five
Business Days, give notice to Trustee of such Servicer Termination Event, and
Trustee, within _____ days after the receipt of such notice, shall establish
new Eligible Deposit Accounts conforming with the requirements of this
Agreement and promptly shall transfer all funds in any such Accounts or the
Reserve Account to such new Eligible Deposit Accounts. 

53

ARTICLE IX

TRUSTEE

                    Section
9.1 Acceptance by Trustee. Trustee hereby acknowledges its acceptance of
all right, title and interest in and to the Receivables and the other Trust
Property conveyed by Seller pursuant to this Agreement and hereby declares that
Trustee holds and shall hold such right, title and interest, upon the trust set
forth in this Agreement. 

                    Section
9.2 Duties of Trustee. (a) Trustee, both prior to and after the curing
of a Servicer Termination Event, undertakes to perform only such duties as are
specifically set forth in this Agreement and no implied covenants or
obligations shall be read into this Agreement against Trustee. If a Servicer
Termination Event, of which an Authorized Officer of Trustee has actual
knowledge, shall have occurred and shall not have been cured (the appointment
of a successor Servicer (including Trustee) to constitute a cure for the
purposes of this Article), Trustee shall exercise such of the rights and powers
vested in it by this Agreement, 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; provided that if Trustee assumes the duties of Servicer
pursuant to Section 8.2, Trustee in performing such duties shall use the
degree of skill and attention required by Section 3.1. 

	
 

	
 

	
 

	
 

	
          (b)
 Trustee, upon receipt of all resolutions, certificates, statements, opinions,
 reports, documents, orders, or other instruments furnished to Trustee that
 are required specifically to be furnished pursuant to any provision of this
 Agreement, shall examine them to determine whether they conform to the
 requirements of this Agreement. 

	
 

	
 

	
 

	
 

	
          (c)
 No provision of this Agreement shall be construed to relieve Trustee from
 liability for its own negligent action, its own negligent failure to act, its
 own willful misfeasance or its own bad faith; provided that: 

	
 

	
 

	
 

	
 

	
 

	
(i) Prior to
 the occurrence of a Servicer Termination Event, and after the curing of all
 such Servicer Termination Events that may have occurred, the duties and
 obligations of Trustee shall be determined solely by the express provisions
 of this Agreement, Trustee shall not be liable except for the performance of
 such duties and obligations as are specifically set forth in this Agreement,
 no implied covenants or obligations shall be read into this Agreement against
 Trustee, the permissible right of Trustee (solely in its capacity as such) to
 do things enumerated in this Agreement shall not be construed as a duty and,
 in the absence of bad faith on the part of Trustee, or manifest error,
 Trustee (solely in its capacity as such) may conclusively rely on the truth
 of the statements and the correctness of the opinions expressed in any
 certificates or opinions furnished to Trustee and conforming to the
 requirements of this Agreement; 

54

	
 

	
 

	
 

	
 

	
 

	
(ii) Trustee
 shall not be personally liable for an error of judgment made in good faith by
 an officer of Trustee, unless it shall be proved that Trustee shall have been
 negligent in performing its duties in accordance with the terms of this
 Agreement; and 

	
 

	
 

	
 

	
 

	
 

	
(iii)
 Trustee shall not be personally liable with respect to any action taken,
 suffered, or omitted to be taken in good faith in accordance with the
 direction of the Majority Holders, as set forth in Section 8.1,
 relating to the time, method and place of conducting any proceeding or any
 remedy available to Trustee, or exercising any trust or power conferred upon
 Trustee, under this Agreement. 

	
 

	
 

	
 

	
 

	
          (d)
 Except for the willful misfeasance, bad faith or negligence of Trustee,
 Trustee shall not be required to expend or risk its own funds or otherwise
 incur any financial liability in the performance of any of its duties
 hereunder, or in the exercise of any of its rights or powers, if it shall
 have reasonable grounds for believing that the repayment of such funds or
 indemnity satisfactory to it against such risk or liability shall not be
 reasonably assured to it, and none of the provisions contained in this
 Agreement shall in any event require Trustee to perform, or be responsible
 for the manner of performance of, any of the obligations of Servicer under
 this Agreement except during such time, if any, as Trustee shall be the
 successor to, and be vested with the rights, duties, powers and privileges
 of, Servicer in accordance with the terms of this Agreement. 

	
 

	
 

	
 

	
 

	
          (e)
 Except for actions expressly authorized by this Agreement, Trustee shall take
 no action reasonably likely to impair the security interests created or
 existing under any Receivable or Financed Vehicle or to impair the value of
 any Receivable or Financed Vehicle. 

	
 

	
 

	
 

	
 

	
          (f)
 Trustee shall have no power to vary the corpus of the Trust including (i)
 accepting any substitute obligation for a Receivable initially assigned to
 Trustee under this Agreement, (ii) adding any other investment, obligation or
 security, or (iii) withdrawing any Receivable, except for a withdrawal
 permitted under this Agreement. 

                    Section
9.3 Trustee’s Certificate. As soon as practicable after each Deposit
Date on which Receivables shall be assigned to Seller pursuant to Section
2.4 or 10.2 or to Servicer pursuant to Section 3.7, as
applicable, Trustee shall execute a certificate, prepared by Servicer,
including its date and the date of the Agreement, and accompanied by a copy of
Servicer’s Report for the related Collection Period. Trustee’s certificate
shall operate, as of such Deposit Date, as an assignment pursuant to Section
9.4. 

                    Section
9.4 Trustee’s Assignment of Purchased Receivables. With respect to all
Receivables repurchased by Servicer pursuant to Section 2.4 or Section
10.2, or purchased by Servicer pursuant to Section 3.7 or Section
10.2, Trustee shall assign, without recourse, representation or warranty,
to Servicer, all of Trustee’s right, title and interest in and to such
Receivables, and all security and documents and all other Trust Property
conveyed pursuant to 

55

Section 2.1 with respect to such Receivables.
Such assignment shall be a sale and assignment outright, and not for security.
If, in any enforcement suit or legal proceeding, it is held that Servicer, may
not enforce any such Receivable on the ground that it shall not be a real party
in interest or a holder entitled to enforce the Receivable, Trustee shall, at
the expense of Servicer, take such steps as Servicer, deems necessary to
enforce the Receivable, including bringing suit in Trustee’s name or the names
of the Holders. 

                    Section
9.5 Certain Matters Affecting Trustee. Except as otherwise provided in Section
9.2: 

	
 

	
 

	
 

	
          (a)
 Trustee may conclusively rely and shall be protected in acting or refraining
 from acting upon, any resolution, certificate of auditors or accountants or
 any other certificate, statement, instrument, opinion, report, notice,
 request, direction, consent, order, appraisal, bond, note 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)
 Trustee may consult with counsel knowledgeable in the area and any Opinion of
 Counsel shall be full and complete authorization and protection in respect of
 any action taken or suffered or omitted by it under this Agreement in good
 faith and in accordance with such written Opinion of Counsel a copy of which
 shall be provided to Seller and Servicer. 

	
 

	
 

	
 

	
          (c)
 Trustee shall be under no obligation to exercise any of the rights or powers
 vested in it by this Agreement, or to institute, conduct or defend any
 litigation under this Agreement or in relation to this Agreement, at the
 request, order or direction of any of the Holders pursuant to the provisions
 of this Agreement, unless such Holders shall have offered to Trustee security
 or indemnity satisfactory to Trustee against the costs, expenses, and
 liabilities that may be incurred therein or thereby. Nothing contained in
 this Agreement, however, shall relieve Trustee of the obligations, upon the
 occurrence of a Servicer Termination Event that is not timely cured or waived
 pursuant to Section 8.5, to exercise such of the rights and powers
 vested in it by this Agreement, and to 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; provided that if Trustee assumes the duties of Servicer
 pursuant to Section 8.2, Trustee in performing such duties shall use
 the degree of skill and attention required by Section 3.1. 

	
 

	
 

	
 

	
          (d)
 Trustee shall not be personally liable for any action taken, suffered or
 omitted by it in good faith and believed by it to be authorized or within the
 discretion, rights or powers conferred upon it by this Agreement. 

	
 

	
 

	
 

	
          (e)
 Prior to the occurrence of a Servicer Termination Event and after the curing
 of all Servicer Termination Events that may have occurred, Trustee shall not
 be bound to make any investigation into the facts of any matters stated in
 any resolution, certificate, statement, instrument, opinion, report, notice,
 request, 

56

	
 

	
 

	
 

	
consent,
 direction, order, approval, bond, note or other paper or document, unless
 requested in writing so to do by the Majority Holders; provided that if the payment within a
 reasonable time to Trustee of the costs, expenses, or liabilities likely to
 be incurred by it in the making of an investigation requested by the Holders
 is, in the opinion of Trustee, not reasonably assured to Trustee by the
 security afforded to it by the terms of this Agreement, Trustee may require
 indemnity satisfactory to it against such cost, expense, or liability as a
 condition to so proceeding. The reasonable expense of every such examination
 shall be paid by Servicer, or, if paid by Trustee, shall be reimbursed by
 Servicer upon demand. Nothing in this clause (e) shall affect the
 obligation of Servicer to observe any applicable law prohibiting disclosure
 of information regarding the Obligors; provided
 further, that Trustee shall be
 entitled to make such further inquiry or investigation into such facts or
 matter as it may reasonably see fit, and if Trustee shall determine to make
 such further inquiry or investigation it shall be entitled to examine the
 books and records of Servicer, personally or by agent or attorney, at the
 sole cost and expense of Servicer. 

	
 

	
 

	
 

	
          (f)
 Trustee may execute any of the trusts or powers hereunder or perform any
 duties under this Agreement either directly or by or through agents,
 attorneys, nominees or a custodian, and shall not be liable for the acts of
 such agents, attorney, nominees or custodians except for (i) acts of ________
 or any successor agent carrying out Trustee’s obligations with respect to the
 preparation of Servicer Reports and (ii) acts of any other agent, attorney,
 nominee or custodian if (A) Trustee has not acted with due care in their
 appointment or (B) Seller has not consented to their appointment. 

	
 

	
 

	
 

	
          (g)
 Trustee shall not be required to make any initial or periodic examination of
 any documents or records related to the Receivables or Financed Vehicles for
 the purpose of establishing the presence or absence of defects, the
 compliance by Seller with its representations and warranties or for any other
 purpose. 

	
 

	
 

	
 

	
          (h)
 Trustee shall not be construed to be a guarantor of the performance of
 Servicer, nor shall Trustee have any duty to monitor the performance of
 Servicer other than as expressly stated in this Agreement. 

	
 

	
 

	
 

	
          (i)
 Trustee shall not be required to take notice or be deemed to have notice of
 any Servicer Termination Event hereunder, except a Servicer Termination Event
 under Section 8.1(a)(i) or (ii), unless Trustee shall be
 specifically notified in writing of such Servicer Termination Event by
 Servicer, Seller or any Holder. All notices or other instruments required by
 this Agreement to be delivered to Trustee shall be delivered at the Corporate
 Trust Office and, in the absence of such notice so delivered, Trustee may
 conclusively assume there is no Servicer Termination Event except as
 aforesaid. 

	
 

	
 

	
                    Section
 9.6 Trustee Not Liable for Certificates or Receivables. Trustee
 assumes no responsibility for the correctness of the recitals contained
 herein and in the 

57

Certificates
(other than the certificate of authentication on the Certificates). Except as
expressly provided herein, Trustee makes no representations as to the validity
or sufficiency of this Agreement or of the Certificates (other than Trustee’s
execution of, and the certificate of authentication on, the Certificates), or
of any Receivable or related document, or for the validity of the execution by
Seller and Servicer of this Agreement or of any supplements hereto or instruments
of further assurance, or for the sufficiency of the Trust Property hereunder,
and Trustee shall not be bound to ascertain or inquire as to the performance or
observance of any covenants, conditions or agreements on the part of Servicer
under this Agreement except as herein set forth; but Trustee may require
Servicer to provide full information and advice as to the performance of the
aforesaid covenants, condition and agreements. Trustee (solely in its capacity
as such) shall have no obligation to perform any of the duties of Servicer,
except as explicitly set forth in this Agreement. Trustee shall have no
liability in connection with compliance of Servicer with statutory or
regulatory requirements to the Receivables. Trustee shall not make or be deemed
to have made any representations or warranties with respect to the Receivables
or the validity or sufficiency of any assignment of the Receivables to the
Trust or Trustee. Trustee (solely in its capacity as such) shall at no time
have any responsibility or liability for, or with respect to, the legality,
validity or enforceability of any security interest in any Financed Vehicle or
(prior to the time, if any, that Servicer is terminated as custodian hereunder)
any Receivable, or the perfection and priority of such a security interest or
the maintenance of any such perfection and priority, the efficacy of the Trust
or its ability to generate funds sufficient to provide for the payments to be
distributed to Holders under this Agreement, the existence, condition, location,
and ownership of any Financed Vehicle, the existence and enforceability of the
Insurance Policies, the existence and contents of any Receivable or any
computer or other record thereof, the validity of the assignment of any
Receivable to the Trust or of any intervening assignment, the completeness of
any Receivable, the performance or enforcement of any Receivable, the
compliance by Seller with any warranty or representation made under this
Agreement or in any related document and the accuracy, of any such warranty or
representation, prior to Trustee’s receipt of notice or other discovery of any
noncompliance therewith or any breach thereof, any investment of monies by
Servicer or any loss resulting therefrom (it being understood that Trustee shall
remain responsible for any Trust Property that it may hold), the acts or
omissions of Seller, Servicer, or any Obligor, any action of Servicer taken in
the name of Trustee, or any action by Trustee taken at the instruction, of
Servicer (provided that such instruction
is not in express violation of the terms and provisions of this Agreement); provided that the foregoing shall not
relieve Trustee of its obligation to perform its duties under this Agreement.
Except with respect to a claim based on the failure of Trustee to perform its
duties under this Agreement (whether in its capacity as Trustee or as successor
Servicer) or based on Trustee’s willful misconduct, negligence, or bad faith,
or based on Trustee’s breach of a representation and warranty contained in Section
9.14, no recourse shall be had to Trustee (whether in its individual
capacity or as Trustee) for any claim based on any provision of this Agreement,
the Certificates, or any Receivable or assignment thereof against Trustee in
its individual capacity; Trustee shall not have any personal obligation,
liability, or duty whatsoever to any Holder or any other Person with respect to
any such claim. Trustee shall not be accountable for the use or application by
Seller of the proceeds of such Certificates, or for the use or application of
any funds paid to Servicer in respect of the Receivables prior to the time such
amounts are deposited in the Collection Account (whether or not the Collection
Account is 

58

maintained
with Trustee). Trustee shall have no liability for any losses from the
investment or reinvestment in Eligible Investments made in accordance with Section
4.1. 

                    Section
9.7 Trustee May Own Certificates. Trustee in its individual or any other
capacity may become the owner or pledgee of Certificates with the same rights
as it would have if it were not Trustee. 

                    Section
9.8 Trustee’s Fees and Expenses. Servicer agrees to pay to Trustee, and
Trustee shall be entitled to, reasonable compensation (which shall not be
limited by any provision of law in regard to the compensation of a trustee of
an express trust) for all services rendered by it in the execution of the
trusts created by this Agreement and in the exercise and performance of any of
the powers and duties under this Agreement as Trustee, and Servicer shall pay
or reimburse Trustee upon its request for all reasonable expenses (including
expenses incurred in connection with notices or other communications to
Holders), disbursements and advances (including the reasonable compensation and
the reasonable expenses and disbursements of its counsel and of all persons not
regularly in its employ) incurred or made by Trustee in accordance with any of
the provisions of this Agreement (including the reasonable fees and expenses of
its agents, any co-trustee and counsel) or in defense of any action brought
against it in connection with this Agreement except any such expense,
disbursement or advance as may arise from its negligence, willful misfeasance,
or bad faith. Servicer’s covenant to pay the expenses, disbursements and
advances provided for in the preceding sentence shall survive the termination
of this Agreement. 

                    Section
9.9 Eligibility Requirements for Trustee. Trustee shall at all times be
organized and doing business under the banking laws of the United States or of
any state thereof, shall be authorized under such laws to exercise corporate
trust powers, shall have a consolidated net worth of at least $50,000,000 and
shall be subject to supervision or examination by federal or state banking
authorities. If Trustee shall publish reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purpose of this Section 9.9, the
consolidated net worth of such Trustee shall be deemed to be its consolidated
capital and surplus as set forth in its most recent consolidated report of
condition so published. In case at any time Trustee shall cease to be eligible
in accordance with the provisions of this Section 9.9, Trustee shall
resign immediately in the manner and with the effect specified in Section
9.10. 

                    Section
9.10 Resignation or Removal of Trustee. (a) Trustee may at any time
resign and be discharged from the trusts hereby created by giving 30 days’
prior written notice thereof to Servicer. Upon receiving such notice of
resignation, Servicer shall promptly appoint a successor Trustee, by written
instrument, in duplicate, one copy of which instrument shall be delivered to
the resigning Trustee and one copy to the successor Trustee. If no successor
Trustee shall have been so appointed and have accepted appointment 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; provided, however, that
such right to appoint or to petition for the appointment of any such successor
shall in no event relieve the resigning Trustee from any obligations otherwise
imposed on it under this Agreement and the Related Agreements until such
successor has in fact assumed such appointment. 

59

	
 

	
 

	
 

	
          (b)
 If at any time Trustee shall cease to be eligible in accordance with the
 provisions of Section 9.9 and shall fail to resign after written
 request therefor by Servicer, or if at any time Trustee shall be legally
 unable to act, or shall be adjudged bankrupt or insolvent, or a receiver,
 conservator or liquidator of Trustee or of its property shall be appointed,
 or any public officer shall take charge or control of Trustee or of its
 property or affairs for the purpose of rehabilitation, conservation or
 liquidation, then Servicer may remove Trustee. If Trustee is removed under
 the authority of the immediately preceding sentence, Servicer shall promptly
 appoint a successor trustee by written instrument, in duplicate, one copy of
 which instrument shall be delivered to Trustee so removed, the successor
 Trustee, the Holders at their respective addresses of record and the Rating
 Agencies. 

	
 

	
 

	
 

	
          (c)
 Any resignation or removal of Trustee and appointment of a successor Trustee
 pursuant to any of the provisions of this Section 9.10 shall not
 become effective until acceptance of appointment by the successor Trustee
 pursuant to Section 9.11. 

	
 

	
 

	
 

	
          (d)
 The respective obligations of Seller and Servicer described in this Agreement
 shall survive the removal or resignation of Trustee as provided in this
 Agreement. 

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

	
 

	
 

	
 

	
          (b)
 No successor Trustee shall accept appointment as provided in this Section
 9.11 unless at the time of such acceptance such successor Trustee shall
 be eligible pursuant to Section 9.9. 

	
 

	
 

	
 

	
          (c)
 Upon acceptance of appointment by a successor Trustee pursuant to this Section
 9.11, Servicer shall mail notice of such acceptance by the successor
 Trustee under this Agreement to all Holders at their respective addresses of
 record and to the Rating Agencies. If Servicer shall fail to mail such notice
 within 10 days after acceptance of appointment by the successor Trustee, the
 successor Trustee shall cause such notice to be mailed at the expense of
 Servicer. 

60

	
 

	
 

	
 

	
          (d)
 No predecessor Trustee shall be liable for the acts or omissions of any
 successor Trustee. 

                    Section
9.12 Merger or Consolidation of or Assumption of Obligations of Trustee.
Any corporation or banking association which is eligible to be a successor
Trustee under Section 9.9 (a) into which Trustee may be merged or
consolidated, (b) that may result from any merger, conversion or consolidation
to which Trustee shall be a party, or (c) that may succeed by purchase and
assumption to the business of Trustee, where Trustee is not the surviving
entity, which corporation or banking association executes an agreement of
assumption to perform every obligation of Trustee under this Agreement, shall
be the successor of Trustee hereunder, without the execution or filing of any
instrument or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding. Trustee shall promptly notify
Servicer and each Rating Agency of any such merger, conversion, consolidation
or purchase and assumption where Trustee is not the surviving entity. 

                    Section
9.13 Appointment of Co-Trustee or Separate Trustee. (a) Notwithstanding
any other provisions of this Agreement, at any time, for the purpose of meeting
any legal requirements of any jurisdiction in which any part of the Trust
Property or any Financed Vehicle may at the time be located, Servicer and Trustee
acting jointly shall have the power and shall execute and deliver all
instruments to appoint one or more Persons approved by Trustee to act as
co-trustee, jointly with Trustee, or separate trustee or separate trustees, of
all or any part of the Trust, and to vest in such Person, in such capacity and
for the benefit of the Holders, such title to the Trust, or any part thereof,
and, subject to the other provisions of this Section 9.13, such powers,
duties, obligations, rights, and trusts as Servicer and Trustee may consider
necessary or desirable. If Servicer shall not have joined in such appointment
within 15 days after the receipt by it of a request so to do, or in case a
Servicer Termination Event shall have occurred and be continuing, Trustee alone
shall have the power to make such appointment. No co-trustee or separate
trustee under this Agreement shall be required to meet the terms of eligibility
as a successor trustee pursuant to Section 9.9 and no notice to Holders
of the appointment of any co-trustee or separate trustee shall be required
pursuant to Section 9.11. Notwithstanding the appointment of a
co-trustee or separate trustee hereunder, Trustee shall not be relieved of any
of its obligations under this Agreement. 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
(i) All
 rights, powers, duties, and obligations conferred or imposed upon Trustee
 shall be conferred upon and exercised or performed by Trustee and such
 separate trustee or co-trustee jointly (it being understood that such
 separate trustee or co-trustee is not authorized to act separately without
 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 (whether
 as Trustee under this Agreement or as successor to Servicer under this
 Agreement), Trustee shall be incompetent or unqualified to perform such act
 or acts, in which event such rights, powers, duties, and obligations
 (including the holding of title to the Trust Property or any portion thereof
 in any such jurisdiction) shall be exercised 

61

	
 

	
 

	
 

	
 

	
 

	
and
 performed singly by such separate trustee or co-trustee, but solely at the
 direction of Trustee. 

	
 

	
 

	
 

	
 

	
 

	
(ii) No
 trustee under this Agreement shall be personally liable by reason of any act
 or omission of any other trustee under this Agreement. 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
          (d)
 Any separate trustee or co-trustee may, at any time, appoint Trustee its
 agent or attorney-in-fact with full power and authority, to the extent not
 prohibited by law, to do any lawful act under or in respect of this Agreement
 on its behalf and in its name. If any separate trustee or co-trustee shall
 die, become incapable of acting, resign or be removed, all of its estates,
 properties, rights, remedies and trusts shall vest in and be exercised by
 Trustee, to the extent permitted by law, without the appointment of a new or
 successor trustee. Trustee shall promptly notify Servicer and each Rating
 Agency of any appointment made pursuant to this Section 9.13. 

	
 

	
 

	
 

	
                    Section
 9.14 Representations and Warranties of Trustee. Trustee makes the
 following representations and warranties on which Seller, Servicer, and
 Holders may rely: 

	
 

	
 

	
 

	
 

	
          (a)
 Organization and Good Standing. Trustee is a _______________ duly
 organized, validly existing, and in good standing under the laws of
 ____________. 

	
 

	
 

	
 

	
 

	
          (b)
 Power and Authority. Trustee has full power, authority and legal right
 to execute, deliver, and perform this Agreement and the Related Agreements to
 which it is a party and has taken all necessary action to authorize the
 execution, delivery, and performance by it of this Agreement and the Related
 Agreements to which it is a party. 

	
 

	
 

	
 

	
 

	
          (c)
 Enforceability. This Agreement and the Related Agreements to which it
 is a party have been duly executed and delivered by Trustee and this
 Agreement and such Related Agreements constitute legal, valid and binding
 obligations of Trustee enforceable against Trustee in accordance with their 

62

	
 

	
 

	
 

	
respective
 terms, except as such enforceability may be limited by applicable bankruptcy,
 insolvency, reorganization, moratorium or other similar laws now or hereafter
 in effect affecting the enforcement of creditors’ rights generally and except
 as such enforceability may be limited by equitable limitations on the
 availability of specific remedies. 

	
 

	
 

	
 

	
          (d)
 No Consent Required. No approval, authorization, consent, license or
 other order or action of, or filing or registration with, any governmental
 authority, bureau or agency is required in connection with the execution,
 delivery or performance by Trustee of this Agreement, the Related Agreements
 or the consummation of the transactions contemplated hereby or thereby. 

	
 

	
 

	
 

	
          (e)
 No Violation. The execution, delivery and performance by Trustee of
 this Agreement and the Related Agreements and the consummation of the
 transactions contemplated hereby and thereby will not conflict with, result
 in any breach of the terms and provisions of, constitute (with or without
 notice or lapse of time) a default under, or result in the creation or
 disposition of any Lien upon any of its properties pursuant to the terms of,
 (i) the articles of association or bylaws of Trustee, (ii) any indenture,
 contract, lease, mortgage, deed of trust or other instrument or agreement to
 which Trustee is a party or by which Trustee is bound or to which any of its
 properties are subject, or (iii) any law, order, rule or regulation
 applicable to Trustee or its properties of any federal or state regulatory
 body, any court, administrative agency or other governmental instrumentality
 having jurisdiction over Trustee or any of its properties. 

                    Section
9.15 Reports by Trustee. Trustee shall provide to any Holder or
Certificate Owner who so requests in writing (addressed to the Corporate Trust
Office) a copy of any Servicer’s Report, the annual statement described in Section
3.10, and the annual accountant’s attestation report described in Section
3.11. Trustee may require any Holder or Certificate Owner requesting such
report to pay a reasonable sum to cover the cost of Trustee’s complying with
such request. 

                    Section
9.16 Tax Returns. Servicer shall prepare or shall cause to be prepared
any tax returns on Form 1065 (or other applicable form) required to be filed by
the Trust and shall remit such returns to Trustee for signature at least five
days before such returns are due to be filed. Trustee, upon request, will
furnish Servicer with all such information actually known to an Authorized
Officer of Trustee as may be reasonably required in connection with the
preparation of all tax returns of the Trust, and shall, upon request, execute
such returns. Servicer shall prepare the tax returns of the Trust in accordance
with the Code and any regulations (including, to the extent applicable by their
terms, proposed regulations) thereunder. 

                    Section
9.17 Trustee May Enforce Claims Without Possession of Certificates. All
rights of action and claims under this Agreement or the Certificates may be
prosecuted and enforced by Trustee without the possession of any of the
Certificates or the production thereof in any proceeding relating thereto, and
any such proceeding instituted by Trustee shall be brought in its own name as
trustee. Any recovery of judgment shall, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of Trustee, its
agents and 

63

counsel, be
for the ratable benefit of the Holders in respect of which such judgment has
been obtained. 

ARTICLE X

TERMINATION

                    Section
10.1 Termination of the Trust. (a) The Trust, and the respective
obligations and responsibilities of Seller, Servicer and Trustee hereunder,
shall terminate (except as otherwise expressly provided herein) upon the
earliest of: (i) the Distribution Date next succeeding the purchase by Servicer
at its option, pursuant to Section 10.2, of the Receivables (other than
Defaulted Receivables) remaining in the Trust, (ii) the payment to Holders of
all amounts required to be paid to them pursuant to this Agreement or (iii) the
Distribution Date next succeeding the month which is six months after the
maturity or the liquidation of the last Receivable held in the Trust and the
disposition of any amounts received upon liquidation of any property remaining
in the Trust; provided that in no
event shall the Trust created by this Agreement continue beyond the expiration
of 21 years from the death of the last survivor of the descendants living on
the date of this Agreement of Rose Kennedy of the Commonwealth of
Massachusetts. Servicer shall promptly notify Trustee of any prospective
termination pursuant to this Section 10.1. 

	
 

	
 

	
 

	
          (b)
 Notice of any termination, specifying the Distribution Date upon which the
 Holders may surrender the Certificates to Trustee for payment of the final
 distribution and cancellation, shall be given promptly by Trustee by letter
 to Holders of record and the Rating Agencies mailed not earlier than the 15th
 day and not later than the 25th day of the month next preceding the specified
 Distribution Date stating the amount of any such final payment and that the
 Record Date otherwise applicable to such Distribution Date is not applicable,
 payments being made only upon presentation and surrender of the Certificates
 at the office of Trustee therein specified. Upon presentation and surrender
 of the Certificates, Trustee shall cause to be distributed to Holders amounts
 distributable on such Distribution Date pursuant to Section 4.5.
 Amounts remaining in the Trust after distribution, or after setting aside all
 funds required for distribution, to the Holders shall be distributed to the
 Transferor. 

	
 

	
 

	
 

	
          (c)
 In the event that all of the Holders shall not surrender their Certificates
 for cancellation within six months after the date specified in the
 above-mentioned written notice, Trustee shall give a second written notice to
 the remaining Holders to surrender their Certificates for cancellation and
 receive the final distribution with respect thereto. Trustee shall, after
 giving such notice to the remaining Holders, deliver or cause to be delivered
 to Servicer the Certificate Register. If within one year after the second
 notice all the Certificates shall not have been surrendered for cancellation,
 Servicer may take appropriate steps, or may appoint an agent to take
 appropriate steps, to contact the remaining Holders concerning surrender of
 their Certificates, and the cost thereof shall be paid out of the funds and
 other assets that shall remain subject to this Agreement. Any funds 

64

	
 

	
 

	
 

	
remaining in
 the Trust after exhaustion of such remedies shall be distributed by Trustee
 to the Transferor. 

                    Section
10.2 Optional Purchase of All Receivables. If the Pool Factor shall be
..1000000 or less as of the last day of any Collection Period, Servicer shall
have the option to purchase the remaining Trust Property on any Distribution
Date occurring in a subsequent Collection Period. To exercise such option,
Servicer shall deposit the aggregate Purchase Amount for the remaining
Receivables (other than Defaulted Receivables) into the Collection Account on
the Deposit Date occurring in the month in which such repurchase is to be
effected. The payment shall be made in the manner specified in Section 4.4,
and shall be distributed pursuant to Section 4.5. Upon such payment
Servicer shall succeed to and own all interests in and to the Trust Property
(subject to the rights of the Holders to receive a final distribution on the
related Distribution Date). 

ARTICLE XI

MISCELLANEOUS PROVISIONS

                    Section
11.1 Amendment. 

	
 

	
 

	
 

	
 

	
          (a)
 Any term or provision of this Agreement may be amended by Seller, Servicer
 and Trustee without the consent of any of the Holders or any other Person
 subject to subsection (e) of this Section 11.1 and the
 satisfaction of one of the following conditions: 

	
 

	
 

	
 

	
 

	
 

	
(i) Seller
 or Servicer delivers an Opinion of Counsel to Trustee to the effect that such
 amendment will not materially and adversely affect the interests of any
 Holder; 

	
 

	
 

	
 

	
 

	
 

	
(ii) Seller
 or Servicer delivers an Officer’s Certificate of Seller or Servicer,
 respectively, to Trustee to the effect that such amendment will not
 materially and adversely affect the interests of any Holder; or 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
provided, that any amendment entered into
 pursuant to this Section 11.1(a) shall not significantly change the
 permitted activities of the Trust. 

	
 

	
 

	
 

	
 

	
          (b)
 Any term or provision of this Agreement may be amended by Seller, Servicer
 and Trustee but without the consent of any of the Holders or any other Person
 to add, modify or eliminate any provisions as may be necessary or advisable
 in order to enable Seller, Servicer or any of their Affiliates to comply with
 or obtain more favorable treatment under any law or regulation or any
 accounting rule or principle, it being a condition to any such amendment that
 the Rating Agency Condition shall have been satisfied, provided, that any amendment 

65

	
 

	
 

	
 

	
entered into
 pursuant to this Section 11.1(b) shall not significantly change the
 permitted activities of the Trust. 

	
 

	
 

	
 

	
          (c)
 This Agreement may also be amended from time to time by Seller, Servicer and
 Trustee, with the consent of the Majority Holders for the purpose of adding
 any provisions to or changing in any manner or eliminating any of the
 provisions of this Agreement or of modifying in any manner the rights of the
 Holders; provided, that no such
 amendment shall (i) reduce the interest rate or principal amount of any
 Certificate, change or delay the Final Scheduled Distribution Date of any
 Certificate without the consent of the Holder of such Certificate, (ii)
 reduce the percentage of the Note Balance, the Holders of which are required
 to consent to any matter without the consent of the Holders of at least the
 percentage of the Note Balance which were required to consent to such matter
 before giving effect to such amendment. It will not be necessary for the
 consent of any of the Holders to approve the particular form of any proposed
 amendment or consent, but it will be sufficient if such consent approves the
 substance thereof. The manner of obtaining such consents (and any other consents
 of any of the Holders provided for in this Agreement) and of evidencing the
 authorization of the execution thereof by any of the Holders will be subject
 to such reasonable requirements as Trustee may prescribe, including the
 establishment of record dates pursuant to the Depository Agreement. 

	
 

	
 

	
 

	
          (d)
 Prior to the execution of any amendment to this Agreement, Servicer shall
 provide written notification of the substance of such amendment to each
 Rating Agency; and promptly after the execution of any such amendment or
 consent, Servicer shall furnish a copy of such amendment or consent to each
 Rating Agency and Trustee. 

	
 

	
 

	
 

	
          (e)
 Prior to the execution of any amendment to this Agreement, Seller and Trustee
 shall be entitled to receive and conclusively rely upon an Opinion of Counsel
 stating that the execution of such amendment is authorized or permitted by
 this Agreement and that all conditions precedent to the execution and
 delivery of such amendment have been satisfied. Trustee may, but shall not be
 obligated to, enter into or execute on behalf of the Trust any such amendment
 which materially and adversely affects Trustee’s rights, privileges,
 indemnities, duties or obligations under this Agreement. Furthermore,
 notwithstanding anything to the contrary herein, this Agreement may not be
 amended in any way that would materially and adversely affect Trustee’s
 rights, privileges, indemnities, duties or obligations under this Agreement,
 the Related Agreements or otherwise without the prior written consent of such
 Person. 

	
 

	
 

	
                    Section
 11.2 Protection of Title to Trust Property. (a) Servicer shall
 authorize and file such financing statements and cause to be authorized and
 filed such continuation statements, all in such manner and in such places as
 may be required by law fully to preserve, maintain and protect the interest
 of the Holders and Trustee under this Agreement in the Trust Property and in
 the proceeds thereof. Servicer shall deliver (or cause to be delivered) to
 Trustee file-stamped copies of, or filing receipts for, any document filed as
 provided above, as soon as 

66

available
following such filing. If Servicer fails to perform its obligations under this
subsection, Trustee may (but shall not be obligated to) do so, at the expense
of Servicer. 

	
 

	
 

	
 

	
          (b)
 Neither Seller nor Servicer shall change its name, identity or corporate
 structure in any manner that would, could or might make any financing
 statement or continuation statement filed by Servicer in accordance with subsection
 (a) “seriously misleading” within the meaning of the UCC, unless it shall
 have given Trustee at least five days’ prior written notice thereof and shall
 have promptly filed appropriate amendments to all previously filed financing
 statements or continuation statements. 

	
 

	
 

	
 

	
          (c)
 Seller and Servicer shall give Trustee at least five days’ prior written
 notice of any relocation of its principal executive office if, as a result of
 such relocation, the applicable provisions of the UCC would require the
 filing of any amendment of any previously filed financing or continuation
 statement or of any new financing statement. Seller and Servicer shall at all
 times maintain each office from which it shall service Receivables, and its
 principal executive office, within the United States of America. 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (e)
 Servicer shall maintain its computer systems so that, from and after the time
 of sale under this Agreement of the Receivables to Trustee, Servicer’s master
 computer records (including archives) that shall refer to a Receivable
 indicate clearly that such Receivable is owned by the Trust. Indication of
 the Trust’s ownership of a Receivable shall be deleted from or modified on
 Servicer’s computer systems when, and only when, the Receivable shall be paid
 or shall become a Purchased Receivable. 

	
 

	
 

	
 

	
          (f)
 If at any time Seller, the Transferor or Servicer shall propose to sell,
 grant a security interest in or otherwise transfer any interest in motor
 vehicle loans and/or retail installment sales contracts to any prospective
 purchaser, lender or other transferee, Seller, Transferor Servicer, as the
 case may be, shall give to such prospective purchaser, lender or other
 transferee computer tapes, records or printouts (including any restored from
 archives) that, if they shall refer in any manner whatsoever to any
 Receivable, shall indicate clearly that such Receivable has been sold and is
 owned by the Trust. 

	
 

	
 

	
 

	
          (g)
 Upon request, Servicer, at its expense, shall furnish to Trustee, within
 thirty days, a list of all Receivables then held as part of the Trust,
 together with a reconciliation of such list to each Schedule of Receivables
 and to each of 

67

	
 

	
 

	
 

	
Servicer’s
 Reports furnished pursuant to Section 3.9 indicating removal of
 Receivables from the Trust. 

	
 

	
 

	
 

	
          (h)
 Servicer shall permit Trustee and its agents, at the expense of Trustee
 (except after a Servicer Termination Event, in which case such cost will be
 at the expense of Servicer), at any time to inspect, audit and make copies of
 and abstracts from Servicer’s records regarding any Receivables then or
 previously included in the Trust. 

	
 

	
 

	
                    Section
 11.3 Limitation on Rights of Holders. (a) The death or incapacity of
 any Holder shall not operate to terminate this Agreement or the Trust, or
 entitle the Holder’s legal representatives or heirs to claim an accounting or
 to take any action or commence any proceeding in any court for a partition or
 winding up of the Trust, or otherwise affect the rights, obligations and liabilities
 of the parties to this Agreement or any of them. 

	
 

	
 

	
 

	
          (b)
 No Holder shall have any right to vote (except as expressly provided herein)
 or in any manner otherwise control the operation and management of the Trust
 or the obligations of the parties to this Agreement, nor shall anything set
 forth in this Agreement, or contained in the terms of the Certificates, be
 construed so as to constitute the Holders as partners or members of an
 association; nor shall any Holder be under any liability to any third party
 by reason of any action taken pursuant to any provision of this Agreement. 

	
 

	
 

	
 

	
          (c)
 No Holder shall have any right by virtue or by availing itself of any
 provisions of this Agreement to institute any suit, action or proceeding in
 equity or at law upon or under or with respect to this Agreement, unless such
 Holder previously shall have given to Trustee a written notice of default and
 of the continuance thereof, as hereinbefore provided, and unless, with
 respect to the Class A Certificates, Class A Holders evidencing not less than
 a majority of the aggregate outstanding principal balance of the Class A
 Certificates or, with respect to the Class B Certificates, Class B Holders
 evidencing not less than a majority of the aggregate outstanding principal
 balance of the Class B Certificates, shall have made written request upon
 Trustee to institute such action, suit or proceeding in its own name as
 Trustee under the Agreement and shall have offered to Trustee such reasonable
 indemnity as it may require against the costs, expenses and liabilities to be
 incurred therein or thereby, and Trustee, for __ days after its receipt of
 such notice, request and offer of indemnity satisfactory to it, shall have
 neglected or refused to institute any such action, suit or proceeding; no one
 or more Holders of Certificates shall have any right in any manner whatever
 by virtue or by availing itself or themselves of any provisions of this
 Agreement to affect, disturb or prejudice the rights of the Holders of any
 other of the Certificates, or to obtain or seek to obtain priority over or
 preference to any other such Holder or to enforce any right under this
 Agreement, except in the manner provided in this Agreement and for the equal,
 ratable and common benefit of all Class A Holders or Class B Holders, as the
 case may be. For the protection and enforcement of the provisions of this Section
 11.3, each Holder and Trustee shall be entitled to such relief as can be
 given either at law or in equity. 

68

                    Section
11.4 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS; EXCEPT THAT THE
GRANT OF A SECURITY INTEREST IN THE RESERVE ACCOUNT PROPERTY AND THE
PERFECTION, EFFECT OF PERFECTION, AND PRIORITY OF SUCH SECURITY INTEREST SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF ______________. 

                    Section
11.5 Notices. All demands, notices, and communications under this
Agreement shall be in writing, personally delivered, or sent by telecopier,
overnight mail or mailed by certified mail, return receipt requested, and shall
be deemed to have been duly given upon receipt (a) in the case of Seller to
USAA Acceptance, LLC at the following address: 9830 Colonnade Blvd., Suite 600,
San Antonio, Texas 78230, Attention: _______________; (b) in the case of
Servicer, to USAA Federal Savings Bank at the following address: 10750
McDermott Freeway, San Antonio, Texas 78288, Attention: ______________; (c) in
the case of Trustee, at the Corporate Trust Office, facsimile number:
______________; (d) in the case of [Moody’s, at the following address: Moody’s
Investors Service, Inc., ABS Monitoring Group, 7 World Trade Center, 250
Greenwich Street, New York, New York 10007, facsimile number: (212) 553-7811];
(e) in the 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, New York, New York 10041, Attention: Asset Backed Surveillance
Group, facsimile number: (212) 438-2649]; and (f) in the case of [Fitch, to One
State Street Plaza, 32nd Floor, New York, New York 10004, Attention:
Asset-Backed Securities Group, facsimile number: (212) 480-4438]. Any notice
required or permitted to be mailed to a Holder shall be given by first class
mail, postage prepaid, at the address of record of such Holder. Any notice so
mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Holder shall receive such
notice. 

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

                    Section
11.7 Assignment. Notwithstanding anything to the contrary contained
herein, except as provided in Section 2.5, 3.1, 6.3 and 7.3,
this Agreement may not be assigned by Seller or Servicer. This Agreement may
not be assigned by Trustee except as provided by Sections 9.10 through 9.13.

                    Section
11.8 Certificates Nonassessable and Fully Paid. The interests
represented by the Certificates shall be nonassessable for any losses or
expenses of the Trust or for any reason whatsoever, and, upon authentication
thereof by Trustee pursuant to Section 5.1, each Certificate shall be
deemed fully paid. 

69

                    Section
11.9 Intention of Parties. (a) The execution and delivery of this
Agreement shall constitute an acknowledgment by Seller and Trustee, on behalf
of the Holders, that it is intended that the assignment and transfer herein
contemplated constitute a sale and assignment outright, and not for security,
of the Receivables and the other Trust Property, conveying good title thereto
free and clear of any liens, from Seller to the Trust, and that the Receivables
and the other Trust Property shall not be a part of Seller’s estate in the
event of the insolvency, receivership, conservatorship or the occurrence of
another similar event, of, or with respect to, Seller. In the event that such
conveyance is determined to be made as security for a loan made by the Trust or
the Holders to Seller, the parties intend that Seller shall have granted to
Trustee a security interest in all of Seller’s right, title and interest in and
to the Trust Property conveyed to the Trust pursuant to Section 2.1, and
that this Agreement shall constitute a security agreement under applicable law.

	
 

	
 

	
 

	
          (b)
 The execution and delivery of this Agreement shall constitute an
 acknowledgment by Seller and Trustee on behalf of the Holders that they
 intend that the Trust be classified (for Federal tax purposes) as a grantor
 trust under Subpart E, Part I of Subchapter J of the Internal Revenue Code of
 which the Holders are owners, rather than as an association taxable as a
 corporation. The powers granted and obligations undertaken in this Agreement
 shall be construed so as to further such intent. 

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

                    Section
11.11 Further Assurances. Seller and Servicer agree to do and perform,
from time to time, any and all acts and to execute any and all further
instruments required or reasonably requested by Trustee more fully to effect
the purposes of this Agreement, including without limitation, the authorization
of any financing statements or continuation statements relating to the
Receivables for filing under the provisions of the UCC of any applicable
jurisdiction. 

                    Section
11.12 No Waiver; Cumulative Remedies. No failure to exercise and no
delay in exercising, on the part of the Trustee or the Holders, any right,
remedy, power or privilege hereunder, shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege. The rights, remedies, powers and
privileges therein provided are cumulative and not exhaustive of any rights,
remedies, powers and privileges provided by law. 

                    Section
11.13 Regulation AB. The Servicer shall cooperate fully with Seller and
the Trust to deliver to Seller and the Trust (including any of its assignees or
designees) any and all statements, reports, certifications, records and any
other information necessary in the good faith determination of Seller or the
Trust to permit Seller to comply with the provisions of Regulation AB, together
with such disclosures relating to Servicer and the Receivables, or the 

70

servicing of
the Receivables, reasonably believed by Seller to be necessary in order to
effect such compliance. 

                    Section
11.14 Information to Be Provided by Trustee. (a) For so long as Seller
is filing reports under the Exchange Act with respect to the Trust, Trustee
shall (i) on or before the fifth Business Day of each month, provide to Seller,
in writing, such information regarding Trustee as is requested by Seller (if any)
for the purpose of compliance with Item 1117 of Regulation AB; provided, however,
that, subject to clause (b)(iv) of this Section 11.14, Trustee
shall not be required to provide such information in the event that there has
been no change to the information previously provided by Trustee to Seller, and
(ii) as promptly as practicable following notice to or discovery by a
Responsible Officer of Trustee of any changes to such information, provide to
Seller, in writing, such updated information. 

	
 

	
 

	
 

	
 

	
          (b)
 As soon as available but no later than March 15 of each calendar year for so
 long as the Trust is filing reports under the Exchange Act, commencing on
 March 15, 20[  ], Trustee shall: 

	
 

	
 

	
 

	
 

	
 

	
(i) deliver
 to Seller a report regarding Trustee’s assessment of compliance with the
 Servicing Criteria during the immediately preceding calendar year, as
 required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act
 and Item 1122 of Regulation AB. Such report shall be signed by an authorized
 officer of Trustee, and shall address each of the Servicing Criteria
 specified in Exhibit D or such criteria as mutually agreed upon by
 Seller and Trustee; 

	
 

	
 

	
 

	
 

	
 

	
(ii) cause a
 firm of registered public accountants that is qualified and independent
 within the meaning of Rule 2-01 of Regulation S-X under the Securities Act to
 deliver to Seller a report for inclusion in the Trust’s filing of Exchange
 Act Form 10-K that attests to, and reports on, the assessment of compliance
 made by the Trustee and delivered to Seller pursuant to the preceding
 paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and
 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; 

	
 

	
 

	
 

	
 

	
 

	
(iii)
 deliver to Seller and any other Person that will be responsible for signing
 the certification (a “Sarbanes Certification”) required by Rules
 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of
 the Sarbanes-Oxley Act of 2002) on behalf of the Trust or Seller, a back-up
 certification substantially in the form attached hereto as Exhibit E
 or such form as mutually agreed upon by Seller and Trustee; and 

	
 

	
 

	
 

	
 

	
 

	
(iv) deliver
 to Seller the certification substantially in the form attached hereto as Exhibit
 F or such form as mutually agreed upon by Seller and Trustee regarding
 any affiliations or relationships (as described in Item 1119 of Regulation
 AB) between Trustee and any Item 1119 Party and any Item 1117 Disclosure
 Item. 

71

	
 

	
 

	
 

	
          Trustee
 acknowledges that the parties identified in clause (iii) above may
 rely on the certification provided by Trustee pursuant to such clause in
 signing a Sarbanes Certification and filing such with the Commission. 

	
 

	
 

	
                    Section
 11.15 Form 8-K Filings. So long as Seller is filing Exchange Act
 Reports with respect to the Trust, Trustee shall promptly notify Seller, but
 in no event later than one (1) Business Day after its occurrence, of any
 Reportable Event of which a Responsible Officer of Trustee has actual
 knowledge (other than a Reportable Event described in clause (a) or (b)
 of the definition thereof as to which Seller or Servicer has actual
 knowledge). Trustee shall be deemed to have actual knowledge of any such
 event to the extent that it relates to Trustee or any action or failure to
 act by Trustee. 

	
 

	
 

	
                    Section
 11.16 Indemnification.
 [               ]
 shall indemnify Seller, each Affiliate of Seller and each Person who controls
 any of such parties (within the meaning of Section 15 of the Securities Act
 and Section 20 of the Exchange Act) and the respective present and former
 directors, officers, employees and agents of each of the foregoing, and shall
 hold each of them harmless from and against any losses, damages, penalties,
 fines, forfeitures, legal fees and expenses and related costs, judgments, and
 any other costs, fees and expenses that any of them may sustain arising out
 of or based upon: 

	
 

	
 

	
 

	
          (a)
 (A) any untrue statement of a material fact contained or alleged to be
 contained in the Servicing Criteria assessment and any other information
 required to be provided by
 [               ]
 to Seller or its affiliates under Sections 11.14 or 11.15 (such
 information, the “Trustee Provided Information”), or (B) the omission
 or alleged omission to state in the Trustee Provided Information a material
 fact required to be stated in the Trustee Provided Information, or necessary
 in order to make the statements therein, in the light of the circumstances
 under which they were made, not misleading; provided,
 by way of clarification, that clause (B) of this paragraph shall be
 construed solely by reference to the related information and not to any other
 information communicated in connection with a sale or purchase of securities,
 without regard to whether the Trustee Provided Information or any portion
 thereof is presented together with or separately from such other information;
 or 

	
 

	
 

	
 

	
          (b)
 any failure by
 [               ]
 to deliver any Servicing Criteria assessment, information, report,
 certification, accountants’ letter or other material when and as required
 under Sections 11.14 and 11.15. 

	
 

	
 

	
 

	
          (c)
 In the case of any failure of performance described in clause (a)(ii)
 of this Section,
 [               ]
 shall promptly reimburse Seller for all costs reasonably incurred in order to
 obtain the information, report, certification, accountants’ letter or other
 material not delivered as required by
 [               ].
 

	
 

	
 

	
Notwithstanding
 anything to the contrary contained herein, in no event shall
 [                    ]
 be liable for special, indirect or consequential damages of any kind
 whatsoever, including but not limited to lost profits, even if
 [               ]
 has been advised of the likelihood of such loss or damage and regardless of
 the form of action. 

72

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

	
 

	
 

	
 

	
 

	
 

	
USAA
 ACCEPTANCE, LLC

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
Title: 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
USAA FEDERAL
 SAVINGS BANK, Servicer

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
Title: 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
_________________________________________________________,
 Trustee

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
 

	
Title: 

	
 

	
 

	
 

	
 

	

S-1

SCHEDULE A

LOCATION OF RECEIVABLE FILES

	
 

	

	
 

EXHIBIT A 

	
 

	
FORM OF CLASS A CERTIFICATE

	
 

	

	
 

	
_____% ASSET BACKED CERTIFICATE, CLASS A

Evidencing a
fractional undivided interest in the Trust, as defined below, the property of
which includes a pool of fixed rate simple interest retail motor vehicle loans
and/or retail installment sales contracts (the “Receivables”) secured by the
new and used automobiles and light duty trucks financed thereby (the “Financed
Vehicles”) and sold to the Trust by USAA Acceptance, LLC. 

THIS
CERTIFICATE REPRESENTS A FRACTIONAL UNDIVIDED INTEREST IN THE TRUST AND DOES
NOT REPRESENT AN INTEREST IN OR OBLIGATION OF _____________________________.
THIS CERTIFICATE AND THE RECEIVABLES ARE NOT DEPOSITS AND ARE NOT INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY. 

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

	
 

	
 

	
NUMBER

	
CUSIP  ___________________

	
 

	
 

	

	
Original Certificate Amount 

	
 

	
 

	
 

	
 

	
A-1

	
Exhibit A to the Pooling and Servicing Agreement

                    THIS
CERTIFIES THAT ___________________ is the registered owner of a ______________
dollars, nonassessable, fully paid, fractional undivided interest in USAA Auto
Owner Trust 20[ ]-[ ] (the “Trust”) formed pursuant to a Pooling and Servicing
Agreement dated as of ___________, 20__ (the “Agreement”) among USAA
Acceptance, LLC, a Delaware limited liability company (the “Seller”), USAA
Federal Savings Bank (the “Servicer”) and _____________, a _______________, as
trustee (the “Trustee”). 

                    To
the extent not otherwise defined herein, the capitalized terms used herein have
the meanings assigned to them in the Agreement. This Certificate is one of the
duly authorized Certificates designated as “_____% Asset Backed Certificates,
Class A” (herein called the “Class A Certificates”). Also issued under the
Agreement are Certificates designated as “_____% Asset Backed Certificates,
Class B” (the “Class B Certificates”). The Class A Certificates and the Class B
Certificates are hereinafter collectively called the “Certificates.” This
Certificate is issued under and is subject to the terms, provisions, and
conditions of the Agreement, to which the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound. The Trust
Property includes (as more fully described in the Agreement) a pool of
Receivables, certain monies received under the Receivables after ___________
__, 20__ (the “Cutoff Date”), security interests in the Financed Vehicles, and
proceeds of the foregoing. 

                    Subject
to the terms and conditions of the Agreement (including the availability of
funds for distributions) and until the obligations created by the Agreement
shall have terminated in accordance therewith, there will be distributed, but
only from funds on deposit in the Class A Distribution Account, on the _____
day of each month or, if such _____ day is not a Business Day, the next
succeeding Business Day (each such date, a “Distribution Date”), commencing
_________ __, 20__, to the Person in whose name this Certificate is registered
at the close of business on the last day of the preceding Collection Period
(the “Record Date”), such Holder’s fractional undivided interest in the amounts
to be distributed to Class A Holders pursuant to the Agreement on such
Distribution Date. 

                    Distributions
on this Certificate will be made by Trustee by check mailed to the Holder of
record at its address as it appears in the Certificate Register without the
presentation or surrender of this Certificate or the making of any notation
hereon, except that with respect to a Certificate registered in the name of a
Clearing Agency or its nominee, distributions will be made by wire transfer of
immediately available funds. Except as otherwise provided in the Agreement and
notwithstanding the above, the final distribution on this Certificate will be
made after due notice by Trustee of the pendency of such distribution and only
upon presentation and surrender of this Certificate at the office or agency
maintained for that purpose by Trustee. 

                    This
Certificate does not purport to summarize the Agreement and reference is hereby
made to the Agreement for information with respect to the rights, benefits,
obligations and duties evidenced thereby. 

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

	
 

	
 

	
 

	
 

	
A-2

	
Exhibit A to the Pooling and Servicing Agreement 

                    Each
Holder, by its acceptance of a Certificate or a beneficial interest in a
Certificate, acknowledges and agrees that they intend that the Trust be
classified (for Federal tax purposes) as a grantor trust under Subpart E, Part
I of Subchapter J of the Internal Revenue Code of which the Holders are owners,
rather than as an association taxable as a corporation. 

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

	
 

	
 

	
 

	
 

	
USAA AUTO
 OWNER TRUST 20[  ]-[  ]

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
as Trustee

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
Authorized
 Officer

	
 

	
 

	
 

	
 

	
DATED:

	
 

	
 

	
 

	
 

	
[SEAL]

	
 

	
 

	
 

	
 

	
ATTEST:

	
 

	
 

	
 

	
 

	
Authorized
 Officer

Trustee’s
Certificate of Authentication: 

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

_______________________________________________________________,

	
 

	
 

	
 

	
 

	
 

	
as Trustee

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Authorized
 Officer

	
 

	
 

	
 

	
 

	
A-3

	
Exhibit A to the Pooling and Servicing Agreement 

EXHIBIT B 

	
 

	
FORM OF CLASS B CERTIFICATE

	
 

	

	
 

	
_____% ASSET BACKED CERTIFICATE, CLASS B

Evidencing a
fractional undivided interest in the Trust, as defined below, the property of
which includes a pool of fixed rate simple interest retail motor vehicle loans
and/or retail installment sales contracts (the “Receivables”) secured by the
new and used automobiles and light duty trucks financed thereby (the “Financed
Vehicles”) and sold to the Trust by USAA Acceptance, LLC. 

THIS
CERTIFICATE REPRESENTS A FRACTIONAL UNDIVIDED INTEREST IN THE TRUST AND DOES
NOT REPRESENT AN INTEREST IN OR OBLIGATION OF _________________________ THIS
CERTIFICATE AND THE RECEIVABLES ARE NOT DEPOSITS AND ARE NOT INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.

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

	
 

	
 

	
NUMBER

	
CUSIP
 __________________

	
 

	
 

	

	
Original Certificate Amount

	
 

	
 

	
 

	
 

	
B-1

	
Exhibit B
 to the Pooling and Servicing Agreement 

                    THIS
CERTIFIES THAT ________________ is the registered owner of a _________________
dollars, nonassessable, fully paid, fractional undivided interest in USAA Auto
Owner Trust 20[ ]-[ ] (the “Trust”) formed pursuant to a Pooling and Servicing
Agreement dated as of ________ __, 20__ (the “Agreement”) among USAA
Acceptance, LLC, a Delaware limited liability company (the “Seller”), USAA
Federal Savings Bank (the “Servicer”) and _____________, a _____________, as
trustee (the “Trustee”). 

                    To
the extent not otherwise defined herein, the capitalized terms used herein have
the meanings assigned to them in the Agreement. This Certificate is one of the
duly authorized Certificates designated as “_____% Asset Backed Certificates,
Class B” (herein called the “Class B Certificates”). Also issued under the
Agreement are Certificates designated as “_____% Asset Backed Certificates,
Class A” (the “Class A Certificates”). The Class A Certificates and the Class B
Certificates are hereinafter collectively called the “Certificates.” This
Certificate is issued under and is subject to the terms, provisions, and
conditions of the Agreement, to which the Holder of this Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound. The Trust
Property includes (as more fully described in the Agreement) a pool of
Receivables, certain monies received under the Receivables after ________ __,
20__ (the “Cutoff Date”), security interests in the Financed Vehicles, and proceeds
of the foregoing. The rights of the Holder of the Class B Certificates are
subordinated to the rights of the Holders of the Class A Certificates to the
extent set forth in the Agreement. 

                    Subject
to the terms and conditions of the Agreement (including the availability of
funds for distributions and the subordination of the Class B Certificates) and
until the obligations created by the Agreement shall have terminated in
accordance therewith, there will be distributed, but only from funds on deposit
in the Class B Distribution Account, on the _th day of each month or, if such
_th day is not a Business Day, the next succeeding Business Day (each such
date, a “Distribution Date”), commencing _______ _, 20__, to the Person in
whose name this Certificate is registered at the close of business on the last
day of the preceding Collection Period (the “Record Date”), such Holder’s
fractional undivided interest in the amounts to be distributed to Class B
Holders pursuant to the Agreement on such Distribution Date. 

                    Distributions
on this Certificate will be made by Trustee by check mailed to the Holder of
record at its address as it appears in the Certificate Register without the
presentation or surrender of this Certificate or the making of any notation
hereon, except that with respect to a Certificate registered in the name of a
Clearing Agency or its nominee, distributions will be made by wire transfer of
immediately available funds. Except as otherwise provided in the Agreement and
notwithstanding the above, the final distribution on this Certificate will be
made after due notice by Trustee of the pendency of such distribution and only
upon presentation and surrender of this Certificate at the office or agency
maintained for that purpose by Trustee. 

                    This
Certificate does not purport to summarize the Agreement and reference is hereby
made to the Agreement for information with respect to the rights, benefits,
obligations and duties evidenced thereby. 

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

	
 

	
 

	
 

	
 

	
B-2

	
Exhibit B
 to the Pooling and Servicing Agreement 

                    Each
Holder, by its acceptance of a Certificate or a beneficial interest in a
Certificate, acknowledges and agrees that they intend that the Trust be
classified (for Federal tax purposes) as a grantor trust under Subpart E, Part
I of Subchapter J of the Internal Revenue Code of which the Holders are owners,
rather than as an association taxable as a corporation. 

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

	
 

	
 

	
 

	
 

	
USAA AUTO
 OWNER TRUST 20[ ]-[ ] 

	
 

	
 

	
 

	
 

	
By: 

	
___________________________________________________,
 as Trustee

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Authorized
 Officer

	
 

	
 

	
 

	
 

	
DATED:

	
 

	
 

	
 

	
 

	
[SEAL]

	
 

	
 

	
 

	
 

	
ATTEST:

	
 

	
 

	
 

	
 

	
Authorized
 Officer

Trustee’s
Certificate of Authentication: 

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

______________________________________________________,
 as Trustee

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Authorized
 Officer

	
 

	
 

	
 

	
 

	
B-3

	
Exhibit B to the Pooling and Servicing Agreement
 

EXHIBIT C 

Form of Servicer’s Report

	
 

	
 

	
 

	
 

	
C-1

	
Exhibit C to the Pooling and Servicing Agreement

EXHIBIT D 

SERVICING CRITERIA TO BE ADDRESSED IN

TRUSTEE’S ASSESSMENT OF COMPLIANCE

          The
assessment of compliance to be delivered by the Trustee shall address, at a
minimum, the criteria identified as below as “Applicable Servicing Criteria”: 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Servicing Criteria

	
 

	
Applicable

 Servicing Criteria

	

	

	

	
 

	

	
Reference

	
 

	
Criteria

	
 

	
 

	

	
 

	

	
 

	

	
 

	
 

	
General Servicing Considerations

	
 

	
 

	
 

	
1122(d)(1)(i)

	
 

	
Policies and procedures are
 instituted to monitor any performance or other triggers and events of default
 in accordance with the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(1)(ii)

	
 

	
If any material servicing
 activities are outsourced to third parties, policies and procedures are
 instituted to monitor the third party’s performance and compliance with such
 servicing activities.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(1)(iii)

	
 

	
Any requirements in the
 transaction agreements to maintain a back-up servicer for the pool assets are
 maintained.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(1)(iv)

	
 

	
A fidelity bond and errors and
 omissions policy is in effect on the party participating in the servicing
 function throughout the reporting period in the amount of coverage required
 by and otherwise in accordance with the terms of the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Cash Collection and Administration

	
 

	
 

	
 

	
1122(d)(2)(i)

	
 

	
Payments on pool assets are
 deposited into the appropriate custodial bank accounts and related bank
 clearing accounts no more than two business days following receipt, or such
 other number of days specified in the transaction agreements.

	
 

	
X1

	
 

	
 

	
 

	
 

	
 

	
1122(d)(2)(ii)

	
 

	
Disbursements made via wire
 transfer on behalf of an obligor or to an investor are made only by
 authorized personnel.

	
 

	
X

	
 

	
 

	
 

	
 

	
 

	
1122(d)(2)(iii)

	
 

	
Advances of funds or guarantees
 regarding collections, cash flows or distributions, and any interest or other
 fees charged for such advances, are made, reviewed and approved as specified
 in the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(2)(iv)

	
 

	
The related accounts for the
 transaction, such as cash reserve accounts or accounts established as a form
 of overcollateralization, are separately maintained (e.g., with respect to
 commingling of cash) as set forth in the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(2)(v)

	
 

	
Each custodial account is
 maintained at a federally insured depository institution as set forth in the
 transaction agreements. For purposes of this criterion, “federally insured
 depository institution” with respect to a foreign financial institution means
 a foreign financial institution that meets the requirements of Rule
 13k-1(b)(1) of the Securities Exchange Act.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(2)(vi)

	
 

	
Unissued checks are safeguarded
 so as to prevent unauthorized access.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(2)(vii)

	
 

	
Reconciliations are prepared on a
 monthly basis for all asset-backed securities related bank accounts, including
 custodial accounts and related bank clearing accounts. These reconciliations
 are (A) mathematically accurate; (B) prepared within 30 calendar days after
 the bank statement cutoff date, or such other number of days specified in the
 transaction agreements; (C) reviewed and approved by someone other than the
 person who prepared the reconciliation; and (D) contain explanations for
 reconciling items. These reconciling items are resolved within 90 calendar
 days of their original identification, or such other number of days specified
 in the

	
 

	
 

	
 

	
 

	
1

	
Solely with regard to
 deposits made by Trustee.

	
 

	
 

	
 

	
 

	
D-1

	
Exhibit D to the Pooling and Servicing Agreement

	
 

	
 

	
 

	
 

	
 

	
Servicing Criteria

	
 

	
Applicable

 Servicing Criteria

	

	

	

	
 

	

	
Reference

	
 

	
Criteria

	
 

	
 

	

	
 

	

	
 

	

	
 

	
 

	
transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Investor Remittances and Reporting

	
 

	
 

	
 

	
1122(d)(3)(i)

	
 

	
Reports to investors, including
 those to be filed with the Commission, are maintained in accordance with the
 transaction agreements and applicable Commission requirements. Specifically,
 such reports (A) are prepared in accordance with timeframes and other terms
 set forth in the transaction agreements; (B) provide information calculated
 in accordance with the terms specified in the transaction agreements; (C) are
 filed with the Commission as required by its rules and regulations; and (D)
 agree with investors’ or the trustee’s records as to the total unpaid
 principal balance and number of pool assets serviced by the Servicer.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(3)(ii)

	
 

	
Amounts due to investors are
 allocated and remitted in accordance with timeframes, distribution priority
 and other terms set forth in the transaction agreements.

	
 

	
X

	
 

	
 

	
 

	
 

	
 

	
1122(d)(3)(iii)

	
 

	
Disbursements made to an investor
 are posted within two business days to the Servicer’s investor records, or such
 other number of days specified in the transaction agreements.

	
 

	
X

	
 

	
 

	
 

	
 

	
 

	
1122(d)(3)(iv)

	
 

	
Amounts remitted to investors per
 the investor reports agree with cancelled checks, or other form of payment,
 or custodial bank statements.

	
 

	
X

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Pool Asset Administration

	
 

	
 

	
 

	
1122(d)(4)(i)

	
 

	
Collateral or security on pool
 assets is maintained as required by the transaction agreements or related
 asset pool documents.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(ii)

	
 

	
Pool assets and related documents
 are safeguarded as required by the transaction agreements

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(iii)

	
 

	
Any additions, removals or
 substitutions to the asset pool are made, reviewed and approved in accordance
 with any conditions or requirements in the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(iv)

	
 

	
Payments on pool assets,
 including any payoffs, made in accordance with the related pool asset
 documents are posted to the Servicer’s obligor records maintained no more
 than two business days after receipt, or such other number of days specified
 in the transaction agreements, and allocated to principal, interest or other
 items (e.g., escrow) in accordance with the related asset pool documents.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(v)

	
 

	
The Servicer’s records regarding
 the accounts and the accounts agree with the Servicer’s records with respect
 to an obligor’s unpaid principal balance.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(vi)

	
 

	
Changes with respect to the terms
 or status of an obligor’s account (e.g., loan modifications or re-agings) are
 made, reviewed and approved by authorized personnel in accordance with the
 transaction agreements and related pool asset documents.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(vii)

	
 

	
Loss mitigation or recovery
 actions (e.g., forbearance plans, modifications and deeds in lieu of
 foreclosure, foreclosures and repossessions, as applicable) are initiated,
 conducted and concluded in accordance with the timeframes or other
 requirements established by the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
D-2

	
Exhibit D to the Pooling and Servicing Agreement

	
 

	
 

	
 

	
 

	
 

	
Servicing Criteria

	
 

	
Applicable

 Servicing Criteria

	

	

	

	
 

	

	
Reference

	
 

	
Criteria

	
 

	
 

	

	
 

	

	
 

	

	
1122(d)(4)(viii)

	
 

	
Records documenting collection
 efforts are maintained during the period a pool asset is delinquent in
 accordance with the transaction agreements. Such records are maintained on at
 least a monthly basis, or such other period specified in the transaction
 agreements, and describe the entity’s activities in monitoring delinquent
 pool assets including, for example, phone calls, letters and payment
 rescheduling plans in cases where delinquency is deemed temporary (e.g.,
 illness or unemployment).

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(ix)

	
 

	
Adjustments to interest rates or
 rates of return for pool assets with variable rates are computed based on the
 related pool asset documents.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(x)

	
 

	
Regarding any funds held in trust
 for an obligor (such as escrow accounts): (A) such funds are analyzed, in
 accordance with the obligor’s Account documents, on at least an annual basis,
 or such other period specified in the transaction agreements; (B) interest on
 such funds is paid, or credited, to obligors in accordance with applicable
 Account documents and state laws; and (C) such funds are returned to the
 obligor within 30 calendar days of full repayment of the related Accounts, or
 such other number of days specified in the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(xi)

	
 

	
Payments made on behalf of an
 obligor (such as tax or insurance payments) are made on or before the related
 penalty or expiration dates, as indicated on the appropriate bills or notices
 for such payments, provided that such support has been received by the
 servicer at least 30 calendar days prior to these dates, or such other number
 of days specified in the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(xii)

	
 

	
Any late payment penalties in
 connection with any payment to be made on behalf of an obligor are paid from
 the servicer’s funds and not charged to the obligor, unless the late payment
 was due to the obligor’s error or omission.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(xiii)

	
 

	
Disbursements made on behalf of
 an obligor are posted within two business days to the obligor’s records
 maintained by the servicer, or such other number of days specified in the
 transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(xiv)

	
 

	
Delinquencies, charge-offs and
 uncollectible accounts are recognized and recorded in accordance with the
 transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(xv)

	
 

	
Any external enhancement or other
 support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation
 AB, is maintained as set forth in the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
D-3

	
Exhibit D to the Pooling and Servicing Agreement
 

EXHIBIT E

FORM OF TRUSTEE’S ANNUAL CERTIFICATION

Re:        USAA
AUTO OWNER TRUST 20[  ]-[  ] 

                    [   ],
not in its individual capacity but solely as trustee (the “Trustee”), certifies
to USAA Acceptance, LLC (the “Seller”), and its officers, with the knowledge
and intent that they will rely upon this certification, that: 

	
 

	
 

	
 

	
          (1)
 It has reviewed the report on assessment of the Trustee’s compliance provided
 in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act
 of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
 “Servicing Assessment”), and the registered public accounting firm’s
 attestation report provided in accordance with Rules 13a-18 and 15d-18 under
 the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation
 Report”) that were delivered by the Trustee to Seller pursuant to the Pooling
 and Servicing Agreement (the “Agreement”), dated as of
 [                    ],
 20[  ] by and among Bank, Seller, the Trustee and USAA Auto Owner
 Trust 20[  ]-[  ] (collectively, the “Trustee
 Information”); 

	
 

	
 

	
 

	
          (2)
 To the best of its knowledge, the Trustee Information, taken as a whole, does
 not contain any untrue statement of a material fact or omit to state a
 material fact necessary to make the statements made, in the light of the
 circumstances under which such statements were made, not misleading with
 respect to the period of time covered by the Trustee Information; 

	
 

	
 

	
 

	
          (3)
 To the best of its knowledge, all of the Trustee Provided Information (as
 defined in Section 11.16 of the Agreement) required to be provided by
 the Trustee under the Agreement has been provided to Seller; and 

	
 

	
 

	
 

	
          (4)
 To the best of its knowledge, except as disclosed in the Servicing Assessment
 or the Attestation Report, the Trustee has fulfilled its obligations under
 the Agreement. 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
Date:

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
E-1

	
Exhibit E
 to the Pooling and Servicing Agreement 

EXHIBIT F

FORM OF TRUSTEE’S ANNUAL CERTIFICATION

REGARDING ITEM 1117 AND ITEM 1119 OF REGULATION AB

                    Reference
is made to the Form 10-K of USAA Auto Owner Trust 20[  ]-
[  ] (the “Form 10-K”) for the fiscal year ended December 31,
20[   ]. Capitalized terms used but not otherwise defined herein shall
have the respective meanings given to them in the Form 10-K.

                    [                                        ],
a
[                                    ]
(“[       ]”), does hereby certify to the
Sponsor, the Depositor and the Issuing Entity that:

               1.
As of the date of the Form 10-K, there are no pending legal proceedings against
[       ] or proceedings known to be
contemplated by governmental authorities against [       ] that would be material to
the investors in the Certificates.

               2.
As of the date of the Form 10-K, there are no affiliations, as contemplated by
Item 1119 of Regulation AB, between
[       ] and any of USAA Federal Savings
Bank (in its capacities as Sponsor, Originator, Servicer and Administrator),
USAA Acceptance, LLC, the Indenture Trustee, the Owner Trustee and the Issuing
Entity, or any affiliates of such parties.

          IN
WITNESS WHEREOF, [       ] has caused this
certificate to be executed in its corporate name by an officer thereunto duly
authorized.

Dated:
________________, 20[   ]

	
 

	
 

	
 

	
 

	
[                                        ], as
 Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
 

	
F-1

	
Exhibit
 E to the Pooling and Servicing Agreement

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