Document:

RMBS-EX10.1_2012.9.30-Q3

Exhibit 10.1
August 28, 2012
Sharon Holt
[Redacted]

Re:    Terms of Separation
Dear Sharon: 
This letter confirms the agreement between you and Rambus Inc. (“the Company”) concerning the terms of your separation and offers you the separation benefits set forth below in exchange for a general release of claims and covenant not to sue (“Agreement”).
1.Separation Date:  August 30, 2012 is your last day of employment with the Company (the “Separation Date”). 
2.Acknowledgment of Payment of Wages:  As of August 30, 2012, you have been paid all wages, salary, bonuses, commissions, reimbursements of ESPP contributions, and/or accrued unused vacation due to you from the Company as of the Separation Date.  The Company has or will reimburse all necessary and reasonable expenses incurred in the normal course of business through the Separation Date pursuant to the terms of its expense reimbursement policy.  You will receive all funds owed pursuant to this paragraph regardless of whether or not you sign this Agreement.  Your signature below is further acknowledgement that the Company does not owe you any other amounts.
3.Separation Benefits:  In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth in paragraphs 6 and 7 below and your other promises herein, the Company agrees to provide you with the following upon the Effective Date of this Agreement (as defined in paragraph 17 below):
a.Severance:  The Company agrees to pay you, following the Effective Date (as defined in paragraph 17 below) of this agreement, an amount equivalent to nine (9) months of your base salary, less applicable state and federal tax payroll deductions. Payment will be made in a lump sum within ten (10) business days of the Effective Date.
b.COBRA:  Upon your timely election to continue your existing health benefits under COBRA, and provided you are otherwise eligible pursuant to the terms of COBRA and the Company's health insurance plan, the Company will pay the insurance premiums to continue your existing medical, dental, vision and Employee Assistance Program (EAP) health benefits for four (4) months following the Separation Date.  If as an active employee you were enrolled in a flex spending plan, you can continue through COBRA, but you will be responsible for making the payments (on an after tax basis).
c.Job Search Assistance.  Upon your election of outplacement services within sixty (60) calendar days of the Separation Date, the Company will provide you four (4) months of outplacement assistance to help you in your job search.  
d.By signing below, you acknowledge that you are receiving the separation benefits outlined in this paragraph 3 in consideration for waiving your rights to claims referred to in this agreement and that you are not otherwise entitled to the separation benefits.
4.Return of Company Property:  You hereby warrant to the Company that as of your Separation date, you have returned to the Company all property or data of the Company of any type whatsoever that has been in your possession or control.
5.Confidential Information.  You hereby acknowledge that you are bound by the attached Exhibit A: Employment, Confidential Information And Invention Assignment Agreement (hereinafter referred to as the “ECIIA Agreement”), and that as a result of your employment with the Company you had access to the Company's Proprietary Information (as defined in the ECIIA Agreement), that you will hold all Proprietary Information in strictest confidence 

and that you will not make use of such Proprietary Information on behalf of anyone.  You further confirm that you have delivered to the Company all documents and data of any nature containing or pertaining to such Proprietary Information and that you have not taken with you any such documents or data or any reproduction thereof.  
6.General Release and Waiver of Claims:  
a.The payments and promises set forth in this agreement are in full satisfaction of all accrued salary, vacation pay, bonus and commission pay, profit sharing, stock options, termination benefits or other compensation to which you may be entitled by virtue of your employment with the Company or your separation from the Company. To the fullest extent permitted by law, you hereby release and waive any other claims you may have against the Company and its owners, agents, officers, shareholders, employees, directors, attorneys, subscribers, subsidiaries, affiliates, successors and assigns (collectively “Releasees”), whether known or not known, including, without limitation, claims under any employment laws, including, but not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good faith and fair dealing, fraud, violation of public policy, defamation, physical injury, emotional distress, claims for additional compensation or benefits arising out of your employment or your separation of employment, claims under Title VII of the 1964 Civil Rights Act, as amended, the California Fair Employment and Housing Act, and any other laws and/or regulations relating to employment or employment discrimination, including, without limitation, claims based on age or under the Age Discrimination in Employment Act or Older Workers Benefit Protection Act, and/or claims based on disability or under the Americans with Disabilities Act.  You further agree that any claims you may have for money damages, loss of wages, earnings, commission, bonuses and benefits, stock options or other ownership interests in the Company, medical expenses, attorneys' fees and costs, reinstatement and other equitable relief, are waived and forever released by you under this Agreement.
b.By signing below, you expressly waive any benefits of Section 1542 of the Civil Code of the State of California, which provides as follows:
“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”
c.You do not release claims that you may not release as a matter of law, including but not limited to claims for indemnity under California Labor Code section 2802 or any claims to enforce this Agreement.   To the fullest extent permitted by law, any dispute regarding the scope of this general release shall be determined by an arbitrator under the procedures set forth in the arbitration clause below.
7.Covenant Not to Sue:  
a.To the fullest extent permitted by law, at no time subsequent to the execution of this Agreement will you pursue, or cause or knowingly permit the prosecution, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency, or any other tribunal, any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which you may now have, have ever had, or may in the future have against Releasees, which is based in whole or in part on any matter covered by this Agreement.  
b.Nothing in this section shall prohibit you from filing a charge or complaint with a government agency where, as a matter of law, the parties may not restrict your ability to file such administrative complaints.  You further understand and agree that, by entering into this Agreement, you are releasing any and all individual claims for relief, and that any and all subsequent disputes between you and the Company shall be resolved through arbitration as provided below.
c.Nothing in this section shall prohibit or impair you or the Company from complying with all applicable laws, nor shall this Agreement be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act.
8.Nondisparagement:  You agree that you will not disparage Releasees or their products, services, agents, representatives, directors, officers, shareholders, attorneys, employees, vendors, affiliates, successors or assigns, or any person acting by, through, under or in concert with any of them, with any written or oral statement.  Nothing in this paragraph shall prohibit you from lawfully providing truthful information in response to a subpoena or other legal process.   
9.Arbitration:  Except for any claim for injunctive relief arising out of a breach of a party's obligations to protect the other's proprietary information, the parties agree to arbitrate, in Santa Clara County, California (or 

another mutually acceptable location if you reside outside of California) through JAMS, any and all disputes or claims arising out of or related to the validity, enforceability, interpretation, performance or breach of this Agreement, whether sounding in tort, contract, statutory violation or otherwise, or involving the construction or application or any of the terms, provisions, or conditions of this Agreement. Any arbitration may be initiated by a written demand to the other party.  The arbitrator's decision shall be final, binding, and conclusive.  The parties further agree that this Agreement is intended to be strictly construed to provide for arbitration as the sole and exclusive means for resolution of all disputes hereunder to the fullest extent permitted by law.  The parties expressly waive any entitlement to have such controversies decided by a court or a jury. 
10.Attorneys' Fees:  Except as prohibited by law, if any action is brought to enforce the terms of this Agreement, the prevailing party will be entitled to recover its reasonable attorneys' fees, costs and expenses from the other party, in addition to any other relief to which the prevailing party may be entitled.
11.Confidentiality:  You agree that the contents, terms and conditions of this Agreement must be kept confidential by you and may not be disclosed except to your immediate family members, accountants or attorneys, or pursuant to subpoena or court order. You further agree that if asked for information concerning this Agreement, you will state only that a settlement agreement resolved all issues related to your separation from the Company. Any breach of this confidentiality provision shall be deemed a material breach of this Agreement.
12.No Admission of Liability:  This Agreement is not and shall not be construed or contended by you to be an admission or evidence of any wrongdoing or liability on the part of Releasees. This Agreement shall be afforded the maximum protection allowable under California Evidence Code Section 1152 and/or any other state or federal provisions of similar effect.
13.Entire Agreement:  This Agreement constitutes the entire agreement between you and Releasees with respect to the subject matter hereof and supersedes all prior negotiations and agreements, whether written or oral, relating to such subject matter other than the ECIIA Agreement referred to in paragraph 5 above. You acknowledge that neither Releasees nor their agents or attorneys have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this Agreement for the purpose of inducing you to execute the Agreement, and you acknowledge that you have executed this Agreement in reliance only upon such promises, representations and warranties as are contained herein.
14.Severability:  The provisions of this Agreement are severable, and if any part of it is found to be invalid or unenforceable, the other parts shall remain fully valid and enforceable.  Specifically, should a court, arbitrator, or government agency conclude that a particular claim may not be released as a matter of law, it is the intention of the parties that the general release, the waiver of unknown claims and the covenant not to sue above shall otherwise remain effective to release any and all other claims.
15.Modification; Counterparts; Facsimile Signatures:  It is expressly agreed that this Agreement may not be altered, amended, modified, or otherwise changed in any respect except by another written agreement that specifically refers to this Agreement, executed by authorized representatives of each of the parties to this Agreement.  This Agreement may be executed in any number of counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument.  Execution of a facsimile copy shall have the same force and effect as execution of an original and a copy of a signature will be equally admissible in any legal proceeding as an original.
16.Time To Consider Agreement Right to Revoke; Knowing and Voluntary Agreement:  You understand that you may take up to forty-five (45) days to consider this Agreement and, by signing below, affirm that you were advised to consult with an attorney prior to signing this Agreement.  You also understand you may revoke this Agreement within seven (7) days of signing this document and that the separation compensation to be provided to you pursuant to paragraph 3 will be provided only at the end of that seven (7) day revocation period without revocation by you. By signing this Agreement, you knowingly and voluntarily agree to all the terms set forth in this Agreement and further acknowledge that you are executing this Agreement voluntarily, free of any duress or coercion. 
17.Effective Date:  This Agreement is effective on the eighth (8th) day after you sign it and without revocation by you as provided in paragraph 16.
18.Governing Law:  This Agreement shall be governed by and construed in accordance with the laws of the State of California. 

* * * * * * * *
If you agree to abide by the terms outlined in this Agreement, please sign this letter below and also sign the attached copy and return it to me.  I wish you the best in your future endeavors.
	
						
	 
	 
	 
	 
	 
	Sincerely,

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	Rambus Inc.

	 
	 
	 
	 

	 
	 
	 
	 
	 
	By: /s/ Paul Valentino

	 
	 
	 
	 
	 
	Paul Valentino, Sr. Director, Human Resources

BY SIGNING BELOW, I ACKNOWLEDGE THAT I HAVE READ THIS AGREEMENT CAREFULLY, I UNDERSTAND THIS AGREEMENT CONTAINS A GENERAL RELEASE, AND I AGREE TO ITS TERMS.
	
							
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	/s/ Sharon Holt
	 
	 
	 
	 
	8/28/2012

	 
	Name Here
	 
	 
	 
	 
	DateEXHIBIT 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

 	
  

 	
 4

 	
  

 
	
 SECTION 2.4

 	
  

 	
 Registration
 of Transfer and Exchange

 	
  

 	
 4

 	
  

 
	
 SECTION 2.5

 	
  

 	
 Mutilated,
 Destroyed, Lost or Stolen Notes

 	
  

 	
 5

 	
  

 
	
 SECTION 2.6

 	
  

 	
 Persons
 Deemed Owners

 	
  

 	
 6

 	
  

 
	
 SECTION 2.7

 	
  

 	
 Payment of
 Principal and Interest; Defaulted Interest

 	
  

 	
 6

 	
  

 
	
 SECTION 2.8

 	
  

 	
 Cancellation

 	
  

 	
 7

 	
  

 
	
 SECTION 2.9

 	
  

 	
 Release of
 Collateral

 	
  

 	
 7

 	
  

 
	
 SECTION 2.10

 	
  

 	
 Book-Entry
 Notes

 	
  

 	
 8

 	
  

 
	
 SECTION 2.11

 	
  

 	
 Notices to
 Clearing Agency

 	
  

 	
 8

 	
  

 
	
 SECTION 2.12

 	
  

 	
 Definitive
 Notes

 	
  

 	
 8

 	
  

 
	
 SECTION 2.13

 	
  

 	
 Authenticating
 Agents

 	
  

 	
 9

 	
  

 
	
 SECTION 2.14

 	
  

 	
 Tax Treatment

 	
  

 	
 10

 	
  

 
	
 SECTION 2.15

 	
  

 	
 Certain
 Transfer Restrictions on the Notes

 	
  

 	
 10

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE III

 	
 COVENANTS

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 3.1

 	
  

 	
 Payment of
 Principal and Interest

 	
  

 	
 11

 	
  

 
	
 SECTION 3.2

 	
  

 	
 Maintenance
 of Office or Agency

 	
  

 	
 11

 	
  

 
	
 SECTION 3.3

 	
  

 	
 Money for
 Payments To Be Held in Trust

 	
  

 	
 11

 	
  

 
	
 SECTION 3.4

 	
  

 	
 Existence

 	
  

 	
 13

 	
  

 
	
 SECTION 3.5

 	
  

 	
 Protection
 of Collateral

 	
  

 	
 13

 	
  

 
	
 SECTION 3.6

 	
  

 	
 Opinions as
 to Collateral

 	
  

 	
 14

 	
  

 
	
 SECTION 3.7

 	
  

 	
 Performance
 of Obligations; Servicing of Receivables

 	
  

 	
 14

 	
  

 
	
 SECTION 3.8

 	
  

 	
 Negative
 Covenants

 	
  

 	
 15

 	
  

 
	
 SECTION 3.9

 	
  

 	
 Annual
 Compliance Statement

 	
  

 	
 15

 	
  

 
	
 SECTION 3.10

 	
  

 	
 Restrictions
 on Certain Other Activities

 	
  

 	
 16

 	
  

 
	
 SECTION 3.11

 	
  

 	
 Restricted
 Payments

 	
  

 	
 17

 	
  

 
	
 SECTION 3.12

 	
  

 	
 Notice of
 Events of Default

 	
  

 	
 17

 	
  

 
	
 SECTION 3.13

 	
  

 	
 Further
 Instruments and Acts

 	
  

 	
 17

 	
  

 
	
 SECTION 3.14

 	
  

 	
 Compliance
 with Laws

 	
  

 	
 17

 	
  

 
	
 SECTION 3.15

 	
  

 	
 Perfection
 Representations, Warranties and Covenants

 	
  

 	
 17

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IV

 	
 SATISFACTION
 AND DISCHARGE

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 4.1

 	
  

 	
 Satisfaction
 and Discharge of Indenture

 	
  

 	
 17

 	
  

 
	
 SECTION 4.2

 	
  

 	
 Application
 of Trust Money

 	
  

 	
 18

 	
  

 
	
 SECTION 4.3

 	
  

 	
 Repayment of
 Monies Held by Paying Agent

 	
  

 	
 18

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE V

 	
 REMEDIES

 	
  

 	
  

 	
  

 

i

TABLE OF CONTENTS
(Continued)

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 5.1

 	
  

 	
 Events of
 Default

 	
  

 	
 18

 	
  

 
	
 SECTION 5.2

 	
  

 	
 Acceleration
 of Maturity; Waiver of Event of Default

 	
  

 	
 19

 	
  

 
	
 SECTION 5.3

 	
  

 	
 Collection
 of Indebtedness and Suits for Enforcement by the Indenture Trustee

 	
  

 	
 20

 	
  

 
	
 SECTION 5.4

 	
  

 	
 Remedies;
 Priorities

 	
  

 	
 22

 	
  

 
	
 SECTION 5.5

 	
  

 	
 Optional
 Preservation of the Collateral

 	
  

 	
 25

 	
  

 
	
 SECTION 5.6

 	
  

 	
 Limitation
 of Suits

 	
  

 	
 25

 	
  

 
	
 SECTION 5.7

 	
  

 	
 Rights of
 Noteholders to Receive Principal and Interest

 	
  

 	
 26

 	
  

 
	
 SECTION 5.8

 	
  

 	
 Restoration
 of Rights and Remedies

 	
  

 	
 26

 	
  

 
	
 SECTION 5.9

 	
  

 	
 Rights and
 Remedies Cumulative

 	
  

 	
 26

 	
  

 
	
 SECTION 5.10

 	
  

 	
 Delay or
 Omission Not a Waiver

 	
  

 	
 27

 	
  

 
	
 SECTION 5.11

 	
  

 	
 Control by
 Noteholders

 	
  

 	
 27

 	
  

 
	
 SECTION 5.12

 	
  

 	
 Waiver of
 Past Defaults

 	
  

 	
 27

 	
  

 
	
 SECTION 5.13

 	
  

 	
 Undertaking
 for Costs

 	
  

 	
 28

 	
  

 
	
 SECTION 5.14

 	
  

 	
 Waiver of
 Stay or Extension Laws

 	
  

 	
 28

 	
  

 
	
 SECTION 5.15

 	
  

 	
 Action on
 Notes

 	
  

 	
 28

 	
  

 
	
 SECTION 5.16

 	
  

 	
 Performance
 and Enforcement of Certain Obligations

 	
  

 	
 29

 	
  

 
	
 SECTION 5.17

 	
  

 	
 Sale of
 Collateral

 	
  

 	
 29

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VI

 	
 THE
 INDENTURE TRUSTEE

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 6.1

 	
  

 	
 Duties of
 the Indenture Trustee

 	
  

 	
 30

 	
  

 
	
 SECTION 6.2

 	
  

 	
 Rights of
 the Indenture Trustee

 	
  

 	
 31

 	
  

 
	
 SECTION 6.3

 	
  

 	
 Individual
 Rights of the Indenture Trustee

 	
  

 	
 32

 	
  

 
	
 SECTION 6.4

 	
  

 	
 The Indenture
 Trustee’s Disclaimer

 	
  

 	
 33

 	
  

 
	
 SECTION 6.5

 	
  

 	
 Notice of
 Defaults

 	
  

 	
 33

 	
  

 
	
 SECTION 6.6

 	
  

 	
 Reports by
 the Indenture Trustee to Noteholders

 	
  

 	
 33

 	
  

 
	
 SECTION 6.7

 	
  

 	
 Compensation
 and Indemnity

 	
  

 	
 33

 	
  

 
	
 SECTION 6.8

 	
  

 	
 Removal,
 Resignation and Replacement of the Indenture Trustee

 	
  

 	
 34

 	
  

 
	
 SECTION 6.9

 	
  

 	
 Successor
 Indenture Trustee by Merger

 	
  

 	
 35

 	
  

 
	
 SECTION 6.10

 	
  

 	
 Appointment
 of Co-Indenture Trustee or Separate Indenture Trustee

 	
  

 	
 35

 	
  

 
	
 SECTION 6.11

 	
  

 	
 Eligibility;
 Disqualification

 	
  

 	
 36

 	
  

 
	
 SECTION 6.12

 	
  

 	
 Preferential
 Collection of Claims Against the Issuer

 	
  

 	
 37

 	
  

 
	
 SECTION 6.13

 	
  

 	
 Representations
 and Warranties

 	
  

 	
 37

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VII

 	
 NOTEHOLDERS’
 LISTS AND REPORTS

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 7.1

 	
  

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

 	
  

 	
 37

 	
  

 
	
 SECTION 7.2

 	
  

 	
 Preservation
 of Information; Communications to Noteholders

 	
  

 	
 37

 	
  

 
	
 SECTION 7.3

 	
  

 	
 Reports by
 the Indenture Trustee

 	
  

 	
 38

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VIII

 	
 ACCOUNTS,
 DISBURSEMENTS AND RELEASES

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 8.1

 	
  

 	
 Collection
 of Money

 	
  

 	
 38

 	
  

 

ii

TABLE OF CONTENTS
(Continued)

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 8.2

 	
  

 	
 Trust
 Accounts

 	
  

 	
 38

 	
  

 
	
 SECTION 8.3

 	
  

 	
 General
 Provisions Regarding Accounts

 	
  

 	
 39

 	
  

 
	
 SECTION 8.4

 	
  

 	
 Release of
 Collateral

 	
  

 	
 39

 	
  

 
	
 SECTION 8.5

 	
  

 	
 Opinion of
 Counsel

 	
  

 	
 40

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IX

 	
 SUPPLEMENTAL
 INDENTURES

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 9.1

 	
  

 	
 Supplemental
 Indentures Without Consent of Noteholders

 	
  

 	
 40

 	
  

 
	
 SECTION 9.2

 	
  

 	
 Supplemental
 Indentures with Consent of Noteholders

 	
  

 	
 41

 	
  

 
	
 SECTION 9.3

 	
  

 	
 Execution of
 Supplemental Indentures

 	
  

 	
 43

 	
  

 
	
 SECTION 9.4

 	
  

 	
 Effect of
 Supplemental Indenture

 	
  

 	
 43

 	
  

 
	
 SECTION 9.5

 	
  

 	
 Conformity
 With Trust Indenture Act

 	
  

 	
 43

 	
  

 
	
 SECTION 9.6

 	
  

 	
 Reference in
 Notes to Supplemental Indentures

 	
  

 	
 43

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE X

 	
 REDEMPTION
 OF NOTES

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 10.1

 	
  

 	
 Redemption

 	
  

 	
 43

 	
  

 
	
 SECTION 10.2

 	
  

 	
 Form of
 Redemption Notice

 	
  

 	
 44

 	
  

 
	
 SECTION 10.3

 	
  

 	
 Notes
 Payable on Redemption Date

 	
  

 	
 44

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XI

 	
 MISCELLANEOUS

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 SECTION 11.1

 	
  

 	
 Compliance
 Certificates and Opinions, etc

 	
  

 	
 44

 	
  

 
	
 SECTION 11.2

 	
  

 	
 Form of
 Documents Delivered to the Indenture Trustee

 	
  

 	
 46

 	
  

 
	
 SECTION 11.3

 	
  

 	
 Acts of
 Noteholders

 	
  

 	
 47

 	
  

 
	
 SECTION 11.4

 	
  

 	
 Notices

 	
  

 	
 47

 	
  

 
	
 SECTION 11.5

 	
  

 	
 Notices to
 Noteholders; Waiver

 	
  

 	
 48

 	
  

 
	
 SECTION 11.6

 	
  

 	
 Alternate
 Payment and Notice Provisions

 	
  

 	
 48

 	
  

 
	
 SECTION 11.7

 	
  

 	
 Conflict
 with Trust Indenture Act

 	
  

 	
 48

 	
  

 
	
 SECTION 11.8

 	
  

 	
 Effect of
 Headings and Table of Contents

 	
  

 	
 49

 	
  

 
	
 SECTION 11.9

 	
  

 	
 Successors
 and Assigns

 	
  

 	
 49

 	
  

 
	
 SECTION 11.10

 	
  

 	
 Severability

 	
  

 	
 49

 	
  

 
	
 SECTION 11.11

 	
  

 	
 Benefits of
 Indenture

 	
  

 	
 49

 	
  

 
	
 SECTION 11.12

 	
  

 	
 Legal
 Holidays

 	
  

 	
 49

 	
  

 
	
 SECTION 11.13

 	
  

 	
 Governing
 Law

 	
  

 	
 49

 	
  

 
	
 SECTION 11.14

 	
  

 	
 Counterparts

 	
  

 	
 49

 	
  

 
	
 SECTION 11.15

 	
  

 	
 Recording of
 Indenture

 	
  

 	
 49

 	
  

 
	
 SECTION 11.16

 	
  

 	
 Trust
 Obligation

 	
  

 	
 49

 	
  

 
	
 SECTION 11.17

 	
  

 	
 No Petition

 	
  

 	
 50

 	
  

 
	
 SECTION 11.18

 	
  

 	
 Intent

 	
  

 	
 50

 	
  

 
	
 SECTION 11.19

 	
  

 	
 Submission
 to Jurisdiction; Waiver of Jury Trial

 	
  

 	
 50

 	
  

 
	
 SECTION 11.20

 	
  

 	
 Subordination
 of Claims

 	
  

 	
 51

 	
  

 
	
 SECTION 11.21

 	
  

 	
 Limitation
 of Liability of Owner Trustee

 	
  

 	
 52

 	
  

 
	
 SECTION 11.22

 	
  

 	
 Information
 Requests

 	
  

 	
 52

 	
  

 
	
 SECTION 11.23

 	
  

 	
 Inspection

 	
  

 	
 52

 	
  

 
	
 SECTION 11.24

 	
  

 	
 [Limitation
 of Rights]

 	
  

 	
 52

 	
  

 

iii

	
  

 	
  

 
	
 Schedule I

 	
 Perfection
 Representations, Warranties and Covenants

 
	
 Exhibit A

 	
 Forms of
 Notes

 

iv

          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) terms defined in Article
9 of the UCC as in effect in the relevant jurisdiction and not otherwise
defined in this Indenture are used as defined in that Article; (c) 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; (d)
references to any Article, Section, Schedule, Appendix or Exhibit are
references to Articles, Sections, Schedules, Appendices 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; (e) the
term “including” and all variations thereof 

	
  

 	
  

 	
  

 
	
  

 	
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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) unless the context otherwise requires, defined terms shall be
equally applicable to both the singular and plural forms.

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.

	
  

 	
  

 	
  

 
	
  

 	
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 Indenture (USAA
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          SECTION 2.3
Temporary
Notes. Pending the preparation of Definitive Notes, the Issuer may
execute, and upon receipt of an Issuer Order, the Indenture Trustee shall
authenticate and deliver, temporary Notes which are printed, lithographed,
typewritten, mimeographed or otherwise produced, substantially of the tenor of
the Definitive Notes in lieu of which they are 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
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          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.

          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 

	
  

 	
  

 	
  

 
	
  

 	
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 Indenture (USAA
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indemnity provided therefor to the extent of any loss, damage, cost or
expense incurred by the Issuer or the Indenture Trustee in connection
therewith.

          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 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.

	
  

 	
  

 	
  

 
	
  

 	
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          (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.

          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, unless the Notes have been redeemed in accordance with Section 10.1,
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.

	
  

 	
  

 	
  

 
	
  

 	
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          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 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 

	
  

 	
  

 	
  

 
	
  

 	
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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 instruct the Clearing Agency to notify each Clearing Agency
Participant and request that such Clearing Agency Participant notify the
related Note Owners associated, 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 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.

	
  

 	
  

 	
  

 
	
  

 	
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          (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 owned by the Issuer or a
Person that is considered the same Person as the Issuer for U.S. federal income
tax purposes). 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 owned by the Issuer or a
Person that is considered the same Person as the Issuer for U.S. federal income
tax purposes).

          SECTION
2.15 Certain
Transfer Restrictions on the Notes. (a) By acquiring a Note, each
purchaser and transferee shall be deemed to represent and warrant that either
(a) it is not acquiring such Note (or any interest therein) on behalf of or
with any assets of (x) a Benefit Plan or (y) any governmental plan, non-U.S.
plan, church plan, other employee benefit plan or other retirement arrangement
that is subject to Similar Law; or (b) (i) such Note is rated at least “BBB-”
or its equivalent by at least one Rating Agency at the time of purchase or transfer
and (ii) the acquisition, holding and disposition of such Note (or any interest
therein) will not give rise to a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar
Law.

          (b) Any
Notes retained on the Closing Date by the Issuer or a Person that is considered
the same Person as the Issuer for United States federal income tax purposes may
not be transferred to another Person (other than a Person that is considered
the same Person as the Issuer for United States federal income tax purposes)
unless the Administrator shall cause an Opinion of Counsel to be delivered to
the Depositor and the Indenture Trustee at such time stating that either (x)
such Notes will be debt for United States federal income tax purposes or (y)
the sale of such Notes to a Person unrelated to the Issuer will not cause the
Issuer to be treated as an association or publicly traded partnership taxable
as a corporation. With respect to any transfer for which the Opinion of Counsel
provided pursuant to the preceding sentence is as described in clause (y), the
sale or transfer of such Notes must be to a Person who is a United States
Person (within the meaning of the Code), must not be required to be registered
under the Securities Act and such Notes and the Certificate may at no time be
held by more than 95 Persons, directly or indirectly, unless such Opinion of
Counsel also states that such Notes will be debt for United States federal
income tax purposes. In addition, if for tax or other reasons it may be
necessary to track such Notes (e.g., if the Notes have original issue
discount), tracking conditions such as requiring that such Notes be in
definitive registered form may be required by the Administrator as a condition
to such transfer. Any Notes whose transfer required the delivery of the Opinion
of Counsel as is described in clause (y) will require a similar Opinion of
Counsel with respect to each subsequent transfer of such Notes.

          (c) Any
purported transfer of a Note not in accordance with this Section 2.15
shall be null and void ab initio and shall not be given effect
for any purpose hereunder.

	
  

 	
  

 	
  

 
	
  

 	
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          (d) 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, 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.

ARTICLE
III COVENANTS

          SECTION 3.1
Payment
of Principal and Interest. The Issuer will duly and punctually pay
the principal of and interest on the Notes in accordance with the terms of the
Notes and this Indenture. Without limiting the foregoing and subject to Section
8.2, on each Payment Date the Issuer shall cause to be paid all amounts on
deposit in the Collection Account which represent Available Funds for such
Payment Date[, Advances made on such Payment Date pursuant to Section 4.3(c)
of the Sale and Servicing Agreement] and the Reserve Account Draw Amount 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
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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 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

	
  

 	
  

 	
  

 
	
  

 	
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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).

          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 (except to the extent that the
interest of the Indenture Trustee therein cannot be perfected by the filing of
a financing statement). 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 filed (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

	
  

 	
  

 	
  

 
	
  

 	
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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 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,

	
  

 	
  

 	
  

 
	
  

 	
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including but not limited to preparing (or causing to be 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:

          (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) So long as the Seller is filing any
reports with respect to the Issuer, 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:

	
  

 	
  

 	
  

 
	
  

 	
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           (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 in all material respects with all conditions and
 covenants under this Indenture throughout such year, or, if there has been a
 default in the compliance of any such condition or covenant, specifying each
 such default known to such Authorized Officer and the nature and status
 thereof.

 
	
  

 	
  

 
	
  

 	
 (b) The Issuer shall:

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (ii)
 deliver to the Indenture Trustee and file with 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,

	
  

 	
  

 	
  

 
	
  

 	
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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 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 

	
  

 	
  

 	
  

 
	
  

 	
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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;

          (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), and if
such discharge is not related to a redemption of the Notes in accordance with Section
10.1), 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;

 

	
  

 	
  

 	
  

 
	
  

 	
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           (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 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. 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

	
  

 	
  

 	
  

 
	
  

 	
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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 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. 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.

	
  

 	
  

 	
  

 
	
  

 	
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          (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 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

	
  

 	
  

 	
  

 
	
  

 	
 21

 	
 Indenture (USAA 20[ ]-[
 ])

 

Noteholders, to pay to the Indenture Trustee such amounts as shall be
sufficient to cover reasonable compensation to the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents, attorneys and
counsel, and all other expenses and liabilities incurred, and all advances and
disbursements made, by the Indenture Trustee and each predecessor Indenture
Trustee except as a result of negligence, 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, 5.5,
5.6 and 5.11):

	
  

 	
  

 
	
  

 	
           (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

 

	
  

 	
  

 	
  

 
	
  

 	
 22

 	
 Indenture (USAA 20[ ]-[
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 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 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 either (x) 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 or (y) related to an
Insolvency Event and, in the case of each of (x) and (y) above, 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 after an Event of Default and acceleration of the Notes, if the
Indenture Trustee collects any Collections, money or property with respect to
the Collateral, it shall pay out such Collections, money or property (and other
amounts, including all amounts held on deposit in the Reserve Account) held as
Collateral for the benefit of the Noteholders (net of liquidation costs
associated with the sale of the Trust Estate) in the following order of
priority:

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (iv)
 [fourth,
 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 

 

	
  

 	
  

 	
  

 
	
  

 	
 23

 	
 Indenture (USAA 20[ ]-[
 ])

 

	
  

 	
  

 
	
  

 	
 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;

 
	
  

 	
  

 
	
  

 	
           (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; 

 

	
  

 	
  

 	
  

 
	
  

 	
 24

 	
 Indenture (USAA 20[ ]-[
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           (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.

 

          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

 

	
  

 	
  

 	
  

 
	
  

 	
 25

 	
 Indenture (USAA 20[ ]-[
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           (v) no
 direction inconsistent with such written request has been given to the
 Indenture Trustee during such 60-day period by the Holders of a majority of
 the Outstanding Note Balance.

 

No Noteholder or group of Noteholders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other Noteholders
or to obtain or to seek to obtain priority or preference over any other
Noteholders or to enforce any right under this Indenture, except, in each case,
to the extent and in the manner herein provided.

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

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

          SECTION 5.7
Rights of
Noteholders to Receive Principal and Interest. Notwithstanding any
other provisions in this Indenture, the Holder of any Note shall have the right
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

	
  

 	
  

 	
  

 
	
  

 	
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employment of any right or remedy hereunder or otherwise shall not
prevent the concurrent assertion or employment of any other appropriate right
or remedy.

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

          SECTION
5.11 Control
by Noteholders. Subject to the provisions of Sections 5.4, 5.6, 6.1(c), 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

	
  

 	
  

 	
  

 
	
  

 	
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the Issuer. In the case of any such waiver, the Issuer, the Indenture
Trustee and the Noteholders shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right consequent
thereto.

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

          SECTION
5.13 Undertaking
for Costs. All parties to this Indenture agree, and each Noteholder
by such Noteholder’s acceptance thereof shall be deemed to have agreed, that
any court may in its discretion require, in any suit for the enforcement of any
right or remedy under 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.

	
  

 	
  

 	
  

 
	
  

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

          (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.

	
  

 	
  

 	
  

 
	
  

 	
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ARTICLE VI THE INDENTURE TRUSTEE

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

	
  

 	
  

 
	
  

 	
 (b) Except during an Event of Default:

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (ii) in
 the absence of bad faith on its part, the Indenture Trustee may conclusively
 rely, as to the truth of the statements and the correctness of the opinions
 expressed 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 

 

	
  

 	
  

 	
  

 
	
  

 	
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 or parties, or (E) to execute any certificates or other documents
 required pursuant to the Sarbanes-Oxley Act of 2002 or the rules and
 regulations promulgated thereunder, except with respect to the back-up
 certification provided pursuant to Section 9.21 of the Sale and
 Servicing Agreement.

 

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

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

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

          (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 

	
  

 	
  

 	
  

 
	
  

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

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

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

	
  

 	
  

 	
  

 
	
  

 	
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trustee or separate trustee may do the same with like rights. However,
the Indenture Trustee must comply with Section
6.11.

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

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

	
  

 	
  

 	
  

 
	
  

 	
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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.

          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 and the Servicer. 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. 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.

	
  

 	
  

 	
  

 
	
  

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

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

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

          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 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:

	
  

 	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (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.

	
  

 	
  

 	
  

 
	
  

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

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

	
  

 	
  

 
	
  

 	
           (i) the
 Indenture Trustee is a [          ] 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).

	
  

 	
  

 	
  

 
	
  

 	
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          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 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;

 

	
  

 	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

          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 

	
  

 	
  

 	
  

 
	
  

 	
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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 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,
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, the Issuer and the Indenture Trustee
(when so directed by an Issuer Request) at any time and from time to time, may
enter into one or more indentures supplemental hereto for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or for the purposes of modifying in any manner
the rights of the Noteholders under this Indenture subject to the satisfaction
of the following conditions:

	
  

 	
  

 	
  

 
	
  

 	
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           (i) the
 Issuer delivers to the Indenture Trustee (a) an Opinion of Counsel to the
 effect that such supplemental indenture will not materially and adversely
 affect the interests of the Noteholders and (b) an Officer’s Certificate of
 the Issuer to the effect that such supplemental indenture will not materially
 and adversely affect the interests of the Noteholders; or

 
	
  

 	
  

 
	
  

 	
           (ii) the
 Rating Agency Condition is satisfied with respect to such amendment and the
 Issuer notifies the Indenture Trustee in writing that the Rating Agency
 Condition is satisfied with respect to such amendment.

 

          (b) Prior
to the execution of any supplemental indenture pursuant to this Section 9.1,
the Issuer shall provide written notification of the substance of such
supplemental indenture to each Rating Agency and the Owner Trustee; and
promptly after the execution of any such supplemental indenture, the Issuer
shall furnish a copy of such supplemental indenture to each Rating Agency, the
Owner Trustee and the Indenture Trustee; provided, that no supplemental
indenture pursuant to this Section 9.1 shall be effective which affects
the rights, protections or duties of the Indenture Trustee or the Owner Trustee
without the prior written consent of such Person (which consent shall not be
unreasonably withheld or delayed).

          (c)
Promptly after the execution by the Issuer and the Indenture Trustee of any
supplemental indenture pursuant to this Section 9.1, the Indenture
Trustee shall mail to the Noteholders a copy of such amendment or supplemental
indenture. Any failure of the Indenture Trustee to mail a copy of such
amendment or supplemental indenture, or any defect therein, shall not, however,
in any way impair or affect the validity of any such supplemental indenture.

          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 from
the Issuer 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, 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 

 

	
  

 	
  

 	
  

 
	
  

 	
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 the respective due dates thereof (or, in the case of redemption, on
 or after the Redemption Date);

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (v)
 modify any provision of this Section in any respect materially 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)
 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

 
	
  

 	
  

 
	
  

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

 

          Prior to
the execution of any supplemental indenture pursuant to this Section 9.2, the Issuer shall provide
written notification of the substance of such supplemental indenture to each
Rating Agency and the Owner Trustee; and promptly after the execution of any
such supplemental indenture, the Issuer shall furnish a copy of such
supplemental indenture to each Rating Agency, the Owner Trustee, and the
Indenture Trustee; provided, that no supplemental indenture pursuant to this Section
9.2 shall be effective which affects the rights, protections or duties of
the Indenture Trustee or the Owner Trustee without the prior written consent of
such Person (which consent shall not be unreasonably withheld or delayed).

          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 

	
  

 	
  

 	
  

 
	
  

 	
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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 shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture and that all conditions
precedent to the execution and delivery by the Indenture Trustee of such
Supplemental Indenture have been satisfied. The Indenture Trustee may, but
shall not be obligated to, enter into any such supplemental indenture that
affects the Indenture Trustee’s own rights, duties, liabilities or immunities
under this Indenture or otherwise.

          SECTION 9.4
Effect of
Supplemental Indenture. Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be and be
deemed to be modified and amended in accordance therewith with respect to the
Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the
Indenture Trustee, the Issuer and the Noteholders shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

          SECTION 9.5
Conformity
With Trust Indenture Act. Every amendment of this Indenture and
every supplemental indenture executed pursuant to this Article IX shall conform to
the requirements of the Trust Indenture Act as then in effect so long as this
Indenture shall then be qualified under the Trust Indenture Act.

          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 Trust Estate (other than the Reserve Account and the
Yield Supplement Account) is purchased pursuant to said Section 8.1, for
a purchase price equal to the Optional Purchase Price, which amount shall be
deposited into the Collection Account on the Redemption Date. 

	
  

 	
  

 	
  

 
	
  

 	
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          (b) If the
Notes are to be redeemed pursuant to Section
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;

 
	
  

 	
  

 
	
  

 	
           (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 

	
  

 	
  

 	
  

 
	
  

 	
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that satisfies TIA Section 314(c)(2) and (iii) if required by the TIA
in the case of condition precedent compliance with which is subject to
verification by accountants, a certificate or opinion of an accountant that
satisfies TIA Section 314(c)(3), except that, in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

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

 

	
  

 	
  

 	
  

 
	
  

 	
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 property or securities proposed to be released and stating that in
 the opinion of such Person the proposed release will not impair the security
 under this Indenture in contravention of the provisions hereof.

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

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

	
  

 	
  

 	
  

 
	
  

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

          SECTION
11.3 Acts
of Noteholders. (a) Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given
or taken by Noteholders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Noteholders in person
or by agents duly appointed in writing; and except as herein otherwise
expressly provided such action shall become effective when such instrument or
instruments are delivered to the Indenture Trustee, and, where it is hereby
expressly required, to the Issuer. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the “Act” of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture
Trustee and the Issuer, if made in the manner provided in this Section.

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

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

          (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, by facsimile or,
if so provided on Schedule II to the Sale and Servicing Agreement, by
electronic transmission, 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 will be deemed to have been made: (i) upon delivery
or, in the case of a letter mailed by registered or certified first-class
United States mail, postage prepaid, three days after deposit in the mail, (ii)
in the case of a facsimile, when receipt is confirmed by telephone, reply email
or reply facsimile from the recipient, (iii) in the case of electronic
transmission, when receipt is confirmed by telephone or reply email from the
recipient and (iv) in the case of an electronic posting to a password-protected
website to which the recipient has been provided access, upon delivery (without
the requirement of confirmation of receipt) and notice (including email) to
such recipient stating that such electronic posting has occurred.

	
  

 	
  

 	
  

 
	
  

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

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

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

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

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

	
  

 	
  

 	
  

 
	
  

 	
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          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 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 

	
  

 	
  

 	
  

 
	
  

 	
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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) such party shall not commence, join with any other
Person in commencing or institute with any other Person, any Proceeding against
such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement,
liquidation or insolvency law or statute now or hereafter in effect in any
jurisdiction. 

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

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

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

	
  

 	
  

 
	
  

 	
           (i)
 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;

 
	
  

 	
  

 
	
  

 	
           (ii)
 consents that any such action or Proceeding may be brought and maintained in
 such courts and waives any objection that it may now or hereafter have to the
 venue of 

 

	
  

 	
  

 	
  

 
	
  

 	
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 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;

 
	
  

 	
  

 
	
  

 	
           (iii)
 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; 

 
	
  

 	
  

 
	
  

 	
           (iv)
 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

 
	
  

 	
  

 
	
  

 	
           (v) 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.

 

          (b) By
acquiring a Note, each Noteholder or Note Owner, by acceptance of a Note, or,
in the case of a Note Owner, a beneficial interest in a Note, specifically
agrees that such Noteholder or Note Owner, as applicable shall to the extent
permitted by applicable law, waive 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 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 

	
  

 	
  

 	
  

 
	
  

 	
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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, 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 

	
  

 	
  

 	
  

 
	
  

 	
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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]

	
  

 	
  

 	
  

 
	
  

 	
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          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.

	
  

 	
  

 	
  

 
	
  

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

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Name: 

 
	
  

 	
 Title: 

 

	
  

 	
  

 	
  

 
	
  

 	
 S-1

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

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Name: 

 
	
  

 	
 Title: 

 

 

	
  

 	
  

 	
  

 
	
  

 	
 S-2

 	
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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: 

	
  

 	
  

 	
  

 
	
  

 	
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 Indenture (USAA
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          (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
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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
Issuer 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.

	
  

 	
  

 	
  

 
	
  

 	
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 Indenture (USAA
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Exhibit A

FORMS OF NOTES

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Indenture (USAA
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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.

          BY
ACQUIRING THIS NOTE, EACH PURCHASER OR TRANSFEREE WILL BE DEEMED TO REPRESENT
AND WARRANT THAT EITHER (A) IT IS NOT ACQUIRING THIS NOTE (OR ANY INTEREST
HEREIN) WITH ANY ASSETS OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DESCRIBED BY SECTION
4975(e) (1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) AN ENTITY DEEMED TO HOLD
THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S
OR PLAN’S INVESTMENT IN SUCH ENTITY, OR (IV) ANY GOVERNMENT PLAN, NON-U.S.
PLAN, CHURCH PLAN, OTHER EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY
SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR
(B)(I) THE NOTE IS RATED AT LEAST “BBB” OR ITS EQUIVALENT BY A RATING AGENCY
AT THE TIME OF PURCHASE OR TRANSFER, AND (II) THE ACQUISITION, HOLDING AND
DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A
NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE OR A VIOLATION OF ANY SIMILAR LAW.

	
  

 	
  

 
	

 

 	
  

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

 

	
  

 	
  

 	
  

 
	
  

 	
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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,
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[  ]

	
  

 	
  

 	
  

 
	
  

 	
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 USAA AUTO
 OWNER TRUST 20[  ]-[  ]

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Name: 

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Title: 

 	
  

 
	
  

 	
  

 	

 

 

	
  

 	
  

 	
  

 
	
  

 	
 A-4

 	
 Indenture (USAA
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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
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 [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
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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 Notes owned by the Issuer or a
Person that is considered the same Person as the Issuer for U.S. federal income
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
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reorganization, liquidation or insolvency law or statute now or
hereafter in effect in any jurisdiction.

          Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note
Owner, a beneficial interest in a Note, specifically agrees that, such
Noteholder or Note Owner, as applicable, shall to the extent permitted by
applicable law, waive all right of trial by jury in any action, Proceeding or
counterclaim based on, or arising out of, under or in connection with this
Note, the Indenture, any other Transaction Document, or any matter arising
hereunder or thereunder.

          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 to pay the
principal of and interest on this Note at the times, place and rate, and in the
coin or currency, herein prescribed.

	
  

 	
  

 	
  

 
	
  

 	
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 Indenture (USAA
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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.

	
  

 	
  

 	
  

 
	
  

 	
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