Document:

Exhibit 4.1

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                             USAA ACCEPTANCE, LLC

                                   Depositor

                           USAA FEDERAL SAVINGS BANK

                              Seller and Servicer

                                      and

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

                         Trustee and Collateral Agent

                      on behalf of the Certificateholders

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

                    FORM OF POOLING AND SERVICING AGREEMENT
                        Dated as of ________ __, ______

                                  $__________
                      USAA Auto Loan Grantor Trust ______
           _____% Asset Backed Certificates, Class A
           _____% Asset Backed Certificates, Class B

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                               Table of Contents
                                                                          Page
                                                                          ----

                                   ARTICLE I
                                  DEFINITIONS

Section 1.1     Definitions..................................................1
Section 1.2     Usage of Terms..............................................14
Section 1.3     Simple Interest Method; Allocations.........................14
Section 1.4     References..................................................14
Section 1.5     Section References..........................................14

                                  ARTICLE II

Section 2.1     Creation of Trust...........................................14

                                  ARTICLE III

Section 3.1     Conveyance of Receivables...................................15

                                  ARTICLE IV

Section 4.1     Acceptance by Trustee.......................................15

                                   ARTICLE V
                                THE RECEIVABLES

Section 5.1     Representations and Warranties of Depositor;
                Conditions Relating to Receivables..........................16
Section 5.2     Repurchase Upon Breach or Failure of a Condition............19
Section 5.3     Custody of Receivable Files.................................19
Section 5.4     Duties of Servicer as Custodian.............................20
Section 5.5     Instructions; Authority to Act..............................21
Section 5.6     Custodian's Indemnification.................................21
Section 5.7     Effective Period and Termination............................21

                                  ARTICLE VI
                  ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 6.1     Duties of Servicer..........................................22
Section 6.2     Collection of Receivable Payments...........................22
Section 6.3     Realization Upon Receivables................................23
Section 6.4     Maintenance of Security Interests in Financed Vehicles......23
Section 6.5     Covenants of Servicer.......................................24
Section 6.6     Purchase of Receivables Upon Breach.........................24
Section 6.7     Servicing Fee...............................................25

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Section 6.8     Servicer's Certificate......................................25
Section 6.9     Annual Statement as to Compliance...........................25
Section 6.10    Annual Audit Report.........................................26
Section 6.11    Reports to Certificateholders and the Rating Agencies.......26
Section 6.12    Insurance...................................................27

                                  ARTICLE VII
                DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS

Section 7.1     Accounts....................................................27
Section 7.2     Collections.................................................29
Section 7.3     Advances....................................................29
Section 7.4     Additional Deposits.........................................30
Section 7.5     Distributions...............................................30
Section 7.6     Reserve Account.............................................32
Section 7.7     Net Deposits................................................32
Section 7.8     Statements to Certificateholders............................32

                                 ARTICLE VIII
                          YIELD SUPPLEMENT AGREEMENT

Section 8.1     Yield Supplement Agreement..................................33
Section 8.2     Yield Supplement Account....................................34

                                  ARTICLE IX
                               THE CERTIFICATES

Section 9.1     The Certificates............................................36
Section 9.2     Execution, Authentication and Delivery of Certificates......36
Section 9.3     Registration of Transfer and Exchange of Certificates.......36
Section 9.4     Mutilated, Destroyed, Lost, or Stolen Certificates..........38
Section 9.5     Persons Deemed Owners.......................................38
Section 9.6     Access to List of Certificateholders' Names and Addresses...38
Section 9.7     Maintenance of Office or Agency.............................39
Section 9.8     Book-Entry Certificates.....................................39
Section 9.9     Notices to Clearing Agency..................................40
Section 9.10    Definitive Certificates.....................................40
Section 9.11    Appointment of Paying Agent.................................41
Section 9.12    Authenticating Agent........................................41
Section 9.13    Actions of Certificateholders...............................43

                                   ARTICLE X
                                 THE DEPOSITOR

Section 10.1    Representations of Depositor................................44
Section 10.2    Liability of Depositor; Indemnities.........................45

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Section 10.3    Merger or Consolidation of Depositor........................45
Section 10.4    Limitation on Liability of Depositor and Others.............45
Section 10.5    Depositor May Own Certificates..............................46

                                  ARTICLE XI
                                 THE SERVICER

Section 11.1    Representations of Servicer.................................46
Section 11.2    Liability of Servicer; Indemnities..........................47
Section 11.3    Merger or Consolidation of Servicer.........................48
Section 11.4    Limitation on Liability of Servicer and Others..............48
Section 11.5    Servicer Not To Resign......................................50
Section 11.6    Delegation of Duties........................................50

                                  ARTICLE XII
                        EVENTS OF SERVICING TERMINATION

Section 12.1    Events of Servicing Termination.............................50
Section 12.2    Trustee to Act; Appointment of Successor....................52
Section 12.3    Notification to Certificateholders..........................52
Section 12.4    Waiver of Past Defaults.....................................52

                                 ARTICLE XIII
                                  THE TRUSTEE

Section 13.1    No Power to Engage in Business or to Vary Investments.......53
Section 13.2    Duties of Trustee...........................................53
Section 13.3    Trustee's Assignment of Repurchased Receivables and
                Trustee's Certificate.......................................55
Section 13.4    Certain Matters Affecting the Trustee.......................55
Section 13.5    Trustee Not Liable for Certificates or Receivables..........57
Section 13.6    Trustee May Own Certificates................................58
Section 13.7    Trustee's Fees and Expenses.................................58
Section 13.8    Indemnity...................................................59
Section 13.9    Eligibility Requirements for Trustee........................59
Section 13.10   Resignation or Removal of Trustee...........................59
Section 13.11   Successor Trustee...........................................60
Section 13.12   Merger or Consolidation of Trustee..........................60
Section 13.13   Appointment of Co-Trustee or Separate Trustee...............61
Section 13.14   Representations and Warranties of Trustee...................62
Section 13.15   Tax Returns.................................................63
Section 13.16   Trustee May Enforce Claims Without Possession of
                Certificates................................................63
Section 13.17   Suits for Enforcement.......................................63
Section 13.18   Maintenance of Office or Agency.............................63

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                                  ARTICLE XIV
                                  TERMINATION

Section 14.1    Termination of the Trust....................................64
Section 14.2    Optional Purchase of All Receivables........................65

                                  ARTICLE XV
                           MISCELLANEOUS PROVISIONS

Section 15.1    Amendment...................................................65
Section 15.2    Protection of Title to Trust................................66
Section 15.3    Limitation on Rights of Certificateholders..................68
Section 15.4    Governing Law...............................................69
Section 15.5    Notices.....................................................69
Section 15.6    Severability of Provisions..................................69
Section 15.7    Assignment..................................................69
Section 15.8    Certificates Nonassessable and Fully Paid...................70
Section 15.9    Third-Party Beneficiaries...................................70

Schedule A:   List of Receivables
Schedule B:   Location of Receivables Files
Exhibit A:    Form of Class A Certificate
Exhibit B:    Form of Class B Certificate
Exhibit C-1:  Trustee's Certificate
Exhibit C-2:  Trustee's Certificate
Exhibit D:    Servicer's Report
Exhibit E:    Form of Certificateholder Report
Exhibit F:    Form of Yield Supplement Agreement

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     This Pooling and Servicing Agreement, dated as of _____ __, ______, is
made with respect to the formation of the USAA Auto Grantor Trust ______
(the "Trust"), among USAA Acceptance, LLC, a Delaware limited liability
company (the "Depositor"), USAA Federal Savings Bank, a federally chartered
savings association (the "Seller" and the "Servicer" in its respective
capacities as such), and _________________, a banking corporation organized
under the laws of the State of _____________, as trustee (the "Trustee") and
as collateral agent with respect to the Reserve Account and the Yield
Supplement Account (in such capacity, the "Collateral Agent").

     WITNESSETH THAT: In consideration of the premises and of the mutual
agreements herein contained, the parties hereto agree as follows:

                                  ARTICLE I

                                  DEFINITIONS

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

     "Account Property" means the Reserve Account, the Yield Supplement
Account and all amounts, Financial Assets and other investments held from time
to time in the Reserve Account and the Yield Supplement Account and all
proceeds of the foregoing.

     "Advance" as of a Record Date means any payment made by the Servicer
pursuant to Section 7.3.

     "Agent" means any of the Paying Agent, the Collateral Agent, the
Authenticating Agent and the Transfer Agent.

     "Agreement" means this Pooling and Servicing Agreement and all amendments
and supplements hereto.

     "Amount Financed" in respect of a Receivable means the amount advanced
under the Receivable toward the purchase price of the Financed Vehicle and
related costs.

     "Annual Percentage Rate" or "APR" of a Receivable means the annual rate
of interest stated in the Receivable.

     "Authenticating Agent" shall have the meaning specified in Section 9.12.

     "Authorized Officer" means any officer in the Corporate Trust Department
of the Trustee with direct responsibility for the administration of this
Agreement.

     "Available Interest" means, with respect to any Payment Date, the excess
of (a) the sum of (i) Interest Collections for such Payment Date, [(ii) the
Yield Supplement Amount for such Payment Date] and (iii) all Advances made by
the Servicer with respect to such Payment Date

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pursuant to Section 7.3(a), over (b) the amount of Outstanding Advances to be
reimbursed on or with respect to such Payment Date pursuant to Section 7.3(a).

     "Available Principal" means, with respect to any Payment Date, the sum of
the following amounts with respect to the preceding Collection Period: (i)
that portion of all Collections on the Receivables received during such
Collection Period and allocable to principal in accordance with the terms of
the Receivables and the Servicer's customary servicing procedures, (ii) to the
extent attributable to principal, the Purchase Amount received with respect to
each Receivable repurchased by the Depositor or purchased by the Servicer
under an obligation which arose during the related Collection Period and (iii)
Liquidation Proceeds, to the extent allocable to principal, received during
such Collection Period. Available Principal on any Payment Date shall exclude
all payments and proceeds of any Receivables the Purchase Amount of which has
been distributed on a prior Payment Date.

     "Available Reserve Amount" means, as of any Payment Date, the lesser of
(i) the amount on deposit in the Reserve Account (exclusive of earnings and
income from the investment of funds therein) as of such date and (ii) the
Specified Reserve Account Balance as of such date.

     "Book-Entry Certificates" means beneficial interests in the Certificates
described in Section 9.8, the ownership and transfers of which shall be made
through book entries by a Clearing Agency as described in Section 9.8.

     "Business Day" means a day, other than a Saturday or a Sunday, on which
banking institutions or trust companies located in the State of New York and
the State of Texas are open for the purpose of conducting a commercial banking
business.

     "Certificate" means any Class A Certificate or Class B Certificate.

     "Certificateholder" or "Holder" means the Person in whose name a
Certificate is registered in the Certificate Register, except that, solely for
the purpose of giving any consent, request, waiver or demand pursuant to this
Agreement, the interest evidenced by any Certificate registered in the name of
the Depositor, the Servicer or any Person controlling, controlled by, or under
common control with the Depositor or the Servicer shall not be taken into
account in determining whether the requisite percentage necessary to effect
any such consent, request or waiver shall have been obtained; provided,
however, that in determining whether the Trustee shall be protected in relying
upon any such consent, request, waiver or demand, only Certificates that an
Authorized Officer of the Trustee knows to be so owned shall be so
disregarded.

     "Certificate Owner" means, with respect to a Book-Entry Certificate, the
Person who is the owner of such Book-Entry Certificate, as reflected on the
books of the Clearing Agency, or on the books of a direct or indirect Clearing
Agency Participant.

     "Certificate Register" means the register maintained pursuant to Section
9.3.

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

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

     "Class A Certificate Balance" means, at any time, the Original Class A
Certificate Balance, as reduced by all principal amounts distributed to Class
A Certificateholders prior to such time.

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

     "Class A Distribution Account" means the account established and
maintained as such pursuant to Section 7.1.

     "Class A Interest Carryover Shortfall" means, (i) with respect to the
initial Payment Date, zero and (ii) with respect to any other Payment Date,
the excess of Class A Monthly Interest for the preceding Payment Date, and any
outstanding Class A Interest Carryover Shortfall on such preceding Payment
Date, over the amount in respect of interest that is actually deposited in the
Class A Distribution Account on such preceding Payment Date, plus 30 days of
interest on such excess, to the extent permitted by law, at the Class A
Pass-Through Rate.

     "Class A Interest Distribution" means, with respect to any Payment Date,
the sum of Class A Monthly Interest for such Payment Date and the Class A
Interest Carryover Shortfall for such Payment Date.

     "Class A Monthly Interest" means, with respect to any Payment Date,
one-twelfth (or in the case of the first Payment Date, ____) of the Class A
Pass-Through Rate multiplied by the Class A Certificate Balance as of the
preceding Payment Date (after giving effect to all payments of principal made
on such Payment Date) or, in the case of the first Payment Date, as of the
Closing Date.

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

     "Class A Pass-Through Rate" means ____% per annum, calculated on the
basis of a 360-day year comprised of twelve 30-day months.

     "Class A Percentage" means ____%.

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

     "Class A Principal Carryover Shortfall" means, (i) with respect to the
initial Payment Date, zero and (ii) with respect to any other Payment Date,
the excess of (x) Class A Monthly Principal for such Payment Date and (y) any
outstanding Class A Principal Carryover Shortfall from the preceding Payment
Date over the amount in respect of principal that is actually deposited in the
Class A Distribution Account on such Payment Date.

     "Class A Principal Distribution" means, (i) with respect to the initial
Payment Date, the Class A Monthly Principal for such Payment Date and (ii)
with respect to any other Payment Date, the sum of Class A Monthly Principal
for such Payment Date and the Class A Principal Carryover Shortfall as of the
preceding Payment Date. In addition, on the Final Scheduled Payment Date, the
Class A Principal Distribution shall include any additional amount required to
reduce the outstanding principal balance of the Class A Certificates to zero.

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

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

     "Class B Certificate Balance", at any time, equals the Original Class B
Certificate Balance, as reduced by all principal amounts distributed to Class
B Certificateholders prior to such time.

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

     "Class B Distribution Account" means the account established and
maintained as such pursuant to Section 7.1.

     "Class B Interest Carryover Shortfall" means, (i) with respect to the
initial Payment Date, zero and (ii) with respect to any other Payment Date,
the excess of Class B Monthly Interest for the preceding Payment Date, and any
outstanding Class B Interest Carryover Shortfall on such preceding Payment
Date, over the amount in respect of interest that is actually deposited in the

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Class B Distribution Account on such preceding Payment Date, plus 30 days of
interest on such excess, to the extent permitted by law, at the Class B
Pass-Through Rate.

     "Class B Interest Distribution" means, with respect to any Payment Date,
the sum of Class B Monthly Interest for such Payment Date and the Class B
Interest Carryover Shortfall for such Payment Date.

     "Class B Monthly Interest" means, with respect to any Payment Date,
one-twelfth (or in the case of the first Payment Date, ____) of the Class B
Pass-Through Rate multiplied by the Class B Certificate Balance as of the
preceding Payment Date (after giving effect to all payments of principal made
on such Payment Date) or, in the case of the first Payment Date, as of the
Closing Date.

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

     "Class B Pass-Through Rate" means ___% per annum, calculated on the basis
of a year of twelve 30-day months.

     "Class B Percentage" means ____%.

     "Class B Pool Factor" means, with respect to any Payment Date, the Class
B Principal Balance as of such Payment Date (after giving effect to all
payments of principal to be made on such Payment Date) divided by the Original
Class B Certificate Balance, expressed as a seven-digit decimal.

     "Class B Principal Carryover Shortfall" means, (i) with respect to the
initial Payment Date, zero and (ii) with respect to any other Payment Date,
the excess of the sum of (x) Class B Monthly Principal for such Payment Date
(y) and any outstanding Class B Principal Carryover Shortfall from the
preceding Payment Date over the amount in respect of principal that is
actually deposited in the Class B Distribution Account on such Payment Date.

     "Class B Principal Distribution" means, (i) with respect to the initial
Payment Date, the Class B Monthly Principal for such Payment Date and (ii)
with respect to any other Payment Date, the sum of Class B Monthly Principal
for such Payment Date and the Class B Principal Carryover Shortfall as of the
preceding Payment Date. In addition, on the Final Scheduled Payment Date, the
Class B Principal Distribution shall include any additional amount required to
reduce the outstanding principal balance of the Class B Certificates to zero.

     "Clearing Agency" means an organization registered as a "clearing agency"
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended.
The initial Clearing Agency shall be The Depository Trust Company.

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

     "Closing Date" means _______.

     "Code" means the Internal Revenue Code of 1986, as amended.

     "Collateral Agent" means _________________, a ________________, in its
capacity as collateral agent for the benefit of the Certificateholders with
respect to the Reserve Account and the Yield Supplement Account.

     "Collection Account" means the account established and maintained
pursuant to Section 7.1.

     "Collection Period" means, during the term of this Agreement, the
calendar month preceding each Payment Date, or in the case of the initial
Collection Period, the period from the Cut-off Date to __________. With
respect to any Determination Date, Deposit Date or Payment Date, the "related
Collection Period" shall mean the Collection Period preceding the month in
which such Determination Date, Deposit Date or Payment Date occurs.

     "Collections" mean all collections on the Receivables.

     "Contract Rate" means, with respect to a Receivable, the rate per annum
of interest charged to the Obligor on the outstanding Principal Balance of
such Receivable in accordance with the terms thereof.

     "Corporate Trust Office" means the office of the Trustee at _______ or
such office at some other address as the Trustee may designate from time to
time by notice to the Certificateholders, the Depositor, the Servicer, the
Paying Agent, the Transfer Agent and Certificate Registrar.

     "Cut-off Date" means _______.

     "Cut-off Date Principal Balance" means, with respect to any Receivable,
the initial Principal Balance of such Receivable minus the sum of the portion
of all payments received under such Receivable from or on behalf of the
related Obligor prior to the close of business by the Servicer on the day
prior to the Cut-off Date and allocable to principal in accordance with the
terms of the Receivable and the Servicer's customary servicing practices.

     "Defaulted Receivable" means a Receivable (other than a Repurchased
Receivable) as to which either (i) more than 5% of a scheduled payment is 120
or more days delinquent as of the last day of the applicable Collection Period
or (ii) the Servicer has determined based on its usual collection practices
and procedures, during any Collection Period, that eventual payment in full of
the Amount Financed is unlikely, whichever occurs first.

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     "Definitive Certificates" shall have the meaning specified in Section
9.8.

     "Deposit Date" means the Business Day immediately preceding each Payment
Date.

     "Depositor" shall mean USAA Acceptance, LLC, a Delaware limited liability
company, as the depositor of the Receivables under this Agreement, and each
successor to USAA Acceptance, LLC pursuant to Section 10.3.

     "Depository Agreement" shall mean the agreement among the Depositor, the
Trustee and the initial Clearing Agency, substantially in the form attached
hereto as Exhibit F.

     "Determination Date" means the __th calendar day of the month (or, if
such 10th calendar day is not a Business Day, the Business Day preceding such
__th calendar day) immediately succeeding the related Collection Period.

     "Entitlement Order" has the meaning specified in Section 8-102(a)(8) of
the UCC.

     "Event of Servicing Termination" means an event specified in Section
12.1.

     "Excess Funds" shall have the meaning specified in Section 7.5(d).

     "Fannie Mae" means Fannie Mae or any successor thereto.

     "FDIC" means the Federal Deposit Insurance Corporation or any successor
thereto.

     "FHLMC" means the Federal Home Loan Mortgage Corporation or any successor
thereto.

     "Final Scheduled Payment Date" means _______.

     "Financed Vehicle" with respect to a Receivable means the new or used
automobile or light-duty truck, together with all accessions thereto, securing
an Obligor's indebtedness under such Receivable.

     "Financial Asset" has the meaning specified in Section 8-102(a)(9) of the
UCC.

     "Interest Collections" mean, with respect to any Payment Date, the sum of
the following amounts for the preceding Collection Period: (i) that portion of
the Collections on the Receivables received during such Collection Period that
is allocable to interest in accordance with the terms of the Receivables and
the Servicer's customary servicing procedures, (ii) Liquidation Proceeds, to
the extent allocable to interest, received during such Collection Period,
(iii) all Recoveries and (iv) to the extent attributable to interest, the
Purchase Amount received with respect to each Receivable repurchased by the
Depositor or purchased by the Servicer under an obligation which arose during
the related Collection Period. "Interest Collections" for any Payment Date
shall exclude all payments and proceeds of any Receivables the Purchase Amount
of which has been distributed on a prior Payment Date.

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     "Lien" means a security interest, lien, charge, pledge or encumbrance of
any kind other than tax liens, mechanics' liens or any other liens that attach
to a Receivable by operation of law.

     "Liquidation Proceeds" means (i) insurance proceeds received by the
Servicer and (ii) the monies collected by the Servicer (from whatever source,
including but not limited to proceeds of a Financed Vehicle which is sold
after repossession) during a Collection Period on a Defaulted Receivable net
of any payments required by law to be remitted to the Obligor.

     "Moody's" means Moody's Investors Service, Inc. and any successor
thereto.

     "Obligor" on a Receivable means the purchaser or the co-purchasers of the
Financed Vehicle purchased in part or in whole by the execution and delivery
of such Receivable or any other Person who owes or may be liable for payments
under such Receivable.

     "Officer's Certificate" means a certificate signed by the chairman of the
board, the president, the treasurer, the controller, any executive or senior
vice president or any vice president of the Depositor or Servicer, as
appropriate.

     "Opinion of Counsel" means a written opinion of counsel (who may be
counsel to the Depositor or the Servicer) acceptable in form and substance to
the Trustee.

     "Optional Purchase Percentage" means _____________%.

     "Original Pool Balance" means $_____________.

     "Original Pool Balance" means the Pool Balance as of the Cut-off Date, as
specified in this Agreement.

     "Outstanding Advances" means, as of any date, the aggregate of all
Advances made by the Servicer with respect to prior Payment Dates which have
not been reimbursed pursuant to Section 7.3.

     "Outstanding Receivable" means, as of the time of reference thereto, a
Receivable that (i) has not been fully paid, (ii) has not become a Defaulted
Receivable, and (iii) has not become a Repurchased Receivable.

     "Paying Agent" shall have the meaning specified in Section 9.11 and shall
initially be _________________.

     "Payment Date" means, for each Collection Period, the __th day of the
following month, or if the __th day is not a Business Day, the next following
Business Day, commencing on _________, ___.

     "Permitted Investments" means, at any time, any one or more of the
following obligations and securities:

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          (i) obligations guaranteed as to timely payment of interest and
     principal of the United States of America or any agency thereof, provided
     such obligations are backed by the full faith and credit of the United
     States of America;

          (ii) general obligations of or obligations guaranteed as to the
     timely payment of interest and principal by any state of the United
     States of America or the District of Columbia then rated A-1+ or AAA by
     Standard & Poor's and P-1 or Aaa by Moody's or such lower ratings (as
     approved in writing by the Rating Agencies) as will not result in the
     qualification, downgrading or withdrawal of the ratings then assigned to
     the Certificates by the Rating Agencies;

          (iii) commercial paper which is then rated P-1 by Moody's and A-1+
     by Standard & Poor's , or such lower rating categories (as approved in
     writing by the Rating Agencies) as will not result in the qualification,
     downgrading or withdrawal of the ratings then assigned to the
     Certificates by the Rating Agencies;

          (iv) certificates of deposit, demand or time deposits, federal funds
     or banker's acceptances issued by any depository institution or trust
     company (including the Trustee acting in its commercial banking capacity)
     incorporated under the laws of the United States or of any state thereof
     or incorporated under the laws of a foreign jurisdiction with a branch or
     agency located in the United States of America and subject to supervision
     and examination by federal or state banking authorities, provided that
     the short term unsecured deposit obligations of such depository
     institution or trust company is then rated P-1 by Moody's and A-1+ by
     Standard & Poor's or such lower rating categories (as approved in writing
     by the Rating Agencies) as will not result in the qualification,
     downgrading or withdrawal of the ratings then assigned to the
     Certificates by the Rating Agencies;

          (v) demand or time deposits of, or certificates of deposit issued
     by, any bank, trust company, savings bank or other savings institution
     provided that such deposits or certificates of deposit are fully insured
     by the FDIC;

          (vi) guaranteed reinvestment agreements issued by any bank,
     insurance company or other corporation (A) the short term unsecured debt
     or deposits of which are rated P-1 by Moody's and A-1+ by Standard &
     Poor's or the long-term unsecured debt of which are rated at least Aaa by
     Moody's and AAA by Standard & Poor's or (B) are otherwise approved in
     writing by the Rating Agencies as investments which will not result in
     the qualification, downgrading or withdrawal of the ratings then assigned
     to the Certificates by the Rating Agencies;

          (vii) repurchase obligations with respect to any security described
     in clauses (i), (ii) or (ix) herein or any other security issued or
     guaranteed by the FHLMC, Fannie Mae or any agency or instrumentality of
     the United States of America which is backed by the full faith and credit
     of the United States of America, in either case entered into with a
     federal agency or a depository institution or trust company (acting as
     principal) described in (iv) above or a corporation (acting as principal)
     described in (vi) above;

                                      9
<PAGE>

          (viii) investments in money market funds, which funds (A) are not
     subject to any sales, load or other similar charge; (B) are rated at
     least AAAm or AAAm-G by Standard & Poor's and Aaa by Moody's and (C) are
     invested solely in obligations described in clauses (i) through (vii)
     above;

          (ix) interests in any open-end or closed-end management type
     investment company or investment trust (a) registered under the
     Investment Company Act of 1940, as from time to time amended, the
     portfolio of which is limited to obligations of the United States or
     obligations guaranteed by the United States and to agreements to
     repurchase such obligations, which agreements, with respect to principal
     and interest, are at least 100% collateralized by such obligations marked
     to market on a daily basis and pursuant to which the investment company
     or investment trust is required to take delivery of such obligations
     either directly or through an independent custodian designated in
     accordance with the Investment Company Act of 1940, as from time to time
     amended and (b) acceptable to the Rating Agencies (as approved in writing
     by the Rating Agencies) as collateral for securities having ratings
     equivalent to the ratings of the Certificates on the Closing Date; and

          (x) such other investments where either (A) the short-term unsecured
     debt or deposits of the obligor on such investments are rated A-1+ by
     Standard & Poor's and P-1 by Moody's or (B) such investments are
     acceptable to the Rating Agencies (as approved in writing by each of
     them) and will not result in the qualification, downgrading or withdrawal
     of the ratings then assigned to the Certificates by the Rating Agencies.

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

     "Pool Balance" as of any date of determination means the aggregate
Principal Balance of the Outstanding Receivables.

     "Pool Factor" as of the last day of any Collection Period means the Pool
Balance divided by the Original Pool Balance, expressed as a seven-digit
decimal.

     "Principal Balance" of a Receivable, as of any date of determination,
means the Amount Financed minus that portion of all payments received on or
prior to such date allocable to principal.

     "Purchase Agreement" means the Receivables Purchase Agreement dated as of
[  ] between the Seller and the Depositor.

     "Purchase Amount" with respect to a Repurchased Receivable or any
Receivable purchased by the Servicer pursuant to Section 14.2 means the sum,
as of the last day of the preceding Collection Period on which such Receivable
becomes such, of the Principal Balance

                                      10
<PAGE>

thereof plus accrued interest thereon at the weighted average of the Class A
Pass-Through Rate and the Class B Pass-Through Rate.

     "Purchased Receivable" means, on any date of determination, a Receivable
as to which payment of the Purchase Amount has been made by the Depositor or
the Servicer pursuant to this Agreement.

     "Qualified Institution" means a depository institution organized under
the laws of the United States of America or any one of the states thereof or
incorporated under the laws of a foreign jurisdiction with a branch or agency
located in the United States of America or one of the States thereof and
subject to supervision and examination by federal or state banking authorities
which at all times has the Required Deposit Rating and, in the case of any
such institution organized under the laws of the United States of America,
whose deposits are insured by the FDIC.

     "Qualified Trust Institution" means an institution organized under the
laws of the United States of America or any one of the states thereof or
incorporated under the laws of a foreign jurisdiction with a branch or agency
located in the United States of America or one of the States thereof and
subject to supervision and examination by federal or state banking authorities
which at all times (i) is authorized under such laws to act as a trustee or in
any other fiduciary capacity, (ii) has not less than one billion dollars in
assets under fiduciary management, (iii) has a minimum net worth of at least
$50,000,000 and (iv) has a long term deposits rating of not less than "BBB-"
and "Baa3" from Standard & Poor's and Moody's, respectively.

     "Rating Agencies" means Standard & Poor's and Moody's.

     "Rating Agency Condition" means, with respect to any action, written
confirmation by each Rating Agency that such action will not result in a
withdrawal or reduction of its rating of the Class A Certificates or the Class
B Certificates.

     "Realized Losses" mean, for any Collection Period and for each Receivable
that became a Defaulted Receivable during such Collection Period, the excess
of (i) the aggregate Principal Balance of such Receivable over (ii)
Liquidation Proceeds received with respect to such Receivable during such
Collection Period, to the extent allocable to principal.

     "Receivable" means a motor vehicle installment loan contract and all
proceeds thereof and payments thereunder [(other than interest accrued and
unpaid as of the Cut-off Date)], which Receivable shall appear on Schedule A
to this Agreement.

     "Receivable Files" means the documents specified in Section 5.3.

     "Receivables Pool" means the pool of Receivables included in the Trust.

     "Record Date" means, with respect to any Payment Date, the Business Day
prior to such Payment Date unless Definitive Certificates are issued, in which
case Record Date shall mean the last day of the immediately preceding calendar
month.

                                      11
<PAGE>

     "Recoveries" means, with respect to any Defaulted Receivable and any
Collection Period after the Collection Period in which such Receivable became
a Defaulted Receivable, all monies received by the Servicer with respect to
any Defaulted Receivable during such Collection Period net of the sum of (i)
any fees, costs or expenses incurred by the Servicer in connection with the
collection of such Defaulted Receivable and the disposition of the Financed
Vehicle as permitted by Section 6.3 (to the extent not previously reimbursed)
and (ii) any payments required by law to be remitted to the Obligor, but, in
any event, not less than zero.

     "Repurchase Date" shall have the meaning set forth in Section 5.2.

     "Repurchased Receivable" means as of the last day of any Collection
Period a Receivable repurchased as of such date by the Depositor pursuant to
Section 5.2 or purchased as of such date by the Servicer pursuant to Section
6.6.

     "Reserve Account Initial Deposit" means $_____________.

     "Required Deposit Rating" means a short-term certificate of deposit
rating from Moody's of P-1 and from Standard & Poor's of A-1+ [and a long-term
unsecured debt rating of not less than] ["AA" by Standard & Poor's and "Aa2"
by Moody's].

     "Reserve Account" shall mean the Reserve Account established and
maintained as such pursuant to Section 7.6.

     "Reserve Account Securities Intermediary" shall have the meaning
specified in Section 7.1(c).

     "Securities Act" means the Securities Act of 1933, as amended.

     "Security Entitlement" has the meaning specified in Section 8-102(a)(17)
of the UCC.

     "Seller" means USAA Federal Savings Bank in its capacity as the seller of
the Receivables under this Purchase Agreement, and each successor to USAA
Federal Savings Bank (in the same capacity).

     "Servicer" means USAA Federal Savings Bank in its capacity as the
servicer of the Receivables under this Agreement, each successor to USAA
Federal Savings Bank (in the same capacity) pursuant to Section 11.3, and each
successor Servicer pursuant to Section 12.2.

     "Servicer's Certificate" means a certificate, substantially in the form
of Exhibit D attached hereto, completed and executed by the Servicer by its
chairman of the board, the president, treasurer, controller or any executive
vice president, senior vice president or vice president pursuant to Section
6.8.

     "Servicing Fee" means with respect to a Collection Period the fee payable
to the Servicer for services rendered during the Collection Period ending on
the last day of such Collection Period, determined pursuant to Section 6.7.

                                      12
<PAGE>

     "Servicing Fee Rate" means ______% per annum.

     "Specified Reserve Account Balance" means, with respect to any Payment
Date, the lesser of (i) _____% of the Pool Balance as of the last day of the
preceding Collection Period and (ii) _____% of the Original Pool Balance.
Notwithstanding the foregoing, the Specified Reserve Account Balance may be
reduced to a lesser amount as determined by the Depositor upon satisfaction of
the Rating Agency Condition.

     "Specified Yield Supplement Balance" means with respect to any Payment
Date, an amount equal to [at least the sum of all projected Yield Supplement
Amounts for all future Payment Dates, assuming that future scheduled payments
on the Receivables are made on their scheduled due dates; provided that if on
any date the Servicer shall fail to pay the amount payable under the Yield
Supplement Agreement in accordance with the terms thereof, then, in such
event, the Specified Yield Supplement Balance shall not thereafter be reduced
hereunder].

     "Standard & Poor's" means Standard & Poor's Ratings Group, a division of
The McGraw-Hill Companies, Inc.

     "Total Collections" means with respect to any Collection Period all
amounts deposited in the Collection Account relating to such Collection Period
pursuant to Sections 7.2, 7.3 and 7.4.

     "Transfer Agent and Certificate Registrar" shall have the meaning
specified in Section 9.3 and shall initially be _________________.

     "Trust" means the trust created by this Agreement, the estate of which
shall consist of the property transferred thereto pursuant to this Agreement;
funds deposited in the Collection Account, the Class A Distribution Account
and the Class B Distribution Account and such amounts as from time to time may
be held therein (including the Account Property related thereto) and proceeds
thereof; and the rights of the Trust to receive payments from the Reserve
Account in accordance with this Agreement (but not the Reserve Account itself)
[and certain rights under the Yield Supplement Agreement (but not the Yield
Supplement Account itself)].

     "Trustee" means the Person executing this Agreement as Trustee, its
successor in interest pursuant to Section 13.12, and any successor Trustee
pursuant to Section 13.11.

     "Trustee's Certificate" means a certificate completed and executed by an
Authorized Officer pursuant to Section 13.3 and substantially in the form
attached hereto as Exhibit C-1 or C-2.

     "UCC" means the Uniform Commercial Code as in effect in the respective
jurisdiction.

     ["Yield Supplement Account" means the account established, maintained and
designated as the "Yield Supplement Account" pursuant to Section 8.2.

     "Yield Supplement Account Property" has the meaning specified in Section
8.2(b).

                                      13
<PAGE>

     "Yield Supplemental Account Securities Intermediary" shall have the
meaning specified in Section 8.2(c).

     "Yield Supplement Agreement" means the Yield Supplement Agreement dated
as of the Closing Date between the Depositor, the Servicer and Trustee,
substantially in the form attached hereto as Exhibit F.

     "Yield Supplement Amount" shall have the meaning specified in Section
8.1.

     "Yield Supplement Initial Deposit" means cash or Permitted Investments
having a value of at least $____.]

     Section 1.2 Usage of Terms. With respect to all terms in the Agreement,
the singular includes the plural and the plural the singular; words importing
any gender include the other gender; references to "writing" include printing,
typing, lithography, and other means of reproducing words in a visible form;
references to agreements and other contractual instruments include all
subsequent amendments thereto or changes therein effected in accordance with
their respective terms and not prohibited by this Agreement; references to
Persons include their permitted successors and assigns; and the term
"including" and its variations means "including without limitation."

     Section 1.3 Simple Interest Method; Allocations. All allocations of
payments to principal and interest and determinations of periodic charges and
the like on the Receivables shall be based on a year with the actual number of
days in such year and twelve months with the actual number of days in each
such month. Each payment on a Receivable shall be applied first to the amount
of interest accrued on such Receivable to the date of receipt, then to reduce
the scheduled principal amount outstanding on the Receivable to the extent of
the remaining scheduled payment and then to any outstanding fees under the
terms of the Receivable. Amounts paid by the Depositor or the Servicer in
respect of Repurchased Receivables shall be allocated first to any interest
accrued on the related Receivable and then to the Principal Balance of the
related Receivable.

     Section 1.4 References. All references to the Record Date prior to the
first Record Date in the life of the Trust shall be deemed to be references to
the Cut-off Date. All references to "as of a Record Date" shall refer to the
close of business on such Record Date. All references to the Pool Balance "as
of the first day of a Collection Period" shall refer to the Pool Balance as of
the last day of the preceding Collection Period.

     Section 1.5 Section References. All section references shall be to
Sections in this Agreement unless otherwise specified.

                                  ARTICLE II

                              CREATION OF TRUST

     Section 2.1 Creation of Trust. Upon the execution of this Agreement by
the parties hereto, there is hereby created the USAA Auto Loan Grantor Trust
______.

                                      14
<PAGE>

                                  ARTICLE III

                          CONVEYANCE OF RECEIVABLES

     Section 3.1 Conveyance of Receivables. In consideration of the Trustee's
delivery to, or upon the order of, the Depositor of authenticated
Certificates, in authorized denominations, in an aggregate amount equal to the
Original Pool Balance, the Depositor does hereby sell, transfer, assign, and
otherwise convey to the Trustee on behalf of the Trust, without recourse
(subject to the Depositor's obligations herein):

          (i) all right, title, and interest of the Depositor in and to the
     Receivables listed in SCHEDULE A hereto, all proceeds thereof and all
     monies paid thereon on and after the Cut-off Date (including proceeds of
     the repurchase of Receivables by the Depositor pursuant to Section 5.2 or
     the purchase of Receivables by the Servicer pursuant to Section 6.6 or
     14.2), together with the interest of the Depositor in the security
     interests in the Financed Vehicles granted by the Obligors pursuant to
     the Receivables;

          (ii) all right, title and interest of the Depositor in any
     Liquidation Proceeds and in any proceeds of any extended warranties,
     comprehensive and collision, credit life, or credit disability policies
     relating to the Financed Vehicles or the Obligors; and

          (iii) all proceeds of the foregoing items in clauses (i) and (ii).

     In connection with such sale, the Depositor agrees to record and file, at
its own expense, financing statements (and continuation statements with
respect to such financing statements when applicable) with respect to the
Receivables for the sale of accounts and chattel paper meeting the
requirements of applicable state law in such manner and in such jurisdictions
as are necessary to perfect the sale and assignment of the Receivables to the
Trust.

     It is the intention of the Depositor and the Trustee that the assignment
and transfer herein contemplated constitute a sale of the Receivables,
conveying good title thereto free and clear of any liens and encumbrances,
from the Depositor to the Trust and that the Receivables not be part of the
Depositor's estate in the event of an insolvency. In the event that such
conveyance is deemed to be a pledge to secure a loan, the Depositor hereby
grants to the Trustee on behalf of the Trust for the benefit of the
Certificateholders a first priority perfected security interest in all of the
Depositor's right, title and interest in the items of property listed in
clauses (i), (ii) and (iii) above to secure the loan deemed to be made in
connection with such pledge and, in such event, this Agreement shall
constitute a security agreement under applicable law. In addition, if the sale
of the Receivables from the Seller to the Depositor is deemed to be loan
secured by the Receivables, the Depositor hereby transfers such loan and the
related security interest to the Trustee and grants to the Trustee a security
interest in all of the Depositor's right, title and interest in such loan and
related security interest and this Agreement shall constitute a security
agreement under applicable law.

                                  ARTICLE IV

                            ACCEPTANCE BY TRUSTEE

     Section 4.1 Acceptance by Trustee. The Trustee does hereby accept all
consideration conveyed by the Depositor pursuant to Section 3.1 and declares
that the Trustee

                                      15
<PAGE>

shall hold such consideration upon the trusts herein set forth for the benefit
of the Certificateholders, subject to the terms and provisions of this
Agreement.

                                  ARTICLE V

                                THE RECEIVABLES

     Section 5.1 Representations and Warranties of Depositor; Conditions
                 Relating to Receivables.

     (a) The Depositor makes the following representations and warranties as
to the Receivables on which the Trustee shall rely in accepting the
Receivables in trust and authenticating the Certificates. Such representations
and warranties shall speak as of the Cut-off Date unless otherwise specified,
but shall survive the sale, transfer, and assignment of the Receivables to the
Trustee.

          (i) Schedule of Receivables. The information set forth in Schedule A
     to this Agreement with respect to each Receivable is true and correct in
     all material respects, and no selection procedures adverse to the
     Certificateholders have been used in selecting the Receivables from all
     receivables owned by the Depositor which meet the selection criteria
     specified herein and in this Agreement.

          (ii) No Sale or Transfer. No Receivable has been sold, transferred,
     assigned or pledged by the Depositor to any Person other than the
     Trustee.

          (iii) Good Title. Immediately prior to the transfer and assignment
     of the Receivables to the Trustee herein contemplated, the Depositor had
     good and marketable title to each Receivable free and clear of all Liens
     and rights of others; and, immediately upon the transfer thereof, the
     Trustee, for the benefit of the Certificateholders, has either (i) good
     and marketable title to each Receivable, free and clear of all Liens and
     rights of others, and the transfer has been perfected under applicable
     law or (ii) a first priority perfected security interest in each
     Receivable.

          (iv) Receivable Files. The Receivable Files shall be kept at one or
     more of the locations specified in Schedule B hereto.

     (b) Each Receivable satisfies the following conditions as of the Cut-off
Date unless otherwise specified, but such conditions shall survive the sale,
transfer and assignment of the Receivables to the Trustee.

          (i) Characteristics of Receivables. Each Receivable (a) has been
     originated for the retail financing of a Financed Vehicle by an Obligor
     located in one of the States of the United States or the District of
     Columbia; (b) contains customary and enforceable provisions such that the
     rights and remedies of the holder thereof are adequate for realization
     against the collateral of the benefits of the security; and (c) provides
     for fully amortizing level scheduled monthly payments (provided that the
     payment in the last

                                      16
<PAGE>

     month in the life of the Receivable may be different from the level
     scheduled payment) and for accrual of interest at a fixed rate according
     to the simple interest method.

          (ii) Compliance with Law. Each Receivable and each sale of the
     related Financed Vehicle complied at the time it was originated or made,
     and complies on and after the Cut-off Date, in all material respects with
     all requirements of applicable federal, state, and local laws, and
     regulations thereunder, including usury laws, the Federal
     Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit
     Reporting Act, the Federal Trade Commission Act, the Magnuson-Moss
     Warranty Act, Federal Reserve Board Regulations B and Z, state
     adaptations of the National Consumer Act and of the Uniform Consumer
     Credit Code, and any other consumer credit, equal opportunity, and
     disclosure laws applicable to such Receivable and sale.

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

          (iv) No Government Obligor. No Receivable is due from the United
     States of America or any state or from any agency, department,
     instrumentality or political subdivision of the United States of America
     or any state or local municipality and no Receivable is due from a
     business except to the extent that such receivable has a personal
     guaranty.

          (v) Security Interest in Financed Vehicle. Immediately prior to the
     sale and assignment thereof to the Trust as herein contemplated, each
     Receivable was secured by a validly perfected first priority security
     interest in the Financed Vehicle in favor of the Seller as secured party
     or all necessary and appropriate action with respect to such Receivable
     had been taken to perfect a first priority security interest in the
     related Financed Vehicle in favor of the Seller as secured party, which
     security interest is assignable and has been so assigned by the Depositor
     to the Trust.

          (vi) Receivables in Force. No Receivable has been satisfied,
     subordinated, or rescinded, nor has any Financed Vehicle been released
     from the Lien granted by the related Receivable in whole or in part.

          (vii) No Waiver. No provision of a Receivable has been waived in
     such a manner that such Receivable fails either to meet all of the
     representations and warranties made by the Depositor herein with respect
     thereto or to meet all of the conditions with respect thereto pursuant to
     this subsection 5.1(b).

          (viii) No Amendments. No Receivable has been amended except pursuant
     to either instruments included in the Receivable Files or instruments to
     be included in the Receivable Files pursuant to Section 6.2 and no such
     amendment has caused such Receivable either to fail to meet all of the
     representations and warranties made by the

                                      17
<PAGE>

     Depositor herein with respect thereto or to fail to meet all of the
     conditions with respect thereto pursuant to this subsection 5.1(b).

          (ix) No Defenses. As of the Cut-off Date, there are no rights of
     rescission, setoff, counterclaim, or defense, and the Depositor has no
     knowledge of the same being asserted or threatened, with respect to any
     Receivable.

          (x) No Liens. As of the Cut-off Date, the Depositor has no knowledge
     of any Liens or claims that have been filed, including Liens for work,
     labor, materials or unpaid taxes relating to a Financed Vehicle, that
     would be Liens prior to, or equal or coordinate with, the Lien granted by
     the Receivable.

          (xi) No Default. Except for payment defaults continuing for a period
     of not more than [30] days as of the Cut-off Date, the Depositor has no
     knowledge that a default, breach, violation, or event permitting
     acceleration under the terms of any Receivable exists; the Depositor has
     no knowledge that a continuing condition that with notice or lapse of
     time would constitute a default, breach, violation, or event permitting
     acceleration under the terms of any Receivable exists; and the Depositor
     has not waived any of the foregoing.

          (xii) Insurance. Each Receivable requires that the Obligor
     thereunder obtain comprehensive and collision insurance covering the
     Financed Vehicle.

          (xiii) Lawful Assignment. No Receivable has been originated in, or
     is subject to the laws of, any jurisdiction under which the sale,
     transfer, and assignment of such Receivable under this Agreement or
     pursuant to transfers of the Certificates is unlawful, void or voidable.

          (xiv) All Filings Made. No filings (other than UCC filings which
     have been made) or other actions are necessary in any jurisdiction to
     give the Trustee a first perfected security interest in the Receivables.

          (xv) One Original. With respect to any Receivable for which an
     original executed copy exists, there is no more than one original
     executed copy of such Receivable which, immediately prior to the delivery
     thereof to the Servicer, as custodian for the Trustee, was in the
     possession of the Servicer.

          (xvi) Security. Each Receivable is secured by a new or used
     automobile or light-duty truck.

          (xvii) Maturity of Receivables. Each Receivable has a remaining
     maturity, as of the Cut-off Date, of not less than 6 months nor greater
     than 72 months and (i) with respect to Receivables secured by new
     Financed Vehicles, an original maturity of at least [12] months and not
     more than [72] months and (ii) with respect to Receivables secured by
     used Financed Vehicles, an original maturity of at least ___ months and
     not more than ___ months.

                                      18
<PAGE>

          (xviii) Annual Percentage Rate. Each Receivable is a
     [fully-amortizing fixed rate simple interest contract that provides for
     level scheduled monthly payments (except for the last payment, which may
     be minimally different from the level payments) over its respective
     remaining term, and has an Annual Percentage Rate that equals or exceeds
     _____%, is not secured by any interest in real estate, and has not been
     identified on the computer files of the Seller as relating to Obligors
     who have requested a reduction in the periodic finance charges, as of the
     Cut-off Date, by application of the Soldiers' and Sailors' Civil Relief
     Act of 1940, as amended].

          (xix) No Repossessions. Each Receivable is secured by a Financed
     Vehicle that, as of the Cut-off Date, has not been repossessed without
     reinstatement of such Receivable.

          (xx) Obligor Not Subject to Bankruptcy Proceedings. Each Receivable
     has been entered into by an Obligor who has not been identified on the
     computer files of the Depositor as being a debtor in any bankruptcy
     proceeding as of the Cut-off Date.

          (xxi) Remaining Principal Balance. Each Receivable had a remaining
     Principal Balance, as of the Cut-off Date, of at least $_____.

     Section 5.2 Repurchase Upon Breach or Failure of a Condition. The
Depositor, the Servicer, or the Trustee, as the case may be, shall inform the
other parties promptly, in writing, upon the discovery by the Depositor, the
Servicer or an Authorized Officer of the Trustee of either any breach of the
Depositor's representations and warranties set forth in subsection 5.1(a) or
the failure of any Receivable to satisfy any of the conditions set forth in
subsection 5.1(b). Unless the breach or failed condition shall have been cured
by the last day of the Collection Period following the Collection Period
during which such discovery occurred (or, at the Depositor's option, the last
day of the Collection Period during which such discovery occurred) (such date,
the "Repurchase Date"), the Depositor shall repurchase any Receivable the
Trust's interest in which was materially and adversely affected by the breach
or failed condition, as determined by the Servicer and reported in an
Officer's Certificate, as of the Repurchase Date; provided that unless the
Depositor has sufficient cash, distributed to it by the Issuer, to make such
repurchase, the Seller shall only be required to repurchase such Receivable if
the Seller concurrently repurchases such Receivable under the Purchase
Agreement. The Seller shall enforce its rights under the Sale and Servicing
Agreement to have the Seller repurchase such Receivable. Subject to the
preceding proviso, in consideration of the repurchase of a Receivable, the
Depositor shall remit the Purchase Amount of such Receivable as of the
Repurchase Date (less any Liquidation Proceeds deposited, or to be deposited,
by the Servicer in the Collection Account with respect to such Receivable
pursuant to Section 6.3) in the manner specified in Section 7.4. The sole
remedy of the Trust, the Trustee or the Certificateholders with respect either
to a breach of the Depositor's representations and warranties set forth in
subsection 5.1(a) or to a failure of any of the conditions set forth in
subsection 5.1(b) shall be to require the Depositor to repurchase Receivables
pursuant to, and subject to the terms of, this Section 5.2. The obligation of
the Depositor to repurchase under this Section 5.2 shall not be solely
dependent upon the actual knowledge of the Depositor of any breached
representation or

                                      19
<PAGE>

warranty. The Trustee shall have no duty to conduct any affirmative
investigation as to the occurrence of any condition requiring the repurchase
of any Receivable pursuant to this Section 5.2 or the eligibility of any
Receivable for purposes of this Agreement.

     Section 5.3 Custody of Receivable Files. To assure uniform quality in
servicing the Receivables and to reduce administrative costs, the Trustee,
upon the execution and delivery of this Agreement, agrees to have the Servicer
act as custodian of the following documents or instruments which are hereby
constructively delivered to the Trustee with respect to each Receivable:

          (i) The original executed Receivable or, if no such original exists,
     a copy of the original executed Receivable;

          (ii) To the extent that a credit application with respect to an
     Obligor exists, the original executed copy of such credit application or,
     if no such original exists, a copy of such original executed copy, fully
     executed by the Obligor;

          (iii) The notice of recorded Lien or such documents that the
     Servicer or the Depositor shall keep on file, in accordance with its
     customary procedures, evidencing the first priority perfected security
     interest of the Seller in the Financed Vehicle; and

          (iv) Any and all other documents that the Depositor or Servicer, as
     the case may be, shall keep on file, in accordance with its customary
     procedures, relating to a Receivable, an Obligor (to the extent relating
     to a Receivable), or a Financed Vehicle.

     The Servicer hereby agrees to act as custodian of the Receivable Files,
as agent for the Trustee, hereunder. The Servicer acknowledges that it holds
the documents and instruments relating to the Receivables for the benefit of
the Trustee and the Certificateholders. The Trustee shall have no
responsibility to monitor the Servicer's performance as custodian and shall
have no liability in connection with the Servicer's performance of such duties
hereunder.

     Section 5.4 Duties of Servicer as Custodian.

     (a) Safekeeping. The Servicer, in its capacity as custodian, shall hold
the Receivable Files on behalf of the Trustee for the use and benefit of all
present and future Certificateholders, and maintain such accurate and complete
accounts, records, and computer systems pertaining to the Receivables as shall
enable the Trustee to comply with its obligations pursuant to these Standard
Terms and Conditions of Agreement. In performing its duties as custodian, the
Servicer shall act with reasonable care, using that degree of skill and
attention that the Servicer exercises with respect to the receivable files of
comparable new or used automobile and light-duty truck receivables that the
Servicer services for itself or others. The Servicer shall conduct, or cause
to be conducted, periodic audits of the files of all receivables owned or
serviced by the Servicer which shall include the Receivable Files held by it
under this Agreement and the related accounts, records, and computer systems,
in such a manner as shall enable the Trustee to identify all Receivable Files
and such related accounts, records and computer systems and to verify, if the
Trustee so elects, the accuracy of the Servicer's record-keeping. The Servicer
shall promptly

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<PAGE>

report to the Trustee any failure on its part to hold the Receivable Files and
maintain its accounts, records, and computer systems as herein provided, and
promptly take appropriate action to remedy any such failure.

     (b) Maintenance of and Access to Records. The Servicer shall maintain
each Receivable File at one of its offices specified in Schedule B to this
Agreement, or at such other office as shall be specified to the Trustee by 30
days' prior written notice. The Servicer shall make available to the Trustee
or its duly authorized representatives, attorneys, or auditors the Receivable
Files and the related accounts, records, and computer systems maintained by
the Servicer at such times during normal operating hours as the Trustee shall
reasonably instruct which does not unreasonably interfere with the Servicer's
normal operations.

     (c) Release of Documents. Upon instruction from the Trustee, the
Servicer, at its expense, shall release any document in the Receivable Files
to the Trustee, the Trustee's agent, or the Trustee's designee, as the case
may be, at such place or places as the Trustee may reasonably designate as
soon as reasonably practicable to the extent it does not unreasonably
interfere with the Servicer's normal operations. The Servicer shall not be
responsible for any loss occasioned by the failure of the Trustee, its agent
or its designee to return any document or any delay in doing so.

     Section 5.5 Instructions; Authority to Act. The Servicer shall be deemed
to have received proper instructions with respect to the Receivable Files upon
its receipt of written instructions signed by an Authorized Officer. A
certified copy of a by-law or of a resolution of the Board of Directors of the
Trustee shall constitute conclusive evidence of the authority of any such
Authorized Officer to act and shall be considered in full force and effect
until receipt by the Servicer of written notice to the contrary given by the
Trustee.

     Section 5.6 Custodian's Indemnification. The Servicer, as custodian,
shall indemnify the Trustee, its officers, directors, employees and agents for
any and all liabilities, obligations, losses, damages, payments, costs, or
expenses of any kind whatsoever that may be imposed on, incurred, or asserted
against the Trustee, its officers, directors, employees or agents as the
result of any improper act or omission in any way relating to the maintenance
and custody by the Servicer, as custodian, of the Receivable Files; provided,
however, that the Servicer shall not be liable for any portion of any such
amount resulting from the willful misfeasance, bad faith, or negligence of the
Trustee or any loss occasioned by the failure of the Trustee, its agent or
designee to return any document to the Servicer or any delay in doing so.

     Section 5.7 Effective Period and Termination. The Servicer's appointment
as custodian shall become effective as of the Cut-off Date and shall continue
in full force and effect until terminated pursuant to this Section 5.7 or
until this Agreement shall be terminated. If the Servicer shall resign as
Servicer under Section 11.5 or if all of the rights and obligations of the
Servicer shall have been terminated under Section 12.1, the appointment of the
Servicer as custodian may be terminated by the Trustee or by the Holders of
Certificates evidencing not less than 25% of the Pool Balance, in the same
manner as the Trustee or such Holders may terminate the rights and obligations
of the Servicer under Section 12.1. As soon as practicable after any
termination of such appointment, the Servicer shall, at its expense, deliver
the Receivable Files

                                      21
<PAGE>

to the Trustee or the Trustee's agent at such place or places as the Trustee
may reasonably designate. Notwithstanding the termination of the Servicer as
custodian, the Trustee agrees that upon any such termination, the Trustee
shall provide, or cause its agent to provide, access to the Receivable Files
to the Servicer for the purpose of carrying out its duties and
responsibilities with respect to the servicing of the Receivables hereunder.

                                  ARTICLE VI

                  ADMINISTRATION AND SERVICING OF RECEIVABLES

     Section 6.1 Duties of Servicer. The Servicer shall manage, service,
administer and make collections on the Receivables (other than Repurchased
Receivables) with reasonable care, using that degree of skill and attention
that the Servicer exercises with respect to comparable new or used automobile
and light-duty truck receivables that it services for itself. The Servicer's
duties shall include collection and posting of all payments, responding to
inquiries by Obligors or by federal, state, or local governmental authorities
with respect to the Receivables, investigating delinquencies, reporting tax
information to Obligors in accordance with its customary practices, accounting
for collections, furnishing monthly and annual statements to the Trustee with
respect to distributions, and, if it elects to do so, making Advances pursuant
to Section 7.3. The Servicer shall follow its customary standards, policies,
and procedures in performing its duties as Servicer. Without limiting the
generality of the foregoing, the Servicer shall be authorized and empowered by
the Trustee to execute and deliver, on behalf of itself, the Trust, the
Trustee, the Certificateholders, or any of them, any and all instruments of
satisfaction or cancellation, or of partial or full release or discharge, and
all other comparable instruments, without recourse to the Trustee, with
respect to the Receivables or with respect to the Financed Vehicles. If the
Servicer shall commence a legal proceeding to enforce a Receivable or a
Defaulted Receivable, the Trustee shall thereupon be deemed to have
automatically assigned such Receivable and the related property conveyed to
the Trust pursuant to Section 3.1 with respect to such Receivable to the
Servicer, solely for the purpose of collection. The Trustee shall furnish the
Servicer with such documents as have been prepared by the Servicer for
execution by the Trustee and as are necessary or appropriate to enable the
Servicer to carry out its servicing and administrative duties hereunder.

     Section 6.2 Collection of Receivable Payments. The Servicer shall make
reasonable efforts to collect all payments called for under the terms and
provisions of the Receivables and of this Agreement as and when the same shall
become due, and shall follow such collection procedures as it follows with
respect to comparable new or used automobile and light-duty truck receivables
that it services for itself. The Servicer shall not change the amount of or
reschedule the due date of any scheduled payment to a date more than 30 days
from the original due date of such scheduled payment, change the annual
percentage rate of, or extend any Receivable or change any material term of a
Receivable, except as provided by the terms of the Receivable or of this
Agreement or as required by law or court order, provided, however, that the
Servicer may extend any Receivable that is in default or with respect to which
default is reasonably foreseeable and that would be acceptable to the Servicer
with respect to comparable new or used automobile and light-duty truck
receivables that it services for itself, if (a) the

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<PAGE>

amount on deposit in the Reserve Account is greater than zero at the time of
the extension, (b) the total credit-related extensions granted on the
Receivable will not exceed four months in the aggregate, (c) the total number
of credit-related extensions granted on the Receivable will not exceed two,
(d) the maturity of such Receivable would not be extended beyond the
Collection Period immediately preceding the Final Payment Date and (e) the
rescheduling or extension would not modify the terms of such Receivable in
such a manner as to constitute a cancellation of such Receivable and the
creation of a new receivable. If, as a result of inadvertently rescheduling or
extending of payments, such rescheduling or extension breaches any of the
terms of the proviso to the preceding sentence, then the Servicer shall be
obligated to purchase such Receivable pursuant to Section 6.6. For the purpose
of such purchases pursuant to Section 6.6, notice shall be deemed to have been
received by the Servicer at such time as shall make purchase mandatory as of
the last day of the Collection Period during which the discovery of such
breach occurred.

     Section 6.3 Realization Upon Receivables. On behalf of the Trust, the
Servicer shall use reasonable efforts, consistent with its customary servicing
procedures, to repossess or otherwise take possession of the Financed Vehicle
securing any Receivable which the Servicer shall have determined to be a
Defaulted Receivable or otherwise (and shall specify any such Defaulted
Receivable to the Trustee no later than the Determination Date following the
Collection Period in which the Servicer shall have made such determination).
The Servicer shall follow such customary and usual practices and procedures as
it shall deem necessary or advisable in its servicing of new or used
automobile and light-duty truck receivables, which may include selling the
Financed Vehicle at public or private sale. The Servicer shall be entitled to
recover from proceeds all reasonable expenses incurred by it in the course of
converting the Financed Vehicle into cash proceeds. The Liquidation Proceeds
(net of such expenses) realized in connection with any such action with
respect to a Receivable shall be deposited by the Servicer in the Collection
Account in the manner specified in Section 7.2 and shall be applied to reduce
(or to satisfy, as the case may be) the Purchase Amount of the Receivable, if
such Receivable is to be repurchased by the Depositor pursuant to Section 5.2,
or is to be purchased by the Servicer pursuant to Section 6.6. The foregoing
shall be subject to the provision that, in any case in which the Financed
Vehicle shall have suffered damage, the Servicer shall not expend funds in
connection with the repair or the repossession of such Financed Vehicle unless
it shall determine in its sole discretion that such repair and/or repossession
will increase the Liquidation Proceeds of the related Receivable by an amount
equal to or greater than the amount of such expenses.

     Section 6.4 Maintenance of Security Interests in Financed Vehicles. The
Servicer, in accordance with its customary servicing procedures, shall take
such steps as are necessary to maintain (i) perfection of the security
interest created in any Financed Vehicle which secures a Receivable and (ii)
perfection of the Trust's interest in the Receivables including, without
limitation, the filing of financing statements and continuation statements. On
behalf of the Trust, the Servicer hereby agrees to take such steps as are
necessary to re-perfect such security interest in the event of the relocation
of a Financed Vehicle or for any other reason, in either case, when the
Servicer has knowledge of the need for such re-perfection. In the event that
the assignment of a Receivable to the Trust is insufficient, without a
notation on the related Financed Vehicle's certificate of title, or without
fulfilling any additional administrative requirements under the laws

                                      23
<PAGE>

of the state in which the Financed Vehicle is located, to grant to the Trust a
perfected security interest in the related Financed Vehicle, the Servicer
hereby agrees that the Servicer's listing as the secured party on the
certificate of title is deemed to be in its capacity as agent of the Trust and
further agrees to hold such certificate of title as the Trustee's agent and
custodian; provided that the Servicer shall not, nor shall the Trustee or
Certificateholders have the right to require that the Servicer, make any such
notation on the related Financed Vehicles' certificate of title or fulfill any
such additional administrative requirement of the laws of the state in which a
Financed Vehicle is located.

     Section 6.5 Covenants of Servicer. The Servicer hereby makes the
following covenants on which the Trustee shall rely in accepting the
Receivables in trust and authenticating the Certificates:

          (i) Security Interest to Remain in Force. The Financed Vehicle
     securing each Receivable shall not be released from the security interest
     granted by the Receivable in whole or in part except as contemplated
     herein;

          (ii) No Impairment. The Servicer shall not impair the rights of the
     Trust in the Receivables; and

          (iii) Extensions, Defaulted Receivables. The Servicer shall not
     increase the number of payments under a Receivable, nor increase the
     Amount Financed under a Receivable, nor extend or forgive payments on a
     Receivable, except as provided in Section 6.2. In the event that at the
     end of the scheduled term of any Receivable, the outstanding principal
     amount thereof is such that the final payment to be made by the related
     Obligor is larger than the regularly scheduled payment of principal and
     interest made by such Obligor, the Servicer may permit such Obligor to
     pay such remaining principal amount in more than one payment of principal
     and interest, provided that the last such payment shall be due on or
     prior to the Collection Period immediately preceding the Final Payment
     Date.

     Section 6.6 Purchase of Receivables Upon Breach. The Servicer or the
Trustee, as the case may be, shall inform the other party promptly, in
writing, upon the discovery by the Servicer or an Authorized Officer of the
Trustee, as the case may be, of any breach by the Servicer of its covenants
under Section 6.5. Except as otherwise specified in Section 6.2, unless the
breach shall have been cured by the last day of the Collection Period
following the Collection Period during which such breach was discovered (or,
at the Servicer's election, the last day of the Collection Period during which
such breach was discovered), the Servicer shall purchase any Receivable
materially and adversely affected by such breach, as determined by the
Servicer and reported in an Officer's Certificate as of such date. For this
purpose, any breach of the covenant set forth in Section 6.5(iii) shall be
deemed to materially and adversely affect the interest of the Trust in a
Receivable. In consideration of the purchase of such Receivable, the Servicer
shall remit the Purchase Amount (less any Liquidation Proceeds deposited, or
to be deposited, by the Servicer in the Collection Account with respect to
such Receivable pursuant to Section 6.3) in the manner specified in Section
7.4. The sole remedy of the Trust, the Trustee, or the Certificateholders
against the Servicer with respect to a breach of its covenants in Section 6.5

                                      24
<PAGE>

shall be to require the Servicer to purchase Receivables pursuant to this
Section 6.6. The Trustee shall have no duty to conduct any affirmative
investigation as to the occurrence of any condition requiring the repurchase
of any Receivable pursuant to this Section 6.6 or the eligibility of any
Receivable for purposes of this Agreement.

     Section 6.7 Servicing Fee. The Servicing Fee for a Collection Period
shall equal the product of one-twelfth of the Servicing Fee Rate and the Pool
Balance as of the first day of such Collection Period. In addition, the
Servicer shall be entitled to receive as additional servicing compensation
investment earnings on amounts on deposit in the Collection Account or earned
on collections pending deposit in the Collection Account[; provided, however,
that, beginning with the Collection Period for which the Trustee is notified
in writing that the Servicer has failed to deposit an Advance with respect to
a Receivable other than because such Receivable has been designated a
Defaulted Receivable and continuing until the Final Payment Date, such
investment earnings shall not be paid to the Servicer, but shall be treated as
Available Interest]. The Servicer shall be required to pay from its own
account all expenses incurred by it in connection with its activities
hereunder (including fees and disbursements of the Trustee, Trustee's counsel,
the Paying Agent, the Transfer Agent and Certificate Registrar and independent
accountants, taxes imposed on the Servicer, and expenses incurred in
connection with distributions and reports to Certificateholders) except
expenses in connection with realizing upon a Receivable under Section 6.3
which may be paid from Liquidation Proceeds from such Receivable.

     Section 6.8 Servicer's Certificate. On or before each Determination Date,
the Servicer shall deliver to the Trustee, the Paying Agent, the Rating
Agencies, a Servicer's Certificate substantially in the form of Exhibit D
hereto, for the Collection Period preceding such Determination Date,
containing all information necessary to make the distributions pursuant to
Section 7.5 and all information necessary for the Paying Agent to send
statements to Certificateholders pursuant to Section 7.8. The Servicer shall
deliver to the Rating Agencies any information, to the extent it is available
to the Servicer, that the Rating Agencies reasonably request in order to
monitor the Trust. The Servicer shall also specify each Receivable which the
Depositor or the Servicer is required to repurchase or purchase, as the case
may be, as of the last day of the preceding Collection Period, each Receivable
which the Servicer shall have determined to be a Defaulted Receivable during
the preceding Collection Period, and each Receivable for which the Servicer
has failed to deposit an Advance pursuant to Section 7.3 other than because
such Receivable has been designated a Defaulted Receivable. Subsequent to the
Closing Date, the form of Servicer's Certificate may be revised or modified to
cure any ambiguities or inconsistencies with this Agreement; provided,
however, that no material information shall be deleted from the form of
Servicer's Certificate. In the event that the form of Servicer's Certificate
is revised or modified in accordance with the preceding sentence, a form
thereof, as so revised or modified, shall be provided to the Trustee and each
Rating Agency.

     Section 6.9 Annual Statement as to Compliance. (a) The Servicer shall
deliver to the Trustee and the Rating Agencies, and on or before March 31 of
each year commencing March 31, _____, a certificate signed by the chairman of
the board, president, the treasurer, the controller, any executive or senior
vice president or any vice president of the Servicer, stating

                                      25
<PAGE>

that (a) a review of the activities of the Servicer during the year ended the
preceding December 31 (or shorter period in the case of the first such
certificate) and of its performance under this Agreement has been made under
such officer's supervision and (b) to the best of such officer's knowledge,
based on such review, the Servicer has fulfilled all its obligations in all
material respects under this Agreement throughout such year, or, if there has
been a default in the fulfillment of any such obligation, specifying each such
default known to such officer and the nature and status thereof.

     (b) The Servicer shall deliver to the Trustee and each Rating Agency,
promptly after having obtained knowledge thereof, but in no event later than
five Business Days thereafter, an Officer's Certificate specifying any event
which with the giving of notice or lapse of time, or both, would become an
Event of Servicing Termination under Section 12.1. The Depositor shall deliver
to the Trustee, promptly after having obtained knowledge thereof, but in no
event later than five Business Days thereafter, an Officer's Certificate
specifying any event which with the giving of notice or lapse of time, or
both, would become an Event of Servicing Termination under Section 12.1.

     Section 6.10 Annual Audit Report. The Servicer shall cause a firm of
independent public accountants (which may provide other services to the
Servicer or the Depositor) to prepare a report addressed to the Board of
Directors of the Servicer, for the information and use of the Trustee, and the
Rating Agencies on or before March 31 of each year, beginning March 31, _____,
to the effect that such firm has examined the automobile and light-duty truck
receivable servicing functions of the Servicer, including the Servicer's
procedures and records relating to servicing of the Receivables under this
Agreement and that, on the basis of such examination, such firm is of the
opinion that such servicing has been conducted in compliance with this
Agreement except for (a) such exceptions as such firm believes to be
immaterial and (b) such other exceptions as shall be set forth in such firm's
report. In addition, such report shall state that such firm has compared the
mathematical calculations of each amount set forth in the monthly certificates
forwarded by the Servicer pursuant to Section 6.8 during the period covered by
such report (which shall be the preceding calendar year) with the Servicer's
computer reports which were the source of such amounts and that on the basis
of such comparison, such firm is of the opinion that such amounts are in
agreement, except for such exceptions as such firm believes to be immaterial
and such other exceptions as shall be set forth in such statement. In
addition, such report shall set forth the procedures performed in conjunction
with the examination and shall contain an opinion of such firm as to the
accuracy of the amounts set forth in the certificates delivered pursuant to
Section 6.8 in such period.

     The report of the independent certified public accountants shall also
indicate that such accounting firm is independent of the Servicer within the
meaning of the Code of Professional Ethics of the American Institute of
Certified Public Accountants.

     Section 6.11 Reports to Certificateholders and the Rating Agencies. (a)
The Trustee shall provide to any Certificateholder who so requests in writing
(addressed to the Corporate Trust Office) a copy of any Servicer's Certificate
described in Section 6.8, the annual audit statement described in Section 6.9,
or the annual audit report described in Section 6.10. The

                                      26
<PAGE>

Trustee may require the Certificateholder to pay a reasonable sum to cover the
cost of the Trustee's complying with such request.

     (b) The Trustee shall forward to the Rating Agencies the statement to
Certificateholders described in Section 7.8 and any other reports it may
receive pursuant to this Agreement to (i) Standard & Poor's Ratings Group,
Asset-Backed Surveillance Group, 55 Water Street, New York, New York 10004,
and (ii) Moody's Investors Service, Inc., ABS Monitoring Dept., 99 Church
Street, 4th Floor, New York, New York 10007.

     Section 6.12 Insurance. The Servicer, in accordance with its customary
servicing procedures and underwriting standards, shall require that each
Obligor shall have obtained and shall maintain comprehensive and collision
insurance covering the Financed Vehicle as of the execution of the Receivable.
The Servicer shall enforce its rights under the Receivables to require the
Obligors to maintain comprehensive and collision insurance, in accordance with
the Servicer's customary practices and procedures with respect to comparable
new or used automobile and light-duty truck receivables that it services for
itself or others.

                                 ARTICLE VII

                Distributions; Statements to Certificateholders

     Section 7.1 Accounts. (a) The Servicer shall establish the (i) Collection
Account in the name of the Trustee for the benefit of the Certificateholders,
(ii) the Class A Distribution Account in the name of the Trustee for the
benefit of the Class A Certificateholders and (iii) the Class B Distribution
Account in the name of the Trustee for the benefit of the Class B
Certificateholders. Each such account shall be either:

     (x) a segregated identifiable trust account established in the trust
department of a Qualified Trust Institution; or

     (y) a separately identifiable deposit account established in the deposit
taking department of a Qualified Institution, which may be the Seller so long
as the Seller is a Qualified Institution.

     The Collection Account shall satisfy the requirements of clause (x)
above. The Depositor hereby grants to the Collateral Agent for the benefit of
the Class A Certificateholders a security interest in the Class A Distribution
Account, likewise, the Depositor hereby grants to the Collateral Agent for the
benefit of the Class B Certificateholders a security interest in the Class B
Distribution Account. Should any depositary of the Collection Account, the
Class A Distribution Account or the Class B Distribution Account cease to be,
as applicable, a Qualified Institution or a Qualified Trust Institution, then
the Servicer shall, with the Depositor's assistance as necessary, cause such
account to be moved, upon thirty (30) days notice to the Trustee, to a
Qualified Institution or a Qualified Trust Institution, unless the Servicer
provides the Trustee with a letter from the Rating Agencies to the effect that
the current ratings assigned to the Certificates by the Rating Agencies will
not be adversely affected by such depositary's ceasing to be a Qualified
Institution or a Qualified Trust Institution, as the case may be.

                                      27
<PAGE>

     All amounts held in the Collection Account shall be invested by the bank
or trust company then maintaining the account at the written direction of the
Servicer in Permitted Investments that mature on a date not later than the
Deposit Date next succeeding the date of investment; provided, that if the
Collection Account is maintained with the Trustee, such Permitted Investments
may mature on the Payment Date next succeeding the date of investment, if the
Trustee is the obligor on such investments (including repurchase agreements on
which the Trustee in its commercial capacity is liable as principal).

     (b) The Depositor shall establish the Reserve Account in the name of the
Collateral Agent for the benefit of the Certificateholders. Subject to Section
7.5(b), the Reserve Account shall be under the sole dominion and control of
the Collateral Agent. The Reserve Account shall be a segregated identifiable
trust account established in the trust department of a Qualified Trust
Institution.

     Should any depositary of the Reserve Account cease to be a Qualified
Trust Institution, then the Collateral Agent shall, upon thirty (30) days
notice to the Trustee, with the Depositor's assistance as necessary, cause
such account to be moved to a Qualified Trust Institution, unless the
Depositor provides the Trustee and the Collateral Agent with a letter from the
Rating Agencies to the effect that the current ratings assigned to the
Certificates by the Rating Agencies will not be adversely affected by such
depositary's ceasing to be a Qualified Trust Institution. The Reserve Account
shall not be property of the Trust.

     Funds on deposit in the Reserve Account shall be invested by the
Collateral Agent in Permitted Investments selected in writing by the Servicer;
provided, however, it is understood and agreed that the Collateral Agent shall
not be liable for any loss or charge arising from such investment in Permitted
Investments. All such Permitted Investments shall be held by the Collateral
Agent for the benefit of the Certificateholders in the manner specified in
subsection (c) below; provided, however, that on each Payment Date all
interest and other investment income (net of losses and investment expenses)
on funds on deposit therein shall be withdrawn from the Reserve Account at the
written direction of the Servicer and paid to the Depositor. Funds on deposit
in the Reserve Account shall be invested in Permitted Investments that will
mature so that all funds (including both principal and interest) will be
available at the opening of business on the next following Deposit Date;
provided, however, that subject to satisfaction of the Rating Agency Condition
and notice thereof to the Trustee and the Collateral Agent, all or a portion
of such funds on deposit in the Reserve Account may be invested in Permitted
Investments that mature later than such next following Deposit Date.

     (c) Each Permitted Investment made with funds from the Reserve Account
shall be delivered to the Collateral Agent by causing the financial
institution then maintaining the Reserve Account (such institution being
referred to as the "Reserve Account Securities Intermediary") to create a
Security Entitlement in the Reserve Account in favor of the Trustee with
respect to such Permitted Investment by indicating by book-entry that such
Permitted Investment has been credited to the Reserve Account. The Servicer
shall only invest in Permitted Investments which the Reserve Account
Securities Intermediary agrees to credit to the Reserve Account.

                                      28
<PAGE>

     (d) The Servicer shall have the power, revocable by the Collateral Agent,
to instruct the Collateral Agent to make withdrawals and payments from the
Reserve Account for the purpose of permitting the Servicer to carry out its
duties hereunder.

     (e) Each of the Depositor and the Servicer agree to take or cause to be
taken such further actions, to execute, deliver and file or cause to be
executed, delivered and filed such further documents and instruments
(including, without limitation, any financing statements under the UCC or this
Agreement) as may be determined to be necessary, in order to perfect the
security interests created by this Section 7.1 and otherwise effectuate the
purposes, terms and conditions of this Section 7.1.

     (f) Notwithstanding anything else contained herein, the Reserve Account
shall only be established at Qualified Trust Institution which agrees that it
will (i) comply with Entitlement Orders (i.e., orders directing the transfer
or redemption of any financial assets credited to the Reserve Account)
relating to the Reserve Account issued by the Collateral Agent without further
consent by the Depositor; (ii) credit all Permitted Investments to the Reserve
Account; (iii) treat each item of property (including, without limitation,
investment property, securities, instruments and cash) credited to the Reserve
Account as a Financial Asset; (iv) not enter into any agreement with any other
person relating to the Reserve Account pursuant to which agreement it has
agreed to comply with Entitlement Orders made by such person; (v) not accept
for credit to the Reserve Account any Permitted Investment which is registered
in the name of, or payable to the order of, or specially indorsed to, any
person other than such Qualified Trust Institution unless it has been indorsed
to such Qualified Trust Institution or is indorsed in blank and (vi) such
Qualified Trust Institution has agreed that it will waive any right of set-off
unrelated to its fees for such Account.

     Section 7.2 Collections. The Servicer shall remit daily within two
Business Days of receipt to the Collection Account all payments by or on
behalf of the Obligors on the Receivables and all Liquidation Proceeds (net of
expenses), both as collected during the Collection Period. Notwithstanding the
provisions of the first sentence of this Section 7.2, so long as the Servicer
is USAA Federal Savings Bank, the Servicer shall be permitted to make deposits
on a monthly instead of a daily basis if either (a) the Servicer obtains a
short-term certificate of deposit rating of the Servicer from Standard &
Poor's and Moody's of at least A-1+ and P-1, respectively, or (b) the Servicer
provides the Trustee with (1) a letter from each Rating Agency to the effect
that the current ratings assigned to the Certificates by the Rating Agency
will not be adversely affected by the remittance of Collections on a monthly,
rather than a daily, basis. Any such collections remitted to the Collection
Account on a monthly basis shall be in immediately available funds and shall
be remitted no later than 11:00 a.m., New York City time on or before the
Deposit Date. For purposes of this Section 7.2 the phrase "payments made on
behalf of the Obligors" shall mean payments made by Persons other than the
Depositor or the Servicer.

     Section 7.3 Advances.

     (a) As of each Deposit Date, the Servicer shall make a payment with
respect to each Receivable (other than a Defaulted Receivable) equal to the
excess, if any, of (x) the product of the Principal Balance of such Receivable
as of the first day of the related Collection Period and

                                      29
<PAGE>

one-twelfth of the Annual Percentage Rate of interest on such Receivable
(calculated on the basis of a 360-day year of twelve 30-day months), over (y)
the interest actually received by the Servicer with respect to such Receivable
from the Obligor or from payment of the Purchase Amount during or with respect
to such Collection Period. The Servicer shall deposit all such Advances into
the Collection Account in immediately available funds no later than, 11:00
a.m. New York City time, on the Deposit Date. Notwithstanding the foregoing,
the Servicer may elect not to make any Advance with respect to a Receivable to
the extent that the Servicer, in its sole discretion, shall determine that
such Advance is not recoverable from subsequent payments on such Receivable or
from withdrawals from the Reserve Account. To the extent that the amount set
forth in clause (y) above with respect to a Receivable is greater than the
amount set forth in clause (x) above with respect thereto, such excess amount
shall be distributed to the Servicer pursuant to Section 7.5(b); [provided,
however, that the Servicer shall not be entitled to reimbursement for an
Advance resulting from a payment being made by or on behalf of the Obligor
prior to the Due Date under the Receivable (a "Simple Interest Advance")]. In
addition, in the event that a Receivable becomes a Defaulted Receivable,
Outstanding Advances in respect of that Receivable shall be reimbursed to the
extent of Interest Collections with respect to such Receivable and, if such
amounts are insufficient, from amounts on deposit in the Reserve Account, and
if such amounts are not sufficient, from amounts on deposit in the Collection
Account. The Servicer shall not make any advance with respect to principal of
Receivables.

     (b) The Servicer shall deposit in the Collection Account the aggregate
Advances on the Receivables pursuant to Section 7.3(a). To the extent that the
Servicer fails to make an Advance pursuant to Section 7.3(a) on the date
required, the Servicer shall so notify the Trustee in writing specifying the
amount of the Advance and the Receivable to which such Advance relates, and
the Trustee shall withdraw such amount (or, if determinable, such portion of
such amount as does not represent advances for delinquent interest) from the
Reserve Account and deposit such amount in the Collection Account. [The
Trustee shall deposit in the Collection Account the aggregate of any amounts
received pursuant to the Yield Supplement Agreement on the date of receipt
thereof.]

     Section 7.4 Additional Deposits. The Servicer, or the Depositor, as the
case may be, shall deposit into the Collection Account the aggregate Purchase
Amount pursuant to Sections 5.2, 6.6 and 14.2, as applicable. All remittances
shall be made to the Collection Account, in immediately available funds, no
later than 11:00 a.m., on the Deposit Date.

     Section 7.5 Distributions.

     (a) On or before each Determination Date, the Servicer shall calculate
all amounts to be deposited in the Class A Distribution Account and the Class
B Distribution Account, which calculations shall be set forth in the
Servicer's Certificate delivered to the Trustee on or before such
Determination Date.

     (b) On each Payment Date, after making the reimbursements to the Servicer
from amounts on deposit in the Collection Account of Outstanding Advances
pursuant to Section 7.3, the Trustee shall withdraw from the Collection
Account, the Available Interest and Available Principal for such Payment Date,
withdraw from the Reserve Account such amounts as may be

                                      30
<PAGE>

required to satisfy amounts requested by the Servicer for such Payment Date,
make the following deposits and distributions, if necessary, based solely on
the information contained in the Servicer's Certificate, to the extent of
amounts available from the indicated sources, in the following priority:

          (i) to the Servicer, first from Available Interest, and then, if
     necessary, from the Available Reserve Amount, any unpaid Servicing Fee
     owing to such Servicer for the related Collection Period and all unpaid
     Servicing Fees from prior Collection Periods less any amounts owing to
     the Trustee pursuant to Section 13.7 hereof, which shall be paid to the
     Trustee;

          (ii) to the Class A Distribution Account, first from Available
     Interest, then, if necessary, from the Available Reserve Amount, and
     finally, if necessary, from the Class B Percentage of Available
     Principal, the Class A Interest Distribution for such Payment Date; and

          (iii) to the Class B Distribution Account, first from Available
     Interest, and then, if necessary, from the Available Reserve Amount, the
     Class B Interest Distribution for such Payment Date.

     (c)  On each Payment Date, the Trustee shall make the following deposits
and distributions (based on the information contained in the Servicer's
Certificate), to the extent of the portion of Available Principal, Available
Interest and the Available Reserve Amount (to be applied in that order of
priority) remaining after the application of clauses (i), (ii) and (iii)
above, in the following priority:

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

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

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

         (iv) to the Depositor, any amount remaining less any accrued and
     unpaid Trustee fees and expenses which shall be paid to the Trustee;

     (d) On each Payment Date, all amounts on deposit in the Class A
Distribution Account will be distributed pro rata to the Class A
Certificateholders by the Trustee and all amounts on deposit in the Class B
Distribution Account will be distributed pro rata to the Class B
Certificateholders by the Trustee. Except as provided in Section 14.1,
payments under this paragraph shall be made to the Certificateholders by check
mailed by the Trustee to each Holder's respective address of record (or, in
the case of Certificates registered in the name of a Clearing Agency, or its
nominee, by wire transfer of immediately available funds). To the extent

                                      31
<PAGE>

that the Trustee is required to wire funds to the Certificateholders from the
Class A Distribution Account or the Class B Distribution Account, as
applicable, it shall request the bank maintaining the Class A Distribution
Account or the Class B Distribution Account, as applicable, to make a wire
transfer of the amount to be distributed and to confirm such wire transfer.

     Section 7.6 Reserve Account. On the Closing Date, the Depositor shall
deposit the Reserve Account Initial Deposit into the Reserve Account. The
Depositor hereby grants to the Collateral Agent for the benefit of the
Certificateholders a security interest in and to the Reserve Account, any and
all Financial Assets or other property credited thereto from time to time,
including Permitted Investments, and the related Security Entitlements to
secure payment of the Certificates according to their terms. Amounts held from
time to time in the Reserve Account will continue to be held by the Collateral
Agent for the benefit of Class A Certificateholders and the Class B
Certificateholders, but the Reserve Account shall not be an asset of the
Trust. By acceptance of their Certificates or interest therein,
Certificateholders and Certificate Owners shall be deemed to have appointed
_________________, as Collateral Agent. _________________ hereby accepts such
appointment as Collateral Agent. The Collateral Agent accepts such appointment
and agrees to establish the Reserve Account at the Corporate Trust Office and
to comply with Section 7.1(f).

     Section 7.7 Net Deposits. USAA Federal Savings Bank (in whatever
capacity) may make the remittances pursuant to Section 7.2 and Section 7.4
above, net of amounts to be retained by it or distributed to it (also in
whatever capacity) pursuant to Section 7.5, if (a) it shall be the Servicer
and (b) it is entitled, pursuant to Section 7.2, to make deposits on a monthly
basis, rather than a daily basis. The Servicer may remit amounts to the
Collection Account net of investment earnings accrued on such amounts pending
deposit into the Collection Account, whether or not the Servicer is then
entitled to make deposits on a monthly basis. Nonetheless, the Servicer shall
account for all of the above described amounts as if such amounts were
deposited and distributed separately.

     Section 7.8 Statements to Certificateholders. On each Payment Date, the
Servicer shall prepare and furnish to the Trustee and the Paying Agent, and
the Paying Agent shall include with the distribution to each
Certificateholder, a statement substantially in the form of Exhibit E, based
on information in the certificate furnished pursuant to Section 6.8, setting
forth for the related Collection Period the following information:

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

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

          (iii) the Yield Supplement Amount;

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

                                      32
<PAGE>

          (v) the Class A Certificate Balance, the Class A Pool Factor, the
     Class B Certificate Balance and the Class B Pool Factor as of such
     Payment Date, after giving effect to payments allocated to principal
     reported pursuant to clause (i) above;

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

          (vii) the amount of the aggregate Realized Losses, if any, for such
     Collection Period;

          (viii) the aggregate Purchase Amount of Receivables repurchased by
     the Depositor or purchased by the Servicer;

          (ix) the balance of the Reserve Account on such Payment Date, after
     giving effect to changes therein on such Payment Date; and

          (x) the Specified Reserve Account Balance as of the close of
     business on such Payment Date.

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

     Within a reasonable period of time after the end of each calendar year,
but not later than the latest date permitted by law, the Servicer shall
prepare and furnish to the Trustee and the Paying Agent, and the Paying Agent
shall furnish to each Person who at any time during such calendar year shall
have been a Certificateholder, a statement containing the sum of the amounts
determined in clauses (i) and (ii) for such calendar year, for the purposes of
such Certificateholder's preparation of federal income tax returns.

                                 ARTICLE VIII

                          [Yield Supplement Agreement

     Section 8.1 Yield Supplement Agreement. Simultaneously with the execution
of this Agreement, the Depositor shall convey the Yield Supplement Agreement
to the Trust as part of the Trust Property. The Yield Supplement Agreement,
with respect to each Receivable (other than Repurchased Receivables and
Defaulted Receivables), provides for the payment by the Depositor, to the
extent of the funds available in the Yield Supplement Account, on or prior to
each Deposit Date of an amount (if positive) calculated by the Servicer equal
to one-twelfth of the difference between (i) interest on such Receivable's
Principal Balance as of the first day of the preceding Collection Period
calculated at a rate equal to the sum of the weighted average of the Class A
Pass-Through Rate and the Class B Pass-Through Rate and the Servicing Fee Rate
over (ii) interest accrued on such Receivable's Principal Balance as of the
first day of the preceding Collection Period at its Contract Rate (in the
aggregate for all Receivables with respect to any Payment Date, the "Yield
Supplement Amount").

                                      33
<PAGE>

     Section 8.2 Yield Supplement Account. (a) The Depositor shall establish
and maintain in the name of the Collateral Agent a segregated trust account to
secure the Depositor's obligations under the Yield Supplement Agreement (the
"Yield Supplement Account"). The Yield Supplement Account and any amounts
therein shall not be property of the Trust, but shall be pledged to the
Collateral Agent for the benefit of Certificateholders.

     (b) In order to provide for the prompt payment by the Depositor of the
Yield Supplement Amount, to assure availability of the amounts maintained in
the Yield Supplement Account and as security for the performance by the
Depositor of its obligations under the Yield Supplement Agreement, the
Depositor, on behalf of itself and its successors and assigns, hereby pledges
to the Collateral Agent and its successors and assigns for the benefit of the
Certificateholders, all of its right, title and interest in and to the Yield
Supplement Account, and all proceeds of the foregoing, including all other
amounts and investments held from time to time in the Yield Supplement Account
including the Yield Supplement Initial Deposit, subject, however, to the
limitations set forth below, and solely for the purpose of securing payment of
the Yield Supplement Amount (all of the foregoing, subject to the limitations
set forth in this Section, the "Yield Supplement Account Property"), to have
and to hold all the aforesaid property, rights and privileges unto the
Collateral Agent, its successors and assigns, in trust for the uses and
purposes, and subject to the terms and provisions set forth in this Section.
The Collateral Agent hereby acknowledges such transfer and accepts the trust
hereunder and shall hold and distribute the Yield Supplement Account Property
in accordance with the terms and provisions of this Section.

     (c) Funds on deposit in the Yield Supplement Account shall be invested by
the Collateral Agent in Permitted Investments selected by the Depositor and
designated in writing by the Depositor to the Collateral Agent; provided,
however, that the Collateral Agent shall not be liable for any loss arising
from such investment in Permitted Investments. Funds on deposit in the Yield
Supplement Account shall be invested in Permitted Investments that will mature
so that all such funds will be available at the opening of business on each
Deposit Date; provided, however, that to the extent permitted by the Rating
Agencies, funds on deposit in the Yield Supplement Account may be invested in
Permitted Investments that mature later than the next Deposit Date. Funds
deposited in the Yield Supplement Account on a Deposit Date upon the maturity
of any Permitted Investments are not required to be (but may be) invested over
night. The Depositor will treat the funds, Permitted Investments and other
assets in the Yield Supplement Account as its own for Federal, state and local
income tax and franchise tax purposes and will report on its tax returns all
income, gain and loss from the Yield Supplement Account.

     (d) Each Permitted Investment made with funds from the Yield Supplement
Account shall be delivered to the Collateral Agent by causing the financial
institution then maintaining the Yield Supplement Account (such institution
being referred to as the "Yield Supplement Account Securities Intermediary")
to create a Security Entitlement in the Yield Supplement Account in favor of
the Trustee with respect to such Permitted Investment by indicating by
book-entry that such Permitted Investment has been credited to the Yield
Supplement Account. The Servicer

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<PAGE>

shall only invest in Permitted Investments which the Yield Supplement Account
Securities Intermediary agrees to credit to the Yield Supplement Account.

     (e) Each of the Depositor and the Servicer agree to take or cause to be
taken such further actions, to execute, deliver and file or cause to be
executed, delivered and filed such further documents and instruments
(including, without limitation, any financing statements under the UCC or this
Agreement) as may be determined to be necessary, in order to perfect the
security interests created by this Section 8.2 and otherwise effectuate the
purposes, terms and conditions of this Section 8.2.

     (f) Notwithstanding anything else contained herein, the Yield Supplement
Account shall only be established at Qualified Trust Institution which agrees
that it will (i) comply with Entitlement Orders (i.e., orders directing the
transfer or redemption of any financial assets credited to the Yield
Supplement Account) relating to the Yield Supplement Account issued by the
Collateral Agent without further consent by the Depositor; (ii) credit all
Permitted Investments to the Yield Supplement Account; (iii) treat each item
of property (including, without limitation, investment property, securities,
instruments and cash) credited to the Yield Supplement Account as a Financial
Asset; (iv) not enter into any agreement with any other person relating to the
Yield Supplement Account pursuant to which agreement it has agreed to comply
with Entitlement Orders made by such person; (v) not accept for credit to the
Yield Supplement Account any Permitted Investment which is registered in the
name of, or payable to the order of, or specially indorsed to, any person
other than such Qualified Trust Institution unless it has been indorsed to
such Qualified Trust Institution or is indorsed in blank and (vi) such
Qualified Trust Institution has agreed that it will waive any right of set-off
unrelated to its fees for such Account.

     (g) No later than 11:00 A.M. (New York time) on each Deposit Date, the
Servicer shall deposit to the Collection Account an amount equal to the Yield
Supplement Amount for the related Collection Period; provided that if, on any
Payment Date, the Servicer fail to pay the Yield Supplement Amount, then, in
such event, the Trustee shall direct the Collateral Agent to withdraw from the
Yield Supplement Account an amount equal to such deficiency and deposit such
amount to the Collection Account.

     (h) The Yield Supplement Account shall be under the sole custody and
control of the Collateral Agent. If, at any time, the Yield Supplement Account
ceases to be a segregated trust account, the Collateral Agent shall within ten
(10) Business Days (or such longer period, not to exceed thirty (30) calendar
days, as to which each Rating Agency may consent) establish a new Yield
Supplement Account as a segregated trust account and shall transfer any cash
and/or any investments that are in the existing Yield Supplement Account which
is no longer a segregated trust account to such new Yield Supplement Account.

     (i) Amounts on deposit in the Yield Supplement Account will be released
to the Depositor on each Payment Date to the extent that the amount on deposit
in the Yield Supplement Account exceeds the Specified Yield Supplement
Balance. Upon a distribution to the Depositor of amounts from the Yield
Supplement Account, the Certificateholders will not have any rights in, or
claims to, such amounts. Amounts properly distributed to the Depositor

                                      35
<PAGE>

from the Yield Supplement Account or otherwise shall not be available under
any circumstances to the Trust, the Trustee, the Collateral Agent or the
Certificateholders and the Depositor shall in no event thereafter be required
to refund any such distributed amounts.

     (j) Investment earnings attributable to the Yield Supplement Account
Property and proceeds therefrom shall be held by the Collateral Agent for the
benefit of the Depositor. Investment earnings attributable to the Yield
Supplement Account Property shall not be available to pay the Yield Supplement
Amount and shall not otherwise be subject to any claims or rights of the
Certificateholders or the Servicer. The Collateral Agent shall cause all
investment earnings attributable to the Yield Supplement Account to be
distributed on each Payment Date to the Depositor.]

                                  ARTICLE IX

                               The Certificates

     Section 9.1 The Certificates. Unless otherwise specified in this
Agreement, the Certificates shall be issued in denominations of $1,000 and
integral multiples thereof; provided that one Class A Certificate and one
Class B Certificate may be issued in a denomination that includes any residual
portion of the Original Class A Certificate Balance and the Original Class B
Certificate Balance. The Certificates shall be executed on behalf of the Trust
by manual or facsimile signature of an Authorized Officer or other authorized
signatory of the Trustee. Certificates bearing the manual or facsimile
signatures of individuals who were, at the time when such signatures shall
have been affixed, authorized to sign on behalf of the Trust, shall be valid
and binding obligations of the Trust, notwithstanding that such individuals
shall have ceased to be so authorized prior to the execution, authentication
and delivery of such Certificates or did not hold such offices or positions at
the date of such Certificates. No Certificate shall entitle the Holder to any
benefit under this Agreement, or shall be valid for any purpose, unless there
shall appear on such Certificate an authentication substantially in the form
set forth in Exhibit A and Exhibit B hereto, as applicable, executed by the
Trustee by manual or facsimile signature. Such authentication shall constitute
conclusive evidence that such Certificate has been duly authenticated and
delivered hereunder. All Certificates shall be dated the date of their
authentication.

     Section 9.2 Execution, Authentication and Delivery of Certificates. In
exchange for the Receivables and the other assets of the Trust, simultaneously
with the sale, assignment and transfer to the Trustee of the Receivables, the
constructive delivery to the Trustee of the Receivable Files and the delivery
to the Trustee of the other components of the Trust, the Trustee shall deliver
to, or upon the order of, the Depositor, Certificates duly executed by the
Trustee, on behalf of the Trust, and authenticated by the Trustee in
authorized denominations equaling in the aggregate the Original Pool Balance
and evidencing the entire ownership of the Trust.

     Section 9.3 Registration of Transfer and Exchange of Certificates.

     (a) The Trustee shall cause to be kept at the office or agency to be
maintained by a transfer agent and certificate registrar (the "Transfer Agent
and Certificate Registrar"), in

                                      36
<PAGE>

accordance with the provisions of Section 9.7, a register (the "Certificate
Register") in which, subject to such reasonable regulations as it may
prescribe, the Transfer Agent and Certificate Registrar shall provide for the
registration of Certificates and of transfers and exchanges of Certificates as
herein provided. The Certificate Register shall list the names of the
Certificateholders and their respective ownership interests in the Trust, and
shall be treated as definitive and binding for all purposes hereunder. Only
those persons registered as Certificateholders in the Certificate Register
shall be recognized as having any interest in the Trust or Trust estate or as
possessing the rights of a Certificateholder hereunder. A transfer of
ownership of a Certificate shall be effectuated only by an appropriate entry
in the Certificate Register. _________________ is hereby initially appointed
Transfer Agent and Certificate Registrar for the purpose of registering
Certificates and transfers and exchanges of Certificates as herein provided.
In the event that, subsequent to the date of issuance of the Certificates, the
Trustee is unable to act as Transfer Agent and Certificate Registrar, the
Trustee shall, with the consent of the Depositor, appoint another bank or
trust company, having an office or agency located in New York City and which
agrees to act in accordance with the provisions of this Agreement applicable
to it, to act, as successor Transfer Agent and Certificate Registrar under
this Agreement.

     _________________ shall be permitted to resign as Transfer Agent and
Certificate Registrar upon 30 days' written notice to the Depositor and the
Servicer; provided, however, that such resignation shall not be effective and
_________________ shall continue to perform its duties as Transfer Agent and
Certificate Registrar until the Trustee has appointed a successor Transfer
Agent and Certificate Registrar with the consent of the Depositor.

     Upon surrender for registration of transfer of any Class A Certificate or
Class B Certificate at the office or agency of the Transfer Agent and
Certificate Registrar maintained pursuant to Section 9.7, the Transfer Agent
and Certificate Registrar shall make an appropriate entry in the Certificate
Register to reflect such transfer, and the Trustee shall execute, authenticate
and (if the Transfer Agent and Certificate Registrar is different than the
Trustee, then the Transfer Agent and Certificate Registrar shall) deliver, in
the name of the designated transferee or transferees, one or more new
Certificates in authorized denominations of a like aggregate amount. At the
option of a Certificateholder, Class A Certificates or Class B Certificates
may be exchanged for other Class A Certificates or Class B Certificates, as
the case may be, in authorized denominations of a like aggregate amount at
such office or agency.

     Whenever any Class A Certificate or Class B Certificate is surrendered
for exchange, the Trustee shall execute, authenticate and (if the Transfer
Agent and Certificate Registrar is different than the Trustee, then the
Transfer Agent and Certificate Registrar shall) deliver the Certificates which
the Certificateholder making the exchange is entitled to receive. Every
Certificate presented or surrendered for registration of transfer or exchange
shall be accompanied by a written instrument of transfer in form satisfactory
to the Trustee and the Transfer Agent and Certificate Registrar duly executed
by the Holder, which signature on such assignment must be guaranteed by a
member of the New York Stock Exchange or a commercial bank or trust company.

                                      37
<PAGE>

     Each Certificate surrendered for registration of transfer or exchange
shall be cancelled by the Transfer Agent and Certificate Registrar or retained
in accordance with its standard retention policy and disposed of or retained
in a manner satisfactory to the Trustee and the Depositor.

     No service charge shall be made for any registration of transfer or
exchange of Certificates, but the Transfer Agent and Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge
that may be imposed in connection with any transfer or exchange of
Certificates.

     Section 9.4 Mutilated, Destroyed, Lost, or Stolen Certificates. If (a)
any mutilated Class A Certificate or Class B Certificate shall be surrendered
to the Transfer Agent and Certificate Registrar, or if the Transfer Agent and
Certificate Registrar shall receive evidence to its satisfaction of the
destruction, loss, or theft of any Class A Certificate or Class B Certificate
and (b) there shall be delivered to the Trustee and the Transfer Agent and
Certificate Registrar such security or indemnity as may be required to save
each of them harmless, then, in the absence of notice to the Trustee that
such, Class A Certificate or Class B Certificate shall have been acquired by a
bona fide purchaser, the Trustee on behalf of the Trust shall execute,
authenticate and (if the Transfer Agent and Certificate Registrar is different
from the Trustee, then Transfer Agent and Certificate Registrar shall)
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Class A Certificate or Class B Certificate, a new Class A Certificate
or Class B Certificate of like tenor and denomination but bearing a number not
contemporaneously outstanding. In connection with the issuance of any new
Class A Certificate or Class B Certificate under this Section 9.4, the Trustee
or the Transfer Agent and Certificate Registrar, as the case may be, may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith. Any Replacement Class A
Certificate or Class B Certificate issued pursuant to this Section 9.4 shall
constitute conclusive evidence of ownership in the Trust, as if originally
issued, whether or not a lost, stolen, or destroyed Certificate shall be found
at any time.

     Section 9.5 Persons Deemed Owners. Prior to due presentation of a
Certificate for registration of transfer, the Trustee, the Paying Agent, the
Transfer Agent and Certificate Registrar or any agent of any of them may treat
the Person in whose name any Certificate shall be registered as the owner of
such Certificate for the purpose of receiving distributions pursuant to
Section 7.5(b) and for all other purposes whatsoever, and none of the Trustee,
the Paying Agent, the Transfer Agent and Certificate Registrar or any agent of
any of them shall be bound by any notice to the contrary.

     Section 9.6 Access to List of Certificateholders' Names and Addresses.
The Transfer Agent and Certificate Registrar shall furnish to the Servicer or
the Paying Agent (or to the Trustee if the Trustee is not the Transfer Agent
and Certificate Registrar), within 15 days after receipt by the Transfer Agent
and Certificate Registrar of a request therefor from the Servicer, the Trustee
or the Paying Agent in writing, a list of the names and addresses of the
Certificateholders as of the most recent Record Date, in such form as the
Servicer, the Trustee or the Paying Agent may reasonably require. If, at such
time, if any, as Definitive Certificates have been issued, three or more
Certificateholders or one or more Holders of Certificates aggregating

                                      38
<PAGE>

not less than 25% of the Pool Balance apply in writing to the Transfer Agent
and Certificate Registrar (or the Trustee if the Trustee is acting as the
Transfer Agent and Certificate Registrar), and such application states that
the applicants desire to communicate with other Certificateholders with
respect to their rights under this Agreement or under the Certificates, and
such application is accompanied by a copy of the communication that such
applicants propose to transmit, then the Transfer Agent and Certificate
Registrar shall, within five Business Days after the receipt of such
application, afford such applicants access during normal business hours to the
current list of Certificateholders. Each Certificateholder, by receiving and
holding a Certificate, shall be deemed to have agreed not to hold any of the
Servicer, the Trustee, the Transfer Agent and Certificate Registrar or any of
their respective agents accountable by reason of the disclosure of its name
and address, regardless of the source from which such information was derived.

     Section 9.7 Maintenance of Office or Agency. The Transfer Agent and
Certificate Registrar shall maintain in New York, New York an office or
offices or agency or agencies where Certificates may be surrendered for
registration of transfer or exchange. The Transfer Agent and Certificate
Registrar initially designates its agency located at ___________________,
Attention: ____________________, as its office for such purposes. The Transfer
Agent and Certificate Registrar shall give prompt written notice to the
Trustee, the Servicer and to Certificateholders of any change in the location
of such office or agency.

     Section 9.8 Book-Entry Certificates. Upon original issuance, the Class A
Certificates and the Class B Certificates, other than the Class A Certificate
and the Class B Certificate representing the residual amount of the Original
Class A Certificate Balance and the Original Class B Certificate Balance,
respectively, which shall be issued upon the written order of the Depositor,
shall be issued in the form of one or more typewritten Certificates
representing the Book-Entry Certificates, to be delivered to or to the order
of the initial Clearing Agency, by, or on behalf of, the Depositor. The
Certificates shall initially be registered on the Certificate Register in the
name of CEDE & Co., the nominee of the initial Clearing Agency, and no
Certificate Owner will receive a definitive certificate representing such
Certificate Owner's interest in the Class A Certificates or the Class B
Certificates, as the case may be, except as provided in Section 9.10. Unless
and until definitive, fully registered Certificates ("Definitive
Certificates") have been issued to Class A Certificateholders or the Class B
Certificateholders pursuant to Section 9.10:

          (i) the provisions of this Section 9.8 shall be in full force and
     effect;

          (ii) the Depositor, the Servicer, the Paying Agent, the Transfer
     Agent and Certificate Registrar and the Trustee may deal with the
     Clearing Agency and the Clearing Agency Participants for all purposes
     (including the making of distributions in respect of the Certificates and
     the taking of actions by the Certificateholders) as the authorized
     representatives of the Certificate Owners;

          (iii) to the extent that the provisions of this Section 9.8 conflict
     with any other provisions of this Agreement, the provisions of this
     Section 9.8 shall control;

                                      39
<PAGE>

          (iv) the rights of Certificate Owners shall be exercised only
     through the Clearing Agency (or to the extent Certificate Owners are not
     Clearing Agency Participants through the Clearing Agency Participants
     through which such Certificate Owners own Book-Entry Certificates) and
     shall be limited to those established by law and agreements between such
     Certificate Owners and the Clearing Agency and/or the Clearing Agency
     Participants and all references in this Agreement to actions by
     Certificateholders shall refer to actions taken by the Clearing Agency
     upon instructions from the Clearing Agency Participants, and all
     references in this Agreement to distributions, notices, reports and
     statements to Certificateholders shall refer to distributions, notices,
     reports and statements to the Clearing Agency or its nominee, as
     registered holder of the Certificates, as the case may be, for
     distribution to Certificate Owners in accordance with the procedures of
     the Clearing Agency; and

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

     Section 9.9 Notices to Clearing Agency. Whenever notice or other
communication to the Certificateholders is required under this Agreement,
unless and until Definitive Certificates shall have been issued to Certificate
Owners pursuant to Section 9.10, the Trustee and the Paying Agent shall give
all such notices and communications specified herein to be given by it to
Certificateholders to the Clearing Agency.

     Section 9.10 Definitive Certificates. If (i) (A) the Servicer advises the
Trustee in writing that the Clearing Agency is no longer willing or able to
discharge properly its responsibilities under the Depository Agreement and (B)
the Trustee or the Servicer is unable to locate a qualified successor, (ii)
the Servicer, at its option, advises the Trustee in writing that it elects to
terminate the book-entry system through the Clearing Agency or (iii) after the
occurrence of an Event of Servicing Termination, Certificate Owners
representing in the aggregate not less than 50% of the Pool Balance advise the
Trustee and the Clearing Agency through the Clearing Agency Participants in
writing, and the Clearing Agency shall so notify the Trustee, that the
continuation of a book-entry system through the Clearing Agency, is no longer
in the best interests of the Certificate Owners, the Trustee shall notify the
Clearing Agency of the occurrence of any such event and of the availability of
Definitive Certificates to Certificate Owners requesting the same. Upon
surrender to the Trustee by the Clearing Agency of Certificates registered in
the name of the nominee of the Clearing Agency, accompanied by re-registration
instructions from the Clearing Agency for registration, the Trustee shall
execute, on behalf of the Trust, authenticate and deliver Definitive
Certificates in accordance with such instructions. The Servicer shall arrange
for, and will bear all costs of, the printing and issuance of such Definitive
Certificates. None of the Depositor, the Servicer, the Transfer Agent and
Certificate Registrar or the Trustee shall be liable for any delay in delivery
of such instructions and may conclusively rely on, and shall be protected in
relying on such instructions. Upon the issuance of Definitive Certificates,
all references herein to obligations imposed upon or to be

                                      40
<PAGE>

performed by the Clearing Agency shall be deemed to be imposed upon and
performed by the Transfer Agent and Certificate Registrar, to the extent
applicable with respect to such Definitive Certificates and the Trustee, the
Paying Agent and the Transfer Agent and Certificate Registrar shall recognize
the Holders of the Definitive Certificates as Certificateholders hereunder.

     Section 9.11 Appointment of Paying Agent.

     (a) The Paying Agent shall have the revocable power to withdraw funds
from the Collection Account and make distributions to the Certificateholders
pursuant to Section 7.5 hereof. The Trustee may revoke such power and remove
the Paying Agent, if the Trustee determines in its sole discretion that the
Paying Agent shall have failed to perform its obligations under this Agreement
in any material respect or for other good cause. The Paying Agent shall
initially be _________________. _________________ shall be permitted to resign
as Paying Agent upon 30 days' written notice to the Servicer, the Trustee and
the Collateral Agent. In the event that _________________ shall no longer be
the Paying Agent, the Trustee shall appoint a successor to act as Paying
Agent, which shall be a bank or trust company. If at any time the Trustee
shall be acting as the Paying Agent, the provisions of Sections 13.2, 13.4 and
13.5 shall apply to the Trustee in its role as Paying Agent.

     (b) The Trustee shall cause the Paying Agent (if other than itself) to
execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee that such Paying Agent will hold all sums, if
any, held by it for payment to the Certificateholders in trust for the benefit
of the Certificateholders or other party entitled thereto until such sums
shall be paid to such Certificateholders or other party entitled thereto and
shall agree, and if the Trustee is the Paying Agent it hereby agrees, that it
shall comply with all requirements of the Code regarding the withholding by
the Trustee of payments in respect of federal income taxes due from Class A
Certificateholders or Class B Certificateholders.

     (c) _________________ in its capacity as initial Paying Agent hereunder
agrees that it (i) will hold all sums held by it hereunder for payment to the
Certificateholders in trust for the benefit of the Certificateholders or other
parties entitled thereto until such sums shall be paid to such
Certificateholders or other party entitled thereto and (ii) shall comply with
all requirements of the Code regarding the withholding by the Trustee of
payments in respect of federal income taxes due from Certificate Owners.

     Section 9.12 Authenticating Agent.

     (a) The Trustee may appoint one or more authenticating agents with
respect to the Certificates which shall be authorized to act on behalf of the
Trustee in authenticating the Certificates in connection with the issuance,
delivery, registration of transfer, exchange or repayment of the Certificates.
Whenever reference is made in this Agreement to the authentication of
Certificates by the Trustee or the Trustee's certificate of authentication,
such reference shall be deemed to include authentication on behalf of the
Trustee by an authenticating agent and a certificate of authentication
executed on behalf of the Trustee by an authenticating agent. Any
authenticating agent appointed by the Trustee shall require the consent of the
Depositor, which consent may not be unreasonably withheld.

                                      41
<PAGE>

     (b) Any institution succeeding to the corporate agency business of an
authenticating agent shall continue to be an authenticating agent without the
execution or filing of any paper or any further act on the part of the Trustee
or such authenticating agent.

     (c) An authenticating agent may at any time resign by giving written
notice of resignation to the Trustee and the Depositor. The Trustee may at any
time terminate the agency of an authenticating agent by giving notice of
termination to such authenticating agent and to the Depositor. Upon receiving
such a notice of resignation or upon such a termination, or in case at any
time an authenticating agent shall cease to be acceptable to the Trustee or
the Depositor, the Trustee promptly may appoint a successor authenticating
agent with the consent of the Depositor. Any successor authenticating agent
upon acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an authenticating agent. Any successor authenticating
agent appointed by the Trustee shall require the consent of the Depositor,
which consent may not be unreasonably withheld.

     (d) The Servicer shall pay the Authenticating Agent from time to time
reasonable compensation for its services under this Section 9.12.

     (e) The provisions of Sections 13.2, 13.4 and 13.5 shall be applicable to
any authenticating agent.

     (f) Pursuant to an appointment made under this Section 9.12, the
Certificates may have endorsed thereon, in lieu of the Trustee's certificate
of authentication, an alternate certificate of authentication in substantially
the following form:

                                      42
<PAGE>

     This is one of the certificates referred to in the within mentioned
Agreement.

                                    [NAME OF TRUSTEE]
                                    as Trustee

                                    By:
                                       ---------------------------------------
                                       Authorized Signatory

                                                          or

                                    [NAME OF AUTHENTICATING AGENT]
                                    as Authenticating Agent
                                       for the Trustee,

                                    By:
                                       ---------------------------------------
                                       Authorized Signatory

     Section 9.13 Actions of Certificateholders.

     (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by
Certificateholders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Certificateholders in person or
by an agent duly appointed in writing; and except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee and, when required, to the Depositor
or the Servicer. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this
Agreement and conclusive in favor of the Trustee, the Depositor and the
Servicer, if made in the manner provided in this Section 9.13.

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

     (c) Any request, demand, authorization, direction, notice, consent,
waiver or other act by a Certificateholder shall bind every Holder of every
Certificate issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof, in respect of anything done, or omitted to be
done, by the Trustee, the Depositor or the Servicer in reliance thereon,
whether or not notation of such action is made upon such Certificate.

     (d) The Trustee may require such additional proof of any matter referred
to in this Section 9.13 as it shall deem necessary.

                                      43
<PAGE>

                                  ARTICLE X

                                 The Depositor

     Section 10.1 Representations of Depositor. The Depositor makes the
following representations on which the Trustee shall rely in accepting the
Receivables in trust and authenticating the Certificates. The representations
shall speak as of the execution and delivery of this Agreement, and shall
survive the sale of the Receivables to the Trustee.

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

          (ii) Power and Authority. The Depositor has the power and authority
     to execute and deliver this Agreement and to carry out its terms; the
     Depositor has full power and authority to sell and assign the property to
     be sold and assigned to the Trustee as part of the Trust and has duly
     authorized such sale and assignment to the Trustee by all necessary
     corporate action; and the execution, delivery, and performance of this
     Agreement has been duly authorized by the Depositor by all necessary
     limited liability company action.

          (iii) Binding Obligations. This Agreement constitutes a legal,
     valid, and binding obligation of the Depositor enforceable in accordance
     with its terms, except as enforceability may be limited by bankruptcy,
     insolvency, reorganization, or other similar laws affecting the
     enforcement of creditors' rights in general and by general principles of
     equity, regardless of whether such enforceability is considered in a
     proceeding in equity or at law.

          (iv) No Violation. The consummation of the transactions contemplated
     by this Agreement and the fulfillment of the terms hereof do not (a)
     conflict with, result in any breach of any of the terms and provisions
     of, or constitute (with or without notice or lapse of time) a default
     under, the limited liability company agreement of the Depositor, or
     conflict with or breach any of the material terms or provisions of, or
     constitute (with or without notice or lapse of time) a default under, any
     indenture, agreement, or other instrument to which the Depositor is a
     party or by which it is bound, (b) result in the creation or imposition
     of any lien upon any of its properties pursuant to the terms of any such
     indenture, agreement, or other instrument, or (c) violate any law or, to
     the best of the Depositor's knowledge, any order, rule, or regulation
     applicable to the Depositor of any court or of any federal or state
     regulatory body, administrative agency, or other governmental
     instrumentality having jurisdiction over the Depositor or its properties.

          (v) No Proceedings. There are no proceedings or investigations
     pending, or, to the best of the Depositor's knowledge, threatened, before
     any court, regulatory body,

                                      44
<PAGE>

     administrative agency, or other governmental instrumentality having
     jurisdiction over the Depositor or its properties (a) asserting the
     invalidity of this Agreement or the Certificates, (b) seeking to prevent
     the issuance of the Certificates or the consummation of any of the
     transactions contemplated by this Agreement, (c) seeking any
     determination or ruling that might materially and adversely affect the
     performance by the Depositor of its obligations under, or the validity or
     enforceability of, this Agreement or the Certificates or (d) relating to
     the Depositor and which might adversely affect the federal income tax
     attributes of the Certificates.

     Section 10.2 Liability of Depositor; Indemnities. The Depositor shall be
liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Depositor in such capacity under this Agreement
and shall have no other obligations or liabilities hereunder.

     The Depositor shall indemnify, defend and hold harmless the Trustee and
the Trust from and against any taxes that may at any time be asserted against
the Trustee or the Trust with respect to, and as of the date of, the sale of
the Receivables to the Trust or the issuance and original sale of the
Certificates, including any sales, gross receipts, general corporation,
tangible or intangible personal property, privilege, or license taxes (but
not, in the case of the Trust, including any taxes asserted with respect to
ownership of the Receivables or federal or other income taxes, including
franchise taxes measured by net income), arising out of the transactions
contemplated by this Agreement, and costs and expenses in defending against
the same.

     The Depositor shall indemnify, defend, and hold harmless the Trustee, its
officers, directors, employees and agents or the Trust from and against any
loss, liability or expense incurred by reason of (i) the Depositor's willful
misfeasance, bad faith, or negligence in the performance of its duties
hereunder, or by reason of reckless disregard of the obligations and duties
hereunder and (ii) the Depositor's violation of federal or state securities
laws in connection with the registration of the sale of the Certificates.

     Indemnification under this Section 10.2 shall survive the termination of
this Agreement and the resignation or removal of the Trustee and shall include
reasonable fees and expenses of counsel and expenses of litigation. If the
Depositor shall have made any indemnity payments to the Trust or the Trustee
pursuant to this Section 10.2 and the Trust or the Trustee thereafter shall
collect any of such amounts from others, the Trust shall repay such amounts to
the Depositor, without interest.

     Section 10.3 Merger or Consolidation of Depositor. Any corporation or
other entity (i) into which the Depositor may be merged or consolidated, (ii)
which may result from any merger, conversion, or consolidation to which the
Depositor shall be a party, or (iii) which may succeed to all or substantially
all of the business of the Depositor, which corporation or other entity
executes an agreement of assumption to perform every obligation of the
Depositor under this Agreement, shall be the successor to the Depositor
hereunder without the execution or filing of any document or any further act
by any of the parties to this Agreement. The Depositor shall give prompt
written notice of any merger or consolidation to the Trustee, the Servicer and
the Rating Agencies.

                                      45
<PAGE>

     Section 10.4 Limitation on Liability of Depositor and Others. The
Depositor and any director, officer, employee or agent of the Depositor may
rely in good faith on the advice of counsel or on any document of any kind,
prima facie properly executed and submitted by any Person respecting any
matters arising hereunder. The Depositor shall not be under any obligation
under this Agreement to appear in, prosecute, or defend any legal action that
shall be unrelated to its obligations under this Agreement, and that in its
opinion may involve it in any expense or liability.

     Section 10.5 Depositor May Own Certificates. The Depositor and any Person
controlling, controlled by, or under common control with the Depositor may in
its individual or any other capacity become the owner or pledgee of
Certificates with the same rights as it would have if it were not the
Depositor or an affiliate thereof, except as otherwise provided in the
definition of "Certificateholder", "Class A Certificateholder" and "Class B
Certificateholder" specified in Section 1.1. Certificates so owned by or
pledged to the Depositor or such controlling or commonly controlled Person
shall have an equal and proportionate benefit under the provisions of this
Agreement, without preference, priority, or distinction as among all of the
Certificates.

                                  ARTICLE XI

                                 The Servicer

     Section 11.1 Representations of Servicer. The Servicer makes the
following representations on which the Trustee shall rely in accepting the
Receivables in trust and authenticating the Certificates. The representations
shall speak as of the execution and delivery of this Agreement, and shall
survive the sale of the Receivables to the Trustee.

          (i) Organization and Good Standing. The Servicer has been duly
     organized and is validly existing as a federally chartered savings
     association in good standing under the laws of the United States of
     America, with power and authority to own its properties and to conduct
     its business as such properties are currently owned and such business is
     presently conducted, and had at all relevant times, and has, power,
     authority, and legal right to acquire, own, sell, and service the
     Receivables and to hold the Receivable Files as custodian on behalf of
     the Trustee.

          (ii) Power and Authority. The Servicer has the power and authority
     to execute and deliver this Agreement and to carry out its terms; and the
     execution, delivery, and performance of this Agreement has been duly
     authorized by the Servicer by all necessary corporate action.

          (iii) Binding Obligations. This Agreement constitutes a legal,
     valid, and binding obligation of the Servicer enforceable in accordance
     with its terms subject, as to enforcement, to applicable bankruptcy,
     insolvency, reorganization, liquidation or other similar laws and
     equitable principles relating to or affecting the enforcement of
     creditors' rights in general (including creditors of federally chartered
     savings associations) and by

                                      46
<PAGE>

     general principles of equity regardless of whether such enforceability is
     considered in a proceeding in equity or law.

          (iv) No Violation. The consummation of the transactions contemplated
     by this Agreement and the fulfillment of the terms hereof do not conflict
     with, result in any breach of any of the terms and provisions of, nor
     constitute (a) (with or without notice or lapse of time) a default under,
     the articles of association or bylaws of the Servicer, or conflict with
     or breach any of the material terms or provisions of, or constitute (with
     or without notice or lapse of time) a default under, any indenture,
     agreement, or other instrument to which the Servicer is a party or by
     which it shall be bound, (b) result in the creation or imposition of any
     lien upon any of its properties pursuant to the terms of any such
     indenture, agreement, or other instrument or (c) violate any law or, to
     the best of the Servicer's knowledge, any order, rule, or regulation
     applicable to the Servicer of any court or of any federal or state
     regulatory body, administrative agency, or other governmental
     instrumentality having jurisdiction over the Servicer or its properties.

          (v) No Proceedings. There are no proceedings or investigations
     pending, or to the best of the Servicer's knowledge, threatened, before
     any court, regulatory body, administrative agency, or other governmental
     instrumentality having jurisdiction over the Servicer or its properties
     (a) asserting the invalidity of this Agreement or the Certificates, (b)
     seeking to prevent the issuance of the Certificates or the consummation
     of any of the transactions contemplated by this Agreement, (c) seeking
     any determination or ruling that might materially and adversely affect
     the performance by the Servicer of its obligations under, or the validity
     or enforceability of, this Agreement or the Certificates, or (d) relating
     to the Servicer and which might adversely affect the federal income tax
     attributes of the Certificates.

          (vi) Fidelity Bond. The Servicer maintains a fidelity bond in such
     form and amount as is customary for banks acting as custodian of funds
     and documents in respect of retail automotive installment sales
     contracts.

     Section 11.2 Liability of Servicer; Indemnities. The Servicer shall be
liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Servicer under this Agreement and shall have no
other obligations or liabilities hereunder.

          (i) The Servicer shall defend, indemnify, and hold harmless the
     Trustee, its officers, directors, employees and agents, the Trust and the
     Certificateholders from and against any and all costs, expenses, losses,
     damages, claims, and liabilities, arising out of or resulting from the
     use, ownership, or operation by the Servicer or any affiliate thereof of
     a Financed Vehicle.

          (ii) The Servicer shall indemnify, defend, and hold harmless the
     Trustee, its officers, directors, employees and agents from and against
     any taxes that may at any time be asserted against the Trustee or the
     Trust with respect to the transactions contemplated in this Agreement,
     including, without limitation, any sales, gross receipts, general
     corporation, tangible or intangible personal property, privilege, or
     license taxes (but not

                                      47
<PAGE>

     including any taxes asserted with respect to, and as of the date of, the
     sale of the Receivables to the Trust or the issuance and original sale of
     the Class A Certificates and the Class B Certificates, or asserted with
     respect to ownership of the Receivables or federal or other income taxes,
     including franchise taxes measured by net income) arising out of
     distributions on the Certificates and costs and expenses in defending
     against the same.

          (iii) The Servicer shall indemnify, defend, and hold harmless the
     Trustee, its officers, directors, employees and agents and the Trust and
     the Certificateholders from and against any and all costs, expenses,
     losses, claims, damages, and liabilities to the extent that such cost,
     expense, loss, claim, damage, or liability arose out of, or was imposed
     upon the Trustee and the Trust or the Certificateholders through the
     willful misfeasance, negligence, or bad faith of the Servicer in the
     performance of its duties under this Agreement or by reason of reckless
     disregard of its obligations and duties under this Agreement, except that
     employees of the Servicer or its affiliates will be protected against
     liability that would otherwise be imposed by reason of negligence.

          (iv) The Servicer shall indemnify, defend, and hold harmless the
     Trustee, its officers, directors, employees and agents, from and against
     all costs, expenses, losses, claims, damages, and liabilities arising out
     of or incurred in connection with the acceptance or performance of the
     trusts and duties herein contained, except to the extent that such costs,
     expenses, losses, claims, damage or liabilities: (1) shall be due to the
     willful misfeasance, bad faith or negligence of the Trustee; (2) shall
     arise from the Trustee's breach of any of its representations or
     warranties set forth in Section 13.14; or (3) shall be one as to which
     the Depositor is required to indemnify the Trustee.

     Indemnification under this Section 11.2 shall include reasonable fees and
expenses of counsel and expenses of litigation. If the Servicer shall have
made any indemnity payments pursuant to this Section 11.2 and the recipient
thereafter collects any of such amounts from others, the recipient shall
promptly repay such amounts to the Servicer, without interest. The
indemnification obligations of the Servicer set forth in this Section 11.2
shall survive the termination of this Agreement, the termination of the
Servicer with respect to any act or failure to act which occurs prior to such
Servicer's termination and the resignation or removal of the Trustee.

     Section 11.3 Merger or Consolidation of Servicer. Any corporation or
other entity (i) into which the Servicer may be merged or consolidated, (ii)
which may result from any merger, conversion, or consolidation to which the
Servicer shall be a party, (iii) which may succeed to all or substantially
all of the business of the Servicer, which corporation or other entity
executes an agreement of assumption to perform every obligation of the
Servicer hereunder, or (iv) in which 50% or more of the equity of which is
owned, directly or indirectly by the Servicer shall be the successor to the
Servicer under this Agreement without the execution or filing of any document
or any further act on the part of any of the parties to this Agreement. The
Servicer shall promptly inform the Trustee, the Depositor and the Rating
Agencies in writing of any such merger or consolidation.

                                      48
<PAGE>

     Section 11.4 Limitation on Liability of Servicer and Others.

     (a) Neither the Servicer nor any of the directors or officers or
employees or agents of the Servicer shall be under any liability to the Trust,
the Trustee, or the Certificateholders, except as provided under this
Agreement, for any action taken or for refraining from the taking of any
action pursuant to this Agreement or for errors in judgment; provided,
however, that this provision shall not protect the Servicer or any such Person
against any liability that would otherwise be imposed by reason of willful
misfeasance, negligence, or bad faith in the performance of duties or by
reason of reckless disregard of obligations and duties under this Agreement.
The Servicer and any director or officer or employee or agent of the Servicer
may rely in good faith on the advice of counsel or on any document of any kind
prima facie properly executed and submitted by any Person respecting any
matters arising under this Agreement.

     (b) The Servicer and any director or officer or employee or agent of the
Servicer shall be indemnified by the Trust and held harmless against any loss,
liability, or expense including reasonable attorneys' fees and expenses
incurred in connection with any legal action relating to the performance of
the Servicer's duties under this Agreement, other than (i) any loss or
liability otherwise reimbursable pursuant to this Agreement; (ii) any loss,
liability, or expense incurred solely by reason of the Servicer's willful
misfeasance, negligence, or bad faith in the performance of its duties
hereunder or by reason of reckless disregard of its obligations and duties
under this Agreement; and (iii) any loss, liability, or expense for which the
Trust is to be indemnified by the Servicer under this Agreement. Any amounts
due the Servicer pursuant to this subsection shall be payable on a Payment
Date from the Total Collections on deposit in the Collection Account only
after all payments required to be made on such date to the Certificateholders
and the Servicer have been made, payments of amounts, if any, due the Trustee
from the Trust pursuant to Section 13.8 have been made, and deposits of any
amount required to be deposited into the Reserve Account pursuant to Section
7.5(b)(vi) to maintain the amount on deposit therein (exclusive of investment
income and earnings on amounts on deposit therein) at the Specified Reserve
Account Balance on such date have been made.

     (c) Except as provided in this Agreement, the Servicer shall not be under
any obligation to appear in, prosecute, or defend any legal action that shall
not be incidental to its obligations under this Agreement, and that in its
opinion may involve it in any expense or liability; provided, however, that
the Servicer may undertake any reasonable action that it may deem necessary or
desirable in respect of this Agreement and the rights and duties of the
parties to this Agreement and the interests of the Certificateholders under
this Agreement. In such event, the legal expenses and costs of such action and
any liability resulting therefrom shall be expenses, costs, and liabilities of
the Trust, and the Servicer shall be entitled to be reimbursed therefor. Any
amounts due the Servicer pursuant to this subsection shall be payable on a
Payment Date from the Total Collections on deposit in the Collection Account
only after all payments required to be made on such date to the
Certificateholders and the Servicer have been made, payments of amounts, if
any, due the Trustee from the Trust pursuant to Section 13.8 have been made
and deposits of any amount required to be deposited into the Reserve Account
pursuant to Section 7.5(b)(vi) to maintain the amount on deposit therein
(exclusive of investment

                                      49
<PAGE>

income and earnings on amounts on deposit therein) at the Specified Reserve
Account Balance on such date have been made.

     The Person to be indemnified shall provide the Trustee with a certificate
and accompanying Opinion of Counsel requesting indemnification and setting
forth the basis for such request.

     Section 11.5 Servicer Not To Resign. The Servicer shall not resign from
its obligations and duties under this Agreement except (i) upon determination
that the performance of its duties shall no longer be permissible under
applicable law or (ii) in the event of the appointment of a successor Servicer
pursuant to Section 12.2, upon satisfaction of the Rating Agency Condition.
Notice of any such determination permitting the resignation of USAA Federal
Savings Bank shall be communicated to the Trustee, and the Rating Agencies at
the earliest practicable time (and, if such communication is not in writing,
shall be confirmed in writing at the earliest practicable time) and any such
determination permitting the resignation of the Servicer shall be evidenced by
an Opinion of Counsel to such effect delivered to the Trustee concurrently
with such notice. No such resignation shall become effective until the Trustee
or a successor Servicer shall have assumed the responsibilities and
obligations of the Servicer in accordance with Section 12.2.

     Section 11.6 Delegation of Duties. So long as USAA Federal Savings Bank
or the Trustee acts as Servicer, the Servicer shall have the right, in the
ordinary course of its business, to delegate any of its duties under this
Agreement to any Person. Any compensation payable to such Person shall be paid
by the Servicer from its own funds and none of the Trust, the Trustee or the
Certificateholders shall have any liability to such Person with respect
thereto. Notwithstanding any delegation of duties by the Servicer pursuant to
this Section 11.6, the Servicer shall not be relieved of its liability and
responsibility with respect to such duties, and any such delegation shall not
constitute a resignation within the meaning of Section 11.5 hereof. Any
agreement that may be entered into by the Servicer and a Person that provides
for any delegation of the Servicer's duties hereunder shall be deemed to be
between the Servicer and such Person alone, and the Trustee and
Certificateholders shall not be deemed parties thereto and shall have no
claims, rights, obligations, duties or liabilities with respect thereto.

                                 ARTICLE XII

                        Events of Servicing Termination

     Section 12.1 Events of Servicing Termination. If any one of the following
events (an "Event of Servicing Termination") shall occur and be continuing:

          (i) any failure by the Servicer (or so long as the Seller is the
     Servicer, the Seller) to deliver to the Trustee, for distribution to
     Certificateholders, any proceeds or payment required to be so delivered
     under the terms of the Certificates and this Agreement (or, in the case
     of a payment or deposit to be made not later than any Deposit Date, the
     failure to make such payment or deposit on the related Payment Date), in
     each case that continues unremedied for a period of five Business Days
     after (A) discovery by

                                      50
<PAGE>

     an officer of the Servicer (or so long as the Seller is the Servicer, the
     Seller) or (B) written notice (1) to the Servicer by the Trustee or (2)
     to the Trustee and the Servicer (or so long as the Seller is the
     Servicer, the Seller) by the Holders of Certificates evidencing not less
     than 25% of the Pool Balance;

          (ii) failure on the part of the Servicer (or so long as the Seller
     is the Servicer, the Seller) duly to observe or to perform in any
     material respect any other covenants or agreements of the Servicer (or so
     long as the Seller is the Servicer, the Seller) set forth in the
     Certificates or in this Agreement, which failure shall (a) materially and
     adversely affect the rights of the Trust or the Certificateholders (which
     determination shall be made without regard to whether funds on deposit in
     the Reserve Account are available to the Certificateholders) and (b)
     continues unremedied for a period of 90 days after the date on which
     written notice of such failure, requiring the same to be remedied, shall
     have been given (1) to the Servicer (or so long as the Seller is the
     Servicer, the Seller) by the Trustee or (2) to the Trustee and the
     Servicer (or so long as the Seller is the Servicer, the Seller) by the
     Holders of Certificates evidencing not less than 25% of the Pool Balance;
     provided, however, that a failure on the part of the Servicer, other than
     USAA Federal Savings Bank for so long as it is the Servicer, to observe
     and comply with the provisions of Section 11.6 or to meet the eligibility
     criteria set forth in Section 12.2 shall constitute an Event of Servicing
     Termination without regard to (a) and (b) above;

          (iii) So long as USAA Federal Savings Bank or another depository
     institution is not the Servicer, the entry of a decree or order by a
     court or agency or supervisory authority having jurisdiction in the
     premises for the appointment of a conservator, receiver, or liquidator
     for the Servicer in any insolvency, readjustment of debt, marshalling of
     assets and liabilities, or similar proceedings, or for the winding up or
     liquidation of its respective affairs, and the continuance of any such
     decree or order unstayed and in effect for a period of sixty (60)
     consecutive days; or

          (iv)  So long as USAA Federal Savings Bank or another depository
     institution is not the Servicer, the consent by the Servicer to the
     appointment of a conservator or receiver or liquidator in any insolvency,
     readjustment of debt, marshalling of assets and liabilities, or similar
     proceedings of or relating to the Servicer of or relating to
     substantially all of its property; or the Servicer shall admit in writing
     its inability to pay its debts generally as they become due, file a
     petition to take advantage of any applicable insolvency or reorganization
     statute, make an assignment for the benefit of its creditors, or
     voluntary suspend payment of its obligations or become insolvent;

then, and in each and every case and so long as an Event of Servicing
Termination shall not have been remedied, either the Trustee, or the Holders
of Certificates evidencing not less than a majority of the Pool Balance, by
notice given in writing to the Servicer (and to the Trustee if given by the
Certificateholders) may terminate all of the rights and obligations of the
Servicer under this Agreement. On or after the receipt by the Servicer of such
written notice, all authority and power of the Servicer under this Agreement,
whether with respect to the Certificates or the Receivables or otherwise,
shall pass to and be vested in the Trustee pursuant to this Section 12.1; and,
without limitation, the Trustee shall be hereby authorized and empowered to
execute and deliver, on behalf of the predecessor Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments,
and to do or accomplish all other acts or things necessary or appropriate to
effect the purposes of such notice of termination, whether to complete the
transfer and endorsement of the Receivable Files, or otherwise. The
predecessor Servicer shall cooperate with the successor Servicer and the
Trustee in effecting the termination of the responsibilities and rights of the
predecessor Servicer under this Agreement, including the transfer to the
successor Servicer for administration by it of all cash amounts that shall at
the time be held by the predecessor Servicer for deposit, shall have been
deposited by the Servicer in the Collection Account, or shall thereafter be
received with respect to a Receivable. All reasonable costs and expenses
(including attorneys' fees and disbursements) incurred in connection with
transferring the Receivable Files to the successor Servicer and amending this
Agreement to reflect such succession as Servicer pursuant to this Section 12.1
shall be paid by the predecessor Servicer upon presentation of reasonable
documentation of such costs and expenses. The Trustee shall give written
notice of any termination of the Servicer to the Certificateholders and the
Rating Agencies.

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     Section 12.2 Trustee to Act; Appointment of Successor. Upon the
Servicer's receipt of notice of termination pursuant to Section 12.1 the
Trustee shall, and upon the Servicer's resignation pursuant to Section 11.5
the Trustee may, be the successor in all respects to the Servicer in its
capacity as Servicer under this Agreement, and, in such case, shall be subject
to all the responsibilities, duties and liabilities arising thereafter
relating thereto placed on the Servicer by the terms and provisions of this
Agreement. As compensation therefor, the Trustee shall be entitled to such
compensation (whether payable out of the Collection Account or otherwise) as
the Servicer would have been entitled to under this Agreement if no such
notice of termination or resignation had been given. Notwithstanding the
above, the Trustee may, if it shall be unwilling so to act, or shall, if it
shall be legally unable so to act, appoint, or petition a court of competent
jurisdiction to appoint, any established financial institution, having a net
worth of not less than $100,000,000 as of the last day of the most recent
fiscal quarter for such institution and whose regular business shall include
the servicing of automobile receivables, as successor Servicer under this
Agreement; provided, that the Rating Agency Condition shall be satisfied in
connection with such appointment. In connection with such appointment, the
Trustee may make such arrangements for the compensation of such successor
Servicer out of payments on Receivables as it and such successor Servicer
shall agree; provided, however, that no such compensation shall be in excess
of that permitted the Servicer under this Agreement. The Trustee and such
successor Servicer shall take such action, consistent with this Agreement, as
shall be necessary to effectuate any such succession. Unless the Trustee shall
be prohibited by law from so acting, the Trustee shall not be relieved of its
duties as successor Servicer under this Section 12.2 until the newly appointed
successor Servicer shall have assumed the responsibilities and obligations of
the Servicer under this Agreement.

     Section 12.3 Notification to Certificateholders. Upon delivery of written
notice by the Trustee to the Servicer or receipt by the Trustee of written
notice from Holders of Certificates evidencing not less than 25% of the Pool
Balance of an Event of Servicing Termination or upon any Servicer termination,
or appointment of a successor Servicer pursuant to this Article XII, the
Trustee shall give prompt written notice thereof to Certificateholders at
their respective addresses of record, to the Depositor and to the Rating
Agencies.

     Section 12.4 Waiver of Past Defaults. The Holders of Certificates
evidencing not less than a majority of the Pool Balance, may, on behalf of all
Holders of Certificates, waive any default by the Servicer in the performance
of its obligations hereunder and its consequences, except a default in the
failure to make any required deposits to or payments from the Collection
Account in accordance with this Agreement. Upon any such waiver of a past
default, such default shall cease to exist, and any Event of Servicing
Termination arising therefrom shall be deemed to have been remedied for every
purpose of this Agreement. No such waiver shall extend to any subsequent or
other default or impair any right consequent thereon except to the extent
expressly so waived. The Servicer shall give prompt written notice of any
waiver to the Rating Agencies.

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                                 ARTICLE XIII

                                  The Trustee

     Section 13.1 No Power to Engage in Business or to Vary Investments.
Notwithstanding any provision or agreement to the contrary in this Agreement
or in any other agreement, the Trustee, acting on behalf of the Trust (but not
individually), shall not have any power to engage in any business, commercial
or other activity for profit, and the Trustee and the Servicer shall not have
any power to vary the Trust estate, whether consisting of a Receivable, a
Permitted Investment or any other amount (other than cash payments received
with respect to Receivables) in any account maintained for the benefit of the
Trust or the Certificateholders or Certificate Owners, by disposition of said
property, investment or amount and the reinvestment of the proceeds realized
or by any other action calculated to take advantage of any variation or change
in the market or in market conditions, for the purpose of improving the
investment or return of the Certificateholders or Certificate Owners.

     Section 13.2 Duties of Trustee. The Trustee, both prior to and after the
occurrence of an Event of Servicing Termination, shall undertake to perform
such duties and only such duties as are specifically set forth in this
Agreement. If an Event of Servicing Termination known to the Trustee shall
have occurred and shall not have been cured, the Trustee shall exercise such
of the rights and powers vested in it by this Agreement, and shall use the
same degree of care and skill in their exercise, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs; provided, however, that if the Trustee shall assume the duties of the
Servicer pursuant to Section 12.2, the Trustee in performing such duties shall
use the degree of skill and attention customarily exercised by a servicer with
respect to automobile and light-duty truck receivables that it services for
itself.

     The Trustee, upon receipt of any resolutions, certificates, statements,
opinions, reports, documents, orders, or other instruments furnished to the
Trustee that shall be specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform to the requirements of this Agreement; provided, however, that the
Trustee shall not be responsible for the accuracy or content of any such
resolution, certificate, statement, opinion, report, document, order or other
instrument furnished by the Servicer to the Trustee pursuant to this
Agreement.

     No provision of this Agreement shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act,
or its own bad faith or willful misfeasance; provided, however, that:

          (i) Prior to the occurrence of an Event of Servicing Termination,
     and after the curing of all such Events of Servicing Termination that may
     have occurred, the duties and obligations of the Trustee shall be
     determined solely by the express provisions of this Agreement, the
     Trustee shall not be liable except for the performance of such duties and
     obligations as shall be specifically set forth in this Agreement, no
     implied covenants or obligations shall be read into this Agreement
     against the Trustee, the permissible right of the Trustee to do things
     enumerated in this Agreement shall not be construed as a duty

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<PAGE>

     and, in the absence of bad faith on the part of the Trustee, or manifest
     error, the Trustee may conclusively rely upon any certificates or
     opinions furnished to the Trustee and conforming to the requirements of
     this Agreement as to the truth of the statements made and the correctness
     of the opinions expressed therein;

          (ii) The Trustee shall not be personally liable for an error of
     judgment made in good faith by an Authorized Officer of the Trustee,
     unless it shall be proved that the Trustee shall have been negligent in
     ascertaining the pertinent facts; and

          (iii) The Trustee shall not be personally liable with respect to any
     action taken, suffered, or omitted to be taken in good faith in
     accordance with this Agreement or at the direction of the Holders of
     Certificates evidencing not less than 25% of the Pool Balance relating to
     the time, method, and place of conducting any proceeding or any remedy
     available to the Trustee, or exercising any trust or power conferred upon
     the Trustee, under this Agreement.

     The Trustee shall not be required to expend, advance or risk its own
funds or otherwise incur financial liability in the performance of any of its
duties hereunder, or in the exercise of any of its rights or powers, if there
shall be reasonable ground for believing that the repayment of such funds or
adequate indemnity against such risk or liability shall not be reasonably
assured to it, and none of the provisions contained in this Agreement shall in
any event require the Trustee to perform, or be responsible for the manner of
performance of, any of the obligations of the Servicer (including its
obligations as custodian) under this Agreement except during such time, if
any, as the 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 Agreement.

     The Trustee shall not be charged with knowledge of an Event of Servicing
Termination until such time as an Authorized Officer shall have actual
knowledge or have received written notice thereof.

     Except for actions expressly authorized by this Agreement or, based upon
an Opinion of Counsel, in the best interests of Certificateholders, the
Trustee shall take no action reasonably likely to impair the security
interests created or existing under any Receivable or to impair the value of
any Receivable.

     All information obtained by the Trustee regarding the Obligors and the
Receivables, whether upon the exercise of its rights under this Agreement or
otherwise, shall be maintained by the Trustee in confidence and shall not be
disclosed to any other Person, other than internal counsel, unless such
disclosure is pursuant to the terms of this Agreement or required by any
applicable law or regulation.

     In the event that the Paying Agent or the Transfer Agent and Certificate
Registrar shall fail to perform any obligation, duty or agreement in the
manner or on the day required to be performed by the Paying Agent or the
Transfer Agent and Certificate Registrar, as the case may be, under this
Agreement, the Trustee shall be obligated promptly upon an Authorized Officer
obtaining knowledge thereof to perform such obligation, duty or agreement in
the manner so

                                      54
<PAGE>

required to the extent the information necessary to such performance is
reasonably available to the Trustee after the Trustee has made a reasonable
effort to obtain such information. The Trustee shall not be liable for the
acts or omissions of any Paying Agent, any Authenticating Agent or the
Transfer Agent and Certificate Registrar appointed hereunder with due care by
the Trustee hereunder.

     Section 13.3 Trustee's Assignment of Repurchased Receivables and
Trustee's Certificate. With respect to any Receivable repurchased by the
Depositor pursuant to Section 5.2 or purchased by the Servicer pursuant to
Section 6.7 or 14.2, the Trustee shall (i) assign, without recourse,
representation, or warranty, to the Depositor or the Servicer, as the case may
be, all the Trust's right, title, and interest in and to such Receivable and
the other property conveyed to the Trust pursuant to Section 3.1 with respect
to such Receivable, and all security and documents relating thereto, such
assignment being an assignment outright and not for security and (ii) as soon
as practicable after a Receivable shall have been assigned to the Depositor or
the Servicer, as the case may be, execute a Trustee's Certificate, including
the date of execution of such Trustee's Certificate and the date of this
Agreement, and accompanied by a copy of the Servicer's Certificate specified
for the related Collection Period. If, in any enforcement suit or legal
proceeding, it shall be held that the Servicer may not enforce a Receivable on
the ground that it shall not be a real party in interest or a holder entitled
to enforce the Receivable, the Trustee shall, at the Servicer's expense, take
such steps as the Trustee or the Servicer deems necessary to enforce the
Receivable, including bringing suit in the Trustee's name or the names of the
Trust or the Certificateholders; provided, that nothing in this Section 13.3
shall require the Trustee to qualify to do business in a state in which it is
not so qualified on the date of this Agreement.

     Section 13.4 Certain Matters Affecting the Trustee. Except as otherwise
provided in Section 13.2:

          (i) The Trustee may request, and may rely and shall be protected in
     acting or refraining from acting upon, any resolution, certificate of
     auditors or any other certificate, statement, instrument, opinion,
     report, notice, request, consent, order, appraisal, bond, or other paper
     or document (including the annual auditor's report and the letter of
     independent certified public accountants described in Section 6.10, the
     Servicer's Certificate described in Section 6.8, and the annual
     compliance statement described in Section 6.9) believed by it to be
     genuine and to have been signed or presented by the proper party or
     parties.

          (ii) The Trustee may consult with counsel and any advice or Opinion
     of Counsel shall be full and complete authorization and protection in
     respect of any action taken or suffered or omitted by it under this
     Agreement in good faith and in accordance with such advice or Opinion of
     Counsel, which counsel has been selected by the Trustee with due care. A
     copy of any such Opinion of Counsel shall be provided to the Depositor
     and the Servicer.

          (iii) The Trustee shall be under no obligation to exercise any of
     the rights or powers vested in it by this Agreement, or to institute,
     conduct or defend any litigation under this Agreement or in relation to
     this Agreement, at the request, order or direction of

                                      55
<PAGE>

     any of the Certificateholders pursuant to the provisions of this
     Agreement, unless such Certificateholders shall have offered to the
     Trustee reasonable security or indemnity against the costs, expenses, and
     liabilities that may be incurred therein or thereby; provided, however,
     that the Trustee shall have the right to decline to follow any such
     request, order or direction if the Trustee, in accordance with an Opinion
     of Counsel determines that the action or proceeding may not lawfully be
     taken or if the Trustee in good faith determines that the action or
     proceeding so directed would involve it in personal liability or be
     unjustly prejudicial to the non-assenting Certificateholders. Nothing
     contained in this Agreement, however, shall relieve the Trustee of the
     obligations, upon the occurrence of an Event of Servicing Termination
     (that shall not have been cured), to exercise such of the rights and
     powers vested in it by this Agreement, and to use the same degree of care
     and skill in their exercise as a prudent person would exercise or use
     under the circumstances in the conduct of his or her own affairs.

          (iv) The Trustee shall not be personally liable for any action
     taken, suffered or omitted by it in good faith and believed by it to be
     authorized or within the discretion or rights or powers conferred upon it
     by this Agreement.

          (v) Prior to the occurrence of an Event of Servicing Termination and
     after the curing of all Events of Servicing Termination that may have
     occurred, the Trustee shall not be bound to make any investigation into
     the facts or matters stated in any resolution, certificate, statement,
     instrument, opinion, report, notice, request, consent, order, approval,
     bond, or other paper or document, unless requested in writing to do so by
     Holders of Certificates evidencing not less than 25% of the Pool Balance;
     provided, however, that if the payment within a reasonable time to the
     Trustee of the costs, expenses, or liabilities likely to be incurred by
     it in the making of such investigation shall be, in the opinion of the
     Trustee, not reasonably assured to the Trustee by the security afforded
     to it by the terms of this Agreement, the Trustee may require reasonable
     indemnity against such cost, expense, or liability or payment of such
     expenses as a condition precedent to so proceeding. The reasonable
     expense of every such examination shall be paid by the Servicer or, if
     paid by the Trustee, shall be reimbursed by the Servicer upon demand.
     Nothing in this clause (v) shall affect the obligation of the Servicer to
     observe any applicable law prohibiting disclosure of information
     regarding the Obligors.

          (vi) The Trustee may execute any of the trusts or powers hereunder
     or perform any duties under this Agreement either directly or by or
     through agents or attorneys or a custodian, which agents or attorneys
     shall have any or all of the rights, powers, duties and obligations of
     the Trustee conferred on them by such appointment.

          (vii) In the event that the Trustee is also acting as Paying Agent,
     Collateral Agent, Authenticating Agent or Transfer Agent and Registrar
     hereunder, the rights and protections afforded to the Trustee pursuant to
     this Article XIII shall also be afforded to

                                      56
<PAGE>

     each Paying Agent, Collateral Agent, Authenticating Agent or Transfer
     Agent and Registrar.

     Section 13.5 Trustee Not Liable for Certificates or Receivables. The
recitals contained in this Agreement and in the Certificates shall be taken as
the statements of the Depositor or the Servicer, as the case may be, and the
Trustee assumes no responsibility for the accuracy thereof. The Trustee shall
make no representations as to the validity or sufficiency of this Agreement or
of the Certificates (other than execution by the Trustee on behalf of the
Trust of, or the authentication on, the Certificates), or of any Receivable or
related document. The Trustee shall have no obligation to perform any of the
duties of the Depositor or Servicer unless explicitly set forth in this
Agreement. The Trustee shall at no time have any responsibility or liability
for or with respect to the legality, validity, and enforceability of any
security interest in any Financed Vehicle or any Receivable, or the perfection
and priority of such a security interest or the maintenance of any such
perfection and priority; the filing of any financing or continuation statement
in any public office; the preparation or filing of any report or statement
with the Securities and Exchange Commission; the efficacy of the Trust or its
ability to generate the payments to be distributed to Certificateholders under
this Agreement; the existence, condition, location, and ownership of any
Financed Vehicle; the existence and enforceability of any comprehensive and
collision insurance or credit life or credit disability insurance; the
existence and contents of any Receivable or any computer or other record
thereof; the validity of the assignment of any Receivable to the Trust or of
any intervening assignment; the completeness of any Receivable; any claim or
default asserted against a Receivable; the performance or enforcement of any
Receivable; the compliance by the Depositor or the Servicer with any warranty
or representation made under this Agreement or in any related document and the
accuracy of any such warranty or representation (except after the Trustee's
receipt of notice or other discovery of any noncompliance therewith or any
breach thereof or as otherwise provided herein); the satisfaction of any
condition relating to the Receivables; any investment of funds by the Servicer
or any loss resulting therefrom (it being understood that the Trustee shall
remain responsible for any Trust property that it may hold); the acts or
omissions of the Depositor, Servicer (including in its capacity as custodian
hereunder), or any Obligor; any action of the Servicer taken in the name of
the Trustee; or any action by the Trustee taken at the instruction of the
Servicer; provided, however, that the foregoing shall not relieve the Trustee
of its obligation to perform its duties under this Agreement. Except with
respect to a claim based on the failure of the Trustee to perform its duties
under this Agreement or based on the Trustee's willful misconduct, negligence,
or bad faith, or based on the Trustee's breach of a representation and
warranty specified in Section 13.14, no recourse shall be had for any claim or
defense based on any provision of this Agreement, the Certificates, or any
Receivable or assignment thereof against the Trustee in its individual
capacity. The Trustee shall not have any personal obligation, liability, or
duty whatsoever to any Certificateholder or any other Person with respect to
any such claim or defense, and any such claim or defense shall be asserted
solely against the Trust or any indemnitor who shall furnish indemnity as
provided in this Agreement. The Trustee shall not be accountable for the use
or application by the Depositor of any of the Certificates or of the proceeds
of such Certificates, or for the use or application of any funds paid to the
Servicer in respect of the Receivables.

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<PAGE>

     Section 13.6 Trustee May Own Certificates. The Trustee in its individual
or any other capacity may become the owner or pledgee of Certificates and may
deal with the Depositor and the Servicer in banking transactions with the same
rights as it would have if it were not Trustee.

     Section 13.7 Trustee's Fees and Expenses. By execution and delivery of
this Agreement, the Servicer shall covenant and agree to pay to the Trustee,
and the Trustee shall be entitled to, an annual fee agreed upon in writing
between the Servicer and the Trustee payable in advance on the Closing Date
and on each one year anniversary thereof (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust) for all services rendered by it in the execution of the trusts created
by this Agreement and in the exercise and performance of any of the powers and
duties under this Agreement of the Trustee, and the Servicer shall pay or
reimburse the Trustee upon its request for all reasonable expenses,
disbursements, and advances (including the reasonable compensation and the
expenses and disbursements of its counsel and of all persons not regularly in
its employ) incurred or made by the Trustee under this Agreement (including
expenses, disbursements, and advances incurred in defense of any action
brought against it in connection with this Agreement) except any such expense,
disbursement, or advance as may arise from its negligence, willful
misfeasance, or bad faith or that is the responsibility of Certificateholders
under this Agreement. To the extent that the Trustee has not been paid for any
of the foregoing items by the Servicer, the Trustee shall be entitled to be
paid such amounts from amounts which are payable to the Servicer pursuant to
Section 7.5(b)(i) before payment to the Servicer of any portion thereof;
provided, however, that in the event that the Servicer shall have elected to
waive its rights to payment of the Servicing Fee or the Servicing Fee is
deferred, the Trustee shall nonetheless be entitled to receive such amounts
from payments which would ordinarily be applied to the payment of the
Servicing Fee, in the same order of priority as though such Servicing Fee were
payable. The Trustee shall be entitled to reimbursement by the Servicer for
any out-of-pocket costs or expenses (including, without limitation reasonable
fees and disbursements of one counsel to the Trustee) incurred in connection
with the review, negotiation, preparation, execution and delivery of this
Agreement or in connection with the issuance of any Certificate on the Closing
Date. The Servicer's obligation to pay such compensation and expenses shall
survive the termination of such Servicer to the extent that such obligation is
a result of services rendered prior to such Servicer's termination.
Additionally, the Servicer, pursuant to Section 13.8, shall indemnify the
Trustee with respect to certain matters, and Certificateholders, pursuant to
Section 15.3, shall upon the circumstances therein set forth, indemnify the
Trustee under certain circumstances. The provisions of this Section 13.7 shall
survive the termination of this Agreement and the resignation or removal of
the Trustee.

     To the extent that the Trustee has not been paid by the Servicer for any
of the items described in the preceding paragraph for which the Servicer is
obligated, the Trustee shall be entitled to be paid for such items from
amounts which would otherwise be distributable to the Depositor under Section
7.5 of this Agreement. The covenants and agreements contained in this Section
13.7 shall survive the termination of this Agreement and shall be binding, as
applicable, on the Servicer, and any successor Servicer and the Depositor.

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     Section 13.8 Indemnity. The Trustee, the Agents and their officers,
directors, agents and employees (each of the foregoing, an "Indemnified
Person") shall be indemnified by the Servicer and the Depositor and held
harmless against any loss, liability, or expense (including reasonable
attorneys' fees and expenses and expenses of litigation) arising out of or
incurred in connection with the acceptance or performance of the trusts and
duties contained in this Agreement to the extent that (i) such loss,
liability, or expense shall not have been incurred by reason of the
Indemnified Person's willful misfeasance, bad faith, or negligence, and (ii)
such loss, liability, or expense shall not have been incurred by reason of the
Trustee's breach of its representations and warranties pursuant to Section
13.14; provided, however, that the obligations of the Servicer in this Section
13.8 shall survive such Servicer's termination with respect to the performance
of such Servicer prior to such Servicer's termination and provided, further,
that if the Servicer fails to indemnify the Indemnified Person and their
officers, directors, agents and employees pursuant to this Section 13.8, then
such indemnity shall be provided by the Trust, but any amounts so payable to
the Indemnified Person by the Trust pursuant to this Section 13.8 shall be
payable on a Payment Date only after all payments required to be made on such
date to the Certificateholders have been made, and, with respect to a
successor Servicer, if any, the Servicing Fee has been paid. The provisions of
this Section 13.8 shall survive the termination of this Agreement and the
resignation or removal of the Trustee.

     Section 13.9 Eligibility Requirements for Trustee. The Trustee under this
Agreement shall at all times be a state banking corporation or national
banking association organized and doing business under the laws of such state
or the United States of America; authorized under such laws to exercise
corporate trust powers; and having a combined capital and surplus of at least
$100,000,000 as of the last day of the most recent fiscal quarter for such
institution and subject to supervision or examination by federal or state
authorities. If such state banking corporation or national banking association
shall publish reports of condition at least annually, pursuant to law or to
the requirements of the aforesaid supervising or examining authority, then for
the purpose of this Section 13.9, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. The Trustee shall
at all times be rated not lower than Baa3 by Moody's or such other ratings as
are acceptable to Moody's. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 13.9, the Trustee
shall resign immediately in the manner and with the effect specified in
Section 13.10.

     Section 13.10 Resignation or Removal of Trustee. The Trustee may at any
time resign and be discharged from the trust hereby created by giving written
notice thereof to the Servicer. Upon giving such notice of resignation, the
Trustee shall promptly appoint a successor Trustee by written instrument which
instrument shall be delivered to the successor Trustee. If no successor
Trustee shall have been so appointed and have accepted appointment within 30
days after the giving of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a
successor Trustee. The Servicer shall provide notice to the Rating Agencies of
any resignation of the Trustee.

     If at any time the Trustee shall cease to be eligible in accordance with
the provisions of Section 13.9 or shall be legally unable to act, or shall be
adjudged a bankrupt or insolvent, or a

                                      59
<PAGE>

receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation, or liquidation, then
the Trustee shall promptly resign. The Trustee shall promptly appoint a
successor Trustee by written instrument which instrument shall be delivered to
the successor Trustee. If the Trustee fails to resign, the Certificateholders
shall remove the Trustee and appoint a successor Trustee by written instrument
in duplicate, one copy of which instrument shall be delivered to the Trustee
so removed and one copy to the successor Trustee.

     Any resignation or removal of the Trustee and appointment of a successor
Trustee pursuant to any of the provisions of this Section 13.10 shall not
become effective until acceptance of appointment by the successor Trustee
pursuant to Section 13.11.

     Section 13.11 Successor Trustee. Any successor Trustee appointed pursuant
to Section 13.10 shall execute, acknowledge, and deliver to the Servicer and
to its predecessor Trustee an instrument accepting such appointment under this
Agreement, and thereupon the resignation or removal of the predecessor Trustee
shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties, and obligations of its predecessor under this Agreement with like
effect as if originally named as Trustee. The predecessor Trustee shall
deliver to the successor Trustee all documents and statements held by it under
this Agreement, and the Servicer and the predecessor Trustee shall execute and
deliver such instruments and do such other things as may reasonably be
required for fully and certainly vesting and confirming in the successor
Trustee all such rights, powers, duties, and obligations.

     No successor Trustee shall accept appointment as provided in this Section
13.11 unless at the time of such acceptance such successor Trustee shall be
eligible pursuant to Section 13.9.

     Upon acceptance of appointment by a successor Trustee pursuant to this
Section 13.11, the Servicer shall mail notice of the successor of such Trustee
under this Agreement to all Certificateholders at their respective addresses
of record, and to the Rating Agencies. If the Servicer shall fail to mail such
notice within 10 days after acceptance of appointment by successor Trustee,
the successor Trustee shall cause such notice to be mailed at the expense of
the Servicer.

     Section 13.12 Merger or Consolidation of Trustee. Any corporation or
other entity (i) into which the Trustee may be merged or consolidated, (ii)
which may result from any merger, conversion, or consolidation to which the
Trustee shall be a party, or (iii) which may succeed to all or substantially
all of the corporate trust business of the Trustee, which corporation or other
entity executes an agreement of assumption to perform every obligation of the
Trustee under this Agreement, shall be the successor of the Trustee hereunder,
provided such corporation or other entity shall be eligible pursuant to
Section 13.9, without the execution or filing of any instrument or any further
act on the part of any of the parties hereto. The Trustee shall provide prompt
written notice of any merger or consolidation to the Depositor, the Servicer
and the Rating Agencies.

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     Section 13.13 Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any
part of the Trust or any Financed Vehicle may at the time be located, the
Servicer and the Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons approved by the
Trustee to act as co-trustee, jointly with the Trustee, or separate trustee or
separate trustees, of all or any part of the Trust, and to vest in such
Person, in such capacity and for the benefit of the Certificateholders, such
title to the Trust, or any part thereof, and, subject to the other provisions
of this Section 13.13, such powers, duties, obligations, rights, and trusts as
the Servicer and the Trustee may consider necessary or desirable. The Servicer
will pay all reasonable fees and expenses of any co-trustee or separate
trustee or separate trustees. The appointment of any separate trustee or
co-trustee shall not absolve the Trustee of its obligations under this
Agreement. If the Servicer shall not have joined in such appointment within 15
days after the receipt by it of a request so to do, or in the case an Event of
Servicing Termination shall have occurred and be continuing, the Trustee alone
shall have the power to make such appointment. No co-trustee or separate
trustee or separate trustees under this Agreement shall be required to meet
the terms of eligibility as a successor trustee pursuant to Section 13.9 and
no notice to Certificateholders of the appointment of any co-trustee or
separate trustee or separate trustees shall be required pursuant to Section
13.11.

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

          (i) All rights, powers, duties, and obligations conferred or imposed
     upon the Trustee shall be conferred upon and exercised or performed by
     the Trustee and such separate trustee or co-trustee jointly (it being
     understood that such separate trustee or co-trustee is not authorized to
     act separately without the Trustee joining in such act), except to the
     extent that under any law of any jurisdiction in which any particular act
     or acts are to be performed (whether as Trustee under this Agreement or
     as successor to the Servicer under this Agreement), the Trustee shall be
     incompetent or unqualified to perform such act or acts, in which event
     such rights, powers, duties, and obligations (including the holding of
     title to the Trust 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 Trustee.

          (ii) No trustee under this Agreement shall be personally liable by
     reason of any act or omission of any other trustee under this Agreement.

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

     Any notice, request or other writing given to the Trustee shall be deemed
to have been given to each of the then separate trustees and co-trustees, as
effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the
conditions of this Article XIII. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
properties specified in its

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instrument of appointment, either jointly with the Trustee or separately, as
may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the
conduct of, affecting the liability of, or affording protection to, the
Trustee. Each such instrument shall be filed with the Trustee and a copy
thereof given to the Servicer.

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

     Section 13.14 Representations and Warranties of Trustee. The Trustee
makes the following representations and warranties on which the
Depositor, the Servicer, and the Certificateholders may rely:

          (i) Organization and Good Standing. The Trustee is a _______________
     duly organized, validly existing, and in good standing under the laws of
     the State of _______________.

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

          (iii) No Violation. The execution and delivery of this Agreement and
     the performance by the Trustee of its obligations under this Agreement do
     not (a) violate any provision of any law governing the trust powers of
     the Trustee or, to the best of the Trustee's knowledge, any order, writ,
     judgment, or decree of any court, arbitrator, or governmental authority
     applicable to the Trustee or any of its assets, (b) violate any provision
     of the articles of association or by laws of the Trustee or (c) conflict
     with, result in any breach of any of the terms or provisions of, or
     constitute (with or without notice or lapse of time) a default under, any
     indenture, agreement or other instrument to which the Trustee is a party
     or by which it is bound to the extent such conflict, breach or default
     would impair the Trustee's obligation or ability to perform under this
     Agreement.

          (iv) No Governmental Authorization Required. The execution, delivery
     and performance by the Trustee of this Agreement do not require the
     authorization, consent, or approval of, the giving of notice to, the
     filing or registration with, or the taking of any other action in respect
     of, any governmental authority or agency regulating the corporate trust
     activities of the Trustee.

          (v) Due Authorization, Execution and Delivery. This Agreement has
     been duly authorized, executed and delivered by the Trustee and shall
     constitute the legal, valid, and binding agreement of the Trustee,
     enforceable in accordance with its terms except that (1) such enforcement
     may be subject to bankruptcy, insolvency,

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     reorganization, moratorium or similar laws now or hereafter in effect
     relating to creditors' rights generally, and (2) the remedy of specific
     performance and injunctive and other forms of equitable relief may be
     subject to certain equitable defenses and to the discretion of the court
     before which any proceeding thereof may be brought.

     Section 13.15 Tax Returns. The Servicer shall prepare or shall cause to
be prepared any tax returns required to be filed by the Trust and furnish to
Certificateholders any information required by the Code or the regulations
thereunder and shall remit such returns to the Trustee for signature at least
five days before such returns are due to be filed. The Trustee, upon request,
will furnish the Servicer with all such information known to the Trustee as
may be reasonably required in connection with the preparation of all tax
returns of the Trust, and shall, upon request, execute such returns.

     Section 13.16 Trustee May Enforce Claims Without Possession of
Certificates. All rights of action and claims under this Agreement or the
Certificates may be prosecuted and enforced by the Trustee without the
possession of any of the Certificates or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name or in its capacity as Trustee. Any recovery
of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, be for the ratable benefit of the Certificateholders in respect
of which such judgment has been recovered.

     Section 13.17 Suits for Enforcement. In case an Event of Servicing
Termination or other default by the Servicer or the Depositor hereunder shall
occur and be continuing, the Trustee, in its discretion, may proceed to
protect and enforce its rights and the rights of the Certificateholders under
this Agreement by a suit, action or proceeding in equity or at law or
otherwise whether for the specific performance of any covenant or agreement
contained in this Agreement or in aid of the execution of any power granted in
this Agreement or the enforcement of any other legal, equitable or other
remedy, as the Trustee, being advised by counsel, shall deem most effectual to
protect and enforce any of the rights of the Trustee or the
Certificateholders.

     Section 13.18 Maintenance of Office or Agency. The Trustee shall maintain
at its expense in New York, an office or offices or agency or agencies where
notices and demands to or upon the Trustee in respect of the Certificates and
this Agreement may be served. The Trustee initially designates the Corporate
Trust Office as its office for such purposes. The Trustee will give prompt
written notice to the Servicer, the Paying Agent, the Transfer Agent and
Certificate Registrar, and to Certificateholders of any change in the location
of such office or agency.

                                  ARTICLE XIV

                                  Termination

     Section 14.1 Termination of the Trust. The Trust, and the respective
obligations and responsibilities of the Depositor, the Servicer and the
Trustee, shall terminate with respect to the Certificateholders upon the first
to occur of (i) the Payment Date next succeeding the month

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which is six months after the maturity or other liquidation of the last
Receivable and the disposition of any amounts received upon liquidation of any
property remaining in the Trust and (ii) the payment to Certificateholders of
all amounts required to be paid to them pursuant to this Agreement; provided,
however, that in no event shall the Trust created by this Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the
descendants of George Herbert Walker Bush, the former President of the United
States, living on the date of this Agreement. The Servicer shall promptly (but
in any event not later than the first day of the month of the specified
Payment Date) notify the Trustee, the Paying Agent, the Transfer Agent and
Certificate Registrar, and the Rating Agencies in writing of any prospective
termination pursuant to this Section 14.1.

     Notice of any termination, specifying the Payment Date upon which the
Certificateholders may surrender their Certificates to the Transfer Agent and
Certificate Registrar for payment of the final distribution and cancellation,
shall be given promptly by the Trustee by letter to Certificateholders mailed
not earlier than the 15th day and not later than the 25th day of the month
next preceding the specified Payment Date stating the amount of any such final
payment, and that the Record Date otherwise applicable to such Payment Date is
not applicable, payments being made only upon presentation and surrender of
the Certificates at the office of the Transfer Agent and Certificate Registrar
therein specified. The Trustee shall give such notice to the Transfer Agent
and Certificate Registrar, the Paying Agent and the Rating Agencies at the
time such notice is given to Certificateholders. Upon presentation and
surrender of the Certificates, the Paying Agent shall cause to be distributed
to Certificateholders amounts distributable on such Payment Date pursuant to
Section 7.5.

     In the event that all of the Certificateholders shall not surrender their
Certificates for cancellation within six months after the date specified in
the above-mentioned written notice, the Trustee shall give a second written
notice to the remaining Certificateholders upon receipt of the appropriate
records from the Transfer Agent and Certificate Registrar to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. If within one year after the second notice all the Certificates shall
not have been surrendered for cancellation, the Trustee may take appropriate
steps, or may appoint an agent to take appropriate steps, to contact the
remaining Certificateholders concerning surrender of their Certificates, and
the cost thereof shall be paid out of the funds and other assets that shall
remain subject to this Agreement.

     All Certificates surrendered for payment of the final distribution with
respect to such Certificates and cancellation shall be cancelled by the
Transfer Agent and Certificate Registrar and shall be disposed of in a manner
satisfactory to the Trustee and the Depositor.

     Section 14.2 Optional Purchase of All Receivables. As of the last
Business Day in any Collection Period as of which the Pool Balance (expressed
as a percentage) of initial Pool Balance shall be equal to or less than the
Optional Purchase Percentage, the Servicer shall have the option to purchase
the corpus of the Trust; provided that the Servicer shall not exercise such
option to purchase if the purchase price, as specified below, is less than the
amount required in order to distribute to certificateholders in accordance
with Section 7.5 the sum of the Class A Certificate Balance, the Class A
Interest Distributable Amount, the Class B Certificate Balance

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<PAGE>

and the Class B Interest Distributable Amount for the Distribution Date on
which the purchase price is applied to make such distributions. To exercise
such option, the Servicer shall notify the Trustee, the Paying Agent, and the
Transfer Agent and Certificate Registrar in writing, no later than the fifth
calendar day of the month in which such purchase is to be effected of its
intention to effect such purchase. On the Deposit Date in such month, the
Servicer shall pay the lower of (i) the aggregate Purchase Amount for the
Receivables (including Defaulted Receivables) and (ii) the fair market value
of the Receivables and shall succeed to all interests in and to the Trust
property. The payment shall be made in the manner specified in Section 7.4,
and shall be distributed pursuant to Section 7.5. The Trustee shall not permit
the purchase of the corpus of the Trust pursuant to this Section unless either
(i) the Servicer's long-term unsecured debt is rated at the time of such
purchase at least Baa3 by Moody's or (ii) the Servicer provides to the Trustee
an Opinion of Counsel in form reasonably satisfactory to the Trustee and in
form and substance satisfactory to Moody's to the effect that such purchase
will not constitute a fraudulent transfer of assets of the Servicer under
applicable state and federal law.

                                  ARTICLE XV

                           Miscellaneous Provisions

     Section 15.1 Amendment. This Agreement may be amended by the Depositor,
the Servicer and the Trustee, without prior notice to or the consent of any of
the Certificateholders, (i) to cure any ambiguity, to correct or supplement
any provision in this Agreement which may be inconsistent with any other
provision herein, to evidence a succession to the Servicer or the Depositor
pursuant to this Agreement or to add any other provisions with respect to
matters or questions arising under this Agreement that shall not be
inconsistent with the provisions of this Agreement; provided, however, that
such action shall not, as evidenced by an Officer's Certificate and/or an
Opinion of Counsel delivered to the Trustee, adversely and materially affect
the interests of the Trust or any of the Certificateholders and provided,
further, that the Servicer shall deliver written notice of such changes to
each Rating Agency prior to the execution of any such amendment and the Rating
Agency Condition shall be satisfied, or (ii) to effect a transfer or
assignment in compliance with Section 15.7(i) of this Agreement.

     This Agreement may also be amended from time to time by the Depositor,
the Servicer and the Trustee, with the consent of the Holders of Certificates
evidencing not less than 51% of the Pool Balance, for the purpose of adding
any provision to or changing in any manner or eliminating any of the
provisions of this Agreement, or of modifying in any manner the rights of the
Certificateholders (including effecting a transfer or assignment in compliance
with Section 15.7(ii) of this Agreement); provided, however, that no such
amendment, except with the consent of the Holders of all Certificates then
outstanding, shall (a) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, or change the allocation or priority of
collections of payments of Receivables, or distributions that shall be required
to be made on any Certificate, (b) reduce the aforesaid percentage of the Pool
Balance required to consent to any such amendment or (c) reduce in any way the
shortfalls for which the Trustee may draw under the Reserve Account pursuant
to Article VII hereof. Notwithstanding anything herein to the contrary, the
Specified Reserve

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Account Balance may be reduced to a lesser amount as determined by the
Depositor upon satisfaction of the Rating Agency Condition.

     Promptly after the execution of any amendment or consent referred to in
this Section 15.1, the Trustee shall furnish a copy of such amendment or
consent to each Certificateholder and to the Rating Agencies.

     It shall not be necessary for the consent of Certificateholders pursuant
to this Section 15.1 to approve the particular form of any proposed amendment
or consent, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject
to such reasonable requirements as the Trustee may prescribe.

     Prior to the execution of any amendment to this Agreement, the Trustee
shall be entitled to receive and rely upon an Opinion of Counsel stating that
the execution of such amendment is authorized or permitted by this Agreement.
The Trustee shall not be obligated to enter into any such amendment which
affects the Trustee's own rights, duties or immunities under this Agreement.

     Prior to the execution of any amendment to this Agreement, other than an
amendment permitted pursuant to clause (i) of the first paragraph of this
Section 15.1, the Servicer shall have received written notice from each of the
Rating Agencies that its rating of the Certificates will not be reduced or
withdrawn as a result of such amendment.

     Section 15.2 Protection of Title to Trust.

     (a) The Servicer shall execute and file such financing statements and
cause to be executed and filed such continuation statements, all in such
manner and in such places as may be required by law fully to preserve,
maintain, and protect the interests of the Trustee under this Agreement in the
Receivables and in the proceeds thereof. The Servicer shall deliver (or cause
to be delivered) to the Trustee file-stamped copies of, or filing receipts
for, any document filed as provided above, as soon as available following such
filing.

     (b) Neither the Depositor nor the Servicer shall change its name,
identity, or corporate structure in any manner that would make any financing
statement or continuation statement filed by the Servicer in accordance with
paragraph (a) above seriously misleading within the meaning of Section
9-402(7) of the UCC (or any successor provision to such Section), unless it
shall have given the Trustee at least 10 days prior written notice thereof.

     (c) The Depositor and the Servicer shall give the Trustee at least 10
days prior written notice of any relocation of its principal executive office
if, as a result of such relocation, the applicable provisions of the UCC would
require the filing of any amendment of any previously filed financing or
continuation statement or of any new financing statement. The Servicer shall
at all times maintain each office from which it shall service Receivables, and
its principal executive office, within the United States of America.

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<PAGE>

     (d) The Servicer shall maintain accounts and records as to each
Receivable accurately and in sufficient detail to permit (i) the reader
thereof to know at any time the status of such Receivable, including payments
and recoveries made and payments owing (and the nature of each) and (ii)
reconciliation between payments or recoveries on (or with respect to) each
Receivable and the amounts from time to time deposited in the Collection
Account in respect of such Receivable.

     (e) The Servicer shall maintain its computer systems so that, from and
after the time of sale under this Agreement of the Receivables to the Trustee,
the Servicer's master computer records (including archives) that shall refer
to a Receivable indicate clearly, by numerical code or otherwise, that such
Receivable is owned by the Trust. Indication of the Trust's ownership of a
Receivable shall be deleted from or modified on the Servicer's computer
systems when, and only when, the Receivable shall have been paid in full,
repurchased, purchased or assigned pursuant hereto.

     (f) If at any time the Depositor or the Servicer shall propose to sell,
grant a security interest in, or otherwise transfer any interest in a new or
used automobile or light-duty truck to any prospective purchaser, creditor, or
other transferee, the Depositor or the Servicer, as the case may be, shall
give to such prospective purchaser, creditor, or other transferee computer
tapes, records, or print-outs (including any restored from archives) that, if
they shall refer in any manner whatsoever to any Receivable, shall indicate
clearly that such Receivable has been sold and is owned by the Trust.

     (g) The Servicer shall permit the Trustee and its agents upon reasonable
notice at any time during normal business hours which does not unreasonably
interfere with the Servicer's normal operations to inspect, audit, and make
copies of and abstracts from the Servicer's records regarding the Receivables.

     (h) Upon request, the Servicer shall furnish to the Trustee, within five
Business Days of any request therefor, a list of all Receivables by contract
number and name of Obligor then held as part of the Trust, together with a
reconciliation of such list to the Schedule of Receivables attached as
Schedule A to this Agreement and to each of the Servicer Certificates
indicating removal of Receivables from the Trust.

     (i) The Servicer shall deliver to the Trustee:

                    (1) upon the execution and delivery of this Agreement, an
               Opinion of Counsel either (a) stating that, in the opinion of
               such counsel and subject to customary qualifications and
               assumptions, all financing statements and continuation
               statements have been executed and filed that are necessary
               fully to preserve and protect the interest of the Trustee in
               the Receivables, and reciting the details of such filings or
               referring to prior Opinions of Counsel in which such details
               are given, or (b) stating that, in the opinion of such counsel,
               no such action shall be necessary to preserve and protect such
               interest; and

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<PAGE>

                    (2) on March 31 of each year, commencing with March 31,
               _____, an Opinion of Counsel, dated as of such date, either (a)
               stating that, in the opinion of such counsel and subject to
               customary qualifications and assumptions, all financing
               statements and continuation statements have been executed and
               filed that are necessary fully to preserve and protect the
               interest of the Trustee in the Receivables, and reciting the
               details of such filings or referring to prior Opinions of
               Counsel in which such details are given, or (b) stating that,
               in the opinion of such counsel, no such action shall be
               necessary to preserve and protect such interest.

     (j) For the purpose of facilitating the execution of this Agreement and
for other purposes, this Agreement may be executed simultaneously in any
number of counterparts, each of which counterparts shall be deemed to be an
original, and all of which counterparts shall constitute but one and the same
instrument.

     Section 15.3 Limitation on Rights of Certificateholders. The death or
incapacity of any Certificateholder shall not operate to terminate this
Agreement or the Trust, nor entitle the Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a partition or winding up of the
Trust, nor otherwise affect the rights, obligations, and liabilities of the
parties to this Agreement or any of them.

     No Certificateholder shall have any right to vote (except as provided in
Section 12.1, Section 12.4, Section 15.1 and this Section 15.3) or in any
manner otherwise control the operation and management of the Trust, or the
obligations of the parties to this Agreement, nor shall anything set forth in
this Agreement or contained in the terms of the Certificates, be construed so
as to constitute the Holders as partners or members of an association; nor
shall any Certificateholder be under any liability to any third person by
reason of any action taken pursuant to any provision of this Agreement.

     No Certificateholder shall have any right by virtue or by availing itself
of any provision of this Agreement to institute any suit, action, or
proceeding in equity or at law upon or with respect to a default under this
Agreement, unless such Holder previously shall have given to the Trustee a
written notice of default and of the continuance thereof and unless also the
Holders of Certificates evidencing not less than 25% of the Pool Balance shall
have made written request upon the Trustee to institute such action, suit, or
proceeding in its own name as Trustee under this Agreement and shall have
offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses, and liabilities to be incurred therein or thereby, and the
Trustee, for 30 days after its receipt of such notice, request, and offer of
indemnity, shall have either neglected or refused to institute any such
action, suit or proceeding. No one or more Holders of Certificates shall have
any right in any manner whatever by virtue or by availing itself or themselves
of any provisions of this Agreement to affect, disturb, or prejudice the
rights of the Holders of any other of the Certificates, or to obtain or seek
to obtain priority over or preference to any other such Holder, or to enforce
any right, under this Agreement, except in the manner provided in this
Agreement and for the equal, ratable, and common benefit of all
Certificateholders. For the protection and enforcement of the provisions of
this Section 15.3,

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<PAGE>

each Certificateholder and the Trustee shall be entitled to such relief as can
be given either at law or in equity.

     Section 15.4 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS,
RIGHTS, AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAWS.

     Section 15.5 Notices. All demands, notices, and communications under this
Agreement shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, or sent by telecopy or other similar form of
rapid transmission and shall be deemed to have been duly given upon receipt
(a) in the case of the Depositor, USAA Acceptance, LLC, McDermott Freeway, San
Antonio, Texas 78288 Attention: [     ], Telecopy Number (210) 498-7219, or at
such other address as shall be designated by the Depositor in a written notice
to the Trustee, (b) in the case of the Seller, at USAA Federal Savings Bank,
McDermott Freeway, San Antonio, Texas 78288 Attention: Vice President and
Banking Counsel, Telecopy Number: (210) 498-7210, or at such other address as
shall be designated by the Seller in a written notice to the Trustee, (c) in
the case of the Servicer, at USAA Federal Savings Bank, McDermott Freeway, San
Antonio, Texas 78288, Attention: Vice President and Banking Counsel, Telecopy
Number: (210) 498-7210, or at such other address as shall be designated by the
Servicer in a written notice to the Trustee, and (d) in the case of the
Trustee and the Collateral Agent, at ________________________________________,
Attention: _______________, Telecopy Number: _______________ or at such other
address as shall be designated in a written notice to the Trustee. Any notice
required or permitted to be mailed to a Certificateholder shall be given by
first class mail, postage prepaid, at the address of record of such Holder.
Any notice to a Certificateholder so mailed within the time prescribed in this
Agreement shall be conclusively presumed to have been duly given, whether or
not the Certificateholder shall receive such notice.

     Section 15.6 Severability of Provisions. If any one or more of the
covenants, agreements, provisions, or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions,
or terms shall be deemed severable from the remaining covenants, agreements,
provisions, or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement or of the
Certificates or the rights of the Holders thereof.

     Section 15.7 Assignment. Notwithstanding anything to the contrary
contained herein, except as provided in Sections 10.3 and 11.3, neither the
Depositor nor the Servicer may transfer or assign all, or a portion of, its
rights, obligations and duties under this Agreement unless such transfer or
assignment (i) (A) will not result in a reduction or withdrawal by Standard &
Poor's or Moody's of its rating then assigned to the Certificates and (B) the
Trustee has consented to such transfer or assignment, which consent shall not
be unreasonably withheld or (ii) the Trustee and Holders of Certificates
evidencing not less than 51% of the Pool Balance consent thereto. Any transfer
or assignment with respect to the Servicer of all of its rights, obligations
and duties will not become effective until a successor Service has assumed the

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Servicer's rights, duties and obligations under this Agreement. In the event
of a transfer or assignment pursuant to clause (ii) above, the Rating Agencies
shall be provided with notice of such transfer or assignment.

     Section 15.8 Certificates Nonassessable and Fully Paid. The interests
represented by the Certificates shall be nonassessable for any losses or
expenses of the Trust or for any reason whatsoever, and, upon authentication
thereof by the Trustee pursuant to Section 9.2, each Certificate shall be
deemed fully paid.

     Section 15.9 Third-Party Beneficiaries. This Agreement will inure to the
benefit of and be binding upon the parties hereto, the Certificateholders and
their respective successors and permitted assigns. Except as otherwise
provided in this Agreement, no other person will have any right or obligation
hereunder.

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     IN WITNESS WHEREOF, the parties have caused this Pooling and Servicing
Agreement to be duly executed by their respective officers as of the day and
year first above written.

                                    USAA ACCEPTANCE, LLC,
                                    as Depositor

                                    By:
                                       ---------------------------------------
                                       Name:        _______________
                                       Title:       _______________

                                    USAA FEDERAL SAVINGS BANK,
                                    as Seller and Servicer

                                    By:
                                       ---------------------------------------
                                       Name:        _______________
                                       Title:       _______________

                                    -----------------,
                                    as Trustee

                                    By:
                                       ---------------------------------------
                                       Name:
                                       Title:

<PAGE>

                                                                    SCHEDULE A

Schedule A shall be the computer data disk or printout relating to the
Receivables delivered by the Depositor to the Trustee on the Closing Date.

                                   Sch-A-1
<PAGE>

                                                                    SCHEDULE B

                         Location of Receivable Files
                         ----------------------------

USAA Federal Savings Bank
10750 McDermott Freeway
San Antonio, TX  78288

                                   Sch-B-1
<PAGE>

                                                                     EXHIBIT A

                          FORM OF CLASS A CERTIFICATE

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), 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.]

                      USAA AUTO LOAN GRANTOR TRUST ______

            ___% ASSET BACKED CERTIFICATE, CLASS A

           evidencing a fractional undivided interest in the Trust, as defined
           below, the property of which includes a pool of motor vehicle
           installment loans, secured by new and used automobiles and
           light-duty trucks financed thereby and sold to the Trustee, as
           defined below, on behalf of the Trust by USAA Acceptance, LLC.

           (This Certificate is not a deposit account, does not represent an
           interest in or obligation of USAA Acceptance, LLC, USAA Federal
           Savings Bank or any of its affiliates and is not insured or
           guaranteed by the Federal Deposit Insurance Corporation or any
           other person or governmental authority.)

NUMBER                                                            CUSIP ______
R- [   ]

                                                                $[           ]

Final Payment Date:
---------------, ----

     THIS CERTIFIES THAT __________. is the registered owner of a
nonassessable, fully paid, fractional undivided interest, in the amount set
forth above, in the USAA Auto Loan Grantor Trust ______ (the "Trust") formed
by USAA Acceptance, LLC, a limited liability company (the "Depositor"). The
Trust was created pursuant to a Pooling and Servicing Agreement dated as of
___________ __, ______ (the "Agreement") among the Depositor, the USAA Federal
Savings Bank, a federally chartered savings association (the "Seller"), acting
as Seller and Servicer, and _________________, as trustee (the trustee and any
successor in interest

                                    Ex A-1
<PAGE>

under the Agreement, the "Trustee"), a summary of certain of the pertinent
provisions of which is set forth below. This Class A Certificate is one of the
duly authorized Certificates designated as "_____% Asset Backed Certificates,
Class A" (herein called the "Class A Certificates" or the "Certificates").
This Class A Certificate is issued under and is subject to the terms,
provisions, and conditions of the Agreement, to which Agreement the Holder of
this Class A Certificate by virtue of its acceptance hereof assents and by
which such Holder is bound. The property of the Trust includes a pool of motor
vehicle installment loans (the "Receivables") for the purchase of new and used
automobiles and light-duty trucks financed thereby, all monies due thereunder
on or after the Cut-off Date, security interests in the vehicles securing the
Receivables (the "Financed Vehicles"); such amounts as from time to time may
be held in the Collection Account established and maintained by the Servicer
in the name of the Trustee; benefits under the Reserve Account (described
below); an assignment of the rights of the Depositor to receive proceeds from
any claims on comprehensive and collision, credit life and credit disability
insurance policies covering the Financed Vehicles or the Obligors, as the case
may be, to the extent that such insurance policies relate to the Receivables;
and the rights with respect to any Financed Vehicle that has been repossessed
by the Servicer, on behalf of the Trustee.

     Under the Agreement, there will be distributed on the ___th day of each
month or, if such __th day is not a Business Day, the next succeeding Business
Day (a "Payment Date"), commencing on ____________ __, ______, to the Person
in whose name this Class A Certificate is registered at the close of business
on the Record Date, such Certificateholder's fractional undivided interest in
the aggregate amounts allocable to interest and principal that are
distributable to the Class A Certificateholders on such Payment Date, all as
more fully described in the Agreement.

     Distributions on this Class A Certificate will be made by the Paying
Agent by check mailed to the Certificateholder of record in the Certificate
Register without the presentation or surrender of this Certificate or the
making of any notation hereon, except that if directed by the Depositor in the
case of Certificates registered in the name of a Clearing Agency,
distributions will be made in the form of immediately available funds. Except
as otherwise provided in the Agreement and notwithstanding the above, the
final distribution on this Class A Certificate will be made after due notice
by the Trustee of the pendency of such distribution and only upon presentation
and surrender of this Class A Certificate at the office or agency maintained
for that purpose by the Transfer Agent and Certificate Registrar in New York,
New York.

     Reference is hereby made to the further provisions of this Class A
Certificate set forth below, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     All capitalized terms used herein and not otherwise defined shall have
the meaning assigned thereto in the Agreement.

     Unless the authentication hereon shall have been executed by an
authorized officer of the Trustee or an authenticating agent acting on behalf
of the Trustee, by manual signature, this Class A Certificate shall not
entitle the holder hereof to any benefit under the Agreement or be valid for
any purpose.

                                    Ex A-2
<PAGE>

     IN WITNESS WHEREOF, the Trustee, on behalf of the Trust, and not in its
individual capacity, has caused this Class A Certificate to be duly executed.

                                    USAA AUTO GRANTOR TRUST ______

                                    _________________, as Trustee

                                    By:
                                       ---------------------------------------
                                                Authorized Signatory

Dated:  __________ __, ______

     This is one of the Class A Certificates referred to in the
within-mentioned Agreement.

                                    -----------------,
                                        as Trustee

                                    By:
                                       ---------------------------------------
                                                Authorized Signatory

                                    EX A-3
<PAGE>

                      USAA AUTO LOAN GRANTOR TRUST ______

                ____% ASSET BACKED CERTIFICATES

     The Class A Certificates do not represent an obligation of, or an
interest in, the Depositor, the Seller, the Servicer, the Trustee or any
affiliate of any of them. The Certificates are limited in right of payment to
certain collections and recoveries in respect of the Receivables, all as more
specifically set forth in the Agreement. The Trust will have the benefit of a
Reserve Account. On the Business Day preceding each Payment Date (the "Deposit
Date"), the Trustee, or the Servicer on behalf of the Trustee, shall make a
withdrawal from the Reserve Account in the amount required by the Agreement,
but in no event in an amount greater than the Available Reserve Amount with
respect to such Payment Date.

     The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Seller, the Servicer and
the Trustee with the consent of the Holders of Certificates evidencing not
less than 51% of the Pool Balance. Any such consent by the Holder of this
Class A Certificate shall be conclusive and binding on such Holder and on all
future Holders of this Class A Certificate and of any Certificate issued upon
registration of transfer hereof or in exchange herefor or in lieu hereof
whether or not notation of such consent is made upon this Class A Certificate.
The Agreement also permits the amendment thereof, in certain limited
circumstances and with certain exceptions provided therein, without prior
notice to or the consent of the Holders of any of the Class A Certificates. A
copy of the Agreement may be examined during normal business hours at the
Corporate Trust Office of the Trustee, and at such other places, if any,
designated by the Trustee, by any Certificateholder upon request.

     As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Class A Certificate is registrable in the
Certificate Register upon surrender of this Class A Certificate for
registration of transfer at the office or agency maintained by the Transfer
Agent and Certificate Registrar, in New York, New York, accompanied by a
written instrument of transfer in form satisfactory to the Trustee and the
Transfer Agent and Certificate Registrar duly executed by the Holder hereof,
which signature to such assignment has been guaranteed by a member of the New
York Stock Exchange or a commercial bank or trust company, and thereupon one
or more new Class A Certificates of authorized denominations evidencing the
same aggregate interest in the Trust will be issued to the designated
transferee.

     The Class A Certificates are issuable only as registered Certificates
without coupons in denominations of $1,000 and integral multiples thereof. As
provided in the Agreement and subject to certain limitations therein set
forth, Class A Certificates are exchangeable for new Certificates of
authorized denominations evidencing the same aggregate denomination, as
requested by the Holder surrendering the same. No service charge will be made
for any such registration of transfer or exchange, but the Transfer Agent and
Certificate Registrar may require payment of a sum sufficient to cover any tax
or governmental charge payable in connection therewith.

                                    Ex A-4
<PAGE>

     In the event that the Holder of this Class A Certificate does not
surrender this Class A Certificate for cancellation within six months after
the date specified in the notice regarding the pendency of the final
distribution described herein, the Trustee shall give a second notice with
respect thereto. If within one year after such second notice this Class A
Certificate shall not have been surrendered for cancellation, the Trustee may
take appropriate steps to contact the Holder hereof. As provided in the
Agreement, any funds remaining in the Trust after exhaustion of such steps
shall be distributed to the Depositor, such distribution to occur not later
than three years from the date of the final Payment Date.

     The Trustee, the Paying Agent and the Transfer Agent and Certificate
Registrar may treat the Person in whose name this Class A Certificate is
registered as the owner hereof for all purposes, and none of the Trustee, the
Paying Agent or the Transfer Agent and Certificate Registrar shall be affected
by any notice to the contrary.

     The obligations and responsibilities created by the Agreement and the
Trust created thereby with respect to the Certificateholders shall terminate
upon the payment to Certificateholders of all amounts required to be paid to
them pursuant to the Agreement on the Payment Date next succeeding the month
which is six months after the maturity or liquidation of the last Receivable
and the disposition of all property held as part of the Trust. The Servicer
may, at its option, purchase the corpus of the Trust at a price specified in
the Agreement, and such purchase of the Receivables and other property of the
Trust will effect early retirement of the Class A Certificates; provided,
however, that such right of purchase is exercisable only as of the last day of
a month immediately preceding any Payment Date as of which the Pool Balance is
equal to or less than [ ]% of the Original Pool Balance.

                                    Ex A-5
<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
                                                                      --------

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

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

------------------------------------------------------------------------------
                 (Please print or typewrite name and address,
                   including postal zip code, of assignee)

the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing ______________________________ Attorney to
transfer said Certificate on the books of the Transfer Agent and Certificate
Registrar, with full power of substitution in the premises.

Dated:
                                                                             *
                                    -----------------------------------------

                                    Signature Guaranteed:

                                                                             *
                                    -----------------------------------------

*NOTICE:  The signature to this assignment must correspond with the name
          as it appears upon the face of the within Certificate in every
          particular, without alteration, enlargement or any change whatever.
          Such signature must be guaranteed by a member of the New York Stock
          Exchange or a commercial bank or trust company.

                                    EX A-6
<PAGE>

                                                                     EXHIBIT B

                          FORM OF CLASS B CERTIFICATE

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), 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.]

                      USAA AUTO LOAN GRANTOR TRUST ______

            ___% ASSET BACKED CERTIFICATE, CLASS B

           evidencing a fractional undivided interest in the Trust, as defined
           below, the property of which includes a pool of simple interest
           motor vehicle installment loans, secured by new and used
           automobiles and light-duty trucks financed thereby and sold to the
           Trustee, as defined below, on behalf of the Trust by USAA
           Acceptance, LLC.

           (This Certificate is not a deposit account, does not represent an
           interest in or obligation of USAA Acceptance, LLC or any of its
           respective affiliates and is not insured or guaranteed by the
           Federal Deposit Insurance Corporation or any other person or
           governmental authority.)

NUMBER                                                           CUSIP _______
R-[     ]

                                                                $[           ]

Final Payment Date:
_____________ __, 20__

     THIS CERTIFIES THAT __________ is the registered owner of a
nonassessable, fully paid, fractional undivided interest, in the amount set
forth above, in the USAA Auto Loan Grantor Trust ______ (the "Trust") formed
by USAA Acceptance, LLC, a limited liability company (the "Depositor"). The
Trust was created pursuant to a Pooling and Servicing Agreement dated as of __
__, ______ (the "Agreement") among the Depositor, USAA Federal Savings Bank, a
federally chartered savings association (the "Seller"), acting as Depositor
and Servicer, and _________________, as trustee (the trustee and any successor
in interest under the Agreement, the "Trustee"), a summary of certain of the
pertinent provisions of which is set forth

                                    Ex B-1
<PAGE>

below. This Class B Certificate is one of the duly authorized Certificates
designated as "___% Asset Backed Certificates, Class B" (herein called the
"Class B Certificates" or the "Certificates"). This Class B Certificate is
issued under and is subject to the terms, provisions, and conditions of the
Agreement, to which Agreement the Holder of this Class B Certificate by virtue
of its acceptance hereof assents and by which such Holder is bound. The
property of the Trust includes a pool of motor vehicle installment loans (the
"Receivables") for the purchase of new and used automobiles and light-duty
trucks financed thereby, all monies due thereunder on or after the Cut-off
Date, security interests in the vehicles securing the Receivables (the
"Financed Vehicles"); such amounts as from time to time may be held in the
Collection Account established and maintained by the Servicer in the name of
the Trustee; benefits under the Reserve Account (described below); an
assignment of the rights of the Depositor to receive proceeds from any claims
on comprehensive and collision, credit life and credit disability insurance
policies covering the Financed Vehicles or the Obligors, as the case may be,
to the extent that such insurance policies relate to the Receivables; and the
rights with respect to any Financed Vehicle that has been repossessed by the
Servicer, on behalf of the Trustee.

     Under the Agreement, there will be distributed on the ___th day of each
month or, if such ___th day is not a Business Day, the next succeeding
Business Day (each, a "Payment Date"), commencing on ____________ __, ______,
to the Person in whose name this Class B Certificate is registered at the
close of business on the Record Date, such Certificateholder's fractional
undivided interest in the aggregate amounts allocable to interest principal
that are distributable to the Class B Certificateholders on such Payment Date,
all as more fully described in the Agreement.

     Distributions on this Class B Certificate will be made by the Paying
Agent by check mailed to the Certificateholder of record in the Certificate
Register without the presentation or surrender of this Class B Certificate or
the making of any notation hereon, except that if directed by the Depositor in
the case of Certificates registered in the name of a Clearing Agency,
distributions will be made in the form of immediately available funds. Except
as otherwise provided in the Agreement and notwithstanding the above, the
final distribution on this Class B Certificate will be made after due notice
by the Trustee of the pendency of such distribution and only upon presentation
and surrender of this Class B Certificate at the office or agency maintained
for that purpose by the Transfer Agent and Certificate Registrar in New York,
New York.

     Reference is hereby made to the further provisions of this Class B
Certificate set forth below, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     All capitalized terms used herein and not otherwise defined shall have
the meaning assigned thereto in the Agreement.

Unless the authentication hereon shall have been executed by an authorized
officer of the Trustee or an authenticating agent acting on behalf of the
Trustee, by manual signature, this Class B Certificate shall not entitle the
holder hereof to any benefit under the Agreement or be valid for any purpose.

                                    Ex B-2
<PAGE>

     IN WITNESS WHEREOF, the Trustee, on behalf of the Trust, and not in its
individual capacity, has caused this Class B Certificate to be duly executed.

                                    USAA AUTO GRANTOR TRUST ______

                                    -----------------,
                                       as Trustee

                                    By:
                                       ---------------------------------------

Dated:  __ __, ______

     This is one of the Class B Certificates referred to in the
within-mentioned Agreement.

                                    -----------------,
                                       as Trustee

                                    By:
                                       ---------------------------------------
                                       Authorized Signatory

                                    Ex B-3
<PAGE>

                      USAA AUTO LOAN GRANTOR TRUST ______

                ___% ASSET BACKED CERTIFICATES

     The Class B Certificates do not represent an obligation of, or an
interest in, the Depositor, the Seller, the Servicer, the Trustee or any
affiliate of any of them. The Certificates are limited in right of payment to
certain collections and recoveries in respect of the Receivables, all as more
specifically set forth in the Agreement. The Trust will have the benefit of a
Reserve Account. On the Business Day preceding each Payment Date (the "Deposit
Date"), the Trustee, or the Servicer on behalf of the Trustee, shall make a
withdrawal from the Reserve Account in the amount required by the Agreement,
but in no event in an amount greater than the Available Reserve Amount with
respect to such Payment Date.

     The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights of the Certificateholders
under the Agreement at any time by the Depositor, the Seller, the Servicer and
the Trustee with the consent of the Holders of Certificates evidencing not
less than 51% of the Pool Balance. Any such consent by the Holder of this
Class B Certificate shall be conclusive and binding on such Holder and on all
future Holders of this Class B Certificate and of any Certificate issued upon
registration of transfer hereof or in exchange herefor or in lieu hereof
whether or not notation of such consent is made upon this Class B Certificate.
The Agreement also permits the amendment thereof, in certain limited
circumstances and with certain exceptions provided therein, without prior
notice to or the consent of the Holders of any of the Class B Certificates. A
copy of the Agreement may be examined during normal business hours at the
Corporate Trust Office of the Trustee, and at such other places, if any,
designated by the Trustee, by any Certificateholder upon request.

     As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Class B Certificate is registrable in the
Certificate Register upon surrender of this Class B Certificate for
registration of transfer at the office or agency maintained by the Transfer
Agent and Certificate Registrar, in New York, New York, accompanied by a
written instrument of transfer in form satisfactory to the Trustee and the
Transfer Agent and Certificate Registrar duly executed by the Holder hereof,
which signature to such assignment has been guaranteed by a member of the New
York Stock Exchange or a commercial bank or trust company, and thereupon one
or more new Class B Certificates of authorized denominations evidencing the
same aggregate interest in the Trust will be issued to the designated
transferee.

     The Class B Certificates are issuable only as registered Certificates
without coupons in denominations of $1,000 and integral multiples thereof
(except for a single Certificate in a smaller minimum denomination
representing any residual portion of the Pool Balance on the Cut-off Date). As
provided in the Agreement and subject to certain limitations therein set
forth, Class B Certificates are exchangeable for new Certificates of
authorized denominations evidencing the same aggregate denomination, as
requested by the Holder surrendering the same. No service charge will be made
for any such registration of transfer or exchange, but the Transfer Agent and
Certificate Registrar may require payment of a sum sufficient to cover any tax
or governmental charge payable in connection therewith.

                                    Ex B-4
<PAGE>

     In the event that the Holder of this Class B Certificate does not
surrender this Class B Certificate for cancellation within six months after
the date specified in the notice regarding the pendency of the final
distribution described herein, the Trustee shall give a second notice with
respect thereto. If within one year after such second notice this Class B
Certificate shall not have been surrendered for cancellation, the Trustee may
take appropriate steps to contact the Holder hereof. As provided in the
Agreement, any funds remaining in the Trust after exhaustion of such steps
shall be distributed to the Depositor, such distribution to occur not later
than three years from the date of the final Payment Date.

     The Trustee, the Paying Agent and the Transfer Agent and Certificate
Registrar may treat the Person in whose name this Class B Certificate is
registered as the owner hereof for all purposes, and none of the Trustee, the
Paying Agent or the Transfer Agent and Certificate Registrar shall be affected
by any notice to the contrary.

     The obligations and responsibilities created by the Agreement and the
Trust created thereby with respect to the Certificateholders shall terminate
upon the payment to Certificateholders of all amounts required to be paid to
them pursuant to the Agreement on the Payment Date next succeeding the month
which is six months after the maturity or liquidation of the last Receivable
and the disposition of all property held as part of the Trust. The Servicer
may, at its option, purchase the corpus of the Trust at a price specified in
the Agreement, and such purchase of the Receivables and other property of the
Trust will effect early retirement of the Class B Certificates; provided,
however, that such right of purchase is exercisable only as of the last day of
a month immediately preceding any Payment Date as of which the Pool Balance is
equal to or less than [ ]% of the Original Pool Balance.

                                    Ex B-5
<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
                                                                      --------

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

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

------------------------------------------------------------------------------
                 (Please print or typewrite name and address,
                   including postal zip code, of assignee)

the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing ____________________________ Attorney to transfer
said Certificate on the books of the Transfer Agent and Certificate Registrar,
with full power of substitution in the premises.

Dated:

                                                                             *
                                    -----------------------------------------

                                    Signature Guaranteed:

                                                                             *
                                    -----------------------------------------

*NOTICE:   The signature to this assignment must correspond with the name as
           it appears upon the face of the within Certificate in every
           particular, without alteration, enlargement or any change whatever.
           Such signature must be guaranteed by a member of the New York Stock
           Exchange or a commercial bank or trust company.

                                    Ex B-6
<PAGE>

                                                                   EXHIBIT C-1

                             Trustee's Certificate
                           pursuant to Section 13.3
                    of the Pooling and Servicing Agreement

     _____________________________________________(the "Trustee") of the USAA
Auto Grantor Trust ______ created pursuant to the Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement"), dated as of ___________ __,
______, among USAA Acceptance, LLC (the "Depositor"), USAA Federal Savings
Bank, as Seller (the "Seller") and Servicer, and the Trustee, does hereby
sell, transfer, assign, and otherwise convey to the Depositor, without
recourse, representation, or warranty, all of the Trustee's right, title, and
interest in and to all of the Receivables (as defined in the Pooling and
Servicing Agreement) identified in the attached Servicer's Certificate as
"Repurchased Receivables," which are to be repurchased by the Depositor
pursuant to Section 5.2 of the Pooling and Servicing Agreement and all
security and documents relating thereto.

     IN WITNESS WHEREOF I have hereunto set my hand this _____ day of
__________, 20__.

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

                                   Ex C-1-1
<PAGE>

                                                                   EXHIBIT C-2

                             Trustee's Certificate
                           pursuant to Section 13.3
                    of the Pooling and Servicing Agreement

     _____________________________________ (the "Trustee") of the USAA Federal
Savings Grantor Trust ______ created pursuant to the Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement"), dated as of __________ __,
______ among USAA Acceptance, LLC (the "Depositor"), USAA Federal Savings
Bank, as Seller and Servicer (the "Servicer"), and the Trustee, does hereby
sell, transfer, assign, and otherwise convey to the Servicer, without
recourse, representation, or warranty, all of the Trustee's right, title, and
interest in and to all of the Receivables (as defined in the Pooling and
Servicing Agreement) identified in the attached Servicer's Certificate as
"Repurchased Receivables," which are to be purchased by the Servicer pursuant
to Section 6.6 or 14.2 of the Pooling and Servicing Agreement, and all
security and documents relating thereto.

     IN WITNESS WHEREOF I have hereunto set my hand this day ___ of
____________, 20__.

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

                                   Ex C-2-1
<PAGE>

                                                                     EXHIBIT D

                      USAA Auto Loan Grantor Trust ______
            ___% Asset Backed Certificates, Class A
           ____% Asset Backed Certificates, Class B

                               SERVICER'S REPORT

                                    Ex D-1
<PAGE>

                                                                     EXHIBIT E

                       FORM OF CERTIFICATEHOLDER REPORT

                      USAA Auto Loan Grantor Trust ______
            ___% Asset Backed Certificates, Class A
            ___% Asset Backed Certificates, Class B

On ________, ____, interest earned and principal paid on the underlying assets
for the month of ____________, ____ were paid to you in connection with the
above referenced issue. The following information is being provided pursuant
to Section 7.8 of the Pooling and Servicing Agreement, dated as of __ __,
______. This payment per $1000 of original issuance of your holdings is
allocated as follows:

1)         Principal                                          ________

2)         Interest                                           ________

           Total per each individual certificate              ________

3)         Yield Supplement Amount                            ________

4)         Fees and compensation paid to Servicer             ________

                  (a)  Total                                  ________

                  (b)  Per individual certificate             ________

5)         The amount deposited into the

                  Reserve Account                             ________

6)         Aggregate Unreimbursed Advances in
           prior month                                  ________

                  Change From prior month               ________

                  This month                                  ________

7)            (a)  Pool Balance before this payment           ________

              (b)  Pool Factor before this payment            ________

              (c)  Pool Factor after this payment             ________

8)            (a)  Available Reserve Amount             ________

                                    Ex E-1
<PAGE>

              (b)         % of Pool Balance                   ________

9)            Specified Reserve Account Balance               ________

10)           Aggregate Realized Losses in prior month        ________

                                    Ex E-2
<PAGE>

                                                                     EXHIBIT F

                      FORM OF YIELD SUPPLEMENT AGREEMENT

USAA Auto Grantor Trust ______
c/o _________________, as Trustee
and as Collateral Agent

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

                                                               -------, ------

Ladies and Gentlemen:

     For good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, we (the "Depositor") hereby confirm arrangements made
as of the date hereof with you (the "Trust") to be effective upon receipt by
the Depositor of the enclosed copy of this letter agreement (as amended,
supplemented or otherwise modified and in effect from time to time, the "Yield
Supplement Agreement").

     1. On or prior to the Determination Date preceding each Payment Date, the
Servicer shall notify the Trust and the Depositor of the Yield Supplement
Amount for such Payment Date.

     2. The Depositor agrees to establish a Yield Supplement Account pursuant
to Article VIII of the Pooling and Servicing Agreement, dated as of _____,
______ (as amended, supplemented or otherwise modified and in effect from time
to time, the "Pooling and Servicing Agreement") by and among the Depositor, in
its individual capacity and as a Servicer thereunder (the "Servicer") and
_________________, as trustee thereunder (the "Trustee"), and the Depositor
hereby agrees, to make a payment of the Yield Supplement Amount to the Trustee
on behalf of the Trust, or to any assignee of the Trustee on behalf of the
Trust referred to in Section 8.1 hereof, prior to 11:00 A.M. on each Payment
Date. If and to the extent that such amounts shall not have been paid by the
Depositor in full at or prior to 11:00 A.M. (New York time), then, in such
event, pursuant to Section 8.2(g) of the Pooling and Servicing Agreement, the
Trustee shall instruct the Collateral Agent to withdraw the amount of any such
insufficiency from the Yield Supplement Account and deposit such funds to the
Collection Account.

     3. All payments pursuant hereto shall be made by federal wire transfer
(same day) funds or in immediately available funds, to such account as the
Trustee on behalf of the Trust, may designate in writing to the Depositor
prior to the relevant Payment Date.

     4. Our agreements set forth in this Yield Supplement Agreement are our
primary obligations and such obligations are irrevocable, absolute and
unconditional, shall not be subject to any counterclaim, setoff or defense
(other than full and strict compliance by us with our obligations hereunder)
and shall remain in full force and effect without regard to, and shall not be
released, discharged or in any way affected by, any circumstances or condition
whatsoever.

                                    Ex F-1
<PAGE>

     5. This Yield Supplement Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York.

     6. Except as otherwise provided herein, all demands, notices and
communications under this Yield Supplement Agreement shall be in writing,
personally delivered, sent by telecopier, sent by courier or mailed by
certified mail, return receipt requested, and shall be deemed to have been
duly given upon receipt by the Purchaser or the Depositor. All notices shall
be directed as set forth below, or to such other address or to the attention
of such other person as the relevant party shall have designated for such
purpose in a written notice.

                                    The Trust:

                                    USAA Auto Grantor Trust ______
                                    c/o _________________,
                                    as Trustee

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

                                    ----------------------------------------
                                    Attention:  Corporate Trust Department
                                    Telecopy:   (  )

                                    The Depositor:

                                    USAA Acceptance, LLC
                                    10750 McDermott Freeway
                                                           -----------------
                                    San Antonio, TX 78288
                                                          ------------------
                                    Attention:
                                    Telecopy:  (  )

     7. This Yield Supplement Agreement may be executed in one or more
counterparts and by the different parties hereto on separate counterparts, all
of which shall be deemed to be one and the same document.

     8. Capitalized terms used herein but not otherwise defined shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

               [REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]

                                    Ex F-2
<PAGE>

     If the foregoing satisfactorily sets forth the terms and conditions of
our agreement, please indicate your acceptance thereof by signing in the space
provided below and returning to us the enclosed duplicate original of this
letter.

                      Very truly yours,

                                    USAA ACCEPTANCE, LLC

                                    By:
                                       ---------------------------------
                                       Name:
                                       Title:

Agreed and accepted as of
the date first above written:

_________________, as
Trustee and as Collateral Agent

By: ------------------------------
    Authorized Signatory

                                    Ex F-3Exhibit 4.2

==============================================================================

                               FORM OF INDENTURE

                                    between

                        USAA AUTO OWNER TRUST 200_-[ ]
                                   as Issuer

                                      and

                             ---------------------
                             as Indenture Trustee

                         Dated as of ___________, 200_

==============================================================================

<PAGE>

<TABLE>
<CAPTION>

                                                    Table of Contents
                                                                                                                        Page
                                                                                                                        ----

                                                         ARTICLE I
                                     DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE

<S>             <C>
SECTION 1.1.    Definitions and Usage......................................................................................2
SECTION 1.2.    Incorporation by Reference of Trust Indenture Act..........................................................2

                                                         ARTICLE II
                                                         THE NOTES

SECTION 2.1.    Form.......................................................................................................2
SECTION 2.2.    Execution, Authentication and Delivery.....................................................................3
SECTION 2.3.    Temporary Notes............................................................................................3
SECTION 2.4.    Tax Treatment..............................................................................................4
SECTION 2.5.    Registration; Registration of Transfer and Exchange........................................................4
SECTION 2.6.    Mutilated, Destroyed, Lost or Stolen Notes.................................................................5
SECTION 2.7.    Persons Deemed Owners......................................................................................6
SECTION 2.8.    Payment of Principal and Interest; Defaulted Interest......................................................6
SECTION 2.9.    Cancellation...............................................................................................7
SECTION 2.10.   Release of Collateral......................................................................................7
SECTION 2.11.   Book-Entry Notes...........................................................................................7
SECTION 2.12.   Notices to Clearing Agency.................................................................................8
SECTION 2.13.   Definitive Notes...........................................................................................8
SECTION 2.14.   Authenticating Agents......................................................................................9

                                                        ARTICLE III
                                                         COVENANTS

SECTION 3.1.    Payment of Principal and Interest.........................................................................10
SECTION 3.2.    Maintenance of Office or Agency...........................................................................10
SECTION 3.3.    Money for Payments To Be Held in Trust....................................................................10
SECTION 3.4.    Existence.................................................................................................12
SECTION 3.5.    Protection of Indenture Trust Estate......................................................................12
SECTION 3.6.    Opinions as to Indenture Trust Estate.....................................................................13
SECTION 3.7.    Performance of Obligations; Servicing of Receivables......................................................14
SECTION 3.8.    Negative Covenants........................................................................................16
SECTION 3.9.    Annual Statement as to Compliance.........................................................................16
SECTION 3.10.   Issuer May Consolidate, etc., Only on Certain Terms.......................................................16
SECTION 3.11.   Successor or Transferee...................................................................................18
SECTION 3.12.   No Other Business.........................................................................................18
SECTION 3.13.   No Borrowing..............................................................................................18
SECTION 3.14.   Servicer's Obligations....................................................................................18
SECTION 3.15.   Guarantees, Loans, Advances and Other Liabilities.........................................................19
SECTION 3.16.   Capital Expenditures......................................................................................19

                                                                i
<PAGE>

SECTION 3.17.   Further Instruments and Acts..............................................................................19
SECTION 3.18.   Restricted Payments.......................................................................................19
SECTION 3.19.   Notice of Events of Default...............................................................................19
SECTION 3.20.   Removal of Administrator..................................................................................19

                                                         ARTICLE IV
                                                 SATISFACTION AND DISCHARGE

SECTION 4.1.    Satisfaction and Discharge of Indenture...................................................................19
SECTION 4.2.    Application of Trust Money................................................................................21
SECTION 4.3.    Repayment of Monies Held by Note Paying Agent.............................................................21

                                                         ARTICLE V
                                                          REMEDIES

SECTION 5.1.    Events of Default.........................................................................................21
SECTION 5.2.    Acceleration of Maturity; Rescission and Annulment........................................................22
SECTION 5.3.    Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.................................23
SECTION 5.4.    Remedies; Priorities......................................................................................25
SECTION 5.5.    Optional Preservation of the Receivables..................................................................27
SECTION 5.6.    Limitation of Suits.......................................................................................28
SECTION 5.7.    Unconditional Rights of Noteholders To Receive Principal and Interest.....................................29
SECTION 5.8.    Restoration of Rights and Remedies........................................................................29
SECTION 5.9.    Rights and Remedies Cumulative............................................................................29
SECTION 5.10.   Delay or Omission Not a Waiver............................................................................29
SECTION 5.11.   Control by Noteholders....................................................................................29
SECTION 5.12.   Waiver of Past Defaults...................................................................................30
SECTION 5.13.   Undertaking for Costs.....................................................................................30
SECTION 5.14.   Waiver of Stay or Extension Laws..........................................................................31
SECTION 5.15.   Action on Notes...........................................................................................31
SECTION 5.16.   Performance and Enforcement of Certain Obligations........................................................31

                                                         ARTICLE VI
                                                   THE INDENTURE TRUSTEE

SECTION 6.1.    Duties of Indenture Trustee...............................................................................32
SECTION 6.2.    Rights of Indenture Trustee...............................................................................33
SECTION 6.3.    Individual Rights of Indenture Trustee....................................................................34
SECTION 6.4.    Indenture Trustee's Disclaimer............................................................................34
SECTION 6.5.    Notice of Defaults; Insolvency or Dissolution of Depositor or the Seller..................................34
SECTION 6.6.    Reports by Indenture Trustee to Noteholders...............................................................35
SECTION 6.7.    Compensation and Indemnity................................................................................35
SECTION 6.8.    Replacement of Indenture Trustee..........................................................................35
SECTION 6.9.    Successor Indenture Trustee by Merger.....................................................................36
SECTION 6.10.   Appointment of Co-Indenture Trustee or Separate Indenture Trustee.........................................37

                                                                ii
<PAGE>

SECTION 6.11.   Eligibility; Disqualification.............................................................................38

                                                        ARTICLE VII
                                               NOTEHOLDERS' LISTS AND REPORTS

SECTION 7.1.    Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders....................................38
SECTION 7.2.    Preservation of Information; Communications to Noteholders................................................38
SECTION 7.3.    Reports by Issuer.........................................................................................39
SECTION 7.4.    Reports by Indenture Trustee..............................................................................39

                                                        ARTICLE VIII
                                            ACCOUNTS, DISBURSEMENTS AND RELEASES

SECTION 8.1.    Collection of Money.......................................................................................40
SECTION 8.2.    Trust Accounts............................................................................................40
SECTION 8.3.    General Provisions Regarding Accounts.....................................................................43
SECTION 8.4.    Release of Indenture Trust Estate.........................................................................44
SECTION 8.5.    Opinion of Counsel........................................................................................44

                                                         ARTICLE IX
                                                  SUPPLEMENTAL INDENTURES

SECTION 9.1.    Supplemental Indentures Without Consent of Noteholders....................................................45
SECTION 9.2.    Supplemental Indentures with Consent of Noteholders.......................................................46
SECTION 9.3.    Execution of Supplemental Indentures......................................................................48
SECTION 9.4.    Effect of Supplemental Indenture..........................................................................48
SECTION 9.5.    Conformity with Trust Indenture Act.......................................................................48
SECTION 9.6.    Reference in Notes to Supplemental Indentures.............................................................48

                                                         ARTICLE X
                                                         PREPAYMENT

SECTION 10.1.   Prepayment................................................................................................49
SECTION 10.2.   Form of Prepayment Notice.................................................................................49
SECTION 10.3.   Notes Payable on Prepayment Date..........................................................................50

                                                         ARTICLE XI
                                                       MISCELLANEOUS

SECTION 11.1.   Compliance Certificates and Opinions, etc.................................................................50
SECTION 11.2.   Form of Documents Delivered to Indenture Trustee..........................................................51
SECTION 11.3.   Acts of Noteholders.......................................................................................52
SECTION 11.4.   Notices, etc., to Indenture Trustee, Issuer and Rating Agencies...........................................53
SECTION 11.5.   Notices to Noteholders; Waiver............................................................................53
SECTION 11.6.   Alternate Payment and Notice Provisions...................................................................54
SECTION 11.7.   Conflict with Trust Indenture Act.........................................................................54
SECTION 11.8.   Effect of Headings and Table of Contents..................................................................54

                                                               iii
<PAGE>

SECTION 11.9.   Successors and Assigns....................................................................................54
SECTION 11.10.  Separability..............................................................................................54
SECTION 11.11.  Benefits of Indenture.....................................................................................54
SECTION 11.12.  Legal Holidays............................................................................................55
SECTION 11.13.  GOVERNING LAW.............................................................................................55
SECTION 11.14.  Counterparts..............................................................................................55
SECTION 11.15.  Recording of Indenture....................................................................................55
SECTION 11.16.  Trust Obligation..........................................................................................55
SECTION 11.17.  No Petition...............................................................................................55
SECTION 11.18.  Subordination Agreement...................................................................................56
SECTION 11.19.  No Recourse...............................................................................................56
SECTION 11.20.  Inspection................................................................................................56

EXHIBIT A-1     FORM OF CLASS [ ] NOTE.................................................................................A-1-1
EXHIBIT A-2     FORM OF CLASS [ ] NOTE.................................................................................A-2-1
EXHIBIT A-3     FORM OF CLASS [ ] NOTE.................................................................................A-3-1
EXHIBIT A-4     FORM OF CLASS [ ] NOTE.................................................................................A-4-1
SCHEDULE A      Schedule of Receivables.................................................................................SA-1
APPENDIX A      Definitions and Usage...........................................................................Appendix-A-1

                                                                iv
</TABLE>

<PAGE>

     INDENTURE, dated as of ____________, 200_ (as from time to time amended,
supplemented or otherwise modified and in effect, this "Indenture"), between
USAA AUTO OWNER TRUST 200_-[ ], a Delaware statutory trust, as Issuer, and
__________, a __________, as trustee and not in its individual capacity (in
such capacity, the "Indenture Trustee").

     Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the holders of the Issuer's Class [ ] [o]%
Asset Backed Notes (the "Class [ ] Notes"), Class [ ] [o]% Asset Backed Notes
(the "Class [ ] Notes"), Class [ ] [o]% Asset Backed Notes (the "Class [ ]
Notes") and Class [ ] [o]% Asset Backed Notes (the "Class [ ] Notes" and,
together with the Class [ ] Notes, the Class [ ] Notes and the Class [ ]
Notes, the "Notes"):

                                GRANTING CLAUSE

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

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

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

<PAGE>

                                   ARTICLE I

               DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE

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

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

     "indenture securities" shall mean the Notes.

     "indenture security holder" shall mean a Noteholder.

     "indenture to be qualified" shall mean this Indenture.

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

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

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

                                  ARTICLE II

                                   THE NOTES

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

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

                                      2
<PAGE>

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

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

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

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

                                           Initial Aggregate
Class                                      Principal Amount
-----                                      ----------------
Class [ ] Notes                            $ [o]
Class [ ] Notes                            $ [o]
Class [ ] Notes                            $ [o]
Class [ ] Notes                            $ [o]_

     The aggregate principal amount of Class [ ] Notes, Class [ ] Notes, Class
[ ] Notes and Class [ ] Notes Outstanding at any time may not exceed those
respective amounts except as provided in Section 2.6.

     (d) The Class [ ], Class [ ], Class [ ] and Class [ ] Notes shall be
issuable as Book-Entry Notes in minimum denominations of $1,000 and in
integral multiples of $1,000 in excess thereof.

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

     SECTION 2.3. Temporary Notes. (a) Pending the preparation of definitive
Notes, the Issuer may execute, and upon receipt of an Issuer Order the
Indenture Trustee shall authenticate and deliver, temporary Notes that are
printed, lithographed, typewritten, mimeographed or otherwise produced,
substantially of the tenor of the definitive Notes in lieu of which they are
issued and with such variations not inconsistent with the terms of this
Indenture as the officers executing the temporary Notes may determine, as
evidenced by their execution of such temporary Notes.

                                      3
<PAGE>

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

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

     SECTION 2.5. Registration; Registration of Transfer and Exchange. (a) The
Issuer shall cause to be kept a register (the "Note Register") in which,
subject to such reasonable regulations as it may prescribe, the Issuer shall
provide for the registration of Notes and the registration of transfers of
Notes. The Indenture Trustee initially shall be the "Note Registrar" for the
purpose of registering Notes and transfers of Notes as herein provided. Upon
any resignation of any Note Registrar, the Issuer shall promptly appoint a
successor or, if it elects not to make such an appointment, assume the duties
of Note Registrar. If a Person other than the Indenture Trustee is appointed
by the Issuer as Note Registrar, (i) the Issuer shall give the Indenture
Trustee prompt written notice of the appointment of such Note Registrar and of
the location, and any change in the location, of the Note Register, (ii) the
Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof, and (iii) the Indenture Trustee
shall have the right to rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer thereof as to the names and addresses of the
Noteholders and the principal amounts and number of such Notes.

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

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

                                      4
<PAGE>

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

     (e) Every Note presented or surrendered for registration of transfer or
exchange shall be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Noteholder thereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible
guarantor institution" meeting the requirements of the Note Registrar and (ii)
accompanied by such other documents or evidence as the Indenture Trustee may
require.

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

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

     SECTION 2.6. Mutilated, Destroyed, Lost or Stolen Notes. (a) If (i) any
mutilated Note is surrendered to the Indenture Trustee or the Note Registrar,
or the Indenture Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold
the Issuer and the Indenture Trustee harmless, then, in the absence of notice
to the Issuer, the Note Registrar or the Indenture Trustee that such Note has
been acquired by a protected purchaser, as defined in Section 8-303 of the
UCC, and provided that the requirements of Section 8-405 of the UCC are met,
the Issuer shall execute, and upon Issuer Request the Indenture Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note of the same Class;
provided, however, that if any such destroyed, lost or stolen Note, but not a
mutilated Note, shall have become or within seven (7) days shall be due and
payable, or shall have been called for redemption, instead of issuing a
replacement Note, the Issuer may pay such destroyed, lost or stolen Note when
so due or payable or upon the Prepayment Date without surrender thereof. If,
after the delivery of such replacement Note or payment of a destroyed, lost or
stolen Note pursuant to the proviso to the preceding sentence, a protected
purchaser of the original Note in lieu of which such replacement Note was
issued presents for payment such original Note, the Issuer and the Indenture
Trustee shall be entitled to recover such replacement Note (or such payment)
from the Person to whom it was delivered or any Person taking such replacement
Note from such Person to whom such replacement Note was delivered or any
assignee of such Person, except a protected purchaser, and shall be entitled
to recover upon the security or indemnity provided therefor to the extent of
any loss, damage, cost or expense incurred by the Issuer or the Indenture
Trustee in connection therewith.

                                      5
<PAGE>

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

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

     (d) The provisions of this Section 2.6 are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes.

     SECTION 2.7. Persons Deemed Owners. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and
any agent of the Issuer or the Indenture Trustee may treat the Person in whose
name any Note is registered (as of the day of determination) as the owner of
such Note for the purpose of receiving payments of principal of and interest,
if any, on such Note and for all other purposes whatsoever, whether or not
such Note be overdue, and none of the Issuer, the Indenture Trustee or any
agent of the Issuer or the Indenture Trustee shall be affected by notice to
the contrary.

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

     (b) The principal of each Note shall be payable in installments on each
Payment Date as provided in the forms of Notes set forth in Exhibit A-1,
Exhibit A-2, Exhibit A-3 and Exhibit

                                      6
<PAGE>

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

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

     SECTION 2.9. Cancellation. All Notes surrendered for payment,
registration of transfer or exchange shall, if surrendered to any Person other
than the Indenture Trustee, be delivered to the Indenture Trustee and shall be
promptly cancelled by the Indenture Trustee. The Issuer may at any time
deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Issuer may have acquired in
any manner whatsoever, and all Notes so delivered shall be promptly cancelled
by the Indenture Trustee. No Notes shall be authenticated in lieu of or in
exchange for any Notes cancelled as provided in this Section 2.9, except as
expressly permitted by this Indenture. All cancelled Notes may be held or
disposed of by the Indenture Trustee in accordance with its standard retention
or disposal policy as in effect at the time unless the Issuer shall direct by
an Issuer Order that they be destroyed or returned to it and so long as such
Issuer Order is timely and the Notes have not been previously disposed of by
the Indenture Trustee.

     SECTION 2.10. Release of Collateral. Subject to Section 11.1 and the
terms of the Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and Independent
Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an
Opinion of Counsel in lieu of such Independent Certificates to the effect that
the TIA does not require any such Independent Certificates. If the Commission
shall issue an exemptive order under TIA Section 304(d) modifying the Issuer's
obligations under TIA Sections 314(c) and 314(d)(1), subject to Section 11.1
and the terms of the Basic Documents, the Indenture Trustee shall release
property from the lien of this Indenture in accordance with the conditions and
procedures set forth in such exemptive order.

     SECTION 2.11. Book-Entry Notes. The Notes, upon original issuance, shall
be issued in the form of typewritten Notes representing the Book-Entry Notes,
to be delivered to The

                                      7
<PAGE>

Depository Trust Company, the initial Clearing Agency, by, or on behalf of,
the Issuer. The Book-Entry Notes shall be registered initially on the Note
Register in the name of Cede & Co., the nominee of the initial Clearing
Agency, and no Note Owner thereof shall receive a Definitive Note (as defined
below) representing such Note Owner's interest in such Note, except as
provided in Section 2.13. Unless and until definitive, fully registered Notes
(the "Definitive Notes") have been issued to such Note Owners pursuant to
Section 2.13:

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

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

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

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

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

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

     SECTION 2.13. Definitive Notes. With respect to any Class or Classes of
Book-Entry Notes, if (i) the Administrator advises the Indenture Trustee in
writing that the Clearing Agency is no longer willing or able to properly
discharge its responsibilities with respect to such Class of

                                      8
<PAGE>

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

     SECTION 2.14. Authenticating Agents. (a) The Indenture Trustee may
appoint one or more Persons (each, an "Authenticating Agent") with power to
act on its behalf and subject to its direction in the authentication of Notes
in connection with issuance, transfers and exchanges under Sections 2.2, 2.3,
2.5, 2.6 and 9.6, as fully to all intents and purposes as though each such
Authenticating Agent had been expressly authorized by those Sections to
authenticate such Notes. For all purposes of this Indenture, the
authentication of Notes by an Authenticating Agent pursuant to this Section
2.14 shall be deemed to be the authentication of Notes "by the Indenture
Trustee."

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

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

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

                                      9
<PAGE>

                                  ARTICLE III

                                   COVENANTS

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

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

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

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

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

                                      10
<PAGE>

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

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

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

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

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

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

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

                                      11
<PAGE>

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

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

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

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

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

          (iii) enforce any of the Collateral; or

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

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

     (b) The Issuer hereby represents and warrants that, as to the Collateral
pledged to the Indenture Trustee for the benefit of the Noteholders, on the
Closing Date:

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

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

                                      12
<PAGE>

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

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

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

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

          (vii) the Issuer has caused or will have caused, within ten days
     after the Closing Date, the filing of all appropriate financing
     statements in the proper filing office in the appropriate jurisdiction
     under the applicable law in order to perfect the security interest
     Granted hereunder in the Receivables;

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

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

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

     (b) On or before April 30 in each calendar year, beginning on April 30,
200_, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel
either stating that, in the opinion of such counsel, such action has been
taken with respect to the recording, filing, re-recording and refiling of this
Indenture, any indentures supplemental hereto and any other requisite
documents and with respect to the execution and filing of any financing
statements and continuation statements and any other action that may be
required by law as is necessary to maintain the lien and security interest
created by this Indenture and reciting the details of such action or stating
that in the opinion of such counsel no such action is necessary to maintain
such lien and security interest. Such Opinion of Counsel shall also describe
the recording, filing, re-

                                      13
<PAGE>

recording and refiling of this Indenture, any indentures supplemental hereto
and any other requisite documents and the execution and filing of any
financing statements and continuation statements that shall, in the opinion of
such counsel, be required to maintain the lien and security interest of this
Indenture until April 30 in the following calendar year.

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

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

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

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

     (e) As promptly as possible after the giving of notice of termination to
the Servicer of the Servicer's rights and powers pursuant to Section 7.1 of
the Sale and Servicing Agreement or the Servicer's resignation in accordance
with the terms of the Sale and Servicing Agreement, the Issuer shall appoint a
Successor Servicer meeting the requirements of the Sale and Servicing
Agreement, and such Successor Servicer shall accept its appointment by a
written assumption in a form acceptable to the Indenture Trustee. In the event
that a Successor Servicer has not been appointed at the time when the Servicer
ceases to act as Servicer, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer. If the Indenture Trustee
shall be legally unable to act as Successor Servicer, it may appoint, or
petition a court of

                                      14
<PAGE>

competent jurisdiction to appoint, a Successor Servicer. The Indenture Trustee
may resign as the Servicer by giving written notice of such resignation to the
Issuer and in such event shall be released from such duties and obligations,
such release not to be effective until the date a new servicer enters into a
servicing agreement with the Issuer as provided below. Upon delivery of any
such notice to the Issuer, the Issuer shall obtain a new servicer as the
Successor Servicer under the Sale and Servicing Agreement. Any Successor
Servicer (other than the Indenture Trustee or any Affiliate thereof) shall (i)
be an established institution having a net worth of not less than $100,000,000
and whose regular business shall include the servicing of automotive
receivables and whose appointment as Successor Servicer satisfies the Rating
Agency Condition and (ii) enter into a servicing agreement with the Issuer
having substantially the same provisions as the provisions of the Sale and
Servicing Agreement applicable to the Servicer. If, within thirty (30) days
after the delivery of the notice referred to above, the Issuer shall not have
obtained such a new servicer, the Indenture Trustee may appoint, or may
petition a court of competent jurisdiction to appoint, a Successor Servicer.
In connection with any such appointment, the Indenture Trustee may make such
arrangements for the compensation of such successor as it and such successor
shall agree, subject to the limitations set forth below and in the Sale and
Servicing Agreement, and, in accordance with Section 7.2 of the Sale and
Servicing Agreement, the Issuer shall enter into an agreement with such
successor for the servicing of the Receivables (such agreement to be in form
and substance satisfactory to the Indenture Trustee). Notwithstanding anything
herein or in the Sale and Servicing Agreement to the contrary, in no event
shall the Indenture Trustee be liable for any Servicing Fee or for any
differential in the amount of the Servicing Fee paid hereunder and the amount
necessary to induce any Successor Servicer to act as Successor Servicer under
the Basic Documents and the transactions set forth or provided for therein. If
the Indenture Trustee shall succeed to the Servicer's duties as servicer of
the Receivables as provided herein, it shall do so in its individual capacity
and not in its capacity as Indenture Trustee and, accordingly, the provisions
of Article VI hereof shall be inapplicable to the Indenture Trustee in its
duties as the successor to the Servicer and the servicing of the Receivables.
In case the Indenture Trustee shall become successor to the Servicer under the
Sale and Servicing Agreement, the Indenture Trustee shall be entitled to
appoint as Servicer any one of its Affiliates; provided that the Indenture
Trustee, in its capacity as the Servicer, shall be fully liable for the
actions and omissions of such Affiliate in such capacity as Successor
Servicer.

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

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

                                      15
<PAGE>

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

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

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

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

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

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

          (i) a review of the activities of the Issuer during such year and of
     its performance under this Indenture has been made under such Authorized
     Officer's supervision; and

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

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

                                      16
<PAGE>

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

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

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

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

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

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

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

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

                                      17
<PAGE>

     Commission (and any other appropriate Person) required by the Exchange
     Act in connection with the Notes;

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

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

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

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

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

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

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

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

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

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

                                      18
<PAGE>

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

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

     SECTION 3.17. Further Instruments and Acts. Upon request of the Indenture
Trustee, the Issuer shall execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

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

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

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

                                  ARTICLE IV

                          SATISFACTION AND DISCHARGE

     SECTION 4.1. Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of
mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders

                                      19
<PAGE>

to receive payments of principal thereof and interest thereon, (iv) Sections
3.3, 3.4, 3.5, 3.8, 3.10, 3.12 and 3.13, (v) the rights and immunities of the
Indenture Trustee hereunder (including the rights of the Indenture Trustee
under Section 6.7) and the obligations of the Indenture Trustee under Sections
2.7, 3.3 and 4.3, and (vi) the rights of Noteholders as beneficiaries hereof
with respect to the property so deposited with the Indenture Trustee payable
to all or any of them, and the Indenture Trustee, on demand of and at the
expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to the Notes, when:

                    (A) either:

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

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

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

                    (C) the Issuer has delivered to the Indenture Trustee an
               Officer's Certificate, an Opinion of Counsel and (if required
               by the TIA or the Indenture Trustee) an Independent Certificate
               from a firm of certified public accountants, each meeting the
               applicable requirements of Section 11.1(a) and, subject to
               Section 11.2, each stating that all conditions precedent herein
               provided for relating to the satisfaction and discharge of this
               Indenture have been complied with; and

                    (D) the Issuer has delivered to the Indenture Trustee an
               Opinion of Counsel to the effect that the satisfaction and
               discharge of the Notes pursuant to this Section 4.1 will not
               cause any Noteholder to be treated as having sold or exchanged
               any of its Notes for purposes of Section 1001 of the Code.

                                      20
<PAGE>

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

     SECTION 4.2. Application of Trust Money. All monies deposited with the
Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied
by it, in accordance with the provisions of the Notes and this Indenture, to
the payment, either directly or through any Note Paying Agent, as the
Indenture Trustee may determine, to the Noteholders of the particular Notes
for the payment or redemption of which such monies have been deposited with
the Indenture Trustee, of all sums due and to become due thereon for principal
and interest, but such monies need not be segregated from other funds except
to the extent required herein or in the Sale and Servicing Agreement or
required by law.

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

                                   ARTICLE V

                                   REMEDIES

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

          (i) default in the payment of any interest on any Note when the same
     becomes due and payable on a Payment Date, and such default shall
     continue for a period of five (5) days or more; or

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

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

                                      21
<PAGE>

     the Notes, a written notice specifying such default and requiring it to
     be remedied and stating that such notice is a "Notice of Default"
     hereunder; or

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

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

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

     SECTION 5.2. Acceleration of Maturity; Rescission and Annulment. (a) If
an Event of Default should occur and be continuing, then and in every such
case the Indenture Trustee or the holders of Notes evidencing not less than a
majority of the principal amount of the Notes may declare all the Notes to be
immediately due and payable, by a notice in writing to the Issuer (and to the
Indenture Trustee if given by Noteholders), and upon any such declaration the
unpaid principal amount of such Notes, together with accrued and unpaid
interest thereon through the date of acceleration, shall become immediately
due and payable.

     (b) At any time after a declaration of acceleration of maturity has been
made and before a judgment or decree for payment of the amount due has been
obtained by the Indenture Trustee as hereinafter provided in this Article V,
the holders of Notes evidencing not less than a majority of the principal
amount of the Notes, 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

                                      22
<PAGE>

               (B) all sums paid or advanced by the Indenture Trustee
          hereunder and the reasonable compensation, expenses, disbursements
          and advances of the Indenture Trustee and its agents and counsel;
          and

          (ii) all Events of Default, other than the nonpayment of the
     principal of the Notes that has become due solely by such acceleration,
     have been cured or waived as provided in Section 5.12. No such rescission
     shall affect any subsequent default or impair any right consequent
     thereto.

     SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee. (a) The Issuer covenants that if (i) there is an Event of
Default relating to the nonpayment of any interest on any Note when the same
becomes due and payable, and such Event of Default continues for a period of
five (5) days, or (ii) there is an Event of Default relating to the nonpayment
in the payment of the principal of or any installment of the principal of any
Note when the same becomes due and payable, the Issuer shall, upon demand of
the Indenture Trustee, pay to the Indenture Trustee, for the benefit of the
Noteholders, the whole amount then due and payable on such Notes for principal
and interest, with interest upon the overdue principal and, to the extent
payment at such rate of interest shall be legally enforceable, upon overdue
installments of interest at the applicable Note Interest Rate borne by the
Notes and in addition thereto such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee
and its agents, attorneys and counsel.

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

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

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

                                      23
<PAGE>

therein expressed or by declaration or otherwise and irrespective of whether
the Indenture Trustee shall have made any demand pursuant to the provisions of
this Section 5.3, shall be entitled and empowered, by intervention in such
Proceedings or otherwise:

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

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

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

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

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee and, in the event that the Indenture Trustee
shall consent to the making of payments directly to such Noteholders, to pay
to the Indenture Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture
Trustee and their respective agents, attorneys and counsel, and all other
expenses and liabilities incurred, and all advances and disbursements made, by
the Indenture Trustee and each predecessor Indenture Trustee, except as a
result of negligence or bad faith, and any other amounts due the Indenture
Trustee pursuant to Section 6.7.

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

     (f) All rights of action and of asserting claims under this Indenture, or
under any of the Notes, may be enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any trial or other
Proceedings relative thereto, and any such action or

                                      24
<PAGE>

Proceedings instituted by the Indenture Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment, subject to
the payment of the expenses, disbursements and compensation of the Indenture
Trustee, each predecessor Indenture Trustee and their respective agents,
attorneys and counsel, shall be for the ratable benefit of the Noteholders in
respect of which such judgment has been recovered.

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

     SECTION 5.4. Remedies; Priorities. (a) If an Event of Default shall have
occurred and be continuing, the Indenture Trustee may, or at the direction of
Noteholders of Notes evidencing not less than a majority of the principal
amount of the Notes shall, do one or more of the following (subject to Section
5.5):

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

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

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

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

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

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

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

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

                    (1) determines (but shall have no obligation to make such
               determination) that the Indenture Trust Estate will not
               continue to provide sufficient funds for the payment of
               principal of and interest on the Notes

                                      25
<PAGE>

               as they would have become due if the Notes had not been
               declared due and payable; and

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

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

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

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

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

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

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

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

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

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

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

                                      26
<PAGE>

               (C) third, to the Certificate Distribution Account, the sum of
          (x) accrued and unpaid interest on the Class B Certificates
          (together with interest at the Class B Rate on any overdue interest,
          to the extent lawful) and (y) the Outstanding Certificate Balance;

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

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

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

               (C) to the Certificate Distribution Account, accrued and unpaid
          interest on the Class B Certificates (together with interest at the
          Class B Rate on any overdue interest, to the extent lawful);

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

               (E) to the Certificate Distribution Account for distribution to
          Class B Certificateholders in reduction of the Certificate Balance
          until the Certificate Balance is reduced to zero.

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

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

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

     SECTION 5.5. Optional Preservation of the Receivables. If the Notes have
been declared to be due and payable under Section 5.2 following an Event of
Default, and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee

                                      27
<PAGE>

may, but need not, elect to maintain possession of the Indenture Trust Estate
and apply proceeds as if there had been no declaration of acceleration;
provided, however, that funds on deposit in the Collection Account at the time
the Indenture Trustee makes such election or deposited therein during the
Collection Period in which such election is made (including funds, if any,
deposited therein from the Reserve Account) shall be applied in accordance
with such declaration of acceleration in the manner specified in Section
4.6(c) of the Sale and Servicing Agreement. It is the desire of the parties
hereto and the Noteholders that there be at all times sufficient funds for the
payment of principal of and interest on the Notes, and the Indenture Trustee
shall take such desire into account when determining whether or not to
maintain possession of the Indenture Trust Estate. In determining whether to
maintain possession of the Indenture Trust Estate, the Indenture Trustee may,
but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of
such proposed action and as to the sufficiency of the Indenture Trust Estate
for such purpose.

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

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

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

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

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

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

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

     In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Noteholders,
each evidencing less than a majority of the principal amount of the Notes, the
Indenture Trustee shall act at the direction of the group of Noteholders
representing the greater principal amount of the Notes. If the Indenture
Trustee receives conflicting or inconsistent requests and indemnity from two
or more groups of

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<PAGE>

Noteholders representing an equal principal amount of the Notes, the Indenture
Trustee in its sole discretion may determine what action, if any, shall be
taken, notwithstanding any other provisions of this Indenture.

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

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

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

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

     SECTION 5.11. Control by Noteholders. The Noteholders of Notes evidencing
not less than a majority of the principal amount of the Notes Outstanding
shall have the right, subject to Section 6.2(f), to direct the time, method
and place of conducting any Proceeding for any remedy available to the
Indenture Trustee with respect to the Notes or exercising any trust or power
conferred on the Indenture Trustee; provided that:

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

                                      29
<PAGE>

     (b) subject to the express terms of Section 5.4, any direction to the
Indenture Trustee to sell or liquidate the Indenture Trust Estate shall be by
holders of Notes evidencing not less than 100% of the principal amount of the
Notes Outstanding;

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

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

Notwithstanding the rights of Noteholders set forth in this Section 5.11,
subject to Section 6.1, the Indenture Trustee need not take any action that it
determines might involve it in costs or expenses for which it would not be
adequately indemnified or expose it to personal liability or might materially
adversely affect or unduly prejudice the rights of any Noteholders not
consenting to such action.

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

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

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

                                      30
<PAGE>

instituted by any Noteholder for the enforcement of the payment of principal
of or interest on any Note on or after the respective due dates expressed in
such Note and in this Indenture.

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

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

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

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

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<PAGE>

                                  ARTICLE VI

                             THE INDENTURE TRUSTEE

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

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

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

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

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

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

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

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

          (iv) the Indenture Trustee shall have no duty (A) to see to any
     recording, filing, or depositing of this Indenture or any agreement
     referred to herein or any financing statement or continuation statement
     evidencing a security interest, or to see to the maintenance of any such
     recording or filing or depositing or to any re-recording, refiling or
     redepositing of any thereof, (B) to see to any insurance, (C) to see to
     the payment or discharge of any tax, assessment, or other governmental
     charge or any lien or encumbrance of any kind owing with respect to,
     assessed or levied against, any part of the Trust Estate other than as
     directed by the Servicer or the Administrator and 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

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<PAGE>

     delivered to the Indenture Trustee pursuant to this Indenture believed by
     the Indenture Trustee to be genuine and to have been signed or presented
     by the proper party or parties.

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

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

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

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

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

     SECTION 6.2. Rights of Indenture Trustee. (a) The Indenture Trustee may
rely and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture or other paper or document
believed by it to be genuine and to have been signed or presented by the
proper Person. The Indenture Trustee need not investigate any fact or matters
stated in any such document.

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

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

                                      33
<PAGE>

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

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

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

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

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

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

     SECTION 6.3. Individual Rights of Indenture Trustee. The Indenture
Trustee, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with
the same rights it would have if it were not Indenture Trustee. Any Note
Paying Agent, Note Registrar, co-registrar or co-paying agent hereunder may do
the same with like rights.

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

     SECTION 6.5. Notice of Defaults; Insolvency or Dissolution of Depositor
or the Seller. If a Default occurs and is continuing and if it is actually
known to a Trustee Officer of the Indenture Trustee, the Indenture Trustee
shall mail to each Noteholder notice of such Default within ninety (90) days
after it occurs. Except in the case of a Default in payment of principal of or
interest on any Note (including payments pursuant to the redemption provisions
of such Note),

                                      34
<PAGE>

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

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

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

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

     SECTION 6.8. Replacement of Indenture Trustee. (a) No resignation or
removal of the Indenture Trustee, and no appointment of a successor Indenture
Trustee, shall become effective until the acceptance of appointment by the
successor Indenture Trustee pursuant to this Section 6.8 and payment in full
of all sums due to the Indenture Trustee pursuant to Section 6.7. The
Indenture Trustee may resign at any time by so notifying the Issuer. The
holders of Notes evidencing not less than a majority in principal amount of
the Notes may remove the Indenture Trustee without cause by so notifying the
Indenture Trustee and the Issuer and may appoint a successor Indenture
Trustee. The Administrator shall remove the Indenture Trustee if:

                                      35
<PAGE>

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

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

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

          (iv) 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 Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the retiring Indenture Trustee), the
Administrator shall promptly appoint a successor Indenture Trustee.

     (b) Any successor Indenture Trustee shall deliver a written acceptance of
its appointment to the retiring Indenture Trustee and to the Issuer.
Thereupon, if all sums due the retiring Indenture Trustee pursuant to Section
6.7 have been paid in full, the resignation or removal of the retiring
Indenture Trustee shall become effective, and the successor Indenture Trustee
shall have all the rights, powers and duties of the Indenture Trustee under
this Indenture. The successor Indenture Trustee shall mail a notice of its
succession to Noteholders. If all sums due the retiring Indenture Trustee
pursuant to Section 6.7 have been paid in full, the retiring Indenture Trustee
shall promptly transfer all property held by it as Indenture Trustee to the
successor Indenture Trustee.

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

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

     SECTION 6.9. Successor Indenture Trustee by Merger. (a) If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation or banking association without any further act shall be the
successor Indenture Trustee; provided that such corporation or banking
association shall be otherwise qualified and eligible under Section 6.11. The
Indenture Trustee shall provide the Rating Agencies with written notice of any
such transaction.

     (b) In case at the time such successor or successors by merger,
conversion or consolidation to the Indenture Trustee shall succeed to the
trusts created by this Indenture any of the Notes shall have been
authenticated but not delivered, any such successor to the Indenture Trustee
may adopt the certificate of authentication of any predecessor trustee, and
deliver such

                                      36
<PAGE>

Notes so authenticated; and in case at that time any of the Notes shall not
have been authenticated, any successor to the Indenture Trustee may
authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee. In all such cases such
certificates shall have the full force which it is provided anywhere in the
Notes or in this Indenture that the certificate of the Indenture Trustee shall
have.

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

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

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

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

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

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

                                      37
<PAGE>

provision of this Indenture relating to the conduct of, affecting the
liability of, or affording protection to, the Indenture Trustee. Every such
instrument shall be filed with the Indenture Trustee.

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

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

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

                                  ARTICLE VII

                        NOTEHOLDERS' LISTS AND REPORTS

     SECTION 7.1. Issuer To Furnish Indenture Trustee Names and Addresses of
Noteholders. The Issuer shall furnish or cause to be furnished to the
Indenture Trustee (a) not more than five (5) days after each Record Date, a
list, in such form as the Indenture Trustee may reasonably require, of the
names and addresses of the Noteholders as of such Record Date and (b) at such
other times as the Indenture Trustee may request in writing, within thirty
(30) days after receipt by the Issuer of any such request, a list of similar
form and content as of a date not more than ten (10) days prior to the time
such list is furnished; provided, however, that (i) so long as the Indenture
Trustee is the Note Registrar, no such list shall be required to be furnished
and (ii) no such list shall be required to be furnished with respect to
Noteholders of Book-Entry Notes.

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

                                      38
<PAGE>

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

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

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

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

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

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

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

     SECTION 7.4. Reports by Indenture Trustee. (a) If required by TIA Section
313(a), within sixty (60) days after each May 15, beginning with May 15,
200__, the Indenture Trustee shall mail to each Noteholder as required by TIA
Section 313(c) a brief report dated as of such date that complies with TIA
Section 313(a). The Indenture Trustee also shall comply with TIA Section
313(b).

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

                                      39
<PAGE>

                                 ARTICLE VIII

                     ACCOUNTS, DISBURSEMENTS AND RELEASES

     SECTION 8.1. Collection of Money. Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Indenture Trustee pursuant to this Indenture and the Sale
and Servicing Agreement. The Indenture Trustee shall apply all such money
received by it as provided in this Indenture and the Sale and Servicing
Agreement. Except as otherwise expressly provided in this Indenture, if any
default occurs in the making of any payment or performance under any agreement
or instrument that is part of the Indenture Trust Estate, the Indenture
Trustee may take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate
Proceedings. Any such action shall be without prejudice to any right to claim
a Default or Event of Default under this Indenture and any right to proceed
thereafter as provided in Article V.

     SECTION 8.2. Trust Accounts. (a) On or prior to the Closing Date, the
Issuer shall cause the Servicer to establish and maintain the Trust Accounts
as provided in Sections 4.1 and 4.7 of the Sale and Servicing Agreement.

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

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

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

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

                                      40
<PAGE>

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

          (iv) fourth, to the Certificate Distribution Account, the Accrued
     Class B Certificate Interest for such Payment Date;

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

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

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

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

          (ix) ninth, to the Depositor, any Available Funds for such Payment
     Date.

Notwithstanding the foregoing in this Section 8.2(c),

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

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

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

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

                                      41
<PAGE>

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

                    (5) to the Certificate Distribution Account, the Accrued
               Class B Certificate Interest for such Payment Date;

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

                    (7) to the Certificate Distribution Account, the
               Certificate Balance of the Class B Certificates; and

                    (8) to the Depositor, any remaining Available Funds for
               such Payment Date; and

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

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

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

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

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

                    (5) to the Certificate Distribution Account, the sum of
               the Accrued Class B Certificate Interest for such Payment Date
               and the Certificate Balance of the Class B Certificates; and

                    (6) to the Depositor, any remaining Available Funds for
               such Payment Date.

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

                                      42
<PAGE>

Account on such Payment Date and make distributions and payments in the
following order of priority:

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

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

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

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

          (v) fifth, to the Certificate Distribution Account in reduction of
     the Certificate Balance of the Class B Certificates until the Certificate
     Balance of the Class B Certificates has been reduced to zero.

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

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

     SECTION 8.3. General Provisions Regarding Accounts. (a) So long as no
Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Collection Account and the Reserve Account shall
be invested by the Indenture Trustee at the written direction of the Servicer,
in the case of the Collection Account, and at the written direction of the
Depositor, in the case of the Reserve Account, in Permitted Investments as
provided in Sections 4.1 and 4.7 of the Sale and Servicing Agreement. All
income or other gain (net of losses and investment expenses) from investments
of monies deposited in the Collection Account shall be withdrawn by the
Indenture Trustee from such accounts and distributed as provided in Section
4.1 of the Sale and Servicing Agreement. Amounts in the Reserve Account
(including net income and gain) shall be applied as provided in Section 4.7 of
the Sale and Servicing Agreement. The Servicer or the Depositor as applicable,
shall not direct the Indenture Trustee to make any investment of any funds or
to sell any investment held in any of the Trust Accounts unless the security
interest Granted and perfected in such account will continue to be perfected
in such investment or the proceeds of such sale, in either case without any
further action by any Person, and, in connection with any direction to the
Indenture Trustee to make any

                                      43
<PAGE>

such investment or sale, if requested by the Indenture Trustee, the Issuer
shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to
the Indenture Trustee, to such effect.

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

     (c) If (i) the Servicer or the Depositor, as applicable, shall have
failed to give investment directions for any funds on deposit in the
Collection Account or the Reserve Account to the Indenture Trustee or (ii) to
the actual knowledge of a Trustee Officer of the Indenture Trustee, a Default
or Event of Default shall have occurred and be continuing with respect to the
Notes but the Notes shall not have been declared due and payable pursuant to
Section 5.2 or (iii) if such Notes shall have been declared due and payable
following an Event of Default, amounts collected or receivable from the
Indenture Trust Estate are being applied in accordance with Section 5.4 as if
there had not been such a declaration, then the Indenture Trustee shall, to
the fullest extent practicable, invest and reinvest funds in the Collection
Account or the Reserve Account, as the case may be, in the ______________.

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

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

     (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note, acknowledges that from
time to time the Indenture Trustee shall release the lien of this Indenture on
any Receivable to be sold to (i) the Depositor in accordance with Section 2.3
of the Sale and Servicing Agreement and (ii) to the Servicer in accordance
with Section 3.7 of the Sale and Servicing Agreement.

     SECTION 8.5. Opinion of Counsel. The Indenture Trustee shall receive at
least seven (7) days' notice when requested by the Issuer to take any action
pursuant to Section 8.4(a),

                                      44
<PAGE>

accompanied by copies of any instruments involved, and the Indenture Trustee
shall also require, except in connection with any action contemplated by
Section 8.4(c), as a condition to such action, an Opinion of Counsel, in form
and substance satisfactory to the Indenture Trustee, stating the legal effect
of any such action, outlining the steps required to complete the same, and
concluding that all conditions precedent to the taking of such action have
been complied with and such action will not materially and adversely impair
the security for the Notes or the rights of the Noteholders in contravention
of the provisions of this Indenture; provided, however, that such Opinion of
Counsel shall not be required to express an opinion as to the fair value of
the Indenture Trust Estate. Counsel rendering any such opinion may rely,
without independent investigation, on the accuracy and validity of any
certificate or other instrument delivered to the Indenture Trustee in
connection with any such action.

                                  ARTICLE IX

                            SUPPLEMENTAL INDENTURES

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

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

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

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

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

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

          (vi) to evidence and provide for the acceptance of the appointment
     hereunder by a successor trustee with respect to the Notes and to add to
     or change any of the

                                      45
<PAGE>

     provisions of this Indenture as shall be necessary to facilitate the
     administration of the trusts hereunder by more than one trustee, pursuant
     to the requirements of Article VI; or

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

     With respect to (iv) above, prior to the execution of such supplemental
indenture, the Rating Agency Condition shall have been satisfied.

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

     (b) The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, may, also without the consent of any of the Noteholders but with prior
notice to the Rating Agencies, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing
in any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner (other than the modifications set forth in Section
9.2) the rights of the Noteholders under this Indenture; provided, however,
that (i) such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any Noteholder, (ii)
the Rating Agency Condition shall have been satisfied with respect to such
action and (iii) such action shall not, as evidenced by an Opinion of Counsel,
cause the Issuer to be characterized for federal or any then Applicable Tax
State income tax purposes as an association taxable as a corporation or
otherwise have any material adverse impact on the federal or any then
Applicable Tax State income taxation of any Notes Outstanding or Outstanding
Certificates or any Noteholder or Certificateholder.

     SECTION 9.2. Supplemental Indentures with Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also
may, with prior notice to the Rating Agencies, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or modifying in any manner the rights of the Noteholders under this Indenture;
provided, however, that (i) the Rating Agency Condition shall have been
satisfied with respect to such action and (ii) such action shall not, as
evidenced by an Opinion of Counsel, cause the Issuer to be characterized for
federal or any then Applicable Tax State income tax purposes as an association
taxable as a corporation or otherwise have any material adverse impact on the
federal or any then Applicable Tax State income taxation of any Notes
Outstanding or Outstanding Certificates or any Noteholder or
Certificateholder, and (iii) (x) such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Noteholder, with respect to supplemental indentures relating to matters
other than those specified in clause (y) below or (y) the Noteholders of each
Outstanding Note affected thereby shall have consented thereto, with respect
to any supplemental indenture which would:

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

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<PAGE>

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

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

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

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

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

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

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

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<PAGE>

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

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

     Promptly after the execution by the Issuer and the Indenture Trustee of
any supplemental indenture pursuant to this Section 9.2, the Indenture Trustee
shall mail to the Noteholders of the Notes to which such amendment or
supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Indenture Trustee
to mail such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture.

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

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

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

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

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<PAGE>

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

                                   ARTICLE X

                                  PREPAYMENT

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

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

     All notices of prepayment shall state:

          (i) the Prepayment Date;

          (ii) the Prepayment Price;

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

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

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

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<PAGE>

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

                                  ARTICLE XI

                                 MISCELLANEOUS

     SECTION 11.1. Compliance Certificates and Opinions, etc. (a) Upon any
application or request by the Issuer to the Indenture Trustee to take any
action under any provision of this Indenture, the Issuer shall furnish to the
Indenture Trustee (i) an Officer's Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) (if required by the TIA) an Independent Certificate
from a firm of certified public accountants meeting the applicable
requirements of this Section 11.1, except that, in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

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

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

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

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

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

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

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<PAGE>

          (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 to the Issuer of
     the securities to be so deposited and of all other such securities made
     the basis of any such withdrawal or release since the commencement of the
     then-current fiscal year of the Issuer, as set forth in the certificates
     delivered pursuant to clause (i) above and this clause (ii), is ten
     percent (10%) or more of the principal amount of the Notes Outstanding,
     but such a certificate need not be furnished with respect to any
     securities so deposited, if the fair value thereof to the Issuer as set
     forth in the related Officer's Certificate is less than $25,000 or less
     than one percent (1%) of the principal amount of the Notes Outstanding.

          (iii) any property or securities are to be released from the lien of
     this Indenture, the Issuer shall also furnish to the Indenture Trustee an
     Officer's Certificate certifying or stating the opinion of each person
     signing such certificate as to the fair value (within ninety (90) days of
     such release) of the property or securities proposed to be released and
     stating that in the opinion of such person the proposed release will not
     impair the security under this Indenture in contravention of the
     provisions hereof.

          (iv) Whenever the Issuer is required to furnish to the Indenture
     Trustee an Officer's Certificate certifying or stating the opinion of any
     signer thereof as to the matters described in clause (iii) above, the
     Issuer shall also furnish to the Indenture Trustee an Independent
     Certificate as to the same matters if the fair value of the property or
     securities and of all other property, other than property as contemplated
     by clause (v) below or securities released from the lien of this
     Indenture since the commencement of the then-current calendar year, as
     set forth in the certificates required by clause (iii) above and this
     clause (iv), equals ten percent (10%) or more of the principal amount of
     the Notes Outstanding, but such certificate need not be furnished in the
     case of any release of property or securities if the fair value thereof
     as set forth in the related Officer's Certificate is less than $25,000 or
     less than one percent (1%) of the principal amount of the Notes
     Outstanding.

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

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

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<PAGE>

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

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

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

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

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

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

     (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Noteholder of any Notes shall bind the
Noteholder of every Note issued upon the

                                      52
<PAGE>

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

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

          (ii) the Issuer by the Indenture Trustee or by any Noteholder shall
     be sufficient for every purpose hereunder if in writing and mailed
     first-class, postage prepaid to the Issuer addressed to: USAA Auto Owner
     Trust 200_-[ ], in care of __________, with a copy to the Administrator
     at 10750 McDermott Freeway, San Antonio, TX 78288, Attention: Secretary,
     or at any other address previously furnished in writing to the Indenture
     Trustee by the Issuer or the Administrator. The Issuer shall promptly
     transmit any notice received by it from the Noteholders to the Indenture
     Trustee.

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

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

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

                                      53
<PAGE>

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

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

     SECTION 11.6. Alternate Payment and Notice Provisions. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, the
Issuer may enter into any agreement with any Noteholder providing for a method
of payment, or notice by the Indenture Trustee or any Note Paying Agent to
such Noteholder, that is different from the methods provided for in this
Indenture for such payments or notices. The Issuer shall furnish to the
Indenture Trustee a copy of each such agreement and the Indenture Trustee
shall cause payments to be made and notices to be given in accordance with
such agreements.

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

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

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

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

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

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

                                      54
<PAGE>

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

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

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

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

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

     SECTION 11.17. No Petition. The Indenture Trustee, by entering into this
Indenture, and each Noteholder or Note Owner, by accepting a Note or, in the
case of a Note Owner, a beneficial interest in a Note, hereby covenant and
agree that prior to the end of the period that is one year and one day after
there has been paid in full all debt issued by any securitization vehicle in
respect of which the Seller or the Depositor holds any interest, they will not
institute against the Issuer, or join in, or assist or encourage others to
institute any institution against the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or State bankruptcy or similar law
in connection with any obligations relating to the Notes, this Indenture or
any of the other Basic Documents.

                                      55
<PAGE>

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

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

     SECTION 11.20. Inspection. The Issuer agrees that, with reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the
Issuer's normal business hours, to examine all the books of account, records,
reports and other papers of the Issuer, to make copies and extracts therefrom,
to cause such books to be audited by Independent certified public accountants,
and to discuss the Issuer's affairs, finances and accounts with the Issuer's
officers, employees, and Independent certified public accountants, all at such
reasonable times and as often as may be reasonably requested. The Indenture
Trustee shall and shall cause its representatives to hold in confidence all
such information except to the extent disclosure may be required by law (and
all reasonable applications for confidential treatment are unavailing) and
except to the extent that the Indenture Trustee may reasonably determine that
such disclosure is consistent with its obligations hereunder.

                                      56
<PAGE>

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

                                    USAA AUTO OWNER TRUST 200_-[ ]

                                    By:  __________, not in its individual
                                         capacity but solely as Owner Trustee of
                                         USAA Auto Owner Trust 200_-[ ]

                                         By:
                                            ---------------------------------
                                            Name:
                                            Title:

                                    __________, not in its individual capacity
                                    but solely as Indenture Trustee

                                         By:
                                            ----------------------------------
                                         Name:
                                         Title:

<PAGE>

                                  EXHIBIT A-1

                            FORM OF CLASS [ ] NOTE

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

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

REGISTERED                               $

No. A-[ ]                                CUSIP NO. [ ]

                        USAA AUTO OWNER TRUST 200_-[ ]

                       CLASS [ ] [o]% ASSET BACKED NOTES

     USAA Auto Owner Trust 200_-[ ], a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of _______________ dollars payable on each Payment
Date in an amount equal to the result obtained by multiplying (i) a fraction
the numerator of which is $___________ (the original face amount of this Note)
and the denominator of which is $____________ by (ii) the aggregate amount, if
any, payable to holders of Class [ ] Notes on such Payment Date from the
Principal Distribution Account in respect of principal on the Class [ ] Notes
pursuant to Section 3.1 of the Indenture dated as of ________, 200_ (as from
time to time amended, supplemented or otherwise modified and in effect, the
"Indenture"), between the Issuer and __________, as Indenture Trustee (in such
capacity the "Indenture Trustee"); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the __________,
200__ Payment Date (the "Class [ ] Final Scheduled Payment Date"). Capitalized
terms used but not defined herein are defined in Article I of the Indenture,
which also contains rules as to construction that shall be applicable herein.

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

                                     A-1-1
<PAGE>

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

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

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

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

     [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                    A-1-2
<PAGE>

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

Date:

                                    USAA AUTO OWNER TRUST 200_-[ ]

                                    By:    __________, not in its individual
                                           capacity but solely as Owner
                                           Trustee of USAA Auto Owner
                                           Trust 200_-[ ]

                                           By:
                                                 ----------------------------
                                                       Authorized Officer

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:

                                    __________, not in its individual capacity
                                    but solely as Indenture Trustee

                                    By:
                                          ------------------------------------
                                                   Authorized Officer

                                    A-1-3
<PAGE>

                               [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class [ ] [o]% Asset Backed Notes (the "Class [ ] Notes")
which, together with the Issuer's Class [ ] [o]% Asset Backed Notes (the
"Class [ ] Notes"), Class [ ] [o]% Asset Backed Notes (the "Class [ ] Notes")
and Class [ ] [o]% Asset Backed Notes (the "Class [ ] Notes" and, together
with the Class [ ] Notes, the Class [ ] Notes and the Class [ ] Notes, the
"Class A Notes" or the "Notes"), are issued under the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer,
the Indenture Trustee and the Noteholders. The Notes are subject to all terms
of the Indenture.

     The Class [ ] Notes, Class [ ] Notes, Class [ ] Notes and Class [ ] are
and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

     Principal of the Class [ ] Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the 15th day of
each month, or, if any such day is not a Business Day, the next succeeding
Business Day, commencing ____________, 200_.

     As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class [ ] Final Scheduled Payment
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Noteholders
of Notes evidencing not less than a majority of the principal amount of the
Class A Notes have declared the Notes to be immediately due and payable in the
manner provided in Section 5.2 of the Indenture. All principal payments on the
Class [ ] Notes shall be made pro rata to the Noteholders entitled thereto.

     Payments of interest on this Note on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this
Note, shall be made to the Person whose name appears as the Registered
Noteholder of the Note (or one or more Predecessor Notes) on the Note Register
as of the close of business on each Record Date either by wire transfer in
immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) effected by any payments made
on any Payment Date shall be binding upon all future Noteholders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be

                                    A-1-4
<PAGE>

available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior
to such Payment Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

     The Issuer shall pay interest on overdue installments of interest at the
Class [ ] Rate to the extent lawful.

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

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

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

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Issuer, or join in any institution
against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings under any United States federal or State bankruptcy
or

                                    A-1-5
<PAGE>

similar law in connection with any obligations relating to the Notes, the
Indenture or the other Basic Documents.

     The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, State and local income, and franchise tax
purposes, the Notes will qualify as indebtedness of the Issuer secured by the
Indenture Trust Estate. Each Noteholder, by its acceptance of a Note (and each
Note Owner by its acceptance of a beneficial interest in a Note), will be
deemed to agree to treat the Notes for federal, State and local income and
franchise tax purposes as indebtedness of the Issuer.

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

     The Indenture permits (with certain exceptions requiring the consent of
all Noteholders adversely affected) the amendment thereof by the Issuer and
the Indenture Trustee without the consent of the Noteholders provided certain
conditions are satisfied. The Indenture also contains provisions permitting
the Noteholders of Notes evidencing specified percentages of the principal
amount of the Notes Outstanding, on behalf of all Noteholders, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one or more Predecessor Notes)
shall be conclusive and binding upon such Noteholder and upon all future
Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note.

     The term "Issuer", as used in this Note, includes any successor to the
Issuer under the Indenture.

     The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

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

     This Note and the Indenture shall be governed by, and construed in
accordance with the laws of the State of New York, without reference to its
conflicts of law provisions.

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

                                    A-1-6
<PAGE>

     Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Indenture Trustee, in its individual
capacity, Owner Trustee, in its individual capacity, any owner of a beneficial
interest in the Issuer, or any of their respective partners, beneficiaries,
agents, officers, directors, employees or successors or assigns shall be
personally liable for, nor shall recourse be had to any of them for, the
payment of principal or of interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The holder of this Note, by such holder's
acceptance hereof, agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note.

                                    A-1-7
<PAGE>

                                  ASSIGNMENT

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

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

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

------------------------------------------------------------------------------
    (name and address of assignee)

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

Dated: _____________________             ____________________________*/
                                         Signature Guaranteed

                                         ____________________________*/

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

                                    A-1-8
<PAGE>

                                  EXHIBIT [ ]

                            FORM OF CLASS [ ] NOTE

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

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

REGISTERED                               $

No. A-[ ]                                CUSIP NO. [ ]

                              USAA AUTO OWNER TRUST 200_-[ ]

                            CLASS [ ] [o]% ASSET BACKED NOTES

     USAA Auto Owner Trust 200_-[ ], a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of ______________________ dollars payable on each
Payment Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $___________ (the original face amount of
this Note) and the denominator of which is $____________ by (ii) the aggregate
amount, if any, payable to holders of Class [ ] Notes on such Payment Date
from the Principal Distribution Account in respect of principal on the Class [
] Notes pursuant to Section 3.1 of the Indenture dated as of ________, 200_
(as from time to time amended, supplemented or otherwise modified and in
effect, the "Indenture"), between the Issuer and __________, as Indenture
Trustee (in such capacity the "Indenture Trustee"); provided, however, that
the entire unpaid principal amount of this Note shall be due and payable on
the __________, 200__ Payment Date (the "Class [ ] Final Scheduled Payment
Date"). No payments of principal of the Class [ ] Notes will be made until the
Class [ ] Notes have been paid in full. Capitalized terms used but not defined
herein are defined in Article I of the Indenture, which also contains rules as
to construction that shall be applicable herein.

     The Issuer shall pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the

                                    A-2-1
<PAGE>

principal amount of this Note Outstanding on the preceding Payment Date or the
Closing Date in the case of the first Payment Date (after giving effect to all
payments of principal made on such preceding Payment Date), subject to certain
limitations contained in Section 3.1 of the Indenture. Interest on this Note
will accrue for each Payment Date from and including the fifteenth day of the
calendar month immediately preceding such Payment Date (or, in the case of the
initial Payment Date, from the Closing Date) to but excluding the fifteenth
day of the calendar month of the Payment Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.

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

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

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

              [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                    A-2-2
<PAGE>

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

Date:

                                    USAA AUTO OWNER TRUST 200_-[ ]

                                    By:   __________, not in its individual
                                          capacity but solely as Owner Trustee
                                           of USAA Auto Owner Trust 200_-[ ]

                                         By:
                                            -----------------------------------
                                                       Authorized Officer

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:

                                    __________, not in its individual capacity
                                    but solely as Indenture Trustee

                                         By:
                                            -----------------------------------
                                                      Authorized Officer

                                    A-2-3
<PAGE>

                               [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class [ ] [o]% Asset Backed Notes (the "Class [ ] Notes")
which, together with the Issuer's Class [ ] [o]% Asset Backed Notes (the
"Class [ ] Notes"), Class [ ] [o]% Asset Backed Notes (the "Class [ ] Notes")
and Class [ ] [o]% Asset Backed Notes (the "Class [ ] Notes" and, together
with the Class [ ] Notes, the Class [ ] Notes and Class [ ] Notes, the "Class
A Notes" or the "Notes"), are issued under the Indenture, to which Indenture
and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer,
the Indenture Trustee and the Noteholders. The Notes are subject to all terms
of the Indenture.

     The Class [ ] Notes, Class [ ] Notes, Class [ ] Notes and Class [ ] are
and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

     Principal of the Class [ ] Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the 15th day of
each month, or, if any such day is not a Business Day, the next succeeding
Business Day, commencing ________, 200_.

     As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class [ ] Final Scheduled Payment
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Noteholders
of Notes evidencing not less than a majority of the principal amount of the
Class A Notes have declared the Notes to be immediately due and payable in the
manner provided in Section 5.2 of the Indenture. All principal payments on the
Class [ ] Notes shall be made pro rata to the Noteholders entitled thereto.

     Payments of interest on this Note on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this
Note, shall be made to the Person whose name appears as the Registered
Noteholder of the Note (or one or more Predecessor Notes) on the Note Register
as of the close of business on each Record Date either by wire transfer in
immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) effected by any payments made
on any Payment Date shall be binding upon all future Noteholders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf

                                    A-2-4
<PAGE>

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

     The Issuer shall pay interest on overdue installments of interest at the
Class [ ] Rate to the extent lawful.

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

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

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

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

                                    A-2-5
<PAGE>

     The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, State and local income, and franchise tax
purposes, the Notes will qualify as indebtedness of the Issuer secured by the
Indenture Trust Estate. Each Noteholder, by its acceptance of a Note (and each
Note Owner by its acceptance of a beneficial interest in a Note), will be
deemed to agree to treat the Notes for federal, State and local income and
franchise tax purposes as indebtedness of the Issuer.

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

     The Indenture permits (with certain exceptions requiring the consent of
all Noteholders adversely affected) the amendment thereof by the Issuer and
the Indenture Trustee without the consent of the Noteholders provided certain
conditions are satisfied. The Indenture also contains provisions permitting
the Noteholders of Notes evidencing specified percentages of the principal
amount of the Notes Outstanding, on behalf of all Noteholders, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one or more Predecessor Notes)
shall be conclusive and binding upon such Noteholder and upon all future
Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note.

     The term "Issuer", as used in this Note, includes any successor to the
Issuer under the Indenture.

     The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

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

     This Note and the Indenture shall be governed by, and construed in
accordance with the laws of the State of New York, without reference to its
conflicts of law provisions.

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

     Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Indenture Trustee, in its individual
capacity, Owner Trustee, in its individual capacity, any owner of a beneficial
interest in the Issuer, or any of their respective partners, beneficiaries,
agents, officers, directors, employees or successors or assigns shall be

                                    A-2-6
<PAGE>

personally liable for, nor shall recourse be had to any of them for, the
payment of principal or of interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The holder of this Note, by such holder's
acceptance hereof, agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note.

                                    A-2-7
<PAGE>

                                  ASSIGNMENT

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

_______________________________________________________

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

_______________________________________________________________________________
     (name and address of assignee)

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

Dated: _____________________                 ____________________________*/
                                             Signature Guaranteed

                                             ____________________________*/

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

                                    A-2-8
<PAGE>

                                  EXHIBIT A-3

                            FORM OF CLASS [ ] NOTE

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

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

REGISTERED                                  $

No. A-[ ]                                   CUSIP NO. [ ]

                                 USAA AUTO OWNER TRUST 200_-[ ]

                               CLASS [ ] [o]% ASSET BACKED NOTES

     USAA Auto Owner Trust 200_-[ ], a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of ____________________ dollars payable on each
Payment Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $__________ (the original face amount of
this Note) and the denominator of which is $____________ by (ii) the aggregate
amount, if any, payable to holders of Class [ ] Notes on such Payment Date
from the Principal Distribution Account in respect of principal on the Class [
] Notes pursuant to Section 3.1 of the Indenture dated as of ________, 200_
(as from time to time amended, supplemented or otherwise modified and in
effect, the "Indenture"), between the Issuer and __________, as Indenture
Trustee (in such capacity the "Indenture Trustee"); provided, however, that
the entire unpaid principal amount of this Note shall be due and payable on
the __________, 200__ Payment Date (the "Class [ ] Final Scheduled Payment
Date"). No payments of principal of the Class [ ] Notes will be made until the
Class [ ] Notes and, except in the case of an Event of Default, Class [ ]
Notes have been paid in full. Capitalized terms used but not defined herein
are defined in Article I of the Indenture, which also contains rules as to
construction that shall be applicable herein.

           The Isuer shall pay interest on this Note at the rate per annum
shown above on each Payment Date until the principal of this Note is paid or
made available for payment, on the

                                    A-3-1
<PAGE>

principal amount of this Note Outstanding on the preceding Payment Date or the
Closing Date in the case of the first Payment Date (after giving effect to all
payments of principal made on such preceding Payment Date), subject to certain
limitations contained in Section 3.1 of the Indenture. Interest on this Note
will accrue for each Payment Date from and including the fifteenth day of the
calendar month immediately preceding such Payment Date (or, in the case of the
initial Payment Date, from the Closing Date) to but excluding the fifteenth
day of the calendar month of the Payment Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.

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

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

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

              [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                    A-3-2
<PAGE>

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

Date:                               USAA AUTO OWNER TRUST 200_-[ ]

                                    By:  __________, not in its individual
                                         capacity but solely as Owner Trustee of
                                         USAA Auto Owner Trust 200_-[ ]

                                         By:
                                            -----------------------------------
                                                     Authorized Officer

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:

                                    __________, not in its individual capacity
                                    but solely as Indenture Trustee

                                         By:
                                            -----------------------------------
                                                     Authorized Officer

                                    A-3-3
<PAGE>

                               [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class [ ] [o]% Asset Backed Notes (the "Class [ ] Notes")
which, together with the Issuer's Class [ ] [o]% Asset Backed Notes (the
"Class [ ] Notes"), Class [ ] [o]% Asset Backed Notes (the "Class [ ] Notes")
and Class [ ] [o]% Asset Backed Notes (the "Class [ ] Notes" and, together
with the Class [ ] Notes, the Class [ ] Notes and the Class [ ] Notes, the
"Class A Notes" or the "Notes"), are issued under the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer,
the Indenture Trustee and the Noteholders. The Notes are subject to all terms
of the Indenture.

     The Class [ ] Notes, Class [ ] Notes, Class [ ] Notes and Class [ ] Notes
are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

     Principal of the Class [ ] Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the 15th day of
each month, or, if any such day is not a Business Day, the next succeeding
Business Day, commencing ________, 200_.

     As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class [ ] Final Scheduled Payment
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Noteholders
of Notes evidencing not less than a majority of the principal amount of the
Class A Notes have declared the Notes to be immediately due and payable in the
manner provided in Section 5.2 of the Indenture. All principal payments on the
Class [ ] Notes shall be made pro rata to the Noteholders entitled thereto.

     Payments of interest on this Note on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this
Note, shall be made to the Person whose name appears as the Registered
Noteholder of the Note (or one or more Predecessor Notes) on the Note Register
as of the close of business on each Record Date either by wire transfer in
immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) effected by any payments made
on any Payment Date shall be binding upon all future Noteholders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be

                                    A-3-4
<PAGE>

available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior
to such Payment Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

     The Issuer shall pay interest on overdue installments of interest at the
Class [ ] Rate to the extent lawful.

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

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

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

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Issuer, or join in any institution
against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings under any United States federal or State bankruptcy
or

                                    A-3-5
<PAGE>

similar law in connection with any obligations relating to the Notes, the
Indenture or the other Basic Documents.

     The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, State and local income, and franchise tax
purposes, the Notes will qualify as indebtedness of the Issuer secured by the
Indenture Trust Estate. Each Noteholder, by its acceptance of a Note (and each
Note Owner by its acceptance of a beneficial interest in a Note), will be
deemed to agree to treat the Notes for federal, State and local income and
franchise tax purposes as indebtedness of the Issuer.

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

     The Indenture permits (with certain exceptions requiring the consent of
all Noteholders adversely affected) the amendment thereof by the Issuer and
the Indenture Trustee without the consent of the Noteholders provided certain
conditions are satisfied. The Indenture also contains provisions permitting
the Noteholders of Notes evidencing specified percentages of the principal
amount of the Notes Outstanding, on behalf of all Noteholders, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one or more Predecessor Notes)
shall be conclusive and binding upon such Noteholder and upon all future
Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note.

     The term "Issuer," as used in this Note, includes any successor to the
Issuer under the Indenture.

     The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

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

     This Note and the Indenture shall be governed by, and construed in
accordance with the laws of the State of New York, without reference to its
conflicts of law provisions.

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

                                    A-3-6
<PAGE>

     Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Indenture Trustee, in its individual
capacity, Owner Trustee, in its individual capacity, any owner of a beneficial
interest in the Issuer, or any of their respective partners, beneficiaries,
agents, officers, directors, employees or successors or assigns shall be
personally liable for, nor shall recourse be had to any of them for, the
payment of principal or of interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The holder of this Note, by such holder's
acceptance hereof, agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note.

                                    A-3-7
<PAGE>

                                  ASSIGNMENT

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

_______________________________________________________

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

_______________________________________________________________________________
     (name and address of assignee)

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

Dated: _____________________                   ____________________________*/
                                               Signature Guaranteed

                                               ____________________________*/

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

                                    A-3-8
<PAGE>

                                  EXHIBIT [ ]

                            FORM OF CLASS [ ] NOTE

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

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

      REGISTERED                              $

No. A-[ ]                                     CUSIP NO. [ ]

                                   USAA AUTO OWNER TRUST 200_-[ ]

                                 CLASS [ ] [o]% ASSET BACKED NOTES

     USAA Auto Owner Trust 200_-[ ], a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of _____________________ dollars payable on each
Payment Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $__________ (the original face amount of
this Note) and the denominator of which is $___________ by (ii) the aggregate
amount, if any, payable to holders of Class [ ] Notes on such Payment Date
from the Principal Distribution Account in respect of principal on the Class [
] Notes pursuant to Section 3.1 of the Indenture dated as of _________, 200_
(as from time to time amended, supplemented or otherwise modified and in
effect, the "Indenture"), between the Issuer and __________, as Indenture
Trustee (in such capacity the "Indenture Trustee"); provided, however, that
the entire unpaid principal amount of this Note shall be due and payable on
the ____________, 20__ Payment Date (the "Class [ ] Final Scheduled Payment
Date"). No payments of principal of the Class [ ] Notes will be made until the
Class [ ] Notes and, except in the case of an Event of Default, the Class [ ]
Notes and Class [ ] Notes have been paid in full. Capitalized terms used but
not defined herein are defined in Article I of the Indenture, which also
contains rules as to construction that shall be applicable herein.

                                    A-4-1
<PAGE>

     The Issuer shall pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note Outstanding on the
preceding Payment Date or the Closing Date in the case of the first Payment
Date (after giving effect to all payments of principal made on such preceding
Payment Date), subject to certain limitations contained in Section 3.1 of the
Indenture. Interest on this Note will accrue for each Payment Date from and
including the fifteenth day of the calendar month immediately preceding such
Payment Date (or, in the case of the initial Payment Date, from the Closing
Date) to but excluding the fifteenth day of the calendar month of the Payment
Date. Interest will be computed on the basis of a 360-day year of twelve
30-day months. Such principal of and interest on this Note shall be paid in
the manner specified on the reverse hereof.

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

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

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

              [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                    A-4-2
<PAGE>

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

Date:                               USAA AUTO OWNER TRUST 200_-[ ]

                                    By:   __________, not in its individual
                                          capacity but solely as Owner Trustee
                                           of USAA Auto Owner Trust 200_-[ ]

                                          By:
                                             ----------------------------------
                                                     Authorized Officer

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:

                                    __________, not in its individual capacity
                                    but solely as Indenture Trustee

                                         By:
                                            -----------------------------------
                                                     Authorized Officer

                                    A-4-3
<PAGE>

                               [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class [ ] [o]% Asset Backed Notes (the "Class [ ] Notes")
which, together with the Issuer's Class [ ] [o]% Asset Backed Notes (the
"Class [ ] Notes"), Class [ ] [o]% Asset Backed Notes (the "Class [ ] Notes")
and Class [ ] [o]% Asset Backed Notes (the "Class [ ] Notes" and, together
with the Class [ ] Notes, the Class [ ] Notes and the Class [ ] Notes, the
"Class A Notes" or the "Notes"), are issued under the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer,
the Indenture Trustee and the Noteholders. The Notes are subject to all terms
of the Indenture.

     The Class [ ] Notes, Class [ ] Notes, Class [ ] Notes and Class [ ] Notes
are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

     Principal of the Class [ ] Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the 15th day of
each month, or, if any such day is not a Business Day, the next succeeding
Business Day, commencing _________, 200_.

     As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class [ ] Final Scheduled Payment
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Noteholders
of Notes evidencing not less than a majority of the principal amount of the
Class A Notes have declared the Notes to be immediately due and payable in the
manner provided in Section 5.2 of the Indenture. All principal payments on the
Class [ ] Notes shall be made pro rata to the Noteholders entitled thereto.

     Payments of interest on this Note on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this
Note, shall be made to the Person whose name appears as the Registered
Noteholder of the Note (or one or more Predecessor Notes) on the Note Register
as of the close of business on each Record Date either by wire transfer in
immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) effected by any payments made
on any Payment Date shall be binding upon all future Noteholders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be

                                    A-4-4
<PAGE>

available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior
to such Payment Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

     The Issuer shall pay interest on overdue installments of interest at the
Class [ ] Rate to the extent lawful.

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

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

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

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Issuer, or join in any institution
against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings under any United States federal or State bankruptcy
or

                                    A-4-5
<PAGE>

similar law in connection with any obligations relating to the Notes, the
Indenture or the other Basic Documents.

     The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, State and local income, and franchise tax
purposes, the Notes will qualify as indebtedness of the Issuer secured by the
Indenture Trust Estate. Each Noteholder, by its acceptance of a Note (and each
Note Owner by its acceptance of a beneficial interest in a Note), will be
deemed to agree to treat the Notes for federal, State and local income and
franchise tax purposes as indebtedness of the Issuer.

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

     The Indenture permits (with certain exceptions requiring the consent of
all Noteholders adversely affected) the amendment thereof by the Issuer and
the Indenture Trustee without the consent of the Noteholders provided certain
conditions are satisfied. The Indenture also contains provisions permitting
the Noteholders of Notes evidencing specified percentages of the principal
amount of the Notes Outstanding, on behalf of all Noteholders, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one or more Predecessor Notes)
shall be conclusive and binding upon such Noteholder and upon all future
Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note.

     The term "Issuer," as used in this Note, includes any successor to the
Issuer under the Indenture.

     The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

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

     This Note and the Indenture shall be governed by, and construed in
accordance with the laws of the State of New York, without reference to its
conflicts of law provisions.

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

                                    A-4-6
<PAGE>

     Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Indenture Trustee, in its individual
capacity, Owner Trustee, in its individual capacity, any owner of a beneficial
interest in the Issuer, or any of their respective partners, beneficiaries,
agents, officers, directors, employees or successors or assigns shall be
personally liable for, nor shall recourse be had to any of them for, the
payment of principal or of interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The holder of this Note, by such holder's
acceptance hereof, agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note.

                                    A-4-7
<PAGE>

                                  ASSIGNMENT

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

____________________________________________________

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

_______________________________________________________________________________
     (name and address of assignee)

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

Dated: _____________________                    ____________________________*/
                                                Signature Guaranteed

                                                ____________________________*/

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

                                    A-4-8
<PAGE>

                                  SCHEDULE A

                            Schedule of Receivables

                       [On file with Indenture Trustee]

                                    SA-1
<PAGE>

                                  APPENDIX A

                             Definitions and Usage

         (attached to the Sale and Servicing Agreement as Appendix A)

                                 Appendix A-1

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