Document:

DEED OF LEASE

                                     between

                                BECO-TERMINAL LLC

                                  ("Landlord")

                                       and

                               INFOCROSSING, INC.

                                   ("Tenant")

<PAGE>

                                TABLE OF CONTENTS

                                                                        Page

ARTICLE 1  PREMISES.......................................................1
ARTICLE 2  TERM...........................................................1
ARTICLE 3  RENEWAL OPTIONS................................................2
ARTICLE 4  ACCEPTANCE OF THE PREMISES BY TENANT...........................3
ARTICLE 5  RENTAL.........................................................4
ARTICLE 6  IMPOSITIONS....................................................5
ARTICLE 7   UTILITIES.....................................................6
ARTICLE 8  USE............................................................7
ARTICLE 9  LAWS, ORDINANCES, AND REQUIREMENTS OF PUBLIC AUTHORITIES.......7
ARTICLE 10  ALTERATIONS...................................................9
ARTICLE 11  LIENS........................................................11
ARTICLE 12  REPAIRS......................................................11
ARTICLE 13  INSURANCE....................................................12
ARTICLE 14  DAMAGE BY FIRE OR OTHER CASUALTY.............................14
ARTICLE 15  CONDEMNATION.................................................15
ARTICLE 16  ASSIGNMENT AND SUBLETTING....................................16
ARTICLE 17  INDEMNIFICATION..............................................22
ARTICLE 18  SURRENDER OF THE PREMISES....................................22
ARTICLE 19  ESTOPPEL CERTIFICATES........................................23
ARTICLE 20  SUBORDINATION................................................24
ARTICLE 21  DEFAULT AND REMEDIES.........................................26
ARTICLE 22  WAIVER BY TENANT.............................................29
ARTICLE 23  SECURITY DEPOSIT.............................................29
ARTICLE 24  ATTORNEYS' FEES AND LEGAL EXPENSES...........................31
ARTICLE 25  NOTICES......................................................31
ARTICLE 26  HAZARDOUS SUBSTANCES.........................................32
ARTICLE 27  SIGNS........................................................33
ARTICLE 28  WAIVER OF LIEN ON PERSONAL PROPERTY..........................33
ARTICLE 29  WAIVER OF JURY TRIAL; COUNTERCLAIMS..........................34
ARTICLE 30  MISCELLANEOUS................................................34
ARTICLE 31  OMITTED......................................................40
ARTICLE 32  BACKUP ELECTRICAL GENERATORS.................................40
ARTICLE 33  NET LEASE....................................................40

<PAGE>

Exhibits:

Exhibit A         Description of the Land
Exhibit B         Rules and Regulations
Exhibit C         Form of Commencement Date Certificate
Exhibit D         Description of Landlord's Work
Exhibit D-1       Site Plan
Exhibit E         ALTA Endorsement
Exhibit F         Letter of Credit

<PAGE>

                             BASIC LEASE INFORMATION

Date of Lease:          July __, 2000.

Landlord:               BECO-TERMINAL LLC, a Virginia limited liability company.

Tenant:                 INFOCROSSING, INC., a Delaware corporation.

Premises:               The one-story building (the "Building") to be located at
                        45580 Terminal Drive, Sterling, Loudoun County, Virginia
                        together with the land on which the Building shall be
                        constructed, which land is more particularly described
                        on Exhibit A attached hereto (the "Land"). The Premises
                        are shown on the site plan attached hereto as Exhibit
                        D-1.

Commencement Date:      The "Commencement Date" specified in Section 2.01 of the
                        Lease.

Expiration Date:        The last day of the month in which occurs the 15 year
                        anniversary of the Commencement Date, subject to the
                        terms of Article 3 of the Lease.

Annual Base Rent:       Subject to adjustment pursuant to Article 3 of the
                        Lease, the Annual Base Rent payable by Tenant shall be
                        as follows:

                        A.       For the period commencing (the "Rent
                                 Commencement Date") on the 10th day immediately
                                 following the Commencement Date through the
                                 last day of the First (1st) Lease Year, $29.50
                                 per rentable square foot of the Building.

                        B.       For each Lease Year during the Term (and any
                                 Renewal Term) after the first (1st) Lease Year,
                                 the Annual Base Rent per rentable square foot
                                 of the Building shall increase by three percent
                                 (3%) of the Annual Base Rent per rentable
                                 square foot in effect for the immediately
                                 preceding Lease Year as same may have been
                                 previously increased.

Lease Year:             The 12-month period beginning on the Commencement Date,
                        and each anniversary thereof; provided, however, that if
                        the Commencement Date occurs on a day other than the
                        first day of a calendar month, then the first Lease Year
                        shall commence on the Commencement Date and end 12
                        months after the first day of the first full month
                        following the Commencement Date.

Rentable                Area of the Building: 54,400 rentable square feet, which
                        rentable square footage shall be certified to Tenant by
                        Landlord's licensed architect and adjusted, if
                        necessary, in accordance with BOMA standards.

Renewal Options:        Two (2) additional periods of Five (5) years each.

Security Deposit:       $1,460,000.00 subject to the terms of Sections 23.02 and
                        23.03 below.

Landlord's Address for Notices:     BECO-Terminal LLC
                                            c/o BECO Management, Inc.
                                            11140 Rockville Pike, Suite 300
                                            Rockville, Maryland 20852
                                            Attn: President
                                            (o)      301-816-1500
                                            (fax)    301-816-1501

                                            With a copy to:

                               BECO-Terminal I LLC
                                            c/o BECO Management, Inc.
                                            11140 Rockville Pike, Suite 300
                                            Rockville, Maryland 20852
                                            Attn: General Counsel
                                            (o)      301-816-1500
                                            (fax)    301-816-1501

Tenant's Address for Notices:       INFOCROSSING, INC.
                                            2 Christie Heights Street
                                            Leonia, NJ 07605
                                            Attn:  Zach Lonstein, Chairman
                                            (o)      201-840-4710

                                            with a copy to Tenant at the above
                                            address
                                            Attention: General Counsel

Broker:                 None

Permitted Use:          General office or warehouse purposes which may include
                        the installation, operation, repair, maintenance and
                        replacement of communications and switch equipment and
                        facilities including (a) colocation of equipment owned
                        by Colocates (as defined in Section 16.07) and (b)
                        rights of Colocates to use the Premises in connection
                        with Tenant's internet data center and communications
                        business, subject to compliance with the terms of this
                        Lease.  Tenant shall have access to the Premises at all
                        times 24 hours a day, 7 days a week, 365 days a year,
                        subject to the terms of this Lease.  Landlord represents
                        that its fee title insurance policy for the Land
                        contains the ALTA 3 endorsement that is attached hereto
                        as Exhibit E.  Following completion of the exterior of
                        the Building and the parking facilities (which need not
                        be striped for these purposes) to be constructed on the
                        Land, and all other zoning requirements and requirements
                        of the title insurance company's underwriters have been
                        satisfied, Landlord will obtain a zoning endorsement 3.1
                        from its title insurance company.

The foregoing Basic Lease Information is hereby incorporated into and made a
part of the Lease. Each reference in the Lease to any information and
definitions contained in the Basic Lease Information shall mean and refer to the
information and definitions hereinabove set forth.

<PAGE>

VIRGINIA LEASE                                       1
                                  DEED OF LEASE

         THIS DEED OF LEASE (this "Lease"), dated as of the date specified in
the Basic Lease Information, is made by and between Landlord and Tenant. This
Lease is made upon the following terms, covenants, conditions, provisions and
agreements, all of which Tenant or Landlord, as the case may be, covenants and
agrees to keep, observe and perform.

                                    ARTICLE 1

                                    PREMISES

         Landlord leases the Premises to Tenant, and Tenant leases the Premises
from Landlord, for the Term (as defined in Article 2).

                                    ARTICLE 2

                                      TERM

         Section 2.01. The term of this lease (the "Term") shall begin on the
date Landlord has tendered possession of the Premises to Tenant with the
Landlord's Work (as defined in Section 4) substantially completed (the
"Commencement Date"), and unless sooner terminated, shall end at 11:59 p.m. on
the Expiration Date. Tenant shall have access to the Premises to perform
Tenant's initial construction from and after Landlord's closing in of the
Building and completion of those items of Landlord's Work which will not be
materially adversely affected by the performance by Tenant of its initial
construction, upon prior notice to Landlord, subject to compliance with all of
the terms of this Lease as if the Commencement Date had occurred (except with
respect to the payment of Annual Base Rental, Impositions, and utilities, except
to the extent Tenant has caused same to be provided or utilized or Tenant has
requested same). In the event a "Tenant Delay" (as hereinafter defined) delays
substantial completion of Landlord's Work, then substantial completion of
Landlord's Work shall be deemed accelerated by one day for each day of such
Tenant Delay. Tenant Delay shall mean any delay which results from any act or
omission of Tenant, its agents, employees or contractors, including delays due
to changes in or additions to, or interference with any work to be done by
Landlord, or delays by Tenant in submission of information approving working
drawings or estimates or giving authorizations or approvals, as reasonably
determined in good faith by Landlord's licensed architect.

         Section 2.02. Provided Tenant performs all of Tenant's obligations
under this Lease, including the payment of Rental (as defined in Article 5),
Tenant shall, during the Term, enjoy the Premises without disturbance from
Landlord or any other persons claiming or acting by, through, or under Landlord;
subject, however, to the terms of this Lease. This covenant and all other
covenants of Landlord now or hereafter in this Lease shall be binding upon
Landlord and its successors only with respect to breaches based on Landlord's
acts or omissions occurring during its and their respective ownership of
Landlord's interest hereunder.

         Section 2.03. Landlord shall notify Tenant of the Commencement Date, as
such date is determined in accordance with the terms set forth in Section 2.01,
and within fifteen (15) days after delivery of such notice Landlord and Tenant
shall execute a written instrument substantially in the form of Exhibit C,
attached hereto, confirming such date as the Commencement Date. Any failure of
the parties to execute such written instrument shall not affect the validity of
the Commencement Date as determined as aforesaid.

         Section 2.04. In the event the Commencement Date has not occurred on or
before February 1, 2001 (the "Outside Date") as such date may be extended on a
day for day basis to and including June 1, 2001 (the "Final Outside Date"), for
circumstances outside Landlord's reasonable control, including any Tenant
Delays, Tenant may cancel this Lease upon notice to Landlord provided and on
condition that (i) a material Event of Default is not then existing, (ii) Tenant
notified Landlord of such cancellation within 30 days after the Final Outside
Date, as such date may be extended by a Tenant Delay only, as aforesaid (time
being of the essence with respect to such notice). For greater clarity the Final
Outside Date may be extended on a day for day basis as a result of Tenant Delays
only. In the event Tenant terminates this Lease pursuant to this Section 2.04,
Landlord shall return to Tenant the first month's rent check and Security
Deposit (or portion thereof which has not been applied by Landlord pursuant to
the terms of this Lease) delivered to Landlord prior thereto, within thirty (30)
days after the effective date of termination, and the Tenant has vacated the
Premises and removed its property therefrom.

                                    ARTICLE 3

                                 RENEWAL OPTIONS

         Section 3.01. Tenant shall have and is hereby granted two (2)
successive options to renew or extend the Term (the "Renewal Term") for
additional periods of five (5) years each (the "Renewal Periods"). The First
Renewal Term shall commence on the day immediately following the Expiration Date
and shall expire on the 5th anniversary of the Expiration Date, and if
applicable the second and final Renewal Term shall commence on the day following
the 5th anniversary of the Expiration Date and end on the 10th anniversary of
the Expiration Date. Each renewal option shall be exercisable by Tenant by
giving written notice of the exercise of such renewal option to Landlord at
least twelve (12) months prior to the expiration of (i) the initial Term, in the
case of the first such renewal option, and (ii) the first Renewal Period, in the
case of the second such renewal option (time being of the essence with respect
to the delivery of said notice). Except as otherwise expressly provided herein,
each Renewal Period shall be upon the same terms, covenants and conditions as
set forth herein with respect to the Term, including, without limitation, the
payment of Annual Base Rent and Additional Rent hereunder. All references in
this Lease to the Term shall be construed to mean the initial Term and the
Renewal Period or Periods, unless the context clearly indicates that another
meaning is intended. For purposes of this Lease, no distinction is made between
the terms "extend" and "renew," or any variations thereof.

         Section 3.02. The Annual Base Rent payable for the Premises during the
Renewal Periods shall be as stated in the Basic Lease Information.

         Section 3.03. Neither of the Renewal Options referred to in Section
3.01 above may be exercised by Tenant if, at the time specified in Section 3.01
for exercising such option, (i) this Lease shall not be in full force or effect
(ii) a monetary or material non-monetary Event of Default (as defined in Section
21.01) shall have occurred and shall be continuing or (iii) this Lease has been
assigned or more than 50% of the Premises has been sublet, except for an
assignment or subletting to a "Related Entity" (as hereinafter defined) or as
otherwise provided in Section 16.07. If Tenant shall fail to exercise either
Renewal Option during the time or in the manner provided in Section 3.01 for the
exercise thereof, or if at the time specified for the exercise of such Renewal
Option Tenant shall not be entitled to exercise such option because of the
provisions of this Section, then, and in either such event, such Renewal Option,
and any additional Renewal Option, shall be absolutely void and of no force or
effect. In addition, if Tenant failed to timely exercise the first Renewal
Option, then Tenant shall have no right to exercise the second Renewal Option.

                                    ARTICLE 4

                      ACCEPTANCE OF THE PREMISES BY TENANT

         Landlord shall perform the work described in Exhibit D attached hereto
and the items of work set forth on plans and specifications (with handwritten
notations) prepared by Landlord's architect for the Building (a copy of which
has been delivered to Tenant) which do not conflict with the items set forth on
Exhibit D (the "Landlord's Work"). Except as otherwise expressly provided
herein, Tenant agrees to accept the Premises, Building and Land in its "as is"
condition. Landlord shall not modify Landlord's Work beyond a de minimis extent
without Tenant's prior approval which shall not be unreasonably withheld or
delayed. Such consent shall not be withheld to changes required by applicable
laws or regulations in the event that same will not materially adversely affect
Tenant's Permitted Use of the Premises. Tenant shall respond to requests for
approval to any such modifications within ten (10) Business Days after receipt
of applicable plans or specifications therefor. Except with respect to the
performance of Landlord's Work and as otherwise expressly set forth in the
Lease, Tenant acknowledges that Landlord has not made, nor shall Landlord be
deemed to have made, any warranty or representation, express or implied, with
respect to the Premises, including any warranty or representation as to its
fitness for use or purpose, design or condition for any particular use or
purpose, availability of data cabling or connections or as to value,
merchantability, quality, description, durability or operation, it being agreed
that all risks incident thereto are to be borne by Tenant. On the Commencement
Date, Landlord's Work shall be lien free and Landlord shall have paid all
applicable governmental taxes then due by Landlord with respect to Landlord's
Work, subject to Landlord's good faith right to contest bills and other charges
incurred in connection with Landlord's Work. Upon request, Landlord shall
deliver to Tenant a copy of the final Building drawings and plans used by
Landlord to construct the Building, and a set of "as-built" drawings upon
completion of Landlord's Work. In the event of any defect or deficiency in the
Premises of any nature, whether patent or latent, Landlord shall not (except as
otherwise expressly provided herein) have any responsibility or liability with
respect thereto or for any incidental or consequential damages (including strict
liability in tort). Subject to Landlord's representations herein, taking
possession of the Premises by Tenant shall be conclusive evidence that Tenant:
(a) accepts the Premises as suitable for the purposes for which they are leased;
(b) accepts the Building and every part and appurtenance thereof as being in a
good and satisfactory condition; and (c) waives any defects in the Premises or
the Building except latent defects in Landlord's Work. Subject to Landlord's
representations herein, Landlord shall not be liable, except for gross
negligence or willful misconduct, to Tenant or any of Tenant's agents,
employees, licensees, servants, or invitees for any injury or damage to person
or property due to the condition or design of or any defect in the Building or
its mechanical systems and equipment which may exist or occur; and Tenant, for
itself and its agents, employees, licensees, servants, and invitees, expressly
assumes (except as otherwise expressly provided herein) all risks of injury or
damage to person or property, either proximate or remote, resulting from the
condition of the Premises or the Building. Landlord represents that (i)
Landlord's Work shall be performed in compliance with all applicable laws, codes
and regulations (ii) the Premises shall be delivered in material compliance with
all applicable laws, codes, and regulations (except to the extent non-compliance
results from the acts or omissions of Tenant, its agents, employees or
contractors) and free of Hazardous Materials (as hereinafter defined) except
those materials which are customary for the type of Building constructed and
equipment installed therein or thereon or which were brought on the Land by or
on behalf of Tenant, its agents, employees or contractors and (iii) all off-site
improvements on the Land necessary for Tenant to obtain its certificate of
occupancy as stated below, shall have been completed.

                                    ARTICLE 5

                                     RENTAL

         Section 5.01. Commencing on the Rent Commencement Date, Tenant shall
pay to Landlord monthly, in advance, without demand, on the first day of each
calendar month during the Term, an annual rental ("Annual Rental") in an amount
equal to 1/12 of the Annual Base Rent specified in the Basic Lease Information.
The first monthly installment of Annual Base Rent shall be payable in advance by
Tenant on the date of execution of this Lease. If the Commencement Date is a
date other than the first day of a calendar month, then the monthly installment
of Rental for the first month for which rent is owing, being a fractional month,
shall be appropriately prorated based on the number of days in such month, and
shall be paid to Landlord in addition to the Annual Rental for the 12-month
period commencing on the first day of the month following the month in which the
Commencement Date occurs. If the Expiration Date is a date other than the last
day of a calendar month, then the monthly installment of Rental for the last
month for which rent is owing, being a fractional month, shall be appropriately
prorated.

         Section 5.02. All Rental shall be paid to Landlord by Tenant when due,
without deduction, offset or counterclaims (except as otherwise expressly
provided for herein), in lawful money of the United States, at Landlord's
Address for Notices as specified in the Basic Lease Information, or such other
place as Landlord may from time to time designate in writing. The term "Rental"
as used herein means the then applicable Annual Rental and all other sums
payable by Tenant under this Lease. All installments of Rental within five (5)
days after same is due shall bear interest from the date due until paid at a
rate per annum equal to fifteen percent (15%); provided, however, that any
interest payable pursuant to this Section 5.02 shall never exceed the Highest
Lawful Rate. The term "Highest Lawful Rate" as used herein shall mean the
maximum rate of interest from time to time permitted to be charged under
applicable law to Tenant with respect to the indebtedness for which such
interest is charged under this Lease.

         Section 5.03. If Tenant fails to make any payment of Rental within five
(5) days after the date on which such payment is due, Tenant shall also pay to
Landlord on demand a late payment service charge (to cover Landlord's
administrative and overhead expenses of processing late payments) equal to five
percent (5%) of such unpaid sum. Such payments shall not excuse the untimely
payment of rent.

         Section 5.04. No payment by Tenant or receipt by Landlord of a lesser
amount than the amounts herein stipulated shall be deemed to be other than on
account of the earliest stipulated rent, nor shall any endorsement or statement
on any check or letter accompanying a check for payment of rent be deemed an
accord and satisfaction and Landlord may accept such check or payment without
prejudice to Landlord's right to recover the balance of such rent or to pursue
any other remedy provided in this Lease. Tenant shall pay Landlord upon demand
the sum of Fifty Dollars ($50.00) for each of Tenant's checks returned to
Landlord not paid for insufficient funds or other reasons not the fault of
Landlord, to cover Landlord's costs in handling such returned items, and, upon
request by Landlord, Tenant shall pay all future sums due hereunder to Landlord
in the form of certified or cashier's checks or money orders. The foregoing
returned check charge represents the parties' reasonable estimate as of the date
hereof of the extra expenses that Landlord will incur in processing returned
checks, the exact amount of such charges being difficult to ascertain, and such
charge shall not be considered interest.

                                    ARTICLE 6

                                   IMPOSITIONS

         Section 6.01. Tenant shall pay all Impositions (as defined in Section
6.02 herein) attributable to the Term (and Renewal Term(s), as applicable), as
additional rent hereunder before any fine, penalty, interest or cost may be
added for non-payment. Tenant agrees to furnish to Landlord, within thirty (30)
days after written demand therefor, proof of the payment of all Impositions
which are payable by Tenant as provided in this Article 6. In the event that any
Imposition becomes due and payable during the Term and may be legally paid in
installments, Tenant shall have the option to pay such assessment (including
without limitation all assessments for public improvements or benefits) in
installments, and in such event, Tenant shall be liable only for those
installments which become due and payable during the Term, with appropriate
proration in the case of fractional years. Any Impositions which are
attributable in part to the Term shall be equitably apportioned between Landlord
and Tenant.

         Section 6.02. As used herein, the term "Impositions" means all taxes,
assessments, and other governmental charges applicable to the Land, the
Building, or any portion thereof, or to any personal property used in connection
therewith, whether federal, state, county, municipal or other authority, water
and sewer rents, rates and charges, vault taxes, excises, levies, license fees,
permit fees, inspection fees and other authorization fees and other charges or
other costs of any nature whatsoever, in each case whether general or special,
ordinary or extraordinary, foreseen or unforeseen, of every character (including
all interest and penalties thereon unless attributable to the acts of Landlord),
which at any time during or in respect of the Term may be assessed against,
levied upon, confirmed or imposed on, or in respect of or to be a lien upon (i)
the Premises or any part thereof, or any estate, right or interest therein, (ii)
occupancy, use or possession of or activity conducted on the Premises or any
part thereof, (iii) any Rental or other sum reserved or payable by Tenant
hereunder, or (iv) this Lease, or Landlord in respect of this Lease or the
Premises. Impositions shall not include Landlord's income, succession or other
taxes personal to Landlord and not applicable to the Land or Building, or any
recordation or other similar charges.

         Section 6.03. Tenant shall, at Tenant's cost, provide for adequate
management of the Building and Land. Any firms, vendors or contractors hired or
used by Tenant to maintain the generators and electrical equipment, connections
and facilities (as applicable) are subject to Landlord's reasonable approval.

         Section 6.04. Notwithstanding the foregoing, Impositions billed
directly to Landlord shall be payable by Landlord to the applicable third party,
provided Tenant shall reimburse Landlord for the cost thereof or amount payable
by Landlord to such third party within thirty (30) days after demand (which
demand shall be accompanied by reasonable substantiation of such Imposition
amount). Landlord shall provide Tenant with a copy of Landlord's payment within
30 days after same is paid. Landlord shall not bill Tenant more than 30 days in
advance of the date the applicable payment is due to the particular third party.

                                    ARTICLE 7

                                    UTILITIES

         Section 7.01. Except as otherwise expressly provided below, Tenant
shall cause to be provided to the Building all applicable utility services
necessary for the operation of Tenant's business therein throughout the Term and
Tenant shall timely pay for the cost of such services directly to the service
provider. Subject to Section 7.02, Tenant shall pay as additional rent hereunder
all utility charges imposed upon Landlord, with respect to utilities furnished,
available or applicable to the Premises and the Lease Term (including, without
limitation charges from the local electrical provider) whether accruing or
imposed upon Landlord prior to or after the Commencement Date) within thirty
(30) days after substantiated demand. Subject to the terms of Section 7.02,
utility charges that Tenant shall be responsible for paying shall include,
without limitation, all up-front fees, construction and equipment fees,
reservation fees, excess and minimum usage fees, hook-up charges, charges for
installation or modification of vault rooms and/or transformer panels, monthly
fees, and charges for use. Tenant hereby acknowledges and agrees that to the
extent Landlord has the right to assign to Tenant Landlord's interest in the
electric services agreement to be entered into between the applicable electrical
service provider and Landlord with respect to the furnishing of electricity to
the Building for Tenant's consumption, at Landlord's request, Tenant shall
promptly execute any reasonable and customary agreement provided by Landlord to
effectuate such transfer and Tenant's failure to execute such documentation
shall constitute a material default hereunder (after applicable notice and cure
rights have expired). Landlord shall cooperate with Tenant (at no cost or
expense to Landlord) in connection with Tenant's efforts to obtain, at Tenant's
sole expense, excess power and/or a redundant power supply to the Building from
the local utility as reasonably required by Tenant for its business operations
from the Building.

         Section 7.02. In connection with Landlord's Work, Landlord shall, at
Landlord's sole cost, (i) be responsible for reserving from the applicable
service provider, 6.5 MVA of electric power to serve the Building and (ii)
provide sewer and plumbing connections to the Building and electric connections
for 6.5 MVA of power to the Building distribution boards as specified in Exhibit
D otherwise or to a location mutually agreed upon by Landlord and Tenant.
Landlord shall also pay the up-front fees applicable to the 6.5 MVA designated
to serve the Building.

                                    ARTICLE 8

                                       USE

         The Premises shall be used only for the Permitted Use (as defined in
the Basic Lease Information) and for no other purpose. Tenant agrees to use and
maintain the Premises in a clean, careful, safe, lawful, and proper manner.
Tenant shall not use the Premises, nor suffer the Premises to be used (i) to
create any nuisance or trespass; (ii) to annoy or embarrass Landlord; or (iii)
for any disruptive, harassing or outrageous conduct. Tenant shall not commit
waste, overload the floors or structure of the Building beyond the capacity
shown on Exhibit D. Use of the Premises is subject to all covenants, conditions
and restrictions of record. Tenant shall not permit any objectionable odors or
noises to emanate from the Premises.

                                    ARTICLE 9

            LAWS, ORDINANCES, AND REQUIREMENTS OF PUBLIC AUTHORITIES

         Section 9.01. Subject to Tenants' right to occupy the Premises for the
Permitted Use in accordance with the terms of this Lease, Tenant shall not use
or occupy or permit the Premises to be used or occupied, nor do or permit
anything to be done in or on the Premises, in whole or in part, in a manner
which would in any way violate any certificate of occupancy affecting the
Premises, or make void or voidable, or except to a de minimis extent, increase
the rate of any insurance then in force with respect thereto, or which may make
it difficult or impossible to obtain fire other insurance thereon required to be
furnished by Tenant hereunder, or will cause or be apt to cause structural
injury to the Building or any part thereof, or as will constitute a public or
private nuisance. Any certificate of occupancy or similar permit required with
respect to Landlord's Work shall be obtained by Landlord prior to Tenant's
occupancy of the Premises for the conduct of its business, but after substantial
completion of Tenant's initial work (unless Landlord is unable to obtain same as
a result of the acts or omissions of Tenant, or its agents, employees or
contractors), then as soon as reasonably practicable, at Landlord's expense.
Tenant shall obtain at its expense any certificate of occupancy or similar
permit or certificate that may be required for Tenant to lawfully occupy and
conduct business from the Premises. Copies of such permits and certificates
shall be delivered to Landlord upon receipt by Tenant.

         Section 9.02. Except with respect to violations existing as of the
Commencement Date, Tenant shall, at its sole expense, (i) comply with all laws,
orders, ordinances, and regulations of Federal, state, county, municipal and
other authorities having jurisdiction over the Premises ("Legal Requirements"),
applicable to the Premises, Building, Land and/or Tenants' use and occupancy
thereof, (ii) comply with any direction made pursuant to law by any public
officers requiring abatement of any nuisance, or which imposes upon Landlord or
Tenant any duty or obligation arising from Tenant's occupancy or use of the
Premises, alterations or equipment installed therein or thereon by Tenant,
and/or from conditions which have been created by or at the insistence of
Tenant, and (iii) indemnify Landlord and hold Landlord harmless from any loss,
cost, claim, or expense which Landlord may incur or suffer by reason of Tenant's
failure to comply with its obligations under clauses (i) or (ii) above and the
provisions of Article 26 below. If Tenant receives notice of any such direction
or of violation of any such law, order, ordinance, or regulation, it shall
promptly notify Landlord thereof. Tenant shall not be responsible for complying
with violations arising from the performance by Landlord of Landlord's Work or
in connection with Hazardous Materials existing on the Land or in the Building
as of the Commencement Date, and subject to the limitations contained in this
Lease, Landlord shall be responsible for same, and shall indemnify Tenant and
hold Tenant harmless against any loss, cost, claim or expense which Tenant
incurs as a result of such non-compliance by Landlord. Notwithstanding the
foregoing, to the extent that Tenant's aforesaid compliance obligations do not
arise out of the acts or omissions of Tenant, its agents, employees or
contractors, or alterations, improvements, additions or equipment installed by
Tenant in or about the Premises, or Land, and such compliance requires changes
to the structural components of the Building, Tenant shall be responsible for an
amount equal to the cost of such compliance multiplied by the fraction the
numerator of which is the number of months then remaining in the Lease Term (as
same may have been renewed at the time the improvement is completed) and the
denominator of which is the total number of months in the Lease Term, unless
such compliance occurs during a Renewal Term, then the denominator shall be 180,
and Landlord shall be responsible for the balance, which shall be payable by
Landlord within 30 days after demand and reasonable substantiation of Tenant's
payment therefor. This Section 9.02 is subject to the provisions of Article 14.

                                   ARTICLE 10

                                   ALTERATIONS

         Section 10.01. Tenant may not, at any time during the Term, without
Landlord's prior written consent (except as otherwise expressly provided below),
make any alterations to the Premises. Landlord shall not unreasonably withhold
its consent to any proposed alteration, provided, however, that Landlord may
withhold, condition or delay its consent in its sole and absolute discretion to
any proposed alteration which in Landlord's reasonable judgment may adversely
(except to a de minimis extent) affect the structure or safety of the Building
or adversely (except to a de minimis extent) affect the electrical, HVAC,
plumbing, mechanical or fire and life safety systems or the functioning thereof.
Landlord's consent shall not be required for interior non-structural alterations
not materially affecting Building systems and costing less than $250,000 in the
aggregate per project; provided, however, Tenant must provide Landlord with at
least ten (10) days prior written notice of any such alterations. Landlord shall
respond to requests for consent within ten (10) Business Days after receipt of
final (reasonably detailed) plans and specifications with respect to the
alterations in question. If Tenant desires to make any alterations in or to the
Premises, Tenant shall, prior to beginning any such work, deliver to Landlord
all plans or drawings and specifications therefor (provided, however, with
respect to alterations not requiring Landlord's consent, then only to the extent
same have been prepared). Upon Tenant's receipt of Landlord's written approval
and upon Tenant's paying to Landlord the actual reasonable charge incurred by
Landlord, if any, for the review of such plans and specifications by third party
consultants, Tenant may proceed to the construction of the alterations provided
that the alterations are in strict compliance with the plans and specifications
submitted to Landlord and with the provisions of this Article 10. Any change to
the approved plans and specifications shall require Landlord's prior written
consent which shall not be unreasonably withheld, conditioned or delayed. Tenant
agrees to indemnify and hold Landlord harmless against and from any and all
claims, damages, costs and fines arising out of or connected with such
alterations (except to the extent attributable to Landlord's acts (which does
not include approving such alteration and reviewing plans in connection
therewith) or to any requirements of Landlord) and Tenant shall procure at its
own expense such governmental approvals and permits as may be required for such
alterations, and Tenant shall provide Landlord with copies of all such approvals
and permits prior to commencing work. All alterations shall be made at Tenant's
expense, by contractors which have been approved by Landlord (to the extent
Landlord's approval is required as set forth above, for the alteration in
question), which approval shall not be unreasonably withheld, conditioned or
delayed, and Tenant shall pay all bills from contractors and subcontractors
promptly when due. All such construction, alterations, and maintenance work done
by, or for, Tenant shall (i) be performed in such a manner as to maintain
harmonious labor relations in the Building and the Project and to minimize
interference with work performed by Landlord in the Building, (ii) comply with
all building, safety, fire, plumbing, electrical, and other codes and
governmental and customary insurance requirements, (iii) be completed promptly
and in a good and workmanlike manner, and (iv) be performed in compliance with
Article 11 hereof. Landlord may as a condition to approving any alteration,
require Tenant to remove same at the expiration of the Term, except with respect
to customary interior, non-structural alterations. Provided no Event of Default
is then occurring, Tenant may remove the following items of improvements,
equipment and/or property of Tenant or Collocates (unless installed by Landlord,
at Landlord's expense) from the Building, at Tenant's sole expense all HVAC
units on the Premises, including, without limitation, fan units located outside
the Building; generators and associated paralleling synchronous switching
equipment; FM 200 and gas canisters; power distribution modules; batteries for
uninterrupted power system (UPS batteries), UPS modules; overhead cable
management system; all personalty, including without limitation all equipment
mounting racks and cabinets, partition wall (cages), furnishings and any other
items constituting leasehold improvements which Landlord and Tenant agree shall
be removable, subject to compliance with the other provisions of this Lease,
including, without limitation, repairing any damage to the Building caused by or
arising from such removal.

         Section 10.02. After the completion of any alterations to the Premises,
Tenant shall deliver to Landlord either (i) a certificate signed by Tenant
stating that such alterations have been completed in accordance with the plans
and specifications previously delivered to Landlord or (ii) a copy of "as-built"
plans and specifications with respect to such alterations.

         Section 10.03. The Premises and all installations thereto and equipment
installed therein shall at all times be free of liens for labor and materials
supplied or claimed to have been supplied to the Premises, subject to the terms
of Article 28 below.

         Section 10.04. Tenant agrees to furnish Landlord, before any contractor
commences work on the Premises, certificates of Workmen's Compensation insurance
and general liability insurance with combined single limit of not less than
Three Million Dollars ($3,000,000.00) for the benefit of Landlord and such other
insurance as Landlord may reasonably require, provided same is consistent with
insurance obligations of comparable tenants in comparable buildings in the
vicinity of the Building. All such insurance shall be in addition to the
insurance required under Article 13 and shall be with companies of recognized
responsibility reasonably satisfactory to Landlord. Tenant shall provide
evidence reasonably satisfactory to Landlord that all premiums for such
insurance have been paid in full.

         Section 10.05. All alterations, leasehold improvements, and other
physical additions made or installed by or for Tenant in or to the Premises,
including without limitation, generators, fuel tanks and HVAC equipment, shall
not be removed without Landlord's prior written consent (except to the extent
same are being upgraded or replaced with other comparable equipment) and shall,
except as provided above in Section 10.01 or in this Section 10.05, be
surrendered to Landlord at the expiration of the Term. At the expiration of the
Term, Tenant shall remove Tenant's furniture, furnishings, personal property,
and movable trade fixtures, together with those alterations, improvements and/or
additions that Landlord may designate for removal upon approval of the plans
therefor (where Tenant is required to submit plans depicting such alterations,
improvements and/or additions to Landlord for consent), and Tenant shall repair
in a good and workmanlike manner any damage to the Building and/or Premises
caused by such removal.

                                   ARTICLE 11

                                      LIENS

         Subject to Article 28 below, Tenant shall keep the Premises free from
any liens arising from any work performed, materials furnished, or obligations
incurred by or at the request of Tenant. All persons either contracting with
Tenant or furnishing or rendering labor and materials to Tenant shall be
notified in writing by Tenant that they must look only to Tenant for payment.
Nothing contained in this Lease shall be construed as Landlord's consent to any
contractor, subcontractor, laborer, or materialman for the performance of any
labor or the furnishing of any materials for any specific improvement,
alteration, or repair of, or to, the Premises, nor as giving Tenant any right to
contract for, or permit the performance of, any services or the furnishing of
any materials that would result in any liens against the Premises. If any lien
is filed against the Premises or Tenant's leasehold interest therein, arises out
of any purported act or agreement of Tenant, Tenant shall discharge (by bonding
over or other appropriate means of legal discharge) the same within thirty (30)
days after notice from Landlord or such lien or whichever occurs first, of its
filing. If Tenant fails to discharge such lien within such period, then, in
addition to any other right or remedy of Landlord, Landlord may, at its
election, discharge the lien by paying the amount claimed to be due, by
obtaining the discharge by deposit with a court or a title company, or by
bonding. Tenant shall pay on demand any amount paid by Landlord for the
discharge or satisfaction of any such lien, and all reasonable attorneys' fees
and other costs and expenses of Landlord incurred in defending any such action
or in obtaining the discharge of such lien, together with all necessary
disbursements in connection therewith.

                                   ARTICLE 12

                                     REPAIRS

         Section 12.01. Except as otherwise provided herein, Tenant shall, at
its sole expense, keep the Premises and every part thereof, including without
limitation, the structure (including the roof) and the mechanical, electrical
and plumbing systems of the Building (including generators), the heating,
ventilating and air-conditioning systems (the "HVAC") serving the Building, and
the parking area of the Building, in good condition and repair at all times
during the Term. Landlord shall be responsible for repairing at its own cost
latent defects in (i) Landlord's Work and (ii) other repairs made by Landlord
pursuant to the terms of this Lease, to the extent same adversely affect (beyond
a de minimis extent) Tenant's use of the Premises for the Permitted Use. If
Tenant fails to make such repairs or perform other obligations under this Lease
after notice and expiration of applicable cure periods (except no notice is
required in cases of emergency), Landlord, at its option, may make such repairs
or perform such other obligations, and Tenant shall pay Landlord on demand
Landlord's actual costs in making such repairs or perform such other obligations
plus ten percent (10%) of such costs for Landlord's overhead. Except as
otherwise expressly provided in this Lease, Landlord shall not be required to
maintain, repair or rebuild, or to make any alteration to the Premises or any
part thereof, whether ordinary or extraordinary, structural or non-structural,
foreseen or unforeseen, or to maintain the Premises or any part thereof in any
way. Except as otherwise expressly provided in this Lease to the contrary,
Landlord has no obligation and has made no promise to alter, remodel, improve,
repair, redecorate, or paint the Premises or any part thereof. Notwithstanding
the foregoing, except with respect to latent defects, Landlord shall repair
Landlord's Work, the cost of which shall be (i) entirely paid by Tenant to the
extent the repair arises out of the acts or omissions of Tenant, its agents,
employees or contractors, or alterations, improvements, additions or equipment
installed by Tenant in or about the Premises, or Land, otherwise (ii) the amount
payable by Tenant shall equal the cost of such repair multiplied by the fraction
the numerator of which is the number of months then remaining in the Lease Term
(as same may have been renewed at the time the repair is completed) and the
denominator of which is the total number of months in the Lease Term (unless
such repair occurs during a Renewal Term then the denominator shall be 180), and
Tenant shall pay Landlord for the cost of such repair within thirty (30) days
after substantiated demand.

         Section 12.02. Tenant hereby covenants that, throughout the Term, it
shall maintain, at its sole cost and expense, service contracts for the
maintenance and repair of all HVAC equipment and all generators in or about the
Building. Tenant shall, upon Landlord's request, provide copies of all service
contracts affecting the generator(s), and any applicable renewal contracts
thereto, to Landlord, within thirty (30) days of receipt of such service
contracts. All service contracts shall be in form and substance reasonably
acceptable to Landlord.

         Section 12.03. Landlord agrees to assign to or cause Tenant to benefit
from any warranties provided to Landlord in connection with Landlord's Work,
including warranties on the roof, generator, Liebert units and electrical
distribution switchboards installed by Landlord, as Tenant may deem reasonably
necessary to effectuate its repair obligations pursuant to the terms of this
Lease.

                                   ARTICLE 13

                                    INSURANCE

         Section 13.01. During the Term, Tenant, at its sole expense, shall
obtain and keep in force the following insurance:

         (a) All-Risk insurance upon (i) the Tenant's improvements, alterations,
additions, fixtures, equipment (including generators installed by Landlord) and
Tenant's property, (ii) all property of every description and kind owned by
Tenant and located in the Building or for which Tenant is legally liable and
(iii) installations by or on behalf of Tenant, including without limitation,
furniture, fittings, installations, furnishings, movable trade fixtures and
personal property, and alterations (collectively referred to as "Tenant Insured
Items"), in an amount not less than one hundred percent (100%) of the full
replacement value thereof, with an endorsement insuring against code compliance.
All such insurance policies contain a waiver of subrogation in favor of
Landlord. Landlord shall be required to carry all-risk insurance solely on
Landlord's Work (except the generator installed by Landlord) in an amount not
less than 100% of the full replacement value thereof within an endorsement
insuring against code compliance. Tenant shall pay the reasonable cost of
Landlord's insurance premiums applicable to the aforementioned all-risk policy
within thirty (30) days after demand.

         (b) Commercial general liability insurance coverage, including personal
injury, bodily injury, broad form property damage, operations hazard, owner's
protective coverage, contractual liability, and products and completed
operations liability, in limits not less than $3,000,000 inclusive. All such
insurance policies shall name Tenant as named insured thereunder and shall name
Landlord and Landlord's mortgagees (and, if requested by Landlord, ground or
primary lessors) as additional insureds thereunder, all as their respective
interests may appear.

         (c)      Worker's Compensation and Employer's Liability insurance as
required by law.

         (d) Business interruption insurance covering the risks described in
Article 14 in an amount not less than the Annual Base Rent and the estimated
Impositions and additional rent hereunder for twelve (12) months.

         (e) Any other form or forms of commercially reasonable insurance as
Landlord may reasonably require from time to time in form, in amounts and for
insurance risks against which a prudent tenant of comparable size and in a
comparable business would protect itself.

         All Tenant's insurance policies which may be blanket policies (provided
the limits of coverage for the Premises are satisfied) shall be issued by
insurers that are reasonably acceptable to Landlord and in form reasonably
satisfactory to Landlord. Landlord's insurance policies covering Landlord's Work
shall be consistent with customary policies of comparable owners of comparable
buildings in the immediate vicinity insuring similar items and with the
requirements of Section 13.01. Tenant will deliver standard insurance industry
certificates of insurance to Landlord as soon as practicable after the placing
of the required insurance, but not later than ten (10) days prior to the date
Tenant takes possession of all or any part of the Premises. All policies shall
be written as primary insurance coverage and contain an undertaking by the
insurers to notify the other and the other's named mortgagees securing an
interest in the Premises or items installed therein, as the case may be (and, if
applicable, ground lessors) in writing, by certified or registered United States
mail, return receipt requested, not less than thirty (30) days before any
material adverse change, reduction in coverage, cancellation, or other
termination thereof. Landlord shall furnish Tenant with proof of Landlord's
insurance coverage within 30 days after written request by Tenant (provided
requests shall not be made more than once a year).

         Section 13.02. Tenant will not keep, use, sell, or offer for sale in or
upon the Premises any article which may be prohibited by any insurance policy in
force covering the Project and the Leasehold Improvements which shall be used by
Tenant other than in connection with Tenant's Permitted Use in accordance with
the terms of this Lease. Tenant shall promptly comply with all reasonable
requirements of the insurance authority or any present or future insurer
relating to the Premises and/or Building, provided that with respect to
Landlord's insurer, such requirements shall not materially increase Tenant's
obligations under this Lease, to the extent Tenant is in compliance with the
material terms of this Lease.

         Section 13.03. If Landlord's all-risk insurance policy described above
shall be canceled or cancellation shall be threatened or the coverage thereunder
reduced or threatened to be reduced in any way because of the use of the
Premises or any part thereof by Tenant or any assignee or subtenant of Tenant or
by anyone Tenant permits on the Premises (except with respect to the Permitted
Use in accordance with the terms of this Lease) and if Tenant fails to remedy
the condition giving rise to such cancellation, threatened cancellation,
reduction of coverage, or threatened reduction of coverage within 48 hours after
notice thereof, Landlord may, at its option, enter upon the Premises and attempt
to remedy such condition, and Tenant shall promptly pay the reasonable cost
thereof to Landlord as additional Rental. Landlord shall not be liable for any
damage or injury caused to any property of Tenant or of others located on the
Premises resulting from such entry. If Landlord is unable, or elects not, to
remedy such condition or if Tenant fails to maintain any insurance required by
this Lease, then in either such event Landlord shall have all of the remedies
provided for in this Lease in the event of a default by Tenant. If Landlord
fails to carry the insurance required herein, Tenant may (but shall not be
obligated to) upon prior notice to Landlord and Landlord's failure to furnish
Tenant with proof of coverage within 30 days after such notice, obtain such
insurance at Tenant's cost.

         Section 13.04. All policies covering real or personal property or
equipment which Tenant and Landlord obtain affecting the Premises or the
Building shall include a clause or endorsement denying the insurer any rights of
subrogation against the other to the extent rights have been waived by the
insured before the occurrence of injury or loss and the parties hereby waive all
such rights against the other with respect to their work and installations.
Landlord and Tenant shall not be liable for or responsible to, and hereby
releases the other, and its partners, employees, officers, directors and agents
from any and all liability and responsibility to the other, or any person
claiming by, through or under them, by way of subrogation or otherwise for any
damage or loss to Landlord's or Tenant's property, as applicable, due to hazards
covered (or which should be covered) by policies of insurance obtained or which
should be or have been obtained pursuant to this Lease (and with respect to
Landlord, hazards that would be covered by customary insurance carried by
comparable owners of comparable buildings in the vicinity of the Building), to
the extent of the injury or loss covered or which should have been covered
thereby, assuming that any deductible shall be deemed to be insurance coverage.

                                   ARTICLE 14

                        DAMAGE BY FIRE OR OTHER CASUALTY

         Section 14.01. If the Building and/or the Premises or any portion
thereof is damaged by any casualty which is or would be covered by customary
comprehensive all risk commercial insurance policies carried by prudent tenants
net leasing comparable buildings, Tenant shall promptly notify Landlord of the
same and Tenant shall promptly and diligently repair such damage and restore and
rebuild the Building and/or Premises in compliance with applicable codes and to
substantially the same condition as the Premises were in immediately prior to
such damage, except as otherwise set forth below. Notwithstanding the foregoing,
in the event the Landlord's Work is damaged by any casualty which is or would be
carried by customary comprehensive all risk insurance policies carried by
prudent owners of comparable buildings, Landlord shall promptly and diligently
repair such damage to Landlord's Work in compliance with applicable codes and to
substantially the same condition as immediately prior to such damage, except as
otherwise provided below. Such repair and restoration work shall be diligently
commenced and prosecuted by Tenant and Landlord, as applicable, until full
completion thereof, and shall be performed substantially in accordance with the
provisions of Articles 10 and 11. In the event the insurance proceeds available
to Tenant or Landlord (if applicable) are not adequate to pay for the full cost
of the repair and restoration work required to be performed by such party, then
such deficiency shall be paid by the party obligated to perform the work. In no
event shall either party be required to pay, in respect of such repair and
restoration, an amount in excess of the insurance proceeds it would have
received had such party carried the insurance required by Articles 13. Tenant
and Landlord shall apply all insurance proceeds received with respect to any
insurance required to be maintained by Tenant and Landlord hereunder for the
purpose of fully repairing and replacing the damage required to be repaired by
such party, as aforesaid.

         Section 14.02. Notwithstanding any damage or destruction caused by a
casualty described in Section 14.01, all Rental payable hereunder shall continue
to be paid without deduction or abatement except with respect to the damaged
portion of the premises (unless such damage is attributable to the misconduct of
Tenant, its agents, employees or contractors), from and after substantial
completion by Landlord of Landlord's Work. In addition, no damages,
compensation, or claim shall be payable by Landlord for inconvenience, loss of
business, or annoyance arising from any repair or restoration of any portion of
the Premises or for any other reason.

         Section 14.03. Notwithstanding the foregoing, in the event a casualty
damaging 50% or more of the Building occurs within the last five (5) Lease Years
of the Term, as same may be extended as provided herein, then either Landlord or
Tenant upon notice to the other given within sixty (60) days after the
occurrence of the casualty may cancel this lease effective thirty (30) days
after the delivery of such termination notice (time being of the essence of the
delivery of said notice), but such termination shall not be effective if Tenant
exercises any Renewal Option within thirty (30) days of the notice of
termination.

                                   ARTICLE 15

                                  CONDEMNATION

         Section 15.01. In the event the whole, or substantially the whole of
the Premises are taken or condemned for any public purpose or Tenant terminates
this Lease upon notice delivered to Landlord within thirty (30) days after a
taking of a material portion of the Premises stating that the remaining portion
of the Premises is not usable for the Permitted Use as reasonably determined by
Tenant (time being of the essence of the delivery of said notice), this Lease
shall terminate as of the date of such taking; provided, however, that those
provisions of this Lease which are designated to cover matters of termination
and the period thereafter shall survive the termination hereof. For purposes of
this Article 15, the term "substantially the whole of the Premises" shall mean:
(i) fifty percent (50%) or more of the rentable area of the Building, or (ii)
fifty percent (50%) or more of the parking spaces in the parking area on the
Premises, or (iii) any portion of the Premises if Tenant does not have access to
the Building as a result of such taking or condemnation.

         Section 15.02. In the event that a portion, but less than substantially
the whole, of the Premises should be taken or condemned for any public purpose,
then this Lease shall terminate as of the date of such taking as to the portion
of the Premises so taken, and this Lease shall remain in full force and effect
as to the remainder of the Premises. In such event, the Annual Base Rent will be
diminished by an amount representing the part of such amounts properly
applicable to the portion of the Building so taken. The parties will repair the
remaining portion of the Premises to the extent of Landlord's Work and Tenant's
work, respectively.

         Section 15.03. In the event of the termination of this Lease pursuant
to the provisions of Sections 15.01, this Lease and the Term and the estate
hereby granted shall expire as of the date of such termination in the same
manner and with the same effect as if that were the date set for the normal
expiration of the Term, and Rental shall be apportioned as of the date of
termination. The provisions of this Section 15.03 shall apply in the same manner
to any partial termination of this Lease pursuant to the provisions of this
Article 15.

         Section 15.04. Except as otherwise provided in this Section 15.04
below, Landlord shall be entitled to receive the entire award in any
condemnation proceeding or action for taking, without deduction therefrom for
any estate vested in Tenant by this Lease; provided that nothing herein
contained shall prohibit Tenant from seeking in a separate action (if such
separate action is allowed under applicable law, otherwise in the same action),
the value of Tenant's leasehold improvements incorporated in the Building and/or
on the Land and paid for by Tenant, and/or Tenant's moving expenses, and/or (to
the extent Landlord's award is not or will not be reduced thereby) for an award
of rent differential as between this Lease and the lease, if any, for
replacement premises.

                                   ARTICLE 16

                            ASSIGNMENT AND SUBLETTING

         Section 16.01. Tenant may not sell, assign, transfer, or hypothecate
this Lease or any interest herein (either voluntarily or by operation of law,
including, if Tenant is a corporation, limited liability company or partnership,
the sale or transfer of a controlling interest in Tenant) or sublet the Premises
or any part thereof without the prior written consent of Landlord, which consent
shall not be unreasonably withheld, conditioned or delayed. Any attempted
assignment or subletting of the Premises in violation of the foregoing sentence
shall be void. Without limiting the other instances in which it may be
reasonable for Landlord to withhold its consent to an assignment or subletting,
Landlord and Tenant acknowledge that it will be reasonable for Landlord to
withhold its consent in any of the following instances: (i) in Landlord's
reasonable judgment, the financial worth of the proposed assignee or subtenant
(of at least 50% of the Premises) does not meet the credit standards applied by
Landlord for other tenants under leases with comparable terms; (ii) the proposed
use of the Premises by, the proposed subtenant or assignee is inconsistent with
the Permitted Use; (iii) Landlord has experienced previous defaults by or is in
litigation with the proposed assignee or subtenant; or (iv) Tenant is in
material or monetary default of any obligation of Tenant under this Lease, or
Tenant has been in monetary default under this Lease on three (3) or more
occasions during the previous twelve (12) months preceding the date that Tenant
requests consent.

         Section 16.02. If the rental rate agreed upon between Tenant and its
subtenant under any approved sublease of the Premises (or any part thereof) is
greater than the rental rate that Tenant must pay Landlord hereunder for that
portion of the Premises that is subject to such sublease, or if any
consideration shall be received by Tenant in connection with any approved
assignment or sublease (in addition to rental as provided in such proposed
sublease), then fifty percent (50%) of such excess rental or consideration, as
the case may be (or both), after deducting reasonable and customary brokerage
fees, work allowances or other rent concession, the reasonable cost of
janitorial services provided to any such subtenant and the unamortized cost of
equipment installed in the Building by Tenant, at Tenant's sole cost, which
equipment is used to a material extent by the subtenant or assignee (as
applicable) (reasonable proof of such expenses shall be submitted to Landlord
promptly upon request), shall be considered additional Rental owed by Tenant to
Landlord, and shall be paid by Tenant to Landlord, in the case of excess
rentals, in the same manner that Tenant pays Annual Base Rent, and, in the case
of any other consideration, immediately upon receipt thereof by Tenant. If
Tenant notifies Landlord of Tenant's desire to assign this Lease or sublet all
or any part of the Premises, Tenant shall pay to Landlord as additional Rental
with the next due monthly Rental a reasonable fee, determined by Landlord, for
Landlord's reasonable costs and expenses in reviewing and evaluating such
proposed sublease or assignment. In the case of a permitted sublease, the
sublease agreement shall require the subtenant, upon receipt of notice from
Landlord that a monetary or material non-monetary Event of Default has occurred
and is continuing, to pay all subrent directly to Landlord (which amount paid to
Landlord will be offset against Rental owed by Tenant hereunder). No assignment
or subletting by Tenant shall relieve Tenant of Tenant's obligations under this
Lease.

         Section 16.03. Landlord may sell, transfer, assign, and convey, all or
any part of the Premises and any and all of its rights under this Lease, and in
the event Landlord assigns its rights under this Lease, Landlord shall be
released from any and all obligations hereunder, which such successor expressly
assumes, in which event Tenant agrees to look solely to Landlord's successor in
interest for performance of such obligations.

         Section 16.04 In connection with any request by Tenant pursuant to this
Article for Landlord's consent to assign this Lease or to sublet all or any part
of the Premises, Landlord shall have the following rights, any of which Landlord
may exercise by notice given to Tenant within thirty (30) days after Landlord
receives a written request by Tenant for consent to an assignment or subletting
accompanied by the information required by Section 16.10:

                  (i) with respect to a proposed assignment of the Lease, the
         right to terminate this Lease on a date specified in Landlord's notice,
         which date shall not be less than thirty (30) nor more than ninety (90)
         days after the date of Tenant's request for consent;

                  (ii) with respect to a proposed subletting of the entire
         Premises, the right to terminate this Lease on a date specified in
         Landlord's notice, which date shall not be less than thirty (30) nor
         more than ninety (90) days after the date of Tenant's request for
         consent; or

                  (iii) with respect to a proposed subletting of less than the
         entire Premises for substantially the remainder of the term of this
         Lease, the right to terminate this Lease as to the portion of the
         Premises affected by such subletting on a date specified in Landlord's
         notice, which date shall not be less than thirty (30) nor more than
         ninety (90) days after the date of Tenant's request for consent, in
         which case Tenant shall promptly execute and deliver to Landlord an
         appropriate modification of this Lease in form reasonably satisfactory
         to Landlord in all respects.

If this Lease is terminated as to only a part of the Premises, the Annual Base
Rent shall be adjusted in proportion to the portion of the Premises affected by
such termination and Landlord shall bear all cost and expense of constructing a
legal demising wall along with a commercially reasonable separation of utilities
to the extent reasonably practicable, between the Premises and the sublet area.
If Landlord exercises any of its rights under this subsection, Tenant shall not
be liable for any obligations under the Lease with respect to the terminated
portion of the Premises accruing from and after the termination of this Lease.
Landlord may (but is not required to) thereafter lease the Premises, or any part
thereof, to Tenant's proposed assignee or subtenant, as the case may be, without
thereby incurring any liability to Tenant. If Landlord does not exercise its
rights under this subsection 16.04, Tenant may, for a period of 120 days after
the date of Tenant's notice, assign this Lease or sublet all or any part of the
Premises, free of the restrictions set forth in this subsection, but subject to
all other provisions of this Article. If Tenant does not enter into the proposed
sublease within the 120-day period, Tenant shall not assign this Lease or sublet
all or any portion of the Premises without again notifying Landlord and giving
Landlord the rights provided in this subsection.

         Section 16.05. (a) If Tenant is a corporation, the transfer by one or
more transfers, directly or indirectly, by operation of law or otherwise, of a
majority of the stock of Tenant shall be deemed a voluntary assignment of this
Lease; provided, however, that the provisions of this Article 16 shall not apply
to the transfer of shares of stock of Tenant if and so long as Tenant is
publicly traded on a nationally recognized stock exchange. For purposes of this
Section 16.05 the term "transfers" shall be deemed to include the issuance of
new stock or of treasury stock which results in a majority of the stock of
Tenant being held by a person or persons that do not hold a majority of the
stock of Tenant on the date hereof. If Tenant is a partnership, the transfer by
one or more transfers, directly or indirectly, by operation of law or otherwise,
of a majority interest in the partnership shall be deemed a voluntary assignment
of this Lease. If Tenant is a limited liability company, trust, or any other
legal entity (including a corporation or a partnership), the transfer by one or
more transfers, directly or indirectly, of control of such entity, however
characterized, shall be deemed a voluntary assignment of this Lease. The
provisions of Sections 16.01, 16.02, and 16,04 shall not apply to transactions
with an entity into or with which Tenant is merged or consolidated or to which
substantially all of Tenant's assets or stock are transferred so long as (i)
such transfer was made for a legitimate independent business purpose and not for
the purpose of transferring this Lease, (ii) the successor to Tenant has a net
worth computed in accordance with generally accepted accounting principles at
least equal to the net worth of Tenant immediately prior to such merger,
consolidation or transfer, and (iii) proof satisfactory to Landlord of such net
worth is delivered to Landlord at least 10 days prior to the effective date of
any such transaction. Tenant may also, upon prior notice to Landlord, permit any
person which controls, is controlled by, or is under common control with Tenant
(a "Related Entity" ) to sublet all or part of the Premises or be an assignee of
Tenant's interest in this Lease for any Permitted Use for so long as such person
remains a Related Entity, provided the Related Entity is using the Premises in a
manner consistent with the terms of this Lease. For purposes of this Section
16.05 "control" shall mean the ownership of a majority of the interest in the
entity, in question, and the power and authority to direct the management and
operation of such entity.

                  (b) The limitations set forth in this Section 16.05 shall
apply to subtenant(s), assignee(s) and guarantor(s) of this Lease, if any, and
any transfer by any such entity in violation of this Section 16.05 shall be a
transfer in violation of Section 16.01.

         Section 16.06. Any material modification or amendment, and any
extension of a sublease (other than with a Related Entity) and/or any other
agreement by which a landlord (or its affiliate) of a building other than the
Building agrees to assume or perform the obligations of Tenant under this Lease
shall be deemed a sublease for the purposes of Article 16 hereof; provided,
however, all such modifications, amendments and extensions shall be delivered to
Landlord promptly after the execution thereof.

         Section 16.07. This Article 16 shall not apply to any collocation
license, service or similar arrangement (which may be called a sublease
agreement) Tenant enters into with a third party, including any customer, vendor
or connectivity provider (collectively, "Collocates"), provided and on condition
(i) the Collocates connect in any manner into or utilize any equipment of
Tenant, and/or (ii) Tenant receives and/or provides connectivity or customary
professional collocation supervisory services to or from such Collocates (which
is material to their use of the Premises, such as for example only, and without
limitation, systems and network management services, software management
services and information technology and management services), subject to
compliance with all of the terms and conditions of this Lease; and (iii) such
use complies with all applicable laws. The Collocates shall be entitled to use
the Premises in a manner consistent with the terms of this Lease. It is
acknowledged that Landlord does not have any direct contractual relationship
with the Collocates, and none of the Collocates shall become subtenants or
assignees or acquire any other rights under this Lease without the prior written
consent of Landlord, which may be granted or withheld in Landlord's reasonable
discretion. Tenant acknowledges and agrees that Tenant shall be responsible for
compliance by the Collocates with the terms and conditions of this Lease, and
Tenant agrees to indemnify, defend and hold Landlord harmless from and against
all claims, actions, judgments, liability, costs or expenses (including
reasonable attorneys' fees and costs) incurred by Landlord arising out of or in
connection with the use or occupancy of the Premises or any portion of the
Building by any of the Collocates, or their employees, contractors, invitees or
guests.

         Section 16.08. If, without Landlord's consent (when consent is required
pursuant to the terms hereof), this Lease is assigned, or any part of the
Premises is sublet or occupied by anyone other than Tenant or this Lease or the
Premises or any of Tenant's Property is encumbered (by operation of law or
otherwise), except pursuant to Section 28 hereof, Landlord may collect rent from
the assignee, subtenant or occupant, and apply the net amount collected to the
Rental herein reserved. No such collection of rent shall be deemed to be (i) a
waiver of the provisions of this Article 16, (ii) an acceptance of the assignee,
subtenant or occupant as tenant, or (iii) a release of Tenant from the
performance of Tenant's covenants hereunder. Tenant shall remain fully liable
for the obligations under this Lease.

         Section 16.09. Landlord's consent to any assignment or subletting shall
not relieve Tenant from the obligation to obtain Landlord's express consent to
any further assignment or subletting. In no event shall any permitted subtenant
assign or encumber its sublease or further sublet any portion of its sublet
space, or otherwise suffer or permit any portion of the sublet space to be used
or occupied by others, except in accordance with the terms of this Lease.

         Section 16.10. If Tenant desires to assign this Lease or sublet all or
any portion of the Premises, Tenant shall give notice thereof to Landlord, which
notice shall be accompanied by (a) with respect to an assignment of this Lease,
the date Tenant desires the assignment to be effective, and (b) with respect to
a sublet of all or a part of the Premises, (i) the material business terms on
which Tenant would sublet such premises, (ii) a description of the portion of
the Premises to be sublet, (c) the name and pertinent financial information of
the proposed assignee or subtenant, and (d) any other information Landlord may
reasonably require.

         Section 16.11. Each sublease shall be subject and subordinate to this
Lease and to the matters to which this Lease is or shall be subordinate, it
being the intention of Landlord and Tenant that Tenant shall assume and be
liable to Landlord for any and all acts and omissions of all subtenants and
anyone claiming under or through any subtenants which, if performed or omitted
by Tenant, would be a default under this Lease; and Tenant and each subtenant
shall be deemed to have agreed that upon the occurrence and during the
continuation of an Event of Default hereunder, provided Landlord terminates the
Lease, in accordance with Article 21 below, Landlord may, at its option, collect
rent under such sublease, from such subtenant and such subtenant shall, at
Landlord's option and upon notice from Landlord, attorn to Landlord pursuant to
the then executory provisions of this Lease other than the monetary terms of
this Lease, which monetary terms shall be governed by the terms of such
sublease, except that Landlord shall not be (A) liable for any previous act or
omission of Tenant under such sublease, (B) subject to any counterclaim, offset
or defense, which theretofore accrued to such subtenant against Tenant, (C)
bound by any previous modification of such sublease not consented to by
Landlord, or by any prepayment of more than one month's rent and additional rent
under such sublease, (D) bound to return such subtenant's security deposit, if
any, except to the extent that Landlord shall receive actual possession of such
deposit and such subtenant shall be entitled to the return of all or any portion
of such deposit under the terms of its sublease, or (E) obligated to make any
payment to or on behalf of such subtenant, or to perform any work in the
subleased space or the Building, or in any way to prepare the subleased space
for occupancy, beyond Landlord's obligations under this Lease. The provisions of
this Section 16.11. shall be self-operative, and no further instrument shall be
required to give effect to this provision, provided that the subtenant shall
execute and deliver to Landlord any instruments Landlord may reasonably request
to evidence and confirm such subordination and attornment.

         Section 16.12. Notwithstanding any assignment or subletting or any
acceptance of Rental by Landlord from any assignee or subtenant, Tenant shall
remain fully liable for the payment of all Rental due and for the performance of
all other terms, covenants and conditions contained in this Lease on Tenant's
part to be observed and performed, and any default under any term, covenant or
condition of this Lease by any subtenant or assignee or anyone claiming under or
through any subtenant or assignee shall be deemed to be a default under this
Lease by Tenant. Tenant shall indemnify, defend, protect and hold harmless
Landlord from and against any and all losses resulting from any claims that may
be made against Landlord by the proposed assignee or subtenant or anyone
claiming under or through any subtenant or by any brokers or other persons
claiming a commission or similar compensation in connection with the proposed
assignment or sublease, irrespective of whether Landlord shall give or decline
to give its consent to any proposed assignment or sublease, or if Landlord shall
exercise any of its options under this Article 16, unless attributable to the
gross negligence or willful misconduct of Landlord.

         Section 16.13. If Landlord consents to a proposed assignment or
sublease and Tenant fails to execute and deliver to Landlord such assignment or
sublease within 120 days after the giving of such consent, then Tenant shall
again comply with all of the provisions and conditions of this Article 16 hereof
before assigning this Lease or subletting all or part of the Premises.

         Section 16.14. Landlord shall not be required to respond to a request
for consent to a proposed assignment or sublease unless and until Tenant submits
to Landlord the information stated in Section 16.10. Landlord shall respond to
requests for approval of the form of sublease or assignment within 15 days after
submission thereof, provided such form shall be submitted on or after submission
of the information in Section 16.10 and prior to consummation of the sublease or
assignment, in question. Tenant shall either before or after Landlord consents
to such a request, deliver to Landlord not later than 30 days after Tenant
enters into an assignment or sublease agreement, a copy of a fully executed and
delivered assignment and assumption agreement or sublease, which is in form and
substance similar to the form of assignment and sublease and information
consented to by the Landlord in all material respects.

         Section 16.15. The joint and several liability of Tenant and any
successors-in-interest of Tenant and the due performance of Tenant's obligations
under this Lease shall not be discharged, released or impaired by any agreement
or stipulation made by Landlord, or any grantee or assignee of Landlord,
extending the time, or modifying any of the terms and provisions of this Lease,
or by any waiver or failure of Landlord, or any grantee or assignee of Landlord,
to enforce any of the terms and provisions of this Lease.

                                   ARTICLE 17

                                 INDEMNIFICATION

         Except as otherwise expressly provided to the contrary in this Lease,
Tenant waives all claims against Landlord for damage to any property or injury
to, or death of, any person in, upon or about the Premises, arising at any time
and from any cause other than by reason of the gross negligence or willful
misconduct of Landlord, and Tenant shall indemnify Landlord and shall hold
Landlord harmless from any damage to any property or injury to, or death of, any
person arising from the use or occupancy of the Premises by Tenant or any acts
or omissions of Tenant or its agents, employees, representatives, contractors or
invitees in, on or about the Premises or breach of this Lease by Tenant, except
such as is caused solely by the gross negligence or willful misconduct of
Landlord, its agents or employees. Without limiting the generality of the
foregoing, Landlord shall not be liable for any injury or damage to persons or
property resulting from fire, explosion, falling plaster, steam, gas,
electricity, water, rain, flood, snow, or leaks from any part of the Premises or
from the pipes, appliances, equipment, plumbing works, roof, or subsurface of
any floor or ceiling, or from the street or any other place, or by dampness or
by any other cause whatsoever unless caused by the gross negligence or willful
misconduct of Landlord, its agents, employees or contractors. Landlord shall not
be liable for any such damage caused by occupants of property adjacent to the
Premises, or by the public, or caused by any private, public, or quasi-public
construction or other work, including, but not limited to, any construction,
modification, or operation of underground, ground-level, or above-ground
pedestrian tunnels, bridges, walkways, or similar items. Tenant's foregoing
indemnity obligation shall include reasonable attorneys' fees, investigation
costs, and all other reasonable costs and expenses incurred by Landlord from the
first notice that any claim or demand has been made or may be made. The
provisions of this Article 17 shall survive the termination of this Lease with
respect to any damage, injury, or death occurring before such termination. If
Landlord is made a party to any litigation commenced by or against Tenant
relating to this Lease or to the Premises, and provided that in any such
litigation Landlord is not finally adjudicated to be at fault, then Tenant shall
pay all costs and expenses, including reasonable attorneys' fees and court
costs, incurred by or imposed upon Landlord because of any such litigation (but
not including attorneys' fees of Landlord's separate counsel hired to defend
Landlord in such action), and the amount of all such costs and expenses,
including reasonable attorneys' fees and court costs, shall be a demand
obligation owing by Tenant to Landlord. Tenant shall defend any such action with
counsel reasonably satisfactory to Landlord.

                                   ARTICLE 18

                            SURRENDER OF THE PREMISES

         Section 18.01. Upon the expiration of the Term or other termination of
this Lease for any cause whatsoever, Tenant shall peacefully vacate and
surrender the Premises in as good order and condition, reasonable use and wear
thereof excepted, subject to the terms of this Lease.

         Section 18.02. Should Tenant continue to hold the Premises after the
termination of this Lease, whether the termination occurs by lapse of time or
otherwise, such holding over, unless otherwise agreed to by Landlord in writing,
shall constitute and be construed as a tenancy at will at a daily Rental equal
to 1/30th of an amount equal to one and one-half with respect to the first 60
days of a holdover, and thereafter, two times the monthly Rental payable by
Tenant as of the date of termination and subject to all of the other terms set
forth herein except any right to renew this Lease, but the foregoing shall not
constitute a consent by Landlord to such holding over and shall not prevent
Landlord from exercising any of its remedies under this Lease or applicable law
by reason of such holding over.

         Section 18.03. On or before the Expiration Date, Tenant shall remove,
at Tenant's expense, all of its furniture, furnishings, personal property,
movable trade fixtures, and those alterations, improvements and additions
Landlord requested Tenant to remove pursuant to Section 10.06, and Tenant shall
promptly repair all damage done to the Premises by such removal. Any items not
so removed at the Expiration Date shall, at Landlord's option, be deemed
abandoned and shall thereupon become the property of Landlord. If Tenant fails
to remove any furniture, furnishings, personal property, movable trade fixtures,
and those alterations, improvements and additions Landlord requested Tenant to
remove pursuant to Section 10.06, then in addition to any other remedy available
to Landlord hereunder or at law or equity, Landlord may do so at Tenant's
expense, and Tenant shall reimburse Landlord on demand for the actual cost
incurred by Landlord (plus a fee of ten percent (10%)) of the cost therefor to
compensate Landlord for its administrative costs and overhead), and Landlord
shall have the right to look to the Security Deposit for such reimbursement.

                                   ARTICLE 19

                              ESTOPPEL CERTIFICATES

         Section 19.01. Tenant agrees to furnish no later than fifteen (15) days
after a request therefor by Landlord, any ground lessor, or the holder of any
deed of trust or mortgage covering the Building, the Land, or any interest of
Landlord therein or any purchaser of Landlord's interest, a certificate signed
by Tenant certifying (to the extent same is true) that this Lease is in full
force and effect and unmodified; that the Term has commenced and the full Rental
is then accruing hereunder; that Tenant has accepted possession of the Premises;
that no Rental under this Lease has been paid more than thirty (30) days in
advance of its due date; that the address for notices to be sent to Tenant is as
set forth in this Lease (or has been changed by notice duly given and is as set
forth in the certificate); that Tenant, as of the date of such certificate, has
no knowledge of any charge, lien, or claim of offset under this Lease or
otherwise against Rentals or other charges due or to become due hereunder; that
Landlord is not then in default under this Lease; and such other matters as may
be reasonably requested by Landlord or any such ground lessor, holder of such
deed of trust or mortgage or purchaser. If Tenant is unable to so certify as to
one or more of the foregoing items, Tenant shall specify its reason therefor in
writing. Any such certificate may be relied upon by any prospective purchaser,
ground lessor, mortgagee, or any beneficiary under any deed of trust on the
Building or the Land or any part thereof. Tenant's failure to timely execute and
deliver an estoppel certificate pursuant to this Section 19 after notice and the
expiration of an additional five (5) days, shall constitute an Event of Default.

                  Section 19.02. Landlord agrees to furnish no later than
fifteen (15) days after a request therefor by Tenant, in connection with a
financing of equipment or leasehold improvements installed in the Building,
certificate signed by Landlord certifying (to the extent same is true) that this
Lease is in full force and effect and unmodified; that the Term has commenced
and the full Rental is then accruing hereunder; that no Rental under this Lease
has been paid more than thirty (30) days in advance of its due date; that the
address for notices to be sent to Landlord is as set forth in this Lease (or has
been changed by notice duly given and is as set forth in the certificate); that
Landlord, as of the date of such certificate, has no knowledge of any charge,
lien, or claim of offset under this Lease or otherwise against Rentals or other
charges due or to become due hereunder; and that an Event of Default is not
pending (or if pending specifying such default), and such other matters as may
be reasonably requested by Tenant's lender. If Landlord is unable to so certify
as to one or more of the foregoing items, Landlord shall specify its reason
therefor in writing. Any such certificate may be relied upon by any prospective
lender of Tenant, as aforesaid.

                                   ARTICLE 20

                                  SUBORDINATION

         Section 20.01. Landlord shall obtain a non-disturbance agreement from
all holders of a Superior Instrument in such holders' standard form with such
reasonable modifications as shall be mutually satisfactory to the parties
thereto acting in good faith. This Lease is subject and subordinate to any first
deeds of trust, first mortgages or other first security instruments
(collectively, "Superior Instruments") which may from time to time during the
Term cover the Building and/or the Land, or any interest of Landlord therein,
and to any advances made on the security thereof, and to any refinancings,
increases, renewals, modifications, consolidations, replacements, and extensions
of any such future Superior Instruments. Within twenty (20) days after demand,
Tenant shall execute, acknowledge, and deliver to Landlord any further
instruments and certificates evidencing such subordination as Landlord or the
holder of any Superior Instrument may reasonably request. As of the date hereof
there is no Superior Instrument covering the Land and/or Building.

         Section 20.02. Notwithstanding the generality of the foregoing
provisions of Section 20.01 hereof, any holder of a Superior Instrument shall
have the right, unilaterally, at any time, to subordinate fully or partially any
such Superior Instrument to this Lease on such terms and subject to such
conditions as such holder of a Superior Instrument may consider appropriate.
Upon request, Tenant shall execute an instrument confirming any such full or
partial subordination by any holder of a Superior Instrument. At any time,
before or after the institution of any proceedings for the foreclosure of any
Superior Instrument, or sale of the Building and/or Land under any Superior
Instrument, or upon the termination of any ground lease, Tenant shall attorn to
such purchaser upon any such sale or the grantee under any deed in lieu of such
foreclosure or to any ground lessor in the event of a termination of a ground
Lease, as the case may be, and shall recognize such ground purchaser, grantee or
ground lessor, as the case may be, as Landlord under this Lease, subject to the
terms of Section 20.01 above. Tenant hereby waives the right, if any, to elect
to terminate this Lease or to surrender possession of the Premises in the event
of the judicial or nonjudicial foreclosure of any deed of trust, mortgage, or
security agreement (or any transfer in lieu thereof) or termination of a ground
lease. The foregoing agreement of Tenant to attorn shall survive any such
foreclosure sale, trustee's sale, or conveyance in lieu thereof, or termination
of a ground lease. Tenant shall, upon demand at any time, before or after any
such foreclosure sale, trustee's sale, or conveyance in lieu thereof, or
termination of a ground lease, execute, acknowledge, and deliver to Landlord's
mortgagee or any successor thereof or any then owner of the Premises or to the
ground lessor (as the case may be), any written instruments and certificates
evidencing such attornment as such mortgagee, successor, owner or ground lessor
may reasonably require.

         Section 20.03. Should any ground lease be terminated, or any deed of
trust, mortgage, or security instrument be foreclosed, the liability of the
ground lessor, mortgagee, trustee, or purchaser, as the case may be, as
"Landlord" hereunder, shall exist only with respect to the acts or omissions of
such person or entity occurring while it was the owner of the Land and/or
Building, subject to the other provisions of this Section 20.03. Further, Tenant
agrees that any such ground lessor, mortgagee, trustee, or purchaser shall not
be liable for or subject to (i) any Rental paid more than thirty (30) days in
advance of its due date; (ii) any amendment or modification of this Lease made
without the prior written approval of such ground lessor, mortgagee, trustee, or
purchaser where Tenant has previously been notified in writing of the need for
such approval; (iii) any default by or any claim against any prior Landlord;
(iv) subject to any defense, claim, counterclaim, or offset which Tenant may
have against Landlord, unless such offset is one which Tenant is expressly
permitted pursuant to the terms of this Lease, (v) bound by any obligation to
make any payment to Tenant which was required to be made prior to the time such
successor landlord succeeded to Landlord's interest; and (vi) bound by any
obligation to perform any work or to make any improvements to the Premises
except repair and compliance obligations accruing from and after succession
pursuant to Paragraphs 9, 12, 14 and 15 hereof. Nothing herein shall derogate
from the obligation of any successor to Landlord to cure any default of Landlord
that continues to exist when such successor succeeds to Landlord's interest in
the Premises (other than as expressly provided otherwise in Section 20.03(v)).

         Section 20.04. As long as any holder of a Superior Instrument shall
exist, Tenant shall not seek to terminate this Lease by reason of any act or
omission of Landlord (a) until Tenant shall have given notice of such act or
omission to all holders of a Superior Instrument, for which names and addresses
have been provided to Tenant and (b) until a reasonable period of time shall
have elapsed following the giving of notice of such default and the expiration
of any applicable notice or grace periods (provided such holder proceeds with
reasonable promptness to effectuate a cure of such default and the holder is
using reasonable diligence to remedy such condition) during which period such
holder of a Superior Instrument shall have the right, but not the obligation, to
remedy such act or omission and thereafter diligently proceed to so remedy such
act or obligation. If any holder of a Superior Instrument elects to remedy such
act or omission of Landlord, Tenant shall not seek to terminate this Lease so
long as such holder of a Superior Instrument is proceeding with reasonable
diligence to effect such remedy, except where Tenant is permitted to terminate
this lease pursuant to the express provisions hereof.

                                   ARTICLE 21

                              DEFAULT AND REMEDIES

         Section 21.01. The occurrence of any one or more of the following
events shall constitute an "Event of Default" under this Lease: (a) if Tenant
shall fail to pay any Rental or other sums payable by Tenant hereunder as and
when such Rental or other sums become due and payable and such failure shall
continue for more than five (5) business days after written notice of such
non-payment; (b) if Tenant shall fail to perform or observe any covenant or
obligation hereunder and such failure shall continue for more than thirty (30)
days after notice; or, if such failure is not of an emergency nature, does not
endanger the health, safety or welfare of the Premises (or any portion thereof)
or the occupants thereof, and is curable but cannot reasonably be cured within
such thirty (30) day period, Tenant shall have a reasonable extension of such
cure period, up to a maximum extension of one hundred twenty (120) days, so long
as Tenant commences to correct same within said thirty (30) day period and
thereafter diligently prosecutes the correction of same to completion; (c) if
any petition is filed by or against Tenant or any guarantor of Tenant's
obligations under this Lease under any section or chapter of the present or any
future Federal Bankruptcy Code or under any similar law or statute of the United
States or any state thereof (which, in the case of an involuntary proceeding, is
not permanently discharged, dismissed, stayed, or vacated, as the case may be,
within sixty (60) days of its commencement), or if any order for relief shall be
entered against Tenant or any guarantor of Tenant's obligations under this Lease
in proceedings filed under any section or chapter of the present or any future
Federal Bankruptcy Code or under any similar law or statute of the United States
or any state thereof; (d) if Tenant or any guarantor of Tenant's obligations
under this Lease becomes insolvent or makes a transfer in fraud of creditors;
(e) if Tenant or any guarantor of Tenant's obligations under this Lease makes an
assignment for the benefit of creditors; or (f) if a receiver, custodian, or
trustee is appointed for Tenant or any guarantor of Tenant's obligations under
this Lease or for any of the assets of Tenant or any guarantor of Tenant's
obligations under this Lease, which appointment is not vacated within sixty (60)
days of the date of such appointment.

         Section 21.02. If an Event of Default occurs, then at any time
thereafter while Tenant remains in default, Landlord may do any one or more of
the following, thirty (30) days after notice of its intent to do so, during
which period Tenant shall have the opportunity to file for injunctive relief:

         (a) With respect to a monetary or a material non-monetary Event of
Default, terminate this Lease, in which event Tenant shall immediately surrender
the Premises to Landlord after Landlord obtains a judgment for possession (or
similar judicial order). For purposes of this Section 21.02, a "material
non-monetary default" shall relate to an Installation Requirement (as
hereinafter defined), or an incurable default, or a default or breach of
Tenant's obligations under Articles 9, 11, 18, 20 or 26 hereof, or a breach of
Section 16.01 hereof, and shall have a material adverse effect on the Building,
Land and/or Landlord, and Landlord's notice of material non-monetary default
shall clearly indicate thereon that a "material non-monetary" default has
occurred. If Tenant fails to do so, Landlord may, without notice and without
prejudice to any other remedy Landlord may have, enter upon and take possession
of the Premises and expel or remove Tenant and its effects without being liable
to prosecution or any claim for damages therefor; and Tenant shall indemnify
Landlord for all loss and damage which Landlord may suffer by reason of such
termination, whether through inability to relet the Premises or otherwise,
including any loss of Rental for the remainder of the Term.

         (b) Terminate this Lease, as aforesaid in paragraph (a) above for a
monetary or material non-monetary Event of Default, in which event Tenant's
Event of Default should be considered a total breach of Tenant's obligations
under this Lease and Tenant immediately shall become liable for such damages for
such breach in an amount, equal to the total of (1) the costs of recovering the
Premises; (2) the unpaid Rental earned as of the date of termination, plus
interest thereon at a rate per annum from the due date equal to twelve percent
(12%), provided, however, that such interest shall never exceed the Highest
Lawful Rate; (3) the amount of the excess of (i) the total Rental and other
benefits which Landlord would have received under this Lease for the remainder
of the Term, at the rates then in effect (reduced by the rent received by
Landlord under a lease with a new tenant covering the balance of this Lease
term), together with all other expenses incurred by Landlord in connection with
Tenant's default, over (ii) the Fair Market Value Rate of the balance of the
Term as of the time of such breach, discounted at the rate of six percent (6%)
per annum to the then-present value; and (4) all other sums of money and damages
owing by Tenant to Landlord. The term "Fair Market Value Rate" as used herein
means the fair market value rental rate for a comparable lease term commencing
at a comparable time for the leasing of space of comparable size similarly
situated to the Premises, or in buildings of equivalent quality and located in
the business district in which the Building is located.

         (c) After obtaining a judgment for possession (or similar judicial
order) for a monetary or a material non-monetary Event of Default, enter upon
and take possession of the Premises as Tenant's agent, without terminating this
Lease and without being liable to prosecution or any claim for damages therefor,
and Landlord may relet the Premises as Tenant's agent and receive the rental
therefor, in which event Tenant shall pay to Landlord on demand any and all
costs of releasing, renovating, repairing, and altering the Premises (including
but not limited to advertising costs, commissions, finders fees and other
similar costs) for a new tenant or tenants and any deficiency that may arise by
reason of such reletting, provided, however, that Landlord shall have no duty to
relet the Premises and Landlord's failure to relet the Premises shall not
release or affect Tenant's liability for Rental or for damages.

         (d) Do whatever Tenant is obligated to do under this Lease (including,
without limitation, making payments to third parties) and enter the Premises
without being liable to prosecution or any claim for damages therefor to
accomplish this purpose. Tenant shall reimburse Landlord within ten (10) days
after demand for any expenses which Landlord incurs in thus effecting compliance
with this Lease on Tenant's behalf (plus a fee of fifteen percent (15%) of the
cost therefor to compensate Landlord for its administrative costs and overhead),
and Landlord shall not be liable for any damages suffered by Tenant from such
action, unless caused by the gross negligence or willful misconduct of Landlord.

         Section 21.03. No act or thing done by Landlord or its agents during
the Term shall constitute an acceptance of an attempted surrender of the
Premises, and no agreement to accept a surrender of the Premises shall be valid
unless made in writing and signed by Landlord. No re-entry or taking possession
of the Premises by Landlord shall constitute an election by Landlord to
terminate this Lease, unless a written notice of such intention is given to
Tenant. Notwithstanding any such reletting or re-entry or taking possession,
Landlord may at any time thereafter terminate this Lease for a previous default.
Landlord's acceptance of Rental following an event of default hereunder shall
not be construed as a waiver of such event of default. No waiver by Landlord or
Tenant of any breach of this Lease by the other shall constitute a waiver of any
other violation or breach of any of the terms hereof. Forbearance by Landlord or
Tenant to enforce one or more of the remedies herein provided (or otherwise)
upon a breach hereof shall not constitute a waiver of any other breach of the
Lease.

         Section 21.04. No provision of this Lease shall be deemed to have been
waived by Landlord or Tenant unless such waiver is in writing and signed by the
party to be charged. Nor shall any custom or practice which may evolve between
the parties in the administration of the terms of this Lease be construed to
waive or lessen the party's right to insist upon strict performance of the terms
of this Lease. The rights granted to Landlord and Tenant in this Lease shall be
cumulative of every other right or remedy which Landlord and Tenant may
otherwise have at law or in equity or by statute, and the exercise of one or
more rights or remedies shall not prejudice or impair the concurrent or
subsequent exercise of other rights or remedies.

         Section 21.05. If Landlord shall have failed to commence to perform its
repair or other material obligations under this Lease and as a consequence of
such failure, Tenant or its business operations from the Premises is adversely
affected in a material fashion, and such failure of performance continues, for a
period of thirty (30) days after written notice thereof from Tenant to Landlord
(unless any such non-monetary default cannot be cured within said 30 days
period, then provided Landlord has not promptly commenced and diligently pursued
such cure), Tenant may, at its option and without prejudice to any other right
and remedy available to Tenant hereunder, at law or in equity, upon notice to
Landlord undertake all reasonable action to cure Landlord's default and Landlord
shall, within thirty (30) days following demand therefor, reimburse Tenant for
all reasonable out-of-pocket sums expended or obligations incurred by Tenant in
connection therewith. If Landlord shall fail to pay Tenant such amounts within
such thirty (30) day period, Landlord shall pay Tenant interest thereon at the
rate for late payments specified in Section 5.02 above, and if such amounts
remain unpaid after sixty (60) days, Tenant may offset such amounts against the
Annual Base and additional rent thereafter coming due hereunder.

                                   ARTICLE 22

                                WAIVER BY TENANT

         To the extent permitted by applicable law, Tenant waives (except as
otherwise expressly provided in this Lease) for itself and all claiming by,
through, and under it, including creditors of all kinds: (a) any right and
privilege which it or any of them may have under any present or future
constitution, statute, or rule of law to redeem the Premises or to have a
continuance of this Lease for the Term after termination of Tenant's right of
occupancy by order or judgment of any court or by any legal process or writ,
under the terms of this Lease, or after the termination of the Term as herein
provided; (b) the benefits of any present or future constitution, statute, or
rule of law which exempts property from liability for debt or for distress for
rent; and (c) the provisions of law relating to notice and/or delay in levy of
execution in case of eviction of a tenant for nonpayment of rent.

                                   ARTICLE 23

                                SECURITY DEPOSIT

         Section 23.01. Tenant shall be required to deliver the Security Deposit
to Landlord (and shall use best efforts to deliver same within 5 business days
after delivery to Tenant of a fully executed Lease) in the form of a clean,
irrevocable, non-documentary and unconditional letter of credit in the amount of
the Security Deposit set forth in the Basic Lease Information (the "Letter of
Credit" ) issued by and drawable upon any commercial bank, trust company,
national banking association or savings and loan association with offices in the
United States (the "Issuing Bank" ), which has outstanding unsecured, uninsured
and unguaranteed indebtedness, or shall have issued a letter of credit or other
credit facility that constitutes the primary security for any outstanding
indebtedness that has combined capital, surplus and undivided profits of not
less than $500,000,000 and is reasonably satisfactory to Landlord. In the event
Tenant fails to timely deliver such Security Deposit to Landlord, as aforesaid,
Landlord may, at its sole option, terminate this Lease upon notice to Tenant, at
anytime thereafter, provided such termination notice is sent prior to Landlord's
receipt of such Security Deposit. The Letter of Credit shall (a) name Landlord
as beneficiary, (b) be in the amount of the Security Deposit, (c) have a term of
not less than one year, from the date hereof, (d) permit multiple drawings for
all or part of the Letter of Credit and drawings by overnight courier, (e) be
fully transferable by Landlord to Landlord's successor or assignee of its
interest in Premises without the payment of any fees or charges by Landlord or
such transferee, and (f) otherwise be in form and content satisfactory to
Landlord or in conformity with Exhibit F attached hereto. If upon any transfer
of the Letter of Credit, any fees or charges shall be so imposed, then such fees
or charges shall be payable solely by Tenant with respect to Landlord named
herein and the Letter of Credit shall so specify. The Letter of Credit shall
provide that it shall be deemed automatically renewed, without amendment, for
consecutive periods of one year during the Term commencing with the original
expiration date of such letter of credit. through the date that is at least 60
days after the Expiration Date, unless the Issuing Bank sends a notice (the
"Non-Renewal Notice" ) to Landlord by certified mail, return receipt requested,
not less than 60 days next preceding the then expiration date of the Letter of
Credit stating that the Issuing Bank has elected not to renew the Letter of
Credit in which event, Landlord shall have the right, upon receipt of the
Non-Renewal Notice, to draw the full amount of the Letter of Credit, by sight
draft on the Issuing Bank, and shall thereafter hold or apply the cash proceeds
of the Letter of Credit pursuant to the terms of this Article. The Letter of
Credit shall state that drafts drawn under and in compliance with the terms of
the Letter of Credit will be duly honored upon presentation to the Issuing Bank
accompanied by a certification from an officer of Landlord, its member, or agent
that Landlord is entitled to draw the proceeds requested pursuant to the terms
of this Lease. The Letter of Credit shall be subject in all respects to the
International Standby Practices set by the International Chamber of Commerce. In
the event Landlord draws down all or a part of the proceeds of the letter of
credit, then Tenant shall within thirty (30) days after demand either furnish to
Landlord an amendment to such letter of credit or a new letter of credit
complying with the terms hereof, so the Security Deposit being held by Landlord
is the full amount required under the terms of this Lease. Tenant shall
cooperate with Landlord during the Term in effectuating the intent and purpose
of this Article 23, and Landlord's right with respect to the Letter of Credit.

         Section 23.02. If (i) no Event of Default then exists, (ii) Landlord
has not previously drawn down all or a portion of the Security Deposit and (iii)
Tenant complies with the provisions of this Section 23.02, (A) on the 1st
anniversary of the Commencement Date, provided all usage fees accrued as of such
date have been paid to the local utility, the Security Deposit shall be reduced
to $1,373,334.00; (B) on the 2nd anniversary of the Commencement Date, provided
all usage fees accrued as of such date have been paid to the local utility and
the Security Deposit shall have been previously reduced, the Security Deposit
shall be reduced to $1,286,668.00; (C) on the 3rd anniversary of the
Commencement Date, provided all usage fees accrued as of such date have been
paid to the local utility, and the Security Deposit shall have previously been
reduced, the Security Deposit shall be reduced to $1,200,000.00; (D) on the 5th
anniversary of the Commencement Date, the Security Deposit shall be reduced to
$800,000.00, and (E) provided the Security Deposit shall have previously been
reduced pursuant to the preceding clause (i), on the 10th anniversary of the
Commencement Date the Security Deposit shall be reduced to $400,000.00. The
Security Deposit shall be reduced as follows: (A) if the Security Deposit is in
the form of cash, Landlord shall, within 10 Business Days following notice by
Tenant to Landlord that Tenant is entitled to reduce the Security Deposit
pursuant to this Section 23.02, deliver to Tenant the amount by which the
Security Deposit is reduced, or (B) if the Security Deposit is in the form of a
Letter of Credit, Tenant shall deliver to Landlord an amendment to the Letter of
Credit (which amendment shall comply in all respects with the provisions of
Section 23.01), reducing the amount of the Letter of Credit by the amount of the
permitted reduction, and Landlord shall execute the amendment and such other
documents as are reasonably necessary to reduce the amount of the Letter of
Credit in accordance with the terms hereof. If Tenant delivers to Landlord an
amendment to the Letter of Credit in accordance with the terms hereof, Landlord
shall, within 10 Business Days after delivery of such amendment, either (1)
provide its reasonable objections to such amendment or (2) execute and deliver
within 10 Business Days such amendment of the Letter of Credit in accordance
with the terms hereof.

         Section 23.03. Within thirty (30) days after the Expiration Date (or
the sooner termination of this Lease) and delivery of possession of the Premises
to Landlord as required by this Lease, Landlord shall return the Security
Deposit to Tenant (or the unapplied portion thereof, to the extent Landlord
applied same pursuant to the terms of this Lease).

                                   ARTICLE 24

                       ATTORNEYS' FEES AND LEGAL EXPENSES

         Tenant hereby agrees to pay, as additional rent, all reasonable
attorneys' fees and disbursements which Landlord may incur or pay out by reason
of, or in connection with any Event of Default (including, but not limited to,
matters involving: payment of rent or additional rent; alterations or assignment
or subletting), unless Tenant prevails in any action or proceeding in connection
therewith.

         In the event either party initiates judicial or other legal proceedings
under or with respect to this Lease, against the other, the party prevailing in
any such proceeding shall be entitled to reimbursement of its reasonable
attorneys' fees and other related expenses incurred in connection therewith, in
addition to all other rights, awards and remedies permitted hereunder, at law or
in equity. Landlord's and Tenant's obligations under this Section shall survive
the expiration of the Term or any other termination of this Lease. This Section
is intended to supplement (and not to limit) other provisions of this Lease
pertaining to indemnities and/or attorney's fees. Such attorney's fees and
disbursements shall include services performed by in-house counsel used by
Landlord or Tenant, as applicable, the fees for which shall be calculated at an
hourly rate of $210.00 per hour, which hourly rate shall increase by five
percent (5%) for each twelve-month period after the date of this Lease, and
which rate the parties hereby agree is reasonable.

                                   ARTICLE 25

                                     NOTICES

         No notice, and no request, consent, approval, waiver or other
communication which may be or is required or permitted to be given under this
Lease shall be effective unless the same is given in the manner set forth in
this Section 25. Each notice given pursuant to this Lease shall be given in
writing and shall be (i) delivered in person, (ii) sent by nationally recognized
overnight courier service, or (iii) sent by certified mail, return receipt
requested, first class postage prepaid, to Landlord or Tenant and/or any party
or parties they designate in writing, provided not more than three parties shall
be entitled to notice at any one time, as the case may be, at their respective
notice addresses as set forth in the Basic Lease Information, or at any such
other address or addresses (not to exceed three) that may be given by one party
to the other by notice pursuant to this Section 25. Such notices, if given as
prescribed in this Section 25, shall be deemed to have been given (a) at the
time of receipt or refusal of delivery if made in person, (b) on the next
business day if deposited with a nationally recognized overnight courier service
in time for next day delivery, or (c) on the third business day following the
date of mailing if mailed. During any interruption or threatened interruption of
substantial delay in postal services, all notices shall be delivered personally
or by nationally recognized overnight courier service.

                                   ARTICLE 26

                              HAZARDOUS SUBSTANCES

         Section 26.01. The term "Hazardous Substance" as used in this Lease
shall mean any product, substance, chemical, material or waste whose presence,
nature, quantity and/or intensity of existence, use, manufacture, disposal,
transportation, spill, release or affect, either by itself or in combination
with other materials expected to be on the Premises, is defined as a hazardous
material or substance pursuant to any applicable federal, state or local law
regulation. Except for small quantities of ordinary office supplies and except
for other materials which are customary in connection with the Permitted Use and
the business conducted by Tenant from the Premises in compliance with the terms
of this Lease (provided same are maintained and used in compliance with all
applicable laws), Tenant shall not cause or permit any Hazardous Substance to be
brought, kept, or used in or about the Premises by Tenant, its agents,
employees, contractors or invitees, without obtaining Landlord's prior written
consent.

         Section 26.02. If Tenant or Landlord knows, or has reasonable cause to
believe, that a Hazardous Substance, or a condition involving or resulting from
same, has come to be located in, on or under or about the Premises, the
knowledgeable party shall immediately give written notice of such fact to the
other. Tenant and Landlord shall also immediately give the other (without
demand) a copy of any statement, report, notice, registration, application,
permit, license, given to or received from, any governmental authority or
private party, or persons entering or occupying the Premises, concerning the
presence, spill, release, discharge of or exposure to any Hazardous Substance or
contamination in, on or about the Premises.

         Section 26.03. Landlord and Landlord's employees, agent, contractors
and lenders shall have the right to enter the Premises at any time in the case
of an emergency, and otherwise at reasonable times, for the purpose of
inspecting the condition of the Premises and for verifying compliance by Tenant
with this Section 26. Landlord shall have the right to employ experts and/or
consultants in connection with its examination of the Premises and with respect
to the installation, operation, use, monitoring, maintenance, or removal of any
Hazardous Substance on or from the Premises. The reasonable costs and expenses
of any such inspections shall be paid by the party requesting same, unless a
contamination, caused or materially contributed by Tenant, is found to exist or
be imminent, or unless the inspection or ordered by governmental authority as
the result of any such existing or imminent violation or contamination caused by
Tenant or anyone for whom Tenant is responsible. In any such case, Tenant shall
upon request reimburse Landlord for the reasonable cost and expense of such
inspection.

                                   ARTICLE 27

                                      SIGNS

         No sign, advertisement or notice shall be inscribed, painted, affixed
or displayed on or about the exterior portion of the Premises, including without
limitation, on the windows or exterior walls of the Building without the prior
written consent of Landlord (which consent shall not be unreasonably withheld,
conditioned or delayed, provided an Event of Default does not then exist), and
then in such places, numbers, sizes, color and style as are approved in writing
in advance by Landlord and which conform to all applicable laws, regulations,
rules and ordinances. If any such sign, advertisement or notice is exhibited
without Landlord's prior written approval, Landlord shall have the right to
remove the same and Tenant shall be liable for any and all expenses incurred by
Landlord by said removal. Tenant will maintain its permitted signs (if any),
decorations, lettering, advertising matter and such other things as may be
approved in good condition and repair, and in compliance with all applicable
statutes, regulations and rules, at all times. Landlord may prohibit any
advertisement of Tenant in or on the Premises which in Landlord's reasonable
opinion tends to impair the reputation of the Building or the Premises, and upon
written notice from Landlord, Tenant shall refrain from and discontinue such
advertisement.

                                   ARTICLE 28

                       WAIVER OF LIEN ON PERSONAL PROPERTY

Tenant shall have the right from time to time to grant security interests in or
otherwise finance Tenant's leasehold improvements, furniture, fixtures,
equipment and other personal property. Landlord hereby waives all lien rights,
statutory and otherwise, which it may now or hereafter have against all
leasehold improvements, furniture, fixtures, equipment and other personal
property of Tenant located in, on or about the Premises. Landlord shall from
time to time within twenty (20) days of written request by Tenant, execute such
Landlord lien waivers, subordinations and other related, customary and
reasonable documents as will permit Tenant to grant such security interests and
as may be reasonably required by any lender of Tenant, provided such documents
are reasonably satisfactory to Landlord. Landlord shall give such lenders for
which Landlord executed lien waivers notice of the termination of Tenant's right
to possess the Premises and the lender shall have the right, but not the
obligation, to (i) remove the secured property from the Premises within 30 days
after notice and/or (ii) assume all of Tenant's obligations and liabilities
under the Lease, and Landlord shall recognize such lender, as tenant under the
Lease, pursuant to an agreement mutually satisfactory to Landlord and lender
(and which does not impose greater obligations on the lender than that of Tenant
under the Lease, nor change the Lease, except for such minor or non-material
modifications as the parties, acting in good faith, may agree upon), provided
Lender gives notice thereof to Landlord within 30 days after notice of
termination by Landlord. Lender agrees to repair in a first-class manner any
physical damage to the Premises and/or Land caused by such removal and, if
Landlord is then in possession of the Premises, Landlord shall provide
reasonable access to the lender accordingly. Tenant shall have the right to add
lender as a party to receive notices under this Lease pursuant to Article 25
above. No Landlord lien shall at any time attach to the equipment or property of
Tenant's collocation and other customers, and Landlord hereby waives any and all
lien rights, statutory or otherwise, which Landlord may now or hereafter have
against such equipment or property.

                                   ARTICLE 29

                       WAIVER OF JURY TRIAL; COUNTERCLAIMS

         LANDLORD AND TENANT EACH HEREBY WAIVES ALL RIGHT TO TRIAL BY JURY IN
ANY CLAIM, ACTION, PROCEEDING OR COUNTERCLAIM BY EITHER PARTY AGAINST THE OTHER
ON ANY MATTERS ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, THE
RELATIONSHIP OF LANDLORD AND TENANT AND/OR TENANT'S USE OR OCCUPANCY OF THE
PREMISES. TENANT SHALL NOT IMPOSE ANY COUNTERCLAIM OR COUNTERCLAIMS IN A SUMMARY
PROCEEDING OR OTHER ACTION BASED ON TERMINATION OR HOLDOVER EXCEPT WITH RESPECT
TO CLAIMS WHICH MAY NOT BE BROUGHT BY TENANT IN A SEPARATE ACTION. THIS WAIVER
IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY TENANT AND TENANT
ACKNOWLEDGES THAT NEITHER LANDLORD NOR ANY PERSON ACTING ON BEHALF OF LANDLORD
HAS MADE ANY REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR
IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT. TENANT FURTHER ACKNOWLEDGES THAT IT
HAS BEEN REPRESENTED (OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE
SIGNING OF THIS LEASE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL
COUNSEL, SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY AND
ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS OF
THIS WAIVER PROVISION AND AS EVIDENCE OF THE SAME HAS EXECUTED THIS LEASE.

                                   ARTICLE 30

                                  MISCELLANEOUS

         Section 30.01. Brokers. Except for the Broker(s) listed in the Basic
Lease Information, if any, Landlord and Tenant each represent and warrant that
it has not entered into any agreement with, nor otherwise had any dealings with,
any broker or agent in connection with the negotiation or execution of this
Lease which could form the basis of any claim by any such broker or agent for a
brokerage fee or commission, finder's fee, or any other compensation of any kind
or nature in connection herewith, and Landlord and Tenant each agree to
indemnify and hold the other harmless from any costs (including, but not limited
to, court costs, investigation costs, and attorneys' fees), expenses, or
liability for commissions or other compensation claimed by any broker or agent
with respect to this Lease which arise out of any agreement or dealings, or
alleged agreement or dealings, between such party and any such agent or broker.

         Section 30.02. Severability. Every agreement contained in this Lease
is, and shall be construed as, a separate and independent agreement. If any term
of this Lease or the application thereof to any person or circumstances shall be
invalid and unenforceable, the remainder this Lease, or the application of such
term to persons or circumstances other than those as to which it is invalid or
unenforceable, shall not be affected.

         Section 30.03. No Merger. There shall be no merger of this Lease or of
the leasehold estate hereby created with the fee estate in the Premises or any
part thereof by reason of the fact that the same person may acquire or hold,
directly or indirectly, this Lease or the leasehold estate hereby created or any
interest in this Lease or in such leasehold estate as well as the fee estate in
the Premises or any interest in such fee estate. In the event of a voluntary or
other surrender of this Lease, or a mutual cancellation hereof, Landlord may, at
its option, terminate all subleases, or treat such surrender or cancellation as
an assignment of such subleases.

         Section 30.04. Limitation of Liability. Any and all covenants,
undertakings and agreements herein made on the part of Landlord are made and
intended not as personal covenants, undertakings and agreements or for the
purpose of binding Landlord personally or the assets of Landlord except
Landlord's interest in the Premises, but are made and intended for the purpose
of binding only the Landlord's interest from time to time in the Premises. No
personal liability or personal responsibility is assumed by, nor shall at any
time be asserted or enforceable against, Landlord or its agents, beneficiaries,
partners, or their partners, members, managers, officers, employees, directors
or shareholders on account of this Lease or on account of any covenant,
undertaking, or agreement of Landlord in this Lease contained, all such
liability being specifically waived by Tenant. Wherever in this Lease Landlord's
consent or approval is required, if Landlord refuses to grant such consent or
approval, whether or not Landlord expressly agreed that such consent or approval
would not be unreasonably withheld, conditioned or delayed, Tenant shall not
make, and Tenant hereby waives, any claim for money damages (including any claim
by way of set-off, counterclaim or defense) based upon Tenant's claim or
assertion that Landlord unreasonably withheld, conditioned or delayed its
consent or approval. Tenant's sole remedy shall be an action or proceeding to
enforce such provision, by specific performance, injunction or declaratory
judgment. In no event shall Landlord or Tenant be liable to the other, and each
party hereby waives any claim for, any indirect, consequential or punitive
damages, including loss of profits or business opportunity, arising under or in
connection with this Lease, even if due to the gross negligence or willful
misconduct of such party or of its agents or employees.

         Section 30.05. Article Headings. The article headings contained in this
Lease are for convenience only and shall not enlarge or limit the scope or
meaning of the various and several articles hereof. Words of any gender used in
this Lease shall include any other gender, and words in the singular number
shall be held to include the plural, unless the context otherwise requires.

         Section 30.06. Joint and Several Obligations. If there be more than one
Tenant, the obligations hereunder imposed upon Tenant shall be joint and
several, and all agreements and covenants herein contained shall be binding upon
the respective heirs, personal representatives, successors, and, to the extent
permitted under this Lease, assigns of the parties hereto.

         Section 30.07. No Representations. Neither Landlord nor Landlord's
agents or brokers have made any representations or promises with respect to the
Premises except as herein expressly set forth and all reliance with respect to
any representations or promises is based solely on those contained herein. No
rights, easements, or licenses are acquired by Tenant under this Lease by
implication or otherwise except as expressly set forth in this Lease.

         Section 30.08. Entire Agreement. This Lease sets forth the entire
agreement between the parties and cancels all prior negotiations, arrangements,
brochures, agreements, and understandings, if any, between Landlord and Tenant
regarding the subject matter of this Lease. No amendment or modification of this
Lease shall be binding or valid unless expressed in a writing executed by both
parties hereto.

         Section 30.09. Authority. The persons executing this Lease on behalf of
Landlord and Tenant represent and warrant respectively that Landlord and Tenant
have complied with all applicable laws, rules, and governmental regulations
relative to its right to do business in the state in which the Premises are
located, that such entity has the full right and authority to enter into this
Lease, and that all persons signing on behalf of the Landlord and Tenant were
authorized to do so by any and all necessary or appropriate corporate actions.
Landlord represents that it is the fee owner of the Land and will be the fee
owner of the Building upon completion of Landlord's Work.

         Section 30.10. Lender Protection. If, in connection with obtaining debt
or equity financing for the Premises (including a sale leaseback) any lender,
investor or ground lessor shall request reasonable modifications to this Lease
as a condition to such financing, Tenant will not unreasonably withhold, delay,
or defer its consent thereto, provided that such modifications do not increase
the obligations of Tenant hereunder or adversely affect either the leasehold
interest hereby created or Tenant's use and enjoyment of the Premises.

         Section 30.11. Governing Law. This Lease shall be governed by and
construed under the laws of the state in which the Premises are located. Any
action brought to enforce or interpret this Lease shall be brought in the court
of appropriate jurisdiction in the state in which the Premises are located.
Should any provision of this Lease require judicial interpretation, it is agreed
that the court interpreting or considering same shall not apply the presumption
that the terms hereof shall be more strictly construed against a party by reason
of the rule or conclusion that a document should be construed more strictly
against the party who itself or through its agent prepared the same, it being
agreed that all parties hereto have participated in the preparation of this
Lease and that legal counsel was consulted by each party hereto before the
execution of this Lease.

         Section 30.12.  Intentionally Omitted.
         -------------   ----------------------

         Section 30.13. Landlord Access. Landlord and its agents, employees,
invitees and contractors may enter the Building and Premises at all reasonable
hours to exhibit the same to prospective purchasers or mortgagees or within the
last 12 months of the Lease term prospective tenants, to periodically at
reasonable intervals inspect the Building and Premises to see that Tenant is
complying with all its obligations hereunder, to make repairs to the Building or
Premises or for any other purpose expressly contemplated under this Lease.
Landlord shall (except in the event of any emergency, or if Landlord's presence
is requested by Tenant) give Tenant at least 24 hour prior notice of such access
and, during access, agrees to use reasonable efforts (without the obligation to
incur overtime labor) to minimize any interference with Tenant's business
operations.

         Section 30.14.  Exhibits.  The exhibits referred to in the Basic Lease
Information are by this reference incorporated fully herein.  The term "this
Lease" shall be considered to include all such exhibits.

         Section 30.15. Rules and Regulations. Tenant shall, and shall cause its
employees, contractors and agents to, comply with and observe all reasonable
rules and regulations concerning the use, management, operation, safety and good
order of the Premises which may from time to time be promulgated by Landlord,
provided that such rules and regulations are not inconsistent with the
provisions of this Lease and do not (i) interfere (beyond a de minimis extent)
with Tenant's use of the Premises or (ii) increase monetary obligations of
Tenant hereunder; and Tenant is provided with notice thereof. Initial Rules and
Regulations, which shall be effective until amended by Landlord, are attached
hereto as Exhibit B. Tenant shall be deemed to have received notice of any
amendment to the Rules and Regulations when a copy of such amendment has been
delivered to Tenant at the Premises or has been delivered to Tenant in the
manner prescribed in Article 25 herein.

         Section 30.16. Survival. All of Tenant's duties and obligations
provided for herein, including any and all indemnifications of Landlord and the
Premises, to the extent that the same shall not be fulfilled during the Term
hereof, and Landlord's rights and remedies in respect of such unfulfilled duties
and obligations, shall survive and remain in full force and effect
notwithstanding the expiration or sooner termination of the Term of this Lease.

         Section 30.17. Financial Statements. Tenant, upon written request by
Landlord in connection with a (i) proposed sale of Landlord's interest in the
Land or Building or (ii) financing thereof, or (iii) Tenant default under the
Lease will provide Landlord with a copy of its current audited financial
statements, and related footnotes, prepared in accordance with generally
accepted accounting principles (except with respect to an assignee which is a
wholly-owned subsidiary of the Tenant and which assignee does not have separate
audited financial statements). Such financial statements must be either
certified by a certified public accountant or sworn to as to their accuracy by
Tenant's most senior official or its chief financial officer. The financial
statements provided must be the most recent financial statements in Tenant's
possession, but as of a date not more than sixteen (16) months prior to the date
of request.

         Section 30.18. Unavoidable Delay. In the event Landlord or Tenant is in
any way delayed, interrupted or prevented from performing any of its obligations
under this Lease (except with respect to monetary obligations), and such delay,
interruption or prevention is due to fire, act of God, governmental act or
failure to act, strike, labor dispute, inability to procure materials, or any
other cause beyond such party's reasonable control (whether similar or
dissimilar), then the time for performance of the affected obligation(s) shall
be excused for the period of the delay and extended for a period equivalent to
the period of such delay, interruption or prevention.

         Section 30.19. Recording of Lease. This Lease shall not be recorded,
however, either party may, at its expense, upon prior written request, record a
memorandum or short form of Lease in the land or other records of the County in
which the Premises is located and the non-requesting party shall cooperate with
the requesting party in connection therewith (unless Landlord's lender does not
permit same or recordation may adversely affect Landlord (as reasonably
determined by Landlord), then no such memorandum or short form of Lease shall be
recorded). The requesting party shall bear all taxes and fees in connection with
any permitted recordation.

         Section 30.20. Roof and Other Installation Rights. (a) During the Lease
Term, provided an Event of Default does not then exist, Tenant is hereby
granted, subject to compliance with the terms of this Lease, including, without
limitation Articles 9, 10 and 12 hereof and the provisions of this Section 30.20
and such other reasonable requirements (the "Installation Requirements") as
shall be imposed by Landlord, (i) to protect the physical integrity of the
Building and Land and the equipment and installations thereon, (ii) to protect
the health or safety of occupants or visitors, or (iii) to comply with
applicable laws, the right to install, secure, maintain, replace and operate on
the roof of the Building and/or on the Land immediately adjacent to the Building
(to the extent space is available and legally permissible for such use) (the
"Installation Site") generators, Antennae and other equipment installed in
conformity with the terms of this Lease in connection with the Permitted Use,
whether or not owned by Tenant, but for the benefit of Tenant's business in the
Premises (collectively the "Installation Site Equipment"). The specifications
and location of the Installation Site Equipment shall be subject to Landlord's
reasonable approval, provided Landlord shall only take into consideration in
deciding whether to approve same, the Installation Requirements.

                  (b) Tenant shall diligently service, repair, paint and
maintain the Installation Site Equipment, as applicable, including, without
limitation, all electrical wires, guide wires and conduits related thereto.

                  (c) In the performance of any installation, alteration,
repair, maintenance, removal and/or any other work with respect to the
Installation Site or the Installation Site Equipment, Tenant shall comply with
all of the applicable provisions of this Lease, and the provisions of this
Article shall be applicable to the Installation Site as if the Installation Site
was part of the demised premises.

                  (d) Any and all taxes, filing fees, charges or license fees
imposed upon Landlord by virtue of the existence and/or use of the Installation
Site Equipment (including those shown to be specifically related to any increase
in the assessed valuation of the Building and/or Land attributable to the
Installation Site Equipment), whether imposed by any local, state and/or federal
government or any agency thereof, shall be exclusively borne by Tenant. Landlord
agrees to cooperate reasonably with Tenant in any necessary applications for any
necessary license or permits provided Landlord incurs no expense or liability in
so doing.

                  (e) On or before the termination of this Lease, Tenant shall
at Landlord's request, remove the Installation Site Equipment and any and all
appurtenant cables, wires, and other equipment and repair and restore the Roof
and any other damage caused to the Building and/or Land. Such repair and
restoration work shall proceed with due diligence and dispatch and shall be
completed on or before to the Expiration Date. Any holes, damage or injury in or
to the Installation Site and/or Building and/or Land arising out of or connected
to the removal of the Installation Site Equipment and any or all appurtenant
cables, wires, and other equipment shall be promptly and duly repaired and
restored by Tenant at Tenant's sole cost and expense.

                  (f) Throughout the duration of this Lease, Tenant shall
inspect the Installation Site Equipment at least once a month. Tenant shall be
solely responsible for preserving the water tight integrity of the Roof as may
be caused by, or relates to, the installation, maintenance, operation and repair
of the Installation Site Equipment. Tenant shall be responsible for all leaks in
the Roof arising out of or connected to its installation. Tenant's Installation
Site Equipment shall not exceed the applicable load-bearing capacity of the
Installation Site, and shall not adversely affect Landlord's roof warranties.

                  (g) Except as otherwise expressly provided herein (including
as provided in Exhibit D), Tenant agrees that Landlord has made no warranties or
representations as to the condition or suitability of the Installation Site, the
Building and/or Land (or the electricity available to the Installation Site) for
the installation, use, maintenance or operation of the Installation Site
Equipment, and Tenant agrees to accept same in its "as is" condition and without
any work or alterations to be made by Landlord.

         Section 30.21. Tenant Representative. Tenant hereby designates the
President (currently Charles Auster) ("Tenant's Representative") (telephone no.
201-840-4981) with whom Landlord may speak or direct correspondence relating to
the Premises, this Lease or Tenant's business operations conducted from the
Premises. Tenant shall ensure that Tenant's Representative shall be available to
speak with Landlord on reasonable prior notice, either by telephone or in
person, to speak or meet with Landlord regarding the Premises, this Lease or
Tenant's business operations conducted from the Premises. If such Tenant
Representative ceases to be an officer of Tenant, Tenant shall appoint a
successor Tenant Representative acceptable to Landlord, and Tenant shall provide
Landlord with the information for such successor Tenant Representative as
described above in this Section 30.21.

                                   ARTICLE 31

                                     OMITTED

                                   ARTICLE 32

                          BACKUP ELECTRICAL GENERATORS

         Provided Tenant and the generators (and all improvements and equipment
associated therewith) comply with all applicable laws, and subject to Landlord's
prior approval of all plans and specifications and other improvements and
equipment associated therewith, as stated in Article 10 above Landlord shall
permit Tenant to install, at Tenant's sole cost and expense, backup electrical
generators on the roof of the Building (and if permitted by applicable laws, the
Land) (in which event same shall constitute Roof Equipment). Tenant recognizes
that Landlord shall seek to minimize the potential interference that the
operation of the generators may cause occupants of adjacent buildings, and, if
required by law, such testing to be performed during hours other than 8:00
a.m.-6:00 p.m. Monday through Friday, except federal holidays. Tenant shall
maintain the generators (including any generators installed by Landlord) and all
improvements and equipment associated therewith in good condition and repair,
and in compliance with all applicable statutes, regulations and rules, at all
times.

                                   ARTICLE 33

                                    NET LEASE

         Tenant acknowledges and agrees that it is intended that this is a net
lease of the Building that is completely carefree to Landlord, except as
expressly set out in this Lease; that Landlord is not responsible during the
Term for any costs, charges, expenses, and outlays of any nature whatsoever
arising from or relating to the Premises, or the use and occupancy thereof, or
the contents thereof, or the business carried on therein, except as expressly
set out in this Lease; and Tenant shall pay all charges, expenses, costs, and
outlays of every nature and kind relating to the Premises except as expressly
set out in this Lease. Landlord is not and shall not be required to render any
services of any kind to Tenant, except as otherwise specifically set forth in
this Lease.

<PAGE>

         EXECUTED under seal as of the date first written above.

                     LANDLORD

WITNESS/ATTEST       BECO-TERMINAL LLC, a Virginia limited liability company

                     By:      Data Centers Now LLC, a Delaware limited liability
                              company

                     By:                        (SEAL)
                              --------------------------------------------
                     Print Name:       Christopher Epstein Hereford
                     Title:            President

                     TENANT

WITNESS/ATTEST       INFOCROSSING, INC.

                     By:                        (SEAL)
                              --------------------------------------------------
                     Print Name:
                     Title:

<PAGE>

STATE OF                                             )
         --------------------------------------------
                                                     )           TO WIT:
COUNTY OF                                            )
          -------------------------------------------

         I, _________________________________, a Notary Public of the State and
County aforesaid, do certify that ___________________________, the person whose
name is signed to the foregoing Deed of Lease on behalf of the LANDLORD
thereunder, personally appeared before me, the said person being personally
well-known to me as (or satisfactorily proven to me to be) the person named
herein, and acknowledged the same before me in my County aforesaid as his/her
act and deed on behalf of and with the authority of the LANDLORD thereunder, and
delivered the same as such.

         Given under my hand and official seal this ______ day of
________________, 20_____.

[Notary Seal]
                                                              Notary Public

                                    My Commission Expires:_____________________

<PAGE>

STATE OF                                             )
         --------------------------------------------
                                                     )           TO WIT:
COUNTY OF                                            )
          -------------------------------------------

         I, _________________________________, a Notary Public of the State and
County aforesaid, do certify that ___________________________, the person whose
name is signed to the foregoing Deed of Lease on behalf of the TENANT
thereunder, personally appeared before me, the said person being personally
well-known to me as (or satisfactorily proven to me to be) the person named
herein, and acknowledged the same before me in my County aforesaid as his/her
act and deed on behalf of and with the authority of the TENANT thereunder, and
delivered the same as such.

         Given under my hand and official seal this ______ day of
________________, 20_____.

[Notary Seal]
                                                              Notary Public

                                    My Commission Expires:_____________________

<PAGE>

VIRGINIA LEASE                                      A-1
                                    EXHIBIT A

                             DESCRIPTION OF THE LAND

                  All the following described parcel or tract of land together
with all improvements and appurtenances located thereon, situate, lying and
being off Shaw Road and Terminal Drive, County of Loudoun, Virginia, Lot 1,
Commonwealth Center, as the same is duly dedicated, platted and recorded in Deed
Book 828 at page 653, among the Land Records of Loudoun County, Virginia,
containing 4.2229 acres.

                  Less and Except that portion of the property conveyed to the
Commonwealth Transportation Commissioner by Certificate of Taking in Deed Book
952 at page 1010 and final order recorded in Deed Book 1027 at Page 1540 and in
Deed book 1029, at Page 10, among the aforesaid land records.

<PAGE>

VIRGINIA LEASE                                      B-1
                                    EXHIBIT B

                              RULES AND REGULATIONS

                                (BUILDING LEASE)

         a. All waste paper, refuse and garbage shall be kept in containers on
or about the Building and/or the Premises in a reasonably neat and orderly
fashion and such refuse shall be removed by Tenant at Tenant's sole expense.

         b. Any advertisement or other marketing activity of Tenant (except for
address references only) using the name of the Building shall be subject to
Landlord's approval.

         c. Absent the specific prior written approval of Landlord, and except
as expressly stated in Permitted Uses, no space in the Building or Premises
shall be used for manufacturing or for the sale of merchandise, goods, or
property of any kind.

         d.       No portion of the Premises may be used for lodging or sleeping
or for any immoral or illegal purpose.

         e.       Tenant shall not exceed the capacity of the electrical
facilities then serving the Premises.

         f. If Tenant shall fail to correct or cure a violation of a rule or
regulation in this Exhibit E after the notice period referred to in the Lease
with respect to a similar type of default, same shall constitute an Event of
Default under the Lease.

<PAGE>

VIRGINIA LEASE                                      C-1
                                    EXHIBIT C

                       DECLARATION BY LANDLORD AND TENANT
                          AS TO LEASE COMMENCEMENT DATE

         THIS DECLARATION is hereby attached to and made a part of the Lease
dated the day of , 20____, entered into by and between BECO-TERMINAL I LLC, as
Landlord, and INFOCROSSING, INC., as Tenant. All terms used in this Declaration
have the same meaning as they have in the Lease.

         1.       Landlord and Tenant do hereby declare that possession of the
Premises was accepted by Tenant on the ____ day of ______________, 20___;

         2.       As of the date hereof, the Lease is in full force and effect,
and Landlord has fulfilled all of its obligations under the Lease required to be
 fulfilled by Landlord on or prior to said date; and

         3. The Lease Commencement Date is hereby established to be _________,
20__, and subject to Tenant's right to extend the Term of the Lease pursuant to
Section ___ of the Lease, the Expiration Date is ____________________, 20___.

                   LANDLORD

WITNESS/ATTEST     BECO-TERMINAL LLC

                   By:      Data Centers Now LLC

                   By:      [Example Only-Do Not Sign]            (SEAL)
                            --------------------------------------------
                   Print Name:       Christopher Epstein Hereford
                                  -----------------------------------
                   Title:            President
                                  ---------------------

                   TENANT

WITNESS/ATTEST     INFOCROSSING, INC.

                   By:      [Example Only-Do Not Sign]              (SEAL)
                            ----------------------------------------------
                   Print Name:
                   Title:

<PAGE>

VIRGINIA LEASE                                      D-3
                                    EXHIBIT D

                         DESCRIPTION OF LANDLORD'S WORK

                               Cyber Fortress TM I
                              45580 Terminal Drive
                        Dulles, Loudoun County, Virginia

ARCHITECTURAL & STRUCTURAL

Fortress Construction
o        Single-story, steel and reinforced concrete tilt-up facility containing
         54,400 rentable square feet

Exterior walls
o        7.25" thick, reinforced 4000psi concrete tilt-up panels designed to
         resist 150 mph wind resistance

Exterior Glass
o        Building facade has no window penetrations. Exterior spandrel glass to
         be placed over concrete panels at entrance

Ceiling Height
o        18' clear throughout (slab to bottom of joist)

Column Spacing
o        30'x 40' (nominal)

Floor Load
o        350 lbs per square foot live load

Roof Design
o        Deck:             Lightweight reinforced concrete
o        Roof System:      Built-up roof system (Factory Mutual specifications)
         rated to 150 mph wind resistance with twenty year manufacturer's
         warranty, over 2" polyisocyanurate and1/2" recovery board
o        Drainage:          Roof water to be conveyed via external scuppers and
         downspouts.  The structure is entirely free of internal roof drains

<PAGE>

ELECTRICAL

Primary & Alternative Electrical Services/Density
o        Electrical service delivered via Virginia Power, Circuit 705, Sterling
         Park substation, Sterling, Virginia
o        Initial installation of 6,500 amps/480v/ 3 Phase of electrical service
o        Design provisions and conduits in place for future installation of
         redundant alternate power feed sourced from Virginia Power (Tenant
         responsible at Tenant's sole expense for installation of redundant
         power feed)
o        Initial installation of two (2) 3000 amp distribution switchboards
         complete with "rack in" breakers. Landlord shall, outside of Landlord's
         Work, install two additional 3000 amp distribution switch boards
         complete with "rack in" breakers upon Tenant's request and designation
         of location.

Generator Provisions
o Above roof, column supported steel generator dunnage capable of four (4) 2,000
kW generators o Initial installation of one (1) 2,000 kW Caterpillar generator
set with enclosure on paralleling
         switchgear capable of providing modular expandability to three (3)
         additional 2000 kW generators (Installation of such three additional
         generators shall be the responsibility of Tenant at Tenant's sole
         expense)
o        Initial installation of (1) 20,000 gallon underground fuel storage
         tank; fuel line; designated fuel pump room; duplex fuel pump; day tank
         and connections to the pre-installed generator

Lightning Protection
o        Installation of redundant Active and Passive lightning protection
         systems

Grounding System
o        Provisions for Equi potential signal ground grid (Exterior ground ring;
         connection to steel, water service, entrance gear and provisions for
         Tenant's connections)

COMMUNICATIONS

Fiber Optics
o Two (2) diverse Points of Entry with initial installation of twelve (12) 4"
conduits at each POE o "Room Ready" Demarcation Area for telecommunications
pre-installation o Design provisions for triple overhead racks (Hanging weight
up to 100lbs/LF)

Satellites
o        Designated roof-top satellite bay

<PAGE>

MECHANICAL

Air Conditioning
o        Landlord shall outside Landlord's Work, at Landlord's cost, install one
         (1) Liebert CRAC and Direct Expansion Cooling Unit in Demarcation Room
         outside (Location of Demarcation Room to be determined by Tenant and
         installed by Landlord following completion of Landlord's Work)
o        Design provisions for independent Direct Expansion Cooling Units and
         CRAC units (Tenant shall be responsible for installing air conditioning
         equipment at Tenant's sole expense)

FIRE PROTECTION

Fire Detection
o        Design provisions for high sensitivity smoke detection (Tenant shall be
         responsible for installing all fire protection devices, at Tenant's
         sole expense)

RESTROOMS
o        Rough-in of two ADA compliant restroom facilities

SECURITY
o        Outside Landlord's Work, Landlord shall, at Landlord's cost, install
         perimeter fencing, ballards and controlled access parking and loading
         areas as reasonably directed by Tenant, provided the cost incurred by
         Landlord in connection therewith does not exceed $200,000.
o        Exterior door is ballistic grade glass

PARKING
o        153 striped spaces as set forth on the site plan depicting the Land and
         improvements to be constructed thereon as presently contemplated, which
         site plan is attached hereto as Exhibit D-1

<PAGE>

VIRGINIA LEASE                                     D-1-1

                                   EXHIBIT D-1

                                    SITE PLAN

                                    ATTACHED

<PAGE>

VIRGINIA LEASE                                      E-1
                                    EXHIBIT E

                                ALTA ENDORSEMENT

                                    ATTACHED

<PAGE>

THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER:  ____________________

VIRGINIA LEASE                                      F-2
                                    EXHIBIT F

                                LETTER OF CREDIT

                                         STANDBY LETTER OF CREDIT NO.
                                         DATE OF ISSUE:  ________________

ISSUING BANK:                            APPLICANT:

                                         BENEFICIARY:

                                         AMOUNT/CURRENCY:

                                         DATE AND PLACE OF EXPIRY:

GENTLEMEN:

We hereby issue this  Irrevocable  Letter of Credit No.  ________ in your favor,
for the account of  Infocrossing, Inc. in the aggregate amount of USD _________
available by your draft(s) drawn on us at sight,  accompanied by the following:

1.       Beneficiary's written dated certification on their letterhead signed by
         an authorized signatory, being an officer or member of beneficiary or
         its member, reading as follows:

         "We hereby certify that we are entitled under the terms and conditions
         of the Lease Agreement dated ____________ between Infocrossing, Inc.
         and _______________ to, and hereby draw upon this Letter of Credit in
         the amount of USD ___________."

2.       The original of this Letter of Credit and amendment(s), if any.

It is a condition of this Letter of Credit that it shall be automatically
extended without amendment for period(s) of one year each from the current or
any future expiration date unless at least sixty (60) days prior to the then
current expiration date we shall notify the Beneficiary in writing, via
registered mail, at the above listed address of our intention not to renew this
Letter of Credit for such additional period. Any such notice shall be effective
when sent by us and upon such notice to you, you may draw at any time prior to
the then current expiration date, up to the full amount then available hereunder
against your draft(s) drawn on us at sight accompanied by the original of this
Letter of Credit and all amendments thereto, together with the certification
above described.

This Letter of Credit is transferable to Beneficiary's successor owner of the
Premises in full and not in part. Any transfer made hereunder must conform
strictly to the terms hereof and to the conditions of the Uniform Customs and
Practices for Documentary Credits (1993) fixed by the International Chamber of
Commerce, Publication No. 500. Should you wish to effect a transfer under this
Credit, such transfer will be subject to the return to us of the original credit
instrument, accompanied by our form of transfer, properly completed and signed
by an authorized signatory of your firm, bearing your banker's stamp and
signature authentication, subject to payment of our customary transfer charges
of 1/4 of 1% minimum of $200.00, provided that, in the case of the initial
transfer of the Letter of Credit by BECO-TERMINAL, LLC, such payment shall be
for the account of Applicant.

Partial drawings are permitted.
Draft must state "Drawn under Fleet Bank NA Standby L/C No. _____ dated
_______."

Draft(s)  and  documents  may be  presented  at our  offices  at One Fleet Way,
Scranton,  PA 18507,  Attn:  Trade Services Dept. - Standby Unit.

We hereby agree with you that your draft drawn under and in compliance with the
terms of this Letter of Credit shall be duly honored upon due presentation to
us, together with the certification above described.

We agree that the drawings under this Letter of Credit will be paid from our own
funds and that the obligation of Fleet Bank NA under this Letter of Credit is
the sole obligation of Fleet Bank NA and shall not be contingent upon
reimbursement with respect thereto.

This  Letter of Credit is subject  to the  Uniform  Customs  and  Practices  for
Documentary  Credit  (1993),  the International Chamber of Commerce, Publication
No. 500.

                       ---------------------------------------------------------
                                                            Authorized Signature

                                       THIS DOCUMENT CONSISTS OF 2 PAGE(S).==============================================================================

                                   INDENTURE

                                    between

                         USAA AUTO OWNER TRUST 2000-1,
                                   as Issuer

                                      and

                           THE CHASE MANHATTAN BANK,
                             as Indenture Trustee

                          Dated as of August 1, 2000

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

<PAGE>

<TABLE>
<CAPTION>

                                                          Table of Contents
                                                                                                               Page

                                                              ARTICLE I
                                          DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE

                                                            <S> <C> <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.............................................................................4
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.......................................................................8
SECTION 2.11          Book-Entry Notes............................................................................8
SECTION 2.12          Notices to Clearing Agency..................................................................9
SECTION 2.13          Definitive Notes............................................................................9
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.....................................................11
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.......................................13
SECTION 3.8           Negative Covenants.........................................................................15
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
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....................................................20
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...................................................28
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.............................................................30
SECTION 5.11          Control by Noteholders.....................................................................30
SECTION 5.12          Waiver of Past Defaults....................................................................30
SECTION 5.13          Undertaking for Costs......................................................................31
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................................................................34
SECTION 6.3           Individual Rights of Indenture Trustee.....................................................35
SECTION 6.4           Indenture Trustee's Disclaimer.............................................................35
SECTION 6.5           Notice of Defaults; Insolvency or Dissolution of Depositor or the Seller...................35
SECTION 6.6           Reports by Indenture Trustee to Noteholders................................................35
SECTION 6.7           Compensation and Indemnity.................................................................35
SECTION 6.8           Replacement of Indenture Trustee...........................................................36
SECTION 6.9           Successor Indenture Trustee by Merger......................................................37
SECTION 6.10          Appointment of Co-Indenture Trustee or Separate Indenture Trustee..........................37
SECTION 6.11          Eligibility; Disqualification..............................................................38
SECTION 6.12          Preferential Collection of Claims Against Issuer...........................................39

                                                             ARTICLE VII
                                                   NOTEHOLDERS' LISTS AND REPORTS

SECTION 7.1           Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders.....................39
SECTION 7.2           Preservation of Information; Communications to Noteholders.................................39
SECTION 7.3           Reports by Issuer..........................................................................39
SECTION 7.4           Reports by Indenture Trustee...............................................................40

                                                            ARTICLE VIII
                                                ACCOUNTS, DISBURSEMENTS AND RELEASES

SECTION 8.1           Collection of Money........................................................................40
SECTION 8.2           Trust Accounts.............................................................................41
SECTION 8.3           General Provisions Regarding Accounts......................................................43
SECTION 8.4           Release of Indenture Trust Estate..........................................................44
SECTION 8.5           Opinion of Counsel.........................................................................45

                                                             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..............................................49

                                                              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...........................................52
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.............................................................54
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...................................................55
SECTION 11.9          Successors and Assigns.....................................................................55
SECTION 11.10         Separability...............................................................................55
SECTION 11.11         Benefits of Indenture......................................................................55
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................................................................................56
SECTION 11.18         Inspection.................................................................................56

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

</TABLE>

<PAGE>

     INDENTURE, dated as of August 1, 2000, (as from time to time amended,
supplemented or otherwise modified and in effect, this "Indenture") between
USAA AUTO OWNER TRUST 2000-1, a Delaware business trust, as Issuer, and The
CHASE MANHATTAN BANK, a New York banking corporation, as trustee and not in
its individual capacity (in such capacity, the "Indenture Trustee").

     Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the holders of the Issuer's Class A-1 6.734%
Asset Backed Notes (the "Class A-1 Notes"), Class A-2 6.90% Asset Backed Notes
(the "Class A-2 Notes"), Class A-3 6.95% Asset Backed Notes (the "Class A-3
Notes") and Class A-4 6.98% Asset Backed Notes (the "Class A-4 Notes" and,
together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3
Notes, the "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 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, 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.

                                  ARTICLE I

               DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE

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

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

     "indenture securities" shall mean the Notes.

     "indenture security holder" shall mean a Noteholder.

     "indenture to be qualified" shall mean this Indenture.

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

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

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

                                  ARTICLE II

                                   THE NOTES

     SECTION 2.1 Form. (a) The Class A-1 Notes, the Class A-2 Notes, the Class
A-3 Notes and the Class A-4 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.

     (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 A-1 Notes                                              $118,000,000
Class A-2 Notes                                              $128,000,000
Class A-3 Notes                                              $136,000,000
Class A-4 Notes                                              $ 83,279,000

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

     (d) The Class A-1, Class A-2, Class A-3 and Class A-4 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.

     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 definitive 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(1) 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(1) of the UCC are met, the Issuer shall execute,
the Indenture Trustee shall authenticate, and the Noteholder shall obtain from
the Indenture Trustee, the Notes which the Noteholder making such exchange is
entitled to receive.

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

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

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

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

     (h) No Note may be purchased with plan assets of a Plan if the Issuer,
the Seller, the Servicer, the Owner Trustee, the Indenture Trustee, any
Underwriter or any of their respective affiliates (i) has investment or
administrative discretion with respect to those plan assets; (ii) has
authority or responsibility to give, or regularly gives, investment advice
with respect to such plan assets, for a fee and pursuant to an agreement or
understanding that the advice will serve as a primary basis of investment
decisions with respect to those plan assets, and will be based on the
particular investment needs for the Plan, or (iii) is an employer maintaining
or contributing to the Plan.

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

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

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

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

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

     SECTION 2.8 Payment of Principal and Interest; Defaulted Interest. (a)
The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class
A-4 Notes shall accrue interest at the Class A-1 Rate, the Class A-2 Rate, the
Class A-3 Rate and the Class A-4 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 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 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

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

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

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

                                 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 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 in the
Collection Account an aggregate sum sufficient to pay the amounts then
becoming due under the Notes, such sum to be held in trust for the benefit of
the Persons entitled thereto, and (unless the Note Paying Agent is the
Indenture Trustee) shall promptly notify the Indenture Trustee of its action
or failure so to act.

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

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

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

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

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

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

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

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

     SECTION 3.4 Existence. The Issuer shall keep in full effect its
existence, rights and franchises as a business 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. The Issuer shall from
time to time execute and deliver 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 Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute 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 delivered to the Indenture Trustee for
execution; provided, however, that the Indenture Trustee shall be under no
obligation to file any such financing statement, continuation statement or
other instrument required to be executed pursuant to this Section 3.5.

     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,
2001, 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, rerecording 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-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 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) 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).

     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,
     if there has been a default in any material respect in its compliance
     with any such condition or covenant, specifying each such default known
     to such Authorized Officer and the nature and status thereof.

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

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

          (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 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.

     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 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, obligations and immunities
of the Indenture Trustee hereunder (including the rights of the Indenture
Trustee under Section 6.7 and the obligations of the Indenture Trustee under
Section 4.3), and (vi) the rights of Noteholders as beneficiaries hereof with
respect to the property so deposited with the Indenture Trustee payable to all
or any of them, and the Indenture Trustee, on demand of and at the expense of
the Issuer, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, when:

          (A) either

               (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 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.

     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 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

               (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 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 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 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 and expenses under Section 6.7 of this Agreement and
     Section 7.1 of the Trust 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 Noteholders for amounts due and unpaid on the Notes,
               ratably, without preference or priority of any kind, according
               to the amounts due and payable on the Class A Notes (including
               interest at the applicable Note Interest Rate on any overdue
               interest, to the extent lawful); and

          (B)  second, 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 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);

          (C)  to the Class A Noteholders on a pro rata basis in reduction of
               principal until the principal amount of all Class A Notes has
               been reduced to zero;

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

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

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

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

     (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 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 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 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 Sale and Servicing Agreement and any right of
the Issuer to take such action shall be suspended.

                                  ARTICLE VI

                             THE INDENTURE TRUSTEE

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

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

          (i) the Indenture Trustee undertakes to perform such duties and only
     such duties as are specifically set forth in this Indenture and no
     implied covenants or obligations shall be read into this Indenture
     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, 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 in accordance with a
     direction received by it pursuant to Section 5.11; and

          (iv) the Indenture Trustee shall have no duty (A) to see to any
     recording, filing, or depositing of this Indenture or any agreement
     referred to herein or any financing statement or continuation statement
     evidencing a security interest, or to see to the maintenance of any such
     recording or filing or depositing or to any rerecording, 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 from
     funds available in the Collection Account, (D) except as otherwise set
     forth in Section 6.1(b)(ii), to confirm or verify the contents of any
     reports or certificates of the Servicer delivered to the Indenture
     Trustee pursuant to this Indenture believed by the Indenture Trustee to
     be genuine and to have been signed or presented by the proper party or
     parties.

     (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 (1) a Trustee Officer shall have actual
knowledge of such Event of Default or (2) 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 perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall
not be responsible for any misconduct or negligence on the part of, or for the
supervision of, any such agent, attorney, custodian or nominee appointed with
due care by it hereunder.

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

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

     (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 or the Notes and (ii) shall not be accountable
for the Issuer's use of the proceeds from the Notes, or responsible for any
statement of the Issuer in this Indenture 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 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 mandatory redemption
provisions of such Note), the Indenture Trustee may withhold the notice if and
so long as a committee of its Trustee Officers in good faith determines that
withholding the notice is in the interests of Noteholders.

     SECTION 6.6 Reports by Indenture Trustee to Noteholders. Upon delivery to
the Indenture Trustee by the Servicer of such information prepared by the
Servicer pursuant to Section 3.9 of the Sale and Servicing Agreement as may be
required to enable each Noteholder to prepare its federal and State income tax
returns, the Indenture Trustee shall deliver such information to the
Noteholders.

     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
for, and to hold it harmless against, any and all loss, liability or expense
(including attorneys' fees) 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:

          (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 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 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).

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

                                 ARTICLE VII

                        NOTEHOLDERS' LISTS AND REPORTS

     SECTION 7.1 Issuer To Furnish Indenture Trustee Names and Addresses of
Noteholders. The Issuer shall furnish or cause to be furnished to the
Indenture Trustee (a) not more than five (5) days after each Record Date, a
list, in such form as the Indenture Trustee may reasonably require, of the
names and addresses of the Noteholders as of such Record Date and (b) at such
other times as the Indenture Trustee may request in writing, within thirty
(30) days after receipt by the Issuer of any such request, a list of similar
form and content as of a date not more than ten (10) days prior to the time
such list is furnished; provided, however, that (i) so long as the Indenture
Trustee is the Note Registrar, no such list shall be required to be furnished
and (ii) no such list shall be required to be furnished with respect to
Noteholders of Book-Entry Notes.

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

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

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

     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, 2001,
the Indenture Trustee shall mail to each Noteholder as required by TIA Section
313(c) a brief report dated as of such date that complies with TIA Section
313(a). The Indenture Trustee also shall comply with TIA Section 313(b).

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

                                 ARTICLE VIII

                     ACCOUNTS, DISBURSEMENTS AND RELEASES

     SECTION 8.1 Collection of Money. Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Indenture Trustee pursuant to this Indenture and the Sale
and Servicing Agreement. The Indenture Trustee shall apply all such money
received by it as provided in this Indenture and the Sale and Servicing
Agreement. Except as otherwise expressly provided in this Indenture, if any
default occurs in the making of any payment or performance under any agreement
or instrument that is part of the Indenture Trust Estate, the Indenture
Trustee may take such action as may be appropriate to enforce such payment or
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 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;

          (iii) third, to the Certificate Distribution Account, the Accrued
     Class B Certificate Interest for such Payment Date;

          (iv) fourth, to the Principal Distribution Account, the Regular
     Principal Distribution Amount, for such Payment Date;

          (v) fifth, to the Principal Distribution Account, on any Final
     Scheduled Payment Date for any Class of Notes, the amount necessary to
     reduce the remaining principal amount of such Class of Notes to zero
     after giving to the amount, if any, to be applied on such Payment Date to
     the principal of such Class of Notes from funds deposited pursuant to
     clause (iv) above;

          (vi) sixth, 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;

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

          (viii) eighth, to the Seller, any funds remaining on deposit in the
     Collection Account with respect to the Collection Period preceding 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
          and expenses due under Section 6.7 of this Agreement and Section 7.1
          of the Trust 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 Certificate Distribution Account, the Accrued Class B
          Certificate Interest for such Payment Date;

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

     (6)  to the Certificate Distribution Account, the Certificate Balance of
          the Class B Certificates;

     (7)  to the Seller, 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 and expenses under Section 6.7 of this Agreement and Section
          7.1 of the Trust 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;

     (6)  to the Seller, any remaining Available Funds for such Payment Date.

     (d) On each Payment Date, the Indenture Trustee (based on the information
contained in the Servicer's Certificate delivered on or before the related
Determination Date pursuant to Section 3.9 of the Sale and Servicing
Agreement) shall withdraw the funds deposited in the Principal Distribution
Account on such Payment Date and make distributions and payments in the
following order of priority:

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

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

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

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

          (v) fifth, to the 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 Seller.

     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
withdraw the funds deposited in the Principal Distribution Account on each
Payment Date and pay them to the holders of the Notes on a pro rata basis in
reduction of principal until the principal amount of the 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
Seller, 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 Seller 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 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 Seller, 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
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 Chase Vista Money Market Fund.

     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 Seller 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), 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 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;

     (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 mandatory 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.

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 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.

     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.

          (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) Whenever any property or securities are to be released from
     the lien of this Indenture, the Issuer shall also furnish to the
     Indenture Trustee an Officer's Certificate certifying or stating the
     opinion of each person signing such certificate as to the fair value
     (within ninety (90) days of such release) of the property or securities
     proposed to be released and stating that in the opinion of such person
     the proposed release will not impair the security under this Indenture in
     contravention of the provisions hereof.

          (iv) Whenever the Issuer is required to furnish to the Indenture
     Trustee an Officer's Certificate certifying or stating the opinion of any
     signer thereof as to the matters described in clause (iii) above, the
     Issuer shall also furnish to the Indenture Trustee an Independent
     Certificate as to the same matters if the fair value of the property or
     securities and of all other property, other than property as contemplated
     by clause (v) below or securities released from the lien of this
     Indenture since the commencement of the then-current calendar year, as
     set forth in the certificates required by clause (iii) above and this
     clause (iv), equals ten percent (10%) or more of the principal amount of
     the Notes Outstanding, but such certificate need not be furnished in the
     case of any release of property or securities if the fair value thereof
     as set forth in the related Officer's Certificate is less than $25,000 or
     less than one percent (1%) of the principal amount of the Notes
     Outstanding.

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

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

     (b) Any certificate or opinion of an Authorized Officer of the Issuer may
be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, 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 Seller, the Administrator or the
Issuer, stating that the information with respect to such factual matters is
in the possession of the Servicer, the Seller, the Administrator or the
Issuer, 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 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 2000-1, in care of First Union Trust Company, National Association,
     One Rodney Square, 920 King Street, 1st Floor, Wilmington, DE 19801, with
     a copy to the Administrator at 10750 McDermott Freeway, San Antonio, TX
     78288, Attention: Secretary, or at any other address previously furnished
     in writing to the Indenture Trustee by the Issuer or the Administrator.
     The Issuer shall promptly transmit any notice received by it from the
     Noteholders to the Indenture Trustee.

     Notices required to be given to the Rating Agencies by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally
delivered, telecopied or mailed by certified mail, return receipt requested,
to (i) in the case of Moody's, at the following address: Moody's Investors
Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York
10007 and (ii) in case of Standard & Poor's, at the following address:
Standard & Poor's Ratings Services, 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.

     (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.

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

     SECTION 11.18 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.

<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 2000-1

                             By:  First Union Trust Company, National
                                  Association, not in its individual capacity
                                  but solely as Owner Trustee of USAA Auto
                                  Owner Trust 2000-1

                                  By:  /s/ Edward L. Truitt
                                       ----------------------------------------
                                       Name:  Edward L. Truitt
                                       Title: Vice President

                             THE CHASE MANHATTAN BANK, not in its individual
                             capacity but solely as Indenture Trustee

                                  By:  /s/ Kristen Driscoll
                                      -----------------------------------------
                                      Name:  Kristen Driscoll
                                      Title:  Authorized Officer

<PAGE>

                                  EXHIBIT A-1

                           [FORM OF CLASS A-1 NOTE]

     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                                        $118,000,000

     No. A-1-1                                         CUSIP NO. 903278A A7

     USAA AUTO OWNER TRUST 2000-1

     CLASS A-1 6.734% ASSET BACKED NOTES

         USAA Auto Owner Trust 2000-1, a business 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 one hundred eighteen million dollars payable on
each Payment Date in an amount equal to the result obtained by multiplying (i)
a fraction the numerator of which is $118,000,000 (the original face amount of
this Note) and the denominator of which is $118,000,000 by (ii) the aggregate
amount, if any, payable to holders of Class A-1 Notes on such Payment Date
from the Principal Distribution Account in respect of principal on the Class
A-1 Notes pursuant to Section 3.1 of the Indenture dated as of August 1, 2000
(as from time to time amended, supplemented or otherwise modified and in
effect, the "Indenture"), between the Issuer and The Chase Manhattan Bank, a
New York banking corporation, 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 September 2001 Payment
Date (the "Class A-1 Final Scheduled Payment Date"). Capitalized terms used
but not defined herein are defined in Article I of the Indenture, which also
contains rules as to construction that shall be applicable herein.

     The Issuer shall pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made
on the 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.]

<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: August 31, 2000

                                    USAA AUTO OWNER TRUST 2000-1

                                    By:  First Union Trust Company, National
                                         Association, not in its individual
                                         capacity but solely as Owner Trustee
                                         of USAA Auto Owner Trust 2000-1

                                         By:
                                              -------------------------
                                                  Authorized Officer

     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Class A-1 Notes designated above and referred to in
the within-mentioned Indenture.

Date: August 31, 2000

                                         The Chase Manhattan Bank, not in its
                                         individual capacity but solely as
                                         Indenture Trustee

                                         By:  _________________________
                                                  Authorized Officer

<PAGE>

                               [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-1 6.734% Asset Backed Notes (the "Class A-1 Notes")
which, together with the Issuer's Class A-2 6.90% Asset Backed Notes (the
"Class A-2 Notes"), Class A-3 6.95% Asset Backed Notes (the "Class A-3 Notes")
and Class A-4 6.98% Asset Backed Notes (the "Class A-4 Notes" and, together
with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the
"Class A Notes" 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 A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 are
and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

     Principal of the Class A-1 Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the 15th day of
each month, or, if any such day is not a Business Day, the next succeeding
Business Day, commencing October 16, 2000.

     As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-1 Final Scheduled Payment
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Noteholders
of Notes evidencing not less than a majority of the principal amount of the
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 A-1 Notes shall be made pro rata to the Noteholders entitled thereto.

     Payments of interest on this Note on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this
Note, shall be made to the Person whose name appears as the Registered
Noteholder of the Note (or one or more Predecessor Notes) on the Note Register
as of the close of business on each Record Date either by wire transfer in
immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) effected by any payments made
on any Payment Date shall be binding upon all future Noteholders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior
to such Payment Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

     The Issuer shall pay interest on overdue installments of interest at the
Class A-1 Rate to the extent lawful.

     As provided in the Indenture, the Notes may be prepaid, in whole but not
in part, in the manner and to the extent described in the Indenture and the
Sale and Servicing Agreement.

     As provided in the Indenture, and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the
office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof
or such Noteholder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, and thereupon one or more new Notes of the same Class in
authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

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

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

     The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, State and local income, and franchise tax
purposes, the Notes will qualify as indebtedness of the Issuer secured by the
Indenture Trust Estate. Each Noteholder, by its acceptance of a Note (and each
Note Owner by its acceptance of a beneficial interest in a Note), will be
deemed to agree to treat the Notes for federal, State and local income and
franchise tax purposes as indebtedness of the Issuer.

     Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture)
is registered as the owner hereof for all purposes, whether or not this Note
be overdue, and none of the Issuer, the Indenture Trustee or any such agent
shall be affected by notice to the contrary.

     The Indenture permits (with certain exceptions requiring the consent of
all Noteholders adversely affected) the amendment thereof by the Issuer and
the Indenture Trustee without the consent of the Noteholders provided certain
conditions are satisfied. The Indenture also contains provisions permitting
the Noteholders of Notes evidencing specified percentages of the principal
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
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.

<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.

<PAGE>

                                  EXHIBIT A-2

                           [FORM OF CLASS A-2 NOTE]

     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                              $128,000,000

     No. A-2-1                               CUSIP NO. 903278A B5

     USAA AUTO OWNER TRUST 2000-1

     CLASS A-2 6.90% ASSET BACKED NOTES

     USAA Auto Owner Trust 2000-1, a business 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 one hundred twenty-eight million dollars payable
on each Payment Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $128,000,000 (the original face
amount of this Note) and the denominator of which is $128,000,000 by (ii) the
aggregate amount, if any, payable to holders of Class A-2 Notes on such
Payment Date from the Principal Distribution Account in respect of principal
on the Class A-2 Notes pursuant to Section 3.1 of the Indenture dated as of
August 1, 2000 (as from time to time amended, supplemented or otherwise
modified and in effect, the "Indenture"), between the Issuer and The Chase
Manhattan Bank, a New York banking corporation, 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 April 2003
Payment Date (the "Class A-2 Final Scheduled Payment Date"). Except in the
case of an Event of Default, no payments of principal of the Class A-2 Notes
will be made until the Class A-1 Notes have been paid in full. Capitalized
terms used but not defined herein are defined in Article I of the Indenture,
which also contains rules as to construction that shall be applicable herein.

     The Issuer shall pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made
on the 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.]

<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: August 31, 2000

                                      USAA AUTO OWNER TRUST 2000-1

                                      By:  First Union Trust Company, National
                                           Association, not in its individual
                                           capacity but solely as Owner Trustee
                                           of USAA Auto Owner Trust 2000-1

                                           By:
                                                -------------------------
                                                   Authorized Officer

     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Class A-2 Notes designated above and referred to in
the within-mentioned Indenture.

Date: August 31, 2000

                                      The Chase Manhattan Bank, not in its
                                      individual capacity but solely as
                                      Indenture Trustee

                                          By:
                                                ------------------
                                                      Authorized Officer

<PAGE>

                               [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-2 6.90% Asset Backed Notes (the "Class A-2 Notes")
which, together with the Issuer's Class A-1 6.734% Asset Backed Notes (the
"Class A-1 Notes"), Class A-3 6.95% Asset Backed Notes (the "Class A-3 Notes")
and Class A-4 6.98% Asset Backed Notes (the "Class A-4 Notes" and, together
with the Class A-1 Notes, the Class A-2 Notes and Class A-3, 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 A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 are
and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

     Principal of the Class A-2 Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the 15th day of
each month, or, if any such day is not a Business Day, the next succeeding
Business Day, commencing October 16, 2000.

     As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-2 Final Scheduled Payment
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Noteholders
of Notes evidencing not less than a majority of the principal amount of the
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 A-2 Notes shall be made pro rata to the Noteholders entitled thereto.

     Payments of interest on this Note on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this
Note, shall be made to the Person whose name appears as the Registered
Noteholder of the Note (or one or more Predecessor Notes) on the Note Register
as of the close of business on each Record Date either by wire transfer in
immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) effected by any payments made
on any Payment Date shall be binding upon all future Noteholders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior
to such Payment Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

     The Issuer shall pay interest on overdue installments of interest at the
Class A-2 Rate to the extent lawful.

     As provided in the Indenture, the Notes may be redeemed, in whole but not
in part, in the manner and to the extent described in the Indenture and the
Sale and Servicing Agreement.

     As provided in the Indenture, and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the
office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof
or such Noteholder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, and thereupon one or more new Notes of the same Class in
authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

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

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

     The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, State and local income, and franchise tax
purposes, the Notes will qualify as indebtedness of the Issuer secured by the
Indenture Trust Estate. Each Noteholder, by its acceptance of a Note (and each
Note Owner by its acceptance of a beneficial interest in a Note), will be
deemed to agree to treat the Notes for federal, State and local income and
franchise tax purposes as indebtedness of the Issuer.

     Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture)
is registered as the owner hereof for all purposes, whether or not this Note
be overdue, and none of the Issuer, the Indenture Trustee or any such agent
shall be affected by notice to the contrary.

     The Indenture permits (with certain exceptions requiring the consent of
all Noteholders adversely affected) the amendment thereof by the Issuer and
the Indenture Trustee without the consent of the Noteholders provided certain
conditions are satisfied. The Indenture also contains provisions permitting
the Noteholders of Notes evidencing specified percentages of the principal
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
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.

<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.

<PAGE>

                                  EXHIBIT A-3

                           [FORM OF CLASS A-3 NOTE]

     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                           $136,000,000

     No. A-3-1                            CUSIP NO. 903278A C3

     USAA AUTO OWNER TRUST 2000-1

     CLASS A-3 6.95% ASSET BACKED NOTES

     USAA Auto Owner Trust 2000-1, a business 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 one hundred thirty-six million dollars payable
on each Payment Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $136,000,000 (the original face
amount of this Note) and the denominator of which is $136,000,000 by (ii) the
aggregate amount, if any, payable to holders of Class A-3 Notes on such
Payment Date from the Principal Distribution Account in respect of principal
on the Class A-3 Notes pursuant to Section 3.1 of the Indenture dated as of
August 1, 2000 (as from time to time amended, supplemented or otherwise
modified and in effect, the "Indenture"), between the Issuer and The Chase
Manhattan Bank, a New York banking corporation, as Indenture Trustee (in such
capacity the "Indenture Trustee"); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the June 2004
Payment Date (the "Class A-3 Final Scheduled Payment Date"). Except in the
case of an Event of Default, no payments of principal of the Class A-3 Notes
will be made until the Class A-1 Notes and Class A-2 Notes have been paid in
full. Capitalized terms used but not defined herein are defined in Article I
of the Indenture, which also contains rules as to construction that shall be
applicable herein.

     The Issuer shall pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made
on the 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.]

<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: August 31, 2000

                                      USAA AUTO OWNER TRUST 2000-1

                                      By:  First Union Trust Company, National
                                           Association, not in its individual
                                           capacity but solely as Owner
                                           Trustee of USAA Auto Owner Trust
                                           2000-1

                                           By:
                                                -------------------------
                                                           Authorized Officer

     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Class A-3 Notes designated above and referred to in
the within-mentioned Indenture.

Date: August 31, 2000

                                      The Chase Manhattan Bank, not in its
                                      individual capacity but solely as
                                      Indenture Trustee

                                           By:
                                                ------------------
                                                         Authorized Officer

<PAGE>

                               [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-3 6.95% Asset Backed Notes (the "Class A-3 Notes")
which, together with the Issuer's Class A-4 6.98% Asset Backed Notes (the
"Class A-4 Notes"), Class A-2 6.90% Asset Backed Notes (the "Class A-2 Notes")
and Class A-1 6.734% Asset Backed Notes (the "Class A-1 Notes" and, together
with the Class A-2 Notes, the Class A-3 Notes and the Class A-4 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 A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes
are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

     Principal of the Class A-3 Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the 15th day of
each month, or, if any such day is not a Business Day, the next succeeding
Business Day, commencing October 16, 2000.

     As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-3 Final Scheduled Payment
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Noteholders
of Notes evidencing not less than a majority of the principal amount of the
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 A-3 Notes shall be made pro rata to the Noteholders entitled thereto.

     Payments of interest on this Note on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this
Note, shall be made to the Person whose name appears as the Registered
Noteholder of the Note (or one or more Predecessor Notes) on the Note Register
as of the close of business on each Record Date either by wire transfer in
immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) effected by any payments made
on any Payment Date shall be binding upon all future Noteholders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior
to such Payment Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

     The Issuer shall pay interest on overdue installments of interest at the
Class A-3 Rate to the extent lawful.

     As provided in the Indenture, the Notes may be prepaid, in whole but not
in part, in the manner and to the extent described in the Indenture and the
Sale and Servicing Agreement.

     The transfer of this Note is subject to the restrictions on transfer
specified on the face hereof and to the other limitations set forth in the
Indenture. Subject to the satisfaction of such restrictions and limitations,
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 Seller or the Issuer, or join in
any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or State bankruptcy or similar law in connection with
any obligations relating to the Notes, the Indenture or the other Basic
Documents.

     The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, State and local income, and franchise tax
purposes, the Notes will qualify as indebtedness of the Issuer secured by the
Indenture Trust Estate. Each Noteholder, by its acceptance of a Note (and each
Note Owner by its acceptance of a beneficial interest in a Note), will be
deemed to agree to treat the Notes for federal, State and local income and
franchise tax purposes as indebtedness of the Issuer.

     Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture)
is registered as the owner hereof for all purposes, whether or not this Note
be overdue, and none of the Issuer, the Indenture Trustee or any such agent
shall be affected by notice to the contrary.

     The Indenture permits (with certain exceptions requiring the consent of
all Noteholders adversely affected) the amendment thereof by the Issuer and
the Indenture Trustee without the consent of the Noteholders provided certain
conditions are satisfied. The Indenture also contains provisions permitting
the Noteholders of Notes evidencing specified percentages of the principal
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
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.

<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.

<PAGE>

                                  EXHIBIT A-4

                           [FORM OF CLASS A-4 NOTE]

     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                             $83,279,000

     No. A-4-1                              CUSIP NO. 903278A D1

     USAA AUTO OWNER TRUST 2000-1

     CLASS A-4 6.98% ASSET BACKED NOTES

     USAA Auto Owner Trust 2000-1, a business 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 eighty-three million two hundred seventy-nine
thousand dollars payable on each Payment Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $83,279,000
(the original face amount of this Note) and the denominator of which is
$83,279,000 by (ii) the aggregate amount, if any, payable to holders of Class
A-4 Notes on such Payment Date from the Principal Distribution Account in
respect of principal on the Class A-4 Notes pursuant to Section 3.1 of the
Indenture dated as of August 1, 2000 (as from time to time amended,
supplemented or otherwise modified and in effect, the "Indenture"), between
the Issuer and The Chase Manhattan Bank, a New York banking corporation, as
Indenture Trustee (in such capacity the "Indenture Trustee"); provided,
however, that the entire unpaid principal amount of this Note shall be due and
payable on the June 2005 Payment Date (the "Class A-4 Final Scheduled Payment
Date"). Except in the case of an Event of Default, no payments of principal of
the Class A-4 Notes will be made until the Class A-1 Notes have been paid in
full. Capitalized terms used but not defined herein are defined in Article I
of the Indenture, which also contains rules as to construction that shall be
applicable herein.

     The Issuer shall pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made
on the 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
following calendar month. 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.]

<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: August 31, 2000

                                                 USAA AUTO OWNER TRUST 2000-1

                                                 By:  First Union Trust Company,
                                                      National Association, not
                                                      in its individual
                                                      capacity but solely as
                                                      Owner Trustee of USAA
                                                      Auto Owner Trust 2000-1

                                                      By:
                                                          --------------------
                                                             Authorized Officer

     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Class A-4 Notes designated above and referred to in
the within-mentioned Indenture.

Date: August 31, 2000

                                         The Chase Manhattan Bank, not in its
                                         individual capacity but solely as
                                         Indenture Trustee

                                              By:
                                                  ----------------------------
                                                            Authorized Officer

<PAGE>

                               [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-4 6.98% Asset Backed Notes (the "Class A-4 Notes")
which, together with the Issuer's Class A-3 6.95% Asset Backed Notes (the
"Class A-3 Notes"), Class A-2 6.90% Asset Backed Notes (the "Class A-2 Notes")
and Class A-1 6.734% Asset Backed Notes (the "Class A-1 Notes" and, together
with the Class A-2 Notes, the Class A-3 Notes and the Class A-4 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 A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes
are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture.

     Principal of the Class A-4 Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the 15th day of
each month, or, if any such day is not a Business Day, the next succeeding
Business Day, commencing October 16, 2000.

     As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-4 Final Scheduled Payment
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Noteholders
of Notes evidencing not less than a majority of the principal amount of the
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 A-4 Notes shall be made pro rata to the Noteholders entitled thereto.

     Payments of interest on this Note on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this
Note, shall be made to the Person whose name appears as the Registered
Noteholder of the Note (or one or more Predecessor Notes) on the Note Register
as of the close of business on each Record Date either by wire transfer in
immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of
this Note (or any one or more Predecessor Notes) effected by any payments made
on any Payment Date shall be binding upon all future Noteholders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior
to such Payment Date, and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

     The Issuer shall pay interest on overdue installments of interest at the
Class A-4 Rate to the extent lawful.

     As provided in the Indenture, the Notes may be prepaid, in whole but not
in part, in the manner and to the extent described in the Indenture and the
Sale and Servicing Agreement.

     The transfer of this Note is subject to the restrictions on transfer
specified on the face hereof and to the other limitations set forth in the
Indenture. Subject to the satisfaction of such restrictions and limitations,
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 Seller or the Issuer, or join in
any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or State bankruptcy or similar law in connection with
any obligations relating to the Notes, the Indenture or the other Basic
Documents.

     The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, State and local income, and franchise tax
purposes, the Notes will qualify as indebtedness of the Issuer secured by the
Indenture Trust Estate. Each Noteholder, by its acceptance of a Note (and each
Note Owner by its acceptance of a beneficial interest in a Note), will be
deemed to agree to treat the Notes for federal, State and local income and
franchise tax purposes as indebtedness of the Issuer.

     Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture)
is registered as the owner hereof for all purposes, whether or not this Note
be overdue, and none of the Issuer, the Indenture Trustee or any such agent
shall be affected by notice to the contrary.

     The Indenture permits (with certain exceptions requiring the consent of
all Noteholders adversely affected) the amendment thereof by the Issuer and
the Indenture Trustee without the consent of the Noteholders provided certain
conditions are satisfied. The Indenture also contains provisions permitting
the Noteholders of Notes evidencing specified percentages of the principal
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
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.

<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.

<PAGE>

                                  SCHEDULE A

                            Schedule of Receivables

<PAGE>
                                  Appendix A

                             DEFINITIONS AND USAGE

     The following rules of construction and usage shall be applicable to any
agreement or instrument that is governed by this Appendix:

     (a) All terms defined in this Appendix shall have the defined meanings
when used in any agreement or instrument governed hereby and in any
certificate or other document made or delivered pursuant thereto unless
otherwise defined therein.

     (b) As used herein, in any agreement or instrument governed hereby and in
any certificate or other document made or delivered pursuant thereto,
accounting terms not defined in this Appendix or in any such agreement,
instrument, certificate or other document, and accounting terms partly defined
in this Appendix or in any such agreement, instrument, certificate or other
document, to the extent not defined, shall have the respective meanings given
to them under generally accepted accounting principles as in effect on the
date of such agreement or instrument. To the extent that the definitions of
accounting terms in this Appendix or in any such agreement, instrument,
certificate or other document are inconsistent with the meanings of such terms
under generally accepted accounting principles, the definitions contained in
this Appendix or in any such instrument, certificate or other document shall
control.

     The words "hereof," "herein," "hereunder" and words of similar import
when used in an agreement or instrument refer to such agreement or instrument
as a whole and not to any particular provision or subdivision thereof;
references in an agreement or instrument to "Article," "Section" or another
subdivision or to an attachment are, unless the context otherwise requires, to
an article, section or subdivision of or an attachment to such agreement or
instrument; and the term "including" and its variations means "including
without limitation."

     The definitions contained in this Appendix are equally applicable to both
the singular and plural forms of such terms and to the masculine as well as to
the feminine and neuter genders of such terms.

     Any agreement, instrument or statute defined or referred to below or in
any agreement or instrument that is governed by this Appendix means such
agreement or instrument or statute as from time to time amended, modified or
supplemented, including (in the case of agreements or instruments) by waiver
or consent and (in the case of statutes) by succession of comparable successor
statutes and includes (in the case of agreements or instruments) references to
all attachments thereto and instruments incorporated therein. References to a
Person are also to its permitted successors and assigns.

                                  Definitions

     "Accrued Class A Note Interest" shall mean, with respect to any Payment
Date, the sum of the Class A Noteholders' Monthly Accrued Interest for such
Payment Date and the Class A Noteholders' Interest Carryover Shortfall for
such Payment Date.

     "Accrued Class B Certificate Interest" shall mean, with respect to any
Payment Date, the sum of the Class B Certificateholders' Monthly Accrued
Interest for such Payment Date and the Class B Certificateholders' Interest
Carryover Shortfall for such Payment Date.

     "Act" shall have the meaning specified in Section 11.3(a) of the
Indenture.

     "Administration Agreement" shall mean the Administration Agreement, dated
as of August 1, 2000, by and among the Administrator, the Issuer and the
Indenture Trustee.

     "Administrator" shall mean the Bank, in its capacity as administrator
under the Administration Agreement, or any successor Administrator thereunder.

     "Advance" shall mean the amount of interest, as of a Determination Date,
which the Servicer is required to advance on the Receivables pursuant to
Section 4.4(a) of the Sale and Servicing Agreement.

     "Affiliate" shall mean, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such
specified Person. For the purposes of this definition, "control" when used
with respect to any Person shall mean the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms "controlling"
and "controlled" shall have meanings correlative to the foregoing.

     "Amount Financed" shall mean, with respect to a Receivable, the amount
advanced under the Receivable toward the purchase price of the Financed
Vehicle and any related costs.

     "Annual Percentage Rate" or "APR" of a Receivable shall mean the annual
rate of finance charges stated in the Receivable.

     "Applicable Tax State" shall mean, as of any date of determination, each
State as to which any of the following is then applicable: (a) a State in
which the Owner Trustee maintains its Corporate Trust Office and (b) the State
of Texas.

     "Authenticating Agent" shall have the meaning specified in Section 2.14
of the Indenture or 3.14 of the Trust Agreement, as applicable.

     "Authorized Officer" shall mean, (i) with respect to the Issuer, any
officer within the Corporate Trust Office of the Owner Trustee, including any
vice president, assistant vice president, secretary, assistant secretary or
any other officer of the Owner Trustee customarily performing functions
similar to those per formed by any of the above designated officers and, for
so long as the Administration Agreement is in full force and effect, any
officer of the Administrator who is authorized to act for the Administrator in
matters relating to the Issuer and to be acted upon by the Administrator
pursuant to the Administration Agreement; and (ii) with respect to the
Indenture Trustee or the Owner Trustee, any officer within the Corporate Trust
Office of the Indenture Trustee or the Owner Trustee, as the case may be,
including any vice president, assistant vice president, secretary, assistant
secretary or any other officer of the Indenture Trustee or the Owner Trustee,
as the case may be, customarily performing functions similar to those
performed by any of the above designated officers and also, with respect to a
particular matter, any other officer to whom such matter is referred because
of such officer's knowledge of and familiarity with the particular subject and
shall also mean, with respect to the Owner Trustee, any officer of the
Administrator.

     "Available Collections" shall mean, for any Payment Date, the sum of the
following amounts with respect to the Collection Period preceding such Payment
Date: (i) all payments collected with respect to Receivables; (ii) all
Liquidation Proceeds attributable to Receivables which were designated as
Defaulted Receivables in prior Collection Periods in accordance with the
Servicer's customary servicing procedures; (iii) all Advances made by the
Servicer of interest due on the Receivables; (iv) the Purchase Amount received
with respect to each Receivable that became a Purchased Receivable during such
Collection Period; and (v) partial prepayments of any refunded item included
in the principal balance of a Receivable, such as extended warranty protection
plan costs, or physical damage, credit life, disability insurance premiums, or
any partial prepayment which causes a reduction in the Obligor's periodic
payment to an amount below the Scheduled Payment as of the Cut-off Date;
provided however, that in calculating the Available Collections the following
will be excluded: (i) amounts received on any Receivable to the extent that
the Servicer has previously made an unreimbursed Advance on such Receivable
and the amount received exceeds the accrued and unpaid interest on such
Receivable; (ii) amounts received on any of the Receivables to the extent that
the Servicer has previously made an unreimbursed Advance on a Receivable which
is not recoverable from collections on the particular Receivable; (iii) all
payments and proceeds (including Liquidation Proceeds) of any Receivables the
Purchase Amount of which has been included in the Available Funds in a prior
Collection Period; (iv) Liquidation Proceeds with respect to a Receivable
attributable to accrued and unpaid interest thereon (but not including
interest for the then current Collection Period) but only to the extent of any
unreimbursed Advances; and (v) amounts constituting the Supplemental Servicing
Fee.

     "Available Funds" shall mean, for any Payment Date, the sum of the
Available Collections for such Payment Date and the Reserve Account Excess
Amount for such Payment Date.

     "Average Delinquency Ratio" shall mean, for any Payment Date, the average
of the Delinquency Ratios for the preceding three Collection Periods.

     "Average Delinquency Trigger Percentage" shall mean 0.85%.

     "Average Net Loss Ratio" shall mean, for any Payment Date, the average of
the Net Loss Ratios for the preceding three Collection Periods.

     "Average Net Loss Trigger Percentage" shall mean 0.85%.

     "Bank" shall mean USAA Federal Savings Bank, a federally chartered
savings association.

     "Bankruptcy Code" shall mean the United States Bankruptcy Code, 11 U.S.C.
101 et seq., as amended.

     "Basic Documents" shall mean the Certificate of Trust, the Trust
Agreement, the Sale and Servicing Agreement, the Indenture, the Administration
Agreement, the Note Depository Agreement and the other documents and
certificates delivered in connection therewith.

     "Book-Entry Certificate" shall mean, a beneficial interest in any of the
Class B Certificates issued in book-entry form as described in Section 3.2 of
the Trust Agreement.

     "Book-Entry Note" shall mean a beneficial interest in any of the Class
A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes,
in each case issued in book-entry form.

     "Business Day" shall mean any day other than a Saturday, a Sunday or a
day on which banking institutions or trust companies located in the State of
New York or the State of Texas are authorized or obligated by law, regulation
or executive order to remain closed.

     "Business Trust Statute" shall mean Chapter 38 of Title 12 of the
Delaware Code, 12 Delaware Code ss. 3801 et seq., as amended.

     "Certificates" shall mean the Class B Certificates.

     "Certificate Balance" shall mean, as the context so requires, (i) with
respect to all the Class B Certificates, an amount equal to, initially, the
Initial Certificate Balance of the Class B Certificates and, thereafter, an
amount equal to the Initial Certificate Balance of the Class B Certificates,
reduced by all amounts distributed to Class B Certificateholders and allocable
to principal or (ii) with respect to any Class B Certificate, an amount equal
to, initially, the initial denomination of such Class B Certificate and,
thereafter, an amount equal to such initial denomination, reduced by all
amounts distributed in respect of such Class B Certificate and allocable to
principal; provided, that in determining whether the holders of Class B
Certificates evidencing the requisite portion or percentage of the Certificate
Balance have given any request, demand, authorization, direction, notice,
consent, or waiver hereunder or under any Basic Document, Class B Certificates
owned by the Issuer, any other obligor upon the Class B Certificates, the
Seller, the Servicer or any Affiliate of any of the foregoing Persons shall be
disregarded and deemed to be excluded from the Certificate Balance except
that, in determining whether the Indenture Trustee and Owner Trustee shall be
protected in relying on any such request, demand, authorization, direction,
notice, consent, or waiver, only Class B Certificates that a Trustee Officer
of the Indenture Trustee, if applicable, and an Authorized Officer of the
Owner Trustee with direct responsibility for the administration of the Trust
Agreement, if applicable, knows to be so owned shall be so disregarded. Class
B Certificates so owned that have been pledged in good faith may be regarded
as included in the Certificate Balance if the pledgee establishes to the
satisfaction of the Indenture Trustee or the Owner Trustee, as applicable, the
pledgee's right so to act with respect to such Class B Certificates and that
the pledgee is not the Issuer, any other obligor upon the Certificates, the
Seller, the Servicer or any Affiliate of any of the foregoing Persons.

     "Certificate Distribution Account" shall mean the account established and
maintained as such pursuant to Section 4.1(c) of the Sale and Servicing
Agreement.

     "Certificate Owner" shall mean, with respect to any Book-Entry
Certificate, the Person who is the beneficial owner of the 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 as a
Clearing Agency Participant or as an indirect participant, in each case in
accordance with the rules of such Clearing Agency).

     "Certificateholder" or "holder of a Certificate" shall mean a Person in
whose name a Certificate is registered in the Certificate Register.

     "Certificate of Trust" shall mean the Certificate of Trust in the form of
Exhibit B to the Trust Agreement filed for the Trust pursuant to Section
3810(a) of the Business Trust Statute.

     "Certificate Paying Agent" shall mean any paying agent or co-paying agent
appointed pursuant to Section 3.10 of the Trust Agreement and shall initially
be the Owner Trustee.

     "Certificate Pool Factor" shall mean, as of the close of business on the
last day of a Collection Period, a seven-digit decimal figure equal to the
Certificate Balance of the Class B Certificates (after giving effect to any
reductions therein to be made on the immediately following Payment Date)
divided by the Initial Certificate Balance of the Class B Certificates. Each
Certificate Pool Factor will be 1.0000000 as of the Closing Date; thereafter,
each Certificate Pool Factor will decline to reflect reductions in the
Certificate Balance of the Class B Certificates.

     "Certificate Register" and "Certificate Registrar" shall have the
respective meanings specified in Section 3.5 of the Trust Agreement.

     "Class" shall mean (i) a class of Notes, which may be the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes or the Class A-4 Notes or (ii)
the Class B Certificates.

     "Class A Notes" shall mean, collectively, the Class A-1 Notes, the Class
A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.

     "Class A Noteholders' Interest Carryover Shortfall" shall mean, for any
Payment Date, the excess of the Accrued Class A Note Interest for the
preceding Payment Date over the amount in respect of interest that is actually
paid to Noteholders of Class A Notes on such preceding Payment Date, plus
interest on the amount of interest due but not paid to Noteholders of Class A
Notes on the preceding Payment Date, to the extent permitted by law, at the
respective Note Interest Rates borne by such Class A Notes for the related
Interest Period.

     "Class A Noteholders' Monthly Accrued Interest" shall mean, with respect
to any Payment Date, the aggregate interest accrued for the related Interest
Period on the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and
the Class A-4 Notes. at the respective Note Interest Rate for such Class in
accordance with its terms on the outstanding principal amount of the Notes of
each such Class on the immediately preceding Payment Date or the Closing Date,
as the case may be, after giving effect to all payments of principal to the
holders of the Notes of such Class on or prior to such preceding Payment Date.

     "Class A-1 Final Scheduled Payment Date" shall mean the September 2001
Payment Date.

     "Class A-1 Noteholder" shall mean the Person in whose name a Class A-1
Note is registered on the Note Register.

     "Class A-1 Notes" shall mean the $118,000,000 aggregate initial principal
amount Class A-1 6.734% Asset Backed Notes issued by the Trust pursuant to the
Indenture, substantially in the form of Exhibit A-1 to the Indenture.

     "Class A-1 Rate" shall mean 6.734% per annum. Interest with respect to
the Class A-1 Notes shall be computed on the basis of actual days elapsed in
the applicable Interest Period divided by 360 for all purposes of the Basic
Documents.

     "Class A-2 Final Scheduled Payment Date" shall mean the April 2003
Payment Date.

     "Class A-2 Noteholder" shall mean the Person in whose name a Class A-2
Note is registered on the Note Register.

     "Class A-2 Notes" shall mean the $128,000,000 aggregate initial principal
amount Class A-2 6.90% Asset Backed Notes issued by the Trust pursuant to the
Indenture, substantially in the form of Exhibit A-2 to the Indenture.

     "Class A-2 Rate" shall mean 6.90% per annum. Interest with respect to the
Class A-2 Notes shall be computed on the basis of a 360-day year consisting of
twelve 30-day months for all purposes of the Basic Documents.

     "Class A-3 Final Scheduled Payment Date" shall mean the June 2004 Payment
Date.

     "Class A-3 Noteholder" shall mean the Person in whose name a Class A-3
Note is registered on the Note Register.

     "Class A-3 Notes" shall mean the $136,000,000 aggregate initial principal
amount Class A-3 6.95% Asset Backed Notes issued by the Trust pursuant to the
Indenture, substantially in the form of Exhibit A-3 to the Indenture.

     "Class A-3 Rate" shall mean 6.95% per annum. Interest with respect to the
Class A-3 Notes shall be computed on the basis of a 360-day year consisting of
twelve 30-day months for all purposes of the Basic Documents.

     "Class A-4 Final Scheduled Payment Date" shall mean the June 2005 Payment
Date.

     "Class A-4 Noteholder" shall mean the Person in whose name a Class A-4
Note is registered on the Note Register.

     "Class A-4 Notes" shall mean the $83,279,000 aggregate initial principal
amount Class A-4 6.98% Asset Backed Notes issued by the Trust pursuant to the
Indenture, substantially in the form of Exhibit A-4 to the Indenture.

     "Class A-4 Rate" shall mean 6.98% per annum. Interest with respect to the
Class A-4 Notes shall be computed on the basis of a 360-day year consisting of
twelve 30-day months for all purposes of the Basic Documents.

     "Class B Certificateholder" shall mean the Person in whose name a Class B
Certificate is registered in the Certificate Register.

     "Class B Certificateholders' Interest Carryover Shortfall" shall mean,
with respect to any Payment Date, the excess of the Accrued Class B
Certificate Interest for the preceding Payment Date over the amount in respect
of interest that is actually paid to Class B Certificateholders on such
preceding Payment Date, plus thirty (30) days of interest on such excess, to
the extent permitted by law, at the Class B Rate.

     "Class B Certificateholders' Monthly Accrued Interest" shall mean, with
respect to any Payment Date, thirty (30) days of interest (or, in the case of
the first Payment Date, interest accrued from and including the Closing Date
to but excluding such Payment Date) at the Class B Rate on the Certificate
Balance on the immediately preceding Payment Date or the Closing Date, as the
case may be, after giving effect to all distributions allocable to the
reduction of the Certificate Balance made on or prior to such preceding
Payment Date.

     "Class B Certificates" shall mean the $18,127,781 aggregate initial
principal balance Class B 7.72% Asset Backed Certificates evidencing the
beneficial interest of a Class B Certificateholder in the property of the
Trust, substantially in the form of Exhibit A to the Trust Agreement;
provided, however, that the Owner Trust Estate has been pledged to the
Indenture Trustee to secure payment of the Notes and that the rights of the
Class B Certificateholders to receive distributions on the Class B
Certificates are subordinated to the rights of the Noteholders as described in
the Sale and Servicing Agreement, the Indenture and the Trust Agreement.

     "Class B Final Scheduled Payment Date" shall mean the February 2007
Payment Date.

     "Class B Rate" shall mean 7.72% per annum. Interest with respect to the
Class B Certificates shall be computed on the basis of a 360-day year
consisting of twelve 30-day months for all purposes of the Basic Documents.

     "Clearing Agency" shall mean an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act.

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

     "Closing Date" shall mean August 31, 2000.

     "Code" shall mean the Internal Revenue Code of 1986, as amended, and
Treasury Regulations promulgated thereunder.

     "Collateral" shall have the meaning specified in the Granting Clause of
the Indenture.

     "Collection Account" shall mean the account or accounts established and
maintained as such pursuant to Section 4.1(a) of the Sale and Servicing
Agreement.

     "Collection Period" shall mean, with respect to the first Payment Date,
the period from and including the Cut-off Date to and including September 30,
2000 and, with respect to each subsequent Payment Date, the calendar month
preceding the calendar month in which the Payment Date occurs.

     "Collections" shall mean all amounts collected by the Servicer (from
whatever source) on or with respect to the Receivables.

     "Commission" shall mean the Securities and Exchange Commission.

     "Computer Tape" shall mean the computer tape generated by the Seller
which provides information relating to the Receivables and which was used by
the Seller in selecting the Receivables conveyed to the Trust hereunder.

     "Corporate Trust Office" shall mean, (i) with respect to the Owner
Trustee, the principal corporate trust office of the Owner Trustee located at
One Rodney Square, 920 King Street, 1st Floor, Wilmington, DE 19801 or at such
other address as the Owner Trustee may designate from time to time by notice
to the Certificateholders and the Depositor, or the principal corporate trust
office of any successor Owner Trustee (the address of which the successor
Owner Trustee will notify the Certificateholders and the Depositor); and (ii)
with respect to the Indenture Trustee, the principal corporate trust office of
the Indenture Trustee located at 450 West 33rd Street, 14th Floor, New York,
New York 10001, or at such other address as the Indenture Trustee may
designate from time to time by notice to the Noteholders and the Issuer, or
the principal corporate trust office of any successor Indenture Trustee (the
address of which the successor Indenture Trustee will notify the Noteholders
and the Issuer).

     "Cut-off Date" shall mean August 1, 2000.

     "Default" shall mean any occurrence that is, or with notice or the lapse
of time or both would become, an Event of Default.

     "Defaulted Receivable" shall mean a Receivable (i) that the Servicer
determines is unlikely to be paid in full or (ii) with respect to which at
least 5% of a Scheduled Payment is 120 or more days delinquent as of the end
of a calendar month.

     "Definitive Certificates" shall have the meaning specified in Section
3.12 of the Trust Agreement.

     "Definitive Notes" shall have the meaning specified in Section 2.11 of
the Indenture.

     "Delinquency Ratio" shall mean, for any Collection Period, the ratio,
expressed as a percentage, of (a) the Principal Balance of all outstanding
Receivables other than Purchased Receivables and Receivables that are 60 or
more days delinquent as of the end of such Collection Period, determined in
accordance with the Servicer's customary practices, or Receivables as to which
the related Financial Vehicle has been repossessed but not sold, to (b) the
Pool Balance as of the last day of such Collection Period.

     "Depositor" shall mean the Seller in its capacity as Depositor under the
Trust Agreement.

     "Determination Date" shall mean, with respect to any Collection Period,
the second Business Day immediately preceding the Payment Date following such
Collection Period.

     "Eligible Deposit Account" shall mean either (i) a segregated account
with an Eligible Institution or (ii) a segregated trust account with the
corporate trust department of a depository institution organized under the
laws of the U.S. or any one of the states thereof or the District of Columbia
(or any domestic branch of a foreign bank), having corporate trust powers and
acting as trustee for funds deposited in such account, so long as any of the
securities of such depository institution have a credit rating from each
Rating Agency in one of its generic rating categories which signifies
investment grade.

     "Eligible Institution" shall mean either (i) the corporate trust
department of the Indenture Trustee or the related Trustee, as applicable; or
(ii) a depository institution organized under the laws of the U.S. or any one
of the states thereof or the District of Columbia (or any domestic branch of a
foreign bank), (1) which has either (A) a long-term unsecured debt rating of
at least "AA-" by Standard & Poor's and "Baa3" by Moody's or (B) a short-term
unsecured debt rating or certificate of deposit rating of "A-1+" by Standard &
Poor' and "P-1" by Moody's and (2) whose deposits are insured by the FDIC.

     "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
as amended.

     "Event of Default" shall have the meaning specified in Section 5.1 of the
Indenture.

     "Event of Servicing Termination" shall mean an event specified in Section
7.1 of the Sale and Servicing Agreement.

     "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

     "Executive Officer" shall mean, with respect to any corporation, the
Chief Executive Officer, Chief Operating Officer, Chief Financial Officer,
President, Executive Vice President, any Vice President, the Secretary or the
Treasurer of such corporation and, with respect to any partnership, any
general partner thereof.

     "Expenses" shall have the meaning assigned to such term in Section 7.2 of
the Trust Agreement.

     "Final Scheduled Payment Date" shall mean, with respect to (i) the Class
A-1 Notes, the Class A-1 Final Scheduled Payment Date, (ii) the Class A-2
Notes, the Class A-2 Final Scheduled Payment Date, (iii) the Class A-3 Notes,
the Class A-3 Final Scheduled Payment Date, (iv) the Class A-4 Notes, the
Class A-4 Final Scheduled Payment Date, and (v) the Class B Certificates, the
Class B Final Scheduled Payment Date.

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

     "Grant" shall mean to mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create, and to grant a lien upon
and a security interest in and right of set-off against, and to deposit, set
over and confirm pursuant to the Indenture. A Grant of the Collateral or of
any other agreement or instrument shall include all rights, powers and options
(but none of the obligations) of the granting party thereunder, including the
immediate and continuing right to claim for, collect, receive and give receipt
for principal and interest payments in respect of the Collateral and all other
monies payable thereunder, to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights
and options, to bring Proceedings in the name of the granting party or
otherwise, and generally to do and receive anything that the granting party is
or may be entitled to do or receive thereunder or with respect thereto.

     "Indemnified Parties" shall have the meaning assigned to such term in
Section 7.2 of the Trust Agreement.

     "Indenture" shall mean the Indenture, dated as of August 1, 2000, by and
between the Trust and the Indenture Trustee.

     "Indenture Trustee" shall mean The Chase Manhattan Bank, a New York
banking corporation, not in its individual capacity but solely as Indenture
Trustee under the Indenture, or any successor Indenture Trustee under the
Indenture.

     "Indenture Trust Estate" shall mean all money, instruments, rights and
other property that are subject or intended to be subject to the lien and
security interest of Indenture for the benefit of the Noteholders (including,
without limitation, all property and interests Granted to the Indenture
Trustee), including all proceeds thereof.

     "Independent" shall mean, when used with respect to any specified Person,
that such Person (a) is in fact independent of the Issuer, any other obligor
on the Notes, the Seller and any Affiliate of any of the foregoing Persons,
(b) does not have any direct financial interest or any material indirect
financial interest in the Issuer, any such other obligor, the Seller or any
Affiliate of any of the foregoing Persons and (c) is not connected with the
Issuer, any such other obligor, the Seller or any Affiliate of any of the
foregoing Persons as an officer, employee, promoter, underwriter, trustee,
partner, director or person performing similar functions.

     "Independent Certificate" shall mean a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.1 of the
Indenture, made by an Independent appraiser or other expert appointed by an
Issuer Order and approved by the Indenture Trustee in the exercise of
reasonable care, and such opinion or certificate shall state that the signer
has read the definition of "Independent" in the Indenture and that the signer
is Independent within the meaning thereof.

     "Initial Certificate Balance" shall mean $18,127,781.

     "Initial Pool Balance" shall mean $483,406,781.

     "Insolvency Event" shall mean, with respect to any Person, (i) the making
of a general assignment for the benefit of creditors, (ii) the filing of a
voluntary petition in bankruptcy, (iii) being adjudged a bankrupt or
insolvent, or having had entered against such Person an order for relief in
any bankruptcy or insolvency proceeding, (iv) the filing by such Person of a
petition or answer seeking reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under any statute,
law or regulation, (v) the filing by such Person of an answer or other
pleading admitting or failing to contest the material allegations of a
petition filed against such Person in any proceeding specified in (vii) below,
(vi) seeking, consent to or acquiescing in the appointment of a trustee,
receiver or liquidator of such Person or of all or any substantial part of the
assets of such Person or (vii) the failure to obtain dismissal within 60 days
of the commencement of any proceeding against such Person seeking
reorganization, arrangement, composition, readjustment, liquidation,
dissolution or similar relief under any statute, law or regulation, or the
entry of any order appointing a trustee, liquidator or receiver of such Person
or of such Person's assets or any substantial portion thereof.

     "Interest Period" shall mean, with respect to any Payment Date (i) with
respect to the Class A-1 Notes, from and including the Closing Date (in the
case of the first Payment Date) or from and including the most recent Payment
Date on which interest has been paid to but excluding the following Payment
Date and (ii) with respect to each Class of Notes other than the Class A-1
Notes, from and including the Closing Date (in the case of the first Payment
Date) or from and including the 15th day of the calendar month preceding each
Payment Date to but excluding the 15th day of the calendar month of such
Payment Date.

     "IRS" shall mean the Internal Revenue Service.

     "Issuer" shall mean the Trust unless a successor replaces it and,
thereafter, shall mean the successor.

     "Issuer Order" and "Issuer Request" shall mean a written order or request
signed in the name of the Issuer by any one of its Authorized Officers and
delivered to the Indenture Trustee.

     "Lien" shall mean a security interest, lien, charge, pledge, equity, or
encumbrance of any kind other than, in respect of a Receivable, tax liens,
mechanics' liens, and any liens which attach to the respective Receivable by
operation of law.

     "Liquidation Proceeds" shall mean with respect to any Receivable (a)
insurance proceeds received by the Servicer and (b) monies collected by the
Servicer from whatever source, including but not limited to proceeds of
Financed Vehicles after repossession, on a Defaulted Receivable, net of any
payments required by law to be remitted to the Obligor.

     "Monthly Remittance Condition" shall mean either (a) the Servicer obtains
a short-term certificate of deposit rating of the Servicer from Standard &
Poor's and Moody's of A-1+ and P-1, respectively, or (b) the Servicer provides
the Indenture Trustee with a letter from each Rating Agency to the effect that
the current ratings assigned to the Securities by such Rating Agency will not
be adversely affected by the remittance of Collections on a monthly, rather
than a daily, basis.

     "Moody's" shall mean Moody's Investors Service, Inc. or its successor in
interest.

     "Net Loss Ratio" shall mean, for any Collection Period, the ratio,
expressed as an annualized percentage, of (a) Realized Losses minus Recoveries
for such Collection Period, to (b) the average of the Pool Balances on the
first day of such Collection Period and the last day of such Collection
Period.

     "Noteholder" or "holder of a Note" shall mean the Person in whose name a
Note is registered on the Note Register.

     "Note Interest Rate" shall mean the Class A-1 Rate, the Class A-2 Rate,
the Class A-3 Rate or the Class A-4 Rate, as applicable.

     "Note Owner" shall mean, with respect to any Book-Entry Note, the Person
who is the beneficial owner of such Book-Entry Note, as reflected on the books
of the Clearing Agency or on the books of a Person maintaining an account with
such Clearing Agency (directly as a Clearing Agency Participant or as an
indirect participant, in each case in accordance with the rules of such
Clearing Agency).

     "Note Paying Agent" shall mean the Indenture Trustee or any other Person
that meets the eligibility standards for the Indenture Trustee specified in
Section 6.11 of the Indenture and is authorized by the Issuer to make payments
to and distributions from the Collection Account (including the Principal
Distribution Account), including payment of principal of or interest on the
Notes on behalf of the Issuer.

     "Note Pool Factor" shall mean, with respect to each Class of Notes as of
the close of business on the last day of a Collection Period, a seven-digit
decimal figure equal to the outstanding principal balance of such Class of
Notes (after giving effect to any reductions thereof to be made on the
immediately following Payment Date) divided by the original outstanding
principal balance of such Class of Notes. The Note Pool Factor will be
1.0000000 as of the Closing Date; thereafter, the Note Pool Factor will
decline to reflect reductions in the outstanding principal amount of such
Class of Notes.

     "Note Register" and "Note Registrar" shall have the respective meanings
specified in Section 2.5 of the Indenture.

     "Notes" shall mean the Class A-1 Notes, the Class A-2 Notes, the Class
A-3 Notes and the Class A-4 Notes, collectively.

     "Obligor" on a Receivable shall mean the purchaser or co-purchasers of
the Financed Vehicle or any other Person who owes payments under the
Receivable.

     "Officer's Certificate" shall mean (i) with respect to the Trust, a
certificate signed by any Authorized Officer of the Trust and (ii) with
respect to the Seller or the Servicer, a certificate signed by the chairman of
the board, the president, any executive or senior vice president, any vice
president, the treasurer or the controller of the Seller or the Servicer, as
applicable.

     "Opinion of Counsel" shall mean a written opinion of counsel which
counsel shall be acceptable to the Indenture Trustee, the Owner Trustee or the
Rating Agencies, as applicable.

     "Optional Purchase Percentage" shall mean 5%.

     "Outstanding" shall mean with respect to the Securities, as of the date
of determination, all Securities theretofore authenticated and delivered under
the Indenture or the Trust Agreement, as applicable, except:

               (a) Securities theretofore (i) cancelled by the Note Registrar
          or the Certificate Registrar, as applicable, or (ii) delivered to
          the Note Registrar or the Certificate Registrar, as applicable, for
          cancellation;

               (b) Securities or portions thereof the payment for which money
          in the necessary amount has been theretofore deposited with (i)in
          the case of the Notes, the Indenture Trustee or any Note Paying
          Agent in trust for the Noteholders of such Notes (provided, however,
          that if such Notes are to be prepaid, notice of such prepayment has
          been duly given pursuant to the Indenture or provision for such
          notice has been made, satisfactory to the Indenture Trustee) or (ii)
          in the case of the Certificates, the Owner Trustee or any
          Certificate Paying Agent in trust for the Certificateholders of such
          Certificates (provided, however, that if such Certificates are to be
          prepaid, notice of such prepayment has been duly given pursuant to
          the Trust Agreement or provision for such notice has been made,
          satisfactory to the Owner Trustee); and

               (c) Securities in exchange for or in lieu of which other
          Securities have been authenticated and delivered pursuant to the
          Indenture or the Trust Agreement, as applicable, unless proof
          satisfactory to the Indenture Trustee or the Owner Trustee, as
          applicable, is presented that any such Securities are held by a
          protected purchaser;

provided, that in determining whether the holders of Notes or Certificates
evidencing the requisite principal amount of the Notes Outstanding or
Certificates Outstanding have given any request, demand, authorization,
direction, notice, consent, or waiver under any Basic Document, Securities
owned by the Issuer, any other obligor upon the Securities, the Seller, the
Servicer or any Affiliate of any of the foregoing Persons shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the
Indenture Trustee or Owner Trustee, as applicable, shall be protected in
relying on any such request, demand, authorization, direction, notice,
consent, or waiver, only (i) Notes that a Responsible Officer of the Indenture
Trustee knows to be so owned and (ii) Certificates that a Responsible Officer
of the Owner Trustee knows to be so owned, shall be so disregarded; provided,
however, if the Issuer, any other obligor upon the Securities, the Seller, the
Servicer or any Affiliate of any of the foregoing Persons owns an entire Class
of Securities, such Securities shall be deemed to be Outstanding. Notes owned
by the Issuer, any other obligor upon the Notes, the Seller, the Servicer or
any Affiliate of any of the foregoing Persons that have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Indenture Trustee the pledgee's right so to act with
respect to such Notes and that the pledgee is not the Issuer, any other
obligor upon the Notes, the Seller, the Servicer or any Affiliate of any of
the foregoing Persons. Certificates owned by the Issuer, any other obligor
upon the Certificates, the Seller, the Service or any Affiliate of any of the
foregoing Persons that have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Owner
Trustee the pledgee's right so to act with respect to such Certificates and
that the pledgee is not the Issuer, any other obligor upon the Certificates,
the Seller, the Servicer or any Affiliate of any of the foregoing Persons.

     "Outstanding Advances" on the Receivables shall mean the sum, as of the
close of business on the last day of a Collection Period, of all Advances as
reduced as provided in Section 4.4(a) of the Sale and Servicing Agreement.

     "Owner Trustee" shall mean First Union Trust Company, National
Association, a national banking association, not in its individual capacity
but solely as Owner Trustee under the Trust Agreement, or any successor Owner
Trustee under the Trust Agreement.

     "Owner Trust Estate" shall mean all right, title and interest of the
Trust in, to and under the property and rights assigned to the Trust pursuant
to Article II of the Sale and Servicing Agreement.

     "Payment Date" shall mean the fifteenth (15th) day of each calendar month
or, if such day is not a Business Day, the next succeeding Business Day.

     "Permitted Investments" shall mean, on any date of determination,
book-entry securities, negotiable instruments or securities represented by
instruments in bearer or registered form with maturities not exceeding the
Business Day preceding the next Payment Date which evidence:

               (a) direct non-callable obligations of, and obligations fully
          guaranteed as to timely payment by, the United States of America;

               (b) demand deposits, time deposits or certificates of deposit
          of any depository institution or trust company incorporated under
          the laws of the United States of America or any state thereof (or
          any domestic branch of a foreign bank) and subject to supervision
          and examination by Federal or State banking or depository
          institution authorities; provided, however, that at the time of the
          investment or contractual commitment to invest therein, the
          commercial paper or other short-term unsecured debt obligations
          (other than such obligations the rating of which is based on the
          credit of a Person other than such depository institution or trust
          company) thereof shall have a credit rating from each of the Rating
          Agencies in the highest investment category granted thereby;

               (c) commercial paper having, at the time of the investment or
          contractual commitment to invest therein, a rating from each of the
          Rating Agencies in the highest investment category granted thereby;

               (d) investments in money market funds having a rating from each
          of the Rating Agencies in the highest investment category granted
          thereby (including funds for which the Indenture Trustee or the
          Owner Trustee or any of their respective Affiliates is investment
          manager or advisor);

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

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

               (g) any other investment with respect to which the Issuer or
          the Servicer has received written notification from the Rating
          Agencies that the acquisition of such investment as a Permitted
          Investment will not result in a withdrawal or downgrading of the
          ratings on the Notes or the Certificates.

     "Person" shall mean any individual, corporation, estate, partnership,
joint venture, association, joint stock company, trust, unincorporated
organization, or government or any agency or political subdivision thereof.

     "Plan" means an employee benefit plan (as defined in section 3(3) of
ERISA) that is subject to Title I of ERISA, a plan (as defined in section
4975(e)(1) of the Code) and any entity whose underlying assets include plan
assets by reason of a plan's investment in the entity or otherwise.

     "Pool Balance" shall mean on any date of determination, the aggregate
outstanding Principal Balance of the Receivables (exclusive of Purchased
Receivables and Defaulted Receivables) as of such date of determination.

     "Pool Factor" as of the last day of a Collection Period shall mean a
seven-digit decimal figure equal to the Pool Balance at that time divided by
the Initial Pool Balance.

     "Predecessor Note" shall mean, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced
by such particular Note and, for purposes of this definition, any Note
authenticated and delivered under Section 2.6 of the Indenture in lieu of a
mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note.

     "Prepayment Date" shall mean (i) with respect to a prepayment of the
Certificates pursuant to Section 8.2(a) of the Trust Agreement or a
distribution to Certificateholders pursuant to Section 8.1(c) of the Trust
Agreement, the Payment Date specified by the Owner Trustee pursuant to said
Section 8.2(a) or 8.1(c), as applicable, and (ii) with respect to a prepayment
of the Notes pursuant to Section 10.1(a) of the Indenture, the Payment Date
specified by the Servicer pursuant to Section 10.1(a) or (b) of the Indenture,
as applicable.

     "Prepayment Price" shall mean (i) in the case of the Certificates, an
amount equal to the Certificate Balance plus accrued and unpaid interest
thereon at the applicable Class B Rate plus interest on any overdue interest
at the applicable Class B Rate (to the extent lawful) to but excluding the
Prepayment Date and (ii) in the case of a Class of Notes to be prepaid, an
amount equal to the unpaid principal amount of such Class of Notes plus
accrued and unpaid interest thereon at the applicable Note Interest Rate plus
interest on any overdue interest at the applicable Note Interest Rate (to the
extent lawful) to but excluding the Prepayment Date.

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

     "Principal Distribution Account" shall mean the administrative subaccount
of the Collection Account established and maintained as such pursuant to
Section 4.1(b) of the Sale and Servicing Agreement.

     "Proceeding" shall mean any suit in equity, action at law or other
judicial or administrative proceeding.

     "Prospectus" shall have the meaning specified in the Underwriting
Agreement.

     "Purchase Amount" with respect to a Purchased Receivable shall mean the
sum, as of the last day of the preceding Collection Period on which such
Receivable becomes such, of the Principal Balance thereof plus the accrued
interest thereon at the weighted average of the Note Interest Rates and the
Class B Rate.

     "Purchased Receivable" shall mean a Receivable purchased as of the close
of business on the last day of the respective Collection Period by the
Servicer pursuant to Section 3.7 of the Sale and Servicing Agreement or by the
Seller pursuant to Section 2.3 of the Sale and Servicing Agreement.

     "Rating Agency" shall mean each of the nationally recognized statistical
rating organizations designated by the Seller to provide a rating on the Notes
or the Certificates which is then rating such Notes or Certificates. If no
such organization or successor is any longer in existence, "Rating Agency"
shall be a nationally recognized statistical rating organization or other
comparable Person designated by the Seller, notice of which designation shall
be given to the Indenture Trustee, the Owner Trustee and the Servicer.

     "Rating Agency Condition" shall mean, with respect to any action, that
each of the Rating Agencies shall have notified the Seller, the Servicer, the
Owner Trustee and the Indenture Trustee in writing that such action will not
result in a reduction or withdrawal of the then current rating of the Notes or
the Certificates.

     "Realized Losses" shall mean, for any Collection Period and for each
Receivable that became a Defaulted Receivable during such Collection Period,
the sum of the excess, for each such Receivable, of (i) the 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" shall mean a motor vehicle installment loan contract listed
on Schedule A to the Sale and Servicing Agreement and all proceeds thereof and
payments thereunder, which Receivable shall not have been released by the
Indenture Trustee and the Owner Trustee from the Trust.

     "Receivable Files" shall mean the documents specified in Section 2.4 of
the Sale and Servicing Agreement.

     "Record Date" shall mean, with respect to any Payment Date or Prepayment
Date and any Book-Entry Security, the close of business on the day prior to
such Payment Date or Prepayment Date or, with respect to any Definitive Note
or Definitive Certificate, the last day of the month preceding the month in
which such Payment Date or Prepayment Date occurs.

     "Recoveries" shall mean, with respect to any Collection Period, all
amounts received by the Servicer with respect to any Defaulted Receivable
during any Collection Period following the Collection Period in which such
Receivable became a Defaulted Receivable, net of any fees, costs and expenses
incurred by the Servicer in connection with the collection of such Receivable
and any payments required by law to be remitted to the Obligor.

     "Registered Noteholder" shall mean the Person in whose name a Note is
registered on the Note Register on the applicable Record Date.

     "Regular Principal Distribution Amount" shall mean, with respect to any
Payment Date, an amount equal to the sum of (i) the Collections on the
Receivables received during the related Collection Period and allocable to
principal and (ii) the aggregate Principal Balance (net of Liquidation
Proceeds received during the related Collection Period applied to principal)
of all Receivables that became designated as Defaulted Receivables in such
Collection Period; provided, however, that the Regular Principal Distribution
Amount shall not exceed the sum of the aggregate outstanding principal amount
of all of the Notes and the Certificate Balance on such Payment Date.

     "Related Agreements" shall have the meaning specified in the recitals to
the Administration Agreement.

     "Representative" shall mean Chase Securities Inc., as representative of
the several Underwriters.

     "Repurchase Event" shall mean the occurrence of a breach of any of the
Seller's representations and warranties contained in Section 2.2 of the Sale
and Servicing Agreement obligating the Seller to repurchase Receivables
thereunder at the Purchase Amount from the Trust.

     "Required Rating" shall mean a rating on (i) short-term unsecured debt
obligations of P-1 by Moody's and (ii) short-term unsecured debt obligations
of A-1+ by Standard & Poor's; and any requirement that short-term unsecured
debt obligations have the "Required Rating" shall mean that such short-term
unsecured debt obligations have the foregoing required ratings from each of
such Rating Agencies.

     "Reserve Account" shall mean the account established and maintained as
such pursuant to Section 4.7(a) of the Sale and Servicing Agreement.

     "Reserve Account Property" shall have the meaning specified in Section
4.7(a) of the Sale and Servicing Agreement.

     "Reserve Account Excess Amount" shall mean, with respect to any Payment
Date, an amount equal to the excess, if any, of (i) the amount of cash or
other immediately available funds in the Reserve Account on such Payment Date
(prior to giving effect to any withdrawals therefrom relating to such Payment
Date) over (ii) the Specified Reserve Balance with respect to such Payment
Date.

     "Reserve Initial Deposit" shall mean, with respect to the Closing Date,
$3,625,550.86.

     "Sale and Servicing Agreement" shall mean the Sale and Servicing
Agreement, dated as of August 1, 2000, by and between the Trust, as issuer,
and the Bank, as seller and servicer.

     "Scheduled Payment" shall mean, for any Collection Period for any
Receivable, the amount indicated in such Receivable as required to be paid by
the Obligor in such Collection Period (without giving effect to deferments of
payments pursuant to Section 3.2 of the Sale and Servicing Agreement or any
rescheduling in any insolvency or similar proceedings).

     "Schedule of Receivables" shall mean the list identifying the Receivables
attached as Schedule A to the Sale and Servicing Agreement and the Indenture
(which list may be in the form of microfiche, disk or other means acceptable
to the Trustee).

     "Secretary of State" shall mean the Secretary of State of the State of
Delaware.

     "Securities" shall mean the Notes and the Certificates, collectively.

     "Securities Act" shall mean the Securities Act of 1933, as amended.

     "Securities Depository Agreement" shall mean the agreement dated the
Closing Date by and among the Trust, the Indenture Trustee, the Owner Trustee
and The Depository Trust Company, as the initial Clearing Agency, relating to
the Securities.

     "Securityholders" shall mean the Noteholders and the Certificateholders,
collectively.

     "Seller" shall mean the Bank as the seller of the Receivables under the
Sale and Servicing Agreement, and each successor to the Bank (in the same
capacity) pursuant to Section 5.3 of the Sale and Servicing Agreement.

     "Servicer" shall mean the Bank as the servicer of the Receivables under
the Sale and Servicing Agreement, and each successor to the Bank (in the same
capacity) pursuant to Section 6.3 of the Sale and Servicing Agreement.

     "Servicer's Certificate" shall mean a certificate completed and executed
by the Servicer by the chairman of the board, the president, any executive
vice president, any vice president, the treasurer, any assistant treasurer,
the controller, or any assistant controller of the Servicer pursuant to
Section 3.9 of the Sale and Servicing Agreement.

     "Servicing Fee" shall mean, with respect to a Collection Period, the fee
payable to the Servicer for services rendered during such Collection Period,
which shall be equal to one-twelfth of the Servicing Fee Rate multiplied by
the Pool Balance as of the first day of the Collection Period.

     "Servicing Fee Rate" shall mean 0.5% per annum.

     "Simple Interest Method" shall mean the method of allocating a fixed
level payment to principal and interest, pursuant to which the portion of such
payment that is allocated to interest is equal to the amount accrued from the
date of the preceding payment to the date of the current payment.

     "Specified Reserve Balance" shall mean, with respect to any Payment Date,
the greater of (i) 0.50% of the Initial Pool Balance and (ii) 1.25% of the
Pool Balance at the end of the Collection Period preceding such Payment Date;
provided, however, the Specified Reserve Balance shall be calculated using a
percentage of 0.75% in (i) above and 2.50% in (ii) above, for any Payment Date
on which the Average Net Loss Ratio exceeds the Average Net Loss Trigger
Percentage or the Average Delinquency Ratio exceeds the Average Delinquency
Trigger Percentage; provided, further, however, that such higher percentage
shall remain in effect until the Average Net Loss Ratio and the Average
Delinquency Ratio are equal to or less than 0.85% for at least six consecutive
Collection Periods. Notwithstanding the foregoing, the Specified Reserve
Balance may be reduced to a lesser amount as determined by the Seller if the
Rating Agency Condition is satisfied.

     "Standard & Poor's" shall mean Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc. or its successor in interest.

     "State" shall mean any state or commonwealth of the United States of
America, or the District of Columbia.

     "Successor Servicer" shall mean an institution appointed as successor
Servicer pursuant to Section 7.2 of the Sale and Servicing Agreement.

     "Supplemental Servicing Fee" shall mean, the fee payable to the Servicer
for certain services rendered during the respective Collection Period,
determined pursuant to and defined in Section 3.8 of the Sale and Servicing
Agreement.

     "Total Required Payment" shall mean, with respect to any Payment Date,
the sum of the Servicing Fee and all unpaid Servicing Fees from prior
Collection Periods, the Accrued Class A Note Interest, the Accrued Class B
Certificate Interest and the Regular Principal Distribution Amount; provided,
however, that on any Final Scheduled Payment Date the amount required to be
paid pursuant to Section 4.6(c)(v) of the Sale and Servicing Agreement shall
be included in the Total Required Payment; provided, further, that following
the occurrence and during the continuation of an Event of Default, on any
Payment Date until the Payment Date on which the outstanding principal amount
of all the Securities has been paid in full, the Total Required Payment shall
mean the sum of the Servicing Fee and all unpaid Servicing Fees from prior
Collection Periods, the Accrued Class A Note Interest, the Accrued Class B
Certificate Interest and the amount necessary to reduce the outstanding
principal amount of all the Securities to zero.

     "Treasury Regulations" shall mean regulations, including proposed or
temporary regulations, promulgated under the Code. References to specific
provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury
Regulations.

     "Trust" shall mean USAA Auto Owner Trust 2000-1, a Delaware business
trust governed by the Trust Agreement.

     "Trust Accounts" shall have the meaning specified in Section 4.7(a) of
the Sale and Servicing Agreement.

     "Trust Agreement" shall mean the Amended and Restated Trust Agreement
dated as of August 1, 2000, by and among the Seller, as depositor, and the
Owner Trustee.

     "Trust Indenture Act" or "TIA" shall mean the Trust Indenture Act of
1939, as amended, unless otherwise specifically provided.

     "Trustee Officer" shall mean, with respect to the Indenture Trustee, any
officer within the Corporate Trust Office of the Indenture Trustee with direct
responsibility for the administration of the Indenture and the other Basic
Documents on behalf of the Indenture Trustee and also, with respect to a
particular matter, any other officer to whom such matter is referred because
of such officer's knowledge of and familiarity with the particular subject
and, with respect to the Owner Trustee, any officer within the Corporate Trust
Office of the Owner Trustee with direct responsibility for the administration
of the Trust Agreement and the other Basic Documents on behalf of the Owner
Trustee.

     "Trust Property" shall mean, collectively, (i) the Receivables; (ii)
monies received thereunder on or after the Cut-off Date; (iii) 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;
(iv) 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; (v) all of the Seller's
rights to the Receivable Files; (vi) the Trust Accounts, the Certificate
Interest Distribution Account, the Certificate Principal Distribution Account
and all amounts, securities, investments, investment property and other
property deposited in or credited to any of the foregoing, all security
entitlements relating to the foregoing and all proceeds thereof; (vii)
payments and proceeds with respect to the Receivables held by the Servicer;
(viii) all property (including the right to receive Liquidation Proceeds)
securing a Receivable (other than a Receivable repurchased by the Servicer or
purchased by the Seller); (ix) 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 (x) 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.

     "UCC" shall mean the Uniform Commercial Code as in effect in any relevant
jurisdiction.

     "Underwriters" shall mean the underwriters named in Schedule I to the
Underwriting Agreement.

     "Underwriting Agreement" shall mean the Underwriting Agreement, dated
August 23, 2000 between the Seller and the Representative of the several
Underwriters.

     "Underwritten Securities" shall mean the Notes.

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