Document:

Exhibit

Exhibit 10.1

EXECUTION VERSION
FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT
This Fifth Amendment to Loan and Security Agreement (this “Amendment”) is entered into as of September 20, 2017, by and between EAST WEST BANK (“Bank”) and MAXWELL TECHNOLOGIES, INC. (“Borrower”).
RECITALS
WHEREAS, Borrower and Bank are parties to the Loan and Security Agreement, dated as of July 3, 2015, as amended by (i) the First Amendment to the Loan and Security Agreement, dated as of April 12, 2016, by and between Bank and Borrower, (ii) the Second Amendment to the Loan and Security Agreement, dated July 27, 2016, by and between Bank and Borrower, (iii) the Third Amendment to the Loan and Security Agreement, dated October  31, 2016, by and between Bank and Borrower, and (iv) the Fourth Amendment to the Loan and Security Agreement, dated February 28, 2017, by and between Bank and Borrower (as amended from time to time, the “Loan Agreement”);  
WHEREAS, Borrower has requested that Bank consent to Borrower incurring Indebtedness in the aggregate principal amount of up to Sixty-Five Million Dollars ($65,000,000), as evidenced by Convertible Senior Notes to be issued pursuant to an Indenture that Borrower is to enter into on or about the date of this Amendment; and
WHEREAS, Bank is willing to agree to Borrower’s request, on the terms set forth herein;
NOW, THEREFORE, the parties agree as follows:
1.Amendments to Loan Agreement.  
(a)    Section 6.2 of the Loan Agreement is amended by adding a new subsection (h) to read as follows:
(h)    If on the last day of any month (i) one or more Advances are outstanding and (ii) Liquidity (Bank Only) is less than Twenty-Five Million Dollars ($25,000,000), Borrower shall deliver to Bank within fifteen (15) days of such day a statement setting forth the amount of Consolidated Cash that Borrower has in deposit accounts with financial institutions other than Bank on such day (the “Non-Bank Consolidated Cash Statement”).
(b)    Section 6.6(b) of the Loan Agreement is amended to read as follows:
(b)    Lockbox; Account Collection Services. 
(i)    Borrower shall direct each Account Debtor (and each depository institution where proceeds of Accounts are on deposit) to remit payments with respect to the Accounts to a lockbox account established with Bank or to wire transfer payments to a cash collateral account that Bank controls (collectively, the “Lockbox”).  
(ii)    So long as no Event of Default exists or an event that with notice or lapse of time or both will be an Event of Default, within three (3) days of receipt of any amounts by Bank (whether directly from Borrower or into the Lockbox), Bank will turn over to Borrower the proceeds of the Accounts of Borrower by deposit in Borrower’s deposit account with Bank; provided, however, that if an Event of Default exists, Bank may deduct from the proceeds amounts due and owing to Bank hereunder before depositing them in Borrower’s deposit account with Bank.  
(iii)    If Liquidity as of the last day of any calendar month is less than Twenty-Five Million Dollars ($25,000,000) (the “Minimum Liquidity Amount”), as 

determined by Bank, based on (x) the Consolidated Cash with financial institutions other than Bank as of such day if a Non-Bank Consolidated Cash Statement is required to be delivered pursuant to Section 6.2(h), (y) the Consolidated Cash on deposit in deposit accounts maintained with Bank as of such day, and (z) the most recently delivered Borrowing Base Certificate (as delivered by Borrower in accordance with Section 6.2(b) or, if not so delivered, as prepared by Bank), then, for so long as Liquidity remains less than the Minimum Liquidity Amount, when amounts are due and owing to Bank hereunder Bank may deduct such amounts from the proceeds of Accounts before depositing them in Borrower’s deposit account with Bank.
(c)    Section 7.4 of the Loan Agreement is amended  to read as follows:
7.4    Indebtedness.  Create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness, or permit any Subsidiary so to do, other than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any Indebtedness, except Indebtedness to Bank; provided, however, that Borrower may prepay any Indebtedness by conversion of such Indebtedness (or any portion thereof) into capital stock in Borrower. 
(d)    The definition of “Permitted Indebtedness” in Exhibit A to the Loan Agreement is amended to read as follows:
“Permitted Indebtedness” means:
		
	(a)
	Indebtedness of Borrower in favor of Bank arising under this Agreement or any other Loan Document;

		
	(b)
	Indebtedness existing on the Closing Date and disclosed in the Schedule;

		
	(c)
	Indebtedness not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate in any Fiscal Year secured by a lien described in clause (c) of the defined term “Permitted Liens,” provided such Indebtedness does not exceed the lesser of the cost or fair market value of the equipment financed with such Indebtedness; 

		
	(d)
	Subordinated Debt; 

(e)    Indebtedness with respect to surety bonds and similar obligations;
		
	(f)
	Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business;

		
	(g)
	Indebtedness to trade creditors incurred in the ordinary course of business; 

		
	(h)
	Indebtedness in an aggregate principal amount of up to Sixty-Five Million Dollars ($65,000,000) evidenced by the Convertible Senior Notes issued by Borrower pursuant to the Indenture, dated September 2017; and 

		
	(i)
	Extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased.

(e)    Exhibit A to the Loan Agreement is amended by adding the definitions “Availability”, “Liquidity” and “Liquidity (Bank Only)”, in the appropriate alphabetical locations, to read as follows:
“Availability” means as of any date, the amount equal to (i) the lesser of (A) the Revolving Line or (B) the Borrowing Base on such date, less (i) the sum of (A) the Advances outstanding on such date and (B) the aggregate undrawn face amount on such date of the Letters of Credit issued under the Letter of Credit Sublimit.
“Liquidity” means as of any date, the sum of (i) Availability on such date and (ii) Consolidated Cash on such date.
“Liquidity (Bank Only)” means as of any date, the sum of (i) Availability on such date and (ii) Consolidated Cash on deposit with Bank on such date.
2.    Course of Dealing.   No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right.  Bank’s failure at any time to require strict performance by Borrower of any provision of the Loan Documents shall not affect any right of Bank thereafter to demand strict compliance and performance.  Any suspension or waiver of a right must be in writing signed by an officer of Bank.
3.    Miscellaneous.  Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Loan Agreement.  The Loan Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its terms and hereby is ratified and confirmed in all respects.  Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Loan Agreement, as in effect prior to the date hereof.
4.    Representations and Warranties.  Borrower represents and warrants that the Representations and Warranties contained in the Loan Agreement are true and correct as of the date of this Amendment, and that no Event of Default has occurred and is continuing.  
5.    Conditions Precedent.   As conditions precedent to the effectiveness of this Amendment:
(a)    Bank shall have received, in form and substance satisfactory to Bank, the following:
(i)    this Amendment, duly executed by Borrower; and
(ii)    such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate;
(b)    The Swiss Subsidiary shall have consented to this Amendment and shall have reaffirmed its guaranty of the Obligations pursuant to the Swiss Subsidiary Guaranty Documents by executing this Amendment as set forth below; 
(c)    Borrower shall have paid an amendment fee of Five Thousand Dollars ($5,000), which shall be fully-earned and nonrefundable; and
(d)    Borrower shall have paid all reasonable Bank Expenses incurred through the date of this Amendment, which may be debited from any of Borrower's accounts.

6.    Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.
	
		
	 
	MAXWELL TECHNOLOGIES, INC.

	 
	 

	 
	 

	 
	By: ______/s/ David Lyle____________________

	 
	Name:__David Lyle_______________________

	 
	Title:_____CFO____________________

	 
	 

	 
	EAST WEST BANK

	 
	 

	 
	 

	 
	By:___/s/ Alexis Coyle____________________

	 
	Name:____Alexis Coyle____________________

	 
	Title:___Managing Director____________________

[Signature Page to Fifth Amendment to Loan and Security Agreement]

The Swiss Subsidiary consents to the modifications to the Obligations pursuant to this Amendment, hereby ratifies the provisions of the Swiss Subsidiary Guaranty Documents and confirms that all provisions of Swiss Subsidiary Guaranty Documents are in full force and effect.

	
		
	 
	MAXWELL TECHNOLOGIES SA

	 
	 

	 
	 

	 
	By:___/s/ Emily Lough______________

	 
	Name:__Emily Lough_____________________________

	 
	Title:___Director__________________

	 
	 

	 
	 

	 
	 

[Signature Page to Fifth Amendment to Loan and Security Agreement]EX-4.1

 Exhibit 4.1 

EXECUTION COPY 
  

 
  

USAA AUTO OWNER TRUST 2017-1 

Class A-1 1.28000% Auto Loan Asset Backed Notes 

Class A-2 1.54% Auto Loan Asset Backed Notes 

Class A-3 1.70% Auto Loan Asset Backed Notes 

Class A-4 1.88% Auto Loan Asset Backed Notes 

Class B 2.20% Auto Loan Asset Backed Notes 
  

 
 INDENTURE

 Dated as of September 20, 2017 
  

 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as the Indenture Trustee 
  

 
  

 CROSS REFERENCE TABLE1 

 

					
	 TIA
 Section
	  	 	  	 Indenture
 Section

	 310
	  	 (a) (1)
	  	6.11
		  	 (a) (2)
	  	6.11
		  	 (a) (3)
	  	6.10; 6.11
		  	 (a) (4)
	  	N.A.2
		  	 (a) (5)
	  	6.11
		  	 (b)
	  	6.8; 6.11
		  	 (c)
	  	N.A.
	 311
	  	 (a)
	  	6.12
		  	 (b)
	  	6.12
		  	 (c)
	  	N.A.
	 312
	  	 (a)
	  	7.1
		  	 (b)
	  	7.2
		  	 (c)
	  	7.2
	 313
	  	 (a)
	  	7.3
		  	 (b) (1)
	  	7.3
		  	 (b) (2)
	  	7.3
		  	 (c)
	  	7.3
		  	 (d)
	  	7.3
	 314
	  	 (a)
	  	3.9
		  	 (b)
	  	3.6; 11.15
		  	 (c) (1)
	  	11.15
		  	 (c) (2)
	  	11.1
		  	 (c) (3)
	  	11.1
		  	 (d)
	  	11.1
		  	 (e)
	  	11.1
		  	 (f)
	  	N.A.
	 315
	  	 (a)
	  	6.1(b)
		  	 (b)
	  	6.5
		  	 (c)
	  	6.1(a)
		  	 (d)
	  	6.1(c)
		  	 (e)
	  	5.13
	 316
	  	 (a) (1) (A)
	  	5.11
		  	 (a) (1) (B)
	  	5.12
		  	 (a) (2)
	  	N.A.
		  	 (b)
	  	5.7
		  	 (c)
	  	5.6(b)
	 317
	  	 (a) (1)
	  	5.3(b)
		  	 (a) (2)
	  	5.3(d)
		  	 (b)
	  	3.3(c)
	 318
	  	 (a)
	  	11.7

  

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

	2 	N.A. means Not Applicable. 

							
	 ARTICLE I
	 	 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	2	 
			
	 SECTION 1.1
	 	 Definitions
	  	 	2	 
	 SECTION 1.2
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	2	 
	 SECTION 1.3
	 	 Other Interpretive Provisions
	  	 	2	 
			
	 ARTICLE II
	 	 THE NOTES
	  	 	3	 
			
	 SECTION 2.1
	 	 Form
	  	 	3	 
	 SECTION 2.2
	 	 Execution, Authentication and Delivery
	  	 	3	 
	 SECTION 2.3
	 	 Temporary Notes
	  	 	4	 
	 SECTION 2.4
	 	 Registration of Transfer and Exchange
	  	 	4	 
	 SECTION 2.5
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	5	 
	 SECTION 2.6
	 	 Persons Deemed Owners
	  	 	6	 
	 SECTION 2.7
	 	 Payment of Principal and Interest; Defaulted Interest
	  	 	6	 
	 SECTION 2.8
	 	 Cancellation
	  	 	7	 
	 SECTION 2.9
	 	 Release of Collateral
	  	 	7	 
	 SECTION 2.10
	 	 Book-Entry Notes
	  	 	8	 
	 SECTION 2.11
	 	 Notices to Clearing Agency
	  	 	8	 
	 SECTION 2.12
	 	 Definitive Notes
	  	 	8	 
	 SECTION 2.13
	 	 Authenticating Agents
	  	 	9	 
	 SECTION 2.14
	 	 Tax Treatment
	  	 	10	 
	 SECTION 2.15
	 	 Certain Transfer Restrictions on all the Notes
	  	 	10	 
	 SECTION 2.16
	 	 Transfer Restrictions on the Retained Notes
	  	 	12	 
			
	 ARTICLE III
	 	 COVENANTS
	  	 	15	 
			
	 SECTION 3.1
	 	 Payment of Principal and Interest
	  	 	15	 
	 SECTION 3.2
	 	 Maintenance of Office or Agency
	  	 	15	 
	 SECTION 3.3
	 	 Money for Payments To Be Held in Trust
	  	 	15	 
	 SECTION 3.4
	 	 Existence
	  	 	17	 
	 SECTION 3.5
	 	 Protection of Collateral
	  	 	17	 
	 SECTION 3.6
	 	 Opinions as to Collateral
	  	 	18	 
	 SECTION 3.7
	 	 Performance of Obligations; Servicing of Receivables
	  	 	18	 
	 SECTION 3.8
	 	 Negative Covenants
	  	 	19	 
	 SECTION 3.9
	 	 Annual Compliance Statement
	  	 	20	 
	 SECTION 3.10
	 	 Restrictions on Certain Other Activities
	  	 	20	 
	 SECTION 3.11
	 	 Restricted Payments
	  	 	21	 
	 SECTION 3.12
	 	 Notice of Events of Default
	  	 	21	 
	 SECTION 3.13
	 	 Further Instruments and Acts
	  	 	21	 
	 SECTION 3.14
	 	 Compliance with Laws
	  	 	21	 
	 SECTION 3.15
	 	 Perfection Representations, Warranties and Covenants
	  	 	21	 
			
	 ARTICLE IV
	 	 SATISFACTION AND DISCHARGE
	  	 	21	 
			
	 SECTION 4.1
	 	 Satisfaction and Discharge of Indenture
	  	 	21	 
	 SECTION 4.2
	 	 Application of Trust Money
	  	 	22	 
	 SECTION 4.3
	 	 Repayment of Monies Held by Paying Agent
	  	 	22	 

  
 iii 

							
	 ARTICLE V
	 	 REMEDIES
	  	 	22	 
			
	 SECTION 5.1
	 	 Events of Default
	  	 	22	 
	 SECTION 5.2
	 	 Acceleration of Maturity; Waiver of Event of Default
	  	 	23	 
	 SECTION 5.3
	 	 Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee
	  	 	24	 
	 SECTION 5.4
	 	 Remedies; Priorities
	  	 	26	 
	 SECTION 5.5
	 	 Optional Preservation of the Collateral
	  	 	28	 
	 SECTION 5.6
	 	 Limitation of Suits
	  	 	29	 
	 SECTION 5.7
	 	 Rights of Noteholders to Receive Principal and Interest
	  	 	30	 
	 SECTION 5.8
	 	 Restoration of Rights and Remedies
	  	 	30	 
	 SECTION 5.9
	 	 Rights and Remedies Cumulative
	  	 	30	 
	 SECTION 5.10
	 	 Delay or Omission Not a Waiver
	  	 	30	 
	 SECTION 5.11
	 	 Control by Noteholders
	  	 	30	 
	 SECTION 5.12
	 	 Waiver of Past Defaults
	  	 	31	 
	 SECTION 5.13
	 	 Undertaking for Costs
	  	 	31	 
	 SECTION 5.14
	 	 Waiver of Stay or Extension Laws
	  	 	32	 
	 SECTION 5.15
	 	 Action on Notes
	  	 	32	 
	 SECTION 5.16
	 	 Performance and Enforcement of Certain Obligations
	  	 	32	 
	 SECTION 5.17
	 	 Sale of Collateral
	  	 	33	 
			
	 ARTICLE VI
	 	 THE INDENTURE TRUSTEE
	  	 	33	 
			
	 SECTION 6.1
	 	 Duties of the Indenture Trustee
	  	 	33	 
	 SECTION 6.2
	 	 Rights of the Indenture Trustee
	  	 	35	 
	 SECTION 6.3
	 	 Individual Rights of the Indenture Trustee
	  	 	36	 
	 SECTION 6.4
	 	 The Indenture Trustee’s Disclaimer
	  	 	37	 
	 SECTION 6.5
	 	 Notice of Defaults
	  	 	37	 
	 SECTION 6.6
	 	 Reports by the Indenture Trustee to Noteholders
	  	 	37	 
	 SECTION 6.7
	 	 Compensation and Indemnity
	  	 	37	 
	 SECTION 6.8
	 	 Removal, Resignation and Replacement of the Indenture Trustee
	  	 	38	 
	 SECTION 6.9
	 	 Successor Indenture Trustee by Merger
	  	 	39	 
	 SECTION 6.10
	 	 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee
	  	 	39	 
	 SECTION 6.11
	 	 Eligibility; Disqualification
	  	 	41	 
	 SECTION 6.12
	 	 Preferential Collection of Claims Against the Issuer
	  	 	41	 
	 SECTION 6.13
	 	 Representations and Warranties
	  	 	41	 
			
	 ARTICLE VII
	 	 NOTEHOLDERS’ LISTS AND REPORTS
	  	 	41	 
			
	 SECTION 7.1
	 	 The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders
	  	 	41	 
	 SECTION 7.2
	 	 Preservation of Information; Communications to Noteholders
	  	 	41	 
	 SECTION 7.3
	 	 Reports by the Indenture Trustee
	  	 	42	 
	 SECTION 7.4
	 	 Noteholder Demand for Repurchase; Dispute Resolution
	  	 	42	 
	 SECTION 7.5
	 	 Asset Representations Review Voting
	  	 	43	 
			
	 ARTICLE VIII
	 	 ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	44	 
			
	 SECTION 8.1
	 	 Collection of Money
	  	 	44	 
	 SECTION 8.2
	 	 Trust Accounts
	  	 	44	 
	 SECTION 8.3
	 	 General Provisions Regarding Accounts
	  	 	45	 
	 SECTION 8.4
	 	 Release of Collateral
	  	 	46	 
	 SECTION 8.5
	 	 Opinion of Counsel
	  	 	46	 

  
 iv 

							
			
	 ARTICLE IX
	 	 SUPPLEMENTAL INDENTURES
	  	 	47	 
			
	 SECTION 9.1
	 	 Supplemental Indentures Without Consent of Noteholders
	  	 	47	 
	 SECTION 9.2
	 	 Supplemental Indentures with Consent of Noteholders
	  	 	47	 
	 SECTION 9.3
	 	 Execution of Supplemental Indentures
	  	 	49	 
	 SECTION 9.4
	 	 Effect of Supplemental Indenture
	  	 	49	 
	 SECTION 9.5
	 	 Conformity With Trust Indenture Act
	  	 	49	 
	 SECTION 9.6
	 	 Reference in Notes to Supplemental Indentures
	  	 	49	 
			
	 ARTICLE X
	 	 REDEMPTION OF NOTES
	  	 	50	 
			
	 SECTION 10.1
	 	 Redemption
	  	 	50	 
	 SECTION 10.2
	 	 Form of Redemption Notice
	  	 	50	 
	 SECTION 10.3
	 	 Notes Payable on Redemption Date
	  	 	51	 
			
	 ARTICLE XI
	 	 MISCELLANEOUS
	  	 	51	 
			
	 SECTION 11.1
	 	 Compliance Certificates and Opinions, etc
	  	 	51	 
	 SECTION 11.2
	 	 Form of Documents Delivered to the Indenture Trustee
	  	 	52	 
	 SECTION 11.3
	 	 Acts of Noteholders
	  	 	53	 
	 SECTION 11.4
	 	 Notices
	  	 	54	 
	 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
	  	 	55	 
	 SECTION 11.8
	 	 Effect of Headings and Table of Contents
	  	 	55	 
	 SECTION 11.9
	 	 Successors and Assigns
	  	 	55	 
	 SECTION 11.10
	 	 Severability
	  	 	55	 
	 SECTION 11.11
	 	 Benefits of Indenture
	  	 	55	 
	 SECTION 11.12
	 	 Legal Holidays
	  	 	55	 
	 SECTION 11.13
	 	 Governing Law
	  	 	55	 
	 SECTION 11.14
	 	 Counterparts
	  	 	56	 
	 SECTION 11.15
	 	 Recording of Indenture
	  	 	56	 
	 SECTION 11.16
	 	 Trust Obligation
	  	 	56	 
	 SECTION 11.17
	 	 No Petition
	  	 	56	 
	 SECTION 11.18
	 	 Intent
	  	 	57	 
	 SECTION 11.19
	 	 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	57	 
	 SECTION 11.20
	 	 Subordination of Claims
	  	 	58	 
	 SECTION 11.21
	 	 Limitation of Liability of Owner Trustee
	  	 	58	 
	 SECTION 11.22
	 	 Information Requests
	  	 	59	 
	 SECTION 11.23
	 	 Inspection
	  	 	59	 
	 SECTION 11.24
	 	 Force Majeure
	  	 	59	 
	 SECTION 11.25
	 	 Patriot Act
	  	 	59	 

 Schedule I         Perfection Representations, Warranties and Covenants 

Exhibit A          Forms of Notes 

  
 v 

 This INDENTURE, dated as of September 20, 2017 (as amended, modified or
supplemented from time to time, this “Indenture”), is between USAA AUTO OWNER TRUST 2017-1, a Delaware statutory trust (the “Issuer”), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association, solely as indenture trustee and not in its individual capacity (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other party and the equal and ratable benefit of the Holders of the Issuer’s Class A-1 1.28000% Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2 1.54%
Auto Loan Asset Backed Notes (the “Class A-2 Notes”), Class A-3 1.70% Auto Loan Asset Backed Notes (the
“Class A-3 Notes”) and Class A-4 1.88% Auto Loan Asset Backed Notes (the “Class A-4 Notes” and together with the Class A-1 Notes, the Class A-2 Notes and the
Class A-3 Notes, the “Class A Notes”) and Class B 2.20% Auto Loan Asset Backed Notes (the “Class B Notes” and together with the
Class A Notes, the “Notes”). 
 GRANTING CLAUSE 

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

The Indenture Trustee, on behalf of the Noteholders, acknowledges the foregoing Grant, accepts the trusts under this Indenture and agrees to
perform its duties required in this Indenture in accordance with the provisions of this Indenture. 
 The foregoing Grant is made in trust
to secure (i) the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein and (ii) compliance with the
provisions of this Indenture, all as provided in this Indenture. 
 Without limiting the foregoing Grant, any Receivable purchased by the
Bank pursuant to Section 3.4 of the Purchase Agreement or by the Servicer pursuant to Section 3.6 of the Sale and Servicing Agreement shall be deemed to be automatically released from the Lien of
this Indenture without any action being taken by the Indenture Trustee upon payment by the Seller or the Servicer, as applicable, of the related Repurchase Price for such Repurchased Receivable. 

  

					
		 		 	Indenture (USAA 2017-1)

 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1 Definitions. Except as otherwise specified herein or the context may otherwise require, capitalized terms are used in this
Indenture as defined in Appendix A to the Sale and Servicing Agreement, dated as of September 20, 2017 (as amended, modified or supplemented from time to time, the “Sale and Servicing Agreement”),
among USAA Acceptance, LLC, as Seller, the Issuer, USAA Federal Savings Bank, as Servicer, and the Indenture Trustee. 
 SECTION 1.2
Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the
following meanings: 
 “Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission
rule have the meaning assigned to them by such definitions. 
 SECTION 1.3 Other Interpretive Provisions. All terms defined in this
Indenture shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Indenture and all such certificates and other documents, unless the context
otherwise requires: (a) accounting terms not otherwise defined in this Indenture, and accounting terms partly defined in this Indenture to the extent not defined, shall have the respective meanings given to them under GAAP (provided,
that, to the extent that the definitions in this Indenture and GAAP conflict, the definitions in this Indenture shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this
Indenture are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Indenture as a whole and not to any particular provision of this Indenture;
(d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Indenture and references to any paragraph, subsection, clause or other subdivision
within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all variations thereof means “including without limitation”; (f)
except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time 

  

					
		 	2	 	Indenture (USAA 2017-1)

 
and include any successor law or regulation; (g) references to any Person include that Person’s successors and assigns; and (h) unless the context otherwise requires, defined terms
shall be equally applicable to both the singular and plural forms. 
 ARTICLE II THE NOTES 

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

SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized
Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 Notes bearing the manual or facsimile
signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or
did not hold such offices at the date of such Notes. 
 The Indenture Trustee shall, upon Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an Initial Note Balance of $146,600,000, Class A-2 Notes for original issue in an Initial Note Balance of $130,200,000, Class A-3 Notes for original issue in an Initial Note Balance of $130,200,000, Class A-4 Notes for original issue in an Initial Note Balance of $65,520,000 and
Class B Notes for original issue in an Initial Note Balance of $8,510,000. The Note Balance of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes Outstanding at any time may not exceed such amounts except as provided in
Section 2.5. 
 Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered
Notes in the minimum denomination of $1,000 and in integral multiples of $1,000 in excess thereof (except for two Notes of each Class which may be issued in a denomination other than an integral multiple of $1,000). 

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. 

  

					
		 	3	 	Indenture (USAA 2017-1)

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

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

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

 If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee
prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by a Responsible Officer thereof as to the names and addresses of the Noteholders and the
principal amounts and number of such Notes. 
 Upon surrender for registration of transfer of any Note at the office or agency of the Issuer
to be maintained as provided in Section 3.2, if the requirements of Section 8-401 of the UCC and this Indenture are met, the Issuer shall execute and upon its written request the
Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same Class and a like
aggregate outstanding principal amount. 
 At the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized
denominations, of the same Class and a like aggregate outstanding principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are met the Issuer shall execute and, upon Issuer Request, the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, the Notes which
the Noteholder making the exchange is entitled to receive. 

  

					
		 	4	 	Indenture (USAA 2017-1)

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

Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by, a
written instrument of transfer in form and substance satisfactory to the Issuer and the Indenture Trustee duly executed by the Noteholder thereof or its attorney-in-fact
duly authorized in writing, with such signature guaranteed by an “eligible grantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in a Securities Transfer Agents Medallion
Program (“Stamp”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, Stamp, all in accordance with the Exchange Act and (ii) accompanied by
such other documents as the Indenture Trustee may require. 
 No service charge shall be made to a Noteholder for any registration of
transfer or exchange of Notes, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges
pursuant to Section 2.3 or Section 9.6 not involving any transfer. 
 The preceding
provisions of this Section notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of any Notes selected for redemption or of any Note for a period of 15 days preceding the due date
for any payment with respect to such Note. 
 SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note
is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be
required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of written notice to the Issuer, the Note Registrar and a Responsible Officer of the Indenture Trustee that such Note has been acquired by a “protected
purchaser” (as contemplated by Article 8 of the UCC), and provided, that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its written request the
Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall
have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may upon delivery of the security or indemnity herein required pay such destroyed, lost or stolen
Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a “protected
purchaser” (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such
replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a “protected
purchaser” (as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in
connection therewith. 

  

					
		 	5	 	Indenture (USAA 2017-1)

 Upon the issuance of any replacement Note under this Section 2.5, the
Issuer or the Indenture Trustee may require the payment by the Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of
the Indenture Trustee or the Note Registrar) connected therewith. 
 Every replacement Note issued pursuant to this
Section 2.5 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this Section 2.5 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.6 Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee
and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on
such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 

SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. (a) Each Note shall accrue interest at its respective Interest
Rate, and such interest shall be payable on each Payment Date as specified therein, subject to Sections 3.1, 8.2 and 11.12. Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly
provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date. On each Payment Date, distributions to be made with respect to
interest on and principal of the Book-Entry Notes will be paid to the Registered Holder by wire transfer in immediately available funds to the account designated by the nominee of the Clearing Agency (initially, such nominee will be Cede &
Co.). Distributions to be made with respect to interest on and principal of the Definitive Notes will be paid to the Registered Holder (i) if such Noteholder has provided to the Note Register appropriate written instructions at least five
(5) Business Days prior to such Payment Date, by wire transfer in immediately available funds to the account of such Noteholder or otherwise (ii) by cashier’s check mailed first class mail, postage prepaid, to such Registered
Holder’s address as it appears on the Note Register on the related Record Date. However, the final installment of principal (whether payable by wire transfer or check) of each Note on a Payment Date, the Redemption Date or the applicable Final
Scheduled Payment Date will be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. 

  

					
		 	6	 	Indenture (USAA 2017-1)

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

(c) If the Issuer defaults on a payment of interest on any Class of Notes, the Issuer shall pay defaulted interest (plus interest on such
defaulted interest to the extent lawful at the applicable Interest Rate for such Class of Notes), which shall be due and payable on the Payment Date following such default. The Issuer shall pay such defaulted interest to the Persons who are
Noteholders on the Record Date for such following Payment Date. 
 SECTION 2.8 Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No
Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with
its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided, that such Issuer Order is timely and that such Notes have not been
previously disposed of by the Indenture Trustee. 
 SECTION 2.9 Release of Collateral. Subject to
Section 11.1, the Indenture Trustee shall release property from the Lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel, and, unless the Notes
have been redeemed in accordance with Section 10.1, Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the
TIA does not require any such Independent Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Issuer’s obligations under TIA Sections 314(c) and 314(d)(1), subject to
Section 11.1 and the terms of the Transaction Documents, the Indenture Trustee shall release property from the Lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order. 

  

					
		 	7	 	Indenture (USAA 2017-1)

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

(c) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section
shall control; 
 (d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between or among such Note Owners and the Clearing Agency and/or the Clearing Agency Participants or Persons acting through Clearing Agency Participants. Pursuant to the Note Depository Agreement, unless and until
Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the
Notes to such Clearing Agency Participants (and neither the Indenture Trustee nor the Note Registrar shall have liability or responsibility thereof); and 

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

SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture,
unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be given to the Noteholders to the
Clearing Agency, and shall have no obligation to the Note Owners. 
 SECTION 2.12 Definitive Notes. If (a) the Administrator
advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Administrator or the Indenture Trustee is unable to locate a qualified
successor, (b) the Administrator at its option advises the Indenture 

  

					
		 	8	 	Indenture (USAA 2017-1)

 
Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence of an Event of Default, Note Owners representing beneficial
interests aggregating at least a majority of the Outstanding Note Balance, voting together as a single Class, advise the Indenture Trustee through the Clearing Agency or its successor in writing that the continuation of a book-entry system through
the Clearing Agency or its successor is no longer in the best interests of the Note Owners, then the Indenture Trustee shall instruct the Clearing Agency to notify each Clearing Agency Participant and request that such Clearing Agency Participant
notify the related Note Owners associated, of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the
Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the
Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the
Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 
 The Definitive Notes shall be typewritten, printed,
lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

SECTION 2.13 Authenticating Agents. (a) Upon the request of the Issuer, the Indenture Trustee shall, and if the Indenture Trustee
so chooses the Indenture Trustee may, appoint one or more Persons (each, an “Authenticating Agent”) with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers
and exchanges under Sections 2.2, 2.3, 2.4, 2.5 and 9.6, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by those Sections to
authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes “by the Indenture Trustee.” The Indenture
Trustee shall be the Authenticating Agent in the absence of any appointment thereof. 
 (b) Any corporation into which any Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating
Agent or such successor corporation. 
 (c) Any Authenticating Agent may at any time resign by giving written notice of resignation to the
Indenture Trustee and the Issuer. The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such notice of resignation
or upon such termination, the Indenture Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Issuer. 

  

					
		 	9	 	Indenture (USAA 2017-1)

 (d) The provisions of Section 6.4 shall be applicable to any
Authenticating Agent. 
 SECTION 2.14 Tax Treatment. 

(a) The Issuer has entered into this Indenture, and the Notes (other than Retained Notes, if any) shall be issued, with the intention that, for
federal, state and local income, franchise and/or value added tax purposes, the Notes shall qualify as indebtedness secured by the Collateral (other than Retained Notes). The Issuer, by entering into this Indenture, and each Noteholder, by its
acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note, if applicable), agree to treat such Notes for federal, state and local income, franchise and/or value added tax purposes as indebtedness
(other than Retained Notes). 
 (b) On or before the date on which it acquires a Note (or interest therein) and thereafter promptly upon
request, each Noteholder and Note Owner shall provide to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for withholding of taxes, including but not limited to FATCA Withholding Tax, or delivery of information
under FATCA) with Tax Identification Information. Further, each Noteholder and Note Owner is deemed to understand that the Issuer, Indenture Trustee and Paying Agent have the right to withhold interest payable with respect to the Note (without any
corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with the preceding sentence. 

SECTION 2.15 Certain Transfer Restrictions on all the Notes. 

(a) By acquiring a Note, each purchaser and transferee (and if the purchaser or transferee is a Plan, its fiduciary) shall be deemed to
represent and warrant that either (a) it is not acquiring such Note (or any interest therein) on behalf of or with any assets of (x) a Benefit Plan or (y) any governmental plan, non-U.S. plan,
church plan, other employee benefit plan or other retirement arrangement that is subject to Similar Law; or (b) (i) such Note is rated at least “BBB-” or its equivalent by at least one
nationally recognized statistical rating organization at the time of purchase or transfer and (ii) the acquisition, holding and disposition of such Note (or any interest therein) will not give rise to a
non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law. In addition, by acquiring a Note, each purchaser and transferee of a Note
that is a Benefit Plan, including any fiduciary purchasing a Note on behalf of a Benefit Plan (“Benefit Plan Fiduciary”) is also deemed to represent and warrant that: 

(i) None of the Issuer, the Servicer, the Owner Trustee, the Asset Representations Reviewer, any underwriter, nor any of their
respective affiliates, agents or employees (the “Transaction Parties”) has provided and will not provide advice with respect to the acquisition of the Note by the Benefit Plan, other than to the Benefit Plan Fiduciary which is
independent of the Transaction Parties, and the Benefit Plan Fiduciary either: 
 (1)    is a bank as
defined in Section 202 of the Investment Advisers Act of 1940 (the “Advisers Act”), or similar institution that is regulated and supervised and subject to periodic examination by a state or federal agency; 

  

					
		 	10	 	Indenture (USAA 2017-1)

 (2)    is an insurance carrier which is qualified under the
laws of more than one state to perform the services of managing, acquiring or disposing of assets of a Benefit Plan; 

(3)    is an investment adviser registered under the Advisers Act, or, if not registered an as investment
adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act, is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business; 

(4)    is a broker-dealer registered under the Securities Exchange Act of 1934, as amended; or 

(5)    has, and at all times that the Benefit Plan is invested in the notes will have, under its management
or control, total assets of at least U.S. $50 million (provided that this clause (e) shall not be satisfied if the Benefit Plan Fiduciary is an individual directing his or her own individual retirement account or plan account or a relative
of such individual); 
 (ii) The Benefit Plan Fiduciary is capable of evaluating investment risks independently, both in
general and with respect to particular transactions and investment strategies, including the acquisition by the Benefit Plan of the Note; 

(iii) The Benefit Plan Fiduciary is a “fiduciary” with respect to the Benefit Plan within the meaning of
Section 3(21) of ERISA, Section 4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating the Benefit Plan’s acquisition of the Note; 

(iv) None of the Transaction Parties has exercised any authority to cause the Benefit Plan to invest in the Note or to
negotiate the terms of the Benefit Plan’s investment in the Note; and 
 (v) The Benefit Plan Fiduciary has been
informed by the Transaction Parties: 
 (1)    (i) that such Transaction Party is not undertaking to
provide impartial investment advice or to give advice in a fiduciary capacity, and (ii) that such Transaction Party has not given investment advice or otherwise made a recommendation, in connection with the Benefit Plan’s acquisition of
the Notes (other than advice, if any, given by an underwriter to an independent fiduciary that meets the requirements of Section 2.15(a)(i) above); and 

(2)    of the existence and nature of such Transaction Party’s financial interests in the Benefit
Plan’s acquisition of the Note. 
 (b) Any purported transfer of a Note not in accordance with this
Section 2.15 shall be null and void ab initio and shall not be given effect for any purpose hereunder. 

  

					
		 	11	 	Indenture (USAA 2017-1)

 (c) The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

SECTION 2.16 Transfer Restrictions on the Retained Notes. 

(a) None of the Issuer, the Indenture Trustee nor any other Person may register the Retained Notes under the Securities Act or any state
securities laws. No Retained Note or any interest therein may be sold or transferred (including by pledge or hypothecation) to any other Person unless such sale or transfer is to a Qualified Institutional Buyer in accordance with Rule 144A (except
for transfers of Retained Notes to the Depositor or any of its Affiliates and by the Depositor or any of its Affiliates as part of the initial distribution or any redistribution of the Retained Notes by the Depositor or any of its Affiliates
pursuant to a note purchase agreement or any similar agreement). 
 (b) Prior to any sale or transfer of any Retained Note (or any interest
therein) in a transaction pursuant to Rule 144A, each prospective transferee of such Retained Note (or any interest therein) (except for transfers of Notes to the Depositor or any Affiliate thereof (or disregarded entities thereof)) shall be deemed
to make the following representations to the Indenture Trustee, the Note Registrar and the Depositor: 
 (i) The transferee
(A) is a Qualified Institutional Buyer, (B) is aware that the sale of the Retained Notes to it is being made in reliance on the exemption from registration provided by Rule 144A and (C) is acquiring the Retained Notes for its own
account or for one or more accounts, each of which is a Qualified Institutional Buyer, and as to each of which the owner exercises sole investment discretion, and in a principal amount of not less than the minimum denomination of such Retained Note
for the purchaser and for each such account. 
 (ii) The Retained Notes may not at any time be held by or on behalf of any
Person (other than the Depositor or an Affiliate of the Depositor) that is not a Qualified Institutional Buyer. 
 (iii) The
transferee understands that the Retained Notes are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, none of the Retained Notes have been or will be registered under
the Securities Act, and, if in the future the transferee decides to offer, resell, pledge or otherwise transfer the Retained Notes, such Retained Notes may only be offered, resold, pledged or otherwise transferred in accordance with this Indenture
and the applicable legend on such Retained Notes set forth below. The transferee acknowledges that no representation is made by the Issuer as to the availability of any exemption under the Securities Act or any applicable state securities laws for
resale of the Retained Notes. 

  

					
		 	12	 	Indenture (USAA 2017-1)

 (iv) The transferee understands that an investment in the Retained Notes involves
certain risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. The transferee has had access to such financial and other information concerning the Issuer and the Retained Notes as it deemed
necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Retained Notes, including an opportunity to ask questions of and request information from the Servicer, the Depositor and the Issuer. The
transferee has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Retained Notes, and the transferee and any accounts for which it is acting are each able to
bear the economic risk of the Holder’s or of its investment. 
 (v) In connection with the transfer of the Retained
Notes (a) none of the Issuer, the Servicer, the Depositor, any underwriter of the Retained Notes, nor the Indenture Trustee is acting as a fiduciary or financial or investment adviser for the transferee, (b) the transferee is not relying
(for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of any underwriter of the Retained Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee other
than in the most current offering memorandum for such Retained Notes and any representations expressly set forth in a written agreement with such party, (c) none of any underwriter of the Retained Notes, the Issuer, the Servicer, the Depositor,
or the Indenture Trustee has given to the transferee (directly or indirectly through any other person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return, performance, result,
effect, consequence, or benefit (including legal, regulatory, tax, financial, accounting, or otherwise) of its purchase or the documentation for the Retained Notes, (d) the transferee has consulted with its own legal, regulatory, tax, business,
investment, financial, and accounting advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to this Indenture) based upon its own
judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by any underwriter of the Retained Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee, (e) the transferee has
determined that the rates, prices or amounts and other terms of the purchase and sale of the Retained Notes reflect those in the relevant market for similar transactions, (f) the transferee is purchasing the Retained Notes with a full
understanding of all of the terms, conditions and risks thereof (economic and otherwise), and is capable of assuming and willing to assume (financially and otherwise) these risks and (g) the transferee is a sophisticated investor familiar with
transactions similar to its investment in the Retained Notes. 
 (vi) The transferee understands that the Retained Notes will
bear the legend(s) substantially similar to those set forth in Section 2.16(c) unless the Issuer determines otherwise in compliance with applicable law. 

(vii) The transferee is not acquiring the Retained Notes with a view to the resale, distribution or other disposition thereof
in violation of the Securities Act. 

  

					
		 	13	 	Indenture (USAA 2017-1)

 (viii) The transferee will provide notice to each Person to whom it proposes to
transfer any interest in the Retained Notes of the transfer restrictions and representations set forth in this Indenture, including the Exhibits hereto. 

(ix) The transferee acknowledges that any transfer in violation of the foregoing will be of no force and effect, will be void
ab initio, and will not operate to transfer any rights to the transferee. 
 (c) Each Retained Note will bear a legend to the
following effect: 
 THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED. THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT
THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO THE DEPOSITOR OR ANY OF ITS AFFILIATES. 

TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN
THE INDENTURE. 
 (d) Any Retained Notes may not be transferred to a Person unrelated to the Issuer unless the Administrator shall cause an
Opinion of Counsel to be delivered to the Depositor and the Indenture Trustee at such time stating that either (x) such Notes will be debt for U.S. federal income tax purposes or (y) the sale of such Notes will not cause the Issuer to be
treated as an association or publicly traded partnership taxable as a corporation. With respect to any transfer for which the Opinion of Counsel provided pursuant to the preceding sentence is as described in clause (y), the sale or transfer of such
Notes must be to a Person who is a United States Person (within the meaning of Section 7701(a)(30) of the Code), must not be required to be registered under the Securities Act and such Notes and the Certificate may at no time be held by more
than 95 Persons, directly or indirectly, unless such Opinion of Counsel also states that such Notes will be debt for U.S. federal income tax purposes. In addition, if for tax or other reasons it may be necessary to track such Notes (e.g., if the
Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Administrator as a condition to such transfer. Any Retained Notes whose transfer required the delivery
of the Opinion of Counsel as is described in clause (y) will require a similar Opinion of Counsel with respect to each subsequent transfer of such Retained Notes. 

  

					
		 	14	 	Indenture (USAA 2017-1)

 (e) Any purported transfer of a Retained Note not in accordance with this
Section 2.16 shall be null and void ab initio and shall not be given effect for any purpose hereunder. 

ARTICLE III COVENANTS 

SECTION 3.1 Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest on the Notes in
accordance with the terms of the Notes and this Indenture. Without limiting the foregoing and subject to Section 8.2, on each Payment Date the Issuer shall cause to be paid all amounts on deposit in the Collection Account
which represent Available Funds for such Payment Date and the Reserve Account Draw Amount for such Payment Date received by the Servicer during the preceding Collection Period. Amounts properly withheld under the Code by any Person from a payment to
any Noteholder of interest and/or principal shall be considered to have been paid by the Issuer to such Noteholder for all purposes of this Indenture. Interest accrued on the Notes shall be due and payable on each Payment Date. The final interest
payment on each Class of Notes is due on the earlier of (a) the Payment Date (including any Redemption Date) on which the principal amount of that Class of Notes is reduced to zero or (b) the applicable Final Scheduled Payment
Date for that Class of Notes. 
 SECTION 3.2 Maintenance of Office or Agency. As long as any of the Notes remain outstanding,
the Issuer shall maintain 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, which office or
agency shall initially be located at the Corporate Trust Office provided in clause (i) of the definition of such term. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer shall
give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture
Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

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

(b) On or prior to 3:00 p.m. New York time on the Business Day prior to each Payment Date and Redemption Date, the Issuer shall deposit or
cause to be deposited into the Collection Account an aggregate sum in immediately available funds sufficient to pay the amounts then becoming due under the Notes, and the Paying Agent shall hold such sum to be held in trust for the benefit of the
Persons entitled thereto pursuant to the Transaction Documents and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act. 

  

					
		 	15	 	Indenture (USAA 2017-1)

 (c) The Issuer shall cause each Paying Agent other than the Indenture Trustee to execute and
deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees to the extent relevant), subject to the provisions of this
Section, that such Paying Agent shall: 
 (i) hold all sums held by it for the payment of amounts due with respect to the
Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as provided in the Transaction Documents; 

(ii) give the Indenture Trustee written notice of any default by the Issuer (or any other obligor upon the Notes) of which it
has actual knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii) at any time during
the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

(iv) promptly provide 30 days’ prior written notice of its resignation as a Paying Agent and forthwith pay to the
Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 

(v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any
applicable withholding taxes imposed thereon, including any FATCA Withholding Tax (including obtaining and retaining from Persons entitled to payments with respect to the Notes any Tax Identification Information and paying over such withheld amounts
to the appropriate Governmental Authority), and with respect to any applicable reporting requirements in connection with any payments made by it on any Notes and any withholding of taxes therefrom, and, upon request, provide any collected Tax
Identification Information or Tax Identification Information of the Paying Agent and/or Indenture Trustee to the Issuer. 
 (d) The Issuer
may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums
to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and upon such a payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further
liability with respect to such money. 
 (e) Subject to applicable laws with respect to the escheat of funds, any money held by the
Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and distributed by the
Indenture Trustee to the Issuer upon receipt of an Issuer Request and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof and all liability of the Indenture Trustee or such Paying
Agent with respect to such trust money shall thereupon cease; 

  

					
		 	16	 	Indenture (USAA 2017-1)

 
provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such payment, shall at the reasonable expense and direction of the Issuer cause
to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which date shall not be less than 30 days from the date of such publication, any unclaimed balance of such money
then remaining shall be distributed to the Issuer. The Indenture Trustee may also adopt and employ, at the written direction of and at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not
limited to, mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the
Indenture Trustee or of any Paying Agent, at the last address of record for each such Noteholder). 
 SECTION 3.4 Existence. The
Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other state or of
the United States of America, in which case the Issuer shall keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 

SECTION 3.5 Protection of Collateral. The Issuer intends the security interest Granted pursuant to this Indenture in favor of the
Indenture Trustee on behalf of the Noteholders to be prior to all other Liens in respect of the Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the
Noteholders, a first Lien on and a first priority, perfected security interest in the Collateral (except to the extent that the interest of the Indenture Trustee therein cannot be perfected by the filing of a financing statement). The Issuer shall
from time to time execute and deliver all such supplements and amendments hereto, shall file or authorize the filing of all such financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared
by the Administrator and delivered to the Issuer, and shall take such other action necessary or advisable to: 
 (a) Grant more effectively
all or any portion of the Collateral; 
 (b) maintain or preserve the Lien and security interest (and the priority thereof) created by this
Indenture or carry out more effectively the purposes hereof; 
 (c) perfect, publish notice of or protect the validity of any Grant made or
to be made by this Indenture; 
 (d) enforce any of the Collateral; or 

(e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the
claims of all Persons. 
 The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact and hereby authorizes the Indenture Trustee to file all financing statements, continuation statements 

  

					
		 	17	 	Indenture (USAA 2017-1)

 
or other instruments required to be filed (if any) pursuant to this Section 3.5; provided, however, the Indenture Trustee shall have no duty and shall not be
responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest. Notwithstanding any
statement to the contrary contained herein or in any other Transaction Document, the Issuer shall not be required to notify any insurer with respect to any Insurance Policy or about any aspect of the transactions contemplated by the Transaction
Documents. 
 SECTION 3.6 Opinions as to Collateral. (a) On the Closing Date, the Issuer shall furnish or cause to be furnished
to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such counsel, either (i) such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto and any
other requisite documents, and with respect to the filing of any financing statements and continuation statements as are necessary to perfect and make effective the first priority Lien and security interest of this Indenture, and reciting the
details of such action, or (ii) no such action is necessary to make such Lien and security interest effective. 
 (b) On or before
April 30th of each calendar year, beginning with April 30, 2018, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such counsel,
either (i) such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents, and with
respect to the filing of any financing statements and continuation statements as are necessary to maintain the Lien and security interest created by this Indenture, and reciting the details of such actions or referring to prior Opinions of Counsel
in which such details are given or (ii) no such action is necessary to maintain such Lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the Lien and
security interest of this Indenture until April 30 in the following calendar year. 
 SECTION 3.7 Performance of Obligations;
Servicing of Receivables. (a) The Issuer shall not take any action and shall use its reasonable efforts not to permit any action to be taken by others, including the Administrator, that would release any Person from any of such
Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness
of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the Transaction Documents or such other instrument or agreement. 

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

  

					
		 	18	 	Indenture (USAA 2017-1)

 (c) The Issuer shall, and shall cause the Administrator and the Servicer to, punctually perform
and observe all of its respective obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the Collateral, including but not limited to preparing (or causing to be
prepared) and filing (or causing to be filed) all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Transaction Documents in accordance with and within the time periods provided
for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any provision thereof other than in accordance with the amendment provisions set
forth in such Transaction Document. 
 SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not:

 (a) engage in any activities other than financing, acquiring, owning, pledging and managing the Receivables and the other Collateral as
contemplated by this Indenture and the other Transaction Documents; 
 (b) except as expressly permitted by this Indenture or in the other
Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer; 
 (c) claim any
credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former
Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; 
 (d) dissolve or liquidate in whole
or in part; 
 (e)    (i) permit the validity or effectiveness of this Indenture to be impaired, or permit the Lien of
this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby,
(ii) permit any Lien (other than Permitted Liens) to be created on or extend to or otherwise arise upon or burden the assets of the Issuer or any part thereof or any interest therein or the proceeds thereof or (iii) permit the Lien of this
Indenture not to constitute a valid first priority (other than with respect to any Permitted Lien) security interest in the Collateral; 

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

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

  

					
		 	19	 	Indenture (USAA 2017-1)

 SECTION 3.9 Annual Compliance Statement. 

(a) The Issuer shall deliver to the Indenture Trustee on or before April 30th of each
calendar year beginning with April 30, 2018, an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 

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

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

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

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

(iii) supply to the Indenture Trustee (and if required by TIA Section 313(c) the Indenture Trustee shall transmit by mail
to all Noteholders) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 3.9(b) as may be required pursuant to rules
and regulations prescribed from time to time by the Commission. 
 (c) Delivery of such reports, information and documents to the Indenture
Trustee is for informational purposes only and the Indenture Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s
compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 

(d) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall be the same as the fiscal year of the Servicer, which is the
calendar year. 
 SECTION 3.10 Restrictions on Certain Other Activities. The Issuer shall not: (i) engage in any activities
other than financing, acquiring, owning, pledging and managing the Trust Estate and the other Collateral in the manner contemplated by the Transaction Documents; (ii) issue, incur, assume, guarantee or otherwise become liable, directly or
indirectly, for any indebtedness 

  

					
		 	20	 	Indenture (USAA 2017-1)

 
other than the Notes; (iii) make any loan, advance or credit to, guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on
any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, own, purchase, repurchase or acquire (or agree contingently
to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person; or (iv) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either
realty or personalty). 
 SECTION 3.11 Restricted Payments. The Issuer shall not, directly or indirectly, (a) pay any dividend
or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or
equity interest or security in or of the Issuer or to the Servicer or the Administrator, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (c) set aside or otherwise segregate
any amounts for any such purpose; provided, that the Issuer may cause to be made distributions to the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholders as permitted by, and to
the extent funds are available for such purpose under, this Indenture, the Sale and Servicing Agreement, the Administration Agreement or the Trust Agreement. Other than as set forth in the preceding sentence, the Issuer will not, directly or
indirectly, make distributions from the Trust Accounts. 
 SECTION 3.12 Notice of Events of Default. The Issuer shall promptly
deliver to the Indenture Trustee and each Rating Agency written notice in the form of an Officer’s Certificate of any event which with the giving of notice, the lapse of time or both would become an Event of Default, its status and what action
the Issuer is taking or proposes to take with respect thereto. 
 SECTION 3.13 Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 3.14 Compliance with Laws. The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Transaction
Document. 
 SECTION 3.15 Perfection Representations, Warranties and Covenants. The perfection representations, warranties and
covenants attached hereto as Schedule I shall be deemed to be part of this Indenture for all purposes. 
 ARTICLE IV SATISFACTION
AND DISCHARGE 
 SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with
respect to the Notes except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of principal thereof and interest
thereon, (d) Sections 3.3, 3.4, 3.5, 3.8, 3.10 and 3.11, (e) the rights and immunities of the Indenture Trustee, including but not limited to 

  

					
		 	21	 	Indenture (USAA 2017-1)

 
Article VI, hereunder and (f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the
Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when: 

(a) all Notes theretofore authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 2.5 and (2) Notes for which payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged
from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; 
 (b)
the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer including all amounts due and owing to the Indenture Trustee; and 

(c) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA or the
Indenture Trustee), and if such discharge is not related to a redemption of the Notes in accordance with Section 10.1), a certificate from a firm of certified public accountants, each meeting the applicable requirements of
Section 11.1(a) and, subject to Section 11.2, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with
(and, in the case of an Officer’s Certificate, stating that the Rating Agency Condition has been satisfied (provided, that such Officer’s Certificate need not state that the Rating Agency Condition has been satisfied if all amounts
owing on each Class of Notes have been paid or will be paid in full on the date of delivery of such Officer’s Certificate)). 

SECTION 4.2 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to
Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and Article IV of the Sale and Servicing Agreement. Such monies need not be segregated from other
funds except to the extent required herein, in the Sale and Servicing Agreement or by law. 
 SECTION 4.3 Repayment of Monies Held by
Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such
Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from all further liability with respect to such
monies. 
 ARTICLE V REMEDIES 

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

  

					
		 	22	 	Indenture (USAA 2017-1)

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

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

(c) any failure by the Issuer to duly observe or perform in any material respect any of its material covenants or agreements
made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), which failure materially and adversely affects the interests of the Noteholders,
and such failure shall continue unremedied for a period of 60 days after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or by Noteholders evidencing at least a majority of the Outstanding Note
Balance, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(d) any representation or warranty of the Issuer made in this Indenture proves to have been incorrect in any material respect
when made, which failure materially and adversely affects the interests of the Noteholders, and which failure continues unremedied for 60 days after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee
or by Noteholders evidencing at least a majority of the Outstanding Note Balance, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

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

provided, however, that a delay in or failure of performance referred to under clauses (a), (b), (c) or (d) above for
a period of 90 days will not constitute an Event of Default if that delay or failure was caused by force majeure or another similar occurrence as certified by the Issuer in an Officer’s Certificate of the Issuer delivered to the Indenture
Trustee. 
 The Issuer shall deliver to the Indenture Trustee, within five (5) days of 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, its status and what action the Issuer is taking or proposes to take with respect thereto. 

SECTION 5.2 Acceleration of Maturity; Waiver of Event of Default. (a) Except as set forth in the last sentence of this
Section 5.2(a), if an Event of Default should occur and be continuing, then and in every such case the Indenture Trustee may, or if directed by the Noteholders representing not less than a majority of the Note Balance of
the Controlling Class shall, or the Noteholders of at least a majority of the Note Balance of the Controlling Class may declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture
Trustee if given by Noteholders), and upon any such declaration the unpaid Note Balance of such Notes, together with accrued and unpaid interest thereon through the date of 

  

					
		 	23	 	Indenture (USAA 2017-1)

 
acceleration, shall become immediately due and payable. If an Event of Default specified in Section 5.1(e) occurs, all unpaid principal, together with all accrued and
unpaid interest thereon, of all Notes, and all other amounts payable hereunder, shall automatically become due and payable without any declaration or other act on the part of the Indenture Trustee or any Noteholder. 

(b) At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due
has been obtained by the Indenture Trustee as hereinafter provided for in this Article V, the Noteholders representing a majority of the Note Balance of the Controlling Class, by written notice to the Issuer and the Indenture Trustee, may
rescind and annul such declaration and its consequences if: 
 (i) the Issuer has paid or deposited with the Indenture
Trustee a sum sufficient to pay (A) all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred, and
(B) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and 

(ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.12. 
 No such rescission shall affect any
subsequent default or impair any right consequent thereto. 
 If the Notes have been declared due and payable or have automatically become
due and payable following an Event of Default, the Indenture Trustee may institute Proceedings to collect amounts due, exercise remedies as a secured party (including foreclosure or sale of the Collateral) or elect to maintain the Collateral. Any
sale of the Collateral by the Indenture Trustee will be subject to the terms and conditions of Section 5.4. 

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

  

					
		 	24	 	Indenture (USAA 2017-1)

 (b) In case the Issuer shall fail forthwith to pay the amounts described in clause
(a) above upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final
decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the monies adjudged or decreed to
be payable. 
 (c) If an Event of Default shall have occurred and is continuing, the Indenture Trustee may, as more particularly provided in
Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by
this Indenture or by law. 
 (d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person
having or claiming an ownership interest in the Collateral, Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the
Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

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

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

  

					
		 	25	 	Indenture (USAA 2017-1)

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

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

(e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such
Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 (f) All rights of action and of
asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action
or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes, to the extent set forth in Section 5.4(b). 

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

SECTION 5.4 Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may, or
at the direction of Noteholders representing not less than a majority of the Note Balance of the Controlling Class shall, do one or more of the following (subject to Sections 5.2, 5.5, 5.6 and 5.11):

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

  

					
		 	26	 	Indenture (USAA 2017-1)

 (ii) institute Proceedings from time to time for the complete or partial
foreclosure of this Indenture with respect to the Collateral; 
 (iii) exercise any other remedies of a secured party under
the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

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

provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Collateral following an Event of Default unless
(A) the Holders of 100% of the Note Balance of the Controlling Class have consented to such liquidation, (B) the proceeds of such sale or liquidation are sufficient to pay in full the principal of and the accrued interest on the
Outstanding Notes or (C) the default either (x) relates to the failure to pay interest or principal when due (a “Payment Default”) and the Indenture Trustee determines (but shall have no obligation to make such
determination) that the Collections on the Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would have become due if the Notes had not been declared due and payable or (y) relates to an Insolvency
Event and, in the case of each of (x) and (y) above, the Indenture Trustee obtains the consent of the Holders of 66-2/3% of the Note Balance of the Controlling Class. In determining such sufficiency or
insufficiency with respect to clauses (B) and (C) of the preceding sentence, the Indenture Trustee may at the expense of the Issuer, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting
firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. Notwithstanding anything herein to the contrary, if the Event of Default does not relate to a Payment Default
or Insolvency Event with respect to the Issuer, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to such sale or the proceeds of such sale are sufficient to pay in full
the principal of and accrued interest on the Outstanding Notes. 
 (b) Notwithstanding the provisions of
Section 8.2 of this Indenture or Section 4.4 of the Sale and Servicing Agreement after an Event of Default and acceleration of the Notes, if the Indenture Trustee collects any Collections, money or
property with respect to the Collateral, it shall pay out such Collections, money or property (and other amounts, including all amounts held on deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders (net of liquidation
costs associated with the sale of the Trust Estate) in the following order of priority: 
 (i) first, to the Indenture
Trustee and the Owner Trustee, any accrued and unpaid fees (including any unpaid Indenture Trustee or Owner Trustee fees with respect to prior periods), and expenses and indemnity payments which have not previously been paid; 

(ii) second, to the Asset Representations Reviewer, any accrued and unpaid fees (including any unpaid Asset
Representations Reviewer fees with respect to prior periods) and expenses and indemnity payments which have not previously been paid; 

  

					
		 	27	 	Indenture (USAA 2017-1)

 (iii) third, to the Servicer, the Servicing Fee and all unpaid Servicing
Fees with respect to prior Collection Periods; 
 (iv) fourth, pro rata, based on amounts due to the Class A
Noteholders, for payment to each respective Class of Class A Noteholders, the Accrued Class A Note Interest; provided, that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note
Interest, the amount available shall be applied to the payment of such interest on each Class of Class A Notes on a pro rata basis based on the amount of interest payable to each Class of Class A Notes; 

(v) fifth, to the Holders of the Class A-1 Notes in respect of principal
thereof until the Class A-1 Notes have been paid in full; 
 (vi) sixth,
to the Holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, in respect of principal thereon, on a
pro rata basis (based on the Note Balance of each Class on such Payment Date), until all Classes of the Class A Notes have been paid in full; 

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

(viii) eighth, to the Holders of the Class B Notes in respect of principal thereon until the Class B Notes
have been paid in full; 
 (ix) ninth, to the Servicer, legal expenses and costs incurred pursuant to
Section 6.4(b) of the Sale and Servicing Agreement; and 
 (x) tenth, any remaining funds
shall be distributed to or at the direction of the Certificateholder. 
 The Indenture Trustee may fix a record date and payment date for
any payment to Noteholders pursuant to this Section 5.4. At least 15 days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date
and the amount to be paid. 
 If the Notes have not been accelerated because of an Event of Default, if the Indenture Trustee collects any
money or property pursuant to this Article V, such amounts shall be deposited into the Collection Account and distributed in accordance with Section 4.4 of the Sale and Servicing Agreement and
Section 8.2 hereof. 
 SECTION 5.5 Optional Preservation of the Collateral. If the Notes have been declared
or are automatically due and payable under Section 5.2 following an Event of Default and such declaration or automatic occurrence and its consequences have not been rescinded and annulled, if permitted hereunder, the
Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate and continue to apply the proceeds thereof in accordance with Section 5.4(b). It is the intent of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of the Collateral. In

  

					
		 	28	 	Indenture (USAA 2017-1)

 
determining whether to maintain possession of the Collateral, the Indenture Trustee may (at other than its own expense), but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 

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

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

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

(iii) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs,
expenses and liabilities to be incurred in complying with such request; 
 (iv) the Indenture Trustee for 60 days after its
receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 
 (v) no direction
inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of a majority of the Outstanding Note Balance. 

No Noteholder or group of Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except, in each case, to the extent and in the manner herein
provided. 
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of
Noteholders, each representing less than a majority of the Note Balance of the Controlling Class, the Indenture Trustee shall act at the direction of the group of Noteholders representing the greater Note Balance of the Controlling Class. If the
Indenture Trustee receives conflicting or inconsistent requests and indemnity from two or more groups of Noteholders representing equal Note Balances of the Controlling Class, the Indenture Trustee in its sole discretion may determine what action,
if any, shall be taken, notwithstanding any other provisions of this Indenture. 
 (b) No Noteholder shall have any right to vote except as
provided pursuant to this Indenture and the Notes, nor any right in any manner to otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to vote or consent under this
Indenture and the Notes, the Issuer may set a record date for purposes of determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 

  

					
		 	29	 	Indenture (USAA 2017-1)

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

SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any
right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee
and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall
continue as though no such Proceeding had been instituted. 
 SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy. 
 SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Holder of any
Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this
Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 

SECTION 5.11 Control by Noteholders. Subject to the provisions of Sections 5.4, 5.6, 6.1(c), 6.2(d),
6.2(e) and 6.2(f). Noteholders holding not less than a majority of the Note Balance of the Controlling Class, shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the
Indenture Trustee with respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee; provided, that 

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

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

  

					
		 	30	 	Indenture (USAA 2017-1)

 (c) if the conditions set forth in Section 5.5 have
been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Note Balance to sell or liquidate the
Trust Estate shall be of no force and effect; 
 (d) the Indenture Trustee may take any other action deemed proper by the
Indenture Trustee that is not inconsistent with such direction, applicable law and the terms of this Indenture; and 
 (e)
such direction shall be in writing; 
 provided, further, that, subject to Section 6.1, the Indenture Trustee need
not take any action that it determines might expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action. 

SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of Notes of not less than a majority of the Note Balance of the Controlling Class may waive any past Default or Event of Default and its consequences except a Default (a) in payment of
principal of or interest on any of the Notes, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder or (c) arising from an Insolvency Event with respect to the Issuer.
In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of
Default or impair any right consequent thereto. 
 Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed
to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any prior, subsequent or
other Default or Event of Default or impair any right consequent thereto. 
 SECTION 5.13 Undertaking for Costs. All parties to this
Indenture agree, and each Noteholder by such Noteholder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Indenture Trustee for any action taken, suffered or omitted by it as the Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion
assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section
shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Note Balance, or (c) any
suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption
Date). 

  

					
		 	31	 	Indenture (USAA 2017-1)

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

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

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

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

  

					
		 	32	 	Indenture (USAA 2017-1)

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

SECTION 6.1 Duties of the Indenture Trustee. (a) If an Event of Default has occurred and is continuing, the Indenture Trustee
shall exercise the rights and powers vested in it by this Indenture and with respect to the performance of its duties or obligations under this Indenture only, the Indenture Trustee shall use the same degree of care and skill in their exercise as a
prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 
 (b) Except during an Event
of Default, subject to Section 6.1(a): 
 (i) the Indenture Trustee undertakes to perform such
duties and only such duties as are specifically set forth in this Indenture and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or the other Transaction Documents
against the Indenture Trustee; and 
 (ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming on their face to the requirements of this Indenture; but in the case of
any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform on their
face to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

  

					
		 	33	 	Indenture (USAA 2017-1)

 (c) The Indenture Trustee shall not be relieved from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of
paragraph (b) of this Section 6.1; 
 (ii) the Indenture Trustee shall not be liable
for any error of judgment made in good faith unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; 

(iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received from Noteholders in accordance with the terms of this Indenture; and 
 (iv) the
Indenture Trustee shall have no duty (A) to see to any recording, filing, or depositing of this Indenture or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the
maintenance of any such recording or filing or depositing or to any re-recording, refiling or redepositing of any thereof, (B) to see to any insurance, (C) to see to the payment or discharge of any
tax, assessment, or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Trust Estate other than as directed by the Servicer or the Administrator, in either case, from
funds available in the Collection Account, (D) except as otherwise set forth in Section 6.1(b)(ii), to confirm or verify the contents of any reports or certificates of the Servicer delivered to the Indenture Trustee
pursuant to this Indenture believed by the Indenture Trustee to be genuine and to have been signed or presented by the proper party or parties, or (E) to execute any certificates or other documents required pursuant to the Sarbanes-Oxley Act or
the rules and regulations promulgated thereunder, except with respect to the back-up certification provided pursuant to Section 9.21 of the Sale and Servicing Agreement. 

(d) Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b) and
(c) of this Section 6.1. 
 (e) The Indenture Trustee shall not be liable for interest on any money
received by it except as the Indenture Trustee may agree in writing with the Issuer. 
 (f) Money held in trust by the Indenture Trustee
need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement. 

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

  

					
		 	34	 	Indenture (USAA 2017-1)

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

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

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

(a) The Indenture Trustee may conclusively rely on any resolution, certification, statement, opinion, report, notice, request, direction,
consent, order, bond, debenture or other paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter stated in the document, provided,
however, the Indenture Trustee may, and upon the written direction of a majority of the Note Balance of the Controlling Class shall (subject to the right hereunder to be satisfactorily indemnified for associated expense and liability), make
such further inquiry or investigation into such facts or matters as it may see fit or as it shall be directed. 
 (b) Before the Indenture
Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel, as applicable. The Indenture Trustee shall not be liable for any action it takes, suffers or omits to take in good faith in reliance on such
Officer’s Certificate or Opinion of Counsel. 
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or under
any of the Transaction Documents to which the Indenture Trustee is a party or perform any duties hereunder or under any of the Transaction Documents to which the Indenture Trustee is a party either directly or by or through agents or attorneys or a
custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any co-trustee or separate trustee appointed in accordance
with the provisions of Section 6.10, or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder. The Indenture Trustee shall not be responsible for any misconduct or negligence on the
part of, or for the supervision of, the Administrator or the Servicer. 
 (d) The Indenture Trustee shall not be liable for any action it
takes or omits to take in good faith which it reasonably believes to be authorized or within discretion or rights or powers conferred upon it by this Indenture; provided, however, that the Indenture Trustee’s conduct does not
constitute willful misconduct, negligence or bad faith. 
 (e) The Indenture Trustee may consult with counsel, and the advice or opinion of
counsel with respect to legal matters relating to this Indenture, the Notes and any Transaction Documents to which the Indenture Trustee is a party shall be full and complete authorization and protection from liability in respect to any action
taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

  

					
		 	35	 	Indenture (USAA 2017-1)

 (f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture or to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture or to honor the request or direction of any of the Noteholders pursuant to this Indenture (other than requests,
demands or directions relating to an Asset Representations Review as explicitly set forth in Section 7.4 hereof or to the Noteholders’ or Note Owners’ rights to communicate with each other as described in
Section 3.13 of the Sale and Servicing Agreement) unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity satisfactory to the Indenture Trustee against the reasonable costs,
expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with such request or direction. 

(g) The Indenture Trustee shall not be deemed to have notice of any Default, Event of Default, Servicer Replacement Event, breach of a
representation or warranty or any other event unless a Responsible Officer of the Indenture Trustee has actual knowledge thereof or has received written notice thereof; provided, however, the Indenture Trustee shall not be deemed to
have actual knowledge of a breach of a representation or warranty solely as a result of the receipt by the Indenture Trustee of the Review Report. 

(h) The right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a duty. 

(i) Anything in this Indenture to the contrary notwithstanding, in no event shall the Indenture Trustee be liable under or in connection with
this Indenture for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Indenture Trustee has been advised of the
possibility thereof and regardless of the form of action in which such damages are sought. 
 (j) 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. 
 (k)
Under no circumstances shall the Indenture Trustee be liable for any costs, expenses or liabilities that could be allocated to the Requesting Investor in any dispute resolution proceeding under Section 7.4 of this
Indenture. 
 (l) The Indenture Trustee shall not be obligated to monitor, supervise or enforce the performance of the Depositor under the
Transaction Documents, except as otherwise expressly specified in this Indenture and in the other Transaction Documents. 
 SECTION 6.3
Individual Rights of the Indenture Trustee. Subject to Section 310 of the TIA, the Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee,
the Administrator and their respective Affiliates with the same rights it would have if it were not the Indenture Trustee, and the Seller, the Owner Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking
and investment banking relationships with the Indenture Trustee and its Affiliates. Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. However, the Indenture Trustee must comply with Section 6.11. 

  

					
		 	36	 	Indenture (USAA 2017-1)

 SECTION 6.4 The Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture, the Notes or the other Transaction Documents or the validity, sufficiency or perfection of the Collateral, shall not be accountable for the Issuer’s
use of the proceeds from the Notes, and shall not be responsible for any statement or omission of the Issuer in the Indenture or the other Transaction Documents or in any document issued in connection with the sale of the Notes or in the Notes, all
of which shall be taken as the statements of the Issuer, other than the Indenture Trustee’s certificate of authentication. The Indenture Trustee shall not be responsible for making Collections called for under the terms and provisions of the
Receivables and on each Payment Date shall make the deposits and distributions specified in this Indenture and the Sale and Servicing Agreement solely based on information contained in, and as directed by, the Servicer’s Certificate. 

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

SECTION 6.6 Reports by the Indenture Trustee to Noteholders. Upon delivery from the Servicer, the Indenture Trustee shall make
available on its website at www.usbank.com/abs or such other website address as is provided by the Indenture Trustee to each Noteholder, not later than the latest date permitted by law (provided that such information is timely delivered by the
Servicer), such information as may be required by law to enable such Holder to prepare its federal and state income tax returns. 
 SECTION
6.7 Compensation and Indemnity. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to agree (i) to pay to the Indenture Trustee from time to time such compensation as the Servicer and the Indenture Trustee
shall agree in writing for services rendered by the Indenture Trustee hereunder and under the Transaction Documents in accordance with a fee letter between the Servicer and the Indenture Trustee effective as of the Closing Date, (ii) to
reimburse the Indenture Trustee for all reasonable expenses, advances and disbursements incurred by it in connection with the performance of its duties as Indenture Trustee hereunder and under the Transaction Documents and (iii) to reimburse
and indemnify the Indenture Trustee from and against any and all loss, liability, expense, tax, penalty or claim (including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by or
asserted against the Indenture Trustee in any way relating to or arising out of this Indenture, the other Transaction Documents, or the action or inaction of the Indenture Trustee, including but not limited to the costs of defending any claim or
bringing any claim to enforce its rights, including enforcement of the Servicer’s indemnification obligations hereunder. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.
The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture 

  

					
		 	37	 	Indenture (USAA 2017-1)

 
Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend any such
claim, and the Indenture Trustee may have separate counsel of its own choosing and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such counsel within a reasonable time following receipt by the Servicer of an invoice
therefor. The Indenture Trustee shall not be indemnified by the Administrator, the Issuer, the Seller or the Servicer against any loss, liability or expense incurred by it or arising from (i) U.S. Bank National Association’s own willful
misconduct, negligence or bad faith, (ii) the inaccuracy of any representation, warranty or covenant expressly made by U.S. Bank National Association in its individual capacity or any representation, warranty or covenant made by U.S. Bank
National Association in accordance with Sections 9.21 or 9.22 of the Sale and Servicing Agreement or (iii) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Indenture
Trustee. 
 The compensation and indemnity obligations to the Indenture Trustee pursuant to this Section shall survive the resignation or
removal of the Indenture Trustee, the discharge of this Indenture and the termination of the Sale and Servicing Agreement. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default set forth in
Section 5.1(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

SECTION 6.8 Removal, Resignation and Replacement of the Indenture Trustee. The Indenture Trustee may resign upon 30 days’ prior
written notice to the Issuer, the Administrator and the Servicer. The Holders of a majority of the Note Balance of the Controlling Class may remove the Indenture Trustee without cause upon 30 days’ prior written notice to the Indenture
Trustee and the Issuer, and following that removal may appoint a successor to the Indenture Trustee. The Issuer shall, upon 30 days’ prior written notice, cause the Administrator to remove the Indenture Trustee if: 

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

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

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

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

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture
Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall cause the Administrator to promptly appoint a successor Indenture Trustee which satisfies the requirements set forth in
Section 6.11. 
 A successor Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as the Indenture
Trustee to the successor Indenture Trustee. 

  

					
		 	38	 	Indenture (USAA 2017-1)

 If a successor Indenture Trustee does not take office within 30 days after the retiring Indenture
Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority of the Note Balance of the Controlling Class may petition any court of competent jurisdiction, at the expense of the Issuer, for the
appointment of a successor Indenture Trustee. 
 If the Indenture Trustee fails to comply with Section 6.11, any
Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

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

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

If the Indenture Trustee is acting as Paying Agent under this Indenture, the Paying Agent shall be subject to the resignation and removal
timing requirements set forth in this Section 6.8. 
 SECTION 6.9 Successor Indenture Trustee by Merger.
Subject to Section 6.11, if the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the
resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee, provided, that such corporation or banking association shall be otherwise qualified and eligible under
Section 6.11. The Indenture Trustee shall provide the Administrator written notice of any such consolidation, merger, conversion or transfer within one Business Day of the effectiveness of such transaction. 

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

 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee.
(a) Notwithstanding any other provisions of this Indenture, at any time, after delivering written notice to the Administrator, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the
time be located, the Indenture Trustee and the Administrator acting jointly shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust
Estate, or any part hereof, 

  

					
		 	39	 	Indenture (USAA 2017-1)

 
and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee and the Administrator may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8. 
 (b) Every
separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

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

(ii) neither the Indenture Trustee nor any separate trustee or co-trustee hereunder
shall be personally liable by reason of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and 

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

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

  

					
		 	40	 	Indenture (USAA 2017-1)

 SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times
satisfy the requirements of TIA Section 310(a) and, in addition, shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long term debt rating of
investment grade or better by Moody’s and “BBB” or better by Standard & Poor’s or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall also satisfy the requirements of TIA Section 310(b).
Neither the Issuer nor any Affiliate of the Issuer may serve as Indenture Trustee. 
 SECTION 6.12 Preferential Collection of Claims
Against the Issuer. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). Any Indenture Trustee who has resigned or been removed shall be subject to TIA
Section 311(a) to the extent indicated. 
 SECTION 6.13 Representations and Warranties. The Indenture Trustee hereby makes the
following representations and warranties on which the Issuer and the Noteholders shall rely: 
 (i) the Indenture Trustee is
a national banking association duly organized and validly existing under the laws of the United States; and 
 (ii) the
Indenture Trustee has full power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture. 

ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS 

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

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

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

  

					
		 	41	 	Indenture (USAA 2017-1)

 
copy of the current list of Noteholders (whether or not made pursuant to TIA Section 312(b)), the Indenture Trustee shall promptly notify the Administrator thereof by providing to the
Administrator a copy of such request and a copy of the list of Noteholders produced in response thereto. 
 (c) The Issuer, the Indenture
Trustee and Note Registrar shall have the protection of TIA Section 312(c). 
 SECTION 7.3 Reports by the Indenture Trustee. If
required by TIA Section 313(a), within 60 days after each March 31, beginning with March 31, 2018, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that
complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock
exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

SECTION 7.4 Noteholder Demand for Repurchase; Dispute Resolution. 

(a) If a Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes)
becomes aware of a breach of the Bank’s representations and warranties in Section 3.3 of the Purchase Agreement that would require the Bank to repurchase a Receivable pursuant to Section 3.4
of the Purchase Agreement such Noteholder or Note Owner (the “Requesting Investor”) may notify the Bank and request that the Bank repurchase the related Receivable. Any such written notice shall provide sufficient detail of the
purported breach of a representation or warranty to allow the Bank reasonably to investigate such purported breach. Sufficient detail shall be deemed to be provided if the Requesting Investor identifies the Receivable to be repurchased and includes
the corresponding Test Fail described in the Form 10-D with the Asset Representations Reviewer’s report. If the Requesting Investor is a Note Owner, the Bank may require that the Requesting Investor
provide a certification stating that it is a beneficial owner of a Note, as well as Verification Documents. The Bank shall be responsible for reimbursing the Indenture Trustee for any expenses incurred in connection with such verification. 

(b) If a Requesting Investor requests that the Bank repurchase a Receivable pursuant to clause (a) above, and the repurchase
request has not been fulfilled or otherwise resolved to the reasonable satisfaction of such Requesting Investor within 180 days of the receipt of notice of the request by the Bank, the Requesting Investor may, at its discretion, refer the matter to
either mediation (including non-binding arbitration) or binding arbitration pursuant to Section 9.26 of the Sale and Servicing Agreement. The Indenture Trustee shall not be deemed to
have actual knowledge that any repurchase request remained unresolved for 180 days unless a Responsible Officer of the Indenture Trustee has actual knowledge that such repurchase request remained unresolved for 180 days or has received written
notice evidencing that such repurchase request remained unresolved for 180 days. Other than the Indenture Trustee’s obligation to notify the Seller and the Bank of any demands communicated to a Responsible Officer of the Indenture Trustee for
the repurchase or replacement of any Receivable for breach of the representations and warranties concerning such Receivable pursuant to Section 9.21(c) of the Sale and Servicing Agreement, the Indenture Trustee shall have
no obligation under the Indenture or any other Transaction Document to monitor and/or report the status of repurchase requests. 

  

					
		 	42	 	Indenture (USAA 2017-1)

 (c) A Requesting Investor shall not be required to direct that an Asset Representations Review be
performed prior to submitting a repurchase request with respect to any Receivable or using the dispute resolution provisions pursuant to Section 9.26 of the Sale and Servicing Agreement with respect to such Receivable. The
failure of a Requesting Investor to direct an Asset Representations Review shall not affect whether any Requesting Investor can pursue dispute resolution. In addition, whether any Requesting Investor voted affirmatively, negatively or abstained in
the vote to cause a review shall not affect whether such Requesting Investor may use the dispute resolution proceedings pursuant to Section 9.26 of the Sale and Servicing Agreement. A Requesting Investor may refer to either
mediation (including non-binding arbitration) or binding arbitration pursuant to Section 9.26 of the Sale and Servicing Agreement a dispute related to any Receivables, including any
Receivables that the Asset Representations Reviewer did not review in connection with an Asset Representations Review, any Receivables for which the Asset Representations Reviewer found a Test Fail in connection with an Asset Representations Review
and any Receivables that the Asset Representation Reviewer reviewed and determined that there were no Test Fails in connection with an Asset Representations Review. 

(d) For the avoidance of doubt, the Indenture Trustee shall not be required to (i) determine whether or not to give notice to Noteholders
that a Delinquency Trigger has occurred or (ii) determine which assets are subject to an Asset Representations Review by the Asset Representations Reviewer. 

SECTION 7.5 Asset Representations Review Voting 

(a) If the Delinquency Percentage on any Payment Date exceeds the Delinquency Trigger for that Payment Date, then Noteholders (if the Notes are
represented by Definitive Notes) or Note Owners (if the Notes are represented by Book-Entry Notes) holding at least 5% of the Outstanding Note Balance as of the filing of the Form 10-D that disclosed that the
Delinquency Percentage exceeded the Delinquency Trigger (the “Instituting Noteholders”) may elect to initiate a vote (which shall be conducted in accordance with the Indenture Trustee’s standard internal vote solicitation
process at the time) to determine whether the Asset Representations Reviewer should conduct an Asset Representations Review by giving written notice to the Indenture Trustee of their desire to institute such a vote within 90 days after the filing of
the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger; provided, however, that the failure of any Noteholder or Note Owner to institute such a vote shall not
preclude such Noteholder or Note Owner, as applicable, from pursuing dispute resolution pursuant to Section 9.26 of the Sale and Servicing Agreement. Notice of the initiation of such vote shall be provided on Form 10-D. If any Instituting Noteholder is not a Noteholder as reflected on the Note Register, the Indenture Trustee may require such Instituting Noteholder to provide Verification Documents to confirm that the
Instituting Noteholder is, in fact, a Note Owner. If the Instituting Noteholders initiate such a vote, the Indenture Trustee shall submit the matter to a vote of all Noteholders, which shall be through the Clearing Agency if the Notes are
represented by Book-Entry Notes. The Indenture Trustee may set a Record Date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote in 

  

					
		 	43	 	Indenture (USAA 2017-1)

 
accordance with TIA Section 316(c). The vote will remain open until the 150th day after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger. Abstaining from, voting in favor of, or voting against causing the Asset Representations Reviewer to conduct an Asset Representations
Review shall not preclude any Noteholder from pursuing dispute resolution pursuant to Section 9.26 of the Sale and Servicing Agreement. The Bank, the Depositor and the Issuer shall cooperate with the Indenture Trustee to
facilitate the voting process. The “Noteholder Direction” shall be deemed to have occurred if Noteholders representing at least a majority of the voting Noteholders vote in favor of directing an Asset Representations Review of the
Subject Receivables by the Asset Representations Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose whether or not a Noteholder Direction has
occurred. 
 (b) Within 5 Business Days of the Review Satisfaction Date, the Indenture Trustee will send a written notice (a “Review
Notice”) to the Servicer and the Asset Representations Reviewer specifying that the asset review conditions have been satisfied and providing the applicable Review Satisfaction Date. 

(c) Notwithstanding clauses (a) and (b) of this Section 7.5, a Noteholder (if the Notes are
represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry Notes) need not direct an Asset Representations Review be performed prior to (i)(x) notifying the Bank of a breach of the Bank’s representations and
warranties in Section 3.3 of the Purchase Agreement that would require the Bank to repurchase a Receivable pursuant to Section 3.4 of the Purchase Agreement and (y) requesting that the Bank
repurchase the related Receivable pursuant to Section 7.4 hereof or (ii) referring the matter, at its discretion, to either mediation (including non-binding arbitration) or
binding arbitration pursuant to Section 9.26 of the Sale and Servicing Agreement. 
 ARTICLE VIII ACCOUNTS,
DISBURSEMENTS AND RELEASES 
 SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the Indenture
Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee
pursuant to this Indenture and the Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly provided in this
Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance,
including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article
V. 
 SECTION 8.2 Trust Accounts. (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish, in
the name of Indenture Trustee, the Trust Accounts as provided in Section 4.1 of the Sale and Servicing Agreement. 

  

					
		 	44	 	Indenture (USAA 2017-1)

 (b) On or before each Payment Date, the Issuer shall cause (i) the Servicer to deposit all
Collections and (ii) the Servicer, the Seller or the Bank, as applicable, to deposit all Repurchase Prices with respect to the Collection Period preceding such Payment Date in the Collection Account as provided in the Sale and Servicing
Agreement. On or before each Payment Date, all amounts required to be withdrawn from the Reserve Account and deposited in the Collection Account pursuant to Section 4.3 of the Sale and Servicing Agreement shall be withdrawn
by the Indenture Trustee from the Reserve Account and deposited to the Collection Account. 
 (c) If the Notes have not been accelerated
because of an Event of Default, then on each Payment Date and the Redemption Date, the Indenture Trustee shall distribute all amounts on deposit in the Principal Distribution Account to Noteholders in respect of principal of the Notes to the extent
of the funds therein in the following order of priority: 
 (i) first, to the Holders of the Class A-1 Notes, until the Class A-1 Notes are paid in full; 

(ii) second, to the Holders of the Class A-2 Notes, until the Class A-2 Notes are paid in full; 
 (iii) third, to the Holders of the Class A-3 Notes, until the Class A-3 Notes are paid in full; 

(iv) fourth, to the Holders of the Class A-4 Notes, until the Class A-4 Notes are paid in full; and 
 (v) fifth, to the Holders of the
Class B Notes, until the Class B Notes are paid in full. 
 SECTION 8.3 General Provisions Regarding Accounts. (a) The
funds in the Trust Accounts shall be invested in Permitted Investments in accordance with and subject to Section 4.1(b) of the Sale and Servicing Agreement and all interest and investment income (net of losses and
investment expenses) on funds on deposit (i) in the Collection Account shall be distributed in accordance with the provisions of Section 3.7 of the Sale and Servicing Agreement and (ii) in the Reserve Account
shall be distributed in accordance with the provisions of Sections 4.3(b) and (d) of the Sale and Servicing Agreement. The Indenture Trustee shall not be directed to make any investment of any funds or to sell any investment held
in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person and the Indenture
Trustee shall have no duty to make any such determination in its compliance with the written direction of the Servicer pursuant to Section 4.1(b) of the Sale and Servicing Agreement. 

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

  

					
		 	45	 	Indenture (USAA 2017-1)

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

SECTION 8.4 Release of Collateral. (a) The Indenture Trustee may if permitted by and in accordance with the terms hereof, and when
required by the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent
with the provisions of this Indenture or such other document. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire
into the satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The Indenture Trustee shall, at such time
as there are no Notes Outstanding and all amounts due to the Indenture Trustee have been paid pursuant to Section 6.7 (as certified by an Authorized Officer of the Issuer in an Officer’s Certificate delivered to the
Indenture Trustee), release any remaining portion of the Collateral that secured the Notes from the Lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. Such release
shall include release of the Lien of this Indenture and transfer of dominion and control over the Trust Accounts to the Issuer or its designee. The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this Section
only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements
of Section 11.1. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the Lien of this Indenture (or shall be deemed to automatically release the Lien of this Indenture without any further action) on any Receivable
to be sold to (i) to the Servicer in accordance with Section 3.6 of the Sale and Servicing Agreement and (ii) to the Bank in accordance with Section 3.4 of the Purchase Agreement. 

SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least five days’ notice (or such shorter notice acceptable
to the Indenture Trustee) when requested by the Issuer to take any action pursuant to Section 8.4, accompanied by copies of any instruments involved, and the Indenture Trustee may also require as a condition to such action,
an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all

  

					
		 	46	 	Indenture (USAA 2017-1)

 
conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions of this Indenture; provided, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, as to factual
matters, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

ARTICLE IX SUPPLEMENTAL INDENTURES 

SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. (a) Without the consent of the Noteholders or any other
Person, the Issuer and the Indenture Trustee (when so directed by an Issuer Request) at any time and from time to time, may enter into one or more indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner
or eliminating any of the provisions of, this Indenture or for the purposes of modifying in any manner the rights of the Noteholders under this Indenture subject to the satisfaction of the following conditions: 

(i) the Issuer delivers to the Indenture Trustee (a) an Opinion of Counsel to the effect that such supplemental indenture
will not materially and adversely affect the interests of the Noteholders and (b) an Officer’s Certificate of the Issuer to the effect that such supplemental indenture will not materially and adversely affect the interests of the
Noteholders; or 
 (ii) the Rating Agency Condition is satisfied with respect to such amendment and the Issuer notifies the
Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 
 (b) Prior to the execution of
any supplemental indenture pursuant to this Section 9.1, the Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the
execution of any such supplemental indenture, the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Owner Trustee and the Indenture Trustee; provided, that no supplemental indenture pursuant to this
Section 9.1 shall be effective which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld
or delayed). 
 (c) Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this
Section 9.1, the Indenture Trustee shall mail to the Noteholders a copy of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail a copy of such amendment or supplemental indenture, or any
defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 SECTION 9.2
Supplemental Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice from the Issuer to the Rating Agencies and with the consent of the Holders of not less
than a majority of the Outstanding Note Balance of the Controlling Class, by Act of such Holders delivered to the 

  

					
		 	47	 	Indenture (USAA 2017-1)

 
Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided, that no such supplemental indenture pursuant to this Section 9.2 shall, without the consent of
the Holder of each Outstanding Note affected thereby: 
 (i) change the Final Scheduled Payment Date of any Note, or reduce
the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to
institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates
thereof (or, in the case of redemption, on or after the Redemption Date); 
 (ii) reduce the percentage of the Outstanding
Note Balance, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences provided for in this Indenture; 
 (iii) modify or alter the provisions of the proviso to
the definition of the term “Outstanding”; 
 (iv) reduce the percentage of the Outstanding Note Balance required to
direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the Outstanding Note Balance plus accrued but
unpaid interest on the Notes; 
 (v) modify any provision of this Section in any respect materially adverse to the interests
of the Noteholders except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the Transaction Documents cannot be modified or waived without the consent of the Holder of each Outstanding
Note affected thereby; 
 (vi) permit the creation of any Lien ranking prior to or on a parity with the Lien of this
Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in the Transaction Documents, terminate the Lien of this Indenture on any property at any time subject hereto or deprive any
Noteholder of the security provided by the Lien of this Indenture; or 
 (vii) impair the right to institute suit for the
enforcement of payment as provided in Section 5.7. 
 Prior to the execution of any supplemental indenture
pursuant to this Section 9.2, the Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such
supplemental indenture, the Issuer shall furnish a copy of such supplemental indenture to each 

  

					
		 	48	 	Indenture (USAA 2017-1)

 
Rating Agency, the Owner Trustee and the Indenture Trustee; provided, that no supplemental indenture pursuant to this Section 9.2 shall be effective which affects the
rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed). 

It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the execution by the Issuer and the Indenture
Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice (to be provided by the Issuer and at the Issuer’s expense)
setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture. 
 SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any
supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent to the execution and delivery by the Indenture Trustee of such Supplemental Indenture have been
satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of
the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture
shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 SECTION 9.5 Conformity With
Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture
shall then be qualified under the Trust Indenture Act. 
 SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided
for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and
executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 

  

					
		 	49	 	Indenture (USAA 2017-1)

 ARTICLE X REDEMPTION OF NOTES 

SECTION 10.1 Redemption. (a) Each of the Notes will be redeemed in whole, but not in part, at the direction of the Servicer
pursuant to Section 8.1 of the Sale and Servicing Agreement, on any Payment Date on which the Trust Estate (other than the Reserve Account) is purchased pursuant to said Section 8.1, for a purchase
price equal to the Optional Purchase Price, which amount shall be deposited into the Collection Account on the Redemption Date. 
 (b) Each
of the Notes is subject to redemption in whole, but not in part, on any Payment Date on which the sum of the amount of cash or other immediately available funds on deposit in the Reserve Account and Available Funds equals or exceeds the sum of
(i) the Outstanding Principal Balance of the Notes, (ii) accrued and unpaid interest thereon and (iii) the Servicing Fee. On such Payment Date, all such amounts shall be applied to reduce the Outstanding Principal Balance to zero, pay
all accrued and unpaid interest on the Notes, pay the Servicing Fee and then pay all amounts specified in clauses (viii) through (x) (in that order) of Section 4.4(a) of the Sale and Servicing Agreement. 

(c) If the Notes are to be redeemed pursuant to Section 10.1(a), the Administrator or the Issuer shall provide at
least 20 days’ prior notice of the redemption of the Notes to the Indenture Trustee and the Owner Trustee and the Indenture Trustee shall provide prompt (but not later than 10 days prior to the applicable Redemption Date) notice thereof to the
Noteholders. 
 SECTION 10.2 Form of Redemption Notice. Notice of redemption under Section 10.1 shall be
given by the Indenture Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes as of the close of business on the Record Date preceding the applicable
Redemption Date, at such Holder’s address appearing in the Note Register. 
 All notices of redemption shall state: 

(i) the Redemption Date; 

(ii) the Redemption Price; 

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

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

  

					
		 	50	 	Indenture (USAA 2017-1)

 Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the
expense of the Issuer. In addition, the Issuer shall notify each Rating Agency upon redemption of the Notes. Failure to give notice of redemption, or any defect therein, to any Noteholder shall not impair or affect the validity of the redemption of
any Note. 
 SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption as
required by Section 10.2 (in the case of redemption pursuant to Section 10.1), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the
payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 

ARTICLE XI MISCELLANEOUS 

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

Every certificate or opinion in accordance with TIA Section 314(e) with respect to compliance with a condition or covenant provided for
in this Indenture shall include: 
 (i) a statement that each signatory of such certificate or opinion has read or has caused
to be read such covenant or condition and the definitions herein relating thereto; 
 (ii) a brief statement as to the nature
and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

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

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

(b) (i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the Lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an
Officer’s Certificate 

  

					
		 	51	 	Indenture (USAA 2017-1)

 
certifying or stating the opinion of each Person signing such certificate as to the fair value in accordance with TIA Section 314(d) (within 90 days of such deposit) to the Issuer of the
Collateral or other property or securities to be so deposited. 
 (ii) Whenever the Issuer is required to furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as
to the same matters, if the fair value in accordance with TIA Section 314(d) to the Issuer of the property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement
of the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) and this clause (ii), is 10% or more of the Outstanding Note Balance, but such a certificate need not be furnished
with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Note Balance. 

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

(iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating
the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or
securities and of all other property other than Purchased Receivables, or securities released from the Lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause
(iii) above and this clause (iv), equals 10% or more of the Outstanding Note Balance, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the
related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Note Balance. 
 (v)
Notwithstanding Section 2.9 or any other provision of this Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by
the Transaction Documents, and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Transaction Documents. 

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

  

					
		 	52	 	Indenture (USAA 2017-1)

 Any certificate of an Authorized Officer of the Issuer may be based, insofar as it relates to
legal matters, upon an opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion or representations with respect to the matters upon which his or her certificate is
based are erroneous. Any Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate, or representations by, an officer or officers of the Servicer, the Seller, the Administrator or the Issuer, stating that the
information with respect to such factual matters is in the possession of the Servicer, the Seller, the Administrator or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or representations
with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

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

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

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

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by any Noteholder shall bind the Holder of every
Note issued upon the registration thereof or in 

  

					
		 	53	 	Indenture (USAA 2017-1)

 exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the
Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
 SECTION 11.4
Notices. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery,
prepaid courier service, by facsimile or, if so provided on Schedule I to the Sale and Servicing Agreement, by electronic transmission, and addressed in each case as specified on Schedule I to the Sale and Servicing Agreement or at
such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery will be deemed to have been made: (i) upon delivery or, in the case of a letter mailed by registered or
certified first-class United States mail, postage prepaid, three days after deposit in the mail, (ii) in the case of a facsimile, when receipt is confirmed by telephone, reply email or reply facsimile from the recipient, (iii) in the case
of electronic transmission, when receipt is confirmed by telephone or reply email from the recipient and (iv) in the case of an electronic posting to a password-protected website to which the recipient has been provided access, upon delivery
(without the requirement of confirmation of receipt) and notice (including email) to such recipient stating that such electronic posting has occurred. 

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

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage
or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the
Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this Indenture provides for notice to the Rating
Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or an Event of Default. 

SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any 

  

					
		 	54	 	Indenture (USAA 2017-1)

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

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

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

SECTION 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 11.9 Successors and Assigns. All covenants and agreements
in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors. 

SECTION 11.10 Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 11.11
Benefits of Indenture. 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 to the extent expressly provided herein, the Noteholders, any other
party with rights to payments or distributions under this Indenture, and any other Person with an ownership interest in any portion of the Collateral, 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 OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  

					
		 	55	 	Indenture (USAA 2017-1)

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

SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such
recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the
enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 
 SECTION 11.16 Trust Obligation. Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner or a beneficial interest in a Note, by accepting the benefits of this Indenture, covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or
the Owner Trustee in their respective individual capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or (iv) any partner, owner,
beneficiary, agent, officer, director, employee, successor or assign of any Person described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the Indenture
Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 SECTION 11.17 No Petition. Each of the
Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year and
one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar
law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its
property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit
of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute with any other Person any Proceeding against such
Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction, provided that the foregoing shall in no way limit the rights of the parties
hereto to pursue any other creditor rights or remedies that such Persons may have against the Issuer under applicable law. 

  

					
		 	56	 	Indenture (USAA 2017-1)

 SECTION 11.18 Intent. (a) It is the intent of the Issuer that the Notes constitute
indebtedness for all financial accounting purposes and the Issuer agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed, to treat the Notes as indebtedness for all
financial accounting purposes. 
 (b) It is the intent of the Issuer that the Notes constitute indebtedness for all tax purposes and the
Issuer agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed to treat the Notes as indebtedness for all federal, state and local income and franchise tax purposes (other
than Retained Notes). 
 SECTION 11.19 Submission to Jurisdiction; Waiver of Jury Trial. 

(a) Each of the parties hereto hereby irrevocably and unconditionally: 

(i) submits for itself and its property in any legal action or Proceeding relating to this Indenture or any documents executed
and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof; 
 (ii) consents that any such action or Proceeding may be
brought and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such action or Proceeding in any such court or that such action or Proceeding was brought in an inconvenient court and agrees not to
plead or claim the same; 
 (iii) agrees that service of process in any such action or Proceeding may be effected by mailing
a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this Indenture; 

(iv) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction; and 
 (v) to the extent permitted by applicable law, waives all
right of trial by jury in any action, Proceeding or counterclaim based on, or arising out of, under or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or thereunder. 

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

  

					
		 	57	 	Indenture (USAA 2017-1)

 SECTION 11.20 Subordination of Claims. The Issuer’s obligations under this Indenture
are obligations solely of the Issuer and will not constitute a claim against the Seller to the extent that the Issuer does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each
of the Owner Trustee (in its individual capacity and as the Owner Trustee), by accepting the benefits of this Indenture, the Certificateholder, by accepting the Certificate, and the Indenture Trustee (in its individual capacity and as Indenture
Trustee), by entering into this Indenture, and each Noteholder, each Note Owner, by accepting the benefits of this Indenture, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the Seller. To
the extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner and the Certificateholder either (i) asserts an interest or
claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from
Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the
benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency
laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of
Section 510(a) of the Bankruptcy Code. Each of the Indenture Trustee (in its individual capacity and as the Indenture Trustee), by entering into or accepting this Indenture, the Certificateholder, by accepting the Certificate, and the Owner
Trustee, and each Noteholder or Note Owner, by accepting the benefits of this Indenture, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an
action for specific performance. The provisions of this Section will be for the third party benefit of those entitled to rely thereon and will survive the termination of this Indenture. 

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

  

					
		 	58	 	Indenture (USAA 2017-1)

 SECTION 11.22 Information Requests. The parties hereto shall provide any information
reasonably requested by the Servicer, the Issuer, the Seller or any of their Affiliates, that such party has access to, and is not restricted from providing, in order to comply with or obtain more favorable treatment under any current or future law,
rule, regulation, accounting rule or principle. 
 SECTION 11.23 Inspection. The Issuer agrees that, with reasonable prior notice, it
will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such books
to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and Independent certified public accountants, all at such reasonable times and as
often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential
treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

SECTION 11.24 Force Majeure. The Indenture Trustee shall not incur any liability for not performing any act or fulfilling any duty,
obligation or responsibility hereunder if such delay or failure was caused by a force majeure or other similar occurrence. 
 SECTION
11.25 Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Indenture Trustee, like all financial institutions and in order to help fight the funding of terrorism and money
laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. The parties to this Indenture agree that they will provide
the Indenture Trustee with such information as it may request in order for the Indenture Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

[Remainder of Page Intentionally Left Blank] 

  

					
		 	59	 	Indenture (USAA 2017-1)

 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 2017-1
	
	By: Wells Fargo Delaware Trust Company, National Association, not in its individual capacity but solely as Owner Trustee
		
	By:	 	/s/ Rosemary Kennard
	Name:	 	Rosemary Kennard
	Title:	 	Vice President

  

					
		 	S-1	 	Indenture (USAA 2017-1)

 
			
	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	/s/ Jessica J. Elliott
	Name:	 	Jessica J. Elliott
	Title:	 	Vice President

  

					
		 	S-2	 	Indenture (USAA 2017-1)

			
	 Acknowledged and accepted as of
 the
date first written above:

	
	USAA ACCEPTANCE, LLC
		
	By:	 	/s/ Thomas Cianelli
	Name:	 	Thomas Cianelli
	Title:	 	President, Treasurer
	
	USAA FEDERAL SAVINGS BANK
		
	By:	 	/s/ Renee Horne
	Name:	 	Renee Horne
	Title:	 	Vice President

  

					
		 	S-3	 	Indenture (USAA 2017-1)

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

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

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

2.    The Receivables constitute “chattel paper” (including “tangible chattel paper” and
“electronic chattel paper”) within the meaning of the applicable UCC. 
 3.    Each Receivable is secured by a
first priority validly perfected security interest in the related Financed Vehicle in favor of the Originator, as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first priority
security interest in the related Financed Vehicle in favor of the Originator, as secured party. 
 4.    Each Trust
Account constitutes either a “deposit account” or a “securities account” within the meaning of the UCC. 
 Creation

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

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

  

					
		 	I-1	 	Indenture (USAA 2017-1)

 7.    With respect to Receivables that constitute tangible chattel paper,
either: 
 (i)    all original executed copies of each such tangible chattel paper have been delivered to the Indenture
Trustee; or 
 (ii)    such tangible chattel paper is in the possession of the Servicer and the Indenture Trustee has
received a written acknowledgment from the Servicer that the Servicer (in its capacity as custodian) is holding such tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee; or 

(iii)    the Servicer received possession of such tangible chattel paper after the Indenture Trustee received a written
acknowledgment from the Servicer that the Servicer is acting solely as agent of the Indenture Trustee. 
 8.    With
respect to the Trust Accounts that constitute deposit accounts, either: 
 (i)    the Issuer has delivered to the
Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in such Trust Accounts without
further consent by the Issuer; or 
 (ii)    the Issuer has taken all steps necessary to cause the Indenture Trustee to
become the account holder of such Trust Accounts. 
 9.    With respect to the Trust Accounts that constitute securities
accounts or securities entitlements, either: 
 (i)    the Issuer has delivered to the Indenture Trustee a fully
executed agreement pursuant to which the securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to such Trust Accounts without further consent by the Issuer; or 

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

Priority 

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

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

12.    Neither the Issuer nor a custodian or vaulting agent thereof holding any Receivable that is electronic chattel
paper has communicated an “authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes or evidences such Receivable to any Person other than the
Servicer. 

  

					
		 	I-2	 	Indenture (USAA 2017-1)

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

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

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

Survival of Perfection Representations 

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

No Waiver 

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

Issuer to Maintain Perfection and Priority 

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

  

					
		 	I-3	 	Indenture (USAA 2017-1)

 Exhibit A 

FORM OF NOTES 

  

					
		 		 	Indenture (USAA 2017-1)

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

			
	 REGISTERED
	  	$        3
	 No.
R-            
	  	CUSIP NO.                     
		  	ISIN.                     

 [For Retained Notes: THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED. THIS NOTE OR ANY
INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION
THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO THE DEPOSITOR OR ANY OF ITS AFFILIATES. 

TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN
THE INDENTURE.] 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 BY
ACQUIRING THIS NOTE, EACH PURCHASER OR TRANSFEREE (AND ANY FIDUCIARY ACTING ON ITS BEHALF) WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) IT IS NOT ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN) WITH ANY ASSETS OF (I) AN
“EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS 

 
  

	3 	Denominations of $[        ] and integral multiples of $[        ] in excess thereof. 

  

					
		 	A-1	 	Indenture (USAA 2017-1)

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

IN ADDITION, BY ACQUIRING THIS NOTE, EACH PURCHASER OR TRANSFEREE THAT IS A BENEFIT PLAN INVESTOR (AND ANY FIDUCIARY ACTING ON ITS BEHALF)
WILL BE DEEMED TO REPRESENT AND WARRANT THAT, (A) THE BENEFIT PLAN INVESTOR IS REPRESENTED BY AN INDEPENDENT FIDUCIARY THAT IS (1) A “FIDUCIARY” WITH RESPECT TO THE BENEFIT PLAN INVESTOR WITHIN THE MEANING OF SECTION 3(21) OF
ERISA, SECTION 4975 OF THE CODE, OR BOTH, AND IS RESPONSIBLE FOR EXERCISING INDEPENDENT JUDGMENT IN EVALUATING THE BENEFIT PLAN INVESTOR’S ACQUISITION OF THE NOTES AND (2) IS A PERSON DESCRIBED IN DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-21(c)(1)(i), (B) SUCH INDEPENDENT FIDUCIARY HAS EXERCISED INDEPENDENT JUDGMENT IN EVALUATING WHETHER TO PURCHASE THIS NOTE, AND (C) THE INDEPENDENT FIDUCIARY IS CAPABLE OF EVALUATING INVESTMENT RISKS
INDEPENDENTLY, BOTH IN GENERAL AND WITH RESPECT TO THIS NOTE. EACH PURCHASER OR TRANSFEREE ACKNOWLEDGES THAT (A) NEITHER THE ISSUER NOR ANY UNDERWRITER IS UNDERTAKING TO PROVIDE IMPARTIAL INVESTMENT ADVICE OR TO GIVE ADVICE IN ANY FIDUCIARY
CAPACITY, IN CONNECTION WITH ITS INVESTMENT IN THIS NOTE AND (B) THE PROSPECTUS AND THE INDENTURE FAIRLY INFORM SUCH FIDUCIARY OF THE EXISTENCE AND NATURE OF THE FINANCIAL INTERESTS OF THE ISSUER, THE UNDERWRITERS AND OTHER PARTIES. 

  

					
		 	A-2	 	Indenture (USAA 2017-1)

 USAA AUTO OWNER TRUST 2017-1 

[CLASS A-1 [    ]%] [CLASS A-2
[    ]%] 
 [CLASS A-3 [    ]%] [CLASS A-4 [    ]%] [CLASS B [    ]%] 
 AUTO LOAN ASSET BACKED NOTES 

USAA Auto Owner Trust 2017-1, a statutory trust organized and existing under the laws of the State of
Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to [                    ], or
registered assigns, the principal sum of [    ] DOLLARS ($[        ]), in monthly installments on the 15th of each month, or if such day
is not a Business Day, on the immediately succeeding Business Day, commencing on [    ] (each, a “Payment Date”) until the principal of this Note is paid or made available for payment, and to pay interest on each
Payment Date on the Class [A-1] [A-2] [A-3] [A-4] [B] Note Balance as of the preceding
Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date, at the rate per annum shown above (the “Interest Rate”), in each
case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4 of the Sale and Servicing Agreement; provided, however, that the entire
Class [A-1] [A-2] [A-3] [A-4] [B] Note Balance shall be due and payable on the earliest
of (i) [    ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an
Event of Default pursuant to Section 5.2 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the preceding Payment Date (or, in the case of the initial Payment Date, from and
including the Closing Date) to but excluding such Payment Date. Interest will be computed on the basis of [Class A-1: actual days elapsed and a 360-day year][Class A-2, A-3, A-4 and B: a 360-day year of twelve 30-day
months]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and
interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to
interest on this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless
the certificate of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid
or obligatory for any purpose. 

  

					
		 	A-3	 	Indenture (USAA 2017-1)

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, by its
Authorized Officer. 
 Dated:             , 2017 

 

			
	USAA AUTO OWNER TRUST 2017-1
	
	By: Wells Fargo Delaware Trust Company, National Association, not in its individual capacity but solely as Owner Trustee
		
	By:	 	                                     
                                         
           
	Name:	 	                                     
                                         
           
	Title:	 	                                     
                                         
           

  

					
		 	A-4	 	Indenture (USAA 2017-1)

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated:             , 2017 

 

			
	 U.S. BANK NATIONAL ASSOCIATION,
 not
in its individual capacity but solely as Indenture
 Trustee

		
	By:	 	  

		 	Authorized Signatory

  

					
		 	A-5	 	Indenture (USAA 2017-1)

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1
[    ]%] [Class A-2 [    ]%] [Class A-3 [    ]%] [Class A-4
[    ]%] [Class B [    ]%] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2] [A-3] [A-4] [B] Notes” or the “Notes”), all issued under an Indenture dated as of September 20, 2017 (such Indenture, as supplemented or
amended, is herein called the “Indenture”), between the Issuer and U.S. Bank National Association, a national banking association, not in its individual capacity but solely as trustee (the “Indenture Trustee”),
which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture or the Sale and
Servicing Agreement shall have the meanings assigned to them in the Indenture or in Appendix A of the Sale and Servicing Agreement. 

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. The
Class B Notes are subordinated to the Class A Notes, and are secured by the collateral pledged as security therefor on a subordinated basis as provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are
for the benefit of the Holders of the Notes. 
 Principal payable on the Notes will be paid on each Payment Date in the amount specified in
the Indenture and in the Sale and Servicing Agreement. As described above, the entire Class [A-1] [A-2] [A-3] [A-4] [B] Note Balance shall be due and payable on the earliest of (i) [    ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to
Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. All principal payments on the Class [A-1] [A-2] [A-3] [A-4] [B] Notes shall be made pro rata to the Class [A-1] [A-2] [A-3] [A-4] [B] Noteholders entitled thereto. 

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

  

					
		 	A-6	 	Indenture (USAA 2017-1)

 
the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed prior to such Payment Date or
Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such
purposes located in The City of New York. 
 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any Holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

It is the intent of the Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of federal, state and local income and
franchise tax the Notes will qualify as indebtedness (other than Retained Notes). The Noteholders, by acceptance of a Note, agree to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness of
the Issuer. 
 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
covenants and agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not
authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote
Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect
to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in any involuntary case or other Proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person
in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

  

					
		 	A-7	 	Indenture (USAA 2017-1)

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

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

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

  

					
		 	A-8	 	Indenture (USAA 2017-1)

 ASSIGNMENT 

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

                          
                                         
                                         
                                         
                                         
                       
 FOR VALUE
RECEIVED, the undersigned hereby sells, 
 assigns and transfers unto
                                         
                                         
                                         
                                         
          
 (name and address of assignee) 

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

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

  
  

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

  

					
		 	A-9	 	Indenture (USAA 2017-1)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]