Document:

EXECUTION COPY 

Exhibit 10.2 

SALE AND SERVICING AGREEMENT

by and among

USAA AUTO OWNER TRUST 2009-1

as Issuer

USAA ACCEPTANCE, LLC,

as Seller

USAA FEDERAL SAVINGS BANK,
 

as Servicer

and

THE BANK OF NEW YORK MELLON,

as Indenture Trustee

Dated as of April 22, 2009

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
ARTICLE I

	
DEFINITIONS
 AND USAGE

	
 

	
1

	
 

	
 

	
 

	
 

	
 

	
SECTION 1.1

	
Definitions

	
 

	
1

	
 

	
SECTION 1.2

	
Other
 Interpretive Provisions

	
 

	
1

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE II 

	
CONVEYANCE
 OF TRANSFERRED ASSETS

	
 

	
2

	
 

	
 

	
 

	
 

	
 

	
SECTION 2.1

	
Conveyance
 of Transferred Assets

	
 

	
2

	
 

	
SECTION 2.2

	
Representations
 and Warranties of the Seller as to each Receivable

	
 

	
2

	
 

	
SECTION 2.3

	
Repurchase
 upon Breach

	
 

	
2

	
 

	
SECTION 2.4

	
Custody of
 Receivable Files

	
 

	
3

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE III 

	
ADMINISTRATION
 AND SERVICING OF RECEIVABLES AND TRUST PROPERTY

	
 

	
5

	
 

	
 

	
 

	
 

	
 

	
SECTION 3.1

	
Duties of
 Servicer

	
 

	
5

	
 

	
SECTION 3.2

	
Collection
 of Receivable Payments

	
 

	
6

	
 

	
SECTION 3.3

	
Realization
 Upon Receivables

	
 

	
7

	
 

	
SECTION 3.4

	
Maintenance
 of Security Interests in Financed Vehicles

	
 

	
8

	
 

	
SECTION 3.5

	
Covenants of
 Servicer

	
 

	
8

	
 

	
SECTION 3.6

	
Purchase of
 Receivables Upon Breach

	
 

	
9

	
 

	
SECTION 3.7

	
Servicing
 Fee

	
 

	
9

	
 

	
SECTION 3.8

	
Servicer’s
 Certificate

	
 

	
9

	
 

	
SECTION 3.9

	
Annual
 Officer’s Certificate; Notice of Servicer Replacement Event

	
 

	
9

	
 

	
SECTION 3.10

	
Annual
 Registered Public Accounting Firm Attestation Report

	
 

	
10

	
 

	
SECTION 3.11

	
Servicer
 Expenses

	
 

	
10

	
 

	
SECTION 3.12

	
1934 Act
 Filings

	
 

	
10

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IV 

	
DISTRIBUTIONS;
 ACCOUNTS; STATEMENTS TO THE CERTIFICATEHOLDER AND THE NOTEHOLDERS

	
 

	
11

	
 

	
 

	
 

	
 

	
 

	
SECTION 4.1

	
Establishment
 of Accounts

	
 

	
11

	
 

	
SECTION 4.2

	
Remittances

	
 

	
13

	
 

	
SECTION 4.3

	
Additional
 Deposits and Payments; Servicer Advances

	
 

	
13

	
 

	
SECTION 4.4

	
Distributions

	
 

	
14

	
 

	
SECTION 4.5

	
Net Deposits

	
 

	
15

	
 

	
SECTION 4.6

	
Statements
 to Certificateholder and Noteholders

	
 

	
15

	
 

	
SECTION 4.7

	
No Duty to
 Confirm

	
 

	
17

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE V 

	
THE SELLER

	
 

	
17

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.1

	
Representations
 and Warranties of Seller

	
 

	
17

	
 

	
SECTION 5.2

	
Liability of
 Seller; Indemnities

	
 

	
18

i

TABLE OF CONTENTS
(continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 5.3

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

	
 

	
19

	
 

	
SECTION 5.4

	
Limitation
 on Liability of Seller and Others

	
 

	
19

	
 

	
SECTION 5.5

	
Seller May
 Own Notes

	
 

	
19

	
 

	
SECTION 5.6

	
Sarbanes-Oxley
 Act Requirements

	
 

	
20

	
 

	
SECTION 5.7

	
Compliance
 with Organizational Documents

	
 

	
20

	
 

	
SECTION 5.8

	
Perfection
 Representations, Warranties and Covenants

	
 

	
20

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VI 

	
THE SERVICER

	
 

	
20

	
 

	
 

	
 

	
 

	
 

	
SECTION 6.1

	
Representations
 of Servicer

	
 

	
20

	
 

	
SECTION 6.2

	
Indemnities
 of Servicer

	
 

	
21

	
 

	
SECTION 6.3

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

	
 

	
23

	
 

	
SECTION 6.4

	
Limitation
 on Liability of Servicer and Others

	
 

	
23

	
 

	
SECTION 6.5

	
Delegation
 of Duties

	
 

	
23

	
 

	
SECTION 6.6

	
The Bank Not
 to Resign as Servicer

	
 

	
24

	
 

	
SECTION 6.7

	
Servicer May
 Own Notes

	
 

	
24

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VII 

	
REPLACEMENT
 OF SERVICER

	
 

	
24

	
 

	
 

	
 

	
 

	
 

	
SECTION 7.1

	
Replacement
 of Servicer

	
 

	
24

	
 

	
SECTION 7.2

	
Notification
 to Noteholders

	
 

	
25

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VIII
 

	
OPTIONAL
 PURCHASE

	
 

	
26

	
 

	
 

	
 

	
 

	
 

	
SECTION 8.1

	
Optional
 Purchase of Trust Estate

	
 

	
26

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IX 

	
MISCELLANEOUS
 PROVISIONS

	
 

	
26

	
 

	
 

	
 

	
 

	
 

	
SECTION 9.1

	
Amendment

	
 

	
26

	
 

	
SECTION 9.2

	
Protection
 of Title

	
 

	
28

	
 

	
SECTION 9.3

	
Other Liens
 or Interests

	
 

	
29

	
 

	
SECTION 9.4

	
Transfers
 Intended as Sale; Security Interest

	
 

	
29

	
 

	
SECTION 9.5

	
Notices, Etc

	
 

	
30

	
 

	
SECTION 9.6

	
Choice of
 Law

	
 

	
30

	
 

	
SECTION 9.7

	
Headings

	
 

	
31

	
 

	
SECTION 9.8

	
Counterparts

	
 

	
31

	
 

	
SECTION 9.9

	
Waivers

	
 

	
31

	
 

	
SECTION 9.10

	
Entire
 Agreement

	
 

	
31

	
 

	
SECTION 9.11

	
Severability
 of Provisions

	
 

	
31

	
 

	
SECTION 9.12

	
Binding
 Effect

	
 

	
31

	
 

	
SECTION 9.13

	
Acknowledgment
 and Agreement

	
 

	
31

	
 

	
SECTION 9.14

	
Cumulative
 Remedies

	
 

	
32

	
 

	
SECTION 9.15

	
Nonpetition
 Covenant

	
 

	
32

	
 

	
SECTION 9.16

	
Submission
 to Jurisdiction; Waiver of Jury Trial

	
 

	
32

ii

TABLE OF CONTENTS
(continued)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SECTION 9.17

	
Limitation
 of Liability

	
 

	
33

	
 

	
SECTION 9.18

	
Third-Party
 Beneficiaries

	
 

	
33

	
 

	
SECTION 9.19

	
Information
 Requests

	
 

	
33

	
 

	
SECTION 9.20

	
Regulation
 AB

	
 

	
33

	
 

	
SECTION 9.21

	
Information
 to Be Provided by the Indenture Trustee

	
 

	
34

	
 

	
SECTION 9.22

	
Form 8-K
 Filings

	
 

	
35

	
 

	
SECTION 9.23

	
Indemnification

	
 

	
35

	
 

	
SECTION 9.24

	
Further
 Assurances

	
 

	
36

	
 

	
SECTION 9.25

	
Cooperation

	
 

	
36

	
 

	
 

	
 

	
Appendix A

	
 

	
Definitions

	
 

	
 

	
 

	
Schedule I

	
 

	
Representations
 and Warranties With Respect to the Receivables

	
Schedule II

	
 

	
Notice
 Addresses

	
 

	
 

	
 

	
Exhibit A

	
 

	
Form of
 Assignment pursuant to Sale and Servicing Agreement

	
Exhibit B

	
 

	
Perfection
 Representations, Warranties and Covenants

	
Exhibit C

	
 

	
Servicing
 Criteria to be Addressed in Indenture Trustee’s Assessment of Compliance

	
Exhibit D

	
 

	
Form of
 Indenture Trustee’s Annual Certification

	
Exhibit E

	
 

	
Form of
 Indenture Trustee’s Annual Certification Regarding Item 1117 and Item 1119 of Regulation AB

iii

          SALE AND SERVICING AGREEMENT, dated as of
April 22, 2009 (together with all exhibits, schedules and appendices hereto and
as from time to time amended, supplemented or otherwise modified and in effect,
this “Agreement”), by and among USAA
AUTO OWNER TRUST 2009-1 (the “Issuer”), a Delaware statutory
trust, USAA ACCEPTANCE, LLC, a
Delaware limited liability company, as seller (the “Seller”), USAA FEDERAL SAVINGS BANK, a federally
chartered savings association (the “Bank”), as servicer (in such
capacity, the “Servicer”), and THE
BANK OF NEW YORK MELLON, a banking corporation organized under the
laws of the State of New York, as indenture trustee (the “Indenture Trustee”).

          WHEREAS,
the Issuer desires to purchase from the Seller a portfolio of motor vehicle
receivables, including retail motor vehicle installment loans that are secured
by new and used automobiles and light-duty trucks; 

          WHEREAS,
the Seller is willing to sell such portfolio of motor vehicle receivables and
related property to the Issuer; and 

          WHEREAS,
the Bank is willing to service such motor vehicle receivables and related
property on behalf of the Issuer; 

          NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein
contained, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto, intending to
be legally bound, agree as follows: 

ARTICLE I

DEFINITIONS AND USAGE

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

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

ARTICLE II

CONVEYANCE OF TRANSFERRED ASSETS

          SECTION
2.1 Conveyance of Transferred Assets. In consideration of the Issuer’s
sale and delivery to, or upon the order of, the Seller of all of the Notes and
the Certificate on the Closing Date, the Seller does hereby irrevocably sell,
transfer, assign and otherwise convey to the Issuer without recourse (subject
to the obligations herein) all right, title and interest of the Seller, whether
now owned or hereafter acquired, in and to the Transferred Assets, described in
the assignment substantially in the form of Exhibit A (the “Assignment”)
delivered on the Closing Date. The sale, transfer, assignment and conveyance
made hereunder will not constitute and is not intended to result in an
assumption by the Issuer of any obligation of the Seller or the Originator to
the Obligors or any other Person in connection with the Receivables or the
other assets and properties conveyed hereunder or any agreement, document or
instrument related thereto. 

          SECTION
2.2 Representations and Warranties of the Seller as to each Receivable.
The Seller hereby makes the representations and warranties set forth on Schedule
I as to the Receivables sold, transferred, assigned, and otherwise conveyed
to the Issuer under this Agreement on which such representations and warranties
the Issuer relies in acquiring the Receivables. The representations and
warranties as to each Receivable shall survive the Grant of the Receivables by
the Issuer to the Indenture Trustee pursuant to the Indenture. Notwithstanding
any statement to the contrary contained herein or in any other Transaction Document,
the Seller shall not be required to notify any insurer with respect to any
Insurance Policy obtained by an Obligor. 

          SECTION
2.3 Repurchase upon Breach. Upon discovery by any party hereto of a
breach of any of the representations and warranties set forth in Section 2.2
at the time such representations and warranties were made which materially and
adversely affects the interests of the Issuer or the Noteholders, the party
discovering such breach shall give prompt written notice thereof to the other
parties hereto; provided, that
delivery of the Servicer’s Certificate which identifies that Receivables are
being or have been repurchased, shall be deemed to constitute prompt notice by
the Servicer (if the Bank is the Servicer) of such breach; provided, further, that the failure to give such notice
shall not affect any obligation of the Seller hereunder. If the Seller does not
correct or cure such breach prior to the end of the Collection Period which
includes the 60th day (or, if the Seller elects, an earlier date) after the
date that the Seller became aware or was notified of such breach, then the
Seller shall purchase any Receivable materially and adversely affected by such
breach from the Issuer on the Payment Date following the end of such Collection
Period (or, if the Seller elects, an earlier date). Any such breach or failure
will not be deemed to have a material and adverse effect if such breach or
failure does not affect the ability of the Issuer to collect, receive and
retain timely payment in full on such Receivable, including Liquidation
Proceeds. Any such purchase by the Seller shall be at a price equal to the
Repurchase Price. In consideration for such repurchase, the Seller shall make
(or shall cause to be made) a payment to the Issuer equal to the Repurchase
Price by depositing such amount into the Collection Account prior to 11:00
a.m., New York City time on such Payment Date, or earlier date, if elected by
the Seller. Upon payment of such Repurchase Price by the Seller, the Issuer and
the Indenture Trustee shall release and shall execute and deliver such
instruments of 

2

release,
transfer or assignment, in each case without recourse or representation, as
shall be reasonably requested of it to vest in the Seller or its designee any
Receivable repurchased pursuant hereto. It is understood and agreed that the
right to cause the Seller to purchase (or to enforce the obligations of the
Bank under the Purchase Agreement to purchase) any Receivable as described
above shall constitute the sole remedy respecting such breach available to the
Issuer and the Indenture Trustee. Neither the Owner Trustee nor the Indenture
Trustee will have any duty to conduct an affirmative investigation as to the
occurrence of any condition requiring the repurchase of any Receivable pursuant
to this Section 2.3. Notwithstanding anything herein to the contrary,
the Seller shall only be obligated to pay such Repurchase Price and repurchase
the related Receivable to the extent it receives the Repurchase Price from the
Bank pursuant to Section 3.3 of the Purchase Agreement. 

          SECTION
2.4 Custody of Receivable Files. 

          (a)
Custody. To assure uniform quality in servicing the Receivables and to
reduce administrative costs, the Issuer and the Indenture Trustee, upon the
execution and delivery of this Agreement, hereby revocably appoint the
Servicer, and the Servicer hereby accepts such appointment, to act solely on
behalf of and for the benefit of the Indenture Trustee as custodian of the
following documents or instruments, but only to the extent held in tangible
paper form or electronic form, which are hereby or will hereby be
constructively delivered to the Indenture Trustee (or its agent or designee),
as pledgee of the Issuer pursuant to the Indenture with respect to each
Receivable (but only to the extent applicable to such Receivable and only to
the extent held in tangible paper form) (the “Receivable Files”): 

	
 

	
 

	
 

	
 

	
(i)

	
the fully
 executed original of the retail motor vehicle installment loan or promissory
 note and security agreement related to such Receivable (with respect to
 tangible chattel paper) or an “authoritative copy” (as such term is used in
 Section 9-105 of the UCC) of the Receivable (with respect to electronic
 chattel paper) or, if no such original executed Receivable or authoritative
 copy exists, a copy thereof, including any written amendments or extensions
 thereto; 

	
 

	
 

	
 

	
 

	
(ii)

	
the original
 credit application or a photocopy thereof to the extent held in paper form; 

	
 

	
 

	
 

	
 

	
(iii) 

	
the original
 Certificate of Title or, if not yet received, evidence that an application
 therefore has been submitted with the appropriate authority or such other
 document (electronic or otherwise, as used in the applicable jurisdiction)
 that the Servicer keeps on file, in accordance with its Customary Servicing
 Practices, evidencing the security interest of the Originator in the Financed
 Vehicle; provided, however, that in lieu of being held in the Receivable
 File, the Certificate of Title may be held by a third party service provider
 engaged by the Servicer to obtain or hold Certificates of Title; and

	
 

	
 

	
 

	
 

	
(iv) 

	
any and all
 other documents that the Servicer or the Seller keeps on file, in accordance
 with its Customary Servicing Practices, relating to a

3

	
 

	
 

	
 

	
 

	
 

	
Receivable,
 an Obligor or a Financed Vehicle (but only to the extent applicable to such
 Receivable and only to the extent held in tangible paper form or electronic
 form).

The foregoing
appointment of the Servicer is deemed to be made with due care. 

          (b)
Safekeeping. The Servicer, in its capacity as custodian, shall hold the
Receivable Files for the benefit of the Issuer and the Indenture Trustee. In
performing its duties as custodian, the Servicer shall act in accordance with
its Customary Servicing Practices. The Servicer, in accordance with its
Customary Servicing Practices: (i) may maintain all or a portion of the
Receivable Files in electronic form and (ii) may maintain custody of all or any
portion of the Receivable Files with one or more of its agents or designees. 

          (c)
Maintenance of and Access to Records. The Servicer will maintain each
Receivable File in the United States (it being understood that the Receivable
Files, or any part thereof, may be maintained at the offices of any Person to
whom the Servicer has delegated responsibilities in accordance with Section
6.5). The Servicer will make available to the Issuer and the Indenture
Trustee or their duly authorized representatives, attorneys or auditors a list
of locations of the Receivable Files upon request. The Servicer will provide
access to the Receivable Files, and the related accounts records, and computer
systems maintained by the Servicer at such times as the Issuer or the Indenture
Trustee direct, but only upon reasonable notice and during the normal business
hours, which do not unreasonably interfere with the Servicer’s normal
operations, at the respective offices of the Servicer. 

          (d)
Release of Documents. Upon written instructions from the Indenture
Trustee, the Servicer will release or cause to be released any document in the
Receivable Files to the Indenture Trustee, the Indenture Trustee’s agent or the
Indenture Trustee’s designee, as the case may be, at such place or places as
the Indenture Trustee may designate, as soon thereafter as is practicable, to
the extent it does not unreasonably interfere with the Servicer’s normal
operations. The Servicer shall not be responsible for any loss occasioned by
the failure of the Indenture Trustee or its agent or designee to return any
document or any delay in doing so. Any document so released will be handled by
the Indenture Trustee with due care and returned to the Servicer for
safekeeping as soon as the Indenture Trustee or its agent or designee, as the
case may be, has no further need therefor. 

          (e)
Instructions; Authority to Act. All instructions from the Indenture
Trustee will be in writing and signed by a Responsible Officer of the Indenture
Trustee, and the Servicer will be deemed to have received proper instructions
with respect to the Receivable Files upon its receipt of such written
instructions. 

          (f)
Custodian’s Indemnification. Subject to Section 6.2, the Servicer
as custodian will indemnify the Issuer and the Indenture Trustee for any and all
liabilities, obligations, losses, compensatory damages, payments, costs, or
expenses of any kind whatsoever that may be imposed on, incurred by, or
asserted against the Issuer or the Indenture Trustee as the result of any
improper act or omission in any way relating to the maintenance and custody by
the Servicer as custodian of the Receivable Files; provided, however,
that the Servicer will not be liable (i) to the Indenture Trustee or the Issuer
for any portion of any such amount resulting from the willful 

4

misconduct,
bad faith or negligence of the Indenture Trustee or the Issuer or (ii) to the
Indenture Trustee for any portion of any such amount resulting from the failure
of the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s
designee to handle with due care any Certificate of Title or other document
released to the Indenture Trustee or the Indenture Trustee’s agent or designee
pursuant to Section 2.4(d). 

          (g)
Effective Period and Termination. The Servicer’s appointment as
custodian will become effective as of the Cut-Off Date and will continue in
full force and effect until terminated pursuant to this Section 2.4(g).
If the Bank resigns as Servicer in accordance with Section 6.6 or if all
of the rights and obligations of the Servicer have been terminated under Section
7.1, the appointment of the Servicer as custodian hereunder may be
terminated by the Indenture Trustee, or by the Noteholders evidencing not less
than 662⁄3% of the Note Balance of the Controlling Class, in the same manner as
the Indenture Trustee or such Noteholders may terminate the rights and
obligations of the Servicer under Section 7.1. As soon as practicable
after any termination of such appointment, the Servicer will deliver to the
Indenture Trustee (or, at the direction of the Indenture Trustee, to its agent)
the Receivable Files and the related accounts and records maintained by the
Servicer at such place or places as the Indenture Trustee may reasonably
designate; provided, however,
that with respect to authoritative copies of the Receivables constituting
electronic chattel paper, the Servicer, in its sole discretion, shall either
(i) continue to hold any such authoritative copies on behalf of the Issuer and
the Indenture Trustee or the Indenture Trustee’s agent or (ii) deliver copies
of such authoritative copies and destroy the authoritative copies maintained by
the Servicer prior to its termination such that such copy delivered to the
Indenture Trustee or the Indenture Trustee’s agent becomes the authoritative
copy of the Receivable constituting electronic chattel paper. 

ARTICLE III

ADMINISTRATION AND SERVICING OF 

RECEIVABLES AND TRUST PROPERTY

          SECTION
3.1 Duties of Servicer. 

          (a)
The Servicer is hereby appointed by the Issuer and authorized to act as agent
for the Issuer and in such capacity shall manage, service, administer and make
collections on the Receivables in accordance with its Customary Servicing
Practices, using the degree of skill and attention that the Servicer exercises
with respect to all comparable motor vehicle receivables that it services for
itself or others. The Servicer’s duties will include collection and posting of
all payments, responding to inquiries of Obligors on such Receivables,
investigating delinquencies, sending invoices or payment coupons to Obligors,
reporting any required tax information to Obligors, accounting for collections
and furnishing monthly and annual statements to the Indenture Trustee with
respect to distributions. The Servicer is not required under the Transaction
Documents to make any disbursements via wire transfer or otherwise on behalf of
an Obligor. There are no requirements under the Receivables or the Transaction
Documents for funds to be, and funds shall not be, held in trust for an
Obligor. No payments or disbursements are required to be made by the Servicer
on behalf of the Obligor. The Servicer hereby accepts such appointment and
authorization and agrees to perform the duties of Servicer with respect to the
Receivables set forth herein. 

5

          (b)
The Servicer will follow its Customary Servicing Practices and will have full
power and authority to do any and all things in connection with such managing,
servicing, administration and collection that it may deem necessary or
desirable. Without limiting the generality of the foregoing, the Servicer is
hereby authorized and empowered to execute and deliver, on behalf of itself,
the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders, the
Certificateholder, or any of them, any and all instruments of satisfaction or
cancellation, or partial or full release or discharge, and all other comparable
instruments, with respect to such Receivables or to the Financed Vehicles
securing such Receivables. The Servicer is hereby authorized to commence, in
its own name or in the name of the Issuer, a legal Proceeding to enforce a
Receivable or to commence or participate in any other legal Proceeding
(including a bankruptcy Proceeding) relating to or involving a Receivable, an
Obligor or a Financed Vehicle. If the Servicer commences a legal Proceeding to
enforce a Receivable, the Issuer will thereupon be deemed to have automatically
assigned such Receivable to the Servicer solely for purposes of commencing or
participating in any such Proceeding as a party or claimant, and the Servicer
is authorized and empowered by the Issuer to execute and deliver in the
Servicer’s name any notices, demands, claims, complaints, responses, affidavits
or other documents or instruments in connection with any such Proceeding. If in
any enforcement suit or legal Proceeding it is held that the Servicer may not
enforce a Receivable on the ground that it is not a real party in interest or a
holder entitled to enforce the Receivable, the Issuer will, at the Servicer’s
expense and direction, take steps to enforce the Receivable, including bringing
suit in its name or the name of the Indenture Trustee. The Issuer will furnish
the Servicer with any powers of attorney and other documents reasonably necessary
or appropriate to enable the Servicer to carry out its servicing and
administrative duties hereunder. The Servicer, at its expense, will obtain on
behalf of the Issuer all licenses, if any, reasonably requested by the Seller
to be held by the Issuer in connection with ownership of the Receivables, and
will make all filings and pay all fees as may be required in connection
therewith during the term hereof. 

          (c)
The Servicer hereby agrees that upon its resignation and the appointment of a
successor Servicer hereunder, the Servicer will terminate its activities as
Servicer hereunder in accordance with Section 7.1, and, in any case, in
a manner which the Indenture Trustee reasonably determines will facilitate the
transition of the performance of such activities to such successor Servicer,
and the Servicer shall cooperate with and assist such successor Servicer. 

          SECTION
3.2 Collection of Receivable Payments. 

          (a)
The Servicer will make reasonable efforts to collect all payments called for
under the terms and provisions of the Receivables as and when the same become
due in accordance with its Customary Servicing Practices. Subject to Section
3.5, the Servicer may grant extensions, rebates, deferrals, amendments,
modifications or adjustments with respect to any Receivable in accordance with
its Customary Servicing Practices; provided,
however, that if the Servicer (i)
extends the date for final payment by the Obligor of any Receivable beyond the
last day of the Collection Period preceding the latest Final Scheduled Payment
Date of any Notes issued under the Indenture or (ii) reduces the Contract Rate
or Outstanding Principal Balance with respect to any Receivable other than as
required by applicable law (including, without limitation, by the
Servicemembers Civil Relief Act of 2003, as amended), it will promptly purchase
such Receivable in the manner provided in Section 3.6; provided, further, that the Servicer shall
not make any modification described in the preceding clause (i) or (ii) that
would 

6

trigger a
repurchase pursuant to the above provisions or pursuant to Section 3.6, in
either case for the sole purpose of enabling the Servicer to purchase a
Receivable from the Issuer and provided,
further, that any change referred
to in this Section 3.2 shall only be made if either (a) the Obligor is in
default or, in the judgment of the Servicer, is reasonably expected to default
in the near future, or (b) the change is to the payment due date of a
Receivable, does not exceed 25 days and is made not more than twice during the
term of such Receivable. 

          The
Servicer may in its discretion waive any late payment charge or any other fees
that may be collected in the ordinary course of servicing a Receivable. Subject
to the provisos of the second sentence of the first paragraph of this Section
3.2, the Servicer and its Affiliates may engage in any marketing practice or
promotion or any sale of any products, goods or services to Obligors with
respect to the Receivables for the account of the Servicer and/or its
Affiliates (but not the Issuer) so long as such practices, promotions or sales
are offered to obligors of comparable motor vehicle receivables serviced by the
Servicer for itself and others, whether or not such practices, promotions or
sales might indirectly result in a decrease in the aggregate amount of payments
made (but not any related contractual obligation) on the Receivables,
prepayments or faster or slower timing of the payment of the Receivables.
Notwithstanding anything in this Agreement to the contrary, the Servicer may
refinance any Receivable by (a) making a new loan to the Obligor and depositing
the full Outstanding Principal Balance of such refinanced Receivable into the
Collection Account or (b) by causing the Issuer to effect a substantive
modification to the Receivable when the request for such modification is the
result of a contact from or request of the related Obligor, in which case the
Receivable shall be deemed to be refinanced and the Servicer shall promptly
deposit the full Outstanding Principal Balance of such refinanced Receivable
into the Collection Account as soon as practical. The receivable created by
such refinancing shall not be property of the Issuer, in the case of (b) in the
prior sentence, upon the Servicer’s related payment to Issuer. The Servicer and
its Affiliates may also sell insurance or debt cancellation products, including
products which result in the repayment of some or all of the amount of a
Receivable owned by the Issuer upon the death or disability of the Obligor or
any casualty with respect to the Financed Vehicle. 

          (b)
Except as set forth in Section 4.3(c), the Servicer shall not be required to
make any advances of funds or guarantees regarding collections, cash flows or
distributions. Payments on the Receivables, including payoffs, made in
accordance with the related documentation for such Receivables, shall be posted
to the Servicer’s Obligor records in accordance with the Servicer’s Customary
Servicing Practices. Such payments shall be allocated to principal, interest or
other items in accordance with the related documentation for such Receivables. 

          (c)
Records documenting collection efforts shall be maintained during the period a
Receivable is delinquent in accordance with the Servicer’s Customary Servicing
Practices. Such records shall be maintained on at least a periodic basis that
is not less frequent than the Servicer’s Customary Servicing Practices, and
describe the entity’s activities in monitoring delinquent pool assets including,
for example, phone calls, letters and payment rescheduling plans in cases where
delinquency is deemed temporary (e.g., illness or unemployment) in accordance
with the Servicer’s Customary Servicing Practices. 

          SECTION
3.3 Realization Upon Receivables. On behalf of the Issuer, the Servicer
will use commercially reasonable efforts, consistent with its Customary
Servicing Practices, to 

7

repossess or
otherwise convert the ownership of the Financed Vehicle securing any Receivable
as to which the Servicer has determined eventual payment in full is unlikely
unless it determines in its sole discretion that repossession will not increase
the Liquidation Proceeds by an amount greater than the expense of such
repossession or that the proceeds ultimately recoverable with respect to such
Receivable would be increased by forbearance. The Servicer will follow such
Customary Servicing Practices as it deems necessary or advisable, which may
include selling the Financed Vehicle at public or private sale and which shall
not, except as provided below, involve the sale of all, or any portion of, a
Receivable. The foregoing shall be subject to the provision that, in any case
in which the Financed Vehicle has suffered damage, the Servicer shall not be
required to expend funds in connection with the repair or the repossession of
such Financed Vehicle unless it shall determine in its discretion that such
repair and/or repossession will increase the Liquidation Proceeds by an amount
greater than the amount of such expenses. The Servicer, in its sole discretion,
may in accordance with its Customary Servicing Practices purchase from the
Issuer any Receivable’s deficiency balance (i.e., the remaining balance of a
Receivable after deduction of all Liquidation Proceeds with respect to such
Receivable) for a purchase price equal to the fair value of the deficiency
balance as determined by the Servicer at the time of purchase by the Servicer,
which purchase price shall not be adjusted by the proceeds the Servicer
ultimately realizes from its disposition or collection efforts related to the
deficiency amount. Net proceeds of any such sale to the Servicer will
constitute Liquidation Proceeds, and the sole right of the Issuer and the
Indenture Trustee with respect to any such sold Receivables will be to receive
such Liquidation Proceeds. Upon such sale, the Servicer will mark its computer
records indicating that any such receivable sold is no longer a Receivable. The
Servicer is authorized to take any and all actions necessary or appropriate on
behalf of the Issuer to evidence the sale of the Financed Vehicle at public or
private sale or the sale of the Receivable to the Servicer pursuant to the
provisions of this paragraph free from any Lien or other interest of the Issuer
or the Indenture Trustee. 

          SECTION
3.4 Maintenance of Security Interests in Financed Vehicles. The Servicer
will, in accordance with its Customary Servicing Practices, take such steps as
are necessary to maintain perfection of the security interest created by each
Receivable in the related Financed Vehicle. The provisions set forth in this
Section are the sole requirements under the Transaction Documents with respect
to the maintenance of collateral or security on the Receivables. It is
understood that the Financed Vehicles are the collateral and security for the
Receivables, but that the certificate of title with respect to a Financed
Vehicle does not constitute collateral and merely evidences such security
interest. The Issuer hereby authorizes the Servicer to take such steps as are
necessary to re-perfect such security interest on behalf of the Issuer and the
Indenture Trustee in the event of the relocation of a Financed Vehicle or for
any other reason. 

          SECTION
3.5 Covenants of Servicer. Unless required by law or court order, the
Servicer will not release the Financed Vehicle securing each such Receivable
from the security interest granted by such Receivable in whole or in part
except (a) in the event of payment in full by or on behalf of the Obligor
thereunder or payment in full less a deficiency which the Servicer would not
attempt to collect in accordance with its Customary Servicing Practices, (b) in
connection with repossession or (c) except as may be required by an insurer in
order to receive proceeds from any Insurance Policy covering such Financed
Vehicle. 

8

          SECTION
3.6 Purchase of Receivables Upon Breach. Upon discovery by any party
hereto of a breach of any of the covenants set forth in Section 3.2, 3.3, 3.4
or 3.5 which materially and adversely affects the interests of the Issuer or
the Noteholders, the party discovering such breach shall give prompt written
notice thereof to the other parties hereto; provided,
that delivery of the Servicer’s Certificate, which identifies the
Receivables that are being or have been repurchased, shall be deemed to
constitute prompt notice by the Servicer and the Issuer of such breach with
respect to such repurchased Receivable; provided,
further, that the failure to give
such notice shall not affect any obligation of the Servicer hereunder. If the
Servicer does not correct or cure such breach prior to the end of the
Collection Period which includes the 60th day (or, if the Servicer elects, an
earlier date) after the date that the Servicer became aware or was notified of
such breach, then the Servicer shall purchase any Receivable materially and
adversely affected by such breach from the Issuer on the Payment Date following
the end of such Collection Period. Any such breach or failure will not be
deemed to have a material and adverse effect if such breach or failure does not
affect the ability of the Issuer to receive and retain timely payment in full
on such Receivable. Any such purchase by the Servicer shall be at a price equal
to the Repurchase Price. In consideration for such repurchase, the Servicer
shall make (or shall cause to be made) a payment to the Issuer equal to the
Repurchase Price by depositing such amount into the Collection Account prior to
11:00 a.m., New York City time on such Payment Date. Upon payment of such
Repurchase Price by the Servicer, the Issuer and the Indenture Trustee shall
release and shall execute and deliver such instruments of release, transfer or
assignment, in each case without recourse or representation, as shall be
reasonably necessary to vest in the Servicer or its designee any Receivable
repurchased pursuant hereto. It is understood and agreed that the obligation of
the Servicer to purchase any Receivable as described above shall constitute the
sole remedy respecting such breach available to the Issuer and the Indenture
Trustee. 

          SECTION
3.7 Servicing Fee. On each Payment Date, the Issuer shall pay to the
Servicer the Servicing Fee in accordance with Section 4.4 for the immediately
preceding Collection Period as compensation for its services. In addition, the
Servicer will be entitled to retain all Supplemental Servicing Fees. The
Servicer also will be entitled to receive investment earnings (net of
investment losses and expenses) on funds deposited in the Collection Account
during each Collection Period. 

          SECTION
3.8 Servicer’s Certificate. On or before the Determination Date
preceding each Payment Date, the Servicer shall deliver to the Indenture
Trustee, and each Paying Agent, and the Indenture Trustee shall forward such
copy to each of the Rating Agencies, a Servicer’s Certificate containing all
information necessary to make the payments, transfers and distributions
pursuant to Sections 4.3 and 4.4 on such Payment Date. At the sole option of
the Servicer, each Servicer’s Certificate may be delivered in electronic or
hard copy format. 

          SECTION
3.9 Annual Officer’s Certificate; Notice of Servicer Replacement Event.
(a) So long as the Seller is filing any reports with respect to the Issuer
under the Exchange Act, the Servicer will deliver to the Rating Agencies, the
Issuer and the Indenture Trustee, on or before March 30 of each calendar year,
beginning on March 30, 2010, an Officer’s Certificate (with appropriate
insertions) providing such information as is required under Item 1123 of
Regulation AB. 

9

          (b)
The Servicer will deliver to the Issuer, the Indenture Trustee and each Rating
Agency promptly after having obtained knowledge thereof written notice in an
Officer’s Certificate of any event which with the giving of notice or lapse of
time, or both, would become a Servicer Replacement Event. Except to the extent
set forth in this Section 3.9(b) and Sections 7.2 and 9.22 of this Agreement
and Section 3.12 of the Indenture, the Transaction Documents do not require any
policies or procedures to monitor any performance or other triggers and events
of default. 

          (c)
So long as the Seller is filing any reports with respect to the Issuer under
the Exchange Act, the Servicer will deliver to the Issuer, on or before March
30 of each year, beginning on March 30, 2010, a report regarding the Servicer’s
assessment of compliance with the Servicing Criteria during the immediately
preceding calendar year (or since the Closing Date in the case of the first
such report), including disclosure of any material instance of non-compliance
identified by the Servicer, as required under paragraph (b) of Rule 13a-18 and
Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 

          SECTION
3.10 Annual Registered Public Accounting Firm Attestation Report. So
long as the Seller is filing any reports with respect to the Issuer under the
Exchange Act, on or before the 90th day following the end of each fiscal year,
beginning with the fiscal year ending December 31, 2009, the Servicer shall
cause a firm of independent registered public accountants (who may also render
other services to the Servicer, the Seller or their respective Affiliates) to
furnish to the Indenture Trustee, the Servicer, the Seller and each Rating
Agency each attestation report on assessments of compliance with the Servicing
Criteria with respect to the Servicer or any Affiliate thereof during the
related fiscal year (or since the Closing Date in the case of the first such
report) delivered by such accountants pursuant to paragraph (c) of Rule 13a-18
or Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. The
certification required by this paragraph may be replaced by any similar
certification using other procedures or attestation standards which are now or
in the future in use by servicers of comparable assets, or which otherwise
comply with any rule, regulation, “no action” letter or similar guidance
promulgated by the Commission. 

          SECTION
3.11 Servicer Expenses. The Servicer shall pay all expenses (other than
expenses described in the definition of Liquidation Proceeds) incurred by it in
connection with its activities hereunder, independent accountants, taxes
imposed on the Servicer and expenses incurred in connection with distributions
and reports to the Noteholders and the Certificateholder. The Servicer shall
also pay all fees, expenses, and indemnities of the Indenture Trustee (as
described in, and pursuant to the limitations set forth in Section 6.7 of the
Indenture) and the Owner Trustee (as described in, and pursuant to the
limitations set forth in, Sections 8.1 and 8.2 of the Trust Agreement). 

          SECTION
3.12 1934 Act Filings. The Issuer hereby authorizes the Servicer and the
Seller, or either of them, to prepare, sign, certify and file any and all
reports, statements and information with respect to the Issuer and/or the Notes
required to be filed pursuant to the Exchange Act, and the rules thereunder. 

10

ARTICLE IV

DISTRIBUTIONS; ACCOUNTS; 

STATEMENTS TO THE CERTIFICATEHOLDER 

AND THE NOTEHOLDERS

          SECTION
4.1 Establishment of Accounts. (a) The Servicer shall cause to be
established: 

	
 

	
 

	
 

	
 

	
(i)

	
For the
 benefit of the Noteholders, in the name of the Indenture Trustee, an Eligible
 Account (the “Collection Account”),
 bearing a designation clearly indicating that the funds deposited therein are
 held for the benefit of the Noteholders, which Eligible Account shall be
 established by and maintained with the Indenture Trustee or its designee. No
 checks shall be issued, printed or honored with respect to the Collection
 Account. 

	
 

	
 

	
 

	
 

	
(ii)

	
For the
 benefit of the Noteholders, in the name of the Indenture Trustee, an Eligible
 Account (the “Principal Distribution Account”), which may be a
 subaccount of the Collection Account, bearing a designation clearly
 indicating that the funds deposited therein are held for the benefit of the
 Noteholders, which Eligible Account shall be established by and maintained
 with the Indenture Trustee or its designee. No checks shall be issued,
 printed or honored with respect to the Principal Distribution Account. 

	
 

	
 

	
 

	
 

	
(iii)

	
For the
 benefit of the Noteholders, in the name of the Indenture Trustee, an Eligible
 Account (the “Reserve Account”), bearing a designation clearly
 indicating that the funds deposited therein are held for the benefit of the
 Noteholders, which Eligible Account shall be established by and maintained
 with the Indenture Trustee or its designee. No checks shall be issued,
 printed or honored with respect to the Reserve Account. 

          (b)
Funds on deposit in the Collection Account and the Reserve Account (collectively, with the Principal
Distribution Account, the “Trust Accounts”) shall be invested by the
Indenture Trustee in Permitted Investments selected in writing by the Servicer
and of which the Servicer provides notification (pursuant to standing
instructions or otherwise); provided,
that it is understood and agreed that neither the Servicer, the Indenture
Trustee nor the Issuer shall be liable for any loss arising from such
investment in Permitted Investments. If the Bank of New York Mellon is the
Indenture Trustee, in the absence of such written investment direction, all
funds shall be retained uninvested. All such Permitted Investments shall be
held by or on behalf of the Indenture Trustee as secured party for the benefit
of the Noteholders; provided,
that on each Payment Date all interest and other investment income (net of
losses and investment expenses) on funds on deposit in the Collection Account
shall be distributed to the Servicer as additional servicing compensation and
shall not be available to pay the distributions provided for in Section 4.4.
All investments of funds on deposit in the Trust Accounts shall mature so that
such funds will be available by 10:00 a.m. New York City time on the next
Payment Date. No Permitted Investment shall be sold or otherwise disposed of
prior to its scheduled maturity unless  

11

a default
occurs with respect to such Permitted Investment and the Servicer directs the
Indenture Trustee in writing to dispose of such Permitted Investment. For the
avoidance of doubt, with respect to each Payment Date, any interest and other
income earned on funds in deposit in the Trust Accounts from the Business Day prior
to such Payment Date through such Payment Date shall be paid to the Servicer. 

          (c)
The Indenture Trustee shall possess all right, title and interest in all funds
on deposit from time to time in the Trust Accounts and in all proceeds thereof
and all such funds, investments and proceeds shall be part of the Trust Estate.
Except as otherwise provided herein, the Trust Accounts shall be under the sole
dominion and control of the Indenture Trustee for the benefit of the
Noteholders. If, at any time, any Trust Account ceases to be an Eligible
Account, the Servicer shall promptly notify the Indenture Trustee in writing
(unless such Trust Account is an account with the Indenture Trustee) and within
10 Business Days (or such longer period as to which each Rating Agency may
consent) after becoming aware of the fact, establish a new Trust Account as an
Eligible Account and shall direct the Indenture Trustee to transfer any cash
and/or any investments to such new Trust Account. 

          (d)
With respect to the Trust Account Property, the parties hereto agree that: 

	
 

	
 

	
 

	
 

	
(i)

	
any Trust
 Account Property that consists of uninvested funds shall be held solely in
 Eligible Accounts and, except as otherwise provided herein, each such
 Eligible Account shall be subject to the exclusive custody and control of the
 Indenture Trustee, and, except as otherwise provided in the Transaction
 Documents, the Indenture Trustee or its designee shall have sole signature
 authority with respect thereto; 

	
 

	
 

	
 

	
 

	
(ii)

	
any Trust
 Account Property that constitutes Physical Property shall be delivered to the
 Indenture Trustee or its designee, in accordance with paragraph (a) of the definition of
 “Delivery” and shall be held, pending maturity or disposition, solely by the
 Indenture Trustee or any such designee; 

	
 

	
 

	
 

	
 

	
(iii)

	
any Trust
 Account Property that is an “uncertificated security” under Article 8 of the
 UCC and that is not governed by clause
 (iv) below shall be delivered to the Indenture Trustee or its
 designee in accordance with paragraph (c)
 of the definition of “Delivery” and shall be maintained by the Indenture
 Trustee or such designee, pending maturity or disposition, through continued
 registration of the Indenture Trustee’s (or its designee’s) ownership of such
 security on the books of the issuer thereof; and 

	
 

	
 

	
 

	
 

	
(iv)

	
any Trust
 Account Property that is an uncertificated security that is a “book-entry
 security” (as such term is defined in Federal Reserve Bank Operating Circular
 No. 7) held in a securities account at a Federal Reserve Bank and eligible
 for transfer through the Fedwire® Securities Service operated by
 the Federal Reserve System pursuant to Federal book-entry regulations shall
 be delivered in accordance with paragraph
 (b) of the 

12

	
 

	
 

	
 

	
definition
 of “Delivery” and shall be maintained by the Indenture Trustee or its
 designee or a securities intermediary (as such term is defined in Section
 8-102(a)(14) of the UCC) acting solely for the Indenture Trustee or such
 designee, pending maturity or disposition, through continued book-entry
 registration of such Trust Account Property as described in such paragraph. 

          (e)
Except for the Collection Account, the Reserve Account and the Principal
Distribution Account, there are no accounts required to be maintained under the
Transaction Documents. No checks shall be issued, printed or honored with
respect to the Collection Account, the Reserve Account or the Principal
Distribution Account. 

          SECTION
4.2 Remittances. The Servicer shall deposit an amount equal to all
Collections into the Collection Account within two Business Days after
identification; provided, however, that if the Monthly Remittance
Condition is satisfied, then the Servicer shall not be required to deposit into
the Collection Account an amount equal to the Collections received during any
Collection Period until 10:00 a.m., New York City time, on the following
Payment Date, (or the Business Day preceding each Payment Date if the
Collection Account is not maintained at the Indenture Trustee). The “Monthly
Remittance Condition” shall be deemed to be satisfied if (i) the Bank or
one of its Affiliates is the Servicer, (ii) no Servicer Replacement Event has
occurred and is continuing and (iii) USAA Capital Corporation has a short-term
debt rating of at least “P1” from Moody’s and “A1” from Standard & Poor’s.
Notwithstanding the foregoing, the Servicer may remit Collections to the
Collection Account on any other alternate remittance schedule (but not later
than the related Payment Date) if the Rating Agency Condition is satisfied with
respect to such alternate remittance schedule. Pending deposit into the
Collection Account, Collections may be commingled and used by the Servicer at
its own risk and are not required to be segregated from its own funds. The Indenture
Trustee shall not be deemed to have knowledge of any event or circumstance
included in the definition of Monthly Remittance Condition that would require
early remittance of such funds unless a Responsible Officer of the Indenture
Trustee has actual knowledge thereof. 

          SECTION
4.3 Additional Deposits and Payments; Servicer Advances. (a) On each
Payment Date, the Servicer and the Seller will deposit into the Collection
Account the aggregate Repurchase Price with respect to Repurchased Receivables
purchased by the Servicer pursuant to Section 3.6 or the Seller pursuant to Section
2.3, respectively, on such Payment Date and the Servicer will deposit into
the Collection Account all amounts, if any, to be paid under Section 8.1
in connection with the Optional Purchase. All such deposits with respect to a
Payment Date will be made, in immediately available funds by 10:00 a.m., New
York City time, on such Payment Date related to such Collection Period. 

          (b)
The Servicer will calculate the Reserve Account Excess Amount for each Payment
Date and instruct the Indenture Trustee to, on each Payment Date, withdraw from
the Reserve Account the Reserve Account Excess Amount, if any, for such Payment
Date and deposit such amount in the Collection Account. 

          (c)
On each Payment Date, the Servicer shall deposit into the Collection Account
prior to 10:00 a.m., New York City time, an advance in an amount equal to the lesser of (a) any 

13

shortfall in
the amounts available to make the payments in clauses
first through sixth of
Section 4.4(a) and (b) the aggregate scheduled monthly payments due on
Receivables but not received during and prior to the related Collection Period
(an “Advance”); provided, however, that the Servicer will not be
obligated to make an Advance if the Servicer reasonably determines in its sole
discretion that such Advance is not likely to be repaid from future cash flows
from the Receivables. No Advances will be made with respect to Defaulted
Receivables. 

          (d)
The Servicer will calculate the Reserve Account Draw Amount for each Payment
Date and instruct the Indenture Trustee to, on the Payment Date relating to
each Collection Period, withdraw from the Reserve Account the Reserve Account
Draw Amount and deposit such amount in the Collection Account. 

          (e)
On the Closing Date the Seller will deposit (or cause to be deposited) into the
Reserve Account an amount equal to the Initial Reserve Account Deposit Amount. 

          SECTION
4.4 Distributions. 

          (a)
Subject to Article V of the Indenture, on each Payment Date, the
Indenture Trustee (solely based on information contained in, and as directed
by, the Servicer’s Certificate delivered on or before the related Determination
Date pursuant to Section 3.8) shall make the following deposits and
distributions, to the extent of Available Funds, Advances made on such Payment
Date pursuant to Section 4.3(c) and the Reserve Account Draw Amount, on
deposit in the Collection Account for such Payment Date, in the following order
of priority: 

	
 

	
 

	
 

	
 

	
(i)

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

	
 

	
 

	
 

	
 

	
(ii)

	
second, to the Servicer, the Servicing Fee
 and all unpaid Servicing Fees with respect to prior Collection Periods; 

	
 

	
 

	
 

	
 

	
(iii)

	
third, pro rata based on amounts due, to the
 Class A Noteholders, the Accrued Class A Note Interest for the related
 Interest Period; provided, that
 if there are not sufficient funds available to pay the entire amount of the
 Accrued Class A Note Interest, the amounts available will be applied to the
 payment of such interest on the Class A Notes on a pro rata basis; 

	
 

	
 

	
 

	
 

	
(iv)

	
fourth, to the Principal Distribution Account
 for distribution to the Noteholders pursuant to Section 8.2(c) of the
 Indenture, the First Allocation of Principal, if any; 

	
 

	
 

	
 

	
 

	
(v)

	
fifth, to the Class B Noteholders, the
 Accrued Class B Note Interest for the related Interest Period; 

	
 

	
 

	
 

	
 

	
(vi)

	
sixth, to the Principal Distribution Account
 for distribution to the Noteholders in accordance with Section 8.2(c)
 of the Indenture, the Second Allocation of Principal, if any; 

14

	
 

	
 

	
 

	
 

	
(vii)

	
seventh, to the Reserve Account, any additional amounts required to
 increase the amount in the Reserve Account up to the Specified Reserve
 Account Balance; 

	
 

	
 

	
 

	
 

	
(viii)

	
eighth, to the Owner Trustee and the
 Indenture Trustee, fees, expenses and indemnification amounts due and owing
 under this Agreement, the Trust Agreement and the Indenture, as applicable,
 which have not been previously paid; 

	
 

	
 

	
 

	
 

	
(ix)

	
ninth, to the Servicer, legal expenses and
 costs incurred pursuant to Section 6.4(b); and 

	
 

	
 

	
 

	
 

	
(x)

	
tenth, to or at the direction of the
 Certificateholder, any funds remaining. 

Notwithstanding
any other provision of this Section 4.4, following the occurrence and
during the continuation of an Event of Default which has resulted in an
acceleration of the Notes, the Indenture Trustee shall apply all amounts on
deposit in the Collection Account pursuant to Section 5.4(b) of the
Indenture. 

          (b)
After the payment in full of the Notes and all other amounts payable under Section
4.4(a), all Collections shall be paid to or in accordance with the
instructions provided from time to time by the Certificateholder.

          SECTION
4.5 Net Deposits. If the Monthly Remittance Condition is satisfied, the
Servicer shall be permitted to deposit into the Collection Account only the net
amount distributable to Persons other than the Servicer and its Affiliates on
the Payment Date. The Servicer shall, however, account as if all of the
deposits and distributions described herein were made individually. 

          SECTION
4.6 Statements to Certificateholder and Noteholders. On or before each
Determination Date, the Servicer shall deliver to the Indenture Trustee, each
Paying Agent and the Rating Agencies, and the Indenture Trustee shall make
available on its website, as described below to the Issuer and to each
Noteholder of record as of the most recent Record Date, a statement setting
forth for the Collection Period and Payment Date relating to such Determination
Date the following information (to the extent applicable): 

          (a)
the aggregate amount being paid on such Payment Date in respect of interest on
and principal of each Class of Notes; 

          (b)
the Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3 Note
Balance, the Class A-4 Note Balance and the Class B Note Balance in each case
after giving effect to payments on such Payment Date; 

          (c)
(i) the amount on deposit in the Reserve Account as of the beginning and end of
the related Collection Period, (ii) the Specified Reserve Account Balance for
such Payment Date, (iii) the amount deposited in the Reserve Account in respect
of such Payment Date, if any, (iv) 

15

the Reserve
Account Draw Amount and the Reserve Account Excess Amount, if any, to be
withdrawn from the Reserve Account on such Payment Date, (v) the balance on
deposit in the Reserve Account on such Payment Date after giving effect to
withdrawals therefrom and deposits thereto in respect of such Payment Date and
(vi) the change in such balance from the immediately preceding Payment Date; 

          (d)
the First Allocation of Principal and the Second Allocation of Principal for
such Payment Date; 

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

          (f)
the amount of the Servicing Fee to be paid to the Servicer with respect to the
related Collection Period and the amount of any unpaid Servicing Fees; 

          (g)
the amount of the Class A Noteholders’ Interest Carryover Shortfall and the
Class B Noteholders’ Interest Carryover Shortfall, if any, on such Payment Date
and the change in such amounts from the preceding Payment Date; 

          (h)
the aggregate Repurchase Price with respect to Repurchased Receivables with
respect to the related Collection Period; 

          (i)
the amount of Advances, if any, on such Payment Date; and 

          (j)
the amount of Collections for the related Collection Period. 

          No
disbursements shall be made directly by the Servicer to a Noteholder, and the
Servicer shall not be required to maintain any investor record relating to the
posting of disbursements or otherwise. 

          The
Indenture Trustee will make available via the Indenture Trustee’s internet
website all reports or notices required to be provided by the Indenture Trustee
under this Section 4.6. Any information that is disseminated in
accordance with the provisions of this Section 4.6 shall not be required
to be disseminated in any other form or manner; provided, however,
any such information that must be delivered to the Rating Agencies under this Section
4.6 shall be sent by the Servicer by electronic mail to each Rating Agency.
The Indenture Trustee will make no representations or warranties as to the
accuracy or completeness of such documents and will assume no responsibility
therefor. 

          The
Indenture Trustee’s internet website shall be initially located at
www.bnyinvestorreporting.com or at such other address as shall be specified by
the Indenture Trustee from time to time in writing to the Noteholders, the
Servicer, the Issuer or any Paying Agent. The Indenture Trustee will forward a
hard copy of the reports or notices required to be provided by the Indenture
Trustee under this Section 4.6 to each Noteholder promptly after it
becomes aware that the reports or notices are not accessible on its internet
website. In connection with providing access to the Indenture Trustee’s
internet website, the Indenture Trustee may require registration and the
acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination
of information in accordance with this Agreement. 

16

          SECTION
4.7 No Duty to Confirm. The Indenture Trustee shall have no duty or
obligation to verify or confirm the accuracy of any of the information or
numbers set forth in the Servicer’s Certificate delivered by the Servicer to
the Indenture Trustee, and the Indenture Trustee shall be fully protected in
relying upon such Servicer’s Certificate. 

ARTICLE V

THE SELLER

          SECTION
5.1 Representations and Warranties of Seller. The Seller makes the
following representations and warranties as of the Closing Date on which the
Issuer will be deemed to have relied in acquiring the Transferred Assets. The
representations and warranties speak as of the execution and delivery of this
Agreement and will survive the conveyance of the Transferred Assets to the
Issuer pursuant to this Agreement and the pledge thereof by the Issuer to the
Indenture Trustee pursuant to the Indenture: 

          (a)
Existence and Power. The Seller is a limited liability company validly
existing and in good standing under the laws of the State of Delaware and has,
in all material respects, all power and authority required to carry on its
business as it is now conducted. The Seller has obtained all necessary licenses
and approvals in each jurisdiction where the failure to do so would materially
and adversely affect the ability of the Seller to perform its obligations under
the Transaction Documents or affect the enforceability or collectibility of the
Receivables or any other part of the Transferred Assets. 

          (b)
Authorization and No Contravention. The execution, delivery and
performance by the Seller of each Transaction Document to which it is a party
(i) have been duly authorized by all necessary limited liability company action
on the part of the Seller and (ii) do not contravene or constitute a default
under (A) any applicable law, rule or regulation, (B) its organizational
documents or (C) any material agreement, contract, order or other instrument to
which it is a party or its property is subject (other than violations which do
not affect the legality, validity or enforceability of any of such agreements
and which, individually or in the aggregate, would not materially and adversely
affect the transactions contemplated by, or the Seller’s ability to perform its
obligations under, the Transaction Documents). 

          (c)
No Consent Required. No approval or authorization by, or filing with,
any Governmental Authority is required in connection with the execution,
delivery and performance by the Seller of any Transaction Document other than
(i) UCC filings, (ii) approvals and authorizations that have previously been
obtained and filings that have previously been made and (iii) approvals,
authorizations or filings which, if not obtained or made, would not have a
material adverse effect on the enforceability or collectibility of the
Receivables or any other part of the Transferred Assets or would not materially
and adversely affect the ability of the Seller to perform its obligations under
the Transaction Documents. 

          (d)
Binding Effect. Each Transaction Document to which the Seller is a party
constitutes the legal, valid and binding obligation of the Seller enforceable
against the Seller in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, receivership, conservatorship or other 

17

similar laws
affecting creditors’ rights generally and, if applicable, the rights of creditors
of limited liability companies from time to time in effect or by general
principles of equity. 

          (e)
Lien Filings. The Seller is not aware of any material judgment, ERISA or
tax lien filings against the Seller. 

          (f)
No Proceedings. There are no actions, suits or Proceedings pending or,
to the knowledge of the Seller, threatened against the Seller before or by any
Governmental Authority that (i) assert the invalidity or unenforceability of
this Agreement or any of the other Transaction Documents, (ii) seek to prevent
the issuance of the Notes or the consummation of any of the transactions
contemplated by this Agreement or any of the other Transaction Documents, (iii)
seek any determination or ruling that would materially and adversely affect the
performance by the Seller of its obligations under this Agreement or any of the
other Transaction Documents or the collectibility or enforceability of the
Receivables, or (iv) relate to the Seller that would materially and adversely
affect the federal or Applicable Tax State income, excise, franchise or similar
tax attributes of the Notes. 

          SECTION
5.2 Liability of Seller; Indemnities. The Seller shall be liable in
accordance herewith only to the extent of the obligations specifically
undertaken by the Seller under this Agreement, and hereby agrees to the
following: 

          (a)
The Seller shall indemnify, defend, and hold harmless the Issuer, the Owner
Trustee, the Indenture Trustee, the Noteholders and the Certificateholder from and
against any loss, liability or expense incurred by reason of (i) the Seller’s
willful misfeasance, bad faith, or negligence in the performance of its duties
under this Agreement, or by reason of reckless disregard of its obligations and
duties under this Agreement and (ii) the Seller’s violation of federal or State
securities laws in connection with the registration or the sale of the Notes. 

          (b)
The Seller will pay any and all taxes levied or assessed upon the Issuer or
upon all or any part of the Trust Estate. 

          (c)
Indemnification under this Section 5.2 will survive the resignation or
removal of the Owner Trustee or the Indenture Trustee and the termination of
this Agreement and will include, without limitation, reasonable fees and expenses
of counsel and expenses of litigation. If the Seller has made any indemnity
payments pursuant to this Section 5.2 and the Person to or on behalf of
whom such payments are made thereafter collects any of such amounts from
others, such Person will promptly repay such amounts to the Seller, without
interest. 

          (d)
The Seller’s obligations under this Section 5.2 are obligations solely
of the Seller and will not constitute a claim against the Seller to the extent
that the Seller does not have funds sufficient to make payment of such
obligations. In furtherance of and not in derogation of the foregoing, the
Issuer, the Servicer, the Indenture Trustee and the Owner Trustee, by entering
into or accepting this Agreement, acknowledge and agree that they have 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, the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee
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 

18

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 the
Issuer, the Servicer, the Indenture Trustee or the Owner Trustee 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. The Issuer, the Servicer, the Indenture Trustee and the Owner Trustee
each further acknowledges and agrees that no adequate remedy at law exists for
a breach of this Section 5.2(d) and the terms of this Section 5.2(d)
may be enforced by an action for specific performance. The provisions of this Section
5.2(d) will be for the third party benefit of those entitled to rely
thereon and will survive the termination of this Agreement. 

          SECTION
5.3 Merger or Consolidation of, or Assumption of the Obligations of, Seller.
Any Person (i) into which the Seller may be merged or consolidated, (ii)
resulting from any merger, conversion, or consolidation to which the Seller is
a party, (iii) succeeding to the business of the Seller, or (iv) more than 50%
of the voting stock or voting power and 50% or more of the economic equity of
which is owned directly or indirectly by United Services Automobile
Association, which Person in any of the foregoing cases executes an agreement
of assumption to perform every obligation of the Seller under this Agreement,
will be the successor to the Seller under this Agreement without the execution
or filing of any document or any further act on the part of any of the parties
to this Agreement. The Seller shall provide notice of any merger, conversion,
consolidation, or succession pursuant to this Section 5.3 to the Rating
Agencies. 

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

          SECTION
5.5 Seller May Own Notes. The Seller, and any Affiliate of the Seller,
may in its individual or any other capacity become the owner or pledgee of
Notes with the same rights as it would have if it were not the Seller or an
Affiliate thereof, except as otherwise expressly provided herein or in the other
Transaction Documents. Except as set forth herein or in the other Transaction
Documents, Notes so owned by the Seller or any such Affiliate will have an
equal and proportionate benefit under the provisions of this Agreement and the
other Transaction Documents, without preference, priority, or distinction as
among all of the Notes. Unless all Notes are owned by the Issuer, the Seller,
the Servicer, the Administrator or any of their respective Affiliates, any
Notes owned by the Issuer, the Seller, the Servicer, the Administrator or any
of their respective Affiliates shall be disregarded with respect to the 

19

determination
of any request, demand, authorization, direction, notice, consent, vote or
waiver hereunder or under any other Transaction Document. 

          SECTION
5.6 Sarbanes-Oxley Act Requirements. To the extent any documents are
required to be filed or any certification is required to be made with respect
to the Issuer or the Notes pursuant to the Sarbanes-Oxley Act, the Issuer
hereby authorizes the Servicer and the Seller, or either of them, to prepare,
sign, certify and file any such documents or certifications on behalf of the
Issuer. 

          SECTION
5.7 Compliance with Organizational Documents. The Seller shall comply
with its limited liability company agreement and other organizational
documents. 

          SECTION
5.8 Perfection Representations, Warranties and Covenants. The Seller
hereby makes the perfection representations, warranties and covenants attached
hereto as Exhibit B to the Issuer and the Indenture Trustee and the Issuer
shall be deemed to have relied on such representations, warranties and
covenants in acquiring the Transferred Assets.  

ARTICLE VI

THE SERVICER

          SECTION
6.1 Representations of Servicer. The Servicer makes the following
representations and warranties as of the Closing Date on which the Issuer will
be deemed to have relied in acquiring the Transferred Assets. The
representations and warranties speak as of the execution and delivery of this
Agreement and will survive the conveyance of the Transferred Assets to the
Issuer pursuant to this Agreement and the pledge thereof by the Issuer to the
Indenture Trustee pursuant to the Indenture: 

          (a)
Existence and Power. The Servicer is a federally chartered savings
association validly existing and in good standing under the laws of the United
States and has, in all material respects, all power and authority to carry on
its business as it is now conducted. The Servicer has obtained all necessary
licenses and approvals in each jurisdiction where the failure to do so would
materially and adversely affect the ability of the Servicer to perform its
obligations under the Transaction Documents or affect the enforceability or
collectibility of the Receivables or any other part of the Transferred Assets. 

          (b)
Authorization and No Contravention. The execution, delivery and
performance by the Servicer of the Transaction Documents to which it is a party
(i) have been duly authorized by all necessary action on the part of the
Servicer and (ii) do not contravene or constitute a default under (A) any
applicable law, rule or regulation, (B) its organizational documents or (C) any
material agreement, contract, order or other instrument to which it is a party
or its property is subject (other than violations which do not affect the
legality, validity or enforceability of any of such agreements and which,
individually or in the aggregate, would not materially and adversely affect the
transactions contemplated by, or the Servicer’s ability to perform its
obligations under, the Transaction Documents). 

          (c)
No Consent Required. No approval or authorization by, or filing with,
any Governmental Authority is required in connection with the execution,
delivery and performance

20

by the
Servicer of any Transaction Document other than (i) UCC filings, (ii) approvals
and authorizations that have previously been obtained and filings that have
previously been made and (iii) approvals, authorizations or filings which, if
not obtained or made, would not have a material adverse effect on the
enforceability or collectibility of the Receivables or would not materially and
adversely affect the ability of the Servicer to perform its obligations under
the Transaction Documents. 

          (d)
Binding Effect. Each Transaction Document to which the Servicer is a
party constitutes the legal, valid and binding obligation of the Servicer
enforceable against the Servicer in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, receivership, conservatorship or other similar laws
affecting creditors’ rights generally and, if applicable, the rights of
creditors of federal savings associations from time to time in effect or by
general principles of equity. 

          (e)
No Proceedings. There are no actions, suits or Proceedings pending or,
to the knowledge of the Servicer, threatened against the Servicer before or by
any Governmental Authority that (i) assert the invalidity or unenforceability
of this Agreement or any of the other Transaction Documents, (ii) seek to prevent
the issuance of the Notes or the consummation of any of the transactions
contemplated by this Agreement or any of the other Transaction Documents, (iii)
seek any determination or ruling that would materially and adversely affect the
performance by the Servicer of its obligations under this Agreement or any of
the other Transaction Documents, or (iv) relate to the Servicer that would
materially and adversely affect the federal or Applicable Tax State income,
excise, franchise or similar tax attributes of the Notes. 

          (f)
Fidelity Bond. The Servicer shall not be required to maintain a fidelity
bond or errors and omissions policy. 

          
SECTION 6.2   Indemnities of Servicer. The Servicer will be liable in accordance
herewith only to the extent of the obligations specifically undertaken by the
Servicer under this Agreement, and hereby agrees to the following: 

          (a)
The Servicer will defend, indemnify and hold harmless the Issuer, the Owner
Trustee, the Indenture Trustee, the Noteholders, the Certificateholder and the
Seller from and against any and all costs, expenses, losses, damages, claims
and liabilities, arising out of or resulting from the use, ownership or
operation by the Servicer or any Affiliate thereof of a Financed Vehicle. 

          (b)
The Servicer will indemnify, defend and hold harmless the Issuer, the Owner
Trustee and the Indenture Trustee from and against any taxes that may at any
time be asserted against any such Person with respect to the transactions
contemplated herein or in the other Transaction Documents, if any, including,
without limitation, any sales, gross receipts, general corporation, tangible
personal property, privilege, or license taxes (but, in the case of the Issuer,
not including any taxes asserted with respect to, and as of the date of, the
conveyance of the Receivables to the Issuer or the issuance and original sales
of the Notes, or asserted with respect to ownership of the Receivables, or
federal or other Applicable Tax State income taxes arising out of the transactions
contemplated by this Agreement and the other Transaction Documents) 

21

and costs and
expenses in defending against the same. For the avoidance of doubt, the
Servicer will not indemnify for any costs, expenses, losses, claims, damages or
liabilities due to the credit risk of the Obligor and for which reimbursement
would constitute recourse for uncollectible Receivables. 

          (c)
The Servicer will indemnify, defend and hold harmless the Issuer, the Owner
Trustee, the Indenture Trustee, the Noteholders, the Certificateholder and the
Seller from and against any and all costs, expenses, losses, claims, damages,
and liabilities to the extent that such cost, expense, loss, claim, damage, or
liability arose out of, or was imposed upon any such Person through, the
negligence, willful misfeasance, or bad faith of the Servicer in the
performance of its duties under this Agreement or any other Transaction
Document to which it is a party, or by reason of its failure to perform its
obligations or of reckless disregard of its obligations and duties under this
Agreement or any other Transaction Document to which it is a party; provided, however,
that the Servicer will not indemnify for any costs, expenses, losses, claims,
damages or liabilities arising from its breach of any covenant for which the
repurchase of the affected Receivables is specified as the sole remedy pursuant
to Section 3.6. 

          (d)
The Servicer will compensate and indemnify the Owner Trustee to the extent and
subject to the conditions set forth in Sections 8.1 and 8.2 of
the Trust Agreement. The Servicer will compensate and indemnify the Indenture
Trustee to the extent and subject to the conditions set forth in Section 6.7
of the Indenture, except to the extent that any cost, expense, loss, claim,
damage or liability arises out of or is incurred in connection with the
performance by the Indenture Trustee of the duties of a successor Servicer
hereunder. 

          (e)
Indemnification under this Section 6.2 by the Bank (or any successor
thereto pursuant to Section 6.6 or Section 7.1) as Servicer, with
respect to the period such Person was the Servicer, will survive the
termination of such Person as Servicer or a resignation by such Person as
Servicer as well as the termination of this Agreement and the Trust Agreement
or the resignation or removal of the Owner Trustee or the Indenture Trustee and
will include reasonable fees and expenses of counsel and expenses of
litigation. If the Servicer has made any indemnity payments pursuant to this Section
6.2 and the Person to or on behalf of whom such payments are made
thereafter collects any of such amounts from others, such Person will promptly
repay such amounts to the Servicer, without interest. 

          (f)
Neither the Servicer nor any of the directors or officers or employees or
agents of the Servicer shall be under any liability to the Issuer, the
Noteholders or the Certificateholders, except as provided under this Agreement,
for any action taken or for refraining from the taking of any action pursuant
to this Agreement or for errors in judgment; provided,
however, that this provision
shall not protect the Servicer or any such Person against any liability that
would otherwise be imposed by reason of willful misfeasance or bad faith in the
performance of duties or by reason of reckless disregard of obligations and
duties under this Agreement, or by reason of negligence in the performance of
its duties under this Agreement. The Servicer and any director, officer or
employee or agent of the Servicer may rely in good faith on any Opinion of
Counsel or on any Officer’s Certificate of the Seller or certificate of
auditors believed to be genuine and to have been signed by the proper party in
respect of any matters arising under this Agreement. 

22

          SECTION
6.3 Merger or Consolidation of, or Assumption of the Obligations of,
Servicer. Any Person (i) into which the Servicer may be merged or
consolidated, (ii) resulting from any merger, conversion, or consolidation to
which the Servicer is a party, (iii) succeeding to the business of the Servicer
or (iv) 50% or more of the equity of which is owned, directly or indirectly, by
the United Services Automobile Association, which Person in any of the
foregoing cases executes an agreement of assumption to perform every obligation
of the Servicer under this Agreement, will be the successor to the Servicer
under this Agreement without the execution or filing of any paper or any
further act on the part of any of the parties to this Agreement. The Servicer
shall provide prior notice of the effective date of any merger, conversion,
consolidation or succession pursuant to this Section 6.3 to the Rating
Agencies, the Indenture Trustee and the Seller. The Servicer shall provide the
Seller in writing such information as reasonably requested by the Seller to
comply with its Exchange Act reporting obligations with respect to a successor
Servicer. 

          SECTION
6.4 Limitation on Liability of Servicer and Others. (a) Neither the
Servicer nor any of the directors or officers or employees or agents of the
Servicer will be under any liability to the Issuer, the Indenture Trustee, the
Owner Trustee, the Noteholders or the Certificateholder, except as provided
under this Agreement, for any action taken or for refraining from the taking of
any action pursuant to this Agreement or for errors in judgment; provided, however,
that this provision will not protect the Servicer or any such Person against
any liability that would otherwise be imposed by reason of willful misfeasance
or bad faith in the performance of duties or by reason of its failure to
perform its obligations or of reckless disregard of obligations and duties
under this Agreement, or by reason of negligence in the performance of its
duties under this Agreement (except for errors in judgment). The Servicer and
any director, officer or employee or agent of the Servicer may rely in good
faith on any Opinion of Counsel or on any Officer’s Certificate of the Seller
or certificate of auditors believed to be genuine and to have been signed by
the proper party in respect of any matters arising under this Agreement. 

          (b)
Except as provided in this Agreement, the Servicer will not be under any
obligation to appear in, prosecute, or defend any legal action that is not
incidental to its duties to service the Receivables in accordance with this
Agreement, and that in its opinion may involve it in any expense or liability; provided, however,
that the Servicer may undertake any reasonable action that it may deem necessary
or desirable in respect of this Agreement and the rights and duties of the
parties to this Agreement and the interests of the Noteholders and the
Certificateholder under this Agreement. In such event, the legal expenses and
costs of such action and any liability resulting therefrom will be expenses,
costs and liabilities of the Issuer, and the Servicer shall be entitled to be
reimbursed therefor. Any amounts due the Servicer pursuant to this subsection
shall be payable on a Payment Date in accordance with Section 4.4(a). 

          SECTION
6.5 Delegation of Duties. The Servicer may, at any time without notice
or consent, delegate (a) any or all of its duties (including, without
limitation, its duties as custodian) under the Transaction Documents to any of
its Affiliates or (b) specific duties (including, without limitation, its
duties as custodian) to sub-contractors who are in the business of performing
such duties; provided, that no
such delegation shall relieve the Servicer of its responsibility with respect
to such duties and the Servicer shall remain obligated and liable to the Issuer
and the 

23

Indenture
Trustee for its duties hereunder as if the Servicer alone were performing such
duties. For any servicing activities delegated to third parties in accordance
with this Section 6.5, the Servicer shall follow such policies and
procedures to monitor the performance of such third parties and compliance with
such servicing activities as the Servicer follows with respect to comparable
motor vehicle receivables serviced by the Servicer for its own account. 

          SECTION
6.6 The Bank Not to Resign as Servicer. Subject to the provisions of Sections
6.3 and 6.5, the Bank will not resign from the obligations and
duties hereby imposed on it as Servicer under this Agreement except upon
determination that the performance of its duties under this Agreement is no
longer permissible under applicable law. Notice of any such determination
permitting the resignation of the Bank will be communicated to the Issuer and
the Indenture Trustee at the earliest practicable time (and, if such
communication is not in writing, will be confirmed in writing at the earliest
practicable time) and any such determination will be evidenced by an Opinion of
Counsel to such effect delivered to the Issuer and the Indenture Trustee
concurrently with or promptly after such notice. No such resignation will
become effective until a successor Servicer has (i) assumed the
responsibilities and obligations of the Bank as Servicer and (ii) provided in
writing the information reasonably requested by the Seller to comply with its
reporting obligations under the Exchange Act with respect to a replacement
Servicer. 

          SECTION
6.7 Servicer May Own Notes. The Servicer, and any Affiliate of the
Servicer, may, in its individual or any other capacity, become the owner or
pledgee of Notes with the same rights as it would have if it were not the
Servicer or an Affiliate thereof, except as otherwise expressly provided herein
or in the other Transaction Documents. Except as set forth herein or in the
other Transaction Documents, Notes so owned by or pledged to the Servicer or
such Affiliate will have an equal and proportionate benefit under the
provisions of this Agreement, without preference, priority or distinction as
among all of the Notes. 

ARTICLE VII

REPLACEMENT OF SERVICER

          SECTION
7.1 Replacement of Servicer.

          (a)
If a Servicer Replacement Event shall have occurred and be continuing, the
Indenture Trustee may or, at the direction of 662⁄3% of the Note Balance of the
Controlling Class shall, by notice given to the Servicer, the Owner Trustee,
the Issuer, the Administrator, the Noteholders and each Rating Agency,
terminate the rights and obligations of the Servicer under this Agreement with
respect to the Receivables. In the event the Servicer is terminated pursuant to
this Section 7.1 or resigns as Servicer pursuant to Section 6.6
with respect to servicing the Receivables, the Indenture Trustee, acting at the
direction of 662⁄3% of the Note Balance of the Controlling Class, shall appoint a
successor Servicer. Upon the Servicer’s receipt of notice of termination the
predecessor Servicer will continue to perform its functions as Servicer under
this Agreement only until the date specified in such termination notice or, if
no such date is specified in such termination notice, until receipt of such
notice. If a successor Servicer has not been appointed at the time when the
predecessor Servicer ceases to act as Servicer in accordance with this Section
7.1, the Indenture Trustee without further action will automatically be
appointed the 

24

successor
Servicer. Notwithstanding the above, the Indenture Trustee, if it is legally
unable or is unwilling to so act, will appoint, or petition a court of
competent jurisdiction to appoint a successor Servicer. Any successor Servicer
shall be an established institution having a net worth of not less than
$100,000,000 and whose regular business includes the servicing of comparable
motor vehicle receivables having an aggregate outstanding principal amount of
not less than $50,000,000. 

          (b)
Noteholders holding not less than a majority of the Note Balance of the
Controlling Class may waive any Servicer Replacement Event. Upon any such
waiver, such Servicer Replacement Event shall cease to exist and be deemed to
have been cured and not to have occurred for every purpose of this Agreement,
but no such waiver shall extend to any prior, subsequent or other Servicer
Replacement Event or impair any right consequent thereto. 

          (c)
If replaced, the Servicer agrees that it will use commercially reasonable
efforts to effect the orderly and efficient transfer of the servicing of the
Receivables to a successor Servicer. All reasonable costs and expenses incurred
in connection with transferring the Receivable Files to the successor Servicer
and all other reasonable costs and expenses incurred in connection with the
transfer to the successor Servicer related to the performance by the Servicer
hereunder will be paid by the predecessor Servicer upon presentation of
reasonable documentation of such costs and expenses. 

          (d)
Upon the effectiveness of the assumption by the successor Servicer of its
duties pursuant to this Section 7.1, the successor Servicer shall be the
successor in all respects to the Servicer in its capacity as Servicer under
this Agreement with respect to the Receivables, and shall be subject to all the
responsibilities, duties and liabilities relating thereto, except with respect
to the obligations of the predecessor Servicer that survive its termination as
Servicer, including indemnification obligations as set forth in Section
6.2(e). In such event, the Indenture Trustee and the Owner Trustee are
hereby authorized and empowered to execute and deliver, on behalf of the
predecessor Servicer, as attorney-in-fact or otherwise, any and all documents
and other instruments, and to do or accomplish all other acts or things
necessary or appropriate to effect the purposes of such termination and replacement
of the Servicer, whether to complete the transfer and endorsement of the
Receivables and related documents, or otherwise. No Servicer shall resign or be
relieved of its duties under this Agreement, as Servicer of the Receivables,
until a newly appointed Servicer for the Receivables shall have assumed the
responsibilities and obligations of the resigning or terminated Servicer under
this Agreement. 

          (e)
In connection with such appointment, the Indenture Trustee may make such
arrangements for the compensation of the successor Servicer out of Available
Funds as it and such successor Servicer will agree; provided, however,
that no such compensation will be in excess of the amount paid to the
predecessor Servicer under this Agreement. 

          (f)
The predecessor Servicer shall be entitled to receive reimbursement for any
outstanding Advances made with respect to the Receivables to the extent funds
are available therefore in accordance with Section 4.4. 

          SECTION
7.2 Notification to Noteholders. Upon any termination of, or appointment
of a successor to, the Servicer pursuant to this Article VII, the
Indenture Trustee will give prompt 

25

(but in any
event, within (5) Business Days of such termination or appointment) written
notice thereof to the Owner Trustee, the Issuer, the Administrator, each Rating
Agency and to the Noteholders at their respective addresses of record. 

ARTICLE VIII

OPTIONAL PURCHASE

          SECTION
8.1 Optional Purchase of Trust Estate. If the Bank is the Servicer, then
the Bank shall have the right at its option (the “Optional Purchase”) to
purchase the Trust Estate (other than the Reserve Account) from the Issuer on
any Payment Date if both of the following conditions are satisfied: (a) as of
the last day of the related Collection Period, the Net Pool Balance has
declined to 10% or less of the Net Pool Balance as of the Cut-Off Date and (b)
the sum of the Optional Purchase Price and Available Funds for such Payment
Date would be sufficient to pay (x) the amounts required to be paid under clauses first through
sixth of Section 4.4(a) (assuming
that such Payment Date is not a Redemption Date) and (y) the Outstanding Note
Balance (after giving effect to the payments described in the preceding clause
(x)). The purchase price for the Trust Estate (other than the Reserve
Account) (the “Optional Purchase Price”) shall equal the fair market
value of the Trust Estate (other than the Reserve Account), which amount shall
be deposited by the Servicer into the Collection Account on the Redemption
Date. If the Bank, as Servicer, exercises the Optional Purchase, the Notes
shall be redeemed and in each case in whole but not in part on the related
Payment Date for the Redemption Price. Upon any such Optional Purchase, any
funds remaining in the Reserve Account will be distributed to or at the
direction of the Certificateholder. 

ARTICLE IX

MISCELLANEOUS PROVISIONS

          SECTION
9.1 Amendment. 

          (a)
Any term or provision of this Agreement may be amended by the Seller and the
Servicer without the consent of the Indenture Trustee, any Noteholder, the
Issuer, the Owner Trustee or any other Person subject to subsections (e) and (f) of this Section 9.1 and the satisfaction of one of the following
conditions:  

	
 

	
 

	
 

	
 

	
(i)

	
the Seller
 or the Servicer delivers an Opinion of Counsel to the Indenture Trustee to
 the effect that such amendment will not materially and adversely affect the
 interests of the Noteholders; 

	
 

	
 

	
 

	
 

	
(ii)

	
the Seller
 or the Servicer delivers an Officer’s Certificate of the Seller or Servicer,
 respectively, to the Indenture Trustee to the effect that such amendment will
 not materially and adversely affect the interests of the Noteholders; or 

	
 

	
 

	
 

	
 

	
(iii)

	
the Seller
 or the Servicer delivers to the Indenture Trustee written confirmation from
 each Rating Agency that such amendment will not 

26

	
 

	
 

	
 

	
 

	
 

	
cause it to
 downgrade, qualify or withdraw its rating assigned to any of the Notes; 

          (b)
Subject to subsections (e) and (f) of this Section 9.1,
any term or provision of this Agreement may be amended by the Seller and the
Servicer but without the consent of the Indenture Trustee, any Noteholder, the
Issuer, the Owner Trustee or any other Person to add, modify or eliminate any
provisions as may be necessary or advisable in order to enable the Seller, the
Servicer or any of their Affiliates to comply with or obtain more favorable
treatment under any law or regulation or any accounting rule or principle, it
being a condition to any such amendment that the Rating Agency Condition shall
have been satisfied. 

          (c)
Subject to subsections (e) and (f) of this Section 9.1,
this Agreement (including Appendix A) may also be amended from time to
time by the Seller, the Servicer and the Indenture Trustee, with the consent of
the Noteholders evidencing not less than a majority of the Outstanding Note
Balance of the Controlling Class, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement
or of modifying in any manner the rights of the Noteholders; provided, that no such amendment shall (i)
reduce the interest rate or principal amount of any Note, change or delay the
Final Scheduled Payment Date of any Note without the consent of the Holder of
such Note, (ii) reduce the percentage of the Note Balance, the Holders of which
are required to consent to any matter without the consent of the Holders of at
least the percentage of the Note Balance which were required to consent to such
matter before giving effect to such amendment; provided,
further, that the Indenture
Trustee may not agree to any amendment to this Agreement if such amendment
failed to comply with the requirements of Section 9.2 of the Indenture.
It will not be necessary for the consent of Noteholders to approve the
particular form of any proposed amendment or consent, but it will be sufficient
if such consent approves the substance thereof. The manner of obtaining such
consents (and any other consents of Noteholders provided for in this Agreement)
and of evidencing the authorization of the execution thereof by Noteholders
will be subject to such reasonable requirements as the Indenture Trustee may
prescribe, including the establishment of record dates pursuant to the Note
Depository Agreement. 

          (d)
Prior to the execution of any amendment to this Agreement, the Servicer shall
provide written notification of the substance of such amendment to each Rating
Agency; and promptly after the execution of any such amendment or consent, the
Servicer shall furnish a copy of such amendment or consent to each Rating
Agency and the Indenture Trustee. Any written confirmation received from any
Rating Agency that an amendment will not cause it to downgrade, qualify or
withdraw its rating on the Notes shall not create any presumption that such
amendment does not materially and adversely affect the interests of the
Noteholders. 

          (e)
Prior to the execution of any amendment to this Agreement, the Seller, the
Owner Trustee and the Indenture Trustee shall be entitled to receive and
conclusively rely upon an Opinion of Counsel stating that the execution of such
amendment is authorized or permitted by this Agreement and that all conditions
precedent to the execution and delivery of such amendment have been satisfied.
The Owner Trustee and the Indenture Trustee may, but shall not be obligated to,
enter into or execute on behalf of the Issuer any such amendment which materially
and adversely affects the Owner Trustee’s or the Indenture Trustee’s, as
applicable, own rights, privileges, indemnities, duties or obligations under
this Agreement, the Transaction 

27

Documents or
otherwise. Prior to the execution of any amendment to this Agreement without
the consent of the Owner Trustee and Indenture Trustee, as applicable, such
Person shall be entitled to receive an Opinion of Counsel to the effect that
such amendment shall not materially and adversely affect the Owner Trustee’s or
Indenture Trustee’s, as applicable, own rights, privileges, indemnities, duties
or obligations under this Agreement; provided
that such Opinion of Counsel shall not be given by counsel that is also an
employee of the Seller, the Servicer or their respective Affiliates.
Furthermore, notwithstanding anything to the contrary herein, this Agreement
may not be amended in any way that would materially and adversely affect the
Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, privileges,
indemnities, duties or obligations under this Agreement, the Transaction
Documents or otherwise without the prior written consent of such Person. 

          (f)
Notwithstanding any provision of this Section 9.1 to the contrary, the
permitted activities of the Issuer may be significantly changed only with the
approval of the Holders of at least a majority of the Notes held by entities
other than the Seller, its Affiliates and its agents. 

          SECTION
9.2 Protection of Title. 

          (a)
The Seller shall authorize and file such financing statements and cause to be
authorized and filed such continuation and other statements, all in such manner
and in such places as may be required by law fully to preserve, maintain and
protect the interest of the Issuer and the Indenture Trustee under this
Agreement in the Receivables. The Seller shall deliver (or cause to be
delivered) to the Issuer file-stamped copies of, or filing receipts for, any
document filed as provided above. 

          (b)
The Seller shall notify the Issuer and the Indenture Trustee in writing within
ten (10) days following the occurrence of (i) any change in the Seller’s
organizational structure as a limited liability company, (ii) any change in the
Seller’s “location” (within the meaning of Section 9-307 of the UCC of all
applicable jurisdictions) and (iii) any change in the Seller’s name and shall
have taken all action prior to making such change (or shall have made
arrangements to take such action substantially simultaneously with such change,
if it is not possible to take such action in advance) reasonably necessary or
advisable to amend all previously filed financing statements or continuation
statements described in paragraph (a) above. 

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

          (d)
The Servicer shall maintain (or shall cause its Sub-Servicer to maintain) its
computer systems so that, from time to time after the conveyance under this
Agreement of the Receivables, the master computer records (including any backup
archives, it being understood that any such backup archives may not reflect
such interest until thirty-five (35) days after the 

28

applicable
changes are made to such master computer records) that refer to a Receivable
shall indicate clearly the interest of the Issuer in such Receivable and that
such Receivable is owned by the Issuer and has been pledged to the Indenture
Trustee pursuant to the Indenture. Indication of the Issuer’s interest in a
Receivable shall not be deleted from or modified on such computer systems
until, and only until, the related Receivable shall have been paid in full,
repurchased by the Seller pursuant to Section 2.3 hereof, repurchased by
the Bank pursuant to Section 3.3 of the Purchase Agreement or purchased
by the Servicer in accordance with Section 3.6 hereof. 

          (e)
If at any time the Servicer shall propose to sell, grant a security interest in
or otherwise transfer any interest in motor vehicle receivables to any
prospective purchaser, lender or other transferee, the Servicer shall give to
such prospective purchaser, lender or other transferee computer tapes, records
or printouts (including any restored from backup archives) that, if they shall
refer in any manner whatsoever to any Receivable, shall indicate clearly that
such Receivable has been sold and is owned by the Issuer and has been pledged
to the Indenture Trustee. 

          (f)
The Servicer, upon receipt of reasonable prior notice, shall permit the
Indenture Trustee, the Owner Trustee and their respective agents at any time
during normal business hours, to the extent it does not unreasonably interfere
with the Servicer’s normal operations, to inspect, audit and, to the extent
permitted by applicable law, make copies of and abstracts from Servicer’s (or
any Sub-Servicer’s) records regarding any Receivable. 

          (g)
Upon request, the Servicer shall furnish to the Issuer or to the Indenture
Trustee, within five Business Days, a list of all Receivables (by contract
number and name of Obligor) then owned by the Issuer, together with a
reconciliation of such list to each of the Servicer’s Certificates furnished
before such request indicating removal of Receivables from the Issuer. 

          SECTION
9.3 Other Liens or Interests. Except for the conveyances and grants of
security interests pursuant to this Agreement and the other Transaction
Documents, the Seller shall not sell, pledge, assign or transfer the
Receivables or other property transferred to the Issuer to any other Person, or
grant, create, incur, assume or suffer to exist any Lien (other than Permitted
Liens) on any interest therein, and the Seller shall defend the right, title
and interest of the Issuer in, to and under such Receivables and other property
transferred to the Issuer against all claims of third parties claiming through
or under the Seller. 

          SECTION
9.4 Transfers Intended as Sale; Security Interest. 

          (a)
Each of the parties hereto expressly intends and agrees that the transfers
contemplated and effected under this Agreement are complete and absolute sales
and transfers rather than pledges or assignments of only a security interest
and shall be given effect as such for all purposes. It is further the intention
of the parties hereto that the Receivables and related Transferred Assets shall
not be part of the Seller’s estate in the event of a bankruptcy or insolvency
of the Seller. The sales and transfers by the Seller of Receivables and related
Transferred Assets hereunder are and shall be without recourse to, or
representation or warranty (express or implied) by, the Seller, except as
otherwise specifically provided herein. The limited rights of recourse
specified herein against the Seller are intended to provide a remedy for breach

29

of
representations and warranties relating to the condition of the property sold,
rather than to the collectibility of the Receivables. 

          (b)
Notwithstanding the foregoing, in the event that the Receivables and other
Transferred Assets are held to be property of the Seller, or if for any reason
this Agreement is held or deemed to create indebtedness or a security interest
in the Receivables and other Transferred Assets, then it is intended that: 

	
 

	
 

	
 

	
 

	
(i)

	
This
 Agreement shall be deemed to be a security agreement within the meaning of
 Articles 8 and 9 of the New York UCC and the UCC of any other applicable
 jurisdiction; 

	
 

	
 

	
 

	
 

	
(ii)

	
The
 conveyance provided for in Section 2.1 shall be deemed to be a grant by the
 Seller, and the Seller hereby grants, to the Issuer a security interest in
 all of its right (including the power to convey title thereto), title and
 interest, whether now owned or hereafter acquired, in and to the Receivables
 and other Transferred Assets, to secure such indebtedness and the performance
 of the obligations of the Seller hereunder; 

	
 

	
 

	
 

	
 

	
(iii)

	
The
 possession by the Issuer, or the Servicer as the Issuer’s agent, of the
 Receivable Files and any other property as constitute instruments, money,
 negotiable documents or chattel paper shall be deemed to be “possession by
 the secured party” or possession by the purchaser or a Person designated by
 such purchaser, for purposes of perfecting the security interest pursuant to
 the New York UCC and the UCC of any other applicable jurisdiction; and 

	
 

	
 

	
 

	
 

	
(iv)

	
Notifications
 to Persons holding such property, and acknowledgments, receipts or
 confirmations from Persons holding such property, shall be deemed to be
 notifications to, or acknowledgments, receipts or confirmations from, bailees
 or agents (as applicable) of the Issuer for the purpose of perfecting such
 security interest under applicable law. 

          SECTION
9.5 Notices, Etc. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier
service, or by facsimile, and addressed in each case as set forth on Schedule
II hereto or at such other address as shall be designated in a written
notice to the other parties hereto. Any notice required or permitted to be
mailed to a Noteholder shall be given by first class mail, postage prepaid, at
the address of such Noteholder as shown in the Note Register. Delivery shall
occur only upon receipt or reported tender of such communication by an officer
of the recipient entitled to receive such notices located at the address of
such recipient for notices hereunder; provided,
however, that any notice to a Noteholder mailed within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the Noteholder shall receive such notice. 

          SECTION
9.6 Choice of Law. THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE

30

LAWS OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS. 

          SECTION
9.7 Headings. The section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement. 

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

          SECTION
9.9 Waivers. No failure or delay on the part of the Servicer, the
Seller, the Issuer or the Indenture Trustee in exercising any power or right
hereunder (to the extent such Person has any power or right hereunder) shall
operate as a waiver thereof, nor shall any single or partial exercise of any
such power or right preclude any other or further exercise thereof or the
exercise of any other power or right. No notice to or demand on any party
hereto in any case shall entitle it to any notice or demand in similar or other
circumstances. No waiver or approval by any party hereto under this Agreement
shall, except as may otherwise be stated in such waiver or approval, be
applicable to subsequent transactions. No waiver or approval under this
Agreement shall require any similar or dissimilar waiver or approval thereafter
to be granted hereunder. 

          SECTION
9.10 Entire Agreement. The Transaction Documents contain a final and
complete integration of all prior expressions by the parties hereto with
respect to the subject matter thereof and shall constitute the entire agreement
among the parties hereto with respect to the subject matter thereof,
superseding all prior oral or written understandings. There are no unwritten
agreements among the parties. 

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

          SECTION
9.12 Binding Effect. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and permitted
assigns. This Agreement shall create and constitute the continuing obligations
of the parties hereto in accordance with its terms, and shall remain in full
force and effect until such time as the parties hereto shall agree. 

          SECTION
9.13 Acknowledgment and Agreement. By execution below, the Seller
expressly acknowledges and consents to the pledge, assignment and Grant of a
security interest in the Receivables and the other Transferred Assets by the
Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of
the Noteholders. In addition, the Seller hereby 

31

acknowledges
and agrees that for so long as the Notes are outstanding, the Indenture Trustee
will have the right to exercise all powers, privileges and claims of the Issuer
under this Agreement. 

          SECTION
9.14 Cumulative Remedies. The remedies herein provided are cumulative
and not exclusive of any remedies provided by law. 

          SECTION
9.15 Nonpetition Covenant. Each party hereto 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 an
involuntary case or other Proceeding commenced against such Bankruptcy Remote
Party, or to make a general assignment for the benefit of, its creditors
generally, any party hereto or any other creditor of such Bankruptcy Remote
Party, and (ii) none of the parties hereto shall commence 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. This Section 9.15 shall survive
the termination of this Agreement.  

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

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

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

          (c)
agrees that service of process in any such action or Proceeding may be effected
by mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to such Person at its address
determined in accordance with Section 9.5; 

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

          (e)
to the extent permitted by applicable law, each party hereto irrevocably 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 Agreement, any other
Transaction Document, or any matter arising hereunder or thereunder. 

32

          SECTION
9.17 Limitation of Liability.

          (a)
Notwithstanding anything contained herein to the contrary, this Agreement has
been executed and delivered by Wells Fargo Delaware Trust Company, not in its
individual capacity but solely as Owner Trustee, and in no event shall it have
any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuer hereunder or under the Notes or any of the
other Transaction Documents or in any of the certificates, notices or
agreements delivered pursuant thereto, as to all of which recourse shall be had
solely to the assets of the Issuer. Under no circumstances shall the Owner
Trustee be personally liable for the payment of any indebtedness or expense of
the Issuer or be liable for the breach or failure of any obligations,
representation, warranty or covenant made or undertaken by the Issuer under the
Transaction Documents. For the purposes of this Agreement, in the performance
of its duties or obligations hereunder, the Owner Trustee shall be subject to,
and entitled to the benefits of, the terms and provisions of Articles VI,
VII and VIII of the Trust Agreement. 

          (b)
Notwithstanding anything contained herein to the contrary, this Agreement has
been executed and delivered by The Bank of New York Mellon, not in its
individual capacity but solely as Indenture Trustee, and in no event shall it
have any liability for the representations, warranties, covenants, agreements
or other obligations of the Issuer under the Notes or any of the other
Transaction Documents or in any of the certificates, notices or agreements
delivered pursuant thereto, as to all of which recourse shall be had solely to
the assets of the Issuer. Under no circumstances shall the Indenture Trustee be
personally liable for the payment of any indebtedness or expense of the Issuer
or be liable for the breach or failure of any obligations, representation,
warranty or covenant made or undertaken by the Issuer under the Transaction
Documents. For the purposes of this Agreement, in the performance of its duties
or obligations hereunder, the Indenture Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of Article VI of
the Indenture. 

          SECTION
9.18 Third-Party Beneficiaries. This Agreement shall inure to the
benefit of and be binding upon the parties hereto, the Noteholders and the
Certificateholder and their respective successors and permitted assigns and the
Owner Trustee shall be an express third party beneficiary hereof and may
enforce the provisions hereof as if it were a party hereto. Except as otherwise
provided in this Section 9.18, no other Person will have any right hereunder.  

          SECTION
9.19 Information Requests. The parties hereto shall provide any
information reasonably requested by the Servicer, the Issuer, the Seller or any
of their Affiliates, in order to comply with or obtain more favorable treatment
under any current or future law, rule, regulation, accounting rule or
principle. 

          SECTION
9.20 Regulation AB. The Servicer shall cooperate fully with the Seller
and the Issuer to deliver to the Seller and the Issuer (including any of its
assignees or designees) any and all statements, reports, certifications,
records and any other information necessary in the good faith determination of
the Seller or the Issuer to permit the Seller to comply with the provisions of
Regulation AB, together with such disclosures relating to the Servicer and the
Receivables, or the servicing of the Receivables, reasonably believed by the
Seller to be necessary in order to effect such compliance. 

33

          SECTION
9.21 Information to Be Provided by the Indenture Trustee.  

          (a)
For so long as the Seller is filing reports under the Exchange Act with respect
to the Issuer, the Indenture Trustee shall (i) on or before the fifth Business
Day of each month, notify the Seller, in writing, of any Form 10-D Disclosure
Item with respect to the Indenture Trustee, together with a description of any
such Form 10-D Disclosure Item in form and substance reasonably satisfactory to
the Seller; provided, however, that subject to clauses
(b)(iv) and (b)(v), the Indenture Trustee shall not be required to
provide such information in the event that there has been no change to the
information previously provided by the Indenture Trustee to Seller, and (ii) as
promptly as practicable following notice to or discovery by a Responsible
Officer of the Indenture Trustee of any changes to such information, provide to
the Seller, in writing, such updated information. 

          
(b) As soon as available but no later than March 15 of each calendar year for
so long as the Seller is filing reports under the Exchange Act with respect to
the Issuer, commencing on March 15, 2010, the Indenture Trustee shall: 

	
 

	
 

	
 

	
          (i)
 deliver to the Seller a report regarding the Indenture Trustee’s assessment
 of compliance with the Servicing Criteria during the immediately preceding
 calendar year, (or since the Closing Date in the case of the first such
 report) as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the
 Exchange Act and Item 1122 of Regulation AB. Such report shall be signed by a
 Responsible Officer of the Indenture Trustee, and shall address each of the
 Servicing Criteria specified in Exhibit C or such other criteria as
 mutually agreed upon by the Seller and the Indenture Trustee; 

	
 

	
 

	
 

	
          (ii)
 cause a firm of registered public accountants that is qualified and
 independent within the meaning of Rule 2-01 of Regulation S-X under the
 Securities Act to deliver to the Seller a report for inclusion in the
 Seller’s filing of Exchange Act Form 10-K with respect to the Issuer that
 attests to, and reports on, the assessment of compliance made by the
 Indenture Trustee and delivered to the Seller pursuant to the preceding
 paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and
 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; 

	
 

	
 

	
 

	
          (iii)
deliver to the Seller and any other Person that will be responsible for
signing the certification (a “Sarbanes Certification”) required by
Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302
of the Sarbanes-Oxley Act) on behalf of the Issuer or the Seller, a back-up
certification substantially in the form attached hereto as Exhibit D or such
form as mutually agreed upon by the Seller and the Indenture Trustee;  

	
 

	
 

	
 

	
          (iv)
 notify the Seller in writing of any affiliations or relationships (as
 described in Item 1119 of Regulation AB) between the Indenture Trustee and
 any Item 1119 Party, provided,
 that no such notification need be made if the affiliations or relationships
 are unchanged from those provided in the notification in the prior calendar
 year; and 

	
 

	
 

	
 

	
          (v)
 deliver to the Seller the certification substantially in the form attached
 hereto as Exhibit E, or such other form as is mutually agreed upon by
 the Seller and the Indenture Trustee regarding any affiliations or
 relationships (as described in Item 1119 of 

34

	
 

	
 

	
 

	
Regulation
 AB) between the Indenture Trustee and any Item 1119 Party and any Form 10-D
 Disclosure Item. 

The Indenture
Trustee acknowledges that the parties identified in clause (iii) above may rely
on the certification provided by the Indenture Trustee pursuant to such clause
in signing a Sarbanes Certification and filing such with the Commission.  

          SECTION
9.22 Form 8-K Filings. So long as the Seller is filing Exchange Act
Reports with respect to the Issuer, the Indenture Trustee shall promptly notify
the Seller of any Reportable Event set forth in clauses (a), (d) or (f) of the
definition thereof (other than any such Reportable Event as to which the Seller
or the Servicer has actual knowledge), but in no event later than two (2)
Business Days after a Responsible Officer of the Indenture Trustee has actual
knowledge of such Reportable Event and has determined, or should have
reasonably determined, that such an event constitutes a Reportable Event. 

          SECTION
9.23 Indemnification. The Indenture Trustee shall indemnify the Seller,
each Affiliate of the Seller and each Person who controls any of such parties
(within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act) and the respective present and former directors, officers,
employees and agents of each of the foregoing, and shall hold each of them
harmless from and against any losses, damages, penalties, fines, forfeitures,
legal fees and expenses and related costs, judgments, and any other costs, fees
and expenses that any of them may sustain arising out of or based upon: 

	
 

	
 

	
 

	
          (a)
 (A) any untrue statement of a material fact contained or alleged to be
 contained in the Indenture Trustee’s Servicing Criteria assessment (such
 information, the “Provided Information”), or (B) the omission or
 alleged omission to state in the Provided Information a material fact
 required to be stated in the Provided Information, or necessary in order to
 make the statements therein, in the light of the circumstances under which
 they were made, not misleading; provided,
 by way of clarification, that clause (B) of this paragraph shall be
 construed solely by reference to the related Provided Information and not to
 any other information communicated in connection with a sale or purchase of
 securities, without regard to whether the Provided Information or any portion
 thereof is presented together with or separately from such other information;
 or 

	
 

	
 

	
 

	
          (b)
 any failure by The Bank of New York Mellon to deliver any Servicing Criteria
 assessment, information, report, certification, accountants’ letter or other
 material when and as required under Sections 9.21 and 9.22.

	
 

	
 

	
 

	
          (c)
 In the case of any failure of performance described in clause (b) of this
 Section 9.23, The Bank of New York Mellon shall promptly reimburse the
 Seller for all costs reasonably incurred in order to obtain the information,
 report, certification, accountants’ letter or other material not delivered as
 required by The Bank of New York Mellon. 

          Notwithstanding
anything to the contrary contained herein, in no event shall The Bank of New
York Mellon be liable for special, indirect or consequential damages of any
kind whatsoever, including but not limited to lost profits, even if The Bank of
New York Mellon has been advised of the likelihood of such loss or damage and
regardless of the form of action. 

35

          SECTION
9.24 Further Assurances. The Seller and the Servicer agree to do and
perform, from time to time, any and all acts and to execute any and all further
instruments required or reasonably requested by the Owner Trustee or the
Indenture Trustee more fully to effect the purposes of this Agreement. 

          SECTION
9.25 Cooperation. The parties hereto acknowledge and agree that the purpose
of Sections 9.21 and 9.22 is to facilitate compliance by the
Seller and Servicer with the provisions of Regulation AB and related rules and
regulations of the Commission. Neither the Seller nor the Servicer shall
exercise its right to request delivery of information or other performance
under these provisions other than in good faith in order to comply with the
Securities Act, the Exchange Act, the rules and regulations of the Commission
under the Securities Act and the Exchange Act and any comments or requests of
the Commission. The Indenture Trustee acknowledges that interpretations of the
requirements of Regulation AB may change over time, whether due to interpretive
guidance provided by the Commission or its staff, consensus among participants
in the asset-backed securities markets or consensus among counsel to the
parties hereto, and agrees to reasonably cooperate with the Seller to deliver
to the Seller and Servicer such information necessary in the good faith
determination of the Seller and Servicer to permit the Seller or such Servicer
to comply with the provisions of Regulation AB.  

36

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

	
 

	
 

	
 

	
 

	
USAA ACCEPTANCE, LLC, as Seller 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Edwin T.
 McQuiston 

	
 

	
 

	

	
 

	
 

	
Name: Edwin
 T. McQuiston

	
 

	
 

	
Title: Senior Vice President and Treasurer 

	
 

	
 

	
 

	
 

	
USAA FEDERAL SAVINGS BANK, as Servicer 

	
 

	
 

	
 

	
 

	
By:

	
/s/
 David K. Kimball

	
 

	
 

	

	
 

	
 

	
Name: David
 K. Kimball 

	
 

	
 

	
Title: Vice
 President and Senior Financial Officer 

S-1

	
 

	
 

	
 

	
 

	
USAA AUTO OWNER TRUST 2009-1, as Issuer 

	
 

	
 

	
 

	
 

	
By:

	
Wells Fargo
 Delaware Trust Company,
not in its individual capacity but
solely as Owner
 Trustee 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Sandra
 Battaglia 

	
 

	
 

	

	
 

	
 

	
Name: Sandra
 Battaglia
Title: Vice President 

S-2

	
 

	
 

	
 

	
 

	
THE BANK OF NEW YORK MELLON, not in its
 individual capacity but solely as Indenture Trustee 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Michael Burack 

	
 

	
 

	

	
 

	
 

	
Name: Michael
 Burack 

	
 

	
 

	
Title:
 Assistant Treasurer

S-3

APPENDIX A

DEFINITIONS

          The
following terms have the meanings set forth, or referred to, below: 

          “Accrued Class A Note Interest” means,
with
respect to any Payment Date, the sum of the Class A Noteholders’ Monthly
Accrued Interest for such Payment Date and the Class A Noteholders’ Interest
Carryover Shortfall for such Payment Date. 

          “Accrued Class B Note Interest” means,
with
respect to any Payment Date, the sum of the Class B Noteholders’ Monthly
Accrued Interest for such Payment Date and the Class B Noteholders’ Interest
Carryover Shortfall for such Payment Date. 

          “Act” has the meaning set forth in
Section
11.3(a) of the Indenture. 

          “Administration Agreement” means the
Administration Agreement, dated as of the Closing Date, among the
Administrator, the Issuer and the Indenture Trustee, as the same may be amended
and supplemented from time to time. 

          “Administrator” means the Bank, or any
successor Administrator under the Administration Agreement. 

          “Advance” has the meaning set forth in
Section
4.3(c) of the Sale and Servicing Agreement. 

          “Affiliate” means, for any specified
Person, any other Person which, directly or indirectly, controls, is controlled
by or is under common control with such specified Person and “affiliated” has a
meaning correlative to the foregoing. For purposes of this definition,
“control” means the power, directly or indirectly, to cause the direction of
the management and policies of a Person. 

          “Applicable Tax State” means, as of any
date, each State as to
which any of the following is then applicable: (a) a State in which the Owner
Trustee maintains its Corporate Trust Office, (b) a State in which the Owner
Trustee maintains its principal executive offices, and (c) the State of Texas. 

          “Authenticating Agent” means any Person
authorized by the Indenture Trustee to act on behalf of the Indenture Trustee
to authenticate and deliver the Notes. 

          “Authorized Newspaper” means a newspaper
of
general circulation in The City of New York, printed in the English language
and customarily published on each Business Day, whether or not published on
Saturdays, Sundays and holidays. 

          “Authorized Officer” means (a) with
respect
to the Issuer, (i) any officer of the Owner Trustee who is authorized to act
for the Owner Trustee in matters relating to the Issuer and who is identified
on the list of Authorized Officers delivered by the Owner Trustee to the
Indenture Trustee on the Closing Date or (ii) so long as the Administration
Agreement is in effect, any officer of the Administrator who is authorized to
act for the Administrator in matters relating to 

1

the Issuer
pursuant to the Administration Agreement and who is identified on the list of
Authorized Officers delivered by the Administrator to the Owner Trustee and the
Indenture Trustee on the Closing Date (as such list may be modified or
supplemented from time to time thereafter) and (b) with respect to the Owner
Trustee, the Note Registrar (if other than the Indenture Trustee) and the
Servicer, any officer of the Owner Trustee, the Note Registrar (if other than
the Indenture Trustee) or the Servicer, as applicable, who is authorized to act
for the Owner Trustee, the Note Registrar (if other than the Indenture Trustee)
or the Servicer, as applicable, in matters relating to the Owner Trustee, the
Note Registrar (if other than the Indenture Trustee) or the Servicer and who is
identified on the list of Authorized Officers delivered by each of the Owner
Trustee and the Servicer to the Indenture Trustee on the Closing Date or by the
Note Registrar on the date of its appointment as such (as such list may be
modified or supplemented from time to time thereafter). 

          “Available Funds” means, for any Payment
Date and the related Collection Period, an amount equal to the sum of the
following amounts: (i) all Collections received by the Servicer during such
Collection Period, (ii) the sum of the Repurchase Prices deposited into the
Collection Account with respect to each Receivable that is to become a
Repurchased Receivable on such Payment Date and (iii) the Reserve Account
Excess Amount for such Payment Date. 

          “Available Funds Shortfall Amount” means,
as of any Payment Date, the amount by which the amounts required to be paid
pursuant to clauses first through
sixth of Section 4.4(a) of
the Sale and Servicing Agreement exceeds the sum of (i) Available Funds for
such Payment Date and (ii) Advances made by the Servicer on such Payment Date. 

          “Bank” means USAA Federal Savings Bank, a
federally chartered savings association. 

          “Bankruptcy Code” means the United States
Bankruptcy Code, 11 U.S.C. 101 et seq., as amended. 

          “Bankruptcy Remote Party” means each of
the
Seller, the Issuer, any other trust created by the Seller or any limited
liability company or corporation wholly-owned by the Seller. 

          “Benefit Plan” means (i) any
“employee
benefit plan” as defined in Section 3(3) of ERISA that is subject to Title I of
ERISA, (ii) a “plan” subject to Section 4975 of the Code or (iii) any entity
deemed to hold the assets of any of the foregoing by reason of an employee
benefit plan’s or other plan’s investment in such entity. 

          “Book-Entry Notes” means a beneficial
interest in the Notes, ownership and transfers of which shall be made through
book entries by a Clearing Agency as described in Section 2.10 of the
Indenture.  

          “Business Day” means any day other than a
Saturday, a Sunday or a day on which banking institutions in the states of
Delaware, Texas or New York, or in the state in which the Corporate Trust
Office of the Indenture Trustee is located, are authorized or obligated by law,
executive order or government decree to be closed. 

          “Certificate” means a certificate
evidencing the beneficial interest of the Certificateholder in the Issuer,
substantially in the form of Exhibit A to the Trust Agreement. 

2

          “Certificate of Title” means, with
respect
to any Financed Vehicle, the certificate of title or other documentary evidence
of ownership of such Financed Vehicle as issued by the department, agency or
official of the jurisdiction (whether in paper or electronic form) in which
such Financed Vehicle is titled responsible for accepting applications for, and
maintaining records regarding, certificates of title and liens thereon. 

          “Certificate of Trust” means the
certificate of trust for the Issuer filed by the Owner Trustee pursuant to the
Statutory Trust Statute. 

          “Certificateholder” means initially, the
Seller, and any other Holder of a Certificate. 

          “Class” means a group of Notes whose form
is identical except for variation in denomination, principal amount or owner,
and references to “each Class” thus mean each of the Class A-1 Notes, the Class
A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes. 

          “Class A Noteholders” means,
collectively,
the Class A-1 Noteholders, the Class A-2 Noteholders, the Class A-3 Noteholders
and the Class A-4 Noteholders. 

          “Class A Noteholders’ Interest Carryover
Shortfall”
means, with respect to any Payment Date, the excess of the Class A Noteholders’
Monthly Accrued Interest for the preceding Payment Date and any outstanding
Class A Noteholders’ Interest Carryover Shortfall on such preceding Payment
Date, over the amount in respect of interest that is actually paid to
Noteholders of Class A Notes on such preceding Payment Date, plus interest on
the amount of interest due but not paid to Noteholders of Class A Notes on the
preceding Payment Date, to the extent permitted by law, at the respective
Interest Rates borne by such Class A Notes for the related Interest Period. 

          “Class A Noteholders’ Monthly Accrued
Interest”
means, with respect to any Payment Date, the aggregate interest accrued for the
related Interest Period on the Class A-1 Notes, the Class A-2 Notes, the Class
A-3 Notes and the Class A-4 Notes at the respective Interest Rate for such
Class on the Note Balance of the Notes of each such Class on the immediately
preceding Payment Date or the Closing Date, as the case may be, after giving
effect to all payments of principal to the Noteholders of the Notes of such
Class on or prior to such preceding Payment Date. 

          “Class A Notes” means, collectively, the
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes. 

          “Class A-1 Final Scheduled Payment Date”
means the Payment Date occurring in October 2010. 

          “Class A-1 Interest Rate” means 1.70670%
per annum (computed on the basis of the actual number of days elapsed during
the applicable Interest Period, but assuming a 360-day year). 

          “Class A-1 Note Balance” means, at any
time, the Initial Class A-1 Note Balance reduced by all payments of principal
made prior to such time on the Class A-1 Notes. 

3

          “Class A-1 Noteholder” means the Person
in
whose name a Class A-1 Note is registered on the Note Register. 

          “Class A-1 Notes” means the Class of auto
loan asset backed notes designated as Class A-1 Notes, issued in accordance
with the Indenture. 

          “Class A-2 Final Scheduled Payment Date”
means the Payment Date occurring in August 2011. 

          “Class A-2 Interest Rate” means 2.64% per
annum (computed on the basis of a 360-day year of twelve 30-day months). 

          “Class A-2 Note Balance” means, at any
time, the Initial Class A-2 Note Balance reduced by all payments of principal
made prior to such time on the Class A-2 Notes. 

          “Class A-2 Noteholder” means the Person
in
whose name a Class A-2 Note is registered on the Note Register. 

          “Class A-2 Notes” means the Class of auto
loan asset backed notes designated as Class A-2 Notes, issued in accordance
with the Indenture. 

          “Class A-3 Final Scheduled Payment Date”
means the Payment Date occurring in June 2013. 

          “Class A-3 Interest Rate” means 3.02% per
annum (computed on the basis of a 360-day year of twelve 30-day months). 

          “Class A-3 Note Balance” means, at any
time, the Initial Class A-3 Note Balance reduced by all payments of principal
made prior to such time on the Class A-3 Notes. 

          “Class A-3 Noteholder” means the Person
in
whose name a Class A-3 Note is registered on the Note Register. 

          “Class A-3 Notes” means the Class of auto
loan asset backed notes designated as Class A-3 Notes, issued in accordance
with the Indenture. 

          “Class A-4 Final Scheduled Payment Date”
means the Payment Date occurring in September 2014. 

          “Class A-4 Interest Rate” means 4.77% per
annum (computed on the basis of a 360-day year of twelve 30-day months). 

          “Class A-4 Note Balance” means, at any
time, the Initial Class A-4 Note Balance reduced by all payments of principal
made prior to such time on the Class A-4 Notes. 

          “Class A-4 Noteholder” means the Person
in
whose name a Class A-4 Note is registered on the Note Register. 

4

          “Class A-4 Notes” means the Class of auto
loan asset backed notes designated as Class A-4 Notes, issued in accordance
with the Indenture. 

          “Class B Final Scheduled Payment Date”
means the Payment Date occurring in October 2015. 

          “Class B Interest Rate” means 7.00% per
annum (computed on the basis of a 360-day year of twelve 30-day months). 

          “Class B Note Balance” means, at any
time,
the Initial Class B Note Balance reduced by all payments of principal made
prior to such time on the Class B Notes. 

          “Class B Noteholder” means the Person in
whose name a Class B Note is registered on the Note Register. 

          “Class B Noteholders’ Interest Carryover
Shortfall”
means, with respect to any Payment Date, the excess of the Class B Noteholders’
Monthly Accrued Interest for the preceding Payment Date and any outstanding
Class B Noteholders’ Interest Carryover Shortfall on such preceding Payment
Date, over the amount in respect of interest that is actually paid to
Noteholders of Class B Notes on such preceding Payment Date, plus interest on the
amount of interest due but not paid to Noteholders of Class B Notes on the
preceding Payment Date, to the extent permitted by law, at the Class B Interest
Rate for the related Interest Period. 

          “Class B Noteholders’ Monthly Accrued
Interest”
means, with respect to any Payment Date, the aggregate interest accrued for the
related Interest Period on the Class B Notes at the Class B Interest Rate on
the Class B Note Balance on the immediately preceding Payment Date or the
Closing Date, as the case may be, after giving effect to all payments of
principal to the Class B Noteholders on or prior to such preceding Payment
Date. 

          “Class B Notes” means the Class of auto
loan asset backed notes designated as Class B Notes, issued in accordance with
the Indenture. 

          “Clearing Agency” means an organization
registered as a “clearing agency” pursuant to Section 17A of the Exchange Act
and shall initially be DTC. 

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

          “Closing Date” means April 22, 2009.

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

          “Collateral” has the meaning set forth in
the Granting Clause of the Indenture. 

5

          “Collection Account” means the trust
account established and maintained pursuant to Section 4.1 of the Sale
and Servicing Agreement. 

          “Collection Period” means the period
commencing on the first day of each calendar month and ending on the last day
of such calendar month (or, in the case of the initial Collection Period, the
period commencing on the close of business on the Cut-Off Date and ending on
April 30, 2009). As used herein, the “related” Collection Period with respect
to a Payment Date shall be deemed to be the Collection Period which precedes
such Payment Date. 

          “Collections” means, with respect to any
Receivable and to the extent
received by the Servicer on or after the Cut-Off Date, (i) any monthly payment
by or on behalf of the Obligor thereunder, (ii) any full or partial prepayment
of such Receivable, (iii) all Liquidation Proceeds and (iv) any other amounts
received by the Servicer which, in accordance with the Customary Servicing
Practices, would customarily be applied to the payment of accrued interest or
to reduce the Outstanding Principal Balance of such Receivable; provided,
however, that the term “Collections” in no event will include (1) for any
Payment Date, any amounts in respect of any Receivable the Repurchase Price of
which has been included in the Available Funds on such Payment Date or a prior
Payment Date, (2) any Supplemental Servicing Fees or (3) rebates of premiums
with respect to the cancellation or termination of any Insurance Policy,
extended warranty or service contract. 

          “Commission” means the U.S. Securities
and
Exchange Commission. 

          “Contract Rate” means, with respect to a
Receivable, the rate per annum at which interest accrues under the retail motor
vehicle installment loan evidencing such Receivable. Such rate may be less than
the “Annual Percentage Rate” disclosed in the Receivable. 

          “Controlling Class” shall mean, subject
to
the proviso contained in the last paragraph of the definition of “Outstanding”,
with respect to any Notes Outstanding, the Class A Notes (voting together as a
single Class) as long as any Class A Notes are Outstanding, and thereafter the
Class B Notes as long as any Class B Notes are Outstanding (excluding, in each
case, Notes held by the Seller or any of its Affiliates unless all of the Notes
are then owned by the Seller or its Affiliates). 

          “Controlling Person” shall mean a Person,
other than a Benefit Plan, that has discretionary authority or control with
respect to the assets of the Issuer or who provides investment advice for a
direct or indirect fee with respect to those assets, or any affiliate of such
Person. 

          “Corporate Trust Office” means:

          (a)
as used with respect to the Indenture Trustee, the principal office of the
Indenture Trustee at which at any particular time its corporate trust business
shall be administered which office at date of the execution of the Indenture is
located at 101 Barclay Street, 4 West, New York, New York 10286, Attention:
Corporate Trust Administration – USAA 2009-1, or at such other address as the
Indenture Trustee may designate from time to time by notice to the Noteholders,
the Administrator, the Servicer and the Issuer, or the principal corporate
trust office 

6

of any
successor Indenture Trustee (the address of which the successor Indenture
Trustee will notify the Noteholders, the Administrator, the Servicer and the
Owner Trustee); and 

          (b)
as used with respect to the Owner Trustee, the corporate trust office of the
Owner Trustee, 919 North Market Street, Suite 1600, Wilmington, Delaware 19801
or at such other address as the Owner Trustee may designate by notice to the
Certificateholder and the Seller, or the principal corporate trust office of any
successor Owner Trustee (the address of which the successor Owner Trustee will
notify the Certificateholder and the Seller). 

          “Customary Servicing Practices” means the
customary servicing practices of the Servicer or any Sub-Servicer with respect
to all comparable motor vehicle receivables that the Servicer or such
Sub-Servicer, as applicable, services for itself or others, as such practices
may be changed from time to time, it being understood that the Servicer and the
Sub-Servicers may not have the same “Customary
Servicing Practices”. 

          “Cut-Off Date” means April 1, 2009.

          “Default” means any occurrence that is,
or
with notice or lapse of time or both would become, an Event of Default. 

          “Defaulted Receivable” means, with
respect
to any Collection Period, any Receivable (i) that the Servicer determines is
unlikely to be paid in full or (ii) with respect to which at least 5% of a
scheduled payment is 120 or more days delinquent as of the end of a calendar
month. The Outstanding Principal Balance of any Receivable that becomes a “Defaulted Receivable” will be deemed to be
zero as of the date it becomes a “Defaulted
Receivable”. 

          “Definitive Note” means a definitive
fully
registered Note issued pursuant to Section 2.12 of the Indenture. 

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

          (a)
with respect to (I) bankers’ acceptances, commercial paper, negotiable
certificates of deposit and other obligations that constitute “instruments” (as
defined in Section 9-102(47) of the UCC) and are susceptible of physical
delivery, transfer of actual possession thereof to the Indenture Trustee or its
nominee or custodian by physical delivery to the Indenture Trustee or its
nominee or custodian endorsed to, or registered in the name of, the Indenture
Trustee or its nominee or custodian or endorsed in blank, and (II) with respect
to a “certificated security” (as defined in Section 8-102(a)(4) of the UCC)
transfer of actual possession thereof (i) by physical delivery of such
certificated security to the Indenture Trustee or its nominee or custodian
endorsed to, or registered in the name of, the Indenture Trustee or its nominee
or custodian or endorsed in blank, or to another person, other than a
“securities intermediary” (as defined in Section 8-102(a)(14) of the UCC), who
acquires possession of the certificated security on behalf of the Indenture
Trustee or its nominee or custodian or, having previously acquired possession
of the certificate, acknowledges that it holds for the Indenture Trustee or its
nominee or custodian or (ii) by delivery thereof to a “securities
intermediary”, endorsed to or registered in the name of the Indenture Trustee
or its nominee or custodian, or endorsed in blank, and the making by such
“securities intermediary” of entries on its books and records identifying such
certificated securities as belonging to the Indenture Trustee or its nominee or
custodian and the sending by 

7

such
“securities intermediary” of a confirmation of the purchase of such
certificated security by the Indenture Trustee or its nominee or custodian (all
of the foregoing, “Physical Property”),
and, in any event, any such Physical Property in registered form shall be in
the name of the Indenture Trustee or its nominee or custodian; and such
additional or alternative procedures as may hereafter become appropriate to
effect the complete transfer of ownership of any such Trust Account Property to
the Indenture Trustee or its nominee or custodian, consistent with changes in
applicable law or regulations or the interpretation thereof; 

          (b)
with respect to any securities issued by the U.S. Treasury, the Federal Home
Loan Mortgage Corporation, the Federal National Mortgage Association or the other
government agencies, instrumentalities and establishments of the United States
identified in Appendix A to Federal Reserve Bank Operating Circular No. 7 as in
effect from time to time that is a “book-entry security” (as such term is
defined in Federal Reserve Bank Operating Circular No. 7) held in a securities
account and eligible for transfer through the Fedwire® Securities
Service operated by the Federal Reserve System pursuant to Federal book-entry
regulations, the following procedures, all in accordance with applicable law,
including applicable Federal regulations and Articles 8 and 9 of the UCC:
book-entry registration of such Trust Account Property to an appropriate
securities account maintained with a Federal Reserve Bank by a “participant”
(as such term is defined in Federal Reserve Bank Operating Circular No. 7) that
is a “depository institution” (as defined in Section 19(B)(1)(A) of the Federal
Reserve Act) pursuant to applicable Federal regulations, and issuance by such
depository institution of a deposit advice or other written confirmation of
such book-entry registration to the Indenture Trustee or its nominee or
custodian of the purchase by the Indenture Trustee or its nominee or custodian
of such book-entry securities; the making by such depository institution of
entries in its books and records identifying such book entry security held
through the Federal Reserve System pursuant to Federal book-entry regulations
or a security entitlement thereto as belonging to the Indenture Trustee or its nominee
or custodian and indicating that such depository institution holds such Trust
Account Property solely as agent for the Indenture Trustee or its nominee or
custodian; and such additional or alternative procedures as may hereafter
become appropriate to effect complete transfer of ownership of any such Trust
Account Property to the Indenture Trustee or its nominee or custodian,
consistent with changes in applicable law or regulations or the interpretation
thereof; and 

          (c)
with respect to any item of Trust Account Property that is an “uncertificated
security” (as defined in Section 8-102(a)(18) of the UCC) and that is not
governed by clause (b) above, (i) registration on the books and records
of the issuer thereof in the name of the Indenture Trustee or its nominee or
custodian, or (ii) registration on the books and records of the issuer thereof
in the name of another person, other than a securities intermediary, who
acknowledges that it holds such uncertificated security for the benefit of the
Indenture Trustee or its nominee or custodian. 

          “Depositor” means the Seller in its
capacity as Depositor under the Trust Agreement. 

          “Determination Date” means the second
Business Day preceding the related Payment Date, beginning May 13, 2009. 

          “Dollar” and “$” mean
lawful currency of the United States of America. 

8

          “DTC” means The Depository Trust Company,
and its successors.

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

          “Eligible Institution” means a depository
institution or trust company (which may be the Owner Trustee, the Indenture
Trustee or any of their respective Affiliates) organized under the laws of the
United States of America or any one of the states thereof or the District of
Columbia (or any domestic branch of a foreign bank) (a) which at all times has
either (i) a long-term senior unsecured debt rating of “Aa2” or better by
Moody’s and “AA-” or better by Standard & Poor’s or such other rating that
is acceptable to each Rating Agency, as evidenced by a letter from such Rating
Agency to the Issuer or the Indenture Trustee, (ii) a certificate of deposit
rating of “P-1” by Moody’s and “A-1+” by Standard & Poor’s or (iii) such
other rating that is acceptable to each Rating Agency, as evidenced by a letter
from such Rating Agency to the Issuer or the Indenture Trustee and (b) whose
deposits are insured by the Federal Deposit Insurance Corporation; provided,
that a foreign financial institution shall be deemed to satisfy clause (b)
if such foreign financial institution meets the requirements of Rule
13k-1(b)(1) under the Exchange Act (17 CFR §240.13k-1(b)(1)).

          “Eligible Receivable” means a Receivable
meeting all of the criteria set forth on Schedule I of each of the
Purchase Agreement and the Sale and Servicing Agreement as of the Closing Date.

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

          “Event of Default” has the meaning set
forth in Section 5.1 of the Indenture.

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

          “Exchange Act
Reports” means any reports on Form 10-D, Form 8-K and Form 10-K
filed or to be filed by the Seller with respect to the Issuer under the
Exchange Act.

          “FDIC Rule”
means the Federal Deposit Insurance Corporation’s rule regarding the treatment
by the FDIC, as receiver or conservator of an insured depository institution,
of financial assets transferred by the institution in connection with a
securitization or participation (12 C.F.R. § 360.6).

          “Final Scheduled Payment Date”
means, with respect to (i) the Class A-1
Notes, the Class A-1 Final Scheduled Payment Date, (ii) the Class A-2 Notes,
the Class A-2 Final Scheduled Payment Date, (iii) the Class A-3 Notes, the
Class A-3 Final Scheduled Payment

9

Date, (iv) the Class A-4 Notes, the Class A-4 Final Scheduled Payment
Date and (v) the Class B Notes, the Class B Final Scheduled Payment Date.

          “Financed Vehicle” means an automobile or
light-duty truck, together with all accessions thereto, securing an Obligor’s
indebtedness under the applicable Receivable.

          “First
Allocation of Principal” means, with respect to any Payment Date, an
amount equal to the excess, if any, of (a) the Note Balance of the Class A
Notes as of such Payment Date (before giving effect to any principal payments
made on the Class A Notes on such Payment Date) over (b) the Net Pool Balance
as of the end of the related Collection Period; provided, however,
that the “First Allocation of Principal” shall not exceed the Note Balance of
the Class A Notes; provided, further, that the “First
Allocation of Principal” for any Payment Date on and after the Final Scheduled
Payment Date for any Class of Class A Notes shall not be less than the amount
that is necessary to reduce the Note Balance of that Class of Class A Notes to
zero.

          “Form 10-D
Disclosure Item” means, with respect to any Person, (a) any legal
proceedings pending against such Person or of which any property of such Person
is then subject, or (b) any proceedings known to be contemplated by
governmental authorities against such Person or of which any property of such
Person would be subject, in each case that would be material to the
Noteholders.

          “GAAP” means generally accepted
accounting
principles in the USA, applied on a materially consistent basis.

          “Governmental Authority” means any (a)
Federal, state, municipal, foreign or other governmental entity, board, bureau,
agency or instrumentality, (b) administrative or regulatory authority
(including any central bank or similar authority) or (c) court or judicial
authority.

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

          “Holder” means, as the context may
require,
the Certificateholder or a Noteholder or both.

          “Indenture” means the Indenture, dated as
of the Closing Date, between the Issuer and Indenture Trustee, as the same may
be amended and supplemented from time to time.

10

          “Indenture Trustee” means The Bank of New
York Mellon, a banking corporation organized under the laws of the State of New
York, not in its individual capacity but as indenture trustee under the
Indenture, or any successor trustee under the Indenture.

          “Independent” means, when used with
respect
to any specified Person, that such Person (i) is in fact independent of the
Issuer, any other obligor upon the Notes, the Administrator and any Affiliate
of any of the foregoing Persons, (ii) does not have any direct financial
interest or any material indirect financial interest in the Issuer, any such
other obligor upon the Notes, the Administrator or any Affiliate of any of the
foregoing Persons and (iii) is not connected with the Issuer, any such other
obligor upon the Notes, the Administrator or any Affiliate of any of the
foregoing Persons as an officer, employee, promoter, underwriter, trustee,
partner, director or Person performing similar functions.

          “Independent Certificate” means a
certificate or opinion to be delivered to the Indenture Trustee under the
circumstances described in, and otherwise complying with, the applicable
requirements of Section 11.1 of the
Indenture, made by an independent appraiser or other expert appointed by an
Issuer Order, and such opinion or certificate shall state that the signer has
read the definition of “Independent” in this Appendix A and that the
signer is Independent within the meaning thereof.

          “Initial Class A-1 Note Balance” means
$381,000,000.

          “Initial Class A-2 Note Balance” means
$271,000,000.

          “Initial Class A-3 Note Balance” means
$587,000,000.

          “Initial Class A-4 Note Balance”
means $267,889,000.

          “Initial Class B Note Balance”
means $46,604,000.

          “Initial Note Balance” means, for any
Class, the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance,
the Initial Class A-3 Note Balance, the Initial Class A-4 Note Balance or the
Initial Class B Note Balance, as applicable, or with respect to the Notes
generally, the sum of the foregoing.

          “Initial Reserve Account Deposit Amount”
means an amount equal to $7,767,469.74.

          “Insolvency Event” means, with
respect to any Person, (i)
the filing of a decree or order for relief by a court having jurisdiction in
the premises in respect of such Person in an involuntary case under any applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter
in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of such Person, or ordering the winding-up or
liquidation of such Person’s affairs, and such decree or order shall remain
unstayed and in effect for a period of 90 consecutive days or (ii) the
commencement by such Person of a voluntary case under any applicable federal or
state bankruptcy, insolvency or other similar law now or hereafter in effect,
or the consent by such Person to the entry of an order for relief in an
involuntary case under any such law, or the consent by such Person to the
appointment or taking possession by a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of such Person, or the

11

making by such
Person of any general assignment for the benefit of creditors, or the failure
by such Person generally to pay its debts as such debts become due, or the
taking of action by such Person in furtherance of any of the foregoing.

          “Insurance Policy” means (i) any theft
and
physical damage insurance policy maintained by the Obligor under a Receivable,
providing coverage against loss or damage to or theft of the related Financed
Vehicle, and (ii) any credit life or credit disability insurance maintained by
an Obligor in connection with any Receivable.

          “Interest Period” means, with respect to
any Payment Date, (a) with respect to the Class A-1 Notes from and including
the Closing Date (in the case of the first Payment Date) or from and including
the most recent Payment Date to but excluding that Payment Date (for example,
for a Payment Date in February, the Interest Period is from and including the
Payment Date in January to but excluding the Payment Date in February) based
upon actual days elapsed and a 360-day year and (b) for each other Class of
Notes, from and including the 15th day of the calendar month
preceding each Payment Date (or from and including the Closing Date in the case
of the first Payment Date) to but excluding the 15th day of the
following month based upon a 360-day year of twelve 30-day months.

          “Interest
Rate” means (a) with respect to the Class A-1 Notes, the Class A-1
Interest Rate, (b) with respect to the Class A-2 Notes, the Class A-2 Interest
Rate, (c) with respect to the Class A-3 Notes, the Class A-3 Interest Rate, (d)
with respect to the Class A-4 Notes, the Class A-4 Interest Rate or (e) with
respect to the Class B Notes, the Class B Interest Rate.

          “Issuer” means USAA Auto Owner Trust
2009-1, a Delaware statutory trust established pursuant to the Trust Agreement
and the filing of the Certificate of Trust, until a successor replaces it and,
thereafter, means such successor.

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

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

          “Lien” means, for any asset or property
of
a Person, a lien, security interest, mortgage, pledge or encumbrance in, of or
on such asset or property in favor of any other Person, except any Permitted
Lien.

          “Liquidation
Proceeds” means, with respect to any Receivable, (a) insurance
proceeds received by the Servicer with respect to the Insurance Policies, (b)
amounts received by the Servicer in connection with such Receivable pursuant to
the exercise of rights under such Receivable and (c) the monies collected by
the Servicer (from whatever source, including proceeds of a sale of a Financed
Vehicle or a deficiency balance recovered from the Obligor after the charge-off
of such Receivable) on such Receivable, in the case of each of the foregoing clauses (a) through (c), net of any
expenses
(including, without limitation, any auction, painting, repair or refurbishment
expenses in respect of the related Financed Vehicle) incurred by the

12

Servicer in
connection therewith and any payments required by law to be remitted to the
Obligor; provided, however, that the Repurchase Price for
any Receivable shall not constitute “Liquidation
Proceeds”.

          “Monthly Remittance Condition” has the
meaning set forth in Section 4.2 of the Sale and Servicing Agreement.

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

          “Net Pool Balance” means, as
of any date, the aggregate Outstanding Principal Balance of all Receivables of
the Issuer on such date (exclusive of Repurchased Receivables).

          “Note”
means a Class A-1 Note, Class A-2 Note, Class A-3 Note, Class A-4 Note or Class
B Note, in each case substantially in the form of Exhibit A to the
Indenture.

          “Note Balance” means, with respect to any
date of determination, for any Class, the Class A-1 Note Balance, the Class A-2
Note Balance, the Class A-3 Note Balance, the Class A-4 Note Balance or the
Class B Note Balance, as applicable, or with respect to the Notes generally,
the sum of all of the foregoing.

          “Note Depository Agreement” means the
agreement, dated as of the Closing Date, between the Issuer and DTC, as the
initial Clearing Agency relating to the Notes, as the same may be amended or
supplemented from time to time.

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

          “Note Register” and “Note
Registrar” have the respective
meanings set forth in Section 2.4
of the Indenture.

          “Noteholder”
means, as the context requires, all of the Class A-1 Noteholders, the Class A-2
Noteholders, the Class A-3 Noteholders, the Class A-4 Noteholders and the Class
B Noteholders, or any of the Class A-1 Noteholders, the Class A-2 Noteholders,
the Class A-3 Noteholders, the Class A-4 Noteholders or the Class B
Noteholders.

          “Obligor” means, for any Receivable, each
Person obligated to pay such Receivable.

          “Officer’s Certificate” means (i)
with
respect to the Issuer, a certificate signed by any Authorized Officer of the
Issuer and (ii) with respect to the Seller or the Servicer, a certificate
signed by the chairman of the board, the president, any executive vice
president, any vice president, the treasurer, any assistant treasurer or the
controller of the Seller or the Servicer, as applicable.

13

          “Opinion of Counsel” means one or more
written opinions of counsel who may, except as otherwise expressly provided in
the Indenture or any other applicable Transaction Document, be employees of or
counsel to the Issuer, the Servicer, the Seller or the Administrator, and which
opinion or opinions comply with any applicable requirements of the Transaction
Documents and are in form and substance reasonably satisfactory to the
recipient(s). Opinions of Counsel need address matters of law only and may be
based upon stated assumptions as to relevant matters of fact.

          “Optional Purchase” has the
meaning set forth in Section 8.1 of the Sale and Servicing Agreement.

          “Optional Purchase Price” has the meaning
set forth in Section 8.1 of the Sale and Servicing Agreement.

          “Originator” means, with respect to any
Receivable, the Bank.

          “Other Assets” means any assets (or
interests therein) (other than the
Trust Estate) conveyed or purported to be conveyed by the Seller to another
Person or Persons other than the Issuer, whether by way of a sale, capital
contribution or by virtue of the granting of a lien.

          “Outstanding” means, as of any date, all
Notes (or all Notes of an applicable Class) theretofore authenticated and
delivered under the Indenture except:

          (i)
Notes (or Notes of an applicable Class) theretofore cancelled by the Note
Registrar or delivered to the Note Registrar for cancellation;

          (ii)
Notes (or Notes of an applicable Class) or portions thereof the payment for
which money in the necessary amount has been theretofore deposited with the
Indenture Trustee or any Paying Agent in trust for the related Noteholders (provided, however,
that if such Notes are to be redeemed, notice of such redemption has been duly
given pursuant to the Indenture or provision therefor, satisfactory to the
Indenture Trustee, has been made); and 

          (iii)
Notes (or Notes of an applicable Class) in exchange for or in lieu of other
Notes (or Notes of such Class) that have been authenticated and delivered
pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is
presented that any such Notes are held by a bona fide purchaser;

provided,
that in determining whether Noteholders holding the requisite aggregate
principal amount of Outstanding Notes have given any request, demand,
authorization, direction, notice, consent, vote or waiver hereunder or under
any Transaction Document, Notes owned by the Issuer, the Seller or any of their
respective Affiliates shall be disregarded and deemed not to be Outstanding
unless all of the Notes are then owned by the Issuer, the Seller or any of
their respective Affiliates, except that, in determining whether the Indenture
Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent, vote or waiver, only Notes that a
Responsible Officer of the Indenture Trustee knows to be so owned shall be so
disregarded. Notes so owned that have been pledged in good faith may be
regarded as Outstanding if the pledgee thereof establishes to the satisfaction
of the Indenture Trustee such 

14

pledgee’s
right so to act with respect to such Notes and that such pledgee is not the
Issuer, the Seller or any of their respective Affiliates.

          “Outstanding Principal Balance”
 means, with respect to any Receivable as of any date, the outstanding
 principal balance of such Receivable calculated in accordance with the
 Customary Servicing Practices; provided, however, that the
 Outstanding Principal Balance of any Receivable that became a Defaulted
 Receivable will be deemed to be zero as of the date it becomes a Defaulted
 Receivable.

          “Owner Trustee” means Wells Fargo
Delaware
Trust Company, a Delaware limited purpose trust company, not in its individual
capacity but solely as owner trustee under the Trust Agreement, and any
successor Owner Trustee thereunder.

          “Paying Agent” means the Indenture
Trustee
or any other Person that meets the eligibility standards for the Indenture
Trustee set forth in Section 6.11 of
the Indenture and is authorized by the Issuer to make the payments to and
distributions from the Collection Account and the Principal Distribution
Account, including the payment of principal of or interest on the Notes on
behalf of the Issuer.

          “Payment Date” means the 15th
day of each calendar month beginning May 15, 2009; provided, however, whenever
a Payment Date would otherwise be a day that is not a Business Day, the Payment
Date shall be the next Business Day. As used herein, the “related” Payment Date
with respect to a Collection Period shall be deemed to be the Payment Date
which immediately follows such Collection Period.  

          “Payment Default” has the
meaning set forth in Section 5.4(a) of the Indenture.

          “Permitted Investments” means (a)
evidences
of indebtedness, maturing within thirty (30) days after the date of loan
thereof, issued by, or guaranteed by the full faith and credit of, the federal
government of the USA, (b) repurchase agreements with banking institutions or
broker-dealers registered under the Exchange Act which are fully secured by
obligations of the kind specified in clause (a) and which are accounted
for as borrowings (and not sales), (c) money market funds (i) rated not lower
than the highest rating category from Moody’s and “AAAm” or “AAAm-g” from
Standard & Poor’s or (ii) which are otherwise acceptable to each Rating Agency,
as evidenced by a letter from such Rating Agency to the Issuer or the Indenture
Trustee, or (d) commercial paper (including commercial paper of any Affiliate
of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee) rated,
at the time of the investment or contractual commitment to invest therein, at
least “A-1+” (or the equivalent) by Standard & Poor’s and at least “P-1”
(or the equivalent) by Moody’s.

          “Permitted
Liens” means (a) the interest of the parties under the
Transaction Documents, (b) any liens for taxes not due and payable or the
amount of which is being contested in good faith by appropriate proceedings and
(c) any liens of mechanics, suppliers, vendors, materialmen,

15

laborers,
employees, repairmen and other like liens securing obligations which are not
due and payable or the amount or validity of which is being contested in good
faith by appropriate proceedings.

          “Person” means any individual,
corporation,
limited liability company, estate, partnership, joint venture, association,
joint stock company, trust (including any beneficiary thereof), unincorporated
organization or government or any agency or political subdivision thereof.

          “Physical Property” has the
meaning specified in the definition of “Delivery” above.

          “Predecessor Note” means, with respect to
any particular Note, every previous Note evidencing all or a portion of the
same debt as that evidenced by such particular Note; provided, however, for the purpose of this definition, any
Note authenticated and delivered under Section 2.5
of the Indenture in lieu of a mutilated, destroyed, lost or stolen Note shall
be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen
Note.

          “Principal Distribution Account” means
the
account by that name established and maintained pursuant to Section 4.1
of the Sale and Servicing Agreement. 

          “Principal Factor” means,
with respect to the Notes or any Class of Notes on any Payment Date, a
nine-digit decimal figure equal to the Note Balance of the Notes or such Class
of Notes, as applicable, as of the end of the preceding Collection Period
divided by the Note Balance of the Notes or such Class of Notes, as applicable,
as of the Closing Date. The Principal Factor will be 1.000000000 as of the
Closing Date; thereafter, the Principal Factor will decline to reflect
reductions in the Note Balance of the Notes or such Class of Notes, as
applicable.

          “Proceeding” means any suit in equity,
action at law or other judicial or administrative proceeding.

          “Purchase Agreement” means
the Purchase Agreement, dated as of the Closing Date, between the Bank and the
Seller, as amended, modified or supplemented from time to time.

          “Purchased
Assets” has the meaning set forth in Section 2.1 of the
Purchase Agreement.

          “Qualified
Institutional Buyer” means a “qualified institutional
buyer” as defined in Rule 144A under the Securities Act.

          “Rating Agency” means either or each of
Moody’s and Standard & Poor’s, as indicated by the context. 

          “Rating Agency Condition” means, with
respect to any event or circumstance and each Rating Agency, either (a) written
confirmation by such Rating Agency that the occurrence of such event or
circumstance will not cause it to downgrade, qualify or withdraw its rating
assigned to any of the Notes or (b) in the case of Moody’s only, that such
Rating Agency shall have been given notice of such event or circumstance at
least ten days prior to the occurrence of such event or circumstance (or, if
ten days’ advance notice is impracticable, as much advance notice as is
practicable) and such Rating Agency shall not have issued any written notice
that the

16

occurrence of such event or circumstance will cause it
to downgrade, qualify or withdraw its rating assigned to the Notes.
Notwithstanding the foregoing, no Rating Agency has any duty to review any
notice given with respect to any event, and it is understood that such Rating
Agency may not actually review notices received by it prior to or after the
expiration of the ten (10) day period described in (b) above. Further,
each Rating Agency retains the right to downgrade, qualify or withdraw its
rating assigned to all or any of the Notes at any time in its sole judgment
even if the Rating Agency Condition with respect to an event had been
previously satisfied pursuant to clause (a) or clause (b) above.

          “Realized Losses” shall mean, for any
Collection Period and for each Receivable that became a Defaulted Receivable
during such Collection Period, the excess of the Outstanding Principal Balance
of each such Receivable over Liquidation Proceeds received with respect to such
Receivable during such Collection Period, to the extent allocable to principal.

          “Receivable” means any retail motor
vehicle
installment loan with respect to a new or used automobile or light-duty truck
which shall appear on the Schedule of Receivables and all Related Security in
connection therewith which has not been released from the lien of the
Indenture.

          “Receivable Files” has the meaning set
forth in Section 2.4(a) of the Sale and Servicing
Agreement.

          “Record Date” means, unless otherwise
specified in any Transaction Document, with respect to any Payment Date or
Redemption Date, (i) for any Definitive Notes and for the Certificates, the
close of business on the last Business Day of the calendar month immediately
preceding the calendar month in which such Payment Date or Redemption Date
occurs and (ii) for any Book-Entry Notes, the close of business on the Business
Day immediately preceding such Payment Date or Redemption Date.

          “Records” means, for any Receivable, all
contracts, books, records and other documents or information (including
computer programs, tapes, disks, software and related property and rights, to
the extent legally transferable) relating to such Receivable or the related
Obligor.

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

          “Redemption Date” means, in the case of a
redemption of the Notes pursuant to Section 10.1
of the Indenture, the Payment Date specified by the Administrator or the Issuer
pursuant to Section 10.1 of the
Indenture.

          “Redemption Price” means an amount equal
to
the sum of (a) unpaid principal amount of the Notes redeemed plus (b) accrued and unpaid interest
thereon at the applicable Interest Rate for the Notes being so redeemed, up to
but excluding the Redemption Date.

17

          “Registered Holder” means the Person in
whose name a Note is registered on the Note Register on the related Record
Date.

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

          “Related Security” means, for any
Receivable, (i) the security interest in the related Financed Vehicle, (ii) any
proceeds from claims on any Insurance Policy (if such Receivable became a
Defaulted Receivable after the Cut-Off Date), (iii) any other property securing
the Receivables and (iv) all proceeds of the foregoing.

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

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

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

          (c)
with respect to the Servicer only, the occurrence of a Servicer Replacement
Event;

          (d)
an Event of Default;

          (e)
the resignation, removal, replacement or substitution of the Indenture Trustee
or the Owner Trustee; and

          (f)
with respect to the Indenture Trustee only, a required distribution to Holders
of the Notes is not made as of the required Payment Date under the Indenture.

          “Repurchase Price” means, with respect to
any Repurchased Receivable, a price equal to the Outstanding Principal Balance
of such Receivable plus any unpaid accrued interest related to such Receivable
accrued to and including the end of the Collection Period preceding the date
that such Repurchased Receivable was purchased by the Bank, the Servicer or the
Seller, as applicable.

          “Repurchased Receivable” means a
Receivable
purchased by the Bank pursuant to Section 3.3 of the Purchase Agreement,
by the Servicer pursuant to Sections 3.6 and 8.1 of the

18

Sale and Servicing Agreement or by the Seller pursuant
to Section 2.3 of the Sale and Servicing Agreement.

          “Reserve Account” means the account
designated as such, established and maintained pursuant to Section 4.1 of the Sale and Servicing Agreement.

          “Reserve Account Draw Amount” means, for
any Payment Date, the amount withdrawn from the Reserve Account, equal to the
lesser of (a) the Available Funds Shortfall Amount, if any, or (b) the amount
on deposit in the Reserve Account on such Payment Date.

          “Reserve Account Excess Amount” means,
with
respect to any Payment Date, an amount equal to the excess, if any, of (a) the
amount of cash or other immediately available funds in the Reserve Account on
that Payment Date, after giving effect to all deposits to and withdrawals from
the Reserve Account relating to that Payment Date, over (b) the Specified
Reserve Account Balance with respect to that Payment Date.

          “Responsible Officer” means, (a) with
respect to the Indenture Trustee, any officer within the corporate trust
department of the Indenture Trustee, including any vice president, assistant
vice president, assistant secretary, assistant treasurer, trust officer or any
other officer of the Indenture Trustee who customarily performs functions
similar to those performed by the persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred
because of such person’s knowledge of and familiarity with the particular
subject, who, in each case, shall have direct responsibility for the
administration of the Indenture, (b) with respect to the Owner Trustee, any
officer within the Corporate Trust Office of the Owner Trustee and having
direct responsibility for the administration of the Issuer, including any
Managing Director, Director, Vice President, Assistant Vice President,
Assistant Treasurer, Assistant Secretary or Associate, or any other officer
customarily performing functions similar to those performed by any of the above
designated officers and also, with respect to a particular matter, any other
officer to whom such matter is referred because of such officer’s knowledge of
and familiarity with the particular subject and (c) with respect to the
Servicer, the Seller or the Administrator, any officer of such Person having
direct responsibility for the transactions contemplated by the Transaction
Documents, including the President, Treasurer or Secretary or any Vice
President, Controller, Assistant Vice President, Assistant Treasurer, Assistant
Secretary, or any other officer customarily performing functions similar to
those performed by any of the above designated officers and also, with respect
to a particular matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular
subject.

          “Sale and Servicing Agreement” means the
Sale and Servicing Agreement, dated as of the Closing Date, among the Seller,
the Issuer, the Servicer and the Indenture Trustee, as the same may be amended,
modified or supplemented from time to time. 

          “Sarbanes Certification” has the meaning
set forth in Section 9.21(b)(iii) of the Sale and Servicing Agreement.

          “Sarbanes-Oxley Act” means the
Sarbanes-Oxley Act of 2002, as amended, modified or supplemented from time to
time, and any successor law thereto.

19

          “Schedule of Receivables” means the
schedule of Receivables transferred to the Issuer on the Closing Date.

          “Second Allocation of Principal” means,
with respect to any Payment Date, an amount equal to the excess, if any, of (a)
the sum of the Note Balance of the Class A Notes and the Class B Notes minus
the First Allocation of Principal for such Payment Date, over (b) the Net Pool
Balance as of the end of the related Collection Period; provided, however,
that the Second Allocation of Principal for any Payment Date on and after the
Final Scheduled Payment Date for the Class A Notes or the Class B Notes shall
not be less than the amount that is necessary to reduce the Class A Note
Balance or the Class B Note Balance, as applicable, to zero (after the
application of the First Allocation of Principal).

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

          “Seller” means USAA Acceptance, LLC, a
Delaware limited liability company.

          “Servicer” means the Bank, initially, and
any replacement Servicer appointed pursuant to the Sale and Servicing
Agreement.

          “Servicer Replacement Event” means any
one
or more of the following that shall have occurred and be continuing:

         (a)
any failure by the Servicer to deliver or cause to be delivered any required
payment to the Indenture Trustee for distribution to the Noteholders, which
failure continues unremedied for five Business Days after discovery thereof by
a Responsible Officer of the Servicer or receipt by the Servicer of written
notice thereof from the Indenture Trustee or Noteholders evidencing a majority
of the aggregate principal amount of the Outstanding Notes, voting together as
a single Class;

          (b)
any failure by the Servicer to duly observe or perform in any material respect
any other of its covenants or agreements in the Sale and Servicing Agreement,
which failure materially and adversely affects the rights of the Issuer or the
Noteholders, and which continues unremedied for 90 days after discovery thereof
by a Responsible Officer of the Servicer or receipt by the Servicer of written
notice thereof from the Indenture Trustee or Noteholders evidencing a majority
of the aggregate principal amount of the Outstanding Notes, voting together as
a single Class (it being understood that no Servicer Replacement Event will
result from a breach by the Servicer of any covenant for which the repurchase
of the affected Receivable is specified as the sole remedy pursuant to Section
2.3 or Section 3.6 of the Sale and Servicing Agreement);

          (c)
any representation or warranty of the Servicer made in any Transaction Document
to which the Servicer is a party or by which it is bound or any certificate
delivered pursuant to the Sale and Servicing Agreement proves to have been
incorrect in any material respect when made, which failure materially and
adversely affects the rights of the Issuer or the Noteholders, and which
failure continues unremedied for 90 days after discovery thereof by a
Responsible Officer of the Servicer or receipt by the Servicer of written
notice thereof from the Indenture Trustee or Noteholders evidencing a majority
of the aggregate principal amount of the Outstanding Notes, voting together as
a single Class (it being understood that any repurchase of a

20

Receivable by the Bank pursuant to Section 3.3
of the Purchase Agreement, by the Seller pursuant to Section 2.3 of the
Sale and Servicing Agreement or by the Servicer pursuant to Section 3.6
of the Sale and Servicing Agreement shall be deemed to remedy any incorrect
representation or warranty with respect to such Receivable); or

          (d)
the Servicer suffers a Insolvency Event;

provided, however, that a delay or failure of
 performance referred to under clause (a) above for a period of 90 days
 will not constitute a Servicer Replacement Event if such delay or failure was
 caused by force majeure or other similar occurrence as certified by the
 Servicer in an Officer’s Certificate of the Servicer delivered to the
 Indenture Trustee.

          The existence or occurrence of any “material
 instance of noncompliance” (within the meaning of Item 1122 of Regulation AB)
 shall not create any presumption that any event in clauses (a), (b)
 or (c) above has occurred.

          “Servicer’s Certificate” means the
certificate delivered pursuant to Section 3.8
of the Sale and Servicing Agreement.

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

          “Servicing Fee” means, for any Payment
Date, the product of (A) one-twelfth (or, in the case of the first Payment
Date, a fraction, the numerator of which is the number of days from but not
including the Cut-Off Date to and including the last day of the first
Collection Period and the denominator of which is 360), (B) the Servicing Fee
Rate and (C) the Net Pool Balance as of the first day of the related Collection
Period (or, in the case of the first Payment Date, as of the Cut-Off Date).

          “Servicing Fee Rate” means 0.50% per
annum.

          “Simple Interest Method” means the method
of calculating interest due on a motor vehicle receivable on a daily basis based
on the actual outstanding principal balance of the receivable on that date.

          “Simple Interest Receivable” means any
motor vehicle receivable pursuant to which the payments due from the Obligors
during any month are allocated between interest, principal and other charges
based on the actual date on which a payment is received and for which interest
is calculated using the Simple Interest Method.

          “Specified Reserve Account Balance” shall
mean for a Payment Date the lesser of (i) the aggregate principal balance of
the Outstanding Notes as of the current Payment Date and (ii) the

21

greater of (a) 1.35% of the Net Pool Balance as of the
last day of the related Collection Period and (b) 0.50% of the Net Pool Balance
as of the Cut-Off Date. The Specified Reserve Account Balance may be reduced to
a lesser amount as determined by the Depositor, if each of Moody’s and Standard
& Poor’s shall have confirmed in writing to the Indenture Trustee that such
action will not result in a withdrawal or reduction on any if its ratings of
the Notes.

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

          “Statutory Trust Statute” means Chapter
38
of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq.

          “Sub-Servicer” means any Affiliate of the
Servicer or any sub-contractor to whom any or all duties of the Servicer
(including, without limitation, its duties as custodian) under the Transaction
Documents have been delegated in accordance with Section 6.5 of the Sale
and Servicing Agreement.

          “Supplemental Servicing Fees” means any
and
all (i) late fees, (ii) extension fees, (iii) non-sufficient funds charges and
(iv) any and all other administrative fees or similar charges allowed by
applicable law with respect to any Receivable.

          “TIA” or “Trust Indenture Act”
means the
Trust Indenture Act of 1939, as amended and as in force on the date hereof,
unless otherwise specifically provided.

          “Transaction Documents” means the
Indenture, the Notes, the Note Depository Agreement, the Sale and Servicing
Agreement, the Purchase Agreement, the Administration Agreement and the Trust
Agreement, as the same may be amended or modified from time to time.

          “Transferred Assets” means (a) the
Purchased Assets, (b) all of the Seller’s rights under the Purchase Agreement
and (c) all proceeds of the foregoing.

          “Trust Account Property” means the Trust
Accounts, all amounts and investments held from time to time in any Trust
Account (whether in the form of deposit accounts, Physical Property, book-entry
securities, uncertificated securities or otherwise), and all proceeds of the
foregoing.

          “Trust Accounts” has the meaning set
forth in Section 4.1 of the Sale and Servicing Agreement.

          “Trust Agreement” means the Trust
Agreement, dated as of April 7, 2009, as amended and restated by the Amended
and Restated Trust Agreement, dated as of the Closing Date, between the Seller
and the Owner Trustee, as the same may be amended and supplemented from time to
time.

          “Trust Estate” means all money, accounts,
chattel paper, general intangibles, goods, instruments, investment property and
other property of the Issuer, including without limitation (i)

22

the Receivables acquired by the Issuer under the Sale
and Servicing Agreement, the Related Security relating thereto and Collections
thereon on or after the Cut-Off Date, (ii) the Receivable Files, (iii) the
rights of the Issuer to the funds on deposit from time to time in the Trust
Accounts and any other account or accounts established pursuant to the
Indenture or Sale and Servicing Agreement and all cash, investment property and
other property from time to time credited thereto and all proceeds thereof
(including investment earnings, net of losses and investment expenses, on
amounts on deposit therein), (iv) the rights of the Seller, as buyer, under the
Purchase Agreement, (v) the rights of the Issuer under the Sale and Servicing
Agreement and (vi) all proceeds of the foregoing.

          “UCC” means, unless the context otherwise
requires, the Uniform Commercial Code as in effect in the relevant
jurisdiction, as amended from time to time.

          “United States” or
“USA” means the United States of America
(including all states, the District of Columbia and political subdivisions
thereof).

          The foregoing definitions shall be equally applicable
to both the singular and plural forms of the defined terms. Unless otherwise
inconsistent with the terms of this Agreement, all accounting terms used
herein shall be interpreted, and all accounting determinations hereunder shall
be made, in accordance with GAAP. Amounts to be calculated hereunder shall be
continuously recalculated at the time any information relevant to such
calculation changes.

23

SCHEDULE I 

REPRESENTATIONS AND WARRANTIES WITH RESPECT
TO THE RECEIVABLES 

          (d)
Characteristics of Receivables. Each Receivable: 

	
 

	
 

	
 

	
          (i)
 has been fully and properly executed or electronically authenticated (as
 defined in the UCC) by the Obligor thereto; 

	
 

	
 

	
 

	
          (ii)
 has been originated or acquired directly by the Originator in accordance with
 its customary practices; 

	
 

	
 

	
 

	
          (iii)
 as of the Closing Date is secured by a first priority validly perfected
 security interest in the Financed Vehicle in favor of the Originator, as
 secured party, or all necessary actions have been commenced that would result
 in a first priority security interest in the Financed Vehicle in favor of the
 Originator, as secured party, which security interest, in either case, is
 assignable and has been so assigned (x) by the Bank to the Seller and (y) by
 the Seller to the Issuer; 

	
 

	
 

	
 

	
          (iv)
 contains customary and enforceable provisions such that the rights and
 remedies of the holder thereof are adequate for realization against the
 collateral of the benefits of the security; 

	
 

	
 

	
 

	
          (v)
 provided, at origination, for level periodic payments which fully amortize
 the initial Outstanding Principal Balance over the original term; provided, that the amount of the first
 or last payment may be different but in no event more than three times the
 level monthly payment; 

	
 

	
 

	
 

	
          (vi)
 provides for interest at the Contract Rate specified in the Schedule of
 Receivables; and 

	
 

	
 

	
 

	
          (vii)
 was originated in the United States. 

          (e)
Individual Characteristics. Each Receivable has the following individual
characteristics as of the Cut-Off Date: 

	
 

	
 

	
 

	
          (i)
 each Receivable is secured by a new or used automobile or light-duty truck; 

	
 

	
 

	
 

	
          (ii)
 each Receivable has a Contract Rate of no less than 3.19% and not more than
 17.94%; 

	
 

	
 

	
 

	
          (iii)
 each Receivable had an original term to maturity of not more than 72 months
 and not less than 12 months and each Receivable has a remaining term to
 maturity, as of the Cut-Off Date, of 8 months or more; 

I-1

	
 

	
 

	
 

	
          (iv)
 each Receivable has an Outstanding Principal Balance as of the Cut-Off Date
 of greater than or equal to $800.00; 

	
 

	
 

	
 

	
          (v)
 no Receivable has a scheduled maturity date later than March 24, 2015; 

	
 

	
 

	
 

	
          (vi)
 no Receivable was more than 30 days past due as of the Cut-Off Date; 

	
 

	
 

	
 

	
          (vii)
 as of the Cut-Off Date, no Receivable was noted in the records of the
 Servicer as being the subject of any pending bankruptcy or insolvency
 Proceeding; 

	
 

	
 

	
 

	
          (viii)
 no Receivable is subject to a force-placed Insurance Policy on the related
 Financed Vehicle; 

	
 

	
 

	
 

	
          (ix)
 each Receivable is a Simple Interest Receivable; and 

	
 

	
 

	
 

	
          (x)
 each of the Receivables were selected using selection procedures that were
 not known or intended by the Bank to be adverse to the Noteholders. 

          (f)
Schedule of Receivables. The information with respect to each Receivable
transferred on the Closing Date set forth in the Schedule of Receivables was
true and correct in all material respects as of the Cut-Off Date. 

          (g)
Compliance with Law. Each Receivable complied at the time it was
originated or made, in all material respects with all requirements of
applicable federal, state and local laws, and regulations thereunder,
including, to the extent applicable, usury laws, the Federal Truth in Lending
Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Federal
Trade Commission Act, the Fair Debt Collection Practices Act, the Fair Credit
Billing Act, the Magnuson-Moss Warranty Act, Federal Reserve Board Regulations
B and Z, the Servicemembers Civil Relief Act of 2003, as amended, state
adaptations of the National Consumer Act and of the Uniform Consumer Credit
Code and any other consumer credit, equal opportunity and disclosure laws
applicable to that Receivable.

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

          (i)
Receivable in Force. Each Receivable has not been satisfied,
subordinated or rescinded nor has the related Financed Vehicle been released
from the lien granted by the Receivable in whole or in part.

          (j)
No Waiver. As of the
Cut-Off Date, no provision of a Receivable has been waived.

          (k)
No Default. Except for payment delinquencies continuing for a period of
not more than 30 days as of the Cut-Off Date, the records of the Servicer did
not disclose that any default, breach, violation or event permitting
acceleration under the terms of the Receivable 

I-2

existed as of
the Cut-Off Date or that any continuing condition that with notice or lapse of
time, or both, would constitute a default, breach, violation or event
permitting acceleration under the terms of the Receivable had arisen as of the
Cut-Off Date. 

          (l)
Insurance. Each Receivable
requires the Obligor thereunder to insure the Financed Vehicle under a physical
damage insurance policy.

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

          (n)
Assignment. No Receivable
has been originated in, or is subject to the laws of, any jurisdiction under
which the sale, transfer, assignment, conveyance or pledge of such Receivable
would be unlawful, void, or voidable. The Seller has not entered into any
agreement with any Obligor that prohibits, restricts or conditions the
assignment of the related Receivable.

          (o)
Good Title. It is the
intention of the Seller that the sale, contribution, transfer, assignment and
conveyance herein contemplated constitute an absolute sale, contribution,
transfer, assignment and conveyance of the Receivables and that the Receivables
not be part of the Seller’s estate in the event of the filing of a bankruptcy
petition by or against the Seller under any bankruptcy law. No Receivable has
been sold, transferred, assigned, conveyed or pledged to any Person other than
pursuant to the Transaction Documents. As of the Closing Date and immediately
prior to the sale and transfer herein contemplated, the Seller had good and
marketable title to each Receivable free and clear of all Liens, and,
immediately upon the sale and transfer thereof, the Issuer will have good and
marketable title to each Receivable, free and clear of all Liens (other than
Permitted Liens).

          (p)
Filings. All filings
(including, without limitation, UCC filings) necessary in any jurisdiction to
give the Issuer a first priority, validly perfected ownership interest in the
Receivables (other than the Related Security with respect thereto), and to give
the Indenture Trustee a first priority perfected security interest therein,
will be made within ten days of the Closing Date.

          (q)
Priority. The Receivable
is not pledged, assigned, sold, subject to a security interest, or otherwise
conveyed other than pursuant to the Transaction Documents. The Seller has not
authorized the filing of and is not aware of any financing statements against
the Bank or the Seller that include a description of collateral covering the
Receivables other than any financing statement relating to security interests
granted under the Transaction Documents or that have been terminated. The Sale
and Servicing Agreement creates a valid and continuing security interest in the
Receivable (other than the Related Security with respect thereto) in favor of
the Issuer which security interest is prior to all other Liens (other than
Permitted Liens) and is enforceable as such against all other creditors of and
purchasers and assignees from the Seller.

          (r)
Characterization of Receivables. Each
Receivable constitutes either “tangible chattel paper,” “electronic chattel
paper,” an “account,” a “promissory note” or a “payment intangible,” each as
defined in the UCC.

I-3

          (s)
One Original. With respect
to any Receivable constituting electronic chattel paper, there is only one
“authoritative copy” (as such term is used in Section 9-105 of the UCC) of the Receivable
or with respect to any Receivable constituting tangible chattel paper for which
an original executed copy exists, there is no more than one original executed
copy of such Receivable and none of the instruments, tangible chattel paper or
electronic chattel paper that constitute or evidence the Receivables has any
marks or notations indicating that it has been pledged, assigned or otherwise
conveyed to any Person other than to a party to the Transaction Documents.

          (t)
No Defenses. The Seller has no knowledge either of any facts which would
give rise to any right of rescission, set-off, counterclaim or defense, or of
the same being asserted or threatened, with respect to any Receivable.

          (u)
No Repossession. As of the Cut-Off Date, no Financed Vehicle shall have
been repossessed.

I-4

SCHEDULE II

NOTICE ADDRESSES

If to the Issuer:

c/o Wells Fargo Delaware Trust Company

919 North Market Street, Suite 1600

Wilmington, Delaware 19801

Attention: Corporate Trust Administration

Telephone: (302) 575-2004

Facsimile: (302) 575-2006

with copies to the
Administrator, USAA Federal Savings Bank and the Indenture Trustee

If to the Owner Trustee:

Wells Fargo
Delaware Trust Company

919 North Market Street, Suite 700

Wilmington, Delaware 19801

Telecopier No.: (302) 575-2006

Attention: Sandra Battaglia

If to the Indenture Trustee:

The Bank of New York Mellon

101 Barclay Street, 4 West

New York, New York 10286

Telecopier No.: (212) 815-3986

Attention: Corporate Trust Administration – USAA 2009-1

If to the Bank, the Servicer or the Administrator:

USAA Federal Savings Bank 

10750 McDermott Freeway 

San Antonio, Texas 78288

Telecopier No.: (877) 442-4802

Attention: Mike Broker, Vice President

If to the
Seller:

USAA
Acceptance, LLC

10750 McDermott Freeway 

San Antonio, Texas 78288

Telecopier No.: (877) 442-4802

Attention: Mike Broker, Vice President 

II-1

If to Moody’s:

Moody’s
Investors Service, Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007 

Telecopier No.: (212) 298-7139

Attention: ABS Monitoring Group

If to Standard
& Poor’s:

Standard &
Poor’s Ratings Services

55 Water Street

New York, New York 10041

Telecopier No.: (212) 438-2664

Attention: Asset Backed Surveillance Group

II-2

EXHIBIT A

FORM OF ASSIGNMENT PURSUANT TO 

SALE AND SERVICING AGREEMENT

April 22, 2009

          For
value received, in accordance with the Sale and Servicing Agreement (the “Agreement”), dated as of April 22, 2009,
between USAA Auto Owner Trust 2009-1, a Delaware statutory trust (the “Issuer”),
USAA Acceptance, LLC, a Delaware limited liability company (the “Seller”),
USAA Federal Savings Bank, a federally chartered savings association (the “Bank”),
and The Bank of New York Mellon, banking corporation organized under the laws
of the State of New York as indenture trustee, on the terms and subject to the
conditions set forth in the Agreement, the Seller does hereby transfer, assign,
set over, sell and otherwise convey to the Issuer without recourse (subject to
the obligations in the Agreement) on the Closing Date, all of its right, title
and interest in, to and under the Receivables set forth on the schedule of
Receivables delivered by the Seller to the Issuer on the date hereof, the
Collections on or after the Cut-Off Date, the Receivable Files and the Related
Security relating thereto, together with all of Seller’s rights under the
Purchase Agreement and all proceeds of the foregoing; which sale shall be
effective as of the Cut-Off Date.

          The
foregoing sale does not constitute and is not intended to result in any
assumption by the Issuer of any obligation of the undersigned or the Originator
to the Obligors or any other Person in connection with the Receivables, or the
other assets and properties conveyed hereunder or any agreement, document or
instrument related thereto.

          This
assignment is made pursuant to and upon the representations, warranties and
agreements on the part of the undersigned contained in the Agreement and is
governed by the Agreement.

          Capitalized
terms used herein and not otherwise defined shall have the meaning assigned to
them in the Agreement.

[Remainder of page intentionally left blank]

A-1

          IN
WITNESS HEREOF, the undersigned has caused this assignment to be duly executed
as of the date first above written. 

	
 

	
 

	
 

	
 

	
USAA ACCEPTANCE, LLC

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
Title:

A-2

EXHIBIT B

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

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

General

1. This
Agreement creates a valid and continuing security interest (as defined in the
applicable UCC) in the Receivables and the other Transferred Assets in favor of
the Issuer, which security interest is prior to all other Liens, and is
enforceable as such against creditors of and purchasers from the Seller. 

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

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

Creation

4. 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.

5. The related
Originator has received all consents and approvals to the sale of the
Receivables hereunder to the Issuer required by the terms of the Receivables
that constitute instruments.

Perfection

6. The Seller
has caused or will have caused, within ten days after the effective date of
this Agreement, 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 Issuer
hereunder; and the Servicer, in its capacity as custodian, has in its
possession the original copies of such instruments or tangible chattel paper
that constitute or evidence the Receivables, and all financing statements
referred to in this paragraph contain a statement that: “A purchase of or
security interest in any collateral described in this financing statement will
violate the rights of the Secured Party/Purchaser”.

B-1

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

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

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

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

Priority

8. Neither the
Seller nor the Bank has authorized the filing of, and is not aware of, any
financing statements against either the Seller or the Bank 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.

9. Neither the
Seller nor the Bank is aware of any material judgment, ERISA or tax lien
filings against either the Seller or the Bank.

10. Neither
the Seller 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.

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

Survival
of Perfection Representations

12.
Notwithstanding any other provision of the Sale and Servicing Agreement or any
other Transaction Document, the perfection representations, warranties and
covenants contained in this Exhibit B shall be continuing, and remain in
full force and effect until such time as all obligations under the Transaction
Documents and the Notes have been finally and fully paid and performed.

B-2

No
Waiver

13. The
parties to the Sale and Servicing Agreement shall provide the Rating Agencies
with prompt written notice of any material breach of the perfection
representations, warranties and covenants contained in this Exhibit B,
and shall not, without satisfying the Rating Agency Condition, waive a breach
of any of such perfection representations, warranties or covenants. 

Servicer
to Maintain Perfection and Priority

14. The
Servicer covenants that, in order to evidence the interests of the Seller and
Issuer under the Sale and Servicing Agreement and the Indenture Trustee under
the Indenture, Servicer 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 perfected security interest, the Indenture
Trustee’s security interest in the Receivables. The Servicer 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 perfected security interest.

B-3

EXHIBIT C

SERVICING
CRITERIA TO BE ADDRESSED IN 

INDENTURE
TRUSTEE’S ASSESSMENT OF COMPLIANCE

The assessment of compliance to be delivered
by the Indenture Trustee shall address, at a
minimum, the criteria identified below as “Applicable Servicing
Criteria”:

	
 

	
 

	
 

	
 

	
 

	
Servicing Criteria

	
 

	
Applicable

 Servicing Criteria

	

	

	

	
Reference

	
 

	
Criteria

	
 

	
 

	

	

	

	

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
General
 Servicing Considerations

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(1)(i)

	
 

	
Policies
 and procedures are instituted to monitor any performance or other triggers
 and events of default in accordance with the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(1)(ii)

	
 

	
If
 any material servicing activities are outsourced to third parties, policies
 and procedures are instituted to monitor the third party’s performance and
 compliance with such servicing activities.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(1)(iii)

	
 

	
Any
 requirements in the transaction agreements to maintain a back-up servicer for
 the pool assets are maintained.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(1)(iv)

	
 

	
A
 fidelity bond and errors and omissions policy is in effect on the party
 participating in the servicing function throughout the reporting period in
 the amount of coverage required by and otherwise in accordance with the terms
 of the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Cash Collection and
 Administration

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(2)(i)

	
 

	
Payments
 on pool assets are deposited into the appropriate custodial bank accounts and
 related bank clearing accounts no more than two business days following
 receipt, or such other number of days specified in the transaction
 agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(2)(ii)

	
 

	
Disbursements
 made via wire transfer on behalf of an obligor or to an investor are made
 only by authorized personnel.

	
 

	
X

	
 

	
 

	
 

	
 

	
 

	
1122(d)(2)(iii)

	
 

	
Advances
 of funds or guarantees regarding collections, cash flows or distributions,
 and any interest or other fees charged for such advances, are made, reviewed
 and approved as specified in the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(2)(iv)

	
 

	
The
 related accounts for the transaction, such as cash reserve accounts or
 accounts established as a form of overcollateralization, are separately
 maintained (e.g., with respect to commingling of cash) as set forth in the
 transaction agreements.

	
 

	
X

	
 

	
 

	
 

	
 

	
 

	
1122(d)(2)(v)

	
 

	
Each
 custodial account is maintained at a federally insured depository institution
 as set forth in the transaction agreements. For purposes of this criterion,
 “federally insured depository institution” with respect to a foreign financial
 institution means a foreign financial institution that meets the requirements
 of Rule 13k-1(b)(1) of the Securities Exchange Act.

	
 

	
X

	
 

	
 

	
 

	
 

	
 

	
1122(d)(2)(vi)

	
 

	
Unissued
 checks are safeguarded so as to prevent unauthorized access.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(2)(vii)

	
 

	
Reconciliations
 are prepared on a monthly basis for all asset-backed securities related bank
 accounts, including custodial accounts and related bank clearing accounts.
 These reconciliations are (A) mathematically accurate; (B) prepared within 30
 calendar days after the bank statement cutoff date, or such other number of
 days specified in the transaction agreements; (C) reviewed and approved by
 someone other than the person who prepared the reconciliation; and (D)
 contain explanations for reconciling items. These reconciling items are
 resolved within 90 calendar days of their original identification, or such
 other number of days specified in the transaction agreements.

	
 

	
X

C-1

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Servicing Criteria

	
 

	
Applicable

 Servicing Criteria

	

	

	

	
Reference

	
 

	
Criteria

	
 

	
 

	

	

	

	

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Investor Remittances and
 Reporting

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(3)(i)

	
 

	
Reports
 to investors, including those to be filed with the Commission, are maintained
 in accordance with the transaction agreements and applicable Commission
 requirements. Specifically, such reports (A) are prepared in accordance with
 timeframes and other terms set forth in the transaction agreements; (B)
 provide information calculated in accordance with the terms specified in the
 transaction agreements; (C) are filed with the Commission as required by its
 rules and regulations; and (D) agree with investors’ or the trustee’s records
 as to the total unpaid principal balance and number of pool assets serviced
 by the Servicer.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(3)(ii)

	
 

	
Amounts
 due to investors are allocated and remitted in accordance with timeframes,
 distribution priority and other terms set forth in the transaction
 agreements.

	
 

	
X
(solely with respect to

 remittances)

	
 

	
 

	
 

	
 

	
 

	
1122(d)(3)(iii)

	
 

	
Disbursements
 made to an investor are posted within two business days to the Servicer’s
 investor records, or such other number of days specified in the transaction
 agreements.

	
 

	
X

	
 

	
 

	
 

	
 

	
 

	
1122(d)(3)(iv)

	
 

	
Amounts
 remitted to investors per the investor reports agree with cancelled checks,
 or other form of payment, or custodial bank statements.

	
 

	
X

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Pool Asset Administration

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(i)

	
 

	
Collateral
 or security on pool assets is maintained as required by the transaction
 agreements or related asset pool documents.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(ii)

	
 

	
Pool
 assets and related documents are safeguarded as required by the transaction
 agreements

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(iii)

	
 

	
Any
 additions, removals or substitutions to the asset pool are made, reviewed and
 approved in accordance with any conditions or requirements in the transaction
 agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(iv)

	
 

	
Payments
 on pool assets, including any payoffs, made in accordance with the related
 pool asset documents are posted to the Servicer’s obligor records maintained
 no more than two business days after receipt, or such other number of days
 specified in the transaction agreements, and allocated to principal, interest
 or other items (e.g., escrow) in accordance with the related asset pool
 documents.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(v)

	
 

	
The
 Servicer’s records regarding the accounts and the accounts agree with the
 Servicer’s records with respect to an obligor’s unpaid principal balance.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(vi)

	
 

	
Changes
 with respect to the terms or status of an obligor’s account (e.g., loan
 modifications or re-agings) are made, reviewed and approved by authorized
 personnel in accordance with the transaction agreements and related pool
 asset documents.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(vii)

	
 

	
Loss
 mitigation or recovery actions (e.g., forbearance plans, modifications and
 deeds in lieu of foreclosure, foreclosures and repossessions, as applicable)
 are initiated, conducted and concluded in accordance with the timeframes or
 other requirements established by the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(viii)

	
 

	
Records
 documenting collection efforts are maintained during the period a pool asset
 is delinquent in accordance with the transaction agreements. Such records are
 maintained on at least a monthly basis, or such other period specified in the
 transaction agreements, and describe the entity’s activities in monitoring
 delinquent pool assets including, for example, phone calls, letters and
 payment rescheduling plans in cases where delinquency is deemed temporary
 (e.g., illness or unemployment).

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(ix)

	
 

	
Adjustments
 to interest rates or rates of return for pool assets with variable rates are
 computed based on the related pool asset documents.

	
 

	
 

C-2

	
 

	
 

	
 

	
 

	
 

	
Servicing Criteria

	
 

	
Applicable

 Servicing Criteria

	

	

	

	
Reference

	
 

	
Criteria

	
 

	
 

	

	

	

	

	

	
1122(d)(4)(x)

	
 

	
Regarding
 any funds held in trust for an obligor (such as escrow accounts): (A) such
 funds are analyzed, in accordance with the obligor’s Account documents, on at
 least an annual basis, or such other period specified in the transaction
 agreements; (B) interest on such funds is paid, or credited, to obligors in
 accordance with applicable Account documents and state laws; and (C) such
 funds are returned to the obligor within 30 calendar days of full repayment
 of the related Accounts, or such other number of days specified in the
 transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(xi)

	
 

	
Payments
 made on behalf of an obligor (such as tax or insurance payments) are made on
 or before the related penalty or expiration dates, as indicated on the
 appropriate bills or notices for such payments, provided that such support
 has been received by the servicer at least 30 calendar days prior to these
 dates, or such other number of days specified in the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(xii)

	
 

	
Any
 late payment penalties in connection with any payment to be made on behalf of
 an obligor are paid from the servicer’s funds and not charged to the obligor,
 unless the late payment was due to the obligor’s error or omission.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(xiii)

	
 

	
Disbursements
 made on behalf of an obligor are posted within two business days to the
 obligor’s records maintained by the servicer, or such other number of days
 specified in the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(xiv)

	
 

	
Delinquencies,
 charge-offs and uncollectible accounts are recognized and recorded in
 accordance with the transaction agreements.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
1122(d)(4)(xv)

	
 

	
Any
 external enhancement or other support, identified in Item 1114(a)(1) through
 (3) or Item 1115 of Regulation AB, is maintained as set forth in the
 transaction agreements.

	
 

	
 

C-3

EXHIBIT D

FORM
OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION

Re:    USAA
AUTO OWNER TRUST 2009-1

                   The
Bank of New York Mellon, not in its individual capacity but solely as indenture
trustee (the “Indenture Trustee”), certifies to USAA Acceptance, LLC
(the “Seller”), and its officers, with the knowledge and intent that
they will rely upon this certification, that:

	
 

	
 

	
 

	
          (1)
 It has reviewed the report on assessment of the Indenture Trustee’s
 compliance provided in accordance with Rules 13a-18 and 15d-18 under the
 Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
 Item 1122 of Regulation AB (the “Servicing Assessment”) (collectively,
 the “Indenture Trustee Information”);

	
 

	
 

	
 

	
          (2)
 To the best of its knowledge, the Indenture Trustee Information, taken as a
 whole, does not contain any untrue statement of a material fact or omit to
 state a material fact necessary to make the statements made, in the light of
 the circumstances under which such statements were made, not misleading with
 respect to the period of time covered by the Indenture Trustee Information;
 and

	
 

	
 

	
 

	
          (3)
 To the best of its knowledge, all of the Provided Information (as defined in Section
 9.23(a) of the Agreement) required to be provided by the Indenture
 Trustee under the Agreement has been provided to the Seller.

	
 

	
 

	
 

	
 

	
THE BANK OF
 NEW YORK MELLON, not in its

 individual capacity but solely as Indenture Trustee

	
 

	
 

	
 

	
 

	
Date:

	
 

	
 

	
 

	

D-1

EXHIBIT E

FORM
OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION

REGARDING ITEM 1117 AND ITEM 1119 OF REGULATION AB

          Reference
is made to the Form 10-K of USAA Acceptance, LLC with respect to USAA Auto
Owner Trust 2009-1 (the “Form 10-K”) for the fiscal year ended December
31, 20[   ]. Capitalized terms used but not otherwise defined herein shall have
the respective meanings given to them in the Form 10-K.

          The
Bank of New York Mellon, a banking corporation organized under the laws of the
State of New York (“BNY”), does hereby certify to the Sponsor, the
Seller and the Issuing Entity that:

          1.
As of the date of the Form 10-K, there are no pending legal proceedings against
BNY or proceedings known to be contemplated by governmental authorities against
BNY that would be material to the investors in the Notes.

          2.
As of the date of the Form 10-K, there are no affiliations, as contemplated by
Item 1119 of Regulation AB, between BNY and any of USAA Federal Savings Bank
(in its capacity as Sponsor, Originator, Servicer and Administrator), USAA
Acceptance, LLC, the Indenture Trustee, the Owner Trustee and the Issuing
Entity, or any affiliates of such parties.

          IN
WITNESS WHEREOF, BNY has caused this certificate to be executed in its
corporate name by an officer thereunto duly authorized.

Dated:
____________, 20[   ]

	
 

	
 

	
 

	
 

	
THE BANK OF
 NEW YORK MELLON, as 
Indenture Trustee

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
Title:

E-1EXECUTION COPY 

Exhibit 10.3 

ADMINISTRATION AGREEMENT

among

USAA AUTO OWNER TRUST 2009-1, 

as Issuer

USAA FEDERAL SAVINGS BANK, 

as Administrator

and

THE BANK OF NEW YORK MELLON, 

as Indenture Trustee

Dated as of April 22, 2009

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	
1.

	
 

	
Duties of
 the Administrator

	
1

	
 

	
 

	
 

	
 

	
2.

	
 

	
Records

	
3

	
 

	
 

	
 

	
 

	
3.

	
 

	
Compensation;
 Payment of Fees and Expenses

	
3

	
 

	
 

	
 

	
 

	
4.

	
 

	
Independence
 of the Administrator

	
3

	
 

	
 

	
 

	
 

	
5.

	
 

	
No Joint
 Venture

	
3

	
 

	
 

	
 

	
 

	
6.

	
 

	
Other
 Activities of the Administrator

	
3

	
 

	
 

	
 

	
 

	
7.

	
 

	
Representations
 and Warranties of the Administrator

	
3

	
 

	
 

	
 

	
 

	
8.

	
 

	
Administrator
 Replacement Events; Termination of the Administrator

	
4

	
 

	
 

	
 

	
 

	
9.

	
 

	
Action upon
 Termination or Removal

	
6

	
 

	
 

	
 

	
 

	
10.

	
 

	
Liens

	
6

	
 

	
 

	
 

	
 

	
11.

	
 

	
Notices

	
6

	
 

	
 

	
 

	
 

	
12.

	
 

	
Amendments

	
6

	
 

	
 

	
 

	
 

	
13.

	
 

	
Governing
 Law; Submission to Jurisdiction; Waiver of Jury Trial

	
8

	
 

	
 

	
 

	
 

	
14.

	
 

	
Headings

	
9

	
 

	
 

	
 

	
 

	
15.

	
 

	
Counterparts

	
9

	
 

	
 

	
 

	
 

	
16.

	
 

	
Severability
 of Provisions

	
9

	
 

	
 

	
 

	
 

	
17.

	
 

	
Not
 Applicable to the Bank in Other Capacities

	
9

	
 

	
 

	
 

	
 

	
18.

	
 

	
Benefits of
 the Administration Agreement

	
9

	
 

	
 

	
 

	
 

	
19.

	
 

	
Assignment

	
9

	
 

	
 

	
 

	
 

	
20.

	
 

	
Nonpetition
 Covenant

	
9

	
 

	
 

	
 

	
 

	
21.

	
 

	
Limitation
 of Liability

	
10

i

          THIS
ADMINISTRATION AGREEMENT (this “Agreement”)
dated as of April 22, 2009, is between USAA
AUTO OWNER TRUST 2009-1, a Delaware statutory trust (the “Issuer”),
USAA FEDERAL SAVINGS BANK, a
federally chartered savings association, as administrator (the “Bank” or
in its capacity as administrator, the “Administrator”), and THE BANK OF NEW YORK MELLON,
a banking
corporation organized under the laws of the State of New York, as indenture
trustee (the “Indenture Trustee”). Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned such terms in Appendix
A to the Sale and Servicing Agreement dated as of April 22, 2009 (the “Sale
and Servicing Agreement”) by and among USAA Acceptance, LLC, as seller, the
Issuer, the Bank, as servicer, and the Indenture Trustee. 

W I T N E S S E T H :

          WHEREAS,
the Issuer has issued the Notes pursuant to the Indenture and the Certificate
pursuant to the Trust Agreement and has entered into certain agreements in
connection therewith, including, (i) the Sale and Servicing Agreement, (ii) the
Indenture, (iii) the Note Depository Agreement and (iv) the Trust Agreement
(each of the agreements referred to in clauses (i) through (iv) are referred to
herein collectively as the “Issuer Documents”);  

          WHEREAS,
to secure payment of the Notes, the Issuer has pledged the Collateral to the
Indenture Trustee pursuant to the Indenture; 

          WHEREAS,
pursuant to the Issuer Documents, the Issuer and the Owner Trustee are required
to perform certain duties; 

          WHEREAS,
the Issuer and the Owner Trustee desire to have the Administrator perform
certain of the duties of the Issuer and the Owner Trustee (in its capacity as
owner trustee under the Trust Agreement), and to provide such additional
services consistent with this Agreement and the Issuer Documents as the Issuer
may from time to time request; 

          WHEREAS,
the Administrator has the capacity to provide the services required hereby and
is willing to perform such services for the Issuer and the Owner Trustee on the
terms set forth herein; 

          NOW,
THEREFORE, in consideration of the mutual terms and covenants contained herein,
and other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the parties agree as follows: 

          1.
Duties of the Administrator. 

          (a)
Duties with Respect to the Issuer Documents. The Administrator shall perform
all of its duties as Administrator under this Agreement and the Issuer
Documents and the duties and obligations of the Issuer and the Owner Trustee
(in its capacity as owner trustee under the Trust Agreement) under the Issuer
Documents; provided, however, except as otherwise provided
in the Issuer Documents, that the Administrator shall have no obligation to
make any payment required to be made by the Issuer under any Issuer Document;
provided, further, however,
that the Administrator shall have no obligation, and the Owner Trustee shall
be required to fully perform its duties, with  

	
 

	
 

	
 

	
respect to
the obligations of the Owner Trustee under Sections 11.13, 11.14 and 11.15 of the Trust Agreement and to otherwise comply with the requirements of the
Owner Trustee pursuant to or related to Regulation AB. In addition, the
Administrator shall consult with the Issuer and the Owner Trustee regarding
its duties and obligations under the Issuer Documents. The Administrator
shall monitor the performance of the Issuer and the Owner Trustee and shall
advise the Issuer and the Owner Trustee in writing when action is necessary
to comply with the Issuer’s and the Owner Trustee’s duties and obligations
under the Issuer Documents. The Administrator shall perform such
calculations, and shall prepare for execution by the Issuer or the Owner
Trustee or shall cause the preparation by other appropriate Persons of all
such documents, reports, filings, instruments, certificates and opinions as
it shall be the duty of the Issuer or the Owner Trustee (in its capacity as
owner trustee under the Trust Agreement) to prepare, file or deliver pursuant
to the Issuer Documents. In furtherance of the foregoing, the Administrator
shall take all appropriate action that is the duty of the Issuer or the Owner
Trustee (in its capacity as owner trustee under the Trust Agreement) to take
pursuant to the Issuer Documents, and shall prepare and execute on behalf of
the Issuer or the Owner Trustee all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Issuer
or the Owner Trustee to prepare, file or deliver pursuant to the Issuer
Documents or otherwise by law.  

	
 

	
 

	
 

	
          (b)
 No Action by Administrator. Notwithstanding anything to the contrary
 in this Agreement, the Administrator shall not be obligated to, and shall
 not, take any action that the Issuer directs the Administrator not to take
 nor which would result in a violation or breach of the Issuer’s covenants,
 agreements or obligations under any of the Issuer Documents. 

	
 

	
 

	
 

	
          (c)
 Non-Ministerial Matters; Exceptions to Administrator Duties. 

	
 

	
 

	
 

	
 

	
 

	
          (i)
 Notwithstanding anything to the contrary in this Agreement, with respect to
 matters that in the reasonable judgment of the Administrator are
 non-ministerial, the Administrator shall not take any action unless, within a
 reasonable time before the taking of such action, the Administrator shall
 have notified the Issuer of the proposed action and the Issuer shall not have
 withheld consent or provided an alternative direction. For the purpose of the
 preceding sentence, “non-ministerial matters” shall include, without
 limitation: 

	
 

	
 

	
 

	
 

	
 

	
          (A)
 the initiation of any claim or lawsuit by the Issuer and the compromise of
 any action, claim or lawsuit brought by or against the Issuer;

	
 

	
 

	
 

	
 

	
 

	
          (B)
 the appointment of successor Note Registrars, successor Paying Agents,
 successor Indenture Trustees, successor Administrators or successor
 Servicers, or the consent to the assignment by the Note Registrar, the Paying
 Agent or the Indenture Trustee of its obligations under the Indenture; and

	
 

	
 

	
 

	
 

	
 

	
          (C)
 the removal of the Indenture Trustee.

2

	
 

	
 

	
 

	
 

	
 

	
          (ii)
 Notwithstanding anything to the contrary in this Agreement, the Administrator
 shall not be obligated to, and shall not, (x) make any payments to the
 Noteholders under the Transaction Documents, (y) except as provided in the
 Transaction Documents, sell the Trust Estate or (z) take any other action
 that the Issuer directs the Administrator not to take on its behalf. 

          2.
Records. The Administrator shall maintain appropriate books of account
and records relating to services performed hereunder, which books of account
and records shall be accessible for inspection upon reasonable written request
by the Issuer, the Seller and the Indenture Trustee at any time during normal
business hours. 

          3.
Compensation; Payment of Fees and Expenses. As compensation for the
performance of the Administrator’s obligations under this Agreement and as
reimbursement for its expenses related thereto, the Administrator shall be
entitled to receive $2,000 annually which shall be solely an obligation of the
Seller. The Administrator shall pay all expenses incurred by it in connection
with its activities hereunder. 

          4.
Independence of the Administrator. For all purposes of this Agreement,
the Administrator shall be an independent contractor and shall not be subject
to the supervision of the Issuer with respect to the manner in which it
accomplishes the performance of its obligations hereunder. Unless expressly
authorized by the Issuer, the Administrator shall have no authority to act for
or to represent the Issuer in any way (other than as permitted hereunder) and
shall not otherwise be deemed an agent of the Issuer. 

          5.
No Joint Venture. Nothing contained in this Agreement (i) shall
constitute the Administrator and the Issuer as members of any partnership,
joint venture, association, syndicate, unincorporated business or other
separate entity, (ii) shall be construed to impose any liability as such on any
of them or (iii) shall be deemed to confer on any of them any express, implied
or apparent authority to incur any obligation or liability on behalf of the
other. 

          6.
Other Activities of the Administrator. Nothing herein shall prevent the
Administrator or its Affiliates from engaging in other businesses or, in its
sole discretion, from acting in a similar capacity as an Administrator for any
other Person even though such Person may engage in business activities similar
to those of the Issuer, the Owner Trustee or the Indenture Trustee. 

          7.
Representations and Warranties of the Administrator. The Administrator
represents and warrants to the Issuer and the Indenture Trustee as follows: 

	
 

	
 

	
 

	
          (a)
 Existence and Power. The Administrator is a federally chartered
 savings association validly existing and in good standing under the laws of
 the United States and has, in all material respects, all power and authority
 to carry on its business as now conducted. The Administrator has obtained all
 necessary licenses and approvals in each jurisdiction where the failure to do
 so would materially and adversely affect the ability of the Administrator to
 perform its obligations under the Transaction Documents or affect the
 enforceability or collectibility of the Receivables or any other part of the
 Collateral. 

3

	
 

	
 

	
 

	
          (b)
 Authorization and No Contravention.The
 execution, delivery and performance by the Administrator of the Transaction
 Documents to which it is a party (i) have been duly authorized by all
 necessary action on the part of the Administrator and (ii) do not contravene
 or constitute a default under (A) any applicable law, rule or regulation, (B)
 its organizational documents or (C) any material agreement, contract, order
 or other instrument to which it is a party or its property is subject (other than
 violations which do not affect the legality, validity or enforceability of
 any of such agreements and which, individually or in the aggregate, would not
 materially and adversely affect the transactions contemplated by, or the
 Administrator’s ability to perform its obligations under, the Transaction
 Documents). 

	
 

	
 

	
 

	
          (c)
 No Consent Required. No approval or authorization by, or filing with,
 any Governmental Authority is required in connection with the execution,
 delivery and performance by the Administrator of any Transaction Document
 other than (i) UCC filings, (ii) approvals and authorizations that have
 previously been obtained and filings that have previously been made and (iii)
 approvals, authorizations or filings which, if not obtained or made, would
 not have a material adverse effect on the enforceability or collectibility of
 the Receivables or any other part of the Collateral or would not materially
 and adversely affect the ability of the Administrator to perform its
 obligations under the Transaction Documents. 

	
 

	
 

	
 

	
          (d)
 Binding Effect. Each Transaction Document to which the Administrator
 is a party constitutes the legal, valid and binding obligation of the
 Administrator enforceable against the Administrator in accordance with its
 terms, except as such enforceability may be limited by applicable bankruptcy,
 insolvency, reorganization, moratorium, receivership, conservatorship or
 other similar laws affecting the enforcement of creditors’ rights generally
 and, if applicable, the rights of creditors of federally chartered savings
 associations from time to time in effect or by general principles of equity. 

	
 

	
 

	
 

	
8. Administrator
 Replacement Events; Termination of the Administrator. 

	
 

	
 

	
 

	
 

	
          (a)
 Subject to clauses (d) and (e) below, the Administrator may
 resign its duties hereunder by providing the Issuer with at least sixty (60)
 days’ prior written notice. 

	
 

	
 

	
 

	
          (b)
 Subject to clauses (d) and (e) below, the Issuer may remove the
 Administrator without cause by providing the Administrator with at least
 sixty (60) days’ prior written notice provided,
 that, for so long as any Notes are Outstanding, the Rating Agency Condition
 shall have been satisfied in connection therewith. 

	
 

	
 

	
 

	
          (c)
 The occurrence of any one of the following events (each, an “Administrator
 Replacement Event”) shall also entitle the Issuer, subject to Section
 19 hereof, to terminate and replace the Administrator: 

	
 

	
 

	
 

	
 

	
          (i)
 any failure by the Administrator to deliver or cause to be delivered any
 required payment to the Indenture Trustee for distribution to the
 Noteholders, which failure continues unremedied for five Business Days after
 discovery thereof

4

	
 

	
 

	
 

	
 

	
 

	
by a
 Responsible Officer of the Administrator or receipt by the Administrator of
 written notice thereof from the Indenture Trustee or Noteholders evidencing
 at least a majority of the Outstanding Note Balance, voting together as a
 single class;

	
 

	
 

	
 

	
 

	
 

	
          (ii)
 any failure by the Administrator to duly observe or perform in any material
 respect any other of its covenants or agreements in this Agreement, which
 failure materially and adversely affects the rights of the Issuer or the
 Noteholders, and which continues unremedied for 90 days after discovery
 thereof by a Responsible Officer of the Administrator or receipt by the
 Administrator of written notice thereof from the Indenture Trustee or
 Noteholders evidencing at least a majority of the Outstanding Note Balance,
 voting together as a single class; 

	
 

	
 

	
 

	
 

	
 

	
          (iii)
 any representation or warranty of the Administrator made in any Transaction
 Document to which the Administrator is a party or by which it is bound or any
 certificate delivered pursuant to this Agreement proves to have been
 incorrect in any material respect when made, which failure materially and
 adversely affects the rights of the Issuer or the Noteholders, and which
 failure continues unremedied for 90 days after discovery thereof by a
 Responsible Officer of the Administrator or receipt by the Administrator of written
 notice thereof from the Indenture Trustee or Noteholders evidencing at least
 a majority of the Outstanding Note Balance, voting together as a single class
 (it being understood that any repurchase of a Receivable by the Bank pursuant
 to Section 3.3 of the Purchase Agreement, by the Seller pursuant to Section
 2.3 of the Sale and Servicing Agreement or by the Servicer pursuant to Section
 3.6 of the Sale and Servicing Agreement shall be deemed to remedy any
 incorrect representation or warranty with respect to such Receivable); or

	
 

	
 

	
 

	
 

	
 

	
          (iv)
 the Administrator suffers an Insolvency Event;

provided, however,
 that a delay in or failure of performance referred to under clause (i)
 above for a period of 90 days will not constitute an Administrator
 Replacement Event if such delay or failure was caused by force majeure or other similar
 occurrence as certified by the Administrator in an Officer’s Certificate of
 the Administrator delivered to the Indenture Trustee.

          (d)
If an Administrator Replacement Event shall have occurred, the Issuer may,
subject to Section 19 hereof, by notice given to the Administrator and
the Owner Trustee, terminate all or a portion of the rights and powers of the
Administrator under this Agreement, including the rights of the Administrator
to receive the annual fee for services hereunder for all periods following
such termination; provided, however, that such termination shall not
become effective until such time as the Issuer, subject to Section 19
hereof, shall have appointed a successor Administrator with the consent of
the Indenture Trustee in the manner set forth below. Upon any such
termination, all rights, powers, duties and responsibilities of the
Administrator under this Agreement shall vest in and be assumed by any
successor Administrator appointed by the Issuer, subject to Section 19 hereof, pursuant to a management agreement between the Issuer and such
successor Administrator, containing substantially the same provisions as this
Agreement  

5

	
 

	
 

	
 

	
(including
 with respect to the compensation of such successor Administrator), and the
 successor Administrator is hereby irrevocably authorized and empowered to
 execute and deliver, on behalf of the Administrator, as attorney-in-fact or
 otherwise, all documents and other instruments, and to do or accomplish all
 other acts or things necessary or appropriate to effect such vesting and
 assumption. Further, in such event, the Administrator shall use its
 commercially reasonable efforts to effect the orderly and efficient transfer
 of the administration of the Issuer to the new Administrator. 

	
 

	
 

	
 

	
          (e)
 The Issuer, subject to Section 19 hereof, may waive in writing any
 Administrator Replacement Event by the Administrator in the performance of
 its obligations hereunder and its consequences. Upon any such waiver of a
 past Administrator Replacement Event, such Administrator Replacement Event
 shall cease to exist, and any Administrator Replacement Event arising
 therefrom shall be deemed to have been remedied for every purpose of this
 Agreement. No such waiver shall extend to any subsequent or other
 Administrator Replacement Event or impair any right consequent thereon. 

	
 

	
 

	
          9.
Action upon Termination or Removal. Promptly upon the effective date
of termination of this Agreement pursuant to Section 8, or the removal of the
Administrator pursuant to Section 8, the Administrator shall be
entitled to be paid by the Seller all fees and reimbursable expenses accruing
to it to the date of such termination or removal.  

	
 

	
 

	
          10.
 Liens. The Administrator will not directly or indirectly create, allow
 or suffer to exist any Lien on the Collateral other than Permitted Liens. 

	
 

	
 

	
          11.
 Notices. All demands, notices and communications hereunder shall be in
 writing and shall be delivered or mailed by registered or certified
 first-class United States mail, postage prepaid, hand delivery, prepaid
 courier service, or by facsimile, and addressed in each case as specified on Schedule
 II to the Sale and Servicing Agreement or at such other address as shall
 be designated by any of the specified addressees in a written notice to the
 other parties hereto. Delivery shall occur only upon receipt or reported
 tender of such communication by an officer of the recipient entitled to
 receive such notices located at the address of such recipient for notices
 hereunder. 

	
 

	
 

	
 

	
12. Amendments.
 

	
 

	
 

	
 

	
          (a)
 Any term or provision of this Agreement may be amended by the Administrator
 without the consent of the Indenture Trustee, any Noteholder, the Issuer, the
 Owner Trustee or any other Person subject to subsections (e) and (f)
 of this Section 12 and the satisfaction of one of the following
 conditions:

	
 

	
 

	
 

	
 

	
 

	
          (i)
 the Administrator delivers an Opinion of Counsel to the Indenture Trustee to
 the effect that such amendment will not materially and adversely affect the
 interests of the Noteholders; 

	
 

	
 

	
 

	
 

	
 

	
          (ii)
 the Administrator delivers an Officer’s Certificate of the Administrator to
 the Indenture Trustee to the effect that such amendment will not materially
 or adversely affect the interests of the Noteholders; or 

6

	
 

	
 

	
 

	
 

	
 

	
          (iii)
 the Administrator delivers to the Indenture Trustee written confirmation from
 each Rating Agency that such amendment will not cause it to downgrade,
 qualify or withdraw its rating assigned to any of the Notes; 

	
 

	
 

	
 

	
          (b)
 Subject to subsections (e) and (f) of this Section 12,
 any term or provision of this Agreement may be amended by the Administrator
 but without the consent of the Indenture Trustee, any Noteholder, the Issuer,
 the Owner Trustee or any other Person to add, modify or eliminate any
 provisions as may be necessary or advisable in order to enable the Seller,
 the Servicer or any of their Affiliates to comply with or obtain more
 favorable treatment under any law or regulation or any accounting rule or
 principle (whether now or in the future), it being a condition to any such
 amendment that the Rating Agency Condition shall have been satisfied. 

	
 

	
 

	
 

	
          (c)
 Subject to subsections (e) and (f) of this Section 12,
 this Agreement may also be amended from time to time by the Issuer, the
 Administrator and the Indenture Trustee, with the consent of the Holders of
 Notes evidencing not less than a majority of the Outstanding Note Balance of
 the Controlling Class, for the purpose of adding any provisions to or
 changing in any manner or eliminating any of the provisions of this Agreement
 or of modifying in any manner the rights of the Noteholders. It will not be
 necessary for the consent of Noteholders to approve the particular form of
 any proposed amendment or consent, but it will be sufficient if such consent
 approves the substance thereof. The manner of obtaining such consents (and
 any other consents of Noteholders provided for in this Agreement) and of
 evidencing the authorization of the execution thereof by Noteholders will be
 subject to such reasonable requirements as the Indenture Trustee may
 prescribe, including the establishment of record dates pursuant to the Note
 Depository Agreement. 

	
 

	
 

	
 

	
          (d)
 Prior to the execution of any such amendment, the Administrator shall provide
 written notification of the substance of such amendment to each Rating Agency
 and the Owner Trustee; and promptly after the execution of any such amendment
 or consent, the Administrator shall furnish a copy of such amendment or
 consent to each Rating Agency, the Owner Trustee and the Indenture Trustee.
 Any written confirmation received from any Rating Agency that an amendment
 will not cause it to downgrade, qualify or withdraw its rating on the Notes
 shall not create any presumption that such amendment does not materially and
 adversely affect the interests of the Noteholders. 

	
 

	
 

	
 

	
          (e)
 Prior to the execution of any amendment to this Agreement, the Issuer, the
 Owner Trustee and the Indenture Trustee shall be entitled to receive and
 conclusively rely upon an Opinion of Counsel stating that the execution of
 such amendment is authorized or permitted by this Agreement and that all conditions
 precedent to the execution and delivery of such amendment have been
 satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be
 obligated to, enter into any such amendment which materially and adversely
 affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own
 rights, privileges, indemnities, duties or obligations under this Agreement,
 the Transaction Documents or otherwise. Prior to the execution of any
 amendment to this Agreement without the consent of the Owner Trustee and
 Indenture Trustee, as applicable, such Person shall be entitled to receive an
 Opinion of Counsel to 

7

	
 

	
 

	
 

	
the effect
 that such amendment shall not materially and adversely affect the Owner
 Trustee’s or Indenture Trustee’s, as applicable, own rights, privileges,
 indemnities, duties or obligations under this Agreement; provided that such Opinion of Counsel
 shall not be given by counsel that is also an employee of the Seller, the
 Servicer or their respective Affiliates. Furthermore, notwithstanding
 anything to the contrary herein, this Agreement may not be amended in any way
 that would materially and adversely affect the Owner Trustee’s or the
 Indenture Trustee’s, as applicable, own rights, privileges, indemnities,
 duties, or obligations under this Agreement, the Transaction Documents or
 otherwise without the prior written consent of such Person. 

	
 

	
 

	
          (f)
 Notwithstanding any provision of this Section 12 to the contrary, the
 permitted activities of the Issuer may be significantly changed only with the
 approval of the Holders of at least a majority of the Notes held by entities
 other than the Seller, its Affiliates and its agents. 

	
 

	
 

	
 

	
 

	
13. Governing
 Law; Submission to Jurisdiction; Waiver of Jury Trial. 

	
 

	
 

	
 

	
          (a)
 THIS AGREEMENT SHALL BE GOVERNED BY AND
 CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF
 NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW,
 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.

	
 

	
 

	
 

	
          (b)
 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 Agreement 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 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 of this Agreement;

8

	
 

	
 

	
 

	
 

	
 

	
          (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, each party hereto irrevocably
 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 Agreement, any
 other Transaction Document, or any matter arising hereunder or thereunder.

	
 

	
 

	
 

	
          14.
 Headings. The section headings hereof have been inserted for
 convenience of reference only and shall not be construed to affect the
 meaning, construction or effect of this Agreement. 

	
 

	
 

	
          15.
 Counterparts. This Agreement may be executed in any number of
 counterparts, each of which so executed shall be deemed to be an original,
 but all of such counterparts shall together constitute but one and the same
 instrument. 

	
 

	
 

	
          16.
 Severability of Provisions. If any one or more of the covenants,
 agreements, provisions or terms of this Agreement shall be for any reason
 whatsoever held invalid, then such covenants, agreements, provisions or terms
 shall be deemed severable from the remaining covenants, agreements,
 provisions or terms of this Agreement and shall in no way affect the validity
 or enforceability of the other provisions of this Agreement. 

	
 

	
 

	
          17.
 Not Applicable to the Bank in Other Capacities. Nothing in this
 Agreement shall affect any obligation the Bank may have in any other
 capacity. 

	
 

	
 

	
          18.
Benefits of the Administration Agreement. Nothing in this Agreement,
expressed or implied, shall give to any Person other than the parties hereto
and their successors hereunder, the Owner Trustee, any separate trustee or
co-trustee appointed under Section 6.10 of the Indenture and the Noteholders,
any benefit or any legal or equitable right, remedy or claim under this
Agreement. For the avoidance of doubt, the Owner Trustee is a third party
beneficiary of this Agreement and is entitled to the rights and benefits
hereunder and may enforce the provisions hereof as if it were a party hereto. 

	
 

	
 

	
          19.
 Assignment. Each party hereto hereby acknowledges and consents to the
 mortgage, pledge, assignment and Grant of a security interest by the Issuer
 to the Indenture Trustee pursuant to the Indenture for the benefit of the
 Noteholders of all of the Issuer’s rights under this Agreement. In addition,
 the Administrator hereby acknowledges and agrees that for so long as any
 Notes are outstanding, the Indenture Trustee will have the right to exercise
 all waivers and consents, rights, remedies, powers, privileges and claims of
 the Issuer under this Agreement pursuant to the Grant of such security
 interest. 

	
 

	
 

	
          20.
 Nonpetition Covenant. Each party hereto 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 

9

	
 

	
 

	
Bankruptcy
 Remote Party or its debts under any bankruptcy, insolvency or other similar
 law now or hereafter in effect in any jurisdiction or seeking the appointment
 of an administrator, a trustee, receiver, liquidator, custodian or other
 similar official with respect to such Bankruptcy Remote Party or any
 substantial part of its property or to consent to any such relief or to the
 appointment of or taking possession by any such official in an involuntary
 case or other Proceeding commenced against such Bankruptcy Remote Party, or
 to make a general assignment for the benefit of, its creditors generally, any
 party hereto or any other creditor of such Bankruptcy Remote Party, and (ii)
 none of the parties hereto shall commence 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.

	
 

	
          21.
 Limitation of Liability. Notwithstanding anything contained herein to
 the contrary, this Agreement has been executed and delivered by Wells Fargo
 Delaware Trust Company, not in its individual capacity but solely as Owner
 Trustee, and in no event shall it have any liability for the representations,
 warranties, covenants, agreements or other obligations of the Issuer
 hereunder or under the Notes or any of the other Transaction Documents or in
 any of the certificates, notices or agreements delivered pursuant thereto, as
 to all of which recourse shall be had solely to the assets of the Issuer.
 Under no circumstances shall the Owner Trustee be personally liable for the
 payment of any indebtedness or expense of the Issuer or be liable for the
 breach or failure of any obligations, representation, warranty or covenant
 made or undertaken by the Issuer under the Transaction Documents. For the
 purposes of this Agreement, in the performance of its duties or obligations
 hereunder, the Owner Trustee shall be subject to, and entitled to the
 benefits of, the terms and provisions of Articles VI, VII and VIII
 of the Trust Agreement. 

	
 

	
 

	
          22.
Limitation of Liability of Indenture Trustee. Notwithstanding anything
contained herein to the contrary, this Agreement has been countersigned by
The Bank of New York Mellon not in its individual capacity but solely as
Indenture Trustee and in no event shall The Bank of New York Mellon have any
liability for the representations, warranties, covenants, agreements or other
obligations of the Issuer hereunder or in any of the certificates, notices or
agreements delivered pursuant hereto, as to all of which recourse shall be
had solely to the assets of the Issuer. For all purposes of this Agreement,
in the performance of its duties or obligations hereunder or in the
performance of any duties or obligations of the Issuer hereunder, the
Indenture Trustee shall be subject to, and entitled to the benefits of, the
terms and provisions of Article VI of the Indenture.  

[SIGNATURES ON NEXT PAGE]

10

          IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered as of the day and year first above written. 

	
 

	
 

	
 

	
 

	
USAA AUTO OWNER TRUST 2009-1 

	
 

	
 

	
 

	
By: Wells
 Fargo Delaware Trust Company, not in its individual capacity but solely as
 Owner Trustee

	
 

	
 

	
 

	
By

	
/s/ Sandra
 Battaglia

	
 

	
 

	

	
 

	
Name: Sandra
 Battaglia 

	
 

	
Title: Vice
 President 

S-1

	
 

	
 

	
 

	
 

	
USAA FEDERAL SAVINGS BANK, as Administrator 

	
 

	
 

	
 

	
By: 

	
/s/ David K.
 Kimball

	
 

	
 

	

	
 

	
Name: David
 K. Kimball

	
 

	
Title: Vice
 President and Senior Financial Officer 

S-2

	
 

	
 

	
 

	
 

	
THE BANK OF NEW YORK MELLON, not in its
 individual capacity but solely as Indenture Trustee 

	
 

	
 

	
 

	
By: 

	
/s/ Michael
 Burack

	
 

	
 

	

	
 

	
Name:
 Michael Burack 

	
 

	
Title:
 Assistant Treasurer 

S-3

Joinder of USAA Acceptance, LLC: 

USAA Acceptance, LLC joins in this Agreement solely for purposes of Section 3. 

	
 

	
 

	
 

	
 

	
USAA ACCEPTANCE, LLC 

	
 

	
 

	
 

	
By: 

	
/s/ Edwin T.
 McQuiston

	
 

	
 

	

	
 

	
Name: Edwin
 T. McQuiston 

	
 

	
Title:
 Senior Vice President and Treasurer 

S-4

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