Document:

Exhibit 10.3

 
	
  

 
	

 

 
	
  

 
	
 ADMINISTRATION AGREEMENT

 
	
  

 
	
 between

 
	
  

 
	
 USAA AUTO OWNER TRUST 2012-1,

 
	
 as Issuer

 
	
  

 
	
 and

 
	
  

 
	
 USAA FEDERAL SAVINGS BANK,

 
	
 as Administrator

 
	
  

 
	
 Dated as of September 19, 2012

 
	
  

 
	

 

 

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

 	
  

 	
 4

 
	
  

 
	
 8.

 	
 Administrator
 Replacement Events; Termination of the Administrator

 	
  

 	
 4

 
	
  

 
	
 9.

 	
 Action upon
 Termination or Removal

 	
  

 	
 6

 
	
  

 
	
 10.

 	
 Liens

 	
  

 	
 6

 
	
  

 
	
 11.

 	
 Notices

 	
  

 	
 6

 
	
  

 
	
 12.

 	
 Amendments

 	
  

 	
 7

 
	
  

 
	
 13.

 	
 Governing
 Law; Submission to Jurisdiction; Waiver of Jury Trial

 	
  

 	
 8

 
	
  

 
	
 14.

 	
 Headings

 	
  

 	
 9

 
	
  

 
	
 15.

 	
 Counterparts

 	
  

 	
 9

 
	
  

 
	
 16.

 	
 Entire
 Agreement

 	
  

 	
 9

 
	
  

 
	
 17.

 	
 Severability
 of Provisions

 	
  

 	
 9

 
	
  

 
	
 18.

 	
 Not
 Applicable to the Bank in Other Capacities

 	
  

 	
 9

 
	
  

 
	
 19.

 	
 Benefits of
 the Administration Agreement

 	
  

 	
 9

 
	
  

 
	
 20.

 	
 Assignment

 	
  

 	
 9

 
	
  

 
	
 21.

 	
 Nonpetition
 Covenant

 	
  

 	
 9

 
	
  

 
	
 22.

 	
 Limitation
 of Liability of Owner Trustee

 	
  

 	
 10

 

i

          THIS
ADMINISTRATION AGREEMENT (this “Agreement”)
dated as of September 19, 2012, is between USAA AUTO OWNER TRUST 2012-1, a Delaware
statutory trust (the “Issuer”), and USAA FEDERAL SAVINGS BANK, a federally
chartered savings association, as administrator (the “Bank” or in its
capacity as administrator, the “Administrator”). 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
September 19, 2012 (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 and (iii) the Note Depository Agreement (the Trust Agreement and each
of the agreements referred to in clauses (i) through (iii) 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, 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, notices 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, execute, file and deliver on behalf
 of the Issuer or the Owner Trustee all such documents, reports, filings,
 instruments, certificates, notices 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) Notices
 to Rating Agencies. The Administrator shall give notice to each Rating
 Agency of (i) any merger or consolidation of the Owner Trustee pursuant to Section
 10.4 of the Trust Agreement; (ii) any merger or consolidation of the
 Indenture Trustee pursuant to Section 6.9 of the Indenture; (iii) any
 resignation or removal of the Indenture Trustee pursuant to Section 6.8
 of the Indenture; (iv) any Default or Event of Default of which it has been
 provided notice pursuant to Section 6.5 of the Indenture; (v) the
 termination of, and/or appointment of a successor to, the Servicer pursuant
 to Section 7.1 of the Sale and Servicing Agreement; and (vi) any
 supplemental indenture pursuant to Section 9.1 or 9.2 of the
 Indenture; in the case of each of (i) through (vi), promptly
 upon the Administrator being notified thereof by the Owner Trustee, the
 Indenture Trustee or the Servicer, as applicable.

 
	
  

 	
  

 
	
  

 	
           (c) 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 or which
 would result in a violation or breach of the Issuer’s covenants, agreements
 or obligations under any of the Issuer Documents.

 
	
  

 	
  

 
	
  

 	
           (d) 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:

 

 

	
  

 	
  

 	
  

 
	
  

 	
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           (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.

 
	
  

 	
  

 
	
  

 	
           (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 the Administrator or the
Issuer or (iii) shall be deemed to confer on the Administrator or the Issuer
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.

	
  

 	
  

 	
  

 
	
  

 	
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          7. Representations
and Warranties of the Administrator. The Administrator represents and
warrants to the Issuer 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.

 
	
  

 	
  

 
	
  

 	
           (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.

 

 

	
  

 	
  

 	
  

 
	
  

 	
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 Administration Agreement 

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           (b) 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
 20 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
 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.  

 

	
  

 	
  

 	
  

 
	
  

 	
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 Administration Agreement 

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           (d) If an
 Administrator Replacement Event shall have occurred, the Issuer may, subject
 to Section 20 hereof, by notice given to the Administrator, the Owner
 Trustee and the Indenture 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
 20 hereof, shall have appointed a successor Administrator 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 20 hereof, pursuant to a management agreement between the
 Issuer and such successor Administrator, containing substantially the same
 provisions as this Agreement (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 20 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, by facsimile or,
if so provided on Schedule II to the Sale and Servicing Agreement, by
electronic transmission, and addressed in each case as specified on Schedule
II to the Sale and Servicing Agreement or at such other address as shall be
designated by any of the specified addressees in a written notice to the other
parties hereto. Delivery will be deemed to have been given and made: (i) upon
delivery or, in the case of a letter mailed by registered or certified
first-class United States mail, postage prepaid, three days after deposit in
the mail, (ii) in the case of a facsimile, when receipt is confirmed by
telephone, reply email or reply facsimile from the recipient, (iii) in the case
of electronic transmission, when 

	
  

 	
  

 	
  

 
	
  

 	
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 Administration Agreement 

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receipt is confirmed by telephone or reply email from the recipient and
(iv) in the case of an electronic posting to a password-protected website to
which the recipient has been provided access, upon delivery (without the
requirement of confirmation of receipt) and notice (including email) to such
recipient stating that such electronic posting has occurred.

	
  

 	
  

 	
  

 
	
  

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

 
	
  

 	
  

 	
  

 
	
  

 	
  

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

 
	
  

 	
  

 	
  

 
	
  

 	
           (b) This
 Agreement may also be amended from time to time by the Issuer and the
 Administrator, 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.

 
	
  

 	
  

 	
  

 
	
  

 	
           (c) Prior
 to the execution of any amendment pursuant to this Section 12, 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; provided, that no amendment pursuant to
 this Section 12 shall be effective which affects the rights,
 protections or duties of the Indenture Trustee or the Owner Trustee without
 the prior written consent of such Person (which consent shall not be
 unreasonably withheld or delayed). 

 
	
  

 	
  

 	
  

 
	
  

 	
           (d) Prior
 to the execution of any amendment pursuant to this Section 12, the
 Owner Trustee and the Indenture Trustee shall be entitled to receive and
 conclusively 

 

	
  

 	
  

 	
  

 
	
  

 	
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 Administration Agreement 

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 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 adversely affects the Owner Trustee’s or the Indenture
 Trustee’s, as applicable, own rights, privileges, indemnities, duties or
 obligations under this Agreement.

 
	
  

 	
  

 	
  

 
	
  

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

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (iii)
 agrees that service of process in any such action or Proceeding may be
 effected by mailing a copy thereof by registered or certified mail (or any
 substantially similar form of mail), postage prepaid, to such Person at its
 address determined in accordance with Section 11 of this Agreement;

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (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.

 

	
  

 	
  

 	
  

 
	
  

 	
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          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. 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 hereto with respect to the subject matter hereof.

          17. 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.

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

          19. 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.

          20. 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 in the event the
Issuer shall fail to exercise the same.

          21. 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, 

	
  

 	
  

 	
  

 
	
  

 	
 9

 	
 Administration Agreement 

 (USAA 2012-1)

 

receiver, liquidator, custodian or other similar official with respect
to such Bankruptcy Remote Party or any substantial part of its property or to
consent to any such relief or to the appointment of or taking possession by any
such official in an involuntary case or other Proceeding commenced against such
Bankruptcy Remote Party, or to make a general assignment for the benefit of,
its creditors generally, any party hereto or any other creditor of such
Bankruptcy Remote Party, and (ii) such party shall not commence, join with any
other Person in commencing or institute with any other Person any Proceeding
against such Bankruptcy Remote Party under any bankruptcy, reorganization,
liquidation or insolvency law or statute now or hereafter in effect in any
jurisdiction; provided, that the foregoing shall in no way limit the
rights of the parties hereto to pursue any other creditor rights or remedies
that such Persons may have against the Issuer under applicable law.

          22. Limitation
of Liability of Owner Trustee. Notwithstanding anything contained herein to
the contrary, this Agreement has been executed and delivered by Wells Fargo
Delaware Trust Company, National Association, 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.

[SIGNATURES ON NEXT PAGE]

	
  

 	
  

 	
  

 
	
  

 	
 10

 	
 Administration Agreement 

 (USAA 2012-1)

 

         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 2012-1

 
	
  

 	
  

 	
  

 
	
  

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

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Sandra Battaglia

 
	
  

 	
  

 	

 

 
	
  

 	
 Name: Sandra Battaglia

 
	
  

 	
 Title: Vice President

 

	
  

 	
  

 	
  

 
	
  

 	
 11

 	
 Administration Agreement 

 (USAA 2010-1)

 

	
  

 	
  

 	
  

 
	
  

 	
 USAA FEDERAL SAVINGS BANK,
 as

 Administrator

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Timothy P. Booker

 
	
  

 	
  

 	

 

 
	
  

 	
 Name: Timothy P. Booker

 
	
  

 	
 Title: Vice President

 

	
  

 	
  

 	
  

 
	
  

 	
 12

 	
 Administration Agreement 

 (USAA 2010-1)

 

	
  

 	
  

 	
  

 
	
  

 	
 Acknowledged
 and Agreed:

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
/s/ Christopher J. Ryan

 
	
  

 	
  

 	

 

 
	
  

 	
 Name: Christopher J. Ryan

 
	
  

 	
 Title: Vice President

 

	
  

 	
  

 	
  

 
	
  

 	
 13

 	
 Administration Agreement 

 (USAA 2010-1)

 

Joinder of
USAA Acceptance, LLC:

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

	
  

 	
  

 	
  

 
	
  

 	
 USAA ACCEPTANCE, LLC

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ David K. Kimball

 
	
  

 	
  

 	

 

 
	
  

 	
 Name: David K. Kimball

 
	
  

 	
 Title: Vice President and Treasurer

 

	
  

 	
  

 	
  

 
	
  

 	
 14

 	
 Administration Agreement 

 (USAA 2010-1)Exhibit 10.4

USAA AUTO OWNER TRUST 2012-1

AMENDED AND RESTATED

TRUST AGREEMENT

between

USAA ACCEPTANCE, LLC,

as the Depositor

and

WELLS FARGO DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION

as the Owner Trustee

Dated as of September 19, 2012

TABLE OF CONTENTS

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE I

 	
 DEFINITIONS

 	
 1

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 SECTION 1.1.

 	
 Capitalized
 Terms

 	
 1

 
	
  

 	
 SECTION 1.2.

 	
 Other
 Interpretive Provisions

 	
 1

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE II

 	
 ORGANIZATION

 	
 2

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 SECTION 2.1.

 	
 Name

 	
 2

 
	
  

 	
 SECTION 2.2.

 	
 Office

 	
 2

 
	
  

 	
 SECTION 2.3.

 	
 Purposes and
 Powers

 	
 2

 
	
  

 	
 SECTION 2.4.

 	
 Appointment
 of the Owner Trustee

 	
 3

 
	
  

 	
 SECTION 2.5.

 	
 Initial
 Capital Contribution of Trust Estate

 	
 3

 
	
  

 	
 SECTION 2.6.

 	
 Declaration
 of Trust

 	
 3

 
	
  

 	
 SECTION 2.7.

 	
 Organizational
 Expenses; Liabilities of the Holders

 	
 3

 
	
  

 	
 SECTION 2.8.

 	
 Title to the
 Trust Estate

 	
 3

 
	
  

 	
 SECTION 2.9.

 	
 Representations
 and Warranties of the Depositor

 	
 3

 
	
  

 	
 SECTION
 2.10.

 	
 Situs of
 Issuer

 	
 5

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE III

 	
 CERTIFICATES
 AND TRANSFER OF CERTIFICATES

 	
 5

 
	
  

 	
  

 	
  

 
	
  

 	
 SECTION 3.1.

 	
 Initial
 Ownership

 	
 5

 
	
  

 	
 SECTION 3.2.

 	
 Authentication
 of Certificates

 	
 5

 
	
  

 	
 SECTION 3.3.

 	
 Form of the
 Certificates

 	
 5

 
	
  

 	
 SECTION 3.4.

 	
 Registration
 of Certificates

 	
 5

 
	
  

 	
 SECTION 3.5.

 	
 Transfer of
 Certificates

 	
 5

 
	
  

 	
 SECTION 3.6.

 	
 Lost,
 Stolen, Mutilated or Destroyed Certificates

 	
 7

 
	
  

 	
 SECTION 3.7.

 	
 Access to
 List of Certificateholders’ Names and Addresses

 	
 7

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IV

 	
 ACTIONS BY
 OWNER TRUSTEE

 	
 8

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 SECTION 4.1.

 	
 Prior Notice
 to Certificateholders with Respect to Certain Matters

 	
 8

 
	
  

 	
 SECTION 4.2.

 	
 Action by
 Certificateholders with Respect to Certain Matters

 	
 8

 
	
  

 	
 SECTION 4.3.

 	
 Action by
 Certificateholders with Respect to Bankruptcy

 	
 8

 
	
  

 	
 SECTION 4.4.

 	
 Restrictions
 on Certificateholders’ Power

 	
 9

 
	
  

 	
 SECTION 4.5.

 	
 Majority
 Control

 	
 9

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE V

 	
 APPLICATION
 OF TRUST FUNDS; CERTAIN DUTIES

 	
 9

 
	
  

 	
  

 	
  

 
	
  

 	
 SECTION 5.1.

 	
 Application
 of Trust Funds

 	
 9

 
	
  

 	
 SECTION 5.2.

 	
 Method of
 Payment

 	
 9

 
	
  

 	
 SECTION 5.3.

 	
 Sarbanes-Oxley
 Act

 	
 10

 
	
  

 	
 SECTION 5.4.

 	
 Signature on
 Returns

 	
 10

 

i

TABLE OF CONTENTS
(continued)

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 SECTION 5.5.

 	
 Accounting
 and Reports to Noteholders, Certificateholders, Internal Revenue Service and
 Others

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VI

 	
 AUTHORITY
 AND DUTIES OF OWNER TRUSTEE

 	
 10

 
	
  

 	
  

 	
  

 
	
  

 	
 SECTION 6.1.

 	
 General
 Authority

 	
 10

 
	
  

 	
 SECTION 6.2.

 	
 General
 Duties

 	
 11

 
	
  

 	
 SECTION 6.3.

 	
 Action upon
 Instruction

 	
 11

 
	
  

 	
 SECTION 6.4.

 	
 No Duties
 Except as Specified in this Agreement or in Instructions

 	
 12

 
	
  

 	
 SECTION 6.5.

 	
 No Action
 Except under Specified Documents or Instructions

 	
 12

 
	
  

 	
 SECTION 6.6.

 	
 Restrictions

 	
 13

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VII

 	
 CONCERNING
 OWNER TRUSTEE

 	
 13

 
	
  

 	
 SECTION 7.1.

 	
 Acceptance
 of Trusts and Duties

 	
 13

 
	
  

 	
 SECTION 7.2.

 	
 Furnishing
 of Documents

 	
 14

 
	
  

 	
 SECTION 7.3.

 	
 Representations
 and Warranties

 	
 14

 
	
  

 	
 SECTION 7.4.

 	
 Reliance;
 Advice of Counsel

 	
 14

 
	
  

 	
 SECTION 7.5.

 	
 Not Acting
 in Individual Capacity

 	
 15

 
	
  

 	
 SECTION 7.6.

 	
 The Owner
 Trustee May Own Notes

 	
 15

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VIII

 	
 COMPENSATION
 AND INDEMNIFICATION OF OWNER TRUSTEE

 	
 15

 
	
  

 	
  

 	
  

 
	
  

 	
 SECTION 8.1.

 	
 The Owner
 Trustee’s Compensation

 	
 15

 
	
  

 	
 SECTION 8.2.

 	
 Indemnification

 	
 15

 
	
  

 	
 SECTION 8.3.

 	
 Payments to
 the Owner Trustee

 	
 16

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IX

 	
 TERMINATION
 OF TRUST AGREEMENT

 	
 16

 
	
  

 	
  

 	
  

 
	
  

 	
 SECTION 9.1.

 	
 Dissolution
 of the Issuer

 	
 16

 
	
  

 	
 SECTION 9.2.

 	
 Winding Up
 of the Issuer

 	
 16

 
	
  

 	
 SECTION 9.3.

 	
 Limitations
 on Termination

 	
 17

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE X

 	
 SUCCESSOR
 OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

 	
 17

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 SECTION
 10.1.

 	
 Eligibility
 Requirements for the Owner Trustee

 	
 17

 
	
  

 	
 SECTION 10.2.

 	
 Resignation
 or Removal of the Owner Trustee

 	
 17

 
	
  

 	
 SECTION
 10.3.

 	
 Successor
 Owner Trustee

 	
 18

 
	
  

 	
 SECTION
 10.4.

 	
 Merger or
 Consolidation of the Owner Trustee

 	
 18

 
	
  

 	
 SECTION
 10.5.

 	
 Appointment
 of Co-Trustee or Separate Trustee

 	
 19

 

ii

TABLE OF CONTENTS
(continued)

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XI

 	
 MISCELLANEOUS

 	
 20

 
	
  

 	
  

 	
  

 
	
  

 	
 SECTION
 11.1.

 	
 Amendments

 	
 20

 
	
  

 	
 SECTION
 11.2.

 	
 No Legal
 Title to Trust Estate in Certificateholders

 	
 21

 
	
  

 	
 SECTION
 11.3.

 	
 Limitations
 on Rights of Others

 	
 21

 
	
  

 	
 SECTION
 11.4.

 	
 Notices

 	
 21

 
	
  

 	
 SECTION
 11.5.

 	
 Severability

 	
 22

 
	
  

 	
 SECTION
 11.6.

 	
 Separate
 Counterparts

 	
 22

 
	
  

 	
 SECTION
 11.7.

 	
 Successors
 and Assigns

 	
 22

 
	
  

 	
 SECTION
 11.8.

 	
 No Petition

 	
 22

 
	
  

 	
 SECTION
 11.9.

 	
 Headings

 	
 23

 
	
  

 	
 SECTION
 11.10.

 	
 Governing
 Law

 	
 23

 
	
  

 	
 SECTION
 11.11.

 	
 [Reserved]

 	
 23

 
	
  

 	
 SECTION
 11.12.

 	
 Waiver of
 Jury Trial

 	
 23

 
	
  

 	
 SECTION
 11.13.

 	
 Information
 Requests

 	
 24

 
	
  

 	
 SECTION
 11.14.

 	
 Form 10-D
 and Form 10-K Filings

 	
 24

 
	
  

 	
 SECTION
 11.15.

 	
 Form 8-K
 Filings

 	
 24

 
	
  

 	
 SECTION
 11.16.

 	
 Information
 to Be Provided by the Owner Trustee

 	
 24

 
	
 Exhibit A

 	
 Form of
 Certificate

 	
  

 
	
 Exhibit B

 	
 Form of Owner
 Trustee’s Annual Certification

 	
  

 
	
  

 	
  

 	
 Regarding
 Item 1117 and Item 1119 of Regulation AB

 	
  

 

iii

          This AMENDED AND RESTATED TRUST AGREEMENT is
made as of September 19, 2012 (as from time to time amended, supplemented or
otherwise modified and in effect, this “Agreement”) between USAA
ACCEPTANCE, LLC, a
Delaware limited liability company, as the depositor (the “Depositor”),
and WELLS
FARGO DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION, a national
banking association (“Wells Fargo”), as the owner trustee (in such
capacity, the “Owner Trustee”).

RECITALS

          WHEREAS,
the Depositor and the Owner Trustee entered into that certain Trust Agreement
dated as of August 23, 2012 (the “Original Trust Agreement”) and filed a
Certificate of Trust with the Secretary of State of the State of Delaware,
pursuant to which the Issuer (as defined below) was created; and

          WHEREAS, in
connection with the issuance of the Notes, the parties have agreed to amend and
restate the Original Trust Agreement;

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

ARTICLE I

DEFINITIONS

          SECTION
1.1. Capitalized
Terms. Unless otherwise indicated, capitalized terms used in this
Agreement are defined in Appendix A to the Sale and Servicing Agreement
dated as of the date hereof (as from time to time amended, supplemented or
otherwise modified and in effect, the “Sale and Servicing Agreement”)
among the Issuer, the Depositor, as seller, USAA Federal Savings Bank, as
servicer, and The Bank of New York Mellon, as indenture trustee.

          SECTION
1.2. Other
Interpretive Provisions. All terms defined in this Agreement shall
have the defined meanings when used in any certificate or other document
delivered pursuant hereto unless otherwise defined therein. For purposes of
this Agreement and all such certificates and other documents, 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 (provided,
that, to the extent that the definitions in this Agreement and GAAP conflict,
the definitions in this Agreement shall control); (b) terms defined in Article
9 of the UCC as in effect in the State of Delaware 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 or Exhibit are references to Articles,
Sections, Schedules 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” and all variations thereof
means “including without limitation”; (f) references to any law or regulation
refer to that law or regulation as 

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

ARTICLE II

ORGANIZATION

          SECTION
2.1. Name.
The trust created under the Original Trust Agreement shall be known as “USAA Auto
Owner Trust 2012-1” (the “Issuer”), in which name the Owner Trustee may
conduct the business of such trust, make and execute contracts and other
instruments on behalf of such trust and sue and be sued.

          SECTION
2.2. Office.
The office of the Issuer shall be in care of the Owner Trustee at the Corporate
Trust Office or at such other address as the Owner Trustee may designate by
written notice to each Certificateholder, the Depositor and the Administrator.

          SECTION
2.3. Purposes
and Powers. The purpose of the Issuer is, and the Issuer shall have
the power and authority, to engage in the following activities:

	
  

 	
  

 
	
  

 	
            (a) to
 issue the Notes pursuant to the Indenture and the Certificates pursuant to
 this Agreement, and to sell, transfer and exchange the Notes and the Certificates
 and to pay interest on and principal of the Notes and distributions on the
 Certificates;

 
	
  

 	
  

 
	
  

 	
           (b) to
 acquire the property and assets set forth in the Sale and Servicing Agreement
 from the Depositor pursuant to the terms thereof, to make deposits to and
 withdrawals from the Collection Account, the Principal Distribution Account
 and the Reserve Account and to pay the organizational, start-up and
 transactional expenses of the Issuer;

 
	
  

 	
  

 
	
  

 	
           (c) to
 assign, Grant, transfer, pledge, mortgage and convey the Trust Estate
 pursuant to the Indenture and to hold, manage and distribute to the
 Certificateholders any portion of the Trust Estate released from the lien of,
 and remitted to the Issuer pursuant to, the Indenture;

 
	
  

 	
  

 
	
  

 	
           (d) to
 enter into and perform its obligations under the Transaction Documents to
 which it is a party;

 
	
  

 	
  

 
	
  

 	
           (e) to
 engage in those activities, including entering into agreements, that are
 necessary, suitable or convenient to accomplish the foregoing or are
 incidental thereto or connected therewith; and

 
	
  

 	
  

 
	
  

 	
           (f) subject
 to compliance with the Transaction Documents, to engage in such other
 activities as may be required in connection with conservation of the Trust
 Estate and the making of distributions to the Certificateholders and the
 Noteholders.

 

The Owner Trustee is hereby authorized to engage in the foregoing
activities on behalf of the Issuer. Neither the Issuer nor the Owner Trustee on
behalf of the Issuer shall engage in any 

	
  

 	
  

 	
  

 
	
  

 	
 2

 	
 Amended and
 Restated Trust Agreement

 (USAA 2012-1)

 

activity other than in connection with the foregoing or other than as
required or authorized by the terms of this Agreement or the other Transaction
Documents.

          SECTION
2.4. Appointment
of the Owner Trustee. Upon the execution of this Agreement, the
Owner Trustee shall continue as trustee of the Issuer, to have all the rights,
powers and duties set forth herein.

          SECTION
2.5. Initial
Capital Contribution of Trust Estate. As of the date of the Original Trust Agreement, the Depositor sold,
assigned, transferred, conveyed and set over to the Owner Trustee the sum of
$1. The Owner Trustee hereby acknowledges receipt in trust
from the Depositor, as of such date, of the foregoing contribution, which shall
constitute the initial Trust Estate and shall be deposited in the Collection
Account.

          SECTION
2.6. Declaration
of Trust. The Owner Trustee hereby declares that it will hold the
Trust Estate in trust upon and subject to the conditions set forth herein for
the use and benefit of the Certificateholders, subject to the obligations of
the Issuer under the Transaction Documents. It is the intention of the parties
hereto that the Issuer constitute a statutory trust under the Statutory Trust
Statute and that this Agreement constitute the governing instrument of such
statutory trust. It is the intention of the parties hereto that, solely for
federal income and state and local income, franchise and value added tax
purposes, so long as there is a single beneficial owner of the Certificates,
the Issuer will be disregarded as an entity separate from such beneficial owner
and the Notes will be characterized as debt. The parties agree that, unless
otherwise required by appropriate tax authorities, the Issuer will not file or
cause to be filed annual or other necessary returns, reports and other forms
consistent with the characterization of the Issuer as an entity separate from
its beneficial owner. In the event that the Issuer is deemed to have more than
one beneficial owner for federal income tax purposes, the Issuer will file
returns, reports and other forms consistent with the characterization of the
Issuer as a partnership, and this Agreement shall be amended to include such
provisions as may be required under Subchapter K of the Internal Revenue Code
of 1986, as amended. Effective as of the date hereof, the Owner Trustee shall
have all rights, powers and duties set forth herein and in the Statutory Trust
Statute with respect to accomplishing the purposes of the Issuer. The Owner
Trustee filed the Certificate of Trust with the Secretary of State of the State
of Delaware as required by Section 3810(a) of the Statutory Trust Statute.
Notwithstanding anything herein or in the Statutory Trust Statute to the
contrary, it is the intention of the parties hereto that the Issuer constitute
a “business trust” within the meaning of Section 101(9)(A)(v) of the Bankruptcy
Code.

          SECTION
2.7. Organizational
Expenses; Liabilities of the Holders. (a) The Depositor shall pay
organizational expenses of the Issuer as they may arise.

	
  

 	
  

 
	
  

 	
           (b) No
 Certificateholder (including the Depositor) shall have any personal liability
 for any liability or obligation of the Issuer.

 

          SECTION
2.8. Title
to the Trust Estate. Legal title to all the Trust Estate shall be
vested at all times in the Issuer as a separate legal entity.

          SECTION
2.9. Representations
and Warranties of the Depositor. The Depositor hereby represents and
warrants to the Owner Trustee that: 

	
  

 	
  

 	
  

 
	
  

 	
 3

 	
 Amended and
 Restated Trust Agreement

 (USAA 2012-1)

 

	
  

 	
  

 
	
  

 	
           (a)
 Existence and
 Power. The Depositor 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 now conducted. The Depositor 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 Depositor to perform its
 obligations under the Transaction Documents.

 
	
  

 	
  

 
	
  

 	
           (b)
 Authorization
 and No Contravention. The execution, delivery and performance by
 the Depositor of each Transaction Document to which it is a party (i) have
 been duly authorized by all necessary action on the part of the Depositor and
 (ii) do not contravene or constitute a default under (A) any applicable law,
 rule or regulation, (B) its organizational instruments or (C) any material
 agreement, contract, order or other instrument to which it is a party or its
 property is subject (other than violations of such laws, rules, regulations,
 indenture or agreements 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 Depositor’s ability to perform its obligations under,
 the Transaction Documents to which it is a party).

 
	
  

 	
  

 
	
  

 	
           (c)
 No Consent
 Required. No approval, authorization or other action by, or filing
 with, any Governmental Authority is required in connection with the
 execution, delivery and performance by the Depositor of any Transaction
 Document other than (i) UCC filings, (ii) approvals and authorizations that
 have previously been obtained and filings which 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 ability of the Depositor to
 perform its obligations under the Transaction Documents to which it is a
 party.

 
	
  

 	
  

 
	
  

 	
           (d)
 Binding Effect.
 Each Transaction Document to which the Depositor is a party constitutes the
 legal, valid and binding obligation of the Depositor enforceable against the
 Depositor 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 limited
 liability companies from time to time in effect or by general principles of
 equity or other similar laws of general application relating to or affecting
 the enforcement of creditors’ rights generally and subject to general
 principles of equity.

 
	
  

 	
  

 
	
  

 	
           (e)
 No Proceedings.
 There is no action, suit, Proceeding or investigation pending or, to the
 knowledge of the Depositor, threatened against the Depositor which, either in
 any one instance or in the aggregate, would result in any material adverse
 change in the business, operations, financial condition, properties or assets
 of the Depositor, or in any material impairment of the right or ability of
 the Depositor to carry on its business substantially as now conducted, or in
 any material liability on the part of the Depositor, or which would render
 invalid this Agreement or the Receivables or the obligations of the Depositor
 contemplated herein, or which would materially impair the ability of the 

 

	
  

 	
  

 	
  

 
	
  

 	
 4

 	
 Amended and
 Restated Trust Agreement

 (USAA 2012-1)

 

	
  

 	
  

 
	
  

 	
 Depositor to perform under the terms of this Agreement or any other
 Transaction Document.

 

          SECTION
2.10. Situs of Issuer. The Issuer
shall be located in the State of Delaware.

ARTICLE III

CERTIFICATES AND TRANSFER OF CERTIFICATES

          SECTION
3.1. Initial
Ownership. Upon the formation of the Issuer and until the issuance
of the Certificates, the Depositor is the sole beneficiary of the Issuer; and
upon the issuance of the Certificates, the Depositor will no longer be a
beneficiary of the Issuer, except to the extent that the Depositor is a
Certificateholder.

          SECTION
3.2. Authentication
of Certificates. Concurrently with the sale of the Transferred
Assets to the Issuer pursuant to the Sale and Servicing Agreement, the Owner
Trustee shall cause the Certificates to be executed on behalf of the Issuer,
authenticated and delivered to or upon the written order of the Depositor,
signed by its chairman of the board, its president, its chief financial
officer, its chief accounting officer, any vice president, its secretary, any
assistant secretary, its treasurer or any assistant treasurer, without further
corporate action by the Depositor. The Certificates shall represent 100% of the
beneficial interest in the Issuer and shall be fully-paid and nonassessable.

          SECTION
3.3. Form
of the Certificates. Each Certificate, upon issuance, will be issued
in the form of a typewritten Certificate, substantially
in the form of Exhibit A hereto, representing a definitive Certificate.
The Owner Trustee shall execute and authenticate, or cause to be authenticated,
each definitive Certificate in accordance with the written instructions of the
Depositor.

          SECTION
3.4. Registration
of Certificates. The Owner Trustee shall maintain at its office
referred to in Section 2.2, or at the office of any agent appointed by
it and approved in writing by the Certificateholders at the time of such
appointment, a register for the registration and transfer of any Certificate.

          SECTION
3.5. Transfer
of Certificates. (a) Any Certificateholder may assign, convey or
otherwise transfer all or any of its right, title and interest in the related
Certificate; provided, that (i) such transferee is either
an Affiliate of the Depositor or a Qualified Institutional Buyer, (ii) the
Owner Trustee and the Issuer receive an Opinion of Counsel stating that, in the
opinion of such counsel, such transfer will not cause the Issuer to be treated
as an association (or a publicly traded partnership) taxable as a corporation
for federal income tax purposes, (iii) such Certificate may not be acquired by
or for the account of or with the assets of (x) a Benefit Plan or (y) any
governmental plan, non-U.S. plan, church plan, other employee benefit plan or
other retirement arrangement that is subject to Similar Law, and (iv) no
purchase or transfer of a Certificate shall cause the Issuer to be required to
withhold on the transferee’s distributions as distributive shares of income
under Sections 871, 881 or 1446 of the Code, and neither the Owner Trustee nor
the Issuer will recognize any purchase or transfer of Certificates giving rise
to such withholding; provided, that the condition set forth in (ii)
above will not apply to a transfer of 100% of the 

	
  

 	
  

 	
  

 
	
  

 	
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 Certificate or Certificates to United Services Automobile Association
 or its designated nominee, provided United Services Automobile Association is
 considered a C Corporation for U.S. federal income tax purposes (within the
 meaning of Section 1361(a)(2) of the Code). By accepting and holding a
 Certificate (or any interest therein), the Holder thereof shall be deemed to
 have represented and warranted that it is not a, and is not purchasing the
 Certificate (or any interest therein) on behalf of (x) a Benefit Plan or (y)
 any governmental plan, non-U.S. plan, church plan, other employee benefit
 plan or other retirement arrangement that is subject to Similar Law. The
 Owner Trustee shall have no duty to independently determine that the
 requirement in (iii) and (iv) above is met and shall incur no
 liability to any Person in the event the Holder of a Certificate does not
 comply with such restrictions. Subject to the transfer restrictions contained
 herein and in the Certificate, any Certificateholder may transfer all or any
 portion of the beneficial interest in the Issuer evidenced by such
 Certificate upon surrender thereof to the Owner Trustee accompanied by the
 documents required by this Section 3.5. Such transfer may be made by a
 registered Certificateholder in person or by his attorney duly authorized in
 writing upon surrender of the Certificate to the Owner Trustee accompanied by
 a written instrument of transfer and with such signature guarantees and
 evidence of authority of the Persons signing the instrument of transfer as
 the Owner Trustee may reasonably require. Promptly upon the receipt of such
 documents and receipt by the Owner Trustee of the transferor’s Certificate,
 the Owner Trustee shall record the name of such transferee as a
 Certificateholder and its percentage of beneficial interest in the Issuer in
 the Certificate register and issue, execute and deliver to such
 Certificateholder a Certificate evidencing such beneficial interest in the
 Issuer. In the event a transferor transfers only a portion of its beneficial
 interest in the Issuer, the Owner Trustee shall register and issue to such
 transferor a new Certificate evidencing such transferor’s new percentage of
 beneficial interest in the Issuer. Subsequent to a transfer and upon the
 issuance of the new Certificate or Certificates, the Owner Trustee shall
 cancel and destroy the Certificate surrendered to it in connection with such
 transfer. The Owner Trustee may treat, for all purposes whatsoever, the
 Person in whose name any Certificate is registered as the sole owner of the
 beneficial interest in the Issuer evidenced by such Certificate, and neither
 the Owner Trustee nor any agent of the Owner Trustee shall be affected by
 notice to the contrary.

 
	
  

 	
  

 
	
  

 	
           (b) As a
 condition precedent to any registration of transfer under this Section 3.5,
 the Owner Trustee may require the payment of a sum sufficient to cover the
 payment of any tax or taxes or other governmental charges required to be paid
 in connection with such transfer.

 
	
  

 	
  

 
	
  

 	
           (c) The
 Owner Trustee shall not be obligated to register any transfer of a
 Certificate unless each of the transferor and the transferee have certified
 to the Owner Trustee that such transfer does not violate any of the transfer
 restrictions stated herein including, but not limited to clauses (d)
 and (e) of this Section 3.5. The Owner Trustee shall not be
 liable to any Person for registering any transfer based on such
 certifications.

 
	
  

 	
  

 
	
  

 	
           (d) No
transfer (or purported transfer) of all or any part of a Certificateholder’s
interest (or any economic interest therein), whether to another
Certificateholder or to a Person who is not a Certificateholder, shall be
effective, and, to the fullest extent permitted by law, any such transfer (or
purported transfer) shall be void ab initio, and no Person shall otherwise
become a Certificateholder if, after such transfer (or purported transfer),
the Issuer would have more than 95 direct or indirect holders of an interest
in  

 

	
  

 	
  

 	
  

 
	
  

 	
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 the Certificates. For purposes of determining whether the Issuer will
 have more than 95 direct or indirect holders of an interest in the
 Certificates, each Person indirectly owning an interest through a partnership
 (including any entity treated as a partnership for federal income tax
 purposes), a grantor trust or an S Corporation for U.S. federal income tax
 purposes (within the meaning of Section 1361(a)(1) of the Code) (each such
 entity, a “flow-through entity”) shall be treated as a
 Certificateholder unless the Depositor determines in its sole and absolute
 discretion, after consulting with qualified tax counsel, that less than
 substantially all of the value of the beneficial owner’s interest in the
 flow-through entity is attributable to the flow-through entity’s interest
 (direct or indirect) in the Issuer.

 
	
  

 	
  

 
	
  

 	
           (e) No
 transfer shall be permitted if the same is effected through an established
 securities market or secondary market (or the substantial equivalent thereof)
 within the meaning of Section 7704 of the Code or would make the Issuer
 ineligible for “safe harbor” treatment under Section 7704 of the Code.

 
	
  

 	
  

 
	
  

 	
           (f) No
 transfer will be required to be registered under the Securities Act.

 

          SECTION
3.6. Lost, Stolen, Mutilated or Destroyed
Certificates. If (i) any mutilated Certificate is surrendered to the
Owner Trustee, or (ii) the Owner Trustee receives evidence to its satisfaction
that any Certificate has been destroyed, lost or stolen, and upon proof of
ownership satisfactory to the Owner Trustee together with such security or
indemnity as may be requested by the Owner Trustee to save it harmless, the
Owner Trustee shall execute and deliver a new Certificate for the same
percentage of beneficial interest in the Issuer as the Certificate so
mutilated, destroyed, lost or stolen, of like tenor and bearing a different
issue number, with such notations, if any, as the Owner Trustee shall
determine. Upon the issuance of any new Certificate under this Section 3.6,
the Issuer or Owner Trustee may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
with any transfer or exchange of a Certificate and any other reasonable
expenses (including the reasonable fees and expenses of the Issuer and the
Owner Trustee) connected therewith. Any duplicate Certificate issued pursuant
to this Section 3.6 shall constitute complete and indefeasible evidence
of ownership in the Issuer, as if originally issued, whether or not the lost,
stolen or destroyed Certificate shall be found at any time.

          SECTION
3.7. Access
to List of Certificateholders’ Names and Addresses. The Owner
Trustee shall furnish or cause to be furnished to the Servicer and the
Depositor, or to the Indenture Trustee, within fifteen (15) days after receipt
by the Owner Trustee of a written request therefor from the Servicer or the
Depositor, or the Indenture Trustee, as the case may be, a list, in such form
as the requesting party may reasonably require, of the names and addresses of
the Certificateholders as of the most recent Record Date. If three or more
Certificateholders or one or more holders of Certificates evidencing not less
than 25% of the beneficial interest in the Issuer evidenced by the Certificates
apply in writing to the Owner Trustee, and such application states that the
applicants desire to communicate with other Certificateholders with respect to
their rights under this Agreement or under the Certificates and such
application is accompanied by a copy of the communication that such applicants
propose to transmit, then the Owner Trustee shall, within five (5) Business Days
after the receipt of such application, afford such applicants access during
normal business hours to the current list of Certificateholders. Each 

	
  

 	
  

 	
  

 
	
  

 	
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Certificateholder, by receiving and holding a Certificate, shall be
deemed to have agreed not to hold either the Depositor or the Owner Trustee
accountable by reason of the disclosure of its name and address, regardless of
the source from which such information was derived.

ARTICLE IV

ACTIONS BY OWNER TRUSTEE

          SECTION
4.1. Prior
Notice to Certificateholders with Respect to Certain Matters. With
respect to the following matters, the Owner Trustee shall not take action
unless at least 30 days before the taking of such action, the Owner Trustee
shall have notified each Certificateholder in writing of the proposed action
and each Certificateholder shall not have notified the Owner Trustee in writing
prior to the 30th day after such notice is given that such Certificateholder
has withheld consent or provided alternative direction:

	
  

 	
  

 
	
  

 	
           (a) the
 amendment of the Indenture by a supplemental indenture in circumstances where
 the consent of any Noteholder is required;

 
	
  

 	
  

 
	
  

 	
           (b) the
 amendment of the Indenture by a supplemental indenture in circumstances where
 the consent of any Noteholder is not required and such amendment materially
 adversely affects the interests of the Certificateholders;

 
	
  

 	
  

 
	
  

 	
           (c) the
 amendment, change or modification of the Sale and Servicing Agreement, or the
 Administration Agreement, except to cure any ambiguity or defect or to amend
 or supplement any provision in a manner that would not materially adversely
 affect the interests of the Certificateholders; or

 
	
  

 	
  

 
	
  

 	
           (d) the
 appointment pursuant to the Indenture of a successor Indenture Trustee or the
 consent to the assignment by the Note Registrar or the Indenture Trustee of
 its obligations under the Indenture or this Agreement, as applicable.

 

          SECTION
4.2. Action
by Certificateholders with Respect to Certain Matters. The Owner
Trustee shall not have the power, except upon the direction of the
Certificateholders, to (a) except as expressly provided in the Transaction
Documents, sell the Collateral after the termination of the Indenture in
accordance with its terms, (b) remove the Administrator under the
Administration Agreement pursuant to Section 8 thereof or (c) appoint a
successor Administrator pursuant to Section 8 of the Administration
Agreement. The Owner Trustee shall take the actions referred to in the
preceding sentence only upon written instructions signed by each
Certificateholder.

          SECTION
4.3. Action
by Certificateholders with Respect to Bankruptcy. To the fullest
extent permitted by law, the Owner Trustee shall not have the power to commence
a voluntary Proceeding in bankruptcy relating to the Issuer until one year and
one day after the Note Balance has been reduced to zero without the prior
written approval of each Certificateholder and the delivery to the Owner
Trustee by each Certificateholder of a certificate certifying that such
Certificateholder reasonably believes that the Issuer is insolvent.

	
  

 	
  

 	
  

 
	
  

 	
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          SECTION
4.4. Restrictions
on Certificateholders’ Power. No Certificateholder shall direct the
Owner Trustee to take or refrain from taking any action if such action or
inaction would be contrary to any obligation of the Issuer or the Owner Trustee
under this Agreement or any of the Transaction Documents or would be contrary
to Section 2.3, nor shall the Owner
Trustee be obligated to follow any such direction, if given.

          SECTION
4.5. Majority Control. To the
extent that there is more than one Certificateholder, except as expressly
provided herein, any action which may be taken or consent or instructions which
may be given by the Certificateholders under this Agreement may be taken by
Certificateholders holding in the aggregate a percentage of the beneficial
interest in the Issuer equal to more than 50% of the beneficial interest in the
Issuer at the time of such action.

ARTICLE V

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

          SECTION
5.1. Application
of Trust Funds. Distributions on the Certificates shall be made on
behalf of the Issuer in accordance with the provisions of the Indenture and the
Sale and Servicing Agreement. Subject to the lien of the Indenture, the Owner
Trustee shall promptly distribute to the Certificateholders all other amounts
(if any) received by the Owner Trustee on behalf of the Issuer in respect of
the Trust Estate. After the termination of the Indenture in accordance with its
terms, the Owner Trustee shall distribute all amounts received (if any) by the
Owner Trustee on behalf of the Issuer in respect of the Trust Estate at the
direction of the Certificateholders. If any withholding tax is imposed on the
Issuer’s payment (or allocations of income) to a Certificateholder, such tax
shall reduce the amount otherwise distributable to the Certificateholder in
accordance with this Section 5.1; provided that the Owner Trustee shall not
have an obligation to withhold any such amount if and for so long as the
Depositor is the sole Certificateholder. The Owner Trustee is hereby authorized
and directed to retain from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any tax that is legally
owed by the Issuer (but such authorization shall not prevent the Owner Trustee
from contesting any such tax in appropriate proceedings and withholding payment
of such tax, if permitted by law, pending the outcome of such proceedings). The
amount of any withholding tax imposed with respect to a Certificateholder shall
be treated as cash distributed to such Certificateholder at the time it is withheld
by the Issuer and remitted to the appropriate taxing authority. If there is a
possibility that withholding tax is payable with respect to a distribution
(such as a distribution to a non-U.S. Certificateholder), the Owner Trustee may
in its sole discretion withhold such amounts in accordance with this Section
5.1. If a Certificateholder wishes to apply for a refund of any such
withholding tax, the Owner Trustee shall reasonably cooperate with such
Certificateholder in making such claim so long as such Certificateholder agrees
to reimburse the Owner Trustee for any out-of-pocket expenses incurred.

          SECTION
5.2. Method
of Payment. Subject to the
Indenture, distributions required to be made to the
Certificateholders on any Payment Date and all amounts received by the Issuer
or the Owner Trustee on any other date that are payable to the
Certificateholders pursuant to this Agreement or any other Transaction Document
shall be made to the Certificateholders (i) by wire transfer, in immediately
available funds, to the account of each Certificateholder designated by such
Certificateholder to the Owner Trustee and Indenture Trustee in writing if such

	
  

 	
  

 	
  

 
	
  

 	
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Certificateholder shall have provided to the Owner Trustee and
Indenture Trustee appropriate written instructions at least five (5) Business
Days prior to such Payment Date, or (ii) by check mailed to such
Certificateholder at the address designated by such Certificateholder to the
Owner Trustee and Indenture Trustee in writing.

          SECTION
5.3. Sarbanes-Oxley
Act. Notwithstanding anything to the contrary herein or in any
Transaction Document, the Owner Trustee shall not be required to execute,
deliver or certify in accordance with the provisions of the Sarbanes-Oxley Act
on behalf of the Issuer or any other Person, any periodic reports filed
pursuant to the Exchange Act, or any other documents pursuant to the
Sarbanes-Oxley Act.

          SECTION
5.4. Signature
on Returns. Subject to Section
2.6, the Certificateholders shall sign on behalf of the
Issuer the tax returns of the Issuer, unless applicable law requires the Owner
Trustee to sign such documents, in which case such documents shall be signed by
the Owner Trustee at the written direction of the Certificateholders.

          SECTION
5.5. Accounting
and Reports to Noteholders, Certificateholders, Internal Revenue Service and
Others. The Issuer shall, based on information provided by or on
behalf of the Depositor, (a) maintain (or cause to be maintained) the books of
the Issuer on a calendar year basis and the accrual method of accounting,
(b) deliver (or cause to be delivered) to each Certificateholder, as may
be required by the Code and applicable Treasury Regulations, such information
as may be required to enable each Certificateholder to prepare its federal and
State income tax returns, (c) prepare (or cause to be prepared), file (or
cause to be filed) such tax returns relating to the Issuer (including a
partnership information return, IRS Form 1065 if the Issuer is treated as
a partnership for federal income tax purposes) and make such elections as may
from time to time be required or appropriate under any applicable State or
federal statute or rule or regulation thereunder so as to prevent the Issuer
from being taxed as a corporation, (d) cause such tax returns to be signed
in the manner required by law and (e) collect or cause to be collected any
withholding tax as described in and in accordance with Section 5.1
with respect to income or distributions to Certificateholders. If the Issuer is
treated as a partnership for federal tax purposes the Issuer shall elect under
Section 1278 of the Code to include in income currently any market
discount that accrues with respect to the Receivables. The Issuer shall not
make the election provided under Section 754 of the Code. No election will
be made to treat the Issuer as a corporation for United States federal income
tax purposes.

ARTICLE VI

AUTHORITY AND DUTIES OF OWNER TRUSTEE

          SECTION
6.1. General
Authority. The Owner Trustee is authorized and directed to execute
and deliver on behalf of the Issuer (i) the Transaction Documents to which the
Issuer is named as a party, (ii) each certificate or other document attached as
an exhibit to or contemplated by the Transaction Documents to which the Issuer
or the Owner Trustee is named as a party and (iii) (provided proper written
instruction is received under this Article VI) any amendment thereto, in
each case, in such form as the Depositor shall approve, as evidenced
conclusively by the Owner Trustee’s execution thereof, and the Owner Trustee is
further authorized, at the written direction of the Depositor, to execute on
behalf of the Issuer and to 

	
  

 	
  

 	
  

 
	
  

 	
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direct the Indenture Trustee to authenticate and deliver Class A-1
Notes in the aggregate principal amount of $142,000,000, Class A-2 Notes in the
aggregate principal amount of $172,000,000, Class A-3 Notes in the aggregate
principal amount of $125,000,000, Class A-4 Notes in the aggregate principal
amount of $52,180,000 and Class B Notes in the aggregate principal amount of
$8,820,000. In addition to the foregoing, the Owner Trustee is authorized, but
shall not be obligated, to take all actions required of the Issuer pursuant to
the Transaction Documents. The Owner Trustee is further authorized from time to
time to take such action as the Depositor or the Administrator recommends or
directs in writing with respect to the Transaction Documents, except to the
extent that this Agreement expressly requires the consent of the
Certificateholders for such action.

          SECTION
6.2. General
Duties. It shall be the duty of the Owner Trustee to discharge (or
cause to be discharged) all of its responsibilities pursuant to the terms of
this Agreement and the other Transaction Documents and to administer the Issuer
in the interest of the Certificateholders, subject to Transaction Documents,
and in accordance with the provisions of this Agreement. Notwithstanding the
foregoing, the Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the Transaction Documents to the extent
the Administrator has agreed in the Administration Agreement to perform any act
or to discharge any duty of the Issuer or the Owner Trustee hereunder or under
any Transaction Document, and the Owner Trustee shall not be liable for the
default or failure of the Administrator to carry out its obligations under the
Administration Agreement and shall have no duty to monitor the performance of
the Administrator or any other Person under the Administration Agreement or any
other document. The Owner Trustee shall have no obligation to administer,
service or collect the Receivables or to maintain, monitor or otherwise
supervise the administration, servicing or collection of the Receivables. The
Owner Trustee shall not be required to perform any of the obligations of the
Issuer under any Transaction Document that are required to be performed by the
Bank, the Servicer, the Depositor, the Administrator or the Indenture Trustee.

          SECTION
6.3. Action
upon Instruction. (a) Subject to Article IV, and in accordance
with the Transaction Documents, the Certificateholders may, by written
instruction, direct the Owner Trustee in the management of the Issuer. Such
direction may be exercised at any time by written instruction of the
Certificateholders pursuant to Article IV.

	
  

 	
  

 
	
  

 	
           (b)
 Subject to Section 7.1, the Owner Trustee shall not be required to
 take any action hereunder or under any Transaction Document if the Owner
 Trustee shall have reasonably determined or been advised by counsel that such
 action is likely to result in liability on the part of the Owner Trustee or
 is contrary to the terms hereof or of any Transaction Document or is
 otherwise contrary to law.

 
	
  

 	
  

 
	
  

 	
           (c)
 Whenever the Owner Trustee is unable to decide between alternative courses of
 action permitted or required by the terms of this Agreement or any
 Transaction Document or is unsure as to the application of any provision of
 this Agreement or any Transaction Document or any such provision is ambiguous
 as to its application, or is, or appears to be, in conflict with any other
 applicable provision, or in the event that this Agreement permits any
 determination by the Owner Trustee or is silent or is incomplete as to the
 course of action that the Owner Trustee is required to take with respect to a

 

	
  

 	
  

 	
  

 
	
  

 	
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 particular
 set of facts, the Owner Trustee shall promptly give notice (in such form as
 shall be appropriate under the circumstances) to the Certificateholders
 requesting instruction as to the course of action to be adopted or
 application of such provision, and to the extent the Owner Trustee acts or
 refrains from acting in good faith in accordance with any written instruction
 of the Certificateholders received, the Owner Trustee shall not be liable on
 account of such action or inaction to any Person. If the Owner Trustee shall
 not have received appropriate instruction within ten days of such notice (or
 within such shorter period of time as reasonably may be specified in such
 notice or may be necessary under the circumstances) it may, but shall be
 under no duty to, take or refrain from taking such action, not inconsistent
 with this Agreement or the Transaction Documents, as it shall deem to be in
 the best interests of the Certificateholders, and shall have no liability to
 any Person for such action or inaction.

 
	
  

 	
  

 
	
  

 	
           (d)
 The Owner Trustee shall be under no obligation to exercise any of the rights
 or powers vested in it by this Agreement, or to institute, conduct or defend
 any litigation, at the request, order or direction of any Certificateholder
 or any other Person, unless such Certificateholder or such Person has offered
 to the Owner Trustee security or indemnity satisfactory to it against the
 costs, expenses and liabilities that may be incurred by the Owner Trustee
 (including, without limitation, the reasonable fees and expenses of its
 counsel) therein or thereby, including such advances as the Owner Trustee
 shall reasonably request.

 

          SECTION
6.4. No
Duties Except as Specified in this Agreement or in Instructions. The
Owner Trustee shall not have any duty or obligation to manage, make any payment
with respect to, register, record, sell, dispose of, or otherwise deal with the
Trust Estate, or to otherwise take or refrain from taking any action under, or
in connection with, any document contemplated hereby to which the Issuer or the
Owner Trustee is a party, except as expressly provided by the terms of this
Agreement or in any document or written instruction received by the Owner
Trustee pursuant to Section 6.3; and no implied duties or obligations shall be read into this Agreement or any
Transaction Document against the Owner Trustee. The Owner Trustee shall have no
responsibility for filing any financing or continuation statement in any public
office at any time or to otherwise perfect or maintain the perfection of any
security interest or Lien granted to it hereunder or to prepare or file any
Commission filing (including any filings required under the Sarbanes-Oxley Act)
for the Issuer or to record this Agreement or any Transaction Document. The
Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly
take all action as may be necessary to discharge any Liens on any part of the
Trust Estate that result from actions by, or claims against, the Owner Trustee
that are not related to the ownership or the administration of the Trust
Estate. The Owner Trustee shall have no responsibility or liability for or with
respect to the genuineness, value, sufficiency or validity of the Trust Estate.

          SECTION
6.5. No
Action Except under Specified Documents or Instructions. The Owner
Trustee shall not manage, control, use, sell, dispose of or otherwise deal with
any part of the Trust Estate except (i) in accordance with the powers granted
to and the authority conferred upon the Owner Trustee pursuant to this
Agreement, (ii) in accordance with the Transaction Documents and (iii) in
accordance with any document or instruction delivered to the Owner Trustee
pursuant to Section 6.3.

	
  

 	
  

 	
  

 
	
  

 	
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          SECTION
6.6. Restrictions.
The Owner Trustee shall not take any action (a) that is inconsistent with the
purposes of the Issuer set forth in Section 2.3 or (b) that, to
the actual knowledge of a Responsible Officer of the Owner Trustee, would (i)
affect the treatment of the Notes as indebtedness for federal income, state and
local income, franchise and value added tax purposes, (ii) be deemed to cause a
taxable exchange of the Notes for federal income or state income or franchise
tax purposes or (iii) cause the Issuer or any portion thereof to be treated as
an association or publicly traded partnership taxable as a corporation for
federal income, state and local income or franchise tax purposes. The
Certificateholders shall not direct the Owner Trustee to take action that would
violate the provisions of this Section 6.6 (and, in the event any such
direction is given by the Certificateholders to the Owner Trustee, the Owner
Trustee shall not be obligated to follow such direction).

ARTICLE VII

CONCERNING OWNER TRUSTEE

          SECTION
7.1. Acceptance
of Trusts and Duties. The Owner Trustee accepts the trusts hereby
created and agrees to perform its duties hereunder with respect to such trusts
but only upon the terms of this Agreement. The Owner Trustee also agrees to
disburse all moneys actually received by it constituting part of the Trust
Estate upon the terms of the Transaction Documents and this Agreement. The
Owner Trustee shall not be personally liable or accountable hereunder or under
any Transaction Document under any circumstances notwithstanding anything
herein or in the Transaction Documents to the contrary, except (i) for its own
willful misconduct, bad faith or negligence, (ii) in the case of the inaccuracy
of any representation or warranty, expressly made by the Owner Trustee in its
individual capacity or any representation or warranty made by the Owner Trustee
in accordance with Section 11.13 or 11.14, (iii) for liabilities
arising from the failure of the Owner Trustee to perform obligations expressly
undertaken by it in the third sentence of Section 6.4 or (iv) for
taxes, fees or other charges on, based on or measured by, any fees, commissions
or compensation received by the Owner Trustee. In particular, but not by way of
limitation of the foregoing:

	
  

 	
  

 
	
  

 	
           (i) The
 Owner Trustee shall not be personally liable for any error of judgment made
 in good faith by any of its officers or employees unless it is proved that
 such Persons were negligent in ascertaining the pertinent facts;

 
	
  

 	
  

 
	
  

 	
           (ii) No
 provision of this Agreement shall require the Owner Trustee to expend or risk
 its personal funds or otherwise incur any financial liability in the exercise
 of its rights or powers hereunder;

 
	
  

 	
  

 
	
  

 	
           (iii)
 Under no circumstances shall the Owner Trustee be personally liable for any
 representation, warranty, covenant, obligation or indebtedness of the Issuer;
 and

 
	
  

 	
  

 
	
  

 	
           (iv) The
 Owner Trustee shall not be personally responsible for or in respect of the
 validity or sufficiency of this Agreement or for the due execution hereof by
 any Person other than the Owner Trustee.

 

	
  

 	
  

 	
  

 
	
  

 	
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          SECTION
7.2. Furnishing
of Documents. The Owner Trustee shall furnish to any Certificateholder
promptly upon receipt of a written request therefor, duplicates or copies of
all reports, notices, requests, demands, certificates, financial statements and
any other instruments furnished to the Owner Trustee under the Transaction
Documents.

          SECTION
7.3. Representations
and Warranties. Wells Fargo hereby represents and warrants to the
Depositor for the benefit of the Certificateholders, that:

	
  

 	
  

 
	
  

 	
           (a) It is
 a national banking association validly existing in good standing under the
 federal laws of the United States of America and having an office within the
 State of Delaware. It has all requisite corporate power and authority to
 execute, deliver and perform its obligations under this Agreement.

 
	
  

 	
  

 
	
  

 	
           (b) It
 has taken all corporate action necessary to authorize the execution and
 delivery by it of this Agreement, and this Agreement will be executed and
 delivered by one of its officers who is duly authorized to execute and
 deliver this Agreement on its behalf.

 
	
  

 	
  

 
	
  

 	
           (c) This
 Agreement constitutes a legal, valid and binding obligation of the Owner
 Trustee, enforceable against the Owner Trustee in accordance with its terms,
 subject, as to enforceability, to applicable bankruptcy, insolvency,
 reorganization, conservatorship, receivership, liquidation and other similar
 laws affecting enforcement of the rights of creditors of banks generally and
 to equitable limitations on the availability of specific remedies.

 
	
  

 	
  

 
	
  

 	
           (d)
 Neither the execution nor the delivery by it of this Agreement, nor the
 consummation by it of the transactions contemplated hereby nor compliance by
 it with any of the terms or provisions hereof will contravene any federal or
 Delaware law, governmental rule or regulation governing the banking or trust
 powers of the Owner Trustee or any judgment or order binding on it, or
 constitute any default under its charter documents or by-laws.

 

          SECTION
7.4. Reliance;
Advice of Counsel. (a) The Owner Trustee shall incur no personal
liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond or
other document or paper believed by it to be genuine and believed by it to be
signed by the proper party or parties. The Owner Trustee may accept a certified
copy of a resolution of the board of directors or other governing body of any
corporate party as conclusive evidence that such resolution has been duly
adopted by such body and that the same is in full force and effect. As to any fact
or matter the method of the determination of which is not specifically
prescribed herein, the Owner Trustee may for all purposes hereof rely on a
certificate, signed by the president or any vice president or by the treasurer,
secretary or other Authorized Officers or Responsible Officers of the relevant
party, as to such fact or matter, and such certificate shall constitute full
protection to the Owner Trustee for any action taken or omitted to be taken by
it in good faith in reliance thereon.

	
  

 	
  

 
	
  

 	
           (b) In
 the exercise or administration of the trusts hereunder and in the performance
 of its duties and obligations under this Agreement or the Transaction 

 

	
  

 	
  

 	
  

 
	
  

 	
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 Documents, the Owner Trustee (i) may act directly or through its
 agents or attorneys pursuant to agreements entered into with any of them, but
 the Owner Trustee shall not be personally liable for the conduct or
 misconduct of such agents, custodians, nominees (including Persons acting
 under a power of attorney) or attorneys selected with reasonable care and
 (ii) may consult with counsel, accountants and other skilled Persons
 knowledgeable in the relevant area to be selected with reasonable care and
 employed by it at the expense of the Issuer. The Owner Trustee shall not be
 personally liable for anything done, suffered or omitted in good faith by it
 in accordance with the written opinion or advice of any such counsel,
 accountants or other such Persons.

 

          SECTION
7.5. Not
Acting in Individual Capacity. Except as provided in this Article
VII, in accepting the trusts hereby created, Wells Fargo acts solely as the
Owner Trustee hereunder and not in its individual capacity and all Persons
having any claim against the Owner Trustee by reason of the transactions
contemplated by this Agreement or any Transaction Document shall look only to
the Trust Estate for payment or satisfaction thereof.

          SECTION
7.6. The
Owner Trustee May Own Notes. Wells Fargo in its individual or any other
capacity may become the owner or pledgee of Notes, and may deal with the
Depositor, the Indenture Trustee, the Administrator and their respective
Affiliates in banking transactions with the same rights as it would have if it
were not the Owner Trustee, and the Depositor, the Indenture Trustee, the
Administrator and their respective Affiliates may maintain normal commercial
banking relationships with the Owner Trustee and its Affiliates.

ARTICLE VIII

COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE

          SECTION
8.1. The
Owner Trustee’s Compensation. The Depositor shall cause the Servicer
to agree to pay to Wells Fargo pursuant to Section 3.11 of the Sale and
Servicing Agreement from time to time compensation for all services rendered by
Wells Fargo under this Agreement pursuant to a fee letter between the Servicer
and the Owner Trustee (which compensation shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust). The
Servicer, pursuant to Section 3.11 of the Sale and Servicing Agreement
and the fee letter between the Servicer and the Owner Trustee, shall reimburse
Wells Fargo upon its request for all reasonable expenses, disbursements and
advances incurred or made by Wells Fargo in accordance with any provision of
this Agreement (including the reasonable compensation, expenses and
disbursements of such agents, experts and counsel as Wells Fargo may employ in
connection with the exercise and performance of its rights and its duties
hereunder), except any such expense as may be attributable to its willful
misconduct, negligence (other than an error in judgment) or bad faith. To the
extent not paid by the Servicer, such fees and reasonable expenses shall be
paid in accordance with Section 4.4 of the Sale and Servicing Agreement
or Section 5.4(b) of the Indenture, as applicable.

          SECTION
8.2. Indemnification.
The Depositor shall cause the Servicer to agree to indemnify the Owner Trustee
in its individual capacity and as trustee and its successors, assigns,
directors, officers, employees and agents (the “Indemnified Parties”)
from and against, any and all loss, liability, expense, tax, penalty or claim
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any kind and nature whatsoever which may at any time be imposed on,
incurred by, or asserted against Wells Fargo in its individual capacity and as
trustee or any Indemnified Party in any way relating to or arising out of this
Agreement, the Transaction Documents, the Trust Estate, the administration of
the Trust Estate or the action or inaction of the Owner Trustee hereunder; provided, however, that neither the
Depositor nor the Servicer shall be liable for or required to indemnify Wells
Fargo from and against any of the foregoing expenses arising or resulting from
(i) Wells Fargo’s own willful misconduct, bad faith or negligence, (ii) the
inaccuracy of any representation or warranty contained in Sections 7.3,
or made pursuant to Sections 11.13 and 11.14, expressly made by
the Owner Trustee in its individual capacity, (iii) liabilities arising from
the failure of the Owner Trustee to perform obligations expressly undertaken by
it in the third sentence of Section
6.4 or (iv) taxes, fees or other charges on, based on or
measured by, any fees, commissions or compensation received by the Owner
Trustee. To the extent not paid by the Servicer, such indemnification shall be
paid in accordance with Section 4.4 of the Sale and Servicing Agreement
or Section 5.4(b) of the Indenture, as applicable. 

          SECTION
8.3. Payments
to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant
to this Article VIII and the Sale and Servicing Agreement shall be
deemed not to be a part of the Trust Estate immediately after such payment.

ARTICLE IX

TERMINATION OF TRUST AGREEMENT

          SECTION
9.1. Dissolution
of the Issuer. The Issuer shall wind up and dissolve upon written
notice to the Owner Trustee by the Certificateholders; provided that, the Issuer
shall not wind up and dissolve prior to (a) the final distribution of all
moneys or other property or proceeds of the Trust Estate in accordance with the
Indenture and the Sale and Servicing Agreement and (b) the discharge of the
Indenture in accordance with Article IV of the Indenture. The
bankruptcy, liquidation, dissolution, death or incapacity of any
Certificateholder shall not (x) operate to terminate this Agreement or the
Issuer, nor (y) entitle any such Certificateholder’s legal representatives or heirs
to claim an accounting or to take any action or Proceeding in any court for a
partition or winding up of all or any part of the Issuer or Trust Estate nor
(z) otherwise affect the rights, obligations and liabilities of the parties
hereto.

          SECTION
9.2. Winding Up of the Issuer.
Upon dissolution of the Issuer, the Owner Trustee shall, at the written
direction of the Administrator, wind up the business and affairs of the Issuer
as required by Section 3808 of the Statutory Trust Statute. Upon the
satisfaction and discharge of the Indenture, and receipt of a certificate from
the Indenture Trustee stating that all Noteholders have been paid in full and
that the Indenture Trustee is aware of no claims remaining against the Issuer
in respect of the Indenture and the Notes, the Owner Trustee, in the absence of
actual knowledge of any other claim against the Issuer and at the written
direction of the Certificateholders, shall be deemed to have made reasonable
provision to pay all claims and obligations (including conditional, contingent
or unmatured obligations) for purposes of Section 3808(e) of the Statutory
Trust Statute and shall cause the Certificate of Trust to be cancelled by
filing, at the expense of the Depositor, a certificate of cancellation with the
Delaware Secretary of State in accordance with the provisions of Section 3810
of the Statutory Trust Statute, at 

	
  

 	
  

 	
  

 
	
  

 	
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which time the Issuer shall terminate and this Agreement (other than Article
VIII) shall be of no further force or effect.

          SECTION
9.3. Limitations on Termination.
Except as provided in Section 9.1, neither the Depositor nor any
Certificateholder shall be entitled to revoke, dissolve or terminate the
Issuer.

ARTICLE X

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL

OWNER TRUSTEES

          SECTION
10.1. Eligibility
Requirements for the Owner Trustee. The Owner Trustee shall at all
times be a bank (i) authorized to exercise corporate trust powers, (ii) having
a combined capital and surplus of at least $50,000,000 and (iii) subject to
supervision or examination by Federal or state authorities. If such bank shall
publish reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. The Owner Trustee shall at all times
be an institution satisfying the provisions of Section 3807(a) of the Statutory
Trust Statute. In case at any time the Owner Trustee shall cease to be eligible
in accordance with the provisions of this Section, the Owner Trustee shall resign
immediately in the manner and with the effect specified in Section 10.2.

          SECTION
10.2. Resignation
or Removal of the Owner Trustee. The Owner Trustee may at any time
resign and be discharged from the trusts hereby created by giving written notice
thereof to the Depositor, the Administrator, the Servicer, the Indenture
Trustee and each Certificateholder. Upon receiving such notice of resignation,
the Depositor and the Administrator, acting jointly, shall promptly appoint a
successor Owner Trustee which satisfies the eligibility requirements set forth
in Section 10.1 by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Owner Trustee and one copy to
the successor Owner Trustee. If no successor Owner Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Owner Trustee may petition any court of
competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such right
to appoint or to petition for the appointment of any such successor shall in no
event relieve the resigning Owner Trustee from any obligations otherwise
imposed on it under the Transaction Documents until such successor has in fact
assumed such appointment.

          If at any
time the Owner Trustee shall cease to be eligible in accordance with the
provisions of Section 10.1
and shall fail to resign after written request therefor by the Depositor or the
Administrator, or if at any time the Owner Trustee shall be legally unable to
act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner
Trustee or of its property shall be appointed, or any public officer shall take
charge or control of the Owner Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, then the Depositor or
the Administrator may remove the Owner Trustee. If the Depositor or the
Administrator shall remove the Owner Trustee under the authority of the
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sentence, the Depositor and the Administrator, acting jointly, shall
promptly appoint a successor Owner Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the outgoing Owner Trustee
so removed and one copy to the successor Owner Trustee and shall pay all fees
owed to the outgoing Owner Trustee.

          Any
resignation or removal of the Owner Trustee and appointment of a successor
Owner Trustee pursuant to any of the provisions of this Section 10.2
shall not become effective until acceptance of appointment by the successor
Owner Trustee pursuant to Section
10.3 and payment of all fees and expenses owed to the
outgoing Owner Trustee. The Depositor shall provide (or shall cause to be
provided) notice of such resignation or removal of the Owner Trustee to each of
the Rating Agencies and the Indenture Trustee.

          SECTION
10.3. Successor
Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2
shall execute, acknowledge and deliver to the Depositor, the Administrator and
to its predecessor Owner Trustee an instrument accepting such appointment under
this Agreement, and thereupon the resignation or removal of the predecessor
Owner Trustee shall become effective and such successor Owner Trustee, without
any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor under this Agreement,
with like effect as if originally named as the Owner Trustee. The predecessor
Owner Trustee shall upon payment of its fees and expenses deliver to the
successor Owner Trustee all documents and statements and monies held by it
under this Agreement; and the Depositor and the predecessor Owner Trustee shall
execute and deliver such instruments and do such other things as may reasonably
be required for fully and certainly vesting and confirming in the successor
Owner Trustee all such rights, powers, duties and obligations.

          No
successor Owner Trustee shall accept appointment as provided in this Section
10.3 unless at the time of such acceptance such successor Owner Trustee
shall be eligible pursuant to Section
10.1.

          Upon
acceptance of appointment by a successor Owner Trustee pursuant to this Section 10.3,
the Depositor shall mail (or shall cause to be mailed) notice of the successor
of such Owner Trustee to each Certificateholder, Indenture Trustee, the
Noteholders and each of the Rating Agencies. If the Depositor shall fail to
mail (or cause to be mailed) such notice within 10 days after acceptance of
appointment by the successor Owner Trustee, the successor Owner Trustee shall
cause such notice to be mailed at the expense of the Depositor.

          SECTION
10.4. Merger
or Consolidation of the Owner Trustee. Any corporation into which
the Owner Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall, without the execution or filing of any instrument or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding, be the successor of the Owner Trustee hereunder; provided, that such
corporation shall be eligible pursuant to Section 10.1; and provided, further that the
Owner Trustee shall mail notice of such merger or consolidation to the
Depositor and the Administrator.

	
  

 	
  

 	
  

 
	
  

 	
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          SECTION
10.5. Appointment
of Co-Trustee or Separate Trustee. Notwithstanding any other
provisions of this Agreement, at any time, for the purpose of meeting any legal
requirements of any jurisdiction in which any part of the Trust Estate may at
the time be located, the Depositor and the Owner Trustee acting jointly shall
have the power and shall execute and deliver all instruments to appoint one or
more Persons approved by the Owner Trustee to act as co-trustee, jointly with
the Owner Trustee, or separate trustee or separate trustees, of all or any part
of the Trust Estate, and to vest in such Person, in such capacity, such title
to the Issuer, or any part thereof, and, subject to the other provisions of
this Section, such powers, duties, obligations, rights and trusts as the
Depositor and the Owner Trustee may consider necessary or desirable. If the
Depositor shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, the Owner Trustee alone shall have the
power to make such appointment. No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a successor
trustee pursuant to Section 10.1
and no notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section
10.3.

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (ii) no
 trustee under this Agreement shall be personally liable by reason of any act
 or omission of any other trustee under this Agreement; and

 
	
  

 	
  

 
	
  

 	
           (iii) the
 Depositor and the Owner Trustee acting jointly may at any time accept the
 resignation of or remove any separate trustee or co-trustee.

 

          Any notice,
request or other writing given to the Owner Trustee shall be deemed to have
been given to each of the then separate trustees and co-trustees, as
effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article X. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Owner Trustee or separately, as may be provided therein, subject to all the
provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording
protection to, the Owner Trustee. Each such instrument shall be filed with the
Owner Trustee and copies thereof given to the Depositor and the Administrator.

	
  

 	
  

 	
  

 
	
  

 	
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          Any
separate trustee or co-trustee may at any time appoint the Owner Trustee, its
agent or attorney-in-fact with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement
on its behalf and in its name. If any separate trustee or co-trustee shall
become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Owner Trustee, to the extent permitted by law, without the appointment of a new
or successor trustee. The Owner Trustee shall have no obligation to determine
whether a co-trustee or separate trustee is legally required in any
jurisdiction in which any part of the Trust Estate may be located.

ARTICLE XI

MISCELLANEOUS

          SECTION
11.1. Amendments. (a) Any term or
provision of this Agreement may be amended by the Depositor and the Owner
Trustee without the consent of the Indenture Trustee, any Noteholder, the
Issuer or any other Person subject to the satisfaction of one of the following
conditions:

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

	
  

 	
  

 
	
  

 	
           (b) This
 Agreement may also be amended from time to time by the Depositor and the
 Owner Trustee, with the consent of the Holders of Notes evidencing not less
 than a majority of the aggregate principal amount of the Outstanding Notes 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 to obtain the consent of the 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.

 
	
  

 	
  

 
	
  

 	
           (c) Prior
 to the execution of any amendment pursuant to this Section 11.1, the
 Depositor 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 Depositor shall furnish a
 copy of such amendment or consent to each Rating Agency, the Owner Trustee
 and the Indenture Trustee; provided, that no amendment pursuant to
 this Section 11.1 shall be effective which affects the rights, 

 

	
  

 	
  

 	
  

 
	
  

 	
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 protections or duties of the Indenture Trustee without the prior
 written consent of such Person (which consent shall not be unreasonably
 withheld or delayed).

 
	
  

 	
  

 
	
  

 	
           (d) Prior
 to the execution of any amendment pursuant to this Section 11.1, the
 Owner 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 adversely
 affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own
 rights, privileges, indemnities, duties or obligations under this Agreement.

 

          SECTION
11.2. No
Legal Title to Trust Estate in Certificateholders. No
Certificateholder shall have legal title to any part of the Trust Estate. Each
Certificateholder shall be entitled to receive distributions with respect to
its undivided beneficial interest therein only in accordance with Articles V
and IX. No transfer, by operation of law or otherwise, of any right,
title or interest of a Certificateholder to and in its ownership interest in
the Trust Estate shall operate to terminate this Agreement or the trusts
hereunder or entitle any transferee to an accounting or to the transfer to it
of legal title to any part of the Trust Estate.

          SECTION
11.3. Limitations
on Rights of Others. The provisions of this Agreement are solely for
the benefit of the Owner Trustee, the Depositor, the Administrator, the
Certificateholders and, to the extent expressly provided herein, the Indenture
Trustee and the Noteholders, and nothing in this Agreement, whether express or
implied, shall be construed to give to any other Person any legal or equitable
right, remedy or claim in the Trust Estate or under or in respect of this
Agreement or any covenants, conditions or provisions contained herein.

          SECTION
11.4. Notices.
(a) Unless otherwise expressly specified or permitted by the terms hereof, all
demands, notices and communications hereunder shall be in writing and shall be
delivered or mailed by registered or certified first-class United States mail,
postage prepaid, hand delivery, prepaid courier service, by facsimile or, if so
provided on Schedule II to the Sale and Servicing Agreement, by
electronic transmission, and addressed in each case as specified on Schedule
II to the Sale and Servicing Agreement or at such other address as shall be
designated by any of the specified addressees in a written notice to the other
parties hereto. Delivery will be deemed to have been given and made: (i) upon
delivery or, in the case of a letter mailed by registered or certified
first-class United States mail, postage prepaid, three days after deposit in
the mail, (ii) in the case of a facsimile, when receipt is confirmed by
telephone, reply email or reply facsimile from the recipient, (iii) in the case
of electronic transmission, when receipt is confirmed by telephone or reply email
from the recipient and (iv) in the case of an electronic posting to a
password-protected website to which the recipient has been provided access,
upon delivery (without the requirement of confirmation of receipt) and notice
(including email) to such recipient stating that such electronic posting has
occurred.

	
  

 	
  

 
	
  

 	
           (b) Any
 notice required or permitted to be given to any Certificateholder shall be
 given by first-class mail, postage prepaid, at the address of such
 Certificateholder as shall be designated by such party in a written notice to
 each other party. Any notice so mailed 

 

	
  

 	
  

 	
  

 
	
  

 	
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 within the time prescribed in this Agreement shall be conclusively
 presumed to have been duly given, whether or not such Certificateholder
 receives such notice.

 

          SECTION
11.5. Severability.
Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

          SECTION
11.6. Separate
Counterparts. This Agreement may be executed by the parties hereto
in separate counterparts, each of which when so executed and delivered shall be
an original, but all such counterparts shall together constitute but one and
the same instrument.

          SECTION
11.7. Successors
and Assigns. All covenants and agreements contained herein shall be
binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and
its successors and each Certificateholder and its successors and permitted
assigns, all as herein provided. Any request, notice, direction, consent,
waiver or other instrument or action by a Certificateholder shall bind the
successors and assigns of such Certificateholder.

          SECTION
11.8. No
Petition. (a) Each of the Owner Trustee, by entering into this
Agreement, the Depositor, each Certificateholder, by accepting a Certificate,
and the Indenture Trustee and each Noteholder or Note Owner by accepting the
benefits of this Agreement, hereby covenants and agrees that prior to the date
which is one year and one day after payment in full of all obligations of each
Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy
Remote Parties (i) such party shall not authorize any Bankruptcy Remote Party to
commence a voluntary winding-up or other voluntary case or other Proceeding
seeking liquidation, reorganization or other relief with respect to such
Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case
or other Proceeding commenced against such Bankruptcy Remote Party, or to make
a general assignment for the benefit of, its creditors generally, any party hereto
or any other creditor of such Bankruptcy Remote Party, and (ii) such party
shall not commence, join with any other Person in commencing, or institute with
any other Person any Proceeding against such Bankruptcy Remote Party under any
bankruptcy, reorganization, arrangement, liquidation or insolvency law or
statute now or hereafter in effect in any jurisdiction; provided, that the foregoing
shall in no way limit the rights of such parties to pursue any other creditor
rights or remedies that such Persons may have against the Issuer under
applicable law. Without limiting the foregoing, in no event shall the Owner
Trustee authorize, institute or join in any bankruptcy or similar Proceeding
described in the preceding sentence other than in accordance with Section
4.3.

	
  

 	
  

 
	
  

 	
           (b) The
 Depositor’s obligations under this Agreement are obligations solely of the
 Depositor and will not constitute a claim against the Depositor to the extent
 that the Depositor does not have funds sufficient to make payment of such
 obligations. In furtherance of and not in derogation of the foregoing, each
 of the Owner Trustee, by 

 

	
  

 	
  

 	
  

 
	
  

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

 

          SECTION
11.9. Headings.
The headings of the various Articles and Sections herein are for convenience of
reference only and shall not define or limit any of the terms or provisions
hereof.

          SECTION 11.10. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          SECTION
11.11. [Reserved].

          SECTION
11.12. Waiver
of Jury Trial. 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.

	
  

 	
  

 	
  

 
	
  

 	
 23

 	
 Amended and Restated Trust Agreement 

 (USAA 2012-1)

 

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

          SECTION
11.14. Form
10-D and Form 10-K Filings. So long as the Depositor is filing
Exchange Act Reports with respect to the Issuer (i) no later than each Payment
Date, the Owner Trustee shall notify the Depositor of any Form 10-D Disclosure
Item with respect to the Owner Trustee, together with a description of any such
Form 10-D Disclosure Item in form and substance reasonably acceptable to the
Depositor and (ii) no later than March 15 of each calendar year, commencing
March 15, 2013, the Owner Trustee shall notify the Depositor in writing of any
affiliations or relationships between the Owner Trustee and any Item 1119 Party;
provided,
that (except as provided in the following sentence) no such notification need
be made if the affiliations or relationships are unchanged from those provided
in the notification in the prior calendar year. Notwithstanding the foregoing,
on or before March 15 of each calendar year for so long as the Depositor is
filing Exchange Act Reports with respect to the Issuer, commencing on March 15,
2013, the Owner Trustee shall, upon the written request of the Depositor,
deliver to the Depositor the certification substantially in the form attached
hereto as Exhibit B or such form as mutually agreed upon by the
Depositor and the Owner Trustee regarding any affiliations or relationships (as
contemplated in Item 1119 of Regulation AB) between the Owner Trustee and any
Item 1119 Party and any Form 10-D Disclosure Item.

          SECTION
11.15. Form
8-K Filings. So long as the Depositor is filing Exchange Act Reports
with respect to the Issuer, the Owner Trustee shall promptly notify the
Depositor, but in no event later than four (4) Business Days after its
occurrence, of any Reportable Event of which a Responsible Officer of the Owner
Trustee has actual knowledge (other than a Reportable Event described in clause
(a) or (b) of the definition thereof as to which the Depositor or
the Servicer has actual knowledge). The Owner Trustee shall be deemed to have
actual knowledge of any such event solely to the extent that it relates to the
Owner Trustee or any action by the Owner Trustee (and not by someone else on its
behalf) under this Agreement.

          SECTION
11.16. Information
to Be Provided by the Owner Trustee. The Owner Trustee shall provide
the Depositor and the Bank (each, a “Reporting Party” and, collectively,
the “Reporting Parties”) with (i) notification, as soon as practicable
and in any event within five Business Days, of all demands communicated to the
Owner Trustee for the repurchase or replacement of any Receivable and (ii)
promptly upon reasonable written request by a Reporting Party, any other information
reasonably requested by a Reporting Party to facilitate compliance by the
Reporting Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e)
and 1121(c) of Regulation AB. In no event shall the Owner Trustee be deemed to
be a “securitizer” as defined in Section 15Ga-1 of the Exchange Act, nor shall
it have any responsibility or liability for making any filing to be made by a
securitizer under the Exchange Act or Regulation AB.

[Remainder of Page Intentionally Left Blank]

	
  

 	
  

 	
  

 
	
  

 	
 24

 	
 Amended and Restated Trust Agreement 

 (USAA 2012-1)

 

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

	
  

 	
  

 	
  

 
	
  

 	
 WELLS FARGO DELAWARE TRUST COMPANY,

 NATIONAL ASSOCIATION, as Owner Trustee

 
	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Sandra Battaglia

 
	
  

 	
  

 	

 

 
	
  

 	
 Name: Sandra Battaglia

 
	
  

 	
 Title: Vice President

 

	
  

 	
  

 	
  

 
	
  

 	
 S-1

 	
 Amended and Restated Trust Agreement 

 (USAA 2012-1)

 

	
  

 	
  

 	
  

 
	
  

 	
 USAA ACCEPTANCE, LLC

 
	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ David K. Kimball

 
	
  

 	
  

 	

 

 
	
  

 	
 Name: David K. Kimball

 
	
  

 	
 Title: Vice President

 

	
  

 	
  

 	
  

 
	
  

 	
 S-2

 	
 Amended and Restated Trust Agreement 

 (USAA 2012-1)

 

EXHIBIT A

FORM OF CERTIFICATE

	
  

 	
  

 
	
 NUMBER

 	
 [___]% BENEFICIAL INTEREST

 
	
 R-[__]

 	
  

 

USAA AUTO OWNER TRUST 2012-1

CERTIFICATE

          Evidencing
the [___]% beneficial interest in all of the assets of the Issuer (as defined
below), which consist primarily of motor vehicle receivables, including motor
vehicle retail installment loans that are secured by new and used automobiles
and light-duty trucks.

          (This Certificate does not represent an interest in or
obligation of USAA Acceptance, LLC, USAA Federal Savings Bank or any of their
respective Affiliates, except to the extent described below.)

          THIS
CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER
APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION,
AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN
COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY
OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION
THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO.

          NEITHER
THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE
INITIAL ACQUISITION OR THROUGH A TRANSFER) BY OR FOR THE ACCOUNT OF OR WITH THE
ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) WHICH IS
SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” AS DESCRIBED BY SECTION 4975(e)(1) OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) WHICH IS
SUBJECT TO SECTION 4975 OF THE CODE, (C) ANY ENTITY DEEMED TO HOLD THE PLAN
ASSETS OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER
PLAN’S INVESTMENT IN SUCH ENTITY OR (D) ANY GOVERNMENTAL PLAN, NON-U.S. PLAN,
CHURCH PLAN, OTHER EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT THAT
IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY
SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.

          THIS
CERTIFIES THAT [___________] is the registered owner of a [___]% nonassessable,
fully-paid beneficial interest in the Trust Estate of USAA AUTO OWNER TRUST
2012-1, a Delaware statutory trust (the “Issuer”) formed by USAA Acceptance, LLC, a Delaware limited
liability company, as depositor (the “Depositor”).

	
  

 	
  

 	
  

 
	
  

 	
 A-1

 	
 Trust Certificate

 

          The
Issuer was created pursuant to a Trust Agreement dated as of August 23, 2012
(as amended and restated as of September 19, 2012, the “Trust Agreement”), between the Depositor
and Wells Fargo Delaware Trust Company, National Association, as owner trustee
(the “Owner Trustee”), a
summary of certain of the pertinent provisions of which is set forth below. To
the extent not otherwise defined herein, the capitalized terms used herein have
the meanings assigned to them in Appendix A to the Sale and Servicing
Agreement, dated as of September 19, 2012, between the Depositor, the Issuer,
The Bank of New York Mellon as indenture trustee and USAA Federal Savings Bank,
as servicer, as the same may be amended or supplemented from time to time.

          This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder
is bound. The provisions and conditions of the Trust Agreement are hereby
incorporated by reference as though set forth in their entirety herein.

          The Holder
of this Certificate acknowledges and agrees that its rights to receive
distributions in respect of this Certificate are subordinated to the rights of
the Noteholders as described in the Indenture, the Sale and Servicing Agreement
and the Trust Agreement, as applicable.

          THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          By
accepting this Certificate, the Certificateholder hereby covenants and agrees
that prior to the date which is one year and one day after payment in full of
all obligations of each Bankruptcy Remote Party in respect of all securities
issued by the Bankruptcy Remote Parties (i) such Person shall not authorize
such 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 any
party hereto or any other creditor of such Bankruptcy Remote Party, and (ii)
such Person shall not 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.

          By
accepting and holding this Certificate (or any interest herein), the Holder
hereof shall be deemed to have represented and warranted that it is not, and is
not purchasing on behalf of, (i) 

	
  

 	
  

 	
  

 
	
  

 	
 A-2

 	
 Trust Certificate

 

a Benefit Plan or (ii) any governmental plan, non-U.S. plan, church
plan, other employee benefit plan or other retirement arrangement that is
subject to Similar Law.

          It is the
intention of the parties to the Trust Agreement that, solely for income,
franchise and value added tax purposes, (i) so long as there is a single
Certificateholder, the Issuer will be disregarded as an entity separate from
such Certificateholder, and if there is more than one Certificateholder, the
Issuer will be treated as a partnership and (ii) the Notes will be
characterized as debt. By accepting this Certificate, the Certificateholder
agrees to take no action inconsistent with the foregoing intended tax
treatment.

          By accepting this Certificate, the Certificateholder acknowledges that
this Certificate represents the entire beneficial interest in the Issuer only
and does not represent interests in or obligations of the Depositor, the
Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of
their respective Affiliates and no recourse may be had against such parties or
their assets, except as expressly set forth or contemplated in this
Certificate, the Trust Agreement or any other Transaction Document.

	
  

 	
  

 	
  

 
	
  

 	
 A-3

 	
 Trust Certificate

 

          IN WITNESS
WHEREOF, the Issuer has caused this Certificate to be duly executed.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 USAA AUTO OWNER TRUST 2012-1 

 
	
  

 	
  

 	
  

 
	
  

 	
  

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

 
	
  

 	
  

 	
  

 	
  

 
	
 Dated:

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 
	
  

 	
  

 	
 By:

 	
  

 
	
  

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 

	
  

 	
  

 	
  

 
	
  

 	
 A-4

 	
 Trust Certificate

 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is the
Certificate referred to in the within-mentioned Trust Agreement.

	
  

 	
  

 	
  

 
	
  

 	
 WELLS FARGO DELAWARE TRUST
COMPANY,
 NATIONAL ASSOCIATION, not
in its individual capacity but solely as Owner
 Trustee

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Authorized
 Signatory

 

	
  

 	
  

 	
  

 
	
  

 	
 A-5

 	
 Trust Certificate

 

EXHIBIT B

FORM
OF OWNER TRUSTEE’S ANNUAL CERTIFICATION

REGARDING ITEM 1117 AND ITEM 1119 OF REGULATION AB

          Reference
is made to the Amended and Restated Trust Agreement, dated September 19, 2012
(the “Trust Agreement”), between Wells Fargo Delaware Trust Company,
National Association, a national banking association (“Wells Fargo”), as
Owner Trustee and USAA Acceptance, LLC, a Delaware limited liability company,
as Depositor (the “Depositor”) with respect to USAA Auto Owner Trust
2012-1 (the “Trust”). Capitalized terms used but not otherwise defined
herein shall have the respective meanings given to them in the Trust Agreement.

          Wells Fargo
does hereby certify to USAA Federal Savings Bank (the “Sponsor”), the
Depositor and the Trust that:

          1. As of
the date hereof, there are no pending legal proceedings against Wells Fargo or
proceedings known to be contemplated by governmental authorities against Wells
Fargo that would be material to the investors in the Notes.

          2. As of
the date hereof, there are no affiliations, as contemplated by Item 1119 of
Regulation AB, between Wells Fargo and any of USAA Federal Savings Bank (in its
capacity as Sponsor, Originator, Servicer and Administrator), USAA Acceptance,
LLC, the Indenture Trustee and the Trust, or any affiliates of such parties.

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

Dated: ____________, 20[   ]

	
  

 	
  

 	
  

 
	
  

 	
 WELLS FARGO DELAWARE TRUST COMPANY,
 NATIONAL
 ASSOCIATION, as Owner Trustee

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 

B-1

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