Document:

Exhibit 4.1 

 

INDENTURE 

  

  between 

  

  USAA AUTO OWNER TRUST 2008-2 

  as Issuer 

  

  and 

  

  THE BANK OF NEW YORK 

  as Indenture Trustee 

  

Dated as of April 29, 2008 

    TABLE OF CONTENTS 

	 		 		 		 		
Page	
	 	
	 	
	
ARTICLE I	
	
DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE	
	 

    
	
SECTION 1.1		 		
Definitions and Usage		 		
1	
	
SECTION 1.2		 		
Incorporation by Reference of Trust Indenture Act		 		
2	
	 	
	
ARTICLE II	
	
THE NOTES	
	
SECTION 2.1		 		
Form		 		
2	
	
SECTION 2.2		 		
Execution, Authentication and Delivery		 		
3	
	
SECTION 2.3		 		
Temporary Notes		 		
3	
	
SECTION 2.4		 		
Tax Treatment		 		
4	
	
SECTION 2.5		 		
Registration; Registration of Transfer and Exchange		 		
4	
	
SECTION 2.6		 		
Mutilated, Destroyed, Lost or Stolen Notes		 		
7	
	
SECTION 2.7		 		
Persons Deemed Owners		 		
8	
	
SECTION 2.8		 		
Payment of Principal and Interest; Defaulted Interest		 		
8	
	
SECTION 2.9		 		
Cancellation		 		
9	
	
SECTION 2.10		 		
Release of Collateral		 		
9	
	
SECTION 2.11		 		
Book-Entry Notes		 		
9	
	
SECTION 2.12		 		
Notices to Clearing Agency		 		
10	
	
SECTION 2.13		 		
Definitive Notes		 		
10	
	
SECTION 2.14		 		
Authenticating Agents		 		
11	
	 	
	
ARTICLE III	
	
COVENANTS	
	
SECTION 3.1		 		
Payment of Principal and Interest		 		
11	
	
SECTION 3.2		 		
Maintenance of Office or Agency		 		
12	
	
SECTION 3.3		 		
Money for Payments to Be Held in Trust		 		
12	
	
SECTION 3.4		 		
Existence		 		
13	
	
SECTION 3.5		 		
Protection of Indenture Trust Estate		 		
14	
	
SECTION 3.6		 		
Opinions as to Indenture Trust Estate		 		
15	
	
SECTION 3.7		 		
Performance of Obligations; Servicing of Receivables		 		
16	
	
SECTION 3.8		 		
Negative Covenants		 		
18	
	
SECTION 3.9		 		
Annual Statement as to Compliance		 		
18	
	
SECTION 3.10		 		
Issuer May Consolidate, etc., Only on Certain Terms		 		
19	
	
SECTION 3.11		 		
Successor or Transferee		 		
20	
	
SECTION 3.12		 		
No Other Business		 		
20	
	
SECTION 3.13		 		
No Borrowing		 		
21	
	
SECTION 3.14		 		
Servicer’s Obligations		 		
21	
	
SECTION 3.15		 		
Guarantees, Loans, Advances and Other Liabilities		 		
21	
	
SECTION 3.16		 		
Capital Expenditures		 		
21	
	
SECTION 3.17		 		
Further Instruments and Acts		 		
21	

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TABLE OF CONTENTS 

(continued) 

	 		 		 		 		
Page	
	 	
	 	
	
SECTION 3.18		 		
Restricted Payments		 		
21	
	
SECTION 3.19		 		
Notice of Events of Default		 		
21	
	
SECTION 3.20		 		
Removal of Administrator		 		
21	
	 	
	
ARTICLE IV	
	
SATISFACTION AND DISCHARGE	
	 
	
SECTION 4.1		 		
Satisfaction and Discharge of Indenture		 		
22	
	
SECTION 4.2		 		
Application of Trust Money		 		
23	
	
SECTION 4.3		 		
Repayment of Monies Held by Note Paying Agent		 		
23	
	 	
	
ARTICLE V	
	
REMEDIES	
	 
	
SECTION 5.1		 		
Events of Default		 		
23	
	
SECTION 5.2		 		
Acceleration of Maturity; Rescission and Annulment		 		
24	
	
SECTION 5.3		 		
Collection of Indebtedness and Suits for Enforcement by Indenture		 		 	
	 		 		
Trustee		 		
25	
	
SECTION 5.4		 		
Remedies; Priorities		 		
27	
	
SECTION 5.5		 		
Optional Preservation of the Receivables		 		
30	
	
SECTION 5.6		 		
Limitation of Suits		 		
30	
	
SECTION 5.7		 		
Unconditional Rights of Noteholders to Receive Principal and Interest		 		
31	
	
SECTION 5.8		 		
Restoration of Rights and Remedies		 		
31	
	
SECTION 5.9		 		
Rights and Remedies Cumulative		 		
31	
	
SECTION 5.10		 		
Delay or Omission Not a Waiver		 		
31	
	
SECTION 5.11		 		
Control by Controlling Class		 		
31	
	
SECTION 5.12		 		
Waiver of Past Defaults		 		
32	
	
SECTION 5.13		 		
Undertaking for Costs		 		
32	
	
SECTION 5.14		 		
Waiver of Stay or Extension Laws		 		
33	
	
SECTION 5.15		 		
Action on Notes		 		
33	
	
SECTION 5.16		 		
Performance and Enforcement of Certain Obligations		 		
33	
	 	
	
ARTICLE VI	
	
THE INDENTURE TRUSTEE	
	 
	
SECTION 6.1		 		
Duties of Indenture Trustee		 		
34	
	
SECTION 6.2		 		
Rights of Indenture Trustee		 		
35	
	
SECTION 6.3		 		
Individual Rights of Indenture Trustee		 		
36	
	
SECTION 6.4		 		
Indenture Trustee’s Disclaimer		 		
36	
	
SECTION 6.5		 		
Notice of Defaults		 		
37	
	
SECTION 6.6		 		
Reports by Indenture Trustee to Noteholders		 		
37	
	
SECTION 6.7		 		
Compensation and Indemnity		 		
37	
	
SECTION 6.8		 		
Replacement of Indenture Trustee		 		
37	
	
SECTION 6.9		 		
Successor Indenture Trustee by Merger		 		
39	

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TABLE OF CONTENTS 

(continued) 

	 		 		 		 		
Page	
	 	
	 	
	
SECTION 6.10		 		
Appointment of Co-Indenture Trustee or Separate Indenture Trustee		 		
39	
	
SECTION 6.11		 		
Eligibility; Disqualification		 		
40	
	
SECTION 6.12		 		
Preferential Collection of Claims Against Issuer		 		
41	
	 	
	
ARTICLE VII	
	
NOTEHOLDERS’ LISTS AND REPORTS	
	 
	
SECTION 7.1		 		
Issuer to Furnish Indenture Trustee Names and Addresses of		 		 	
	 		 		
Noteholders		 		
41	
	
SECTION 7.2		 		
Preservation of Information; Communications to Noteholders		 		
41	
	
SECTION 7.3		 		
Reports by Issuer		 		
42	
	
SECTION 7.4		 		
Reports by Indenture Trustee		 		
42	
	 	
	
ARTICLE VIII	
	
ACCOUNTS, DISBURSEMENTS AND RELEASES	
	
SECTION 8.1		 		
Collection of Money		 		
43	
	
SECTION 8.2		 		
Trust Accounts		 		
43	
	
SECTION 8.3		 		
General Provisions Regarding Accounts		 		
47	
	
SECTION 8.4		 		
Release of Indenture Trust Estate		 		
48	
	
SECTION 8.5		 		
Opinion of Counsel		 		
48	
	 	
	
ARTICLE IX	
	
SUPPLEMENTAL INDENTURES	
	 
	
SECTION 9.1		 		
Supplemental Indentures Without Consent of Noteholders		 		
49	
	
SECTION 9.2		 		
Supplemental Indentures with Consent of Noteholders		 		
50	
	
SECTION 9.3		 		
Execution of Supplemental Indentures		 		
52	
	
SECTION 9.4		 		
Effect of Supplemental Indenture		 		
52	
	
SECTION 9.5		 		
Conformity with Trust Indenture Act		 		
52	
	
SECTION 9.6		 		
Reference in Notes to Supplemental Indentures		 		
52	
	 	
	
ARTICLE X	
	
PREPAYMENT	
	
SECTION 10.1		 		
Prepayment		 		
52	
	
SECTION 10.2		 		
Form of Prepayment Notice		 		
53	
	
SECTION 10.3		 		
Notes Payable on Prepayment Date		 		
53	
	 	
	
ARTICLE XI	
	
MISCELLANEOUS	
	 
	
SECTION 11.1		 		
Compliance Certificates and Opinions, etc		 		
54	
	
SECTION 11.2		 		
Form of Documents Delivered to Indenture Trustee		 		
55	

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TABLE OF CONTENTS 

(continued) 

	 		 		 		 		
Page	
	 	
	 	
	
SECTION 11.3		 		
Acts of Noteholders		 		
56	
	
SECTION 11.4		 		
Notices, etc., to Indenture Trustee, Issuer and Rating Agencies		 		
56	
	
SECTION 11.5		 		
Notices to Noteholders; Waiver		 		
57	
	
SECTION 11.6		 		
Alternate Payment and Notice Provisions		 		
58	
	
SECTION 11.7		 		
Conflict with Trust Indenture Act		 		
58	
	
SECTION 11.8		 		
Effect of Headings and Table of Contents		 		
58	
	
SECTION 11.9		 		
Successors and Assigns		 		
58	
	
SECTION 11.10		 		
Separability		 		
58	
	
SECTION 11.11		 		
Benefits of Indenture		 		
58	
	
SECTION 11.12		 		
Legal Holidays		 		
58	
	
SECTION 11.13		 		
GOVERNING LAW		 		
59	
	
SECTION 11.14		 		
Counterparts		 		
59	
	
SECTION 11.15		 		
Recording of Indenture		 		
59	
	
SECTION 11.16		 		
Trust Obligation		 		
59	
	
SECTION 11.17		 		
No Petition		 		
59	
	
SECTION 11.18		 		
Subordination Agreement		 		
59	
	
SECTION 11.19		 		
No Recourse		 		
60	
	
SECTION 11.20		 		
Inspection		 		
60	
	
EXHIBIT A-1		 		
FORM OF CLASS A-1 NOTE		 		
A-1-1	
	
EXHIBIT A-2		 		
FORM OF CLASS A-2 NOTE		 		
A-2-1	
	
EXHIBIT A-3		 		
FORM OF CLASS A-3 NOTE		 		
A-3-1	
	
EXHIBIT A-4		 		
FORM OF CLASS A-4 NOTE		 		
A-4-1	
	
EXHIBIT B		 		
FORM OF CLASS B NOTE		 		
B-1	
	 	
	
SCHEDULE A		 		
Schedule of Receivables		 		
Sch-A-1	

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          INDENTURE, dated as of April 29, 2008 (as from time to time amended, supplemented or otherwise modified and in effect, this “Indenture”), between USAA AUTO OWNER TRUST 2008-2, a Delaware statutory trust, as issuer (the “Issuer”), and THE BANK OF NEW YORK, a banking
corporation organized under the laws of the State of New York, as trustee and not in its individual capacity (in such capacity, the “Indenture Trustee”). 

          Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the holders of the Issuer’s Class A-1 2.99600% Asset Backed Notes (the
“Class A-1 Notes”), Class A-2 3.91% Asset Backed Notes (the “Class A-2 Notes”),
Class A-3 4.64% Asset Backed Notes (the “Class A-3 Notes”), Class A-4 5.16% Asset Backed Notes (the “Class A-4
Notes” and, together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”) and Class B
8.30% Asset Backed Notes (the “Class B Notes” and, together with the Class A Notes, the “Notes”): 

GRANTING CLAUSE

          The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Noteholders, all of the Issuer’s right, title and interest in, to and
under, whether now owned or existing or hereafter acquired or arising, (a) the Trust Property and (b) all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or
under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property
which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”). 

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

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

ARTICLE I

DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE

          SECTION 1.1     Definitions and Usage. Except as otherwise specified herein or as the
context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement, dated as of April 29,
2008, by and among the Issuer, USAA Acceptance, LLC and USAA Federal Savings Bank, which also contains rules as to usage that shall be applicable herein. 

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

          “indenture securities” shall mean the Notes.

          “indenture security holder” shall mean a Noteholder. 

          “indenture to be qualified” shall mean this Indenture. 

          “indenture trustee” or “institutional trustee” shall mean
the Indenture Trustee.

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

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

ARTICLE II 

THE NOTES

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

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

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

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

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

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

	 	 	 	Initial Aggregate 
	 	Class 	 	Principal
        Amount 
	 	Class A-1 Notes 	 	$242,000,000 
	 	Class A-2 Notes 	 	$250,000,000 
	 	Class A-3 Notes 	 	$347,000,000 
	 	Class A-4 Notes 	 	$133,502,000 
	 	Class B Notes 	 	$27,499,000 

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

          (d)     The Class A-1, Class A-2, Class A-3, Class A-4 and Class B Notes shall be issuable as Book-Entry Notes in minimum
denominations of $100,000 and in integral multiples of $1,000 in excess thereof (except for one Note of each class which may be issued in a denomination other than an integral of $1,000). 

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

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

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

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temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Notes. 

          SECTION 2.4     Tax Treatment.  The Issuer has entered into this Indenture, and the
Notes shall be issued, with the intention that, for federal, State and local income and franchise tax purposes, the Notes shall qualify as indebtedness of the Issuer secured by the Indenture Trust Estate. The Issuer, by entering into this Indenture,
and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes for federal, State and local income and franchise tax purposes as indebtedness of the
Issuer. This paragraph does not apply to Notes when owned by a sole owner of the Certificate or by a Person that, for federal income tax purposes, is not treated as an entity separate from the sole owner of the Certificate. 

          For each taxable year of the Issuer, pursuant to Sections 7704(c) and 7704(d) of the Code, the principal activity of the Issuer will consist of purchasing and holding debt receivables (which
are capital assets to the Issuer) and issuing and paying notes, and at least 90% of the Issuer’s gross income for each taxable year of the Issuer will constitute “qualifying income” under such Code provisions in the form of interest
and gains from such receivables and other qualifying income. 

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

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

          (c)     At the option of the Noteholder, Notes may be exchanged for other Notes of the same Class in any authorized
denominations, of a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401(a) of the UCC are met, the
Issuer

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shall execute, the Indenture Trustee shall authenticate, and the Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making such exchange is entitled to receive. 

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

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

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

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

          (h)     Each Class A Noteholder, by its acceptance of a Class A Note (and each Note Owner, by its acceptance of a beneficial
interest in a Class A Note) will be deemed to have represented that (x) it is not, and is not acquiring the Class A Note on behalf of, or with “plan assets” (as determined under Department of Labor Regulation §2510.3 -101 (as modified
by Section 3(42) of ERISA) or otherwise) of, a Plan, or any employee benefit plan subject to Similar Law, or (y) its acquisition and holding of the Class A Note satisfy the requirements for relief under Prohibited Transaction Class Exemption
(“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, the service provider exemption provided under Section 408(b)(17) of ERISA and Section 4975(d)(20) of
the Code or a similar exemption, or, in the case of an employee benefit plan subject to Similar Law, do not result in a nonexempt violation of Similar Law. 

          (i)     Each Class B Noteholder, by its acceptance of a Class B Note (and each Note Owner by its acceptance of a beneficial
interest in a Class B Note) will be deemed to have represented the following: 

       (i)          Either: 

          (A)     for the entire period during which such purchaser or
transferee holds its interest in the Class B Notes, no portion of such purchaser’s or transferee’s assets constitutes assets of any Plan or any governmental plan, church plan or non-U.S. plan that is subject to any Similar
Law; or 

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          (B)     (1) (a) the assets used by such purchaser or transferee to acquire the Class B Notes (or any interest therein)
constitute assets of an insurance company general account, (b) for the entire period during which such purchaser or transferee holds its interest in the Class B Notes, less than 25% of the assets of such insurance company general account will
constitute “plan assets” of any Plan, (c) neither such purchaser or transferee nor any affiliate is a Controlling Person of the Issuer and (d) the acquisition and holding of the Class B Notes by such purchaser or transferee will satisfy
the requirements of Section I of PTCE 95-60 and will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or (2) if such purchaser or transferee is a governmental plan, church plan or non-U.S.
plan that is subject to any Similar Law, the acquisition and holding of the Class B Notes by such purchaser or transferee will not constitute a nonexempt violation of any applicable Similar Law. 

          (ii)     It is, and each account (if any) for which it is purchasing Class B Notes is, a Person who is (A) a citizen or
resident of the United States, (B) a corporation or partnership organized in or under the laws of the United States, any state thereof or the District of Columbia, (C) an estate the income of which is includible gross income for United States tax
purposes, regardless of its source or (D) a trust with respect to which a U.S. court is able to exercise primary supervision over the administration of such trust and one or more Persons meeting the conditions of clause (A), (B), (C) or (D) of this paragraph (ii) has the authority to control all substantial decisions of the trust. 

          (iii)     It understands that any purported transfer of any Class B Note (or any interest therein) to any Person who does not
meet the conditions of paragraphs (i) and (ii) above shall be, to the fullest extent permitted by law,
void ab initio, and the purported transferee in such a transfer shall not be recognized by the Issuer or any other Person as a Class B Noteholder for any purpose. 

          (j)     Plans and persons investing on behalf of or with “plan assets” of Plans may not acquire the Class B Notes.
However, an insurance company using the assets of its general account that include “plan assets” may purchase the Class B Notes if: 

          (i)     such insurance company is able to represent that, as of the date it acquires an interest in the Class B Notes, less
than 25% of the assets of such general account constitute “plan assets” of a Plan within the meaning of 29 C.F.R. §2510.3 -101(f), as modified by Section 3(42) of ERISA; 

          (ii)     such insurance company agrees that if at any time during any calendar quarter while it is holding an interest in the
Class B Notes, 25% or more of the assets of such general account constitute “plan assets” of a Plan within the meaning of 29 C.F.R. §2510.3 -101(f) as modified by Section 3(42) of ERISA, and if, at that time, no appropriate exemption
or exception applies to the operation of the Issuer and its assets under ERISA, such insurance company will dispose of the Class B Notes then held in its general account; 

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          (iii)     neither such insurance company nor any affiliate is a Controlling Person of the Issuer; and 

          (iv)     the purchase satisfies the conditions for relief under Section I of PTCE 95-60. 

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

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

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

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

          SECTION 2.7     Persons Deemed Owners. Prior to due presentment for registration of
transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the

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

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

          (b)     The principal of each Note shall be payable in installments on each Payment Date as provided in this Indenture and in
the forms of Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit
A-3, Exhibit A-4 and Exhibit B hereto. Notwithstanding the
foregoing, the entire unpaid principal amount of each Class of Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Noteholders of
Notes evidencing not less than a majority of the principal amount of the Controlling Class Outstanding have declared the Notes to be immediately due and payable in the manner provided in Section
5.2. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto.  The Indenture
Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and interest on such Note shall be paid.
Such notice shall be mailed or transmitted by facsimile prior to such final Payment Date and shall specify that such final installment shall be payable only upon presentation and surrender of such Note and shall specify the place where such Note may
be presented and surrendered for payment of such installment. Notices in connection with redemption of Notes shall be mailed to Noteholders as provided in Section 10.2.

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

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

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

          SECTION 2.11     Book-Entry Notes. The Notes, upon original issuance, shall be issued
in the form of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer.  The Book-Entry Notes shall be registered initially on the Note
Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner thereof shall receive a Definitive Note (as defined below) representing such Note Owner’s interest in such Note, except as provided in
Section 2.13.  Unless and until definitive, fully registered Notes (the “Definitive Notes”)
have been issued to such Note Owners pursuant to Section 2.13: 

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

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

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

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

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

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

          SECTION 2.13     Definitive Notes. With respect to any Class or Classes of Book-Entry
Notes, if (i) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to such Class of Book-Entry Notes and the Administrator is unable
to locate a qualified successor or (ii) after the occurrence of an Event of Default or an Event of Servicing Termination, Note Owners of such Class of Book- Entry Notes evidencing beneficial interests aggregating not less than a majority of the
principal amount of such Class advise the Indenture Trustee and the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of such Class of Note Owners, then the
Indenture Trustee shall notify the Clearing Agency, who shall notify each Clearing Agency Participant, who shall notify all Note Owners of such Class of the occurrence of such event and of the availability of Definitive Notes to the Note Owners of
the applicable Class requesting the same. Upon surrender to the Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Indenture
Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on,

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such instructions. Upon the issuance of Definitive Notes to Note Owners, the Indenture Trustee shall recognize the holders of such Definitive Notes as Noteholders. 

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

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

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

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

ARTICLE III 

COVENANTS

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

          SECTION 3.2     Maintenance of Office or Agency.  The Issuer shall maintain in
the Borough of Manhattan, The City of New York, an office or agency where Notes may be

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

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

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

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

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

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

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

          (iv)     immediately resign as a Note Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for
the payment of Notes if at any time it

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ceases to meet the standards required to be met by a Note Paying Agent at the time of its appointment; and 

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

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

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

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

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

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

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

          (iii)     enforce any of the Collateral; or

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

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

          (b)     The Issuer hereby represents and warrants that, as to the Collateral pledged to the Indenture Trustee for the benefit
of the Noteholders, on the Closing Date, which representations and warranties shall survive such pledge: 

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

          (ii)     the Receivables constitute either “tangible chattel paper” or “electronic chattel paper” under
the applicable UCC; 

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

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

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

          (vi)     the Issuer has not assigned, pledged, sold, granted a security interest in or otherwise conveyed any interest in such
Collateral (or, if any such interest has been

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assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Indenture; 

          (vii)     the Issuer has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdiction under the applicable law in order to perfect the security interest Granted hereunder in the Receivables, which financing statements will contain a statement to the
following effect “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party”; 

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

          (ix)     the Issuer has not communicated an authoritative copy of any electronic chattel paper that constitutes or evidences
the Receivables to any Person other than the Servicer, as custodian; and 

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

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

          (b)     On or before April 30 in each calendar year, beginning on April 30, 2009, the Issuer shall furnish to the Indenture
Trustee an Opinion of Counsel either stating that, in the opinion of such counsel and subject to customary qualifications and assumptions, (i) all financing statements and continuation statements have been filed that are necessary fully to preserve
and protect the interest of the Issuer and the Indenture Trustee in the Receivables and (ii) such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any
other requisite documents and with respect to the filing of any financing statements and continuation statements and any other action that may be required by law as is necessary to maintain the lien and security interest created by this Indenture
and reciting the details of such action or referring to prior Opinions of Counsel in which such details are given or stating that in the opinion of such counsel no such action is necessary to preserve and protect such interest or to maintain such
lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the filing of any financing
statements and continuation statements that shall, in the opinion of such

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counsel, be required to maintain the lien and security interest of this Indenture until April 30 in the following calendar year. 

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

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

          (c)     The Issuer shall punctually perform and observe all of its obligations and agreements contained in this Indenture, the
other Basic Documents and in the instruments and agreements included in the Indenture Trust Estate, including, but not limited to, filing or causing to be filed all financing statements and continuation statements required to be filed under the UCC
by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein.  Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify,
supplement or terminate any Basic Document or any provision thereof other than in accordance with the amendment provisions set forth in such Basic Document. 

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

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

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

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

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

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Collateral (except to the extent otherwise provided in the Sale and Servicing Agreement or the other Basic Documents). 

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

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

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

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

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

          SECTION 3.9     Annual Statement as to Compliance.  The Issuer shall deliver to the
Indenture Trustee, within 120 days after the end of each calendar year, beginning within 120 days after the end of 2008, an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 

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

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

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

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

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

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

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

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

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

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

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

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expressly agrees by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings, if any, with the Commission (and any other appropriate Person) required
by the Exchange Act in connection with the Notes; 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ARTICLE IV

SATISFACTION AND DISCHARGE

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

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

          (A)     either: 

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

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

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

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

          (D)     unless the Notes have been prepaid in accordance with Section 10.1, the Issuer has delivered to the Indenture Trustee an Opinion of Counsel to the effect that the satisfaction and discharge of the Notes pursuant to this Section 4.1 will not cause any Noteholder to be treated as having sold or exchanged any of its Notes for purposes of Section 1001 of the Code. 

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

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

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

ARTICLE V

REMEDIES

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

          (i)     default in the payment of any interest on any Class A Note or, if the Class A Notes are no longer Outstanding, any
Class B Note when the same becomes due and payable on a Payment Date, and such default shall continue for a period of five (5) days or more; or 

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

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

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the Controlling Class Outstanding, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

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

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

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

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

          (b)     At any time after a declaration of acceleration of maturity has been made and before a judgment or decree for payment
of the amount due has been obtained by the Indenture Trustee as hereinafter provided in this Article V, the holders of Notes evidencing not less than a majority of the
principal amount of the Controlling Class Outstanding, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:

          (i)     the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay: 

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          (A)     all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon
such Notes if the Event of Default giving rise to such acceleration had not occurred; and 

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

          (ii)     all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.12.

          No such rescission shall affect any subsequent default or impair any right consequent thereto. 

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

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

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

          (d)     In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or
claiming an ownership interest in the Indenture Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee
in

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bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable
judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3,
shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

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

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

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

          (iv)     to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuer, its creditors and its property; and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is
hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts
as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances and
disbursements made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith, and any other amounts due the Indenture Trustee pursuant to Section
6.7. 

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

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          (f)     All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the
Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, shall
be for the ratable benefit of the Noteholders in respect of which such judgment has been recovered. 

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

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

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

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

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

          (iv)     sell the Indenture Trust Estate or any portion thereof or rights or interest therein, at one or more public or
private sales called and conducted in any manner permitted by law; provided, however, the Indenture
Trustee may not sell or otherwise liquidate the Indenture Trust Estate unless: 

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

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

          (C)     if the Event of Default is of the type described in Section 5.1(i) or (ii): 

          (1)     the Indenture Trustee
determines (but shall have no obligation to make such determination) that the Indenture Trust Estate will

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not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable; and 

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

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

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

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

          In determining such sufficiency or insufficiency with respect to clauses (C)(1) and (D)(2) above, the Indenture Trustee may (at other than its own expense), but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation
as to the feasibility of such proposed action and as to the sufficiency of the Indenture Trust Estate for such purpose. 

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

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

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

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

 

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

          (B)     second, to the holders of the Class A-1 Notes in reduction of principal until the principal amount of the Class A-1
Notes has been paid in full and then to the holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes on a pro rata basis in reduction of principal until the
principal amount of such Class A Notes has been paid in full; 

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          (C)     third, to the holders of the Class B Notes, first, interest due and payable on the Class B Notes (including interest
at the Class B Rate on any overdue interest, to the extent lawful) and second, in reduction of principal until the principal amount of the Class B Notes is paid in full; and 

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

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

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

          (C)     to the holders of the Class B Notes, accrued and unpaid interest on the Class B Notes (together with interest on
overdue interest at the Class B Rate, to the extent lawful); 

          (D)     to the holders of the Class A-1 Notes in reduction of principal until the principal amount of the Class A-1 Notes has
been paid in full and then to the holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes on a pro rata basis in reduction of principal until the principal
amount of such Class A Notes has been paid in full; and 

          (E)     to the holders of the Class B Notes in reduction of principal until the principal amount of the Class B Notes has been
paid in full; and 

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

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

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

          SECTION 5.5     Optional Preservation of the Receivables.  If the Notes have been
declared to be due and payable under Section 5.2 following an Event of Default, and such declaration and its consequences have not been rescinded and annulled, the Indenture
Trustee may, but need not, elect to maintain possession of the Indenture Trust Estate and apply proceeds

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

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

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

          (b)     the holders of Notes evidencing not less than 25% of the principal amount of the Controlling Class Outstanding have
made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 

          (c)     such Noteholder or Noteholders have offered to the Indenture Trustee reasonable indemnity against the costs, expenses
and liabilities to be incurred in complying with such request; 

          (d)     the Indenture Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed
to institute such Proceedings; and 

          (e)     no direction inconsistent with such written request has been given to the Indenture Trustee during such sixty-day
period by the Noteholders of Notes evidencing not less than a majority of the principal amount of the Controlling Class Outstanding. 

          It is understood and intended that no one or more Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except in the manner herein provided. 

          In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each evidencing less than a majority of the principal
amount of the Controlling Class Outstanding, the Indenture Trustee shall act at the direction of the group of Noteholders representing the greater principal amount of the Controlling Class Outstanding.  If the Indenture Trustee receives conflicting
or inconsistent

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requests and indemnity from two or more groups of Noteholders representing an equal principal amount of the Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken,
notwithstanding any other provisions of this Indenture. 

          SECTION 5.7     Unconditional Rights of Noteholders to Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, any Noteholder shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on its Note on or after the respective due dates thereof
expressed in such Note or in this Indenture (or, in the case of prepayment pursuant to Article X, on or after the Prepayment Date) and to institute suit for the enforcement of
any such payment, and such right shall not be impaired without the consent of such Noteholder. 

          SECTION 5.8     Restoration of Rights and Remedies. If the Indenture Trustee or any
Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then
and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies
of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

          SECTION 5.9     Rights and Remedies Cumulative.  No right or remedy herein conferred
upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 

          SECTION 5.10     Delay or Omission Not a Waiver.  No delay or omission of the
Indenture Trustee or any Noteholder to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or any acquiescence therein. Every
right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient,
by the Indenture Trustee or by the Noteholders, as the case may be. 

          SECTION 5.11     Control by Controlling Class. The Noteholders of Notes evidencing not
less than a majority of the principal amount of the Controlling Class Outstanding shall have the right, subject to Section 6.2(f), to direct the time, method and place of
conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided that: 

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

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          (b)     subject to the express terms of Section 5.4,
any direction to the Indenture Trustee to sell or liquidate the Indenture Trust Estate shall be by holders of Notes evidencing not less than 100% of the principal amount of the Notes Outstanding; 

          (c)     if the conditions set forth in Section 5.5
have been satisfied and the Indenture Trustee elects to retain the Indenture Trust Estate pursuant to such Section 5.5, then any direction to the Indenture Trustee by
Noteholders of Notes evidencing less than 100% of the principal amount of the Notes Outstanding to sell or liquidate the Indenture Trust Estate shall be of no force and effect; and 

          (d)     the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with
such direction. 

Notwithstanding the rights of Noteholders set forth in this Section 5.11, subject to Section 6.1, the Indenture Trustee need not take any action that it determines might involve it in costs or expenses for which it would not be adequately indemnified or expose it to personal liability or might materially adversely affect or
unduly prejudice the rights of any Noteholders not consenting to such action. 

          SECTION 5.12     Waiver of Past Defaults. Prior to the declaration of the acceleration
of the maturity of the Notes as provided in Section 5.2, the holders of Notes evidencing not less than a majority of the principal amount of the Controlling Class Outstanding
may waive any past Default or Event of Default and its consequences except a Default (a) in the payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof that cannot be amended, supplemented or
modified without the consent of each Noteholder. In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to
any subsequent or other Default or impair any right consequent thereto. 

          Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured
and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 

          SECTION 5.13     Undertaking for Costs.  All parties to this Indenture agree, and each
Noteholder by such Noteholder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture
Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section
5.13 shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder or group of Noteholders, in each case holding in the aggregate more than 10% of the principal
amount of the Notes Outstanding, or in the case of a right or remedy under this Indenture which is instituted by the Controlling Class, more than 10%

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of the Controlling Class Outstanding or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in
this Indenture. 

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

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

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

          (b)     If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which
direction shall be in writing or by telephone, confirmed in writing promptly thereafter) of the Noteholders of Notes evidencing not less than a majority of the principal amount of the Controlling Class Outstanding shall, exercise all rights,
remedies, powers, privileges and claims of the Issuer against the Seller, the Depositor or the Servicer under or in connection with the Receivables Purchase Agreement and the Sale and Servicing Agreement, including the right or power to take any
action to compel or secure performance or observance by the Seller, the Depositor or the Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval,

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extension, or waiver under the Receivables Purchase Agreement and the Sale and Servicing Agreement and any right of the Issuer to take such action shall be suspended. 

ARTICLE VI

THE INDENTURE TRUSTEE

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

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

          (i)     the Indenture Trustee undertakes to perform such duties
and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture or the other Basic Documents against the Indenture Trustee; and 

          (ii)     in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and, if required by the terms of this Indenture or the other Basic Documents, conforming to the requirements of this
Indenture; provided, however, that the Indenture Trustee shall examine the certificates and opinions to
determine whether or not they conform to the requirements of this Indenture. 

          (c)     The Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to
act or its own willful misconduct, except that: 

          (i)     this paragraph does not limit the effect of paragraph (b) of this
Section 6.1;

          (ii)     the Indenture Trustee shall not be liable for any error of judgment
made in good faith by a Trustee Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; 

          (iii)     the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith at the
direction of the Noteholders in accordance with the terms of this Indenture; and 

          (iv)     the Indenture Trustee shall have no duty (A) to see to any recording, filing, or depositing of this Indenture or any
agreement referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any re-recording, refiling or redepositing of any
thereof, (B) to see to any insurance, (C) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Trust Estate
other than as directed by the Servicer or the Administrator, in either case,

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from funds available in the Collection Account, (D) except as otherwise set forth in Section 6.1(b)(ii), to confirm or verify the contents of any
reports or certificates of the Servicer delivered to the Indenture Trustee pursuant to this Indenture believed by the Indenture Trustee to be genuine and to have been signed or presented by the proper party or parties, or (E) to execute any
certificates or other documents required pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated thereunder, except with respect to the back-up certification provided pursuant to Article X of the Sale and Servicing Agreement. 

          (d)     The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may
agree in writing with the Issuer. 

          (e)     Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by
law or the terms of this Indenture or the Sale and Servicing Agreement. 

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

          (g)     Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the
Indenture Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA. 

          (h)     The Indenture Trustee shall not be charged with knowledge of any Event of Default unless either (i) a Trustee Officer
shall have actual knowledge of such Event of Default or (ii) written notice of such Event of Default shall have been given to the Indenture Trustee in accordance with the provisions of this Indenture. 

          SECTION 6.2     Rights of Indenture Trustee. (a) The Indenture Trustee may rely and
shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document believed by it to be genuine and
to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any facts or matters stated in any such document. 

          (b)     Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion
of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 

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          (c)     The Indenture Trustee may execute any of the trusts or powers hereunder or under the Basic Documents or perform any
duties hereunder or thereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such
agent, attorney, custodian or nominee appointed with due care by it hereunder. 

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

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

          (f)     The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture or to institute, conduct or defend any litigation hereunder or in relation hereto or to honor the request or direction of any of the Noteholders pursuant to this Indenture unless such Noteholders shall have offered to the Indenture Trustee
reasonable security or indemnity against the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred by it, its agents and its counsel in compliance with such request or direction. 

          (g)     Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request.

          (h)     The right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be
construed as a duty, and the Indenture Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of such act. 

          (i)     The Indenture Trustee shall not be required to give any bond or surety in respect of the execution of the Trust Estate
created hereby or the powers granted hereunder. 

          SECTION 6.3     Individual Rights of Indenture Trustee. The Indenture Trustee, in its
individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Note Paying Agent, Note Registrar,
co-registrar or co-paying agent hereunder may do the same with like rights. 

          SECTION 6.4     Indenture Trustee’s Disclaimer. The Indenture Trustee (i) shall
not be responsible for, and makes no representation as to, the validity or adequacy of this Indenture, the Notes or any other Basic Document and (ii) shall not be accountable for the Issuer’s use of the proceeds from the Notes, or responsible
for any statement or omission of the Issuer in this Indenture or any other Basic Document or in any document issued in connection with the sale of the Notes or in the Notes (all of which shall be taken as statements of the Issuer) other than the
Indenture Trustee’s certificate of authentication. 

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

          SECTION 6.6     Reports by Indenture Trustee to Noteholders.  Upon delivery to the
Indenture Trustee by the Servicer of such information prepared by the Servicer pursuant to Section 3.9 of the Sale and Servicing Agreement as may be required to enable each
Noteholder to prepare its federal and State income tax returns, the Indenture Trustee shall deliver such information to the Noteholders by mail, e-mail, courier, fax, or the Indenture Trustee’s website at www.bnyinvestorreporting.com.

          SECTION 6.7     Compensation and Indemnity.  (a)  The Issuer shall cause the
Administrator to pay to the Indenture Trustee from time to time reasonable compensation for its services.  The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Issuer shall
cause the Administrator to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services.  Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts.  The Issuer shall cause the Administrator to indemnify the Indenture Trustee, its directors, officers and agents for, and
to hold it harmless against, any and all loss, liability or expense (including attorneys’ fees and disbursements) incurred by it in connection with the administration of this trust and the performance of its duties hereunder, including the
costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Indenture Trustee shall notify the Issuer and the Administrator promptly of any claim
for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Administrator shall not relieve the Issuer or the Administrator of its obligations hereunder. The Issuer shall cause the Administrator to defend any
such claim, and the Indenture Trustee may have separate counsel and the Issuer shall cause the Administrator to pay the fees and expenses of such counsel.  Neither the Issuer nor the Administrator need reimburse any expense or indemnity against any
loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith. 

          (b)     The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive the resignation or removal of the Indenture Trustee and the discharge of this Indenture.  When the Indenture Trustee incurs expenses after the occurrence of a Default
specified in Section 5.1(iv) or (v) with respect to the Issuer, the expenses are intended to constitute
expenses of administration under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or similar law. 

          SECTION 6.8     Replacement of Indenture Trustee. (a) No resignation or removal of the
Indenture Trustee, and no appointment of a successor Indenture Trustee, shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this

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Section 6.8 and payment in full of all sums due to the Indenture Trustee pursuant to Section 6.7. The
Indenture Trustee may resign at any time by so notifying the Issuer and the Depositor, and will provide all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect
to the resignation of the Indenture Trustee. The holders of Notes evidencing not less than a majority in principal amount of the Controlling Class Outstanding may remove the Indenture Trustee without cause by so notifying the Indenture Trustee, the
Issuer and the Depositor and may appoint a successor Indenture Trustee. The Issuer shall cause the Administrator to remove the Indenture Trustee if: 

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

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

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

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

The Depositor may remove the Indenture Trustee if the Indenture Trustee fails to comply with Section 3.7(e), 
Section 6.8 or Section 6.9 of the Indenture with respect to notice to or providing information to the Depositor, or with
Article X of the Sale and Servicing Agreement, in each case if such failure continues for the lesser of 10 days or such period in which the applicable Exchange Act Report can
be filed timely (without taking into account any extensions). If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as
the retiring Indenture Trustee), the Issuer shall cause the Administrator to promptly appoint a successor Indenture Trustee and notify the Depositor such appointment. 

          (b)     Any successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture
Trustee and to the Issuer and shall also provide all information reasonably requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with respect to the replacement Indenture Trustee. Thereupon, if all sums
due the retiring Indenture Trustee pursuant to Section 6.7 have been paid in full, the resignation or removal of the retiring Indenture Trustee shall become effective, and the
successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture.  The successor Indenture Trustee shall mail a notice of its succession to Noteholders. If all sums due the retiring Indenture
Trustee pursuant to Section 6.7 have been paid in full, the retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor
Indenture Trustee. 

          (c)     If a successor Indenture Trustee does not take office within sixty (60) days after the retiring Indenture Trustee
resigns or is removed, the retiring Indenture Trustee, the Issuer or the holders of Notes evidencing not less than a majority in principal amount of the Controlling Class Outstanding may petition any court of competent jurisdiction for the
appointment of a successor Indenture Trustee.  If the Indenture Trustee fails to comply with Section 6.11, any Noteholder who has been a bona fide Noteholder for at least six
(6) months may petition any

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court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

          (d)     Notwithstanding the replacement of the Indenture Trustee pursuant to this Section
6.8, the obligations of the Issuer and the Administrator under Section 6.7 shall continue for the benefit of the retiring Indenture
Trustee. 

          SECTION 6.9     Successor Indenture Trustee by Merger. (a) If the Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association
without any further act shall be the successor Indenture Trustee; provided that such corporation or banking association shall be otherwise qualified and eligible under
Section 6.11.  The Indenture Trustee shall provide the Rating Agencies and the Depositor with written notice of any such transaction and shall provide the Depositor with
written notice of such event no later than one (1) Business Day after the effective date of such merger, together with the information reasonably requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with
respect to a successor Indenture Trustee. 

          (b)     In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall
succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such
Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor
to the Indenture Trustee. In all such cases such certificates shall have the full force which it is provided anywhere in the Notes or in this Indenture that the certificate of the Indenture Trustee shall have. 

          SECTION 6.10     Appointment of Co-Indenture Trustee or Separate Indenture Trustee.
(a)  Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Indenture Trust Estate may at the time be located, the Indenture Trustee shall
have the power and may execute and deliver an instrument to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust, and to vest in such Person or Persons, in such
capacity and for the benefit of the Noteholders, such title to the Indenture Trust Estate, or any part hereof, and, subject to the other provisions of this Section 6.10, such
powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable.  No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8. 

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

          (i)     all rights,
powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the

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

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

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

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

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

          SECTION 6.11     Eligibility; Disqualification. (a) The Indenture Trustee shall at all
times satisfy the requirements of TIA Section 310(a). The Indenture Trustee or its parent shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a
long-term debt rating of investment grade by each of the Rating Agencies or shall otherwise be acceptable to each of the Rating Agencies.  The Indenture Trustee shall comply with TIA Section 310(b). 

          (b)     Within 90 days after ascertaining the occurrence of an Event of Default which shall not have been cured or waived,
unless authorized by the Commission, the Indenture Trustee shall resign with respect to the Class A Notes and the Class B Notes in accordance with Section 6.8 of this
Indenture, and the Issuer shall appoint a successor Indenture Trustee for each of such Classes, as applicable, so that there will be separate Indenture Trustees for the Class A Notes and

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the Class B Notes. In the event the Indenture Trustee fails to comply with the terms of the preceding sentence, the Indenture Trustee shall comply with clauses (ii) and (iii) of TIA Section 310(b). 

          (c)     In the case of the appointment hereunder of a successor Indenture Trustee with respect to any Class of Notes pursuant
to this Section 6.11, the Issuer, the retiring Indenture Trustee and the successor Indenture Trustee with respect to such Class of Notes shall execute and deliver an indenture
supplemental hereto wherein each successor Indenture Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, the successor Indenture Trustee all
the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes of the Class to which the appointment of such successor Indenture Trustee relates, (ii) if the retiring Indenture Trustee is not retiring with respect
to all Classes of Notes, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes of each Class as to which the
retiring Indenture Trustee is not retiring shall continue to be vested in the Indenture Trustee and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Indenture Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Indenture Trustees co-trustees of the same trust and that each such Indenture Trustee shall be a
trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Indenture Trustee; and upon the removal of the retiring Indenture Trustee shall become effective to the extent provided
herein. 

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

ARTICLE VII

NOTEHOLDERS’ LISTS AND REPORTS

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

          SECTION 7.2     Preservation of Information; Communications to Noteholders.
(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture

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Trustee as provided in Section 7.1 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as Note Registrar. The
Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished. 

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

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

          SECTION 7.3     Reports by Issuer. (a) The Issuer shall: 

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

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

          (iii)     supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in
TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) and by rules and regulations prescribed from time to time by the Commission. 

          (b)     Unless the Issuer otherwise determines, the fiscal year of the Issuer shall correspond to the calendar year.

          SECTION 7.4     Reports by Indenture Trustee. (a) If required by TIA Section 313(a),
within sixty (60) days after each July 15, beginning with July 15, 2009, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date that complies with TIA Section 313(a). The Indenture
Trustee also shall comply with TIA Section 313(b). 

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

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are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

ARTICLE VIII

ACCOUNTS, DISBURSEMENTS AND RELEASES

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

          SECTION 8.2     Trust Accounts. (a) On or prior to the Closing Date, the Issuer
shall cause the Servicer to establish and maintain the Trust Accounts as provided in Sections 4.1
and
 4.7   of the Sale and Servicing Agreement. 

          (b)     On or before each Payment Date, the Servicer shall deposit
all Available Collections with respect to the Collection Period preceding such Payment Date in the Collection Account as provided in Sections 4.2, 4.3, 4.4 and 4.5 of the Sale and Servicing
Agreement. On or before each Payment Date, all amounts required to be withdrawn from the Reserve Account and deposited in the Collection Account pursuant to Section 4.5 of the
Sale and Servicing Agreement shall be withdrawn by the Indenture Trustee (based on the information contained in the Servicer’s Certificate delivered on or before the related Determination Date pursuant to Section 3.9 of the Sale and Servicing Agreement) from the Reserve Account and deposited to the Collection Account. 

          (c)     On each Payment Date, the Indenture Trustee (based on the information contained in the Servicer’s Certificate
delivered on or before the related Determination Date pursuant to Section 3.9 of the Sale and Servicing Agreement) shall make the following withdrawals from the Collection
Account and make deposits, distributions and payments, to the extent of Available Funds for such Payment Date (including funds, if any, deposited in the Collection Account from the Reserve Account pursuant to Section 4.5(b) of the Sale and Servicing Agreement), in the following order of priority: 

          (i)     first, to the Servicer, the Servicing Fee and all unpaid Servicing Fees from
prior Collection Periods; 

          (ii)     second, to the Class A Noteholders, the Accrued Class A Note Interest for
such Payment Date; provided that if there are not sufficient funds available to pay the

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entire amount of the Accrued Class A Note Interest, the amounts available shall be applied to the payment of such interest on the Class A Notes on a pro rata basis; 

          (iii)     third, to the Class A Noteholders, the First Priority Principal Payment, if
any, for such Payment Date to be distributed in the same priority as described under Section 8.2(d) of this Indenture; 

          (iv)     fourth, to the Class B Noteholders, the Accrued Class B Note Interest for
such Payment Date; 

          (v)     fifth, to the Principal Distribution Account, the Regular Principal
Distribution Amount (less any amounts distributed under clause (iii) above) for such Payment Date; 

          (vi)     sixth, if such Payment Date is a Final Scheduled Payment Date for any Class,
to the Principal Distribution Account, the amount necessary to reduce the remaining principal amount of such Class to zero after giving effect to the amount, if any, to be applied on such Payment Date to such Class from funds deposited pursuant to
clauses (iii) and (v) above; 

          (vii)     seventh, to the Reserve Account, the amount, if any, required to reinstate
the amount in the Reserve Account up to the Specified Reserve Balance for such Payment Date; 

          (viii)     eighth, to the Indenture Trustee and the Owner Trustee, all amounts due for
fees, expenses and indemnification pursuant to Section 6.7 of this Indenture and Section 7.1 of the
Trust Agreement, respectively, and not previously paid;

          (ix)     ninth, to the Servicer, the legal expenses and costs, if any, payable
pursuant to Sections 6.4(b) and (c) of the Sale and Servicing Agreement; and 

          (x)     tenth, to the Certificateholder, any remaining Available Funds for such
Payment Date. 

Notwithstanding the foregoing in this Section 8.2(c),

          (A)     if the Notes have been accelerated after an Event of Default specified in Section
5.1(iii), then the Indenture Trustee shall instead apply Available Funds in the following order of priority: 

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

          (2)     to the Servicer, the Servicing Fee and all unpaid Servicing Fees from prior Collection Periods; 

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          (3)     to the Class A Noteholders, the Accrued Class A Note Interest for such Payment Date; provided that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amounts available shall be applied to the payment of such interest on the
Class A Notes on a pro rata basis; 

          (4)     to the Class A Noteholders, the First Priority Principal Payment, if any, for such Payment Date to be distributed in
the same priority as described under Section 8.2(e) of this Indenture; 

          (5)     to the Class B Noteholders, the Accrued Class B Note Interest for such Payment Date; 

          (6)     first, to the holders of the Class A-1 Notes in reduction of principal until the principal amount of the Class A-1
Notes has been paid in full, and then, to the holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes on a pro rata basis in reduction of principal until
the principal amount of such Class A Notes has been paid in full;

          (7)     to the holders of the Class B Notes in reduction of principal until the principal amount of the Class B Notes has been
paid in full; 

          (8)     to the Servicer, legal expenses and costs, if any, incurred pursuant to Sections
6.4(b) and (c); and 

          (9)     to the Certificateholder, any remaining Available Funds for such Payment Date; and 

          (B)     if the Notes have been accelerated after an Event of Default specified in Section
5.1(i), (ii), (iv) or (v), then the Indenture Trustee shall instead apply Available Funds in the following order of priority:

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

          (2)     to the Servicer, the Servicing Fee and all unpaid Servicing Fees from prior Collection Periods; 

          (3)     to the Class A Noteholders, the Accrued Class A Note Interest for such Payment Date; provided that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amounts available shall be applied to the payment of such interest on the
Class A Notes on a pro rata basis; 

          (4)     first, to the holders of the Class A-1 Notes in reduction of principal until the principal amount of the Class A-1
Notes has been paid

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in full, and then, to the holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes on a pro rata basis in reduction of principal
until the principal amount of such Class A Notes has been paid in full; 

          (5)     to the Class B Noteholders, first, the Accrued Class B Note Interest for such Payment Date and second, in reduction of
principal until the principal amount of the Class B Notes has been paid in full;

          (6)     to the Servicer, legal expenses and costs incurred pursuant to Sections
6.4(b) and (c) of the Sale and Servicing Agreement; and 

          (7)     to the Certificateholder, any remaining Available Funds for such Payment Date. 

          (d)     If the Notes have not been accelerated because of an Event of Default, then on each Payment Date, the Indenture
Trustee (based on the information contained in the Servicer’s Certificate delivered on or before the related Determination Date pursuant to Section 3.9 of the Sale and
Servicing Agreement) shall withdraw the funds deposited in the Principal Distribution Account on such Payment Date and make distributions and payments in the following order of
priority: 

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

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

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

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

          (v)      fifth, to the holders of the Class B Notes, on a pro rata basis in reduction of principal until the principal amount of the Class B Notes has been paid in full. 

Any funds remaining on deposit in the Principal Distribution Account shall be paid to the Indenture Trustee and the Owner Trustee to the extent, if any, of amounts due to them under the Sale and Servicing Agreement that are
unpaid, then to the Servicer any amounts payable pursuant to Sections 6.4(b) and (c) of the Sale and
Servicing Agreement and then to the Certificateholder. 

          (e)     Notwithstanding the foregoing in Section 8.2(d), if the Notes have been accelerated after an Event of Default, then the Indenture Trustee shall (based on the information contained in the Servicer’s Certificate delivered on or before the related Determination Date

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pursuant to Section 3.9 of the Sale and Servicing Agreement) withdraw the funds deposited in the Principal Distribution Account on each Payment Date
and pay them, first, to the holders of the Class A-1 Notes until the principal amount of the Class A-1 Notes has been paid in full, then to the holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes on a pro rata basis in reduction of principal until the principal amount of the Class A Notes has been paid in full and then to the holders of the Class B Notes in reduction of principal until the
principal amount of the Class B Notes has been paid in full.

          Notwithstanding anything to the contrary contained herein, all deposits, distributions or payments to the Certificateholder shall be made by the Indenture Trustee to the Person identified as
the Certificateholder in the most recent Transferor Certificate, Investment Letter or Rule 144A Letter delivered to the Indenture Trustee pursuant to Section 3.4 of the Trust
Agreement. The Indenture Trustee shall be fully protected and shall have no liability for making any deposits, distributions or payments in accordance with the most recent Transferor Certificate, Investment Letter or Rule 144A Letter that has been
delivered to the Indenture Trustee.

          (f)     [Reserved.]

          SECTION 8.3     General Provisions Regarding Accounts. (a) So long as no Default or
Event of Default shall have occurred and be continuing, all or a portion of the funds in the Collection Account and the Reserve Account shall be invested by the Indenture Trustee at the written direction of the Servicer, in the case of the
Collection Account, and at the written direction of the holders of Certificates evidencing not less than a majority of the Percentage Interests evidenced by the Certificates, in the case of the Reserve Account, in Permitted Investments as provided
in Sections 4.1 and 4.7 of the Sale and Servicing Agreement.  All income or other gain (net of losses
and investment expenses) from investments of monies deposited in the Collection Account shall be withdrawn by the Indenture Trustee from such accounts and distributed as provided in Section 4.1 of the Sale and Servicing Agreement. Amounts in the Reserve Account (including net income and gain) shall be applied as provided in Section 4.7 of the Sale
and Servicing Agreement. The Servicer or the holders of the requisite Percentage Interest evidencing the Certificates, as applicable, shall not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in any of
the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any
direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. 

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

          (c)     If (i) the Servicer or holders of the requisite Percentage Interests evidencing the Certificates, as applicable, shall
have failed to give investment directions for any funds on deposit in the Collection Account or the Reserve Account to the Indenture Trustee or (ii) to the

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actual knowledge of a Trustee Officer of the Indenture Trustee, a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable
pursuant to Section 5.2 or (iii) if such Notes shall have been declared due and payable following an Event of Default and amounts collected or received from the Indenture Trust
Estate are being applied in accordance with Section 5.4 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, retain
funds in the Collection Account or the Reserve Account, as the case may be, uninvested. 

          SECTION 8.4     Release of Indenture Trust Estate. (a) Subject to the payment of its
fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from
the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the
Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent
or see to the application of any monies. 

          (b)     The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee
pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release
to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts.  The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section
8.4(b) only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and
314(d)(1) meeting the applicable requirements of Section 11.1. 

          (c)     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a
Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Seller in accordance with Section 3.03 of the Receivables Purchase Agreement, (ii) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (iii) to the Servicer in
accordance with Section 3.7 of the Sale and Servicing Agreement. 

          SECTION 8.5     Opinion of Counsel. The Indenture Trustee shall receive at least seven
(7) days’ notice when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee
shall also require, except in connection with any action contemplated by Section 8.4(c), as a condition to such action, an Opinion of Counsel, in form and substance
satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action
will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided,
however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Indenture Trust Estate.  Counsel rendering any such opinion may
rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

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ARTICLE IX

SUPPLEMENTAL INDENTURES

          SECTION 9.1     Supplemental Indentures Without Consent of Noteholders.  (a) Without
the consent of the Noteholders but with prior notice to the Rating Agencies, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 

          (i)     to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to
assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 

          (ii)     to evidence the succession, in compliance with the applicable provisions hereof, of another Person to the Issuer, and
the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 

          (iii)     to add to the covenants of the Issuer, for the benefit of the Noteholders, or to surrender any right or power herein
conferred upon the Issuer; 

          (iv)     to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 

          (v)     to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be
inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or under any supplemental indenture which shall not be inconsistent with
the provisions of the Indenture; provided that such action shall not materially adversely affect the interests of the Noteholders; 

          (vi)     to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the
Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or

          (vii)     to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to affect the
qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA.

          With respect to (iv) above, prior to the execution of such supplemental indenture, the Rating Agency Condition shall
have been satisfied. 

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          The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein
contained. 

          (b)     The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any of the
Noteholders but with prior notice to the Rating Agencies, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner (other than the modifications set forth in Section 9.2) the rights of the Noteholders under this Indenture; provided, however, that (i) such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material
respect the interests of any Noteholder, (ii) the Rating Agency Condition shall have been satisfied with respect to such action and (iii) such action shall not, as evidenced by an Opinion of Counsel, cause the Issuer to be characterized for federal
or any then Applicable Tax State income tax purposes as an association taxable as a corporation or otherwise have any material adverse impact on the federal or any then Applicable Tax State income taxation of any Notes Outstanding or Outstanding
Certificates or any Noteholder or Certificateholder. 

          (c)     Notwithstanding anything in Section 9.1(a) or
9.1(b) to the contrary, no amendment entered into pursuant to this Section 9.1 may significantly change
the permitted activities of the Issuer without the consent of a majority of the Notes Outstanding. 

          SECTION 9.2     Supplemental Indentures with Consent of Noteholders. The Issuer and
the Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating Agencies, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that (i) the Rating Agency Condition shall have been satisfied with respect to such action and (ii) such action shall not, as evidenced by an Opinion of Counsel, cause the Issuer to be
characterized for federal or any then Applicable Tax State income tax purposes as an association taxable as a corporation or otherwise have any material adverse impact on the federal or any then Applicable Tax State income taxation of any Notes
Outstanding or Outstanding Certificates or any Noteholder or Certificateholder, and (iii) (x) such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder, with respect to
supplemental indentures relating to matters other than those specified in clause (y) below or (y) the Noteholders of each Outstanding Note affected thereby shall have consented
thereto, with respect to any supplemental indenture which would: 

          (i)     modify or alter provisions of this Section 9.2; 

          (ii)     change
the Final Scheduled Payment Date or the date of payment of any  installment
of principal of or interest on any Note, or reduce the principal amount thereof,
the interest rate thereon or the Prepayment Price with respect thereto, change
the provisions of this Indenture relating to the  application of collections
on, or the proceeds of the sale of, the Indenture Trust Estate to payment of
principal of or interest on the Notes, or change any place of payment where,
or the coin or currency in which, any Note or the interest thereon  is payable,
or impair the right to institute suit for the enforcement

 

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of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount
due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Prepayment Date); 

          (iii)     reduce the percentage of the principal amount of the Controlling Class Outstanding or of the Notes Outstanding, the
consent of the Noteholders of which is required for any such supplemental indenture, or the consent of the Noteholders of which is required for any waiver of compliance with certain provisions of this Indenture or certain Defaults or Events of
Default hereunder and their consequences provided for in this Indenture; 

          (iv)     modify or alter the provisions of the proviso to the definition of the term “Outstanding”; 

          (v)     reduce the percentage of the principal amount of the Controlling Class Outstanding or the Notes Outstanding required
to direct or consent to a sale or liquidation by the Indenture Trustee of the Indenture Trust Estate pursuant to Section 5.4 if the proceeds of such sale or liquidation would
be insufficient to pay the principal amount and accrued but unpaid interest on the Notes; 

          (vi)     modify any provision of this Indenture specifying a percentage of the aggregate principal amount of the Controlling
Class Outstanding or of the Notes necessary to amend this Indenture or the other Basic Documents except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the other Basic Documents
cannot be modified or waived without the consent of the holder of each Outstanding Note affected thereby; 

          (vii)     modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any
payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of any provisions for the redemption
of the Notes contained herein; or 

          (viii)     permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any
part of the Indenture Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any such collateral at any time subject hereto or deprive any Noteholder of the security provided by the lien of
this Indenture. 

The Indenture Trustee may in its discretion or upon receipt of an Opinion of Counsel determine whether or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the
Noteholders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith. 

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          It shall not be necessary for any Act of Noteholders under this Section 9.2 to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

          Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section 9.2, the Indenture Trustee shall mail to the Noteholders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture.  Any failure of the
Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

          SECTION 9.3     Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee
shall be entitled to receive, and subject to Sections 6.1 and 6.2, shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent to the execution and delivery of such supplemental indenture have been satisfied.
The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

          SECTION 9.4     Effect of Supplemental Indenture.  Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

          SECTION 9.5     Conformity with Trust Indenture Act.  Every amendment
of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then
in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

          SECTION 9.6     Reference in Notes to Supplemental Indentures. Notes authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by
the Indenture Trustee as to any matter provided for in such supplemental indenture.  If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such
supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 

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ARTICLE X 

PREPAYMENT

          SECTION 10.1     Prepayment.  The Class A Notes and Class B Notes are subject to
prepayment, in whole, but not in part, on any Payment Date on which the Servicer exercises its option to purchase the assets of the Issuer pursuant to Section 8.1 of the Sale
and Servicing Agreement, and the amount paid by the Servicer shall be treated as Collections of Receivables and applied to pay the unpaid principal amount of the Notes plus accrued and unpaid interest thereon. If the Notes are to be prepaid pursuant
to this Section 10.1, the Servicer or the Issuer shall furnish notice of such election to the Indenture Trustee and the Rating Agencies not later than forty (40) days prior to
the Prepayment Date (and the Indenture Trustee shall promptly furnish notice to the Noteholders) and the Servicer or the Issuer shall deposit by 10:00 a.m. (New York City time) on the Prepayment Date with the Indenture Trustee in the Collection
Account the Prepayment Price of the Notes, whereupon all Notes shall be due and payable on the Prepayment Date. 

          SECTION 10.2     Form of Prepayment Notice. Notice of prepayment under Section 10.1 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted promptly following receipt of notice from the Issuer or
Servicer pursuant to Section 10.1, but not later than thirty (30) days prior to the applicable Prepayment Date, to each Noteholder as of the close of business on the Record
Date preceding the applicable Prepayment Date, at such Noteholder’s address or facsimile number appearing in the Note Register. 

          All notices of prepayment shall state:

          (i)     the Prepayment Date; 

          (ii)     the Prepayment Price;

          (iii)     the place where such Notes are to be surrendered for payment of the Prepayment Price (which shall be the office or
agency of the Issuer to be maintained as provided in Section 3.2); and 

          (iv)     that on the Prepayment Date, the Prepayment Price will become due and payable upon each such Note and that interest
thereon shall cease to accrue for and after said date. 

Notice of prepayment of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer.  Failure to give notice of prepayment, or any defect therein, to any Noteholder shall not impair or
affect the validity of the prepayment of any other Note. 

          SECTION 10.3     Notes Payable on Prepayment Date.  The Notes following notice of
prepayment as required by Section 10.2, shall on the Prepayment Date become due and payable at the Prepayment Price and (unless the Issuer shall default in the payment of the
Prepayment Price) no interest shall accrue on the Prepayment Price for any period after the date to which accrued interest is calculated for purposes of calculating the Prepayment Price. 

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ARTICLE XI 

MISCELLANEOUS

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

          Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

          (A)     a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or
condition and the definitions herein relating thereto; 

          (B)     a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 

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

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

          (b)        (i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be
made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a)
or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within ninety (90) days of such deposit) to the Issuer of
the Collateral or other property or securities to be so deposited. 

          (ii)     Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or
stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as
to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the

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Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause
(ii), is ten percent (10%) or more of the principal amount of the Notes Outstanding, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the
Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent (1%) of the principal amount of the Notes Outstanding. 

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

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

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

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

          (b)     Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such
officer’s certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or

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opinion of, or representations by, an officer or officers of the Servicer, the Depositor, the Seller, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession
of the Servicer, the Depositor, the Seller, the Administrator or the Issuer, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

          (c)     Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

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

          SECTION 11.3     Acts of Noteholders. (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by
agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the
Issuer.  Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders
signing such instrument or instruments.  Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section
6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 11.3. 

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

          (c)     The ownership of Notes shall be proved by the Note Register. 

          (d)     Any
request, demand, authorization, direction, notice, consent, waiver or other action
by the Noteholder of any Notes shall bind the Noteholder of every Note issued
upon the registration thereof or in exchange therefor or in lieu thereof, in
respect of anything done, omitted or suffered to be done by  the Indenture Trustee
or the Issuer in reliance thereon, whether or not notation of such action is
made upon such Note. 

          SECTION 11.4     Notices, etc., to Indenture Trustee, Issuer and Rating Agencies.  Any
request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other

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documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders is to be made upon, given or furnished to or filed
with: 

          (i)     the Indenture Trustee by any Noteholder, the Servicer, the Administrator or the Issuer shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office; or 

          (ii)     the Issuer by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in
writing and mailed first-class, postage prepaid to the Issuer addressed to: USAA Auto Owner Trust 2008-2, in care of Wells Fargo Delaware Trust Company, 919 North Market Street, Suite 1600, Wilmington, DE 19801, with a copy to the Administrator at
10750 McDermott Freeway, San Antonio, TX 78288, Attention: Secretary, or at any other address previously furnished in writing to the Indenture Trustee by the Issuer or the Administrator. The Issuer shall promptly transmit any notice received by it
from the Noteholders to the Indenture Trustee. 

          Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or the Owner Trustee shall be in writing, personally delivered, telecopied or mailed by certified mail,
return receipt requested, to (i) in the case of Moody’s, at the following address: Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, 24th Floor, New York, New York 10007 and (ii) in case of Standard & Poor’s, at the following address: Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc., 55 Water Street, 40th Floor, New York, New York 10041, Attention: Asset Backed Surveillance Department. 

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

          (b)     Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to
receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such a waiver. 

          (c)     In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar
activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture
Trustee shall be deemed to be a sufficient giving of such notice. 

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          (d)     Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any
other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 

          SECTION 11.6     Alternate Payment and Notice Provisions.  Notwithstanding any
provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Note Paying Agent to such Noteholder, that is
different from the methods provided for in this Indenture for such payments or notices.  The Issuer shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee shall cause payments to be made and notices to be
given in accordance with such agreements. 

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

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

          SECTION 11.8     Effect of Headings and Table of Contents.  The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

          SECTION 11.9     Successors and Assigns.  All covenants and agreements in this
Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 

          SECTION 11.10     Separability.  In case any provision in this Indenture or in the
Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

          SECTION 11.11     Benefits of Indenture. Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in any part of the Indenture
Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

          SECTION 11.12     Legal Holidays. In any case where the date on which any payment is
due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the
date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 

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          SECTION 11.13     GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS. 

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

          SECTION 11.15     Recording of Indenture. If this Indenture is subject to recording in
any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which shall be counsel reasonably acceptable to the Indenture Trustee) to the effect that such
recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

          SECTION 11.16     Trust Obligation. No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or
the Owner Trustee in their individual capacities, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in their individual
capacities, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in their individual capacities, except as any such Person may have
expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacities), and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI and VII of the Trust Agreement. 

          SECTION 11.17     No Petition. The Indenture Trustee, by entering into this Indenture,
and each Noteholder or Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenant and agree that prior to the end of the period that is one year and one day after there has been paid in full all
debt issued by any securitization vehicle in respect of which the Seller or the Depositor holds any interest, they will not institute against the Issuer, or join in, or assist or encourage others to institute any institution against the Issuer of,
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or
any of the other Basic Documents. 

          SECTION 11.18     Subordination Agreement.  Each Noteholder, by accepting a Note,
hereby covenants and agrees that, to the extent it is deemed to have any interest in any assets of

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the Seller or the Depositor, or a securitization vehicle (other than the Trust) related to the Seller or the Depositor, dedicated to other debt obligations of the Seller or the Depositor or debt obligations of any other
securitization vehicle (other than the Trust) related to the Seller or the Depositor, its interest in those assets is subordinate to claims or rights of such other debtholders to those other assets. Furthermore, each Noteholder, by accepting a Note,
hereby covenants and agrees that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code. 

          SECTION 11.19     No Recourse. Notwithstanding any provisions herein to the contrary,
all of the obligations of the Issuer under or in connection with the Notes and this Indenture are nonrecourse obligations of the Issuer payable solely from the Collateral and following realization of the Collateral and its reduction to zero, any
claims of the Noteholders and the Indenture Trustee (other than in respect of Section 6.7) against the Issuer shall be extinguished and shall not thereafter revive. It is
understood that the foregoing provisions of this Section 11.19 shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument
or agreement which is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by this Indenture (to the extent it relates to the obligation to make payments on the
Notes) until such Collateral has been realized and reduced to zero, whereupon any Outstanding indebtedness or obligation in respect of the Notes shall be extinguished and shall not thereafter revive. It is further understood that the foregoing
provisions of this Section 11.19 shall not limit the right of any Person to name the Issuer as a party defendant in any Proceeding or in the exercise of any other remedy under
the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment shall be asked for or (if obtained) enforced against any such Person or entity. 

          SECTION 11.20     Inspection. The Issuer agrees that, with reasonable prior notice, it
will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such books
to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and Independent certified public accountants, all at such reasonable times and as
often as may be reasonably requested.  The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for
confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

-60-

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

	 	 	USAA AUTO OWNER TRUST 2008-2 
	 	 	 
	 	 	 
	 	
By:   		
WELLS FARGO DELAWARE TRUST	
	 	 	COMPANY, not in its individual 
	 	 		
capacity but solely as Owner Trustee of	
	 	 	USAA Auto Owner Trust 2008-2 
	 	
	 	 		
By: /s/ Sandra Battaglia	
	 	 		
Name: Sandra Battaglia	
	 	 		
Title: Vice President	

    S-1
  

	 	THE
        BANK OF NEW YORK, not in its individual 

      capacity but solely as Indenture Trustee

	 	 
	 	 
	 	 	
       By: /s/
      Michael Burack  

      Name: Michael Burack 

      Title: Assistant Treasurer 
	 	 

    S-2

EXHIBIT A-1

FORM OF CLASS A-1 NOTE

          [FOR BOOK ENTRY NOTES] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF. 

	
REGISTERED		 		
$242,000,000	
	
No. A-1-1		 		
CUSIP NO. 90327A AA2	

USAA AUTO OWNER TRUST 2008-2 

CLASS A-1 2.99600% ASSET BACKED NOTES 

          USAA Auto Owner Trust 2008-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO HUNDRED FORTY TWO MILLION dollars payable on each Payment Date in an
amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $242,000,000 (the original face amount of this Note) and the denominator of which is $242,000,000 by (ii) the aggregate amount, if any, payable to holders of
Class A-1 Notes on such Payment Date from the Principal Distribution Account or otherwise in respect of principal on the Class A-1 Notes pursuant to Section 3.1 of the
Indenture dated as of April 29, 2008 (as from time to time amended, supplemented or otherwise modified and in effect, the “Indenture”), between the Issuer and The
Bank of New York, as Indenture Trustee (in such capacity the “Indenture Trustee”); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the November 2009 Payment Date (the “Class
A-1 Final Scheduled Payment Date”). Capitalized terms used but not defined herein are defined in Article I of the Indenture, which
also contains rules as to construction that shall be applicable herein. 

          The Issuer shall pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount
of this Note Outstanding on the preceding Payment Date or the Closing Date in

A-1-1

the case of the first Payment Date (after giving effect to all payments of principal made on such preceding Payment Date), subject to certain limitations contained in Section
3.1 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the previous Payment Date on which interest has been paid (or, in the case of the initial Payment Date, from the
Closing Date) to but excluding such Payment Date. Interest will be computed on the basis of actual days elapsed and a 360-day year. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

          The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

          Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

A-1-2

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below. 

	
Date: April 29, 2008		 		 		 	
	 	
	 		 		
USAA AUTO OWNER TRUST 2008-2	
	 	
	 	
	 		 		
By:   		
WELLS FARGO DELAWARE TRUST	
	 		 		 		
COMPANY, not in its individual	
	 		 		 		
capacity but solely as Owner Trustee of	
	 		 		 		
USAA Auto Owner Trust 2008-2	
	 	
	 	
	 		 		 		
By:	_____________________________________
	 		 		 		
                          Authorized Officer	

A-1-3

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	
Date: : April 29, 2008		 		 	
	 	
	 		 		
THE BANK OF NEW YORK, not in its individual	
	 		 		
capacity but solely as Indenture Trustee	
	 	
	 	
	 		 	By: _____________________________________
	 		 		
                                              Authorized Officer	

A-1-4

[REVERSE OF NOTE]

          This
Note is one of a duly authorized issue of Notes of the Issuer, designated as its
Class A-1 2.99600% Asset Backed Notes (the “Class A-1
Notes”) which, together with the Issuer’s Class A-2 3.91% Asset Backed
Notes (the “Class A-2 Notes”), Class A-3 4.64%
Asset Backed Notes (the “Class A-3 Notes”), Class A-4 5.16% Asset Backed Notes (the “Class A-4 Notes” and, together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”) and Class B 8.30% Asset Backed Notes
(the “Class B Notes” and, together with the Class A Notes, the “Notes”), are issued
under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are
subject to all terms of the Indenture. 

          Subject to the subordination provisions of the Indenture, the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture. 

          Principal of the Class A-1 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the 15th day of each month, or, if any such day is not a Business Day, the next succeeding Business Day, commencing May 15, 2008. 

          As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-1 Final Scheduled Payment Date.  Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Class Outstanding have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All
principal payments on the Class A-1 Notes shall be made pro rata to the Noteholders entitled thereto. 

          Payments of interest on this Note on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made to the Person whose
name appears as the Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date either by wire transfer in immediately available funds, to the account of such Noteholder
at a bank or other entity having appropriate facilities therefor, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five Business Days prior to such Payment Date and such Noteholder’s Notes
in the aggregate evidence a denomination of not less than $1,000,000, or, if not, by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided that, unless Definitive Notes have been issued to Note Owners, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such payments will be made without requiring that this Note be submitted for notation of payment. Any reduction
in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof
or in

A-1-5

exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Noteholder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile
prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York. 

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

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

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

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

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that
such Noteholder or Note Owner will not prior to the end of the period that is one year and one day after there has been paid in full all debt issued by any securitization vehicle in

A-1-6

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

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

          Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, will be deemed to have represented that (x) it is not, and is not
acquiring the Note on behalf of, or with “plan assets” (as determined under Department of Labor Regulation §2510.3 -101 (as modified by Section 3(42) of ERISA) or otherwise) of, a Plan, or any employee benefit plan subject to Similar
Law, or (y) its acquisition and holding of the Note satisfy the requirements for relief under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE
91-38, PTCE 95-60, PTCE 96-23, the service provider exemption provided under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code or a similar exemption, or, in the case of an employee benefit plan subject to Similar Law, do not result in
a nonexempt violation of Similar Law. 

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

          The Indenture permits (with certain exceptions requiring the consent of all Noteholders adversely affected) the amendment thereof by the Issuer and the Indenture Trustee without the consent of
the Noteholders provided certain conditions are satisfied. The Indenture also contains provisions permitting the Noteholders of Notes evidencing specified percentages of the principal amount of the Controlling Class Outstanding, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor
Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note. 

          The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture. 

A-1-7

          The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

          The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

          This Note and the Indenture shall be governed by, and construed in accordance with the laws of the State of New York, without reference to its conflicts of law provisions. 

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

          Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Indenture Trustee, in its individual capacity, Owner Trustee, in its individual
capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them
for, the payment of principal or of interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture.  The holder of this Note, by such holder’s acceptance hereof,
agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

A-1-8

ASSIGNMENT

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

	 	 
	

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

                

	          (name
        and address of assignee) 

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

	Dated:                                                                	 		                                                                                                              	*/	
	 		 		Signature Guaranteed		 	
	 	
	 		 		                                                                                                              	*/	

 

*/ NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

A-1-9

EXHIBIT A-2

FORM OF CLASS A-2 NOTE

          [FOR BOOK-ENTRY NOTES] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF. 

	
REGISTERED		 		
$250,000,000	
	
No. A-2-1		 		
CUSIP NO. 90327A AB0	

USAA AUTO OWNER TRUST 2008-2 

CLASS A-2 3.91% ASSET BACKED NOTES 

          USAA Auto Owner Trust 2008-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO HUNDRED FIFTY MILLION dollars payable on each Payment Date in an amount
equal to the result obtained by multiplying (i) a fraction the numerator of which is $250,000,000 (the original face amount of this Note) and the denominator of which $250,000,000 by (ii) the aggregate amount, if any, payable to holders of Class A-2
Notes on such Payment Date from the Principal Distribution Account or otherwise in respect of principal on the Class A-2 Notes pursuant to Section 3.1 of the Indenture dated as
of April 29, 2008 (as from time to time amended, supplemented or otherwise modified and in effect, the “Indenture”), between the Issuer and The Bank of New York, as
Indenture Trustee (in such capacity the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the January 2011 Payment Date (the “Class A-2 Final Scheduled
Payment Date”). No payments of principal of the Class A-2 Notes will be made until the Class A-1 Notes have been paid in full.  Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable herein. 

          The Issuer shall pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment, on the

A-2-1

principal amount of this Note Outstanding on the preceding Payment Date or the Closing Date in the case of the first Payment Date (after giving effect to all payments of principal made on such preceding Payment Date),
subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the fifteenth day of the
calendar month immediately preceding such Payment Date (or, in the case of the initial Payment Date, from the Closing Date) to but excluding such Payment Date.  Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such
principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

          The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

          Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

A-2-2

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below. 

	Date: April 29, 2008 	 	 
	 
	 	USAA AUTO OWNER
        TRUST 2008-2 
	 
	 
	 	By:    	WELLS FARGO DELAWARE TRUST 
	 	 	COMPANY, not in its individual 
	 	 	capacity but solely as Owner
        Trustee of 
	 	 	USAA Auto Owner Trust 2008-2 
	 
	 	 	By: _____________________________________
	 	 	                             Authorized
        Officer 

A-2-3

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	
Date: April 29, 2008		 		 	
	 	
	 		 		
THE BANK OF NEW YORK, not in its individual	
	 		 		
capacity but solely as Indenture Trustee	
	 	
	 	
	 		 	By: _________________________________________
	 		 		Authorized Officer	

A-2-4

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2 3.91% Asset Backed Notes (the “Class A-2
Notes”) which, together with the Issuer’s Class, A-1 2.99600% Asset Backed Notes (the “Class A-1 Notes”), Class A-3
4.64% Asset Backed Notes (the “Class A-3 Notes”), Class A-4 5.16% Asset Backed Notes (the “Class A-4 Notes” and, together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”) and Class B 8.30% Asset Backed
Notes (the “Class B Notes” and, together with the Class A Notes, the “Notes”) are
issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
are subject to all terms of the Indenture. 

          Subject to the subordination provisions of the Indenture, the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture. 

          Principal of the Class A-2 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the 15th day of each month, or, if any such day is not a Business Day, the next succeeding Business Day, commencing May 15, 2008. 

          As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-2 Final Scheduled Payment Date.  Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Class Outstanding have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All
principal payments on the Class A-2 Notes shall be made pro rata to the Noteholders entitled thereto. 

          Payments of interest on this Note on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made to the Person whose
name appears as the Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date either by wire transfer in immediately available funds, to the account of such Noteholder
at a bank or other entity having appropriate facilities therefor, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five Business Days prior to such Payment Date and such Noteholder’s Notes
in the aggregate evidence a denomination of not less than $1,000,000, or, if not, by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided that, unless Definitive Notes have been issued to Note Owners, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such payments will be made without requiring that this Note be submitted for notation of payment. Any reduction
in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof
or in

A-2-5

exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Noteholder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile
prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York. 

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

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

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

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

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that
such Noteholder or Note Owner will not prior to the end of the period that is one year and one day after there has been paid in full all debt issued by any securitization vehicle in

A-2-6

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

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

          Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, will be deemed to have represented that (x) it is not, and is not
acquiring the Note on behalf of, or with “plan assets” (as determined under Department of Labor Regulation §2510.3 -101 (as modified by Section 3(42) of ERISA) or otherwise) of, a Plan, or any employee benefit plan subject to Similar
Law, or (y) its acquisition and holding of the Note satisfy the requirements for relief under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE
91-38, PTCE 95-60, PTCE 96-23, the service provider exemption provided under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code or a similar exemption, or, in the case of an employee benefit plan subject to Similar Law, do not result in
a nonexempt violation of Similar Law. 

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

          The Indenture permits (with certain exceptions requiring the consent of all Noteholders adversely affected) the amendment thereof by the Issuer and the Indenture Trustee without the consent of
the Noteholders provided certain conditions are satisfied. The Indenture also contains provisions permitting the Noteholders of Notes evidencing specified percentages of the principal amount of the Controlling Class Outstanding, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor
Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note. 

          The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture. 

A-2-7

          The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

          The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

          This Note and the Indenture shall be governed by, and construed in accordance with the laws of the State of New York, without reference to its conflicts of law provisions. 

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

          Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Indenture Trustee, in its individual capacity, Owner Trustee, in its individual
capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them
for, the payment of principal or of interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture.  The holder of this Note, by such holder’s acceptance hereof,
agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

A-2-8

ASSIGNMENT

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

	 	 
	

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

                

	          (name
        and address of assignee) 

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

	Dated:                                                                	    	                                                                                                              	*/      
	     	    	Signature Guaranteed     	    
	     
	     	    	                                                                                                              	*/      

 

*/ NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar. 

A-2-9

EXHIBIT A-3

FORM OF CLASS A-3 NOTE

          [FOR BOOK-ENTRY NOTES] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF. 

	
REGISTERED		 		
$347,000,000	
	
No. A-3-1		 		
CUSIP NO. 90327A AC8	

USAA AUTO OWNER TRUST 2008-2 

CLASS A-3 4.64% ASSET BACKED NOTES 

          USAA Auto Owner Trust 2008-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of THREE HUNDRED FORTY SEVEN MILLION dollars payable on each Payment Date in an
amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $347,000,000 (the original face amount of this Note) and the denominator of which is $347,000,000 by (ii) the aggregate amount, if any, payable to holders of
Class A-3 Notes on such Payment Date from the Principal Distribution Account or otherwise in respect of principal on the Class A-3 Notes pursuant to Section 3.1 of the
Indenture dated as of April 29, 2008 (as from time to time amended, supplemented or otherwise modified and in effect, the “Indenture”), between the Issuer and The
Bank of New York, as Indenture Trustee (in such capacity the “Indenture Trustee”); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the October 2012 Payment Date (the “Class A-3
Final Scheduled Payment Date”). No payments of principal of the Class A-3 Notes will be made until the Class A-1 Notes and, except in the case of an Event of Default, Class A-2 Notes have been paid in full.
Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable herein.

A-3-1

          The Issuer shall pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount
of this Note Outstanding on the preceding Payment Date or the Closing Date in the case of the first Payment Date (after giving effect to all payments of principal made on such preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the fifteenth day of the calendar month immediately preceding such
Payment Date (or, in the case of the initial Payment Date, from the Closing Date) to but excluding such Payment Date.  Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note
shall be paid in the manner specified on the reverse hereof. 

          The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

          Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

A-3-2

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below. 

	
Date: April 29, 2008		 		 	
	 	
	 		
USAA AUTO OWNER TRUST 2008-2	
	 	
	 	
	 		
By:		
WELLS FARGO DELAWARE TRUST	
	 		 		
COMPANY, not in its individual	
	 		 		
capacity but solely as Owner Trustee of	
	 		 		
USAA Auto Owner Trust 2008-2	
	 	
	 		 	By: _____________________________________
	 		 		
                                Authorized Officer	

A-3-3

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	
Date: April 29, 2008		 		 	
	 	
	 		 		
THE BANK OF NEW YORK, not in its individual	
	 		 		
capacity but solely as Indenture Trustee	
	 	
	 		 	By: _____________________________________
	 		 		
Authorized Officer	

A-3-4

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-3 4.64% Asset Backed Notes (the “Class A-3
Notes”) which, together with the Issuer’s Class A-1 2.99600% Asset Backed Notes (the “Class A-1 Notes”), Class A-2
3.91% Asset Backed Notes (the “Class A-2 Notes”), Class A-4 5.16% Asset Backed Notes (the “Class A-4 Notes” and, together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”) and Class B 8.30% Asset Backed
Notes (the “Class B Notes” and, together with the Class A Notes, the “Notes”), are
issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
are subject to all terms of the Indenture. 

          Subject to the subordination provisions of the Indenture, the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture. 

          Principal of the Class A-3 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the 15th day of each month, or, if any such day is not a Business Day, the next succeeding Business Day, commencing May 15, 2008. 

          As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-3 Final Scheduled Payment Date.  Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Class Outstanding have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All
principal payments on the Class A-3 Notes shall be made pro rata to the Noteholders entitled thereto. 

          Payments of interest on this Note on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made to the Person whose
name appears as the Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date either by wire transfer in immediately available funds, to the account of such Noteholder
at a bank or other entity having appropriate facilities therefor, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five Business Days prior to such Payment Date and such Noteholder’s Notes
in the aggregate evidence a denomination of not less than $1,000,000, or, if not, by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided that, unless Definitive Notes have been issued to Note Owners, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such payments will be made without requiring that this Note be submitted for notation of payment. Any reduction
in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof
or in

A-3-5

exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Noteholder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile
prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York. 

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

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

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

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

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that
such Noteholder or Note Owner will not prior to the end of the period that is one year and one day after there has been paid in full all debt issued by any securitization vehicle in

A-3-6

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

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

          Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, will be deemed to have represented that (x) it is not, and is not
acquiring the Note on behalf of, or with “plan assets” (as determined under Department of Labor Regulation §2510.3 -101 (as modified by Section 3(42) of ERISA) or otherwise) of, a Plan, or any employee benefit plan subject to Similar
Law, or (y) its acquisition and holding of the Note satisfy the requirements for relief under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE
91-38, PTCE 95-60, PTCE 96-23, the service provider exemption provided under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code or a similar exemption, or, in the case of an employee benefit plan subject to Similar Law, do not result in
a nonexempt violation of Similar Law. 

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

          The Indenture permits (with certain exceptions requiring the consent of all Noteholders adversely affected) the amendment thereof by the Issuer and the Indenture Trustee without the consent of
the Noteholders provided certain conditions are satisfied. The Indenture also contains provisions permitting the Noteholders of Notes evidencing specified percentages of the principal amount of the Controlling Class Outstanding, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor
Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note. 

          The term “Issuer,” as used in this Note, includes any successor to the Issuer under the Indenture. 

A-3-7

          The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

          The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

          This Note and the Indenture shall be governed by, and construed in accordance with the laws of the State of New York, without reference to its conflicts of law provisions. 

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

          Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Indenture Trustee, in its individual capacity, Owner Trustee, in its individual
capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them
for, the payment of principal or of interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture.  The holder of this Note, by such holder’s acceptance hereof,
agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

A-3-8

ASSIGNMENT

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

	 	 
	

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

                

	          (name
        and address of assignee) 

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

	Dated:                                                                	    	                                                                                                              	*/      
	     	    	Signature Guaranteed     	    
	     
	     	    	                                                                                                              	*/      

 

*/ NOTICE: The signature to this
    assignment must correspond with the name of the registered owner as it appears
    on the face of the within Note in every particular, without alteration, enlargement
    or any change whatever. Such signature must be guaranteed by an “eligible
    guarantor institution” meeting the requirements of the Note Registrar. 

 

A-3-9

EXHIBIT A-4

FORM OF CLASS A-4 NOTE

          [FOR BOOK-ENTRY NOTES] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF. 

	
REGISTERED		 		
$133,502,000	
	
No. A-4-1		 		
CUSIP NO. 90327A AD6	

  USAA AUTO OWNER TRUST 2008-2 

  

  CLASS A-4 5.16% ASSET BACKED NOTES 

          USAA Auto Owner Trust 2008-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED THIRTY THREE MILLION FIVE HUNDRED TWO THOUSAND dollars payable on
each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $133,502,000 (the original face amount of this Note) and the denominator of which is $133,502,000 by (ii) the aggregate amount, if
any, payable to holders of Class A-4 Notes on such Payment Date from the Principal Distribution Account or otherwise in respect of principal on the Class A-4 Notes pursuant to Section 3.1 of the Indenture dated as of April 29, 2008 (as from time to time amended, supplemented or otherwise modified and in effect, the “Indenture”), between
the Issuer and The Bank of New York, as Indenture Trustee (in such capacity the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the November 2013 Payment Date (the “Class A-4 Final Scheduled Payment Date”). No payments of principal of the Class A-4 Notes will be made until the Class A-1 Notes and, except in the case of an Event of Default, the Class A-2
Notes and Class A-3 Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to
construction that shall be applicable herein. 

A-4-1

 

          The Issuer shall pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount
of this Note Outstanding on the preceding Payment Date or the Closing Date in the case of the first Payment Date (after giving effect to all payments of principal made on such preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the fifteenth day of the calendar month immediately preceding such
Payment Date (or, in the case of the initial Payment Date, from the Closing Date) to but excluding such Payment Date.  Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note
shall be paid in the manner specified on the reverse hereof. 

          The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

          Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

A-4-2

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below. 

	
Date: April 29, 2008		 		 	
	 	
	 		
USAA AUTO OWNER TRUST 2008-2	
	 	
	 	
	 		
By:   		
WELLS FARGO DELAWARE TRUST	
	 		 		
COMPANY, not in its individual	
	 		 		
capacity but solely as Owner Trustee of	
	 		 		
USAA Auto Owner Trust 2008-2	
	 	
	 		 		
By:	________________________________________
	 		 		
                            Authorized Officer	

A-4-3

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	
Date: April 29, 2008		 		 	
	 

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

	
	 

	
	 		 		
By: ____________________________________________________	
	 		 		
Authorized Officer	

A-4-4

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-4 5.16% Asset Backed Notes (the “Class A-4
Notes”) which, together with the Issuer’s Class A-1 2.99600% Asset Backed Notes (the “Class A-1 Notes”), Class A-2
3.91% Asset Backed Notes (the “Class A-2 Notes”), Class A-3 4.64% Asset Backed Notes (the “Class A-3 Notes” and, together with the Class A-1 Notes, the Class A-2 Notes, Class A-3 Notes and the Class A-4 Notes, the “Class A Notes”) and Class B
8.30% Asset Backed Notes (the “Class B Notes” and, together with the Class A Notes, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and
the Noteholders. The Notes are subject to all terms of the Indenture. 

          Subject to the subordination provisions of the Indenture, the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture. 

          Principal of the Class A-4 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the 15th day of each month, or, if any such day is not a Business Day, the next succeeding Business Day, commencing May 15, 2008. 

          As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-4 Final Scheduled Payment Date.  Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Class Outstanding have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All
principal payments on the Class A-4 Notes shall be made pro rata to the Noteholders entitled thereto. 

          Payments of interest on this Note on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made to the Person whose
name appears as the Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date either by wire transfer in immediately available funds, to the account of such Noteholder
at a bank or other entity having appropriate facilities therefor, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five Business Days prior to such Payment Date and such Noteholder’s Notes
in the aggregate evidence a denomination of not less than $1,000,000, or, if not, by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided that, unless Definitive Notes have been issued to Note Owners, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such payments will be made without requiring that this Note be submitted for notation of payment. Any reduction
in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof
or in

A-4-5

exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Noteholder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile
prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York. 

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

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

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

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

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that
such Noteholder or Note Owner will not prior to the end of the period that is one year and one day after there has been paid in full all debt issued by any securitization vehicle in

A-4-6

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

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

          Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, will be deemed to have represented that (x) it is not, and is not
acquiring the Note on behalf of, or with “plan assets” (as determined under Department of Labor Regulation §2510.3 -101 (as modified by Section 3(42) of ERISA) or otherwise) of, a Plan, or any employee benefit plan subject to Similar
Law, or (y) its acquisition and holding of the Note satisfy the requirements for relief under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE
91-38, PTCE 95-60, PTCE 96-23, the service provider exemption provided under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code or a similar exemption, or, in the case of an employee benefit plan subject to Similar Law, do not result in
a nonexempt violation of Similar Law. 

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

          The Indenture permits (with certain exceptions requiring the consent of all Noteholders adversely affected) the amendment thereof by the Issuer and the Indenture Trustee without the consent of
the Noteholders provided certain conditions are satisfied. The Indenture also contains provisions permitting the Noteholders of Notes evidencing specified percentages of the principal amount of the Controlling Class Outstanding, on behalf of all
Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor
Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note. 

          The term “Issuer,” as used in this Note, includes any successor to the Issuer under the Indenture. 

A-4-7

          The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

          The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

          This Note and the Indenture shall be governed by, and construed in accordance with the laws of the State of New York, without reference to its conflicts of law provisions. 

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

          Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Indenture Trustee, in its individual capacity, Owner Trustee, in its individual
capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them
for, the payment of principal or of interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture.  The holder of this Note, by such holder’s acceptance hereof,
agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

A-4-8

 

ASSIGNMENT

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

	 	 
	

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

                

	          (name
        and address of assignee) 

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

	Dated:                                                                	    	                                                                                                              	*/      
	     	    	Signature Guaranteed     	    
	     
	     	    	                                                                                                              	*/      

 

*/ NOTICE: The signature to this
    assignment must correspond with the name of the registered owner as it appears
    on the face of the within Note in every particular, without alteration, enlargement
    or any change whatever. Such signature must be guaranteed by an “eligible
    guarantor institution” meeting the requirements of the Note Registrar. 

A-4-9

EXHIBIT B

FORM OF CLASS B NOTE

          [FOR BOOK-ENTRY NOTES] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF. 

          PAYMENTS
ON THIS NOTE ARE SUBORDINATE TO THE PAYMENT OF PRINCIPAL OF AND INTEREST ON THE
CLASS A NOTES.

	
REGISTERED		 		
$27,499,000	
	
No. B-1		 		
CUSIP NO. 90327A AE4	

USAA AUTO OWNER TRUST 2008-2 

CLASS B 8.30% ASSET BACKED NOTES

          USAA Auto Owner Trust 2008-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of TWENTY SEVEN MILLION FOUR HUNDRED NINETY NINE THOUSAND dollars payable on each
Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $27,499,000 (the original face amount of this Note) and the denominator of which is $27,499,000 by (ii) the aggregate amount, if any,
payable to holders of Class B Notes on such Payment Date from the Principal Distribution Account or otherwise in respect of principal on the Class B Notes pursuant to Section 3.1 of the Indenture dated as of April 29, 2008 (as from time to time amended, supplemented or otherwise modified and in effect, the “Indenture”), between
the Issuer and The Bank of New York, as Indenture Trustee (in such capacity the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the October 2014 Payment Date (the “Class B Final Scheduled Payment Date”). No payments of principal of the Class B Notes will be made until the Class A-1 Notes, the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes have been
paid in full. Capitalized terms used

B-1

but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable herein.

          The Issuer shall pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount
of this Note Outstanding on the preceding Payment Date or the Closing Date in the case of the first Payment Date (after giving effect to all payments of principal made on such preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the fifteenth day of the calendar month immediately preceding such
Payment Date (or, in the case of the initial Payment Date, from the Closing Date) to but excluding such Payment Date.  Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note
shall be paid in the manner specified on the reverse hereof. 

          The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

          Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

          Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the
Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

B-2

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below. 

	
Date: April 29, 2008		 		 	
	 	
	 		
USAA AUTO OWNER TRUST 2008-2	
	 	
	 	
	 		
By:   		
WELLS FARGO DELAWARE TRUST	
	 		 		
COMPANY, not in its individual	
	 		 		
capacity but solely as Owner Trustee of	
	 		 		
USAA Auto Owner Trust 2008-2	
	 	
	 		 		
By:	___________________________________
	 		 		
                          Authorized Officer	

B-3

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	
Date: April 29, 2008		 		 	
	 

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

	
	 		 		
                By:	__________________________________
	 		 		
                                           Authorized
 Officer	

B-4

[REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class B 8.30% Asset Backed Notes (the “Class B
Notes”) which, together with the Issuer’s Class A-1 2.99600% Asset Backed Notes (the “Class A-1 Notes”), Class A-2
3.91% Asset Backed Notes (the “Class A-2 Notes”), Class A-3 4.64% Asset Backed Notes (the “Class A-3 Notes”) and Class A-4 5.16% Asset Backed Notes (the “Class A-4 Notes” and, together with the Class A-1 Notes, the Class A-2 Notes and the Class
A-3 Notes, the “Class A Notes”, and the Class A Notes together with the Class B Notes, the “Notes”), are issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and
the Noteholders. The Notes are subject to all terms of the Indenture. 

          Subject to the subordination provisions of the Indenture, the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture. 

          Principal of the Class B Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the 15th day of each month, or, if any such day is not a Business Day, the next succeeding Business Day, commencing May 15, 2008. 

          As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class B Final Scheduled Payment Date. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Controlling Class Outstanding have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class B Notes shall be made pro rata to the Noteholders entitled thereto. 

          Payments of interest on this Note on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made to the Person whose
name appears as the Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date either by wire transfer in immediately available funds, to the account of such Noteholder
at a bank or other entity having appropriate facilities therefor, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five Business Days prior to such Payment Date and such Noteholder’s Notes
in the aggregate evidence a denomination of not less than $1,000,000, or, if not, by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided that, unless Definitive Notes have been issued to Note Owners, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such payments will be made without requiring that this Note be submitted for notation of payment. Any reduction
in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof
or in

B-5

exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Noteholder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by facsimile
prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York. 

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

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

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

          The Class B Notes may be acquired only if either: (A) for the entire period during which such purchaser or transferee holds its interest in the Class B Notes, no portion of such
purchaser’s or transferee’s assets constitutes assets of any Plan or any governmental plan, church plan or non-U.S. plan that is subject to any Similar Law; or (B) (1) (a) the assets used by such purchaser or transferee to acquire the
Class B Notes (or any interest therein) constitute assets of an insurance company general account, (b) for the entire period during which such purchaser or transferee holds its interest in the Class B Notes, less than 25% of the assets of such
insurance company general account will constitute “plan assets” of any Plan, (c) neither such purchaser or transferee nor any affiliate is a Controlling Person of the Issuer and (d) the acquisition and holding of the Class B Notes by such
purchaser or transferee will satisfy the requirements of Section I of PTCE 95-60 and will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or (2) if such purchaser or transferee is a
governmental plan, church plan or non-U.S. plan that is subject to any Similar Law, the acquisition and holding of the Class B Notes by such purchaser or transferee will not constitute a nonexempt violation of any applicable Similar Law. 

          In addition, the Class B Notes may not be acquired by or on behalf of a Person other than (A) a citizen or resident of the United States, (B) a corporation or partnership organized in or under
the laws of the United States, any state thereof or the District of Columbia, (C) an estate

B-6

the income of which is includible in gross income for United States tax purposes, regardless of its source or (D) a trust with respect to which a U.S. court is able to exercise primary supervision over the administration of
such trust and one or more Persons meeting the conditions of this paragraph has the authority to control all substantial decisions of the trust. 

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

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that
such Noteholder or Note Owner will not prior to the end of the period that is one year and one day after there has been paid in full all debt issued by any securitization vehicle in respect of which the Seller or the Depositor holds any interest
institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or State bankruptcy or similar law in connection with
any obligations relating to the Notes, the Indenture or the other Basic Documents. 

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

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

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

B-7

provisions permitting the Noteholders of Notes evidencing specified percentages of the principal amount of the Controlling Class Outstanding, on behalf of all Noteholders, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder
and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 

          The term “Issuer,” as used in this Note, includes any successor to the Issuer under the Indenture. 

          The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

          The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

          This Note and the Indenture shall be governed by, and construed in accordance with the laws of the State of New York, without reference to its conflicts of law provisions. 

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

          Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Indenture Trustee, in its individual capacity, Owner Trustee, in its individual
capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them
for, the payment of principal or of interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture.  The holder of this Note, by such holder’s acceptance hereof,
agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

B-8

          

ASSIGNMENT

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

	 	 
	

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

                

	          (name
        and address of assignee) 

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

	Dated:                                                                	    	                                                                                                              	*/      
	     	    	Signature Guaranteed     	    
	     
	     	    	                                                                                                              	*/      

 

*/ NOTICE: The signature to this
    assignment must correspond with the name of the registered owner as it appears
    on the face of the within Note in every particular, without alteration, enlargement
    or any change whatever. Such signature must be guaranteed by an “eligible
    guarantor institution” meeting the requirements of the Note Registrar. 

B-9

SCHEDULE A 

Schedule of Receivables 

[On file with Indenture Trustee]

App A-1Exhibit 10.1 

RECEIVABLES PURCHASE AGREEMENT 

between 

USAA FEDERAL SAVINGS BANK 

as Seller 

and 

USAA ACCEPTANCE, LLC 

as Depositor 

Dated as of April 29, 2008 

TABLE OF CONTENTS 

	 		 		 		 		
Page	
	 

	
	
ARTICLE I    INTERPRETATION		 		
1	
	
                Section 1.01.		 		
Definitions and Usage		 		
1	
	
ARTICLE II    CONVEYANCE OF RECEIVABLES		 		
1	
	
                Section 2.01.		 		
Conveyance of Receivables		 		
1	
	
                Section 2.02.		 		
The Closing		 		
2	
	
ARTICLE III    REPRESENTATIONS AND WARRANTIES		 		
2	
	
                Section 3.01.		 		
Representations and Warranties of the Depositor		 		
2	
	
                Section 3.02.		 		
Representations and Warranties of the Seller		 		
4	
	
                Section 3.03.		 		
Repurchase upon Breach		 		
9	
	
ARTICLE IV    CONDITIONS		 		
10	
	
                Section 4.01.		 		
Conditions to Obligation of the Depositor		 		
10	
	
                Section 4.02.		 		
Conditions to Obligation of the Seller		 		
11	
	
ARTICLE V    COVENANTS OF THE SELLER		 		
11	
	
                Section 5.01.		 		
Protection of Right, Title and Interest		 		
11	
	
                Section 5.02.		 		
Other Liens or Interests		 		
12	
	
                Section 5.03.		 		
Costs and Expenses		 		
12	
	
                Section 5.04.		 		
Hold Harmless		 		
12	
	
ARTICLE VI    INDEMNIFICATION		 		
12	
	
                Section 6.01.		 		
Indemnification		 		
12	
	
                Section 6.02.		 		
Contribution		 		
14	
	
ARTICLE VII    MISCELLANEOUS PROVISIONS		 		
15	
	
                Section 7.01.		 		
Obligations of Seller		 		
15	
	
                Section 7.02.		 		
Transfers Intended as Sale; Security Interest		 		
15	
	
                Section 7.03.		 		
Transfer to the Issuer		 		
16	
	
                Section 7.04.		 		
Amendment		 		
16	
	
                Section 7.05.		 		
Waivers		 		
17	
	
                Section 7.06.		 		
Notices		 		
17	
	
                Section 7.07.		 		
Costs and Expenses		 		
17	
	
                Section 7.08.		 		
Representations of the Seller and the Depositor		 		
17	
	
                Section 7.09.		 		
Confidential Information		 		
17	
	
                Section 7.10.		 		
Headings and Cross-References		 		
18	
	
                Section 7.11.		 		
GOVERNING LAW		 		
18	
	
                Section 7.12.		 		
Counterparts		 		
18	

-i- 

TABLE OF CONTENTS 

(continued) 

	 		 		 		 		 		
Page	
	 	
	
                Section 7.13.		 		
Third-Party Beneficiary		 		
18	
	
                Section 7.14.		 		
No Proceedings		 		
18	
	
Schedule A		
      Schedule of Receivables		 		 	
	
Schedule B-1		
      Location of Receivable Files		 		 	
	
Schedule B-2		
      Location of Lien Certificates		 		 	

-ii- 

          RECEIVABLES PURCHASE AGREEMENT dated as of April 29, 2008 (as from time to time amended, supplemented or otherwise modified and in effect, this “Agreement”), between USAA FEDERAL SAVINGS BANK, a federally chartered savings association, as seller (in such capacity, together with its permitted successors and permitted assigns in such
capacity, the “Seller”) and USAA ACCEPTANCE, LLC, a Delaware limited liability company, as depositor (together with its successors and permitted assigns, the
“Depositor”). 

RECITALS

          WHEREAS, the Depositor desires to purchase a portfolio of receivables and related property consisting of motor vehicle installment loan contracts originated by the Seller in the ordinary course
of its business; 

          WHEREAS, the Seller and the Depositor wish to set forth the terms pursuant to which such portfolio of receivables and related property are to be sold by the Seller to the Depositor; and

          WHEREAS, the Depositor intends, concurrently with its purchase hereunder, to convey all of its right, title and interest in and to all of such portfolio of receivables and related property to
USAA Auto Owner Trust 2008-2, a Delaware statutory trust (the “Issuer”) pursuant to a Sale and Servicing Agreement dated as of April 29, 2008 (the
“Sale and Servicing Agreement”), by and among the Issuer, the Depositor and USAA Federal Savings Bank, as Seller and Servicer, and the Issuer intends to pledge all of
its right, title and interest in and to such portfolio of receivables and related property to The Bank of New York, as Indenture Trustee (the “Indenture Trustee”)
pursuant to the Indenture dated as of April 29, 2008 (the “Indenture”), by and between the Issuer and the Indenture Trustee. 

          NOW, THEREFORE, in consideration of the foregoing, other good and valuable consideration and the mutual terms and covenants contained herein, the parties hereto agree as follows: 

Article I 

Interpretation

          Section 1.01. Definitions and Usage.  Except as otherwise specified herein or as the context may otherwise require,
capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement, which also contains rules as to usage that shall be
applicable herein. 

Article II

Conveyance of Receivables

          Section 2.01. Conveyance of Receivables.

                    (a)     In consideration of the Depositor’s delivery
to or upon the order of the Seller on the Closing Date of $724,116,363.12 in the form of cash and delivery to or upon the

 

order of the Seller of the Class A-1 Notes and the Class B Notes (the “Purchase Price”), the Seller does hereby irrevocably sell, transfer,
assign, set over and otherwise convey to the Depositor, without recourse (subject to the obligations of the Seller set forth herein) all right, title, and interest of the Seller, whether now or hereinafter acquired, in and to the Purchased Property.

                    (b)     The transfer, assignment and conveyance made hereunder shall not constitute and is not intended to result in an
assumption by the Depositor of any obligation of the Seller to the Obligors or any other Person in connection with the Receivables and the other Purchased Property or any agreement, document or instrument related thereto. 

                    (c)     The Seller and the Depositor intend that the transfer of assets by the Seller to the Depositor pursuant to this
Agreement be a sale of the ownership interest in such assets to the Depositor, rather than the mere granting of a security interest to secure a borrowing. In the event, however, that such transfer is deemed not to be a sale but to be the grant of a
security interest to secure a borrowing, the Seller shall be deemed to have hereby granted to the Depositor a security interest in all accounts, money, chattel paper (including electronic chattel paper and tangible chattel paper), securities,
instruments, documents, deposit accounts, certificates of deposit, letters of credit, advices of credit, banker’s acceptances, uncertificated securities, general intangibles, contract rights, goods and other property consisting of, arising from
or relating to such Purchased Property, which security interest shall be perfected and of first priority, and this Agreement shall constitute a security agreement under applicable law. Pursuant to the Sale and Servicing Agreement and Section 7.03 hereof, the Depositor may sell, transfer and assign to the Issuer (i) all or any portion of the assets assigned to the Depositor hereunder, (ii) all or any portion of the
Depositor’s rights against the Seller under this Agreement and (iii) all proceeds thereof. Such assignment may be made by the Depositor with or without an assignment by the Depositor of its rights under this Agreement, and without further
notice to or acknowledgement from the Seller.  The Seller waives, to the extent permitted under applicable law, all claims, causes of action and remedies, whether legal or equitable (including any right of setoff), against the Depositor or any
assignee of the Depositor relating to such action by the Depositor in connection with the transactions contemplated by the Sale and Servicing Agreement. 

          Section 2.02. The Closing. The sale and purchase of the Purchased Property shall take place at a closing at the office
of Mayer Brown LLP, Chicago, Illinois on the Closing Date, simultaneously with the closing under (a) the Sale and Servicing Agreement, (b) the Indenture and (c) the Trust Agreement. 

Article III

Representations and Warranties

          Section 3.01. Representations and Warranties of the Depositor.
 The Depositor hereby represents and warrants as follows to the Seller and the Indenture Trustee as of the date hereof: 

                    (a)     Organization and Good Standing.  The Depositor is a limited liability company
duly organized, validly existing and in good standing under the laws of the State of

2

Delaware, with all requisite power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted. 

                    (b)     Due Qualification.  The Depositor is duly qualified to do business as a
foreign limited liability company in good standing, and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect the Depositor’s ability to acquire the Receivables
or the other Purchased Property or the validity or enforceability of the Receivables or the other Purchased Property. 

                    (c)     Power and Authority. The Depositor has all the limited liability company power
and authority to execute, deliver and perform this Agreement and the other Basic Documents to which it is a party and to carry out their respective terms; the Depositor has full power and authority to sell and assign the property to be sold and
assigned to and deposited with the Issuer, and the Depositor shall have duly authorized such sale and assignment to the Issuer by all necessary limited liability company action; and the execution, delivery and performance of this Agreement and the
other Basic Documents to which the Depositor is a party have been duly authorized by the Depositor by all necessary limited liability company action. 

                    (d)     Binding Obligation. This Agreement and the other Basic Documents to which the
Depositor is a party, when duly executed and delivered by the other parties hereto and thereto, shall constitute legal, valid and binding obligations of the Depositor, enforceable against the Depositor in accordance with their respective terms,
except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or similar laws now or hereafter in effect relating to or affecting creditors’ rights generally and to general principles of equity (whether applied
in a proceeding at law or in equity). 

                    (e)     No Violation. The consummation of the transactions contemplated by this
Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the limited liability company
agreement of the Depositor, or any indenture, agreement or other instrument to which the Depositor is a party or by which it is bound, or violate any law, rules or regulation applicable to the Depositor of any court or federal or state regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor. 

                    (f)     No Proceedings. There are no proceedings or investigations pending or, to the
Depositor’s knowledge, threatened against the Depositor before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties (i) asserting the invalidity of this
Agreement or any other Basic Document to which the Depositor is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Basic Document to which the Depositor is a party or (iii)
seeking any determination or ruling that might materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or any other Basic Document to which the Depositor is a
party. 

                    (g)     No Consents. The Depositor is not required to obtain the consent of any other
party or any consent, license, approval, registration, authorization, or declaration of or with

3

any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity, or enforceability of this Agreement or any other Basic Document to which it is a party that has not already
been obtained. 

          Section 3.02. Representations and Warranties of the Seller.

                    (a)        The Seller hereby represents and warrants as follows to the Depositor and the Indenture Trustee as of the date hereof:

                    (i)     Organization and Good Standing.  The Seller is a federally chartered savings
association duly organized and validly existing as a banking institution under the laws of the United States and continues to hold a valid certificate to do business as such, and has the power to own its assets and to transact the business in which
it is currently engaged. The Seller is duly authorized to transact business and has obtained all necessary licenses and approvals, and is in good standing in each jurisdiction in which the character of the business transacted by it or any properties
owned or leased by it requires such authorization. 

                    (ii)     Power and Authority. The Seller has the power and authority to make, execute,
deliver and perform this Agreement and all of the transactions contemplated under this Agreement and the other Basic Documents to which the Seller is a party, and has taken all necessary action to authorize the execution, delivery and performance of
this Agreement and the other Basic Documents to which the Seller is a party. When executed and delivered, this Agreement and the other Basic Documents to which the Seller is a party will constitute legal, valid and binding obligations of the Seller
enforceable in accordance with their respective terms, except as enforcement of such terms may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the availability of equitable
remedies and except as enforcement of such terms may be limited by receivership, conservatorship and supervisory powers of bank regulatory agencies generally. 

                    (iii)     No Violation.  The execution, delivery and performance by the Seller of this
Agreement and the other Basic Documents to which the Seller is a party will not violate any provision of any existing state, federal or, to the best knowledge of the Seller, local law or regulation or any order or decree of any court applicable to
the Seller or any provision of the articles of association or incorporation or the bylaws of the Seller, or constitute a breach of any mortgage, indenture, contract or other agreement to which the Seller is a party or by which the Seller may be
bound or result in the creation or imposition of any lien upon any of the Seller’s properties pursuant to any such mortgage, indenture, contract or other agreement (other than this Agreement). 

                    (iv)     No Proceedings.  There are no proceedings or investigations pending or, to
the Seller’s knowledge, threatened against the Seller before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Seller or its properties (i) asserting the invalidity of this
Agreement or any other Basic Document to which the Seller is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other

4

Basic Document to which the Seller is a party or (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability
of, this Agreement or any other Basic Document to which the Seller is a party. 

                    (v)     Chief Executive Office. The chief executive office of the Seller is located at
10750 McDermott Freeway, San Antonio, Texas 78288. 

                    (vi)     No Consents. The Seller is not required to obtain the consent of any other
party or any consent, license, approval, registration, authorization, or declaration of or with any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity, or enforceability of this Agreement or
any other Basic Document to which it is a party that has not already been obtained. 

                    (vii)     No Notice. The Seller represents and warrants that it acquired title to the
Receivables and the other Purchased Property in good faith, without notice of any adverse claim. 

                    (viii)     Bulk Transfer. The Seller represents and warrants that the transfer,
assignment and conveyance of the Receivables and the other Purchased Property by the Seller pursuant to this Agreement are not subject to the bulk transfer laws or any similar statutory provisions in effect in any applicable jurisdiction.

                    (ix)     Seller Information.  No certificate of an officer, statement or document
furnished in writing or report delivered pursuant to the terms hereof by the Seller contains any untrue statement of a material fact or omits to state any material fact necessary to make the certificate, statement, document or report not misleading.

                    (x)     Ordinary Course.  The transactions contemplated by this Agreement and the
other Basic Documents to which the Seller is a party are in the ordinary course of the Seller’s business. 

                    (xi)     Solvency. The Seller is not insolvent, nor will the Seller be made insolvent
by the transfer of the Purchased Property, nor does the Seller anticipate any pending insolvency. 

                    (xii)     Legal Compliance.  The Seller is not in violation of, and the execution and
delivery by the Seller of this Agreement and the other Basic Documents to which the Seller is a party and its performance and compliance with the terms of this Agreement and the other Basic Documents to which the Seller is a party will not
constitute a violation with respect to, any order or decree of any court or any order or regulation of any federal, state, municipal or governmental agency having jurisdiction, which violation would materially and adversely affect the Seller’s
condition (financial or otherwise) or operations or any of the Seller’s properties or materially and adversely affect the performance of any of its duties under the Basic Documents. 

5

                    (xiii)     Creditors.  The Seller did not sell the Receivables or the other Purchased
Property to the Depositor with any intent to hinder, delay or defraud any of its creditors. 

                    (b)        The Seller makes the following representations and warranties with respect to the Receivables, on which the Depositor
relies in accepting the Receivables and in transferring the Receivables to the Issuer under the Sale and Servicing Agreement, and on which the Issuer relies in pledging the same to the Indenture Trustee.  Such representations and warranties speak as
of the execution and delivery of this Agreement and as of the Transfer Date, but shall survive the sale, transfer and assignment of the Receivables to the Depositor, the subsequent sale, transfer and assignment of the Receivables by the Depositor to
the Issuer pursuant to the Sale and Servicing Agreement and the pledge of the Receivables by the Issuer to the Indenture Trustee pursuant to the Indenture. 

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

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

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

                    (iv)     Receivable Files.  The Receivable Files shall be kept at one or more of the
locations specified in Schedule B-1 hereto; provided, that the Lien Certificates shall be kept at one
or more of the locations specified in Schedule B-2 hereto.

                    (v)     Characteristics of Receivables.  Each Receivable (a) has been originated for
the retail financing of a Financed Vehicle by an Obligor located in one of the States of the United States or the District of Columbia; (b) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are
adequate for realization against the collateral of the benefits of the security; and (c) provides for fully amortizing level scheduled monthly, semi-monthly or bi-weekly payments (provided that the payment in the last month in the life of the Receivable may be different from the level scheduled payment) and for accrual of interest at a fixed rate according to the simple interest method. 

                    (vi)     Compliance with Law.  Each Receivable and each sale of the related Financed
Vehicle complied at the time it was originated or made, and complies on

6

and after the Cut-off Date, in all material respects with all requirements of applicable federal, state, and local laws, and regulations thereunder, including usury laws, the Federal Truth-in-Lending Act, the Equal Credit
Opportunity Act, the Fair Credit Reporting Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, Federal Reserve Board Regulations B and Z, state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code, and
any other consumer credit, equal opportunity, and disclosure laws applicable to such Receivable and sale. 

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

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

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

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

                    (xi)     No Waiver. No provision of a Receivable has been waived in such a manner that
such Receivable fails to meet all of the representations and warranties made by the Seller herein with respect thereto pursuant to this Section 3.02. 

                    (xii)     No Amendments.  No Receivable has been amended except pursuant to
instruments included in the Receivable Files and no such amendment has caused such Receivable to fail to meet all of the representations and warranties made by the Seller herein with respect thereto pursuant to this Section 3.02. 

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

                    (xiv)     No Liens. As of the Cut-off Date, no Liens or claims have been filed that
would be Liens prior to, or equal or coordinate with, the Lien granted by the Receivable. 

7

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

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

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

                    (xviii)     All Filings Made. No filings (other than UCC filings which have been made
on the Closing Date) or other actions are necessary in any jurisdiction to give the Issuer a first priority perfected security interest in the Receivables and to give the Indenture Trustee a first priority perfected security interest in the
Receivables. 

                    (xix)     One Original.  With respect to any Receivable constituting electronic
chattel paper, there is only one “authoritative copy” (as such term is used in Section 9-105 of the UCC) of the Receivable or with respect to any Receivable constituting tangible chattel paper for which an original executed copy exists,
there is no more than one original executed copy of such Receivable and none of the instruments, tangible chattel paper or electronic chattel paper that constitute or evidence the Receivables has any marks or notations indicating that it has been
pledged, assigned or otherwise conveyed to any Person other than the Seller, the Issuer and the Indenture Trustee and the original copies of such instruments and tangible chattel paper that constitute or evidence the Receivables, immediately prior
to the delivery thereof to the Servicer, as custodian for the Indenture Trustee, was in the possession of the Seller. 

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

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

                    (xxii)     Maturity of Receivables.  Each Receivable has a remaining maturity, as of
the Cut-off Date, of not less than 8 months and not more than 72 months and an original maturity of not less than 12 months and not more than 72 months. No Receivable has a scheduled maturity later than March 21, 2014. 

                    (xxiii)     Annual Percentage Rate.  Each Receivable is a fully-amortizing simple
interest contract which bears interest at a fixed rate per annum and which provides

8

for level scheduled monthly, semi-monthly or bi-weekly payments (except for the last payment, which may be minimally different from the level payments) over its respective remaining term, and is not secured by any interest
in real estate. 

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

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

                    (xxvi)     No Overdue Payments.  No Receivable has any payment that is more than
thirty (30) days past due as of the Cut-off Date. 

                    (xxvii)     Chattel Paper.  The Receivables constitute either “electronic chattel
paper” or “tangible chattel paper” within the meaning of UCC Section 9-102. 

                    (xxviii)     Remaining Principal Balance.  Each Receivable had a remaining principal balance, as of the Cut-off Date, of at
least $800.00. 

          Section 3.03. Repurchase upon Breach. Upon discovery by or notice to the Depositor or Seller of a breach of any of the
representations and warranties set forth in Section 3.02(b) at the time such representations and warranties were made which materially and adversely affects the interests of
the Issuer or the Noteholders, the party discovering such breach or receiving such notice shall give prompt written notice thereof to the other party; provided, that delivery
of the Servicer’s Certificate, which identifies that Receivables are being or have been repurchased, shall be deemed to constitute prompt notice by the Seller (if the Seller is the Servicer) of such breach; provided, further, that the failure to give such
notice shall not affect any obligation of Seller hereunder. If Seller does not correct or cure such breach prior to the end of the Collection Period which includes the 60th day (or, if Seller elects, an earlier date) after the date that Seller
became aware or was notified of such breach, then Seller shall purchase any Receivable materially and adversely affected by such breach from the Depositor on the Payment Date following the end of such Collection Period. Any such breach or failure
will not be deemed to have a material and adverse effect if such breach or failure does not affect the ability of the Depositor (or its assignee) to collect, receive and retain timely payment in full on such Receivable, including any Liquidation
Proceeds. Any such purchase by Seller shall be at a price equal to the Purchase Amount (less any Liquidation Proceeds deposited, or to be deposited, in the Collection Account with respect to such Receivable pursuant to Section 3.3 of the Sale and Servicing Agreement). In consideration for such repurchase, Seller shall make (or shall cause to be made) a payment to the Depositor equal to the Purchase Amount (less any
Liquidation Proceeds deposited, or to be deposited, in the Collection Account, with respect to such Receivables, pursuant to Section 3.3 of the Sale and Servicing Agreement) by
depositing such amount into the Collection Account prior to 11:00 a.m., New York City time on such Payment Date. Upon payment of such Purchase Amount (less any Liquidation Proceeds deposited, or to be deposited, in the Collection Account, with
respect to such Receivables, pursuant to Section 3.3 of the Sale and Servicing Agreement) by Seller, the Depositor shall release and shall execute

9

and deliver such instruments of release, transfer or assignment, in each case without recourse or representation, as shall be reasonably necessary to vest in Seller or its designee any Receivable repurchased pursuant
hereto. It is understood and agreed that the obligation of Seller to purchase any Receivable as described above shall constitute the sole remedy respecting such breach available to the Depositor. 

Article IV 

Conditions

          Section 4.01. Conditions to Obligation of the Depositor.  The obligation of the Depositor to purchase the Receivables is subject to the satisfaction of the following conditions: 

                    (a)        Representations and Warranties True. The representations and warranties of the
Seller hereunder shall be true and correct in all material respects on the Transfer Date with the same effect as if then made, and the Seller shall have performed all obligations to be performed by it hereunder on or prior to the Transfer Date.

                    (b)        Computer Files Marked. The Seller shall, at its own expense, on or prior to
the Transfer Date, indicate in its computer files that the Receivables have been sold to the Depositor pursuant to this Agreement and deliver to the Depositor the Schedule of Receivables, certified by the Seller’s President, Vice President or
Treasurer to be true, correct and complete. 

                    (c)        Documents
to be Delivered by the Seller on the Transfer Date: 

                    (i)     Evidence
      of UCC Filing. On the Closing Date,
      the Seller shall record and file, at its
      own expense, a UCC-1 financing statement in the State of Texas, naming
      the Seller as seller, and naming the Depositor as secured party, describing
      the Receivables and the other assets assigned to the Depositor pursuant
      to Section 2.01,
      meeting the requirements of the laws of such jurisdiction and in such manner
      as is necessary to perfect the sale, transfer, assignment and  conveyance
      of the Receivables and such other assets to the Depositor. The financing
      statement referenced above will contain a statement to the following effect “A
      purchase of or security interest in any collateral described in this financing
       statement will violate the rights of the Secured Party”. The Seller
       shall deliver to the Depositor a file-stamped copy or other evidence satisfactory
       to the Depositor of such filing as soon as available following such recordation
       or filing.

                    (ii)     Opinions of Seller’s Counsel. On or prior to the Closing Date, the
Depositor shall have received the opinions of counsel to the Seller, in form and substance satisfactory to the Depositor, as to the matters as the Depositor has heretofore requested or may reasonably request. 

                    (iii)     Other Documents.  Such other documents as the Depositor may reasonably
request. 

                    (d)        Other Transactions.  The transactions contemplated by the Sale and Servicing
Agreement, the Indenture and the Trust Agreement to be consummated on the Transfer Date shall be consummated on such date. 

10 

          Section 4.02. Conditions to Obligation of the Seller.  The obligation of the Seller to sell the Receivables to the Depositor is subject to the satisfaction of the following conditions: 

                    (a)        Representations and Warranties True. The representations and warranties of the
Depositor hereunder shall be true and correct on the Transfer Date with the same effect as if then made, and the Depositor shall have performed all obligations to be performed by it hereunder on or prior to the Transfer Date.

                    (b)        Receivables Purchase Price.  On the Transfer Date, the Depositor shall have
delivered to the Seller the purchase price specified in Section 2.01 hereof. 

                    (c)        Opinion of Counsel. The Depositor shall have furnished to the Seller an
Opinion of Counsel, dated the Closing Date, in form and substance reasonably satisfactory to the Seller. 

                    (d)        Other Transactions.  The transactions contemplated by the Sale and Servicing
Agreement, the Indenture and the Trust Agreement to be consummated on the Transfer Date shall be consummated on such date. 

Article V

Covenants of the Seller

          The Seller agrees with the Depositor and the Indenture Trustee as follows:

          Section 5.01. Protection of Right, Title and Interest. 

                    (a)        Filings. The Seller shall cause at its own expense all financing statements
and continuation statements and any other necessary documents covering the right, title and interest of the Seller, the Depositor, the Trust and the Indenture Trustee, respectively, in and to the Receivables and the other property included in the
Purchased Property to be promptly filed and at all times to be kept recorded, registered and filed, all in such manner and in such places as may be required by law fully to preserve and protect the right, title and interest of the Depositor
hereunder, the Trust under the Sale and Servicing Agreement and the Indenture Trustee under the Indenture in and to the Receivables and the other property included in the Purchased Property. The Seller shall deliver to the Depositor and the
Indenture Trustee file stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recordation, registration or filing. The Depositor shall cooperate fully with the
Seller in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this paragraph. 

                    (b)        Name Change.  If the Seller makes any change in its name, identity or
corporate structure that would make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the applicable
provisions of the UCC or any title statute or if the Seller changes the jurisdiction under whose laws it is formed, the Seller shall give the Depositor, the Indenture Trustee and the Owner Trustee written notice thereof at least 10 days prior to
such change and shall promptly file such financing statements or

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amendments as may be necessary to continue the perfection of the Depositor’s interest in the property conveyed pursuant to Section 2.01.

          Section 5.02. Other Liens or Interests.  Except for the conveyances hereunder and pursuant to the Basic Documents, the Seller shall not sell, pledge, assign or transfer to any Person, or grant, create, incur, assume, or suffer to exist any Lien on, or any interest in, to or
under the Receivables, and the Seller shall defend the right, title and interest of the Depositor, the Trust and the Indenture Trustee in, to and under the Receivables against all claims of third parties claiming through or under the Seller.

          Section 5.03. Costs and Expenses.  The
Seller agrees to pay all reasonable costs and disbursements in connection with the perfection, as against all third parties claiming through or under the Seller, of the Depositor’s, the Issuer’s and the Indenture Trustee’s right,
title and interest in and to the Receivables and the other property included in the Purchased Property. 

          Section 5.04. Hold Harmless.  The
Seller shall protect, defend, indemnify and hold the Depositor, the Issuer and their respective assigns and their employees, officers, directors and agents harmless from and against all losses, liabilities, claims and damages of every kind and
character, including any legal or other expenses reasonably incurred, as incurred, resulting from or relating to or arising out of (i) the inaccuracy, nonfulfillment or breach of any representation, warranty, covenant or agreement made by the Seller
in this Agreement, (ii) any legal action, including, without limitation, any counterclaim, that has either been settled by the litigants or has proceeded to judgment by a court of competent jurisdiction, in either case to the extent it is based upon
alleged facts that, if true, would constitute a breach of any representation, warranty, covenant or agreement made by the Seller in this Agreement, (iii) any actions or omissions of the Seller occurring prior to the Transfer Date with respect to any
of the Receivables or Financed Vehicles or (iv) any failure of a Receivable to be originated in compliance with all applicable requirements of law. These indemnity obligations shall be in addition to any obligation that the Seller may otherwise
have. 

Article VI 

Indemnification

          Section 6.01. Indemnification.

                    (a)        The Seller agrees to indemnify and hold harmless the Depositor, each of its respective directors, each officer of the
Depositor who signed the Registration Statement, and each person or entity who controls the Depositor or any such person, within the meaning of Section 15 of the Securities Act, against any and all losses, claims, damages or liabilities, joint and
several, to which the Depositor, or any such person or entity may become subject, under the Securities Act or otherwise, and will reimburse the Depositor, and each such controlling person for any legal or other expenses reasonably incurred by the
Depositor or such controlling person in connection with investigating or defending any such loss, claims, damages or liabilities insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon
any untrue statement or alleged untrue statement of any material fact made by the Seller contained in the Preliminary Prospectus Supplement or Prospectus Supplement or any

12

amendment or supplement to the Preliminary Prospectus Supplement or Prospectus Supplement or the omission or the alleged omission to state therein a material fact necessary in order to make the statements in the Preliminary
Prospectus Supplement or Prospectus Supplement or any amendment or supplement to the Preliminary Prospectus Supplement or Prospectus Supplement, in the light of the circumstance under which they were made, not misleading, but, in each case, only to
the extent that such untrue statement or alleged untrue statement or omission or alleged omission relates to the information contained in the Prospectus Supplement under the captions: “Summary of Terms of the Notes—Composition of the
Receivables”; “Risk Factors”; and “The Receivables Pool”; and in the Base Prospectus under the caption “The Bank’s Portfolio of Motor Vehicle Loans” (such information, the “Seller Information”). This indemnity agreement will be in addition to any liability which the Seller may otherwise have to the Depositor or any Affiliate thereof pursuant to Section 5.04 of this Agreement or otherwise. 

                    (b)        The Depositor agrees to indemnify and hold harmless the Seller and each Person who controls the Seller within the
meaning of Section 15 of the Securities Act against any and all losses, claims, damages or liabilities, joint and several, to which the Seller, or any such person or entity may become subject, under the Securities Act or otherwise, and will
reimburse the Seller and each such controlling Person for any legal or other expenses reasonably incurred by the Seller or such controlling Person in connection with investigating or defending any such losses, claims, damages or liabilities insofar
as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of material fact contained in the Registration Statement or any amendment or
supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) any untrue statement or alleged untrue statement of any material
fact contained in the Preliminary Prospectus Supplement, Prospectus Supplement or the Prospectus or any amendment or supplement to the Preliminary Prospectus Supplement, Prospectus Supplement or the Prospectus or the omission or the alleged omission
to state therein a material fact necessary in order to make the statements in the Preliminary Prospectus Supplement, Prospectus Supplement or the Prospectus or any amendment or supplement to the Prospectus Supplement, in the light of the
circumstances under which they were made, not misleading, but only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission relates to the information contained in the Preliminary Prospectus Supplement,
Prospectus Supplement or the Prospectus other than the Seller Information. This indemnity agreement will be in addition to any liability which the Depositor may otherwise have. 

                    (c)        Promptly after receipt by any indemnified party under this Article
VI of notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against any indemnifying party under this Article VI, notify the indemnifying party in writing of the claim or the commencement of that action; provided, however, that
the failure to notify an indemnifying party shall not relieve it from any liability which it may have under this Article VI except to the extent it has been materially
prejudiced by such failure; provided, further, that the failure to notify any indemnifying party shall not relieve it from any liability which it may have to any indemnified
party otherwise than under this Article VI. 

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          If any such claim or action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein
and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to the indemnified party.  After notice from the indemnifying party to the
indemnified party of its election to assume the defense of such claim or action, the indemnifying party shall not be liable to the indemnified party under this Article VI for
any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable costs of investigation. 

          Any indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the
expense of such indemnified party unless: (i) the employment thereof has been specifically authorized by the indemnifying party in writing; (ii) such indemnified party shall have been advised by such counsel that there may be one or more legal
defenses available to it which are different from or additional to those available to the indemnifying party and in the reasonable judgment of such counsel it is appropriate for such indemnified party to employ separate counsel; or (iii) the
indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party, in which case, if such indemnified party notifies the indemnifying party in writing that it elects to employ
separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party, it being understood, however, the indemnifying party shall not, in
connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys (in addition to local counsel) at any time for all such indemnified parties, which firm shall be designated in writing by the Depositor, if the indemnified parties under this Article
VI consist of the Depositor, or by the Seller, if the indemnified parties under this Article VI consist of the Seller. 

          Each indemnified party, as a condition of the indemnity agreements contained in Section 6.01(a) and (b), shall use its commercially reasonable efforts to cooperate with the indemnifying party in the defense of any such action or claim. An indemnifying party will not, without the prior
written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of
such claim, action, suit or proceeding. 

          Section 6.02. Contribution.  In order to provide for just and equitable contribution in circumstances in which the
indemnity agreement provided for in this Article VI is for any reason held to be unenforceable although applicable in accordance with its terms, the Seller, on the one hand,
and the Depositor, on the other, shall contribute to the aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by said indemnity agreement incurred by the Seller and the Depositor in such proportions as shall be
appropriate to reflect the relative benefits received by the Seller on the one hand and the Depositor on the other from the sale of the

14

Receivables such that the Depositor is responsible for that portion represented by the underwriting discount set forth on the cover page of the Prospectus Supplement, and the Seller shall be responsible for the balance;
provided, however, that no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation.  For purposes of this Section 6.02, each Person, if any, who controls the Depositor within the meaning of
Section 15 of the Securities Act shall have the same rights to contribution as the Depositor and each Person, if any, who controls the Seller within the meaning of Section 15 of the Securities Act shall have the same rights to contribution as the
Seller.  Notwithstanding anything in this Section 6.02 to the contrary, the Depositor shall not be required to contribute an amount in excess of the amount of the underwriting
discount appearing on the cover page of the Prospectus Supplement. 

Article VII

Miscellaneous Provisions

          Section 7.01. Obligations of Seller. 
The obligations of the Seller under this Agreement shall not be affected by reason of any invalidity, illegality or irregularity of any Receivable. 

          Section 7.02. Transfers Intended as Sale; Security Interest.

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

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

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

                    (ii)     The conveyance provided for in Section 2.01
shall be deemed to be a grant by Seller of, and Seller hereby grants to the Depositor, a security interest in all of its right (including the power to convey title thereto), title and interest, whether now

15

owned or hereafter acquired, in and to the Receivables and other Purchased Property, to secure such indebtedness and the performance of the obligations of Seller hereunder; 

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

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

          Section 7.03. Transfer to the Issuer. 
The Seller acknowledges and agrees that (1) the Depositor will, pursuant to the Sale and Servicing Agreement, transfer and assign the Receivables and assign its rights under this Agreement with respect thereto to the Issuer and, pursuant to the
Indenture, the Issuer will pledge the Receivables to the Indenture Trustee, and (2) the representations and warranties contained in this Agreement and the rights of the Depositor under this Agreement, including under Section 3.03, are intended to benefit the Issuer, the Indenture Trustee, the Noteholders and the Certificateholder. The Seller hereby consents to such transfers and assignments and agrees that
enforcement of a right or remedy hereunder by the Indenture Trustee, the Owner Trustee or the Issuer shall have the same force and effect as if the right or remedy had been enforced or executed by the Depositor. 

          Section 7.04. Amendment.  This
Agreement may be amended from time to time, with prior written notice to the Rating Agencies, but without the consent of the Noteholders or the Certificateholders, by a written amendment duly executed and delivered by the Seller and the Depositor,
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 Noteholders or Certificateholders; provided that (i) such amendment shall not, as evidenced by an Opinion of Counsel or an Officer’s Certificate, materially and adversely affect the interest of any Noteholder or Certificateholder
and (ii) the person requesting the amendment obtains a letter from the Rating Agencies stating that the amendment would not result in the downgrading or withdrawal of the ratings then assigned to the Notes. This Agreement may also be amended by the
Seller and the Depositor, with the prior written notice to the Rating Agencies and the prior written consent of (a) the Holders of Notes evidencing at least a majority of (i) the Outstanding principal amount of the Class A-1 Notes, (ii) the
Outstanding principal amount of the Class A-2 Notes, (iii) the Outstanding principal amount of the Class A-3 Notes, (iv) the Outstanding principal amount of the Class A-4 Notes and (v) the Outstanding principal amount of the Class B Notes, and (b)
the Certificateholders of Certificates evidencing at least a majority of the Percentage Interests (excluding, for purposes of this Section 7.04, Certificates held by the
Seller, the Depositor or any of their respective Affiliates) 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 or
the Certificateholders; provided, however, that no such

16

amendment may (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of any
Noteholders or Certificateholders or (ii) reduce the aforesaid majority requirement that is required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes and Certificates. 

          Section 7.05. Waivers.  No failure or
delay on the part of the Depositor, the Issuer or the Indenture Trustee in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy
preclude any other or further exercise thereof or the exercise of any other power, right or remedy.

          Section 7.06. Notices.  All demands,
notices and communications under this Agreement shall be in writing, personally delivered, faxed and followed by first class mail, or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt (a) in
the case of the Depositor, to 9830 Colonnade Blvd., Suite 600, San Antonio, Texas 78230, Attention: Vice President, Legal Counsel; (b) in the case of the Servicer and the Administrator, to 10750 McDermott Freeway, San Antonio, Texas 78288,
Attention: Mike Broker, Vice President, (c) in the case of the Seller, 10750 McDermott Freeway, San Antonio, Texas 78288, Attention: Mike Broker, Vice President; (d) in the case of the Issuer or the Owner Trustee, at the Corporate Trust Office (as
defined in the Trust Agreement); (e) in the case of Moody’s Investors Service, Inc., at the following address: Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, 24th Floor, New York, New York 10007, and (f) in the case of Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., at the following address: Standard
& Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., 55 Water Street, 40th Floor, New York, New York 10041, Attention: Asset Backed Surveillance Department; or, as to each of the foregoing, at such other address as shall
be designated by written notice to the other parties. 

          Section 7.07. Costs and Expenses.  The
Seller shall pay all expenses incident to the performance of its obligations under this Agreement and the Seller agrees to pay all reasonable out-of-pocket costs and expenses of the Depositor, in connection with the perfection of the
Depositor’s, the Issuer’s and the Indenture Trustee’s right, title and interest in and to the Receivables and the enforcement of any obligation of the Seller hereunder as contemplated by the Basic Documents. 

          Section 7.08. Representations of the Seller and the Depositor.
 The respective agreements, representations, warranties and other statements by the Seller and the Depositor set forth in or made pursuant to this Agreement shall remain in full force and effect and will survive the
closing under Section 2.02 and the transfers and assignments referred to in Section 7.03. 

          Section 7.09. Confidential Information.  The Depositor agrees that it will neither use nor disclose to any Person the names and addresses of the Obligors or any other personally identifiable information of an Obligor, except in connection with the enforcement of the
Depositor’s rights hereunder, under the Receivables, under the Sale and Servicing Agreement or any other Basic Document, or as required by any of the foregoing or by law. 

17

          Section 7.10. Headings and Cross-References.  The various headings in this Agreement are included for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement. References in this Agreement to section names or numbers are to such
Sections of this Agreement. 

          Section 7.11. GOVERNING LAW.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

          Section 7.12. Counterparts.  This
Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. 

          Section 7.13. Third-Party Beneficiary.  The Indenture Trustee is an express third-party beneficiary of this Agreement and shall be entitled to enforce the provisions of this Agreement as if it were a party hereto. 

          Section 7.14. No Proceedings.  So long
as this Agreement is in effect, and for one year plus one day following its termination, (i) each of the Seller and the Depositor agrees that it will not file any involuntary petition or otherwise institute any bankruptcy, reorganization
arrangement, insolvency or liquidation proceeding or other proceedings under any federal or state bankruptcy law or similar law against the Trust and (ii) the Seller agrees that it will not file any involuntary petition or otherwise institute any
bankruptcy, reorganization arrangement, insolvency or liquidation proceeding or other proceedings under any federal or state bankruptcy law or similar law against the Depositor. 

[Signatures Follow]

18

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

USAA FEDERAL SAVINGS BANK, as Seller 

By: /s/ David K. Kimball 

Name: David K. Kimball 

Title: Vice President and Senior Financial 

          Officer 

S-1

USAA ACCEPTANCE, LLC, as Depositor

By: /s/ Edwin T. McQuiston 

Name: Edwin T. McQuiston 

Title: Senior Vice President and Treasurer 

S-2

SCHEDULE A 

Schedule of Receivables 

[On file with the Indenture Trustee]

SCHEDULE B-1 

Location of Receivable Files

c/o USAA Federal Savings Bank

10750 McDermott Freeway 

San Antonio, TX 78288 

SCHEDULE B-2 

Location of Lien Certificates

FDI Consulting, Inc. 

1610 Arden Way, Suite 145

Sacramento, CA 95815

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