Document:

KMT 6.30.2015 8K EX-10.10

Exhibit 10.10

KENNAMETAL INC.

STOCK APPRECIATION RIGHT AWARD FOR CHINA-BASED EMPLOYEES

Grant Date:  ______________
Kennametal Inc. (the “Company”) hereby grants to «name» (the “Optionee”), as of the Grant Date listed above, this Stock Appreciation Right Award (the “SAR”) with respect to «number of SARs» shares of the Company’s Capital Stock, par value $1.25 per share (the “Shares”), at the price of $XX.XX per Share, subject to the terms and conditions of the Kennametal Inc. Stock and Incentive Plan of 2010, as Amended and Restated on October 22, 2013, as further amended January 27, 2015  (the “Plan”) and the additional terms listed below.  Capitalized terms used herein, but not otherwise defined, shall have the same meaning ascribed to them in Schedule A or in the Plan.
		
	1.
	The SAR must be exercised within ten (10) years from the Grant Date and only at the times and for the number of Shares as follows:  (a) prior to the first anniversary of the Grant Date, the SAR is not exercisable as to any Shares; (b) on the first anniversary of the Grant Date, one-third (1/3) of the Shares under the SAR will vest and become exercisable; (c) on the second anniversary of the Grant Date, an additional one-third (1/3) of the Shares under the SAR will vest and become exercisable; and  (d) on the third anniversary of the Grant Date, the remaining one-third (1/3) of the Shares under the SAR will vest and become exercisable. 

		
	2.
	Notwithstanding anything to the contrary in this SAR or the Plan, the Shares under the SAR, to the extent then subject to the Forfeiture Restrictions, will be forfeited to the Company upon Separation from Service for any reason other than death, Disability, Retirement, or in the event that Optionee is involuntarily terminated by the Company or any successor of the Company without cause or the Optionee voluntary terminates employment for Good Reason (a) within the six-month period immediately preceding a Change in Control in contemplation of such Change in Control (and the Change in Control actually occurs) or (b) during the two-year period immediately following a Change in Control (a " Change in Control Separation"), all Shares under the SAR that have not vested (or otherwise been cancelled or forfeited) shall become fully vested and immediately exercisable as of the consummation of the Change in Control or, if later, the Optionee’s date of termination (the “Change in Control Vesting Date”).  Subject to the terms of the Plan, any Shares under the SAR that become vested and exercisable on account of a Change in Control Separation may be exercised at any time within the three-month period following the Change in Control Vesting Date; provided, however, the SAR must be exercised in all circumstances within ten (10) years from the Grant Date.

		
	3.
	Notwithstanding any provision of this SAR or the Plan to the contrary, this SAR shall be settled solely by a cash payment from the Company (or an Affiliate or Subsidiary thereof, as applicable).  The Optionee shall have only the Company's unfunded, unsecured promise to pay.  The rights of the Optionee hereunder shall be that of an unsecured general creditor of the Company, and the Optionee shall not have any security interest in any assets of the Company (or an Affiliate or Subsidiary thereof).  The Optionee shall not have any rights of ownership in the Shares subject to the SAR, including, but not limited to, the right to vote such Shares. For the avoidance of doubt, in the People’s Republic of China, the Company, per se, will not make such cash payment to the Optionee, instead, the Chinese local subsidiary of the Company will, using its own RMB funds, make such cash payment in RMB equal to the total amount of appreciation at the current foreign exchange rate to the Optionee. 

		
	4.
	This SAR is intended to be exempt from coverage under Section 409A of the Internal Revenue Code (which deals with nonqualified deferred compensation) and the regulations promulgated thereunder, and the Company reserves the right to administer, amend or modify the SAR or to take any other action necessary or desirable to enable the SAR to be interpreted and construed accordingly.  Notwithstanding the foregoing, the Optionee acknowledges and agrees that Section 409A may impose upon the Optionee certain taxes or interest charges for which the Optionee is and shall remain solely responsible.

		
	5.
	Notwithstanding anything to the contrary in this SAR or the Plan, in the event that this SAR is not accepted by the Optionee on or before the date that is 180 days from the grant date noted herein (the “Forfeiture Date”), then this SAR shall become null and void and this SAR shall be forfeited by the Optionee as of the Forfeiture Date.  For acceptance to be valid, the Optionee must accept this SAR in the manner specified by the Company.  

1

		
	6.
	All other terms and conditions applicable to this SAR are contained in the Plan. A copy of the Plan and related Prospectus is available on your accounts page at netbenefits.fidelity.com under Plan Information and Documents, as well as on The Hub under Human Resources.

KENNAMETAL INC.

By:         Kevin G. Nowe
Title:      Vice President, Secretary and General Counsel
 

2

Schedule A

For purposes of this SAR, the term “Good Reason” shall have the meaning set forth below:
A. "Good Reason" for termination by the Optionee shall mean the occurrence of any of the following in connection with a Change in Control:

(i)    without the Optionee's express written consent, the material diminution of responsibilities or the assignment to the Optionee of any duties materially and substantially inconsistent with his positions, duties, responsibilities and status with Company immediately prior to a Change in Control, or a material change in his reporting responsibilities, titles or offices as in effect immediately prior to a Change in  Control, or any removal of the Optionee from or any failure to re-elect the Optionee to any of such positions, except in connection with the termination of the Optionee's employment due to Cause (as hereinafter defined) or as a result of the Optionee’s death;

(ii)    a material reduction by Company in the Optionee's base salary as in effect immediately prior to any Change in Control;

(iii)    a failure by Company to continue to provide incentive compensation, under the rules by which incentives are provided, on a basis not materially less favorable to that provided by Company immediately prior to any Change in Control;

(iv)    a material reduction in the overall level of employee benefits, including any benefit or compensation plan, stock option plan, retirement plan, life insurance plan, health and accident plan or disability plan in which Optionee is actively participating immediately prior to a Change in Control (provided, however, that there shall not be deemed to be any such failure if Company substitutes for the discontinued plan, a plan providing Optionee with substantially similar benefits) or the taking of any action by Company which would adversely affect Optionee's participation in or materially reduce Optionee's overall level of benefits under such plans or deprive Optionee of any material fringe benefits enjoyed by Optionee immediately prior to a Change in Control;

(v)    the breach of this Agreement caused by the failure of Company to obtain the assumption of this Agreement by any successor; and

(vi)    the relocation of the Optionee to a facility or a location more than 50 miles from the Optionee's then present location, without the Optionee's prior written consent.

Notwithstanding the forgoing, in order for the Optionee to terminate for Good Reason: (a) the Optionee must give written notice to Company or its successor of the Optionee's intention to terminate employment for Good Reason within sixty (60) days after the event or omission which constitutes Good Reason, and any failure to give such written notice within such period will result in a waiver by the Optionee of his right to terminate for Good Reason as a result of such act or omission, (b) the event must remain uncorrected by the Company for thirty (30) days following such notice (the "Notice Period"), and (c) such termination must occur within sixty (60) days after the expiration of the Notice Period.

Subject to the terms and conditions of this SAR and unless otherwise specifically provided herein, in the event of a Change in Control Separation, the Stock Units, to the extent earned by the Optionee, shall be paid as soon as practicable following the date of such Change-in-Control Separation, but in no event later than the last day of the “applicable 21⁄2 month period” specified in Treas. Reg. §1.409A-1(b)(4); provided that, in the Committee’s discretion, the Stock Units may be settled in cash and/or securities or other property.

3EXHIBIT 4.1

 

 

 

USAA AUTO OWNER TRUST 2015-1

 

Class A-1 0.38000% Auto Loan Asset Backed Notes

Class A-2 0.82% Auto Loan Asset Backed Notes

Class A-3 1.20% Auto Loan Asset Backed Notes

Class A-4 1.54% Auto Loan Asset Backed Notes

Class B 1.96% Auto Loan Asset Backed Notes

 

 

 

INDENTURE

 

Dated as of July 29, 2015

 

 

 

U.S. BANK NATIONAL ASSOCIATION,

 

as the Indenture Trustee

 

 

 

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CROSS REFERENCE TABLE1

 

	TIA

Section	 	Indenture

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

 

 

 

	1	Note:  This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.
	2	N.A. means Not Applicable.

 

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TABLE OF CONTENTS

 

	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE I	DEFINITIONS AND INCORPORATION BY REFERENCE	 
	 	SECTION 1.1	Definitions	 2
	 	SECTION 1.2	Incorporation by Reference of Trust Indenture Act	 2
	 	SECTION 1.3	Other Interpretive Provisions	 2
	ARTICLE II	THE NOTES	 
	 	SECTION 2.1	Form	 3
	 	SECTION 2.2	Execution, Authentication and Delivery	 3
	 	SECTION 2.3	Temporary Notes	 4
	 	SECTION 2.4	Registration of Transfer and Exchange	 4
	 	SECTION 2.5	Mutilated, Destroyed, Lost or Stolen Notes	 5
	 	SECTION 2.6	Persons Deemed Owners	 6
	 	SECTION 2.7	Payment of Principal and Interest; Defaulted Interest	 6
	 	SECTION 2.8	Cancellation	 7
	 	SECTION 2.9	Release of Collateral	 7
	 	SECTION 2.10	Book-Entry Notes	 8
	 	SECTION 2.11	Notices to Clearing Agency	 8
	 	SECTION 2.12	Definitive Notes	 8
	 	SECTION 2.13	Authenticating Agents	 9
	 	SECTION 2.14	Tax Treatment	10
	 	SECTION 2.15	Certain Transfer Restrictions on the Notes	10
	ARTICLE III	COVENANTS	 
	 	SECTION 3.1	Payment of Principal and Interest	11
	 	SECTION 3.2	Maintenance of Office or Agency	11
	 	SECTION 3.3	Money for Payments To Be Held in Trust	12
	 	SECTION 3.4	Existence	13
	 	SECTION 3.5	Protection of Collateral	13
	 	SECTION 3.6	Opinions as to Collateral	14
	 	SECTION 3.7	Performance of Obligations; Servicing of Receivables	15
	 	SECTION 3.8	Negative Covenants	15
	 	SECTION 3.9	Annual Compliance Statement	16
	 	SECTION 3.10	Restrictions on Certain Other Activities	17
	 	SECTION 3.11	Restricted Payments	17

 

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(Continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	 	SECTION 3.12	Notice of Events of Default	17
	 	SECTION 3.13	Further Instruments and Acts	17
	 	SECTION 3.14	Compliance with Laws	18
	 	SECTION 3.15	Perfection Representations, Warranties and Covenants	18
	ARTICLE IV	SATISFACTION AND DISCHARGE	 
	 	SECTION 4.1	Satisfaction and Discharge of Indenture	18
	 	SECTION 4.2	Application of Trust Money	18
	 	SECTION 4.3	Repayment of Monies Held by Paying Agent	19
	ARTICLE V	REMEDIES	 
	 	SECTION 5.1	Events of Default	19
	 	SECTION 5.2	Acceleration of Maturity; Waiver of Event of Default	20
	 	SECTION 5.3	Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee	20
	 	SECTION 5.4	Remedies; Priorities	23
	 	SECTION 5.5	Optional Preservation of the Collateral	25
	 	SECTION 5.6	Limitation of Suits	25
	 	SECTION 5.7	Rights of Noteholders to Receive Principal and Interest	26
	 	SECTION 5.8	Restoration of Rights and Remedies	26
	 	SECTION 5.9	Rights and Remedies Cumulative	26
	 	SECTION 5.10	Delay or Omission Not a Waiver	26
	 	SECTION 5.11	Control by Noteholders	26
	 	SECTION 5.12	Waiver of Past Defaults	27
	 	SECTION 5.13	Undertaking for Costs	27
	 	SECTION 5.14	Waiver of Stay or Extension Laws	28
	 	SECTION 5.15	Action on Notes	28
	 	SECTION 5.16	Performance and Enforcement of Certain Obligations	28
	 	SECTION 5.17	Sale of Collateral	29
	ARTICLE VI	THE INDENTURE TRUSTEE	 
	 	SECTION 6.1	Duties of the Indenture Trustee	29
	 	SECTION 6.2	Rights of the Indenture Trustee	31
	 	SECTION 6.3	Individual Rights of the Indenture Trustee	32

 

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(Continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	 	SECTION 6.4	The Indenture Trustee’s Disclaimer	32
	 	SECTION 6.5	Notice of Defaults	33
	 	SECTION 6.6	Reports by the Indenture Trustee to Noteholders	33
	 	SECTION 6.7	Compensation and Indemnity	33
	 	SECTION 6.8	Removal, Resignation and Replacement of the Indenture Trustee	34
	 	SECTION 6.9	Successor Indenture Trustee by Merger	35
	 	SECTION 6.10	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	35
	 	SECTION 6.11	Eligibility; Disqualification	36
	 	SECTION 6.12	Preferential Collection of Claims Against the Issuer	37
	 	SECTION 6.13	Representations and Warranties	37
	ARTICLE VII	NOTEHOLDERS’ LISTS AND REPORTS	 
	 	SECTION 7.1	The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders	37
	 	SECTION 7.2	Preservation of Information; Communications to Noteholders	37
	 	SECTION 7.3	Reports by the Indenture Trustee	38
	ARTICLE VIII	ACCOUNTS, DISBURSEMENTS AND RELEASES	 
	 	SECTION 8.1	Collection of Money	38
	 	SECTION 8.2	Trust Accounts	38
	 	SECTION 8.3	General Provisions Regarding Accounts	39
	 	SECTION 8.4	Release of Collateral	39
	 	SECTION 8.5	Opinion of Counsel	40
	ARTICLE IX	SUPPLEMENTAL INDENTURES	 
	 	SECTION 9.1	Supplemental Indentures Without Consent of Noteholders	40
	 	SECTION 9.2	Supplemental Indentures with Consent of Noteholders	41
	 	SECTION 9.3	Execution of Supplemental Indentures	43
	 	SECTION 9.4	Effect of Supplemental Indenture	43
	 	SECTION 9.5	Conformity With Trust Indenture Act	43
	 	SECTION 9.6	Reference in Notes to Supplemental Indentures	43
	ARTICLE X	REDEMPTION OF NOTES	 
	 	SECTION 10.1	Redemption	43

 

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(Continued)

 

	 	 	 	Page
	 	 	 	 
	 	SECTION 10.2	Form of Redemption Notice	44
	 	SECTION 10.3	Notes Payable on Redemption Date	44
	ARTICLE XI	MISCELLANEOUS	 
	 	SECTION 11.1	Compliance Certificates and Opinions, etc	44
	 	SECTION 11.2	Form of Documents Delivered to the Indenture Trustee	46
	 	SECTION 11.3	Acts of Noteholders	47
	 	SECTION 11.4	Notices	47
	 	SECTION 11.5	Notices to Noteholders; Waiver	48
	 	SECTION 11.6	Alternate Payment and Notice Provisions	48
	 	SECTION 11.7	Conflict with Trust Indenture Act	48
	 	SECTION 11.8	Effect of Headings and Table of Contents	49
	 	SECTION 11.9	Successors and Assigns	49
	 	SECTION 11.10	Severability	49
	 	SECTION 11.11	Benefits of Indenture	49
	 	SECTION 11.12	Legal Holidays	49
	 	SECTION 11.13	Governing Law	49
	 	SECTION 11.14	Counterparts	49
	 	SECTION 11.15	Recording of Indenture	49
	 	SECTION 11.16	Trust Obligation	49
	 	SECTION 11.17	No Petition	50
	 	SECTION 11.18	Intent	50
	 	SECTION 11.19	Submission to Jurisdiction; Waiver of Jury Trial	50
	 	SECTION 11.20	Subordination of Claims	51
	 	SECTION 11.21	Limitation of Liability of Owner Trustee	52
	 	SECTION 11.22	Information Requests	52
	 	SECTION 11.23	Inspection	52
	 	SECTION 11.24	Force Majeure	53
	 	 	 	 	 	 

 

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	Schedule I	Perfection Representations, Warranties and Covenants
	Exhibit A	Forms of Notes

 

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This INDENTURE, dated
as of July 29, 2015 (as amended, modified or supplemented from time to time, this “Indenture”), is between USAA
AUTO OWNER TRUST 2015-1, a Delaware statutory trust (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION,
a national banking association, solely as trustee and not in its individual capacity (the “Indenture Trustee”).

 

Each party agrees as follows
for the benefit of the other party and the equal and ratable benefit of the Holders of the Issuer’s Class A-1 0.38000% Auto
Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2 0.82% Auto Loan Asset Backed Notes (the “Class
A-2 Notes”), Class A-3 1.20% Auto Loan Asset Backed Notes (the “Class A-3 Notes”) and Class A-4 1.54%
Auto Loan Asset Backed Notes (the “Class A-4 Notes” and together with the Class A-1 Notes, the Class A-2 Notes
and the Class A-3 Notes, the “Class A Notes”) and Class B 1.96% Auto Loan Asset Backed Notes (the “Class
B Notes” and together with the Class A Notes, the “Notes”).

 

GRANTING CLAUSE

 

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

 

The Indenture Trustee, on behalf
of the Noteholders, acknowledges the foregoing Grant, accepts the trusts under this Indenture and agrees to perform its duties
required in this Indenture in accordance with the provisions of this Indenture.

 

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

 

Without limiting the foregoing
Grant, any Receivable purchased by the Bank pursuant to Section 3.3 of the Purchase Agreement or by the Seller or the Servicer
pursuant to Section 2.3 or Section 3.6, respectively, of the Sale and Servicing Agreement shall be deemed to be automatically
released from the lien of this Indenture without any action being taken by the Indenture Trustee upon payment by the Seller or
the Servicer, as applicable, of the related Repurchase Price for such Repurchased Receivable.

 

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ARTICLE
I DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.1 Definitions.
Except as otherwise specified herein or the context may otherwise require, capitalized terms are used in this Indenture as defined
in Appendix A to the Sale and Servicing Agreement, dated as of July 29, 2015 (as amended, modified or supplemented from
time to time, the “Sale and Servicing Agreement”), among USAA Acceptance, LLC, as Seller, the Issuer, USAA Federal
Savings Bank, as Servicer, and the Indenture Trustee.

 

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

 

“Commission”
means the Securities and Exchange Commission.

 

“indenture securities”
means the Notes.

 

“indenture security
holder” means a Noteholder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

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

 

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

 

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

 

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successors and assigns; and (h)
unless the context otherwise requires, defined terms shall be equally applicable to both the singular and plural forms.

 

ARTICLE
II THE NOTES

 

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

 

Each Note shall be dated the
date of its authentication. The terms of the Notes set forth in Exhibit A hereto are part of the terms of this Indenture.

 

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

 

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

 

The Indenture Trustee shall,
upon Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an Initial Note Balance of $155,000,000, Class
A-2 Notes for original issue in an Initial Note Balance of $140,000,000, Class A-3 Notes for original issue in an Initial Note
Balance of $122,000,000, Class A-4 Notes for original issue in an Initial Note Balance of $74,180,000 and Class B Notes for original
issue in an Initial Note Balance of $8,820,000. The Note Balance of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4
Notes and Class B Notes Outstanding at any time may not exceed such amounts except as provided in Section 2.5.

 

Each Note shall be dated the
date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral
multiples of $1,000 in excess thereof (except for one Note of each Class which may be issued in a denomination other than an integral
multiple of $1,000).

 

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

 

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

 

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

 

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

 

If a Person other than the Indenture
Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee prompt written notice of the
appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture
Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture
Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by a Responsible
Officer thereof as to the names and addresses of the Noteholders and the principal amounts and number of such Notes.

 

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

 

At the option of the related
Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same Class and a like aggregate outstanding
principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for
exchange, if the requirements of Section 8-401 of the UCC are met the Issuer shall execute and, upon Issuer Request, the Indenture
Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making
the exchange is entitled to receive.

 

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

 

Every Note presented or surrendered
for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by, a written instrument of transfer
in form and substance satisfactory to the Issuer and the Indenture Trustee duly executed by the Noteholder thereof or its attorney-in-fact
duly authorized in writing, with such signature guaranteed by an “eligible grantor institution” meeting the requirements
of the Note Registrar which requirements include membership or participation in a Securities Transfer Agents Medallion Program
(“Stamp”) or such other “signature guarantee program” as may be determined by the Note Registrar
in addition to, or in substitution for, Stamp, all in accordance with the Exchange Act and (ii) accompanied by such other documents
as the Indenture Trustee may require.

 

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

 

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

 

SECTION 2.5 Mutilated, Destroyed,
Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives
evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee
such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence
of written notice to the Issuer, the Note Registrar and a Responsible Officer of the Indenture Trustee that such Note has been
acquired by a “protected purchaser” (as contemplated by Article 8 of the UCC), and provided, that the requirements
of Section 8-405 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate
and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided,
that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due
and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may upon delivery of the
security or indemnity herein required pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date
without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant
to the proviso to the preceding sentence, a “protected purchaser” (as contemplated by Article 8 of the UCC) of the
original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture
Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person
taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except
a “protected purchaser” (as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security
or

 

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indemnity provided therefor to
the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith.

 

Upon the issuance of any replacement
Note under this Section 2.5, the Issuer or the Indenture Trustee may require the payment by the Noteholder of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including
the fees and expenses of the Indenture Trustee or the Note Registrar) connected therewith.

 

Every replacement Note issued
pursuant to this Section 2.5 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Notes duly issued hereunder.

 

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

 

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

 

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

 

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

 

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

 

SECTION 2.8 Cancellation.
All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than
the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer
may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which
the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture
Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except
as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance
with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that
they be destroyed or returned to it; provided, that such Issuer Order is timely and that such Notes have not been previously
disposed of by the Indenture Trustee.

 

SECTION 2.9 Release of Collateral.
Subject to Section 11.1, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt
of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel, and, unless the Notes have been redeemed
in accordance with Section 10.1, Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion
of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.
If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Issuer’s obligations under TIA Sections
314(c) and 314(d)(1), subject to Section 11.1 and the terms of the Transaction Documents, the Indenture Trustee shall release
property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order.

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 2.11 Notices to Clearing
Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive
Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices
and communications specified herein to be given to the Noteholders to the Clearing Agency, and shall have no obligation to the
Note Owners.

 

SECTION 2.12 Definitive Notes.
If (a) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly
discharge its responsibilities with respect to the Notes, and the Administrator or the Indenture Trustee is unable to locate a
qualified successor, (b) the Administrator at its option advises the Indenture

 

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Trustee in writing that it elects
to terminate the book-entry system through the Clearing Agency or (c) after the occurrence of an Event of Default, Note Owners
representing beneficial interests aggregating at least a majority of the Outstanding Note Balance, voting together as a single
Class, advise the Indenture Trustee through the Clearing Agency or its successor in writing that the continuation of a book-entry
system through the Clearing Agency or its successor is no longer in the best interests of the Note Owners, then the Indenture Trustee
shall instruct the Clearing Agency to notify each Clearing Agency Participant and request that such Clearing Agency Participant
notify the related Note Owners associated, of the occurrence of any such event and of the availability of Definitive Notes to Note
Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry
Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall
authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar
or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall
be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the
Holders of the Definitive Notes as Noteholders.

 

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

 

SECTION 2.13 Authenticating
Agents. (a) Upon the request of the Issuer, the Indenture Trustee shall, and if the Indenture Trustee so chooses the Indenture
Trustee may, appoint one or more Persons (each, an “Authenticating Agent”) with power to act on its behalf and
subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections
2.2, 2.3, 2.4, 2.5 and 9.6, as fully to all intents and purposes as though
each such Authenticating Agent had been expressly authorized by those Sections to authenticate such Notes. For all purposes of
this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication
of Notes “by the Indenture Trustee.” The Indenture Trustee shall be the Authenticating Agent in the absence of any
appointment thereof.

 

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

 

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

 

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

 

SECTION 2.14 Tax Treatment.

 

(a) The Issuer has entered into
this Indenture, and the Notes shall be issued, with the intention that, for federal, state and local income, franchise and/or value
added tax purposes, the Notes shall qualify as indebtedness secured by the Collateral (except Notes owned by the Issuer or a Person
that is considered the same Person as the Issuer for U.S. federal income tax purposes). The Issuer, by entering into this Indenture,
and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry
Note, if applicable), agree to treat such Notes for federal, state and local income, franchise and/or value added tax purposes
as indebtedness (except Notes owned by the Issuer or a Person that is considered the same Person as the Issuer for U.S. federal
income tax purposes).

 

(b) Promptly upon request, each
Noteholder and Note Owner shall provide to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for
withholding of taxes, including but not limited to FATCA Withholding Tax, or delivery of information under FATCA) with Tax Identification
Information. Further, each Noteholder and Note Owner is deemed to understand that the Issuer, Indenture Trustee and Paying Agent
have the right to withhold interest payable with respect to the Note (without any corresponding gross-up) on any beneficial owner
of an interest in a Note that fails to comply with the preceding sentence.

 

SECTION 2.15 Certain Transfer
Restrictions on the Notes.

 

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

 

(b) Any Notes retained on the
Closing Date by the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes
may not be transferred to another Person (other than a Person that is considered the same Person as the Issuer for United States
federal income tax purposes) unless the Administrator shall cause an Opinion of Counsel to be delivered to the Depositor and the
Indenture Trustee at such time stating that either (x) such Notes will be debt for United States federal income tax purposes or
(y) the sale of such Notes to a Person unrelated to the Issuer will not cause the Issuer to be treated as an association or publicly
traded partnership taxable as a corporation. With respect to any transfer for which the Opinion of Counsel provided pursuant to
the preceding sentence is as described in clause (y), the sale or transfer of such Notes must be to a Person who is a United
States Person (within the meaning of the Code), must not be required to be registered under the Securities Act and such Notes and
the Certificate may at no time be held by more than 95 Persons, directly or indirectly, unless such Opinion of Counsel also states
that such Notes will be

 

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debt for United States federal
income tax purposes. In addition, if for tax or other reasons it may be necessary to track such Notes (e.g., if the Notes have
original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may be required
by the Administrator as a condition to such transfer. Any Notes whose transfer required the delivery of the Opinion of Counsel
as is described in clause (y) will require a similar Opinion of Counsel with respect to each subsequent transfer of such
Notes.

 

(c) Any purported transfer of
a Note not in accordance with this Section 2.15 shall be null and void ab initio and shall not be given effect for
any purpose hereunder.

 

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

 

ARTICLE
III COVENANTS

 

SECTION 3.1 Payment of Principal
and Interest. The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms
of the Notes and this Indenture. Without limiting the foregoing and subject to Section 8.2, on each Payment Date the Issuer
shall cause to be paid all amounts on deposit in the Collection Account which represent Available Funds for such Payment Date and
the Reserve Account Draw Amount for such Payment Date received by the Servicer during the preceding Collection Period. Amounts
properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered
to have been paid by the Issuer to such Noteholder for all purposes of this Indenture. Interest accrued on the Notes shall be due
and payable on each Payment Date. The final interest payment on each Class of Notes is due on the earlier of (a) the Payment Date
(including any Redemption Date) on which the principal amount of that Class of Notes is reduced to zero or (b) the applicable Final
Scheduled Payment Date for that Class of Notes.

 

SECTION 3.2 Maintenance of
Office or Agency. As long as any of the Notes remain outstanding, the Issuer shall maintain, an office or agency where Notes
may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of
the Notes and this Indenture may be served, which office or agency shall initially be located at the Corporate Trust Office provided
in clause (i) of the definition of such term. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent
for the foregoing purposes. The Issuer shall give prompt written notice to the Indenture Trustee of the location, and of any change
in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall
fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the
Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices
and demands.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(v) comply with all
requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding
taxes imposed thereon, including any FATCA Withholding Tax (including obtaining and retaining from Persons entitled to payments
with respect to the Notes any Tax Identification Information and paying over such withheld amounts to the appropriate Governmental
Authority), and with respect to any applicable reporting requirements in connection with any payments made by it on any Notes and
any withholding of taxes therefrom, and, upon request,

 

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provide any collected
Tax Identification Information or Tax Identification Information of the Paying Agent and/or Indenture Trustee to the Issuer.

 

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

 

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

 

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

 

SECTION 3.5 Protection of
Collateral. The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on
behalf of the Noteholders to be prior to all other Liens in respect of the Collateral, and the Issuer shall take all actions necessary
to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders, a first lien on and a first priority,
perfected security interest in the Collateral (except to the extent that the interest of the Indenture Trustee therein cannot be
perfected by the filing of a financing statement). The Issuer shall from time to time execute and deliver all such supplements
and amendments hereto, shall file or authorize the filing of all such financing statements, continuation statements, instruments
of further assurance and other instruments, all as prepared

 

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by the Administrator and delivered
to the Issuer, and shall take such other action necessary or advisable to:

 

(a) Grant more effectively all
or any portion of the Collateral;

 

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

 

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

 

(d) enforce any of the Collateral;
or

 

(e) preserve and defend title
to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the claims of all Persons.

 

The Issuer hereby designates
the Indenture Trustee its agent and attorney-in-fact and hereby authorizes the Indenture Trustee to file all financing statements,
continuation statements or other instruments required to be filed (if any) pursuant to this Section 3.5; provided, however,
the Indenture Trustee shall have no duty and shall not be responsible for filing any financing or continuation statements or recording
any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of
any security interest. Notwithstanding any statement to the contrary contained herein or in any other Transaction Document, the
Issuer shall not be required to notify any insurer with respect to any Insurance Policy or about any aspect of the transactions
contemplated by the Transaction Documents.

 

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

 

(b) On or before April 30th
of each calendar year, beginning with April 30, 2016, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to
the effect that, in the opinion of such counsel, either (i) such action has been taken with respect to the recording, filing, re-recording
and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the filing
of any financing statements and continuation statements as are necessary to maintain the lien and security interest created by
this Indenture, and reciting the details of such actions or referring to prior Opinions of Counsel in which such details are given
or (ii) no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the
recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents
and the filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to
maintain the lien and security interest of this Indenture until April 30 in the following calendar year.

 

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

 

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

 

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

 

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

 

(a) engage in any activities
other than financing, acquiring, owning, pledging and managing the Receivables and the other Collateral as contemplated by this
Indenture and the other Transaction Documents;

 

(b) except as expressly permitted
by this Indenture or in the other Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties
or assets of the Issuer;

 

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

 

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

 

(e) (i) permit the validity
or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated,
terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes

 

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under this Indenture except as
may be expressly permitted hereby, (ii) permit any Lien (other than Permitted Liens) to be created on or extend to or otherwise
arise upon or burden the assets of the Issuer or any part thereof or any interest therein or the proceeds thereof or (iii) permit
the lien of this Indenture not to constitute a valid first priority (other than with respect to any Permitted Lien) security interest
in the Collateral;

 

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

 

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

 

SECTION 3.9 Annual Compliance
Statement.

 

(a) So long as the Seller is
filing any reports with respect to the Issuer , the Issuer shall deliver to the Indenture Trustee on or before April 30th
of each calendar year beginning with April 30, 2016, an Officer’s Certificate stating, as to the Authorized Officer signing
such Officer’s Certificate, that:

 

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

 

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

 

(b) The Issuer shall:

 

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

 

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

 

(iii) supply to the
Indenture Trustee (and if required by TIA Section 313(c) the Indenture Trustee shall transmit by mail to all Noteholders) such
summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses

 

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(i) and (ii)
of this Section 3.9(b) as may be required pursuant to rules and regulations prescribed from time to time by the Commission.

 

(c) Delivery of such reports,
information and documents to the Indenture Trustee is for informational purposes only and the Indenture Trustee’s receipt
of such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled
to rely exclusively on Officer’s Certificates).

 

(d) Unless the Issuer otherwise
determines, the fiscal year of the Issuer shall be the same as the fiscal year of the Servicer, which is the calendar year.

 

SECTION 3.10 Restrictions
on Certain Other Activities. The Issuer shall not: (i) engage in any activities other than financing, acquiring, owning, pledging
and managing the Trust Estate and the other Collateral in the manner contemplated by the Transaction Documents; (ii) issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness other than the Notes; (iii) make any
loan, advance or credit to, guarantee (directly or indirectly or by an instrument having the effect of assuring another’s
payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable,
directly or indirectly, in connection with the obligations, stocks or dividends of, own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution
to, any other Person; or (iv) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty
or personalty).

 

SECTION 3.11 Restricted Payments.
The Issuer shall not, directly or indirectly, (a) pay any dividend or make any distribution (by reduction of capital or otherwise),
whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the
Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer or the
Administrator, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or
(c) set aside or otherwise segregate any amounts for any such purpose; provided, that the Issuer may cause to be made distributions
to the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholders as permitted
by, and to the extent funds are available for such purpose under, this Indenture, the Sale and Servicing Agreement, the Administration
Agreement or the Trust Agreement. Other than as set forth in the preceding sentence, the Issuer will not, directly or indirectly,
make distributions from the Trust Accounts.

 

SECTION 3.12 Notice of Events
of Default. The Issuer shall promptly deliver to the Indenture Trustee and each Rating Agency written notice in the form of
an Officer’s Certificate of any event which with the giving of notice, the lapse of time or both would become an Event of
Default, its status and what action the Issuer is taking or proposes to take with respect thereto.

 

SECTION 3.13 Further Instruments
and Acts. Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further
acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

 

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SECTION 3.14 Compliance with
Laws. The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually
or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this
Indenture or any other Transaction Document.

 

SECTION 3.15 Perfection Representations,
Warranties and Covenants. The perfection representations, warranties and covenants attached hereto as Schedule I shall
be deemed to be part of this Indenture for all purposes.

 

ARTICLE
IV SATISFACTION AND DISCHARGE

 

SECTION 4.1 Satisfaction
and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (a) rights
of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders
to receive payments of principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.8, 3.10
and 3.11, (e) the rights and immunities of the Indenture Trustee, including but not limited to Article VI, hereunder
and (f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee
payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when:

 

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

 

(b) the Issuer has paid or caused
to be paid all other sums payable hereunder by the Issuer including all amounts due and owing to the Indenture Trustee; and

 

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

 

SECTION 4.2 Application of
Trust Money. All monies deposited with the Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied
by it, in accordance with the provisions of the Notes, this Indenture and Article IV of the Sale and Servicing Agreement.
Such monies need not be segregated from other funds except to the extent required herein, in the Sale and Servicing Agreement or
by law.

 

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

 

ARTICLE
V REMEDIES

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 5.2 Acceleration
of Maturity; Waiver of Event of Default. (a) Except as set forth in the last sentence of this Section 5.2(a), if an
Event of Default should occur and be continuing, then and in every such case the Indenture Trustee may, or if directed by the Noteholders
representing not less than a majority of the Note Balance of the Controlling Class shall, or the Noteholders of at least a majority
of the Note Balance of the Controlling Class may declare all the Notes to be immediately due and payable, by a notice in writing
to the Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid Note Balance of
such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and
payable. If an Event of Default specified in Section 5.1(e) occurs, all unpaid principal, together with all accrued and
unpaid interest thereon, of all Notes, and all other amounts payable hereunder, shall automatically become due and payable without
any declaration or other act on the part of the Indenture Trustee or any Noteholder.

 

(b) At any time after such declaration
of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the
Indenture Trustee as hereinafter provided for in this Article V, the Noteholders representing a majority of the Note Balance
of the Controlling Class, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and
its consequences if:

 

(i) the Issuer has
paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all payments of principal of and interest on all Notes
and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration
had not occurred, and (B) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel; and

 

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

 

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

 

If the Notes have been declared
due and payable or have automatically become due and payable following an Event of Default, the Indenture Trustee may institute
Proceedings to collect amounts due, exercise remedies as a secured party (including foreclosure or sale of the Collateral) or elect
to maintain the Collateral. Any sale of the Collateral by the Indenture Trustee will be subject to the terms and conditions of
Section 5.4.

 

SECTION 5.3 Collection of
Indebtedness and Suits for Enforcement by the Indenture Trustee. (a) The Issuer covenants that if (i) default is made in the
payment of any interest on any

 

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

 

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

 

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

 

(d) In case there shall be pending,
relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Collateral,
Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or
in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have
been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable
judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such
other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant
to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise:

 

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

 

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disbursements made,
by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence, bad faith or willful misconduct)
and of the Noteholders allowed in such Proceedings;

 

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

 

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

 

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

 

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

 

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

 

(f) All rights of action and
of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession
of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings
instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment,
subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee
and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes, to the extent set forth
in Section 5.4(b).

 

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

 

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

 

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

 

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

 

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

 

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

 

provided, however, that the Indenture
Trustee may not sell or otherwise liquidate the Collateral following an Event of Default unless (A)
the Holders of 100% of the Note Balance of the Controlling Class have consented to such liquidation, (B) the
proceeds of such sale or liquidation are sufficient to pay in full the principal of and the accrued interest on the Outstanding
Notes or (C) the default either (x) relates to the failure to pay interest or principal when due (a “Payment Default”)
and the Indenture Trustee determines (but shall have no obligation to make such determination) that the Collections on the Receivables
will not be sufficient on an ongoing basis to make all payments on the Notes as they would have become due if the Notes had not
been declared due and payable or (y) relates to an Insolvency Event and, in the case of each of (x) and (y) above, the Indenture
Trustee obtains the consent of the Holders of 66-2/3% of the Note Balance of the Controlling Class. In determining such
sufficiency or insufficiency with respect to clauses (B) and (C) of the preceding sentence, the Indenture Trustee
may at the expense of the Issuer, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting
firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such
purpose. Notwithstanding anything herein to the contrary, if the Event of Default does not relate to a Payment Default or Insolvency
Event with respect to the Issuer, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate unless the Holders
of all Outstanding Notes consent to such sale or the proceeds of such sale are sufficient to pay in full the principal of and accrued
interest on the Outstanding Notes.

 

(b) Notwithstanding the provisions
of Section 8.2 of this Indenture or Section 4.4 of the Sale and Servicing Agreement after an Event of Default and
acceleration of the Notes, if the Indenture Trustee collects any Collections, money or property with respect to the Collateral,
it shall pay out such Collections, money or property (and other amounts, including all amounts

 

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held on deposit in the Reserve
Account) held as Collateral for the benefit of the Noteholders (net of liquidation costs associated with the sale of the Trust
Estate) in the following order of priority:

 

(i) first, to
the Indenture Trustee and the Owner Trustee, any accrued and unpaid fees, (including any unpaid Indenture Trustee or the Owner
Trustee fees with respect to prior periods) and expenses and indemnity payments which have not previously been paid;

 

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

 

(iii) third,
pro rata, based on amounts due to the Class A Noteholders, for payment to each respective Class of Class A Noteholders, the Accrued
Class A Note Interest; provided, that if there are not sufficient funds available to pay the entire amount of the Accrued
Class A Note Interest, the amount available shall be applied to the payment of such interest on each Class of Class A Notes on
a pro rata basis based on the amount of interest payable to each Class of Class A Notes;

 

(iv) fourth,
to the Holders of the Class A-1 Notes in respect of principal thereof until the Class A-1 Notes have been paid in full;

 

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

 

(vi) sixth,
to the Holders of the Class B Notes, the Accrued Class B Note Interest;

 

(vii) seventh,
to the Holders of the Class B Notes in respect of principal thereon until the Class B Notes have been paid in full;

 

(viii) eighth,
to the Indenture Trustee and the Owner Trustee, any accrued and unpaid fees, reasonable expenses and indemnity payments which have
not previously been paid;

 

(ix) ninth,
to the Servicer, legal expenses and costs incurred pursuant to Section 6.4 (b) of the Sale and Servicing Agreement; and

 

(x) tenth, any
remaining funds shall be distributed to or at the direction of the Certificateholder.

 

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

 

If the Notes have not been accelerated
because of an Event of Default, if the Indenture Trustee collects any money or property pursuant to this Article V, such
amounts shall be

 

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deposited into the Collection Account and distributed
in accordance with Section 4.4 of the Sale and Servicing Agreement and Section 8.2 hereof.

 

SECTION 5.5 Optional Preservation
of the Collateral. If the Notes have been declared or are automatically due and payable under Section 5.2 following
an Event of Default and such declaration or automatic occurrence and its consequences have not been rescinded and annulled, if
permitted hereunder, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate and continue to
apply the proceeds thereof in accordance with Section 5.4(b). It is the intent of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee
shall take such intent into account when determining whether or not to maintain possession of the Collateral. In determining whether
to maintain possession of the Collateral, the Indenture Trustee may (at other than its own expense), but need not, obtain and rely
upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Collateral for such purpose.

 

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

 

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

 

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

 

(iii) such Holder or
Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities
to be incurred in complying with such request;

 

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

 

(v) no direction inconsistent
with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of a majority of the
Outstanding Note Balance.

 

No Noteholder or group of Noteholders shall have
any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce
any right under this Indenture, except, in each case, to the extent and in the manner herein provided.

 

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

 

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Indenture Trustee receives conflicting
or inconsistent requests and indemnity from two or more groups of Noteholders representing equal Note Balances of the Controlling
Class, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other
provisions of this Indenture.

 

(b) No Noteholder shall have
any right to vote except as provided pursuant to this Indenture and the Notes, nor any right in any manner to otherwise control
the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to vote
or consent under this Indenture and the Notes, the Issuer may set a record date for purposes of determining the identity of Noteholders
entitled to vote or consent in accordance with TIA Section 316(c).

 

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

 

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

 

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

 

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

 

SECTION 5.11 Control by Noteholders.
Subject to the provisions of Sections 5.4, 5.6, 6.1(c), 6.2(d), and 6.2(e) and 6.2(f),
Noteholders holding not less than a majority of the Note Balance of the Controlling Class shall have the right to direct the time,
method and place of

 

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conducting any Proceeding for
any remedy available to the Indenture Trustee with respect to the Notes or with respect to the exercise of any trust or power conferred
on the Indenture Trustee; provided, that

 

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

 

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

 

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

 

(d) the Indenture Trustee
may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction, applicable law and
the terms of this Indenture; and

 

(e) such direction
shall be in writing;

 

provided, further, that, subject
to Section 6.1, the Indenture Trustee need not take any action that it determines might expose it to personal liability
or might materially adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action.

 

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

 

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

 

SECTION 5.13 Undertaking
for Costs. All parties to this Indenture agree, and each Noteholder by such Noteholder’s acceptance thereof shall be
deemed to have agreed, that any

 

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court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any
action taken, suffered or omitted by it as the Indenture Trustee, the filing by any party litigant in such suit of an undertaking
to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b)
any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding
Note Balance, or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any
Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after
the Redemption Date).

 

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

 

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

 

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

 

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the Bank, as applicable, of each
of their obligations under or in connection with the Purchase Agreement.

 

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

 

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

 

ARTICLE
VI THE INDENTURE TRUSTEE

 

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

 

(b) Except during an Event of
Default, subject to Section 6.1(a):

 

(i) the Indenture Trustee
undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and the other Transaction
Documents to

 

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which it is a party
and no implied covenants or obligations shall be read into this Indenture or the other Transaction Documents against the Indenture
Trustee; and

 

(ii) in the absence
of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming on their face to
the requirements of this Indenture; but in the case of any such certificates or opinions which by any provisions hereof are specifically
required to be furnished to the Indenture Trustee, the Indenture Trustee shall examine the certificates and opinions to determine
whether or not they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy
of mathematical calculations or other facts stated therein).

 

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

 

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

 

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

 

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

 

(iv) the Indenture
Trustee shall have no duty (A) to see to any recording, filing, or depositing of this Indenture or any agreement referred to herein
or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording
or filing or depositing or to any re-recording, refiling or redepositing of any thereof, (B) to see to any insurance, (C) to see
to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind owing with
respect to, assessed or levied against, any part of the Trust Estate other than as directed by the Servicer or the Administrator,
in either case, from funds available in the Collection Account, (D) except as otherwise set forth in Section 6.1(b)(ii),
to confirm or verify the contents of any reports or certificates of the Servicer delivered to the Indenture Trustee pursuant to
this Indenture believed by the Indenture Trustee to be genuine and to have been signed or presented by the proper party or parties,
or (E) to execute any certificates or other documents required pursuant to the Sarbanes-Oxley Act or the rules and regulations
promulgated thereunder, except with respect to the back-up certification provided pursuant to Section 9.21 of the Sale and
Servicing Agreement.

 

(d) Every provision of this
Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b) and (c) of this
Section 6.1.

 

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

 

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

 

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

 

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

 

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

 

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

 

(a) The Indenture Trustee may
conclusively rely on any resolution, certification, statement, opinion, report, notice, request, direction, consent, order, bond,
debenture or other paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The
Indenture Trustee need not investigate any fact or matter stated in the document, provided, however, the Indenture Trustee
may, and upon the written direction of a majority of the Note Balance of the Controlling Class shall (subject to the right hereunder
to be satisfactorily indemnified for associated expense and liability), make such further inquiry or investigation into such facts
or matters as it may see fit or as it shall be directed.

 

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

 

(c) The Indenture Trustee may
execute any of the trusts or powers hereunder or under any of the Transaction Documents to which the Indenture Trustee is a party
or perform any duties hereunder or under any of the Transaction Documents to which the Indenture Trustee is a party either directly
or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct
or negligence on the part of, or for the supervision of, any co-trustee or separate trustee appointed in accordance with the provisions
of Section 6.10, or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder. The Indenture
Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, the Administrator
or the Servicer.

 

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(d) The Indenture Trustee shall
not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within discretion
or rights or powers conferred upon it by this Indenture; provided, however, that the Indenture Trustee’s conduct
does not constitute willful misconduct, negligence or bad faith.

 

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

 

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

 

(g) The Indenture Trustee shall
not be deemed to have notice of any Default, Event of Default or Servicer Replacement Event unless a Responsible Officer of the
Indenture Trustee has actual knowledge thereof or has received written notice thereof.

 

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

 

(i) Anything in this Indenture
to the contrary notwithstanding, in no event shall the Indenture Trustee be liable under or in connection with this Indenture for
indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to
lost profits, whether or not foreseeable, even if the Indenture Trustee has been advised of the possibility thereof and regardless
of the form of action in which such damages are sought.

 

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

 

SECTION 6.3 Individual Rights
of the Indenture Trustee. Subject to Section 310 of the TIA, the Indenture Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee, the Administrator and their
respective Affiliates with the same rights it would have if it were not the Indenture Trustee, and the Seller, the Owner Trustee,
the Administrator and their respective Affiliates may maintain normal commercial banking and investment banking relationships with
the Indenture Trustee and its Affiliates. Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate
trustee may do the same with like rights. However, the Indenture Trustee must comply with Section 6.11.

 

SECTION 6.4 The Indenture
Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the validity
or adequacy of this Indenture, the Notes or the other Transaction Documents or the validity, sufficiency or perfection of the

 

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Collateral, shall not be accountable
for the Issuer’s use of the proceeds from the Notes, and shall not be responsible for any statement or omission of the Issuer
in the Indenture or the other Transaction Documents or in any document issued in connection with the sale of the Notes or in the
Notes, all of which shall be taken as the statements of the Issuer, other than the Indenture Trustee’s certificate of authentication.
The Indenture Trustee shall not be responsible for making Collections called for under the terms and provisions of the Receivables
and on each Payment Date shall make the deposits and distributions specified in this Indenture and the Sale and Servicing Agreement
solely based on information contained in, and as directed by, the Servicer’s Certificate.

 

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

 

SECTION 6.6 Reports by the
Indenture Trustee to Noteholders. Upon delivery from the Servicer, the Indenture Trustee, at the expense of the Issuer, shall
deliver by mail, e-mail, courier, fax or the Indenture Trustee’s website at www.usbank.com/abs or such other website address
as is provided by the Indenture Trustee to each Noteholder, not later than the latest date permitted by law, such information as
may be required by law to enable such Holder to prepare its federal and state income tax returns.

 

SECTION 6.7 Compensation
and Indemnity. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to agree (i) to pay to the
Indenture Trustee from time to time such compensation as the Servicer and the Indenture Trustee shall agree in writing for services
rendered by the Indenture Trustee hereunder and under the Transaction Documents in accordance with a fee letter between the Servicer
and the Indenture Trustee effective as of the Closing Date, (ii) to reimburse the Indenture Trustee for all reasonable expenses,
advances and disbursements incurred by it in connection with the performance of its duties as Indenture Trustee hereunder and under
the Transaction Documents and (iii) to indemnify the Indenture Trustee, its directors, officers, employees and agents for, and
hold it harmless against, any and all claims loss, liability or expense (including reasonable attorneys’ fees and disbursements)
incurred by any of them in connection with the administration of the trust or trusts hereunder or the performance of its duties
as Indenture Trustee hereunder and under the Transaction Documents, including but not limited to the costs and expenses of defending
itself against any claim or liability, and of commencing or prosecuting any action or proceeding, in connection with the exercise
or performance of any of its powers or duties hereunder. The Indenture Trustee’s compensation shall not be limited by any
law on compensation of a trustee of an express trust. The Indenture Trustee shall notify the Issuer and the Servicer promptly of
any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not
relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend any such
claim, and the Indenture Trustee may

 

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have separate counsel of its
own choosing and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such counsel. The Indenture Trustee
shall not be indemnified by the Administrator, the Issuer, the Seller or the Servicer against any loss, liability or expense incurred
by it or arising from (i) U.S. Bank National Association’s own willful misconduct, negligence or bad faith, (ii) the inaccuracy
of any representation or warranty expressly made by U.S. Bank National Association in its individual capacity or any representation
or warranty made by U.S. Bank National Association in accordance with Sections 9.21 or 9.22 of the Sale and
Servicing Agreement or (iii) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received
by the Indenture Trustee.

 

The compensation and indemnity
obligations to the Indenture Trustee pursuant to this Section shall survive the resignation or removal of the Indenture Trustee,
the discharge of this Indenture and the termination of the Sale and Servicing Agreement. When the Indenture Trustee incurs expenses
after the occurrence of an Event of Default set forth in Section 5.1(e) with respect to the Issuer, the expenses are intended
to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency
or similar law.

 

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

 

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

 

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

 

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

 

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

 

If the Indenture Trustee resigns
or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event
being referred to herein as the retiring Indenture Trustee), the Issuer shall cause the Administrator to promptly appoint a successor
Indenture Trustee which satisfies the requirements set forth in Section 6.11.

 

A successor Indenture Trustee
shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the resignation
or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee, without any further act,
deed or conveyance, shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture
Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property
held by it as the Indenture Trustee to the successor Indenture Trustee.

 

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

 

If the Indenture Trustee fails
to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture
Trustee and the appointment of a successor Indenture Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 6.11 Eligibility;
Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a) and, in addition,
shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition
and shall have a long term debt rating of investment grade or better by Moody’s and “BBB” or better by Standard
& Poor’s or shall otherwise be acceptable to each Rating Agency.

 

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The Indenture Trustee shall also
satisfy the requirements of TIA Section 310(b). Neither the Issuer nor any Affiliate of the Issuer may serve as Indenture Trustee.

 

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

 

SECTION 6.13 Representations
and Warranties. The Indenture Trustee hereby makes the following representations and warranties on which the Issuer and the
Noteholders shall rely:

 

(i) the Indenture Trustee
is a national banking association duly organized and validly existing under the laws of the United States; and

 

(ii) the Indenture
Trustee has full power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken all necessary
action to authorize the execution, delivery and performance by it of this Indenture.

 

ARTICLE
VII NOTEHOLDERS’ LISTS AND REPORTS

 

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

 

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

 

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

 

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

 

SECTION 7.3 Reports by the
Indenture Trustee. If required by TIA Section 313(a), within 60 days after each March 31, beginning with March 31, 2016, the
Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that complies
with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). A copy of each report at the time of
its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which
the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.

 

ARTICLE
VIII ACCOUNTS, DISBURSEMENTS AND RELEASES

 

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

 

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

 

(b) On or before each Payment
Date, the Issuer shall cause (i) the Servicer to deposit all Collections and (ii) the Servicer, the Seller or the Bank, as applicable,
to deposit all Repurchase Prices with respect to the Collection Period preceding such Payment Date in the Collection Account as
provided in the Sale and Servicing Agreement. On or before each Payment Date, all amounts required to be withdrawn from the Reserve
Account and deposited in the Collection Account pursuant to Section 4.3 of the Sale and Servicing Agreement shall be withdrawn
by the Indenture Trustee from the Reserve Account and deposited to the Collection Account.

 

(c) If the Notes have not been
accelerated because of an Event of Default, then on each Payment Date and the Redemption Date, the Indenture Trustee shall distribute
all amounts on deposit in the Principal Distribution Account to Noteholders in respect of principal of the Notes to the extent
of the funds therein in the following order of priority:

 

(i) first, to
the Holders of the Class A-1 Notes, until the Class A-1 Notes are paid in full;

 

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

 

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

 

(iv) fourth,
to the Holders of the Class A-4 Notes, until the Class A-4 Notes are paid in full; and

 

(v) fifth, to
the Holders of the Class B Notes, until the Class B Notes are paid in full.

 

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

 

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

 

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

 

SECTION 8.4 Release of Collateral.
(a) The Indenture Trustee may if permitted by and in accordance with the terms hereof, and when required by the provisions of this
Indenture shall,

 

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execute instruments to release
property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances
that are not inconsistent with the provisions of this Indenture or such other document. No party relying upon an instrument executed
by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority,
inquire into the satisfaction of any conditions precedent or see to the application of any monies.

 

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

 

Each Noteholder or Note Owner,
by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time
the Indenture Trustee shall release the lien of this Indenture (or shall be deemed to automatically release the lien of this Indenture
without any further action) on any Receivable to be sold to (i) the Seller in accordance with Section 2.3 of the Sale and
Servicing Agreement, (ii) to the Servicer in accordance with Section 3.6 of the Sale and Servicing Agreement and (iii) to
the Bank in accordance with Section 3.3 of the Purchase Agreement.

 

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

 

ARTICLE
IX SUPPLEMENTAL INDENTURES

 

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

 

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

 

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

 

(b) Prior to the execution of
any supplemental indenture pursuant to this Section 9.1, the Issuer shall provide written notification of the substance
of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental
indenture, the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Owner Trustee and the Indenture
Trustee; provided, that no supplemental indenture pursuant to this Section 9.1 shall be effective which affects the
rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which
consent shall not be unreasonably withheld or delayed).

 

(c) Promptly after the execution
by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section 9.1, the Indenture Trustee
shall mail to the Noteholders a copy of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail
a copy of such amendment or supplemental indenture, or any defect therein, shall not, however, in any way impair or affect the
validity of any such supplemental indenture.

 

SECTION 9.2 Supplemental
Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice from the Issuer to the Rating Agencies and with the consent of the Holders of not less than a majority of the
Outstanding Note Balance of the Controlling Class, by Act of such Holders delivered to the Issuer and the Indenture Trustee, enter
into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating
any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided,
that no such supplemental indenture pursuant to this Section 9.2 shall, without the consent of the Holder of each Outstanding
Note affected thereby:

 

(i) change the Final
Scheduled Payment Date of any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with
respect thereto, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable,
or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds
available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective
due dates thereof (or, in the case of redemption, on or after the Redemption Date);

 

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(ii) reduce the percentage
of the Outstanding Note Balance, the consent of the Holders of which is required for any such supplemental indenture, or the consent
of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences provided for in this Indenture;

 

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

 

(iv) reduce the percentage
of the Outstanding Note Balance required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate
pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the Outstanding Note Balance plus
accrued but unpaid interest on the Notes;

 

(v) modify any provision
of this Section in any respect materially adverse to the interests of the Noteholders except to increase any percentage specified
herein or to provide that certain additional provisions of this Indenture or the Transaction Documents cannot be modified or waived
without the consent of the Holder of each Outstanding Note affected thereby;

 

(vi) permit the creation
of any Lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except
as otherwise permitted or contemplated herein or in the Transaction Documents, terminate the lien of this Indenture on any property
at any time subject hereto or deprive any Noteholder of the security provided by the lien of this Indenture; or

 

(vii) impair the right
to institute suit for the enforcement of payment as provided in Section 5.7.

 

Prior to the execution of any
supplemental indenture pursuant to this Section 9.2, the Issuer shall provide written notification of the substance of such
supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental indenture,
the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Owner Trustee and the Indenture Trustee;
provided, that no supplemental indenture pursuant to this Section 9.2 shall be effective which affects the rights,
protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent
shall not be unreasonably withheld or delayed).

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
X REDEMPTION OF NOTES

 

SECTION 10.1 Redemption.
(a) Each of the Notes will be redeemed in whole, but not in part, at the direction of the Servicer pursuant to Section 8.1
of the Sale and Servicing Agreement, on any Payment Date on which the Trust Estate (other than the Reserve Account) is purchased
pursuant to said Section 8.1, for a purchase price equal to the Optional Purchase Price, which amount shall be deposited
into the Collection Account on the Redemption Date.

 

(b) Each of the Notes is subject
to redemption in whole, but not in part, on any Payment Date on which the sum of the amount of cash or other immediately available
funds on deposit in the Reserve Account and Available Funds equals or exceeds the sum of (i) the Outstanding Principal Balance
of the Notes, (ii) accrued and unpaid interest thereon and (iii) the Servicing Fee. On such Payment Date, all such amounts shall
be applied to reduce the Outstanding Principal Balance to zero, pay all accrued and unpaid interest on the Notes, pay the Servicing
Fee

 

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and then pay all amounts specified
in clauses (viii) through (x) (in that order) of Section 4.4(a) of the Sale and Servicing Agreement.

 

(c) If the Notes are to be redeemed
pursuant to Section 10.1(a), the Administrator or the Issuer shall provide at least 20 days’ prior notice of the redemption
of the Notes to the Indenture Trustee and the Owner Trustee, and the Indenture Trustee shall provide prompt (but not later than
10 days prior to the applicable Redemption Date) notice thereof to the Noteholders.

 

SECTION 10.2 Form of Redemption
Notice. Notice of redemption under Section 10.1 shall be given by the Indenture Trustee by facsimile or by first-class
mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes as of the close of
business on the Record Date preceding the applicable Redemption Date, at such Holder’s address appearing in the Note Register.

 

All notices of redemption shall
state:

 

(i) the Redemption
Date;

 

(ii) the Redemption
Price;

 

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

 

(iv) that interest
on the Notes shall cease to accrue on the Redemption Date; and

 

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

 

Notice of redemption of the
Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. In addition, the Issuer shall notify
each Rating Agency upon redemption of the Notes. Failure to give notice of redemption, or any defect therein, to any Noteholder
shall not impair or affect the validity of the redemption of any Note.

 

SECTION 10.3 Notes Payable
on Redemption Date. The Notes to be redeemed shall, following notice of redemption as required by Section 10.2 (in the
case of redemption pursuant to Section 10.1), on the Redemption Date become due and payable at the Redemption Price and
(unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any
period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.

 

ARTICLE
XI MISCELLANEOUS

 

SECTION 11.1 Compliance Certificates
and Opinions, etc. (a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any
provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that
all conditions precedent, if any, provided for in this Indenture relating to the proposed action

 

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have been complied with that
satisfies TIA Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent,
if any, have been complied with that satisfies TIA Section 314(c)(2) and (iii) if required by the TIA in the case of condition
precedent compliance with which is subject to verification by accountants, a certificate or opinion of an accountant that satisfies
TIA Section 314(c)(3), except that, in the case of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished.

 

Every certificate or opinion in accordance with TIA
Section 314(e) with respect to compliance with a condition or covenant provided for in this Indenture shall include:

 

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

 

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

 

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

 

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

 

(b) (i) Prior to the deposit
of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any
property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section
11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating
the opinion of each Person signing such certificate as to the fair value in accordance with TIA Section 314(d) (within 90 days
of such deposit) to the Issuer of the Collateral or other property or securities to be so deposited.

 

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

 

(iii) Other than as
contemplated by Section 11.1(b)(v), whenever any property or securities are to be released from the lien of this Indenture,
the Issuer shall also furnish to

 

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the Indenture Trustee
an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within
90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such Person the
proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

 

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

 

(v) Notwithstanding
Section 2.9 or any other provision of this Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose of
Receivables and Financed Vehicles as and to the extent permitted or required by the Transaction Documents, and (B) make cash payments
out of the Trust Accounts as and to the extent permitted or required by the Transaction Documents.

 

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

 

Any certificate of an Authorized
Officer of the Issuer may be based, insofar as it relates to legal matters, upon an opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the opinion or representations with respect
to the matters upon which his or her certificate is based are erroneous. Any Opinion of Counsel may be based, insofar as it relates
to factual matters, upon a certificate, or representations by, an officer or officers of the Servicer, the Seller, the Administrator
or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller,
the Administrator or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate
or representations with respect to such matters are erroneous.

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 11.4 Notices.
All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier service, by facsimile or, if so provided on Schedule
II to the Sale and Servicing Agreement, by electronic transmission, and addressed in each case as specified on Schedule
II to the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in
a written notice to the other parties hereto. Delivery will be deemed to have been made: (i) upon delivery or, in the case of a
letter mailed by registered or certified first-class United States mail, postage prepaid, three days after deposit in the mail,
(ii) in the case of a facsimile, when receipt is confirmed by telephone, reply email or reply facsimile from the recipient, (iii)
in the case of electronic transmission, when receipt is confirmed by telephone or reply email from the recipient and (iv) in the
case of an

 

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electronic posting to a password-protected
website to which the recipient has been provided access, upon delivery (without the requirement of confirmation of receipt) and
notice (including email) to such recipient stating that such electronic posting has occurred.

 

SECTION 11.5 Notices to Noteholders;
Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at 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.

 

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

 

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

 

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

 

SECTION 11.6 Alternate Payment
and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer may
enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Paying
Agent to such Noteholder, that is different from the methods provided for in this Indenture for such payments or notices, provided,
that such methods are reasonable, acceptable to and consented to by the Indenture Trustee (which consent shall not be unreasonably
withheld). The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause
payments to be made and notices to be given in accordance with such agreements.

 

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

 

The provisions of TIA Sections
310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly
excluded by

 

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this Indenture) are a part of
and govern this Indenture, whether or not physically contained herein.

 

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

 

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

 

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

 

SECTION 11.11 Benefits of
Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder and to the extent expressly provided herein, the Noteholders, any other party with rights
to payments or distributions under this Indenture, and any other Person with an ownership interest in any portion of the Collateral,
any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

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

 

SECTION 11.13 Governing Law.
THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

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

 

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

 

SECTION 11.16 Trust Obligation.
Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner or a beneficial interest in a Note, by
accepting the benefits of this Indenture, covenants and agrees that no recourse may be taken, directly or indirectly, with

 

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respect to the obligations of
the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing
delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective individual
capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator
or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or assign of any Person described
in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood
that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

 

SECTION 11.17 No Petition.
Each of the Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or, in
the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year
and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the
Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or
other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote
Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking
the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such
Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to
make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy
Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute with any other Person
any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency
law or statute now or hereafter in effect in any jurisdiction, provided that the foregoing shall in no way limit the rights
of the parties hereto to pursue any other creditor rights or remedies that such Persons may have against the Issuer under applicable
law.

 

SECTION 11.18 Intent.
(a) It is the intent of the Issuer that the Notes constitute indebtedness for all financial accounting purposes and the Issuer
agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have
agreed, to treat the Notes as indebtedness for all financial accounting purposes.

 

(b) It is the intent of the
Issuer that the Notes constitute indebtedness for all tax purposes and the Issuer agrees and each purchaser of a Note (by virtue
of the acquisition of such Note or an interest therein) shall be deemed to have agreed to treat the Notes as indebtedness for all
federal, state and local income and franchise tax purposes (except Notes owned by the Issuer or a Person that is considered the
same Person as the Issuer for U.S. federal income tax purposes).

 

SECTION 11.19 Submission
to Jurisdiction; Waiver of Jury Trial.

 

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

 

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

 

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

 

(iii)   agrees that service
of process in any such action or Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this
Indenture;

 

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

 

(v)   to the extent permitted
by applicable law, waives all right of trial by jury in any action, Proceeding or counterclaim based on, or arising out of, under
or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or thereunder.

 

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

 

SECTION 11.20 Subordination
of Claims. The Issuer’s obligations under this Indenture are obligations solely of the Issuer and will not constitute
a claim against the Seller to the extent that the Issuer does not have funds sufficient to make payment of such obligations. In
furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual capacity and as the Owner Trustee),
by accepting the benefits of this Indenture, the Certificateholder, by accepting the Certificate, and the Indenture Trustee (in
its individual capacity and as Indenture Trustee), by entering into this Indenture, and each Noteholder, each Note Owner, by accepting
the benefits of this Indenture, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other
Assets of the Seller. To the extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each
of the Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner and the Certificateholder either (i) asserts an interest
or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other
Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including
by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision

 

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having similar effect under the
Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets
is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating
to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise
secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled
to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against
the Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement
will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Indenture Trustee
(in its individual capacity and as the Indenture Trustee), by entering into or accepting this Indenture, the Certificateholder,
by accepting the Certificate, and the Owner Trustee, and each Noteholder or Note Owner, by accepting the benefits of this Indenture,
hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this
Section may be enforced by an action for specific performance. The provisions of this Section will be for the third party benefit
of those entitled to rely thereon and will survive the termination of this Indenture.

 

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

 

SECTION 11.22 Information
Requests. The parties hereto shall provide any information reasonably requested by the Servicer, the Issuer, the Seller or
any of their Affiliates, that such party has access to, and is not restricted from providing, in order to comply with or obtain
more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

 

SECTION 11.23 Inspection.
The Issuer agrees that, with reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer’s
normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s
affairs, finances and accounts with the Issuer’s officers, employees, and Independent certified public accountants, all at
such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives
to hold in confidence all such information except to the extent disclosure may be

 

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required by law (and all reasonable
applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine
that such disclosure is consistent with its obligations hereunder.

 

SECTION 11.24 Force
Majeure. The Indenture Trustee shall not incur any liability for not performing any act or fulfilling any duty, obligation
or responsibility hereunder if such delay or failure was caused by a force majeure or other similar occurrence.

 

[Remainder of Page Intentionally Left Blank]

 

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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 2015-1
	 	 	 	 
	 	By: 	Wells Fargo
    Delaware Trust Company,	 
	 	 	National Association,	 
	 	 	not in its individual
    capacity	 
	 	 	but solely as
    Owner Trustee	 

 

	 	By:	      /s/ Rosemary Kennard	 

	 	Name:  Rosemary Kennard
	 	Title:    Vice President

 

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	 	U.S. BANK NATIONAL ASSOCIATION,

not in its individual capacity

but solely as Indenture Trustee

 

	 	By:	      /s/
    Jessica J. Elliott	 

	 	Name:  Jessica J. Elliott
	 	Title:    Vice President

 

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SCHEDULE I

 

PERFECTION REPRESENTATIONS, WARRANTIES AND
COVENANTS

 

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

 

General

 

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

 

2.      The
Receivables constitute “chattel paper” (including “tangible chattel paper” and “electronic chattel
paper”) within the meaning of the applicable UCC.

 

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

 

4.      Each
Trust Account constitutes either a “deposit account” or a “securities account” within the meaning of the
UCC.

 

Creation

 

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

 

Perfection

 

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

 

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

 

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

 

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

 

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

 

8.      With
respect to the Trust Accounts that constitute deposit accounts, either:

 

(i)     the Issuer has delivered
to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply
with all instructions originated by the Indenture Trustee directing disposition of the funds in such Trust Accounts without further
consent by the Issuer; or

 

(ii)     the Issuer has taken
all steps necessary to cause the Indenture Trustee to become the account holder of such Trust Accounts.

 

9.      With
respect to the Trust Accounts that constitute securities accounts or securities entitlements, either:

 

(i)      the Issuer has delivered
to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary has agreed to comply with all
instructions originated by the Indenture Trustee relating to such Trust Accounts without further consent by the Issuer; or

 

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

 

Priority

 

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

 

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

 

12.    Neither
the Issuer nor a custodian or vaulting agent thereof holding any Receivable that is electronic chattel paper has communicated an
“authoritative copy” (as such

 

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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.

 

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

 

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

 

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

 

Survival of Perfection Representations

 

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

 

No Waiver

 

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

 

Issuer to Maintain Perfection and Priority

 

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

 

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Exhibit A

 

FORMS OF NOTES

 

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

 

	REGISTERED	 	$___________________1	 
	No. R-________	 	CUSIP NO. ______________	 
	 	 	ISIN. ______________	 

 

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

 

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

 

By
acquiring this note, each purchaser or transferee will be deemed to represent and warrant that either (a) it is not acquiring THIS
note (OR ANY INTEREST HEREIN) with ANY assets of (i) an “employee benefit plan” as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”) which is subject to title i of erisa, (ii) a “plan”
as described by section 4975(e)(1) OF the Internal Revenue Code of 1986, as amended
(the “Code”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) an entity deemed to hold the plan assets of any of
the foregoing BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY, or (IV) any government plan,
non-u.s. plan, church plan, other employee benefit plan or other retirement arrangement that is subject to ANY FEDERAL, STATE,
LOCAL OR OTHER law that is SUBSTANTIALLY similar to Section 406 of ERISA or Section 4975 of the Code (“similar law”)
or (B)(I) THE NOTE is RATED AT LEAST “BBB-” OR ITS EQUIVALENT BY A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION
AT THE TIME OF PURCHASE OR TRANSFER, AND (ii) the acquisition, holding and disposition of this note (OR ANY INTEREST HEREIN) will
not give rise to a nonexempt prohibited transaction under Section 406 of ERISA OR Section 4975 of the Code or A VIOLATION OF any
similar law.

 

 

 

1
Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

 

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USAA AUTO OWNER TRUST
2015-1

 

[CLASS A-1 0.38000%]
[CLASS A-2 0.82%] [CLASS A-3 1.20%]

[CLASS A-4 1.54%] [CLASS B 1.96%]

AUTO LOAN ASSET BACKED NOTES

 

USAA Auto Owner Trust 2015-1,
a statutory trust organized and existing under the laws of the State of Delaware (including any successor, the “Issuer”),
for value received, hereby promises to pay to [______], or registered assigns, the principal sum of [___] DOLLARS ($[___]), in
monthly installments on the 15th of each month, or if such day is not a Business Day, on the immediately succeeding
Business Day, commencing on August 17, 2015 (each, a “Payment Date”) until the principal of this Note is paid
or made available for payment, and to pay interest on each Payment Date on the Class [A-1] [A-2] [A-3] [A-4] [B] Note Balance as
of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the
Closing Date in the case of the first Payment Date, at the rate per annum shown above (the “Interest Rate”),
in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b) and 8.2 of the Indenture and
Section 4.4 of the Sale and Servicing Agreement; provided, however, that the entire Class [A-1] [A-2] [A-3]
[A-4] [B] Note Balance shall be due and payable on the earliest of (i) [___] (the “Final Scheduled Payment Date”),
(ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated
after an Event of Default pursuant to Section 5.2 of the Indenture. Interest on this Note will accrue for each Payment Date
from and including the preceding Payment Date (or, in the case of the initial Payment Date, from and including the Closing Date)
to but excluding such Payment Date. Interest will be computed on the basis of [Class A-1: actual days elapsed and a 360-day year][Class
A-2, A-3, A-4 and B: a 360-day year of twelve 30-day months]. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

 

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

 

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

 

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

 

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

 

	Dated:	 	, 2015	 

 

	 	USAA AUTO OWNER TRUST 2015-1
	 	 	 	 
	 	By: 	Wells Fargo Delaware Trust Company,	 
	 	 	National Association,	 
	 	 	not in its individual capacity	 
	 	 	but solely as Owner Trustee	 

 

	 	By: 	 	 

	 	Name:	 
	 	Title:	 

 

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INDENTURE TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	Dated:	 	, 2015	 

 

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

 

	 	By:	 	 
	 	 	Authorized Signatory	 

 

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[REVERSE OF NOTE]

 

This Note is one of a duly authorized
issue of Notes of the Issuer, designated as its [Class A-1 0.38000%] [Class A-2 0.82%] [Class A-3 1.20%] [Class A-4 1.54%] [Class
B 1.96%] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2] [A-3] [A-4] [B] Notes” or the “Notes”),
all issued under an Indenture dated as of July [29], 2015 (such Indenture, as supplemented or amended, is herein called the “Indenture”),
between the Issuer and U.S. Bank National Association, a national banking association, not in its individual capacity but solely
as trustee (the “Indenture Trustee”), which term includes any successor Indenture Trustee under the Indenture,
to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture
and the Sale and Servicing Agreement. All terms used in this Note that are not otherwise defined herein and that are defined in
the Indenture or the Sale and Servicing Agreement shall have the meanings assigned to them in the Indenture or in Appendix A
of the Sale and Servicing Agreement.

 

The Class A-1 Notes, the Class
A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture. The Class B Notes are subordinated to the Class A Notes, and are secured by the
collateral pledged as security therefor on a subordinated basis as provided in the Indenture. All covenants and agreements made
by the Issuer in the Indenture are for the benefit of the Holders of the Notes.

 

Principal payable on the Notes
will be paid on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As described
above, the entire Class [A-1] [A-2] [A-3] [A-4] [B] Note Balance shall be due and payable on the earliest of (i) [___] (the “Final
Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii)
the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. All principal payments
on the Class [A-1] [A-2] [A-3] [A-4] [B] Notes shall be made pro rata to the Class [A-1] [A-2] [A-3] [A-4] [B] Noteholders entitled
thereto.

 

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

 

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the Issuer, will notify the Person
who was the registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed prior
to such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender
of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed
for such purposes located in The City of New York.

 

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

 

It is the intent of the Seller,
the Servicer, the Noteholders and the Note Owners that, for purposes of federal, state and local income and franchise tax the Notes
will qualify as indebtedness (except Notes owned by the Issuer or a Person that is considered the same Person as the Issuer for
U.S. federal income tax purposes). The Noteholders, by acceptance of a Note, agree to treat, and to take no action inconsistent
with the treatment of, the Notes for such tax purposes as indebtedness of the Issuer.

 

Each Noteholder or Note Owner,
by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, prior to
the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all
securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary
winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such
Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction
or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect
to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment
of or taking possession by any such official in any involuntary case or other Proceeding commenced against such Bankruptcy Remote
Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such
Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing any Proceeding
against such Bankruptcy Remote Party under any bankruptcy,

 

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reorganization, liquidation or
insolvency law or statute now or hereafter in effect in any jurisdiction.

 

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

 

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

 

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

 

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ASSIGNMENT

 

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

 

 

 

FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto___________________________________________________________________________________

(name and address of assignee)

 

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

 

Dated: _____________      _______________________________*/

 

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

 

 

 

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

 

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