Document:

EXHIBIT 4.1

 

USAA AUTO OWNER TRUST 20[ ]-[ ]

 

Class A-1 [ ]% Auto Loan Asset Backed Notes

Class A-2[-A] [ ]% Auto Loan Asset Backed Notes

[Class A-2-B [LIBOR +] [ ]% Auto Loan Asset Backed Notes]

Class A-3 [ ]% Auto Loan Asset Backed Notes

Class A-4 [ ]% Auto Loan Asset Backed Notes

Class B [ ]% Auto Loan Asset Backed Notes

 

 

 

FORM OF

INDENTURE

 

Dated as of [     ], 20[   ]

 

 

 

[                       ],

 

as the Indenture Trustee

 

 

    	 

    	

    

CROSS REFERENCE TABLE1

 

	TIA 

Section	 	Indenture

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

 

 

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

2  N.A. means Not Applicable.

    	 

    	

    

Table
of Contents

 

	 	 	Page
	ARTICLE I	DEFINITIONS AND INCORPORATION BY REFERENCE	2
	 	 	 
	SECTION 1.1	Definitions	2
	SECTION 1.2	Incorporation by Reference of Trust Indenture Act	2
	SECTION 1.3	Other Interpretive Provisions	2
	 	 	 
	ARTICLE II	THE NOTES	3
	 	 	 
	SECTION 2.1	Form	3
	SECTION 2.2	Execution, Authentication and Delivery	3
	SECTION 2.3	Temporary Notes	4
	SECTION 2.4	Registration of Transfer and Exchange	4
	SECTION 2.5	Mutilated, Destroyed, Lost or Stolen Notes	5
	SECTION 2.6	Persons Deemed Owners	6
	SECTION 2.7	Payment of Principal and Interest; Defaulted Interest	6
	SECTION 2.8	Cancellation	7
	SECTION 2.9	Release of Collateral	7
	SECTION 2.10	Book-Entry Notes	8
	SECTION 2.11	Notices to Clearing Agency	8
	SECTION 2.12	Definitive Notes	8
	SECTION 2.13	Authenticating Agents	9
	SECTION 2.14	Tax Treatment	10
	SECTION 2.15	Certain Transfer Restrictions on the Notes	10
	 	 	 
	ARTICLE III	COVENANTS	11
	 	 	 
	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
	SECTION 3.12	Notice of Events of Default	17
	SECTION 3.13	Further Instruments and Acts	18
	SECTION 3.14	Compliance with Laws	18
	SECTION 3.15	Perfection Representations, Warranties and Covenants	18
	 	 	 
	ARTICLE IV	SATISFACTION AND DISCHARGE	18
	 	 	 
	SECTION 4.1	Satisfaction and Discharge of Indenture	18
	SECTION 4.2	Application of Trust Money	19
	SECTION 4.3	Repayment of Monies Held by Paying Agent	19

    	i

    	

    
Table
of Contents

(Continued)

 

	 	 	Page
	 	 	 
	ARTICLE V	REMEDIES	19
	 	 	 
	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	21
	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	27
	SECTION 5.11	Control by Noteholders	27
	SECTION 5.12	Waiver of Past Defaults	27
	SECTION 5.13	Undertaking for Costs	28
	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	29
	SECTION 5.17	Sale of Collateral	29
	 	 	 
	ARTICLE VI	THE INDENTURE TRUSTEE	30
	 	 	 
	SECTION 6.1	Duties of the Indenture Trustee	30
	SECTION 6.2	Rights of the Indenture Trustee	31
	SECTION 6.3	Individual Rights of the Indenture Trustee	33
	SECTION 6.4	The Indenture Trustee’s Disclaimer	33
	SECTION 6.5	Notice of Defaults	33
	SECTION 6.6	Reports by the Indenture Trustee to Noteholders	33
	SECTION 6.7	Compensation and Indemnity	34
	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	36
	SECTION 6.11	Eligibility; Disqualification	37
	SECTION 6.12	Preferential Collection of Claims Against the Issuer	37
	SECTION 6.13	Representations and Warranties	37
	 	 	 
	ARTICLE VII	NOTEHOLDERS’ LISTS AND REPORTS	37
	 	 	 
	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	38
	SECTION 7.3	Reports by the Indenture Trustee	38
	SECTION 7.4	Noteholder Demand for Repurchase; Dispute Resolution	38

    	ii

    	

    
Table
of Contents

(Continued)

 

	 	 	Page
	 	 	 
	SECTION 7.5	Asset Review Voting	39
	 	 	 
	ARTICLE VIII	ACCOUNTS, DISBURSEMENTS AND RELEASES	40
	SECTION 8.1	Collection of Money	40
	SECTION 8.2	Trust Accounts	40
	SECTION 8.3	General Provisions Regarding Accounts	41
	SECTION 8.4	Release of Collateral	42
	SECTION 8.5	Opinion of Counsel	42
	 	 	 
	ARTICLE IX	SUPPLEMENTAL INDENTURES	43
	 	 	 
	SECTION 9.1	Supplemental Indentures Without Consent of Noteholders	43
	SECTION 9.2	Supplemental Indentures with Consent of Noteholders	43
	SECTION 9.3	Execution of Supplemental Indentures	45
	SECTION 9.4	Effect of Supplemental Indenture	45
	SECTION 9.5	Conformity With Trust Indenture Act	45
	SECTION 9.6	Reference in Notes to Supplemental Indentures	45
	 	 	 
	ARTICLE X	REDEMPTION OF NOTES	46
	 	 	 
	SECTION 10.1	Redemption	46
	SECTION 10.2	Form of Redemption Notice	46
	SECTION 10.3	Notes Payable on Redemption Date	47
	 	 	 
	ARTICLE XI	MISCELLANEOUS	47
	 	 	 
	SECTION 11.1	Compliance Certificates and Opinions, etc	47
	SECTION 11.2	Form of Documents Delivered to the Indenture Trustee	48
	SECTION 11.3	Acts of Noteholders	49
	SECTION 11.4	Notices	50
	SECTION 11.5	Notices to Noteholders; Waiver	50
	SECTION 11.6	Alternate Payment and Notice Provisions	50
	SECTION 11.7	Conflict with Trust Indenture Act	51
	SECTION 11.8	Effect of Headings and Table of Contents	51
	SECTION 11.9	Successors and Assigns	51
	SECTION 11.10	Severability	51
	SECTION 11.11	Benefits of Indenture	51
	SECTION 11.12	Legal Holidays	51
	SECTION 11.13	Governing Law	51
	SECTION 11.14	Counterparts	52
	SECTION 11.15	Recording of Indenture	52
	SECTION 11.16	Trust Obligation	52
	SECTION 11.17	No Petition	52
	SECTION 11.18	Intent	53
	SECTION 11.19	Submission to Jurisdiction; Waiver of Jury Trial	53
	SECTION 11.20	Subordination of Claims	54
	SECTION 11.21	Limitation of Liability of Owner Trustee	54

    	iii

    	

    
Table
of Contents

(Continued)

 

	 	 	Page
	 	 	 
	SECTION 11.22	Information Requests	55
	SECTION 11.23	Inspection	55
	SECTION 11.24	Force Majeure	55
	SECTION 11.25	[Limitation of Rights]	55

    	iv

    	

    

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

    	v

    	

    

This INDENTURE,
dated as of [ ], 20[ ] (as amended, modified or supplemented from time to time, this “Indenture”), is between
USAA AUTO OWNER TRUST 20[ ]-[ ], a Delaware statutory trust (the “Issuer”), and [ ], a [ ], 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 [ ]%
Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2[-A] [ ]% Auto Loan Asset Backed Notes (the “Class
A-2[-A] Notes”), [Class A-2-B [LIBOR +] [ ]% Auto Loan Asset Backed Notes (the “Class A-2-B Notes”
and together with the Class A-2-A Notes, the “Class A Notes”)], Class A-3 [ ]% Auto Loan Asset Backed Notes
(the “Class A-3 Notes”) and Class A-4 [ ]% 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 [__]% 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 [and amounts payable by the Issuer
to the Swap Counterparty under the Interest Rate Swap Agreement], 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 [and the Swap Counterparty], 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 [and the Swap Counterparty], 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[, (ii) the payment of all amounts payable
by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement] and (iii) compliance with the provisions of this
Indenture, all as provided in this Indenture.

 

Without limiting the
foregoing Grant, any Receivable purchased by the Bank pursuant to Section 3.4 of the Purchase Agreement or by the Seller
or the Servicer pursuant to Section 3.6 of the Sale and Servicing Agreement shall be deemed to be automatically released
from the lien of

    	 	 	Indenture
                                         (USAA 20[ ]-[ ])

    	

    

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.

 

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 [ ], 20[ ] (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

    	 	2	Indenture (USAA 20[  ]-[  ])

    	

    

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 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[-A] Notes, [Class A-2-B 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 $[ ], Class
A-2[-A] Notes for original issue in an Initial Note Balance of $[ ], [Class A-2-B Notes for original issue in an Initial Note Balance
of $[ ],] Class A-3 Notes for original issue in an Initial Note Balance of $[ ], Class A-4 Notes for original issue in an Initial
Note Balance of $[ ] and Class B Notes for original issue in an Initial Note Balance of $[ ]. The Note Balance of Class A-1 Notes,
Class A-2[-A] Notes, [Class A-2-B 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 $[___] and in integral
multiples of $[___] in excess thereof (except for one Note of each Class which may be issued in a denomination other than an integral
multiple of $[___]).

 

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

    	 	3	Indenture (USAA 20[  ]-[  ])

    	

    

authorized signatories,
and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated
and delivered hereunder.

 

SECTION 2.3 Temporary
Notes. 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

    	 	4	Indenture (USAA 20[  ]-[  ])

    	

    

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.

 

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

    	 	5	Indenture (USAA 20[  ]-[  ])

    	

    

shall be entitled to
recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement
Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a “protected purchaser”
(as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor to
the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith.

 

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

    	 	6	Indenture (USAA 20[  ]-[  ])

    	

    

provided below. The funds
represented by any such checks returned undelivered shall be held in accordance with Section 3.3.

 

(b) The principal of
each Note shall be payable in installments on each Payment Date as provided in 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

    	 	7	Indenture (USAA 20[  ]-[  ])

    	

    

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.

 

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

    	 	8	Indenture (USAA 20[  ]-[  ])

    	

    

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 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

    	 	9	Indenture (USAA 20[  ]-[  ])

    	

    

termination, the Indenture
Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Issuer.

 

(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

    	 	10	Indenture (USAA 20[  ]-[  ])

    	

    

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 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. (a) 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.

 

(b) [So long as the
Class A-2-B Notes are Outstanding, the Indenture Trustee shall obtain LIBOR in accordance with the definition of “LIBOR”
on each LIBOR Determination Date and shall promptly provide such rate to the Administrator or such person as directed by the Administrator.
All determinations of LIBOR by the Indenture Trustee, in the absence of manifest error, will be conclusive and binding on the Noteholders.]

 

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

    	 	11	Indenture (USAA 20[  ]-[  ])

    	

    

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

 

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

 

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

 

(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

    	 	12	Indenture (USAA 20[  ]-[  ])

    	

    

Persons entitled
to payments with respect to the Notes any Tax Identification Information and paying over such withheld amounts to the appropriate
Governmental Authority), and with respect to any applicable reporting requirements in connection with any payments made by it on
any Notes and any withholding of taxes therefrom, and, upon request, provide any collected Tax Identification Information or Tax
Identification Information of the Paying Agent and/or Indenture Trustee to the Issuer.

 

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

 

(e) Subject to applicable
laws with respect to the escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment
of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall
be discharged from such trust and distributed by the Indenture Trustee to the Issuer upon receipt of an Issuer Request and the
Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof and all liability
of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; 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 [and the Swap Counterparty] 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
[and the Swap Counterparty], a first lien on and a first priority,

    	 	13	Indenture (USAA 20[  ]-[  ])

    	

    

perfected security interest
in the Collateral (except to the extent that the interest of the Indenture Trustee therein cannot be perfected by the filing of
a financing statement). The Issuer shall from time to time execute and deliver all such supplements and amendments hereto, shall
file or authorize the filing of all such financing statements, continuation statements, instruments of further assurance and other
instruments, all as prepared by the Administrator and delivered to the Issuer, and shall take such other action necessary or advisable
to:

 

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

 

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

 

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

 

(d) enforce any of the
Collateral; or

 

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

 

The Issuer hereby designates
the Indenture Trustee its agent and attorney-in-fact and hereby authorizes the Indenture Trustee to file all financing statements,
continuation statements 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 30th of the calendar year immediately following the Closing
Date, 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

    	 	14	Indenture (USAA 20[  ]-[  ])

    	

    

also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the
filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain
the lien and security interest of this Indenture until April 30 in the following calendar year.

 

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

 

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

 

(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;

    	 	15	Indenture (USAA 20[  ]-[  ])

    	

    

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

 

(e) (i) permit the validity
or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated,
terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under
this Indenture except as may be expressly permitted hereby, (ii) permit any Lien (other than Permitted Liens) to be created on
or extend to or otherwise arise upon or burden the assets of the Issuer or any part thereof or any interest therein or the proceeds
thereof or (iii) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any Permitted
Lien) security interest in the Collateral;

 

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

 

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

 

SECTION 3.9 Annual
Compliance Statement.

 

(a) The Issuer shall
deliver to the Indenture Trustee on or before April 30th of each calendar year beginning with the calendar year immediately
following the Closing Date, 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

    	 	16	Indenture (USAA 20[  ]-[  ])

    	

    

(iii) supply
to the Indenture Trustee (and if required by TIA Section 313(c) the Indenture Trustee shall transmit by mail to all Noteholders)
such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and
(ii) of this Section 3.9(b) as may be required pursuant to rules and regulations prescribed from time to time by
the Commission.

 

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

 

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

 

SECTION 3.10 Restrictions
on Certain Other Activities. The Issuer shall not: (i) engage in any activities other than financing, acquiring, owning, pledging
and managing the Trust Estate and the other Collateral in the manner contemplated by the Transaction Documents; (ii) issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness 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[, the Swap
Counterparty] 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[, the Swap Counterparty] 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.

    	 	17	Indenture (USAA 20[  ]-[  ])

    	

    

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

 

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

 

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

 

ARTICLE
IV SATISFACTION AND DISCHARGE

 

SECTION 4.1 Satisfaction
and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (a) rights
of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders
to receive payments of principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.8, 3.10
and 3.11, (e) the rights and immunities of the Indenture Trustee, including but not limited to 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, without limitation, all amounts due and owing to
the Indenture Trustee [and all amounts due and owing to the Swap Counterparty, including all Swap Termination Payments]; 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)).

    	 	18	Indenture (USAA 20[  ]-[  ])

    	

    

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

 

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

 

ARTICLE
V REMEDIES

 

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

 

(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

    	 	19	Indenture (USAA 20[  ]-[  ])

    	

    

(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.

 

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 (C) any Net Swap Payments and any Swap Termination
Payments then due and payable to the Swap Counterparty under the Interest Rate Swap Agreement]; 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.

    	 	20	Indenture (USAA 20[  ]-[  ])

    	

    

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

 

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

 

(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

    	 	21	Indenture (USAA 20[  ]-[  ])

    	

    

pursuant to the provisions
of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise:

 

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

 

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

 

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

 

(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

    	 	22	Indenture (USAA 20[  ]-[  ])

    	

    

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 [and
the Swap Counterparty], to the extent set forth in Section 5.4(b).

 

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

 

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

 

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

 

(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 [and the Swap Counterparty] 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 [and
all amounts due to the Swap Counterparty under the Interest Rate Swap Agreement] 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 [and the Swap Counterparty]. 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

    	 	23	Indenture (USAA 20[  ]-[  ])

    	

    

reputation as to the feasibility of such
proposed action and as to the sufficiency of the Trust Estate for such purpose. Notwithstanding anything herein to the contrary,
if the Event of Default does not relate to a Payment Default or Insolvency Event with respect to the Issuer, the Indenture Trustee
may not sell or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to such sale or the proceeds
of such sale are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes.

 

(b) Notwithstanding
the provisions of Section 8.2 of this Indenture or Section 4.4 of the Sale and Servicing Agreement after an Event
of Default and acceleration of the Notes, if the Indenture Trustee collects any Collections, money or property with respect to
the Collateral, it shall pay out such Collections, money or property (and other amounts, including all amounts held on deposit
in the Reserve Account) held as Collateral for the benefit of the Noteholders (net of liquidation costs associated with the sale
of the Trust Estate) in the following order of priority:

 

(i) first,
to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, any accrued and unpaid fees, (including any
unpaid Indenture Trustee, Owner Trustee or Asset Representations Reviewer 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,
to the Swap Counterparty, any due and unpaid Net Swap Payments;]

 

(iv) fourth,
pro rata, based on amounts due to the [(A) Swap Counterparty for any due and unpaid Senior Swap Termination Payments and (B)] Class
A Noteholders, for payment to each respective Class of Class A Noteholders, the Accrued Class A Note Interest; provided,
that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amount available
shall be applied to the payment of such interest on each Class of Class A Notes on a pro rata basis based on the amount of interest
payable to each Class of Class A Notes;

 

(v) fifth,
to the Holders of the Class A-1 Notes in respect of principal thereon until the Class A-1 Notes have been paid in full;

 

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

 

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

 

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

 

(ix) [ninth,
to the Swap Counterparty, any due and unpaid Subordinated Swap Termination Payments;]

    	 	24	Indenture (USAA 20[  ]-[  ])

    	

    

(x) tenth,
to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, any accrued and unpaid fees, reasonable expenses
and indemnity payments which have not previously been paid;

 

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

 

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

 

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

 

If the Notes have not
been accelerated because of an Event of Default, if the Indenture Trustee collects any money or property pursuant to this Article
V, such amounts shall be deposited into the Collection Account and distributed in accordance with Section 4.4 of the
Sale and Servicing Agreement and Section 8.2 hereof.

 

SECTION 5.5 Optional
Preservation of the Collateral. If the Notes have been declared or are automatically due and payable under Section 5.2
following an Event of Default and such declaration or automatic occurrence and its consequences have not been rescinded and annulled,
if permitted hereunder, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate and continue
to apply the proceeds thereof in accordance with Section 5.4(b). It is the intent of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal of and interest on the Notes [and amounts due to the Swap
Counterparty], 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;

    	 	25	Indenture (USAA 20[  ]-[  ])

    	

    

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

 

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

 

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

 

In the event the Indenture
Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing
less than a majority of the Note Balance of the Controlling Class, the Indenture Trustee shall act at the direction of the group
of Noteholders representing the greater Note Balance of the Controlling Class. If the Indenture Trustee receives conflicting or
inconsistent requests and indemnity from two or more groups of Noteholders representing equal Note Balances of the Controlling
Class, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other
provisions of this Indenture.

 

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

 

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[, the Swap Counterparty]
or to the Noteholders is

    	 	26	Indenture (USAA 20[  ]-[  ])

    	

    

intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

 

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

 

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

 

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

 

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

 

(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

    	 	27	Indenture (USAA 20[  ]-[  ])

    	

    

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

 

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

 

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

 

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

    	 	28	Indenture (USAA 20[  ]-[  ])

    	

    

pursuant to Section
5.2, or Section 4.4 of the Sale and Servicing Agreement and Section 8.2 of this Indenture, if the maturity of
the Notes has not been accelerated.

 

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

 

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

 

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

    	 	29	Indenture (USAA 20[  ]-[  ])

    	

    

been paid. The Indenture
Trustee may utilize an agent at other than its own expense for the purpose of conducting any sale of Collateral hereunder.

 

ARTICLE
VI THE INDENTURE TRUSTEE

 

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

 

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

 

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

 

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

 

(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

    	 	30	Indenture (USAA 20[  ]-[  ])

    	

    

encumbrance
of any kind owing with respect to, assessed or levied against, any part of the Trust Estate other than as directed by the Servicer
or the Administrator, in either case, from funds available in the Collection Account, (D) except as otherwise set forth in Section
6.1(b)(ii), to confirm or verify the contents of any reports or certificates of the Servicer delivered to the Indenture Trustee
pursuant to this Indenture believed by the Indenture Trustee to be genuine and to have been signed or presented by the proper party
or parties, or (E) to execute any certificates or other documents required pursuant to the Sarbanes-Oxley Act or the rules and
regulations promulgated thereunder, except with respect to the back-up certification provided pursuant to Section 9.21 of
the Sale and Servicing Agreement.

 

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

 

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

 

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

 

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

 

(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

    	 	31	Indenture (USAA 20[  ]-[  ])

    	

    

satisfactorily indemnified
for associated expense and liability), make such further inquiry or investigation into such facts or matters as it may see fit
or as it shall be directed.

 

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

 

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

 

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

 

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

 

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

 

(g) The Indenture Trustee
shall not be deemed to have notice of any Default, Event of Default 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.

    	 	32	Indenture (USAA 20[  ]-[  ])

    	

    

(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 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 [ ] or such other website address as is
provided by the Indenture Trustee to each Noteholder, not later than the latest date permitted by

    	 	33	Indenture (USAA 20[  ]-[  ])

    	

    

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 have separate counsel of its own choosing and the Issuer shall, or shall cause the Servicer
to, pay the fees and expenses of such counsel within a reasonable time following receipt by the Servicer of an invoice therefor.
The Indenture Trustee shall not be indemnified by the Administrator, the Issuer, the Seller or the Servicer against any loss, liability
or expense incurred by it or arising from (i) [ ]’s own willful misconduct, negligence or bad faith, (ii) the inaccuracy
of any representation or warranty expressly made by [ ] in its individual capacity or any representation or warranty made by [
] in accordance with Sections 9.20, 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 Swap Counterparty,] 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:

    	 	34	Indenture (USAA 20[  ]-[  ])

    	

    

(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[, the Swap Counterparty] 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.

 

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.

    	 	35	Indenture (USAA 20[  ]-[  ])

    	

    

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.

 

(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

    	 	36	Indenture (USAA 20[  ]-[  ])

    	

    

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. 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 [ ] duly organized and validly existing under the laws of [ ]; 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

    	 	37	Indenture (USAA 20[  ]-[  ])

    	

    

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.

 

(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 the calendar
year immediately following the Closing Date, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c),
a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section
313(b). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission
and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes
are listed on any stock exchange.

 

SECTION 7.4 Noteholder
Demand for Repurchase; Dispute Resolution.

 

(a) If a Noteholder
(if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) becomes aware
of a breach of USAA Federal Savings Bank’s representations and warranties in Section 3.1 of the Purchase Agreement
that would require USAA Federal Savings Bank to repurchase a Receivable pursuant to Section 3.4 of the Purchase Agreement
such Noteholder or Note Owner (the “Requesting Investor”) may notify USAA Federal Savings Bank and request that
USAA Federal Savings Bank repurchase the related Receivable. Any such written notice to USAA Federal Savings Bank shall provide
sufficient detail of the purported breach of a representation or warranty to allow USAA Federal Savings Bank reasonably to investigate
such purported breach. If the Requesting Investor is a Note Owner, then each written notice from such Requesting Investor must
be accompanied by Verification Documents.

    	 	38	Indenture (USAA 20[  ]-[  ])

    	

    

(b) If a Requesting
Investor requests that USAA Federal Savings Bank repurchase a Receivable pursuant to clause (a) above, and the repurchase
request has not been fulfilled or otherwise resolved to the reasonable satisfaction of such Requesting Investor within 180 days
of the receipt of notice of the request by USAA Federal Savings Bank, the Requesting Investor may, at its discretion, refer the
matter to either mediation (including non-binding arbitration) or arbitration pursuant to Section 9.27 of the Sale and Servicing
Agreement.

 

(c) A Requesting Investor
shall not be required to direct that an Asset Review be performed prior to submitting a repurchase request with respect to any
Receivable or using the dispute resolution provisions pursuant to Section 9.27 of the Sale and Servicing Agreement with
respect to such Receivable. The failure of a Requesting Investor to direct an Asset Review shall not affect whether any Requesting
Investor can pursue dispute resolution. In addition, whether any Requesting Investor voted affirmatively, negatively or abstained
in the vote to cause a review shall not affect whether such Requesting Investor may use the dispute resolution proceedings pursuant
to Section 9.27 of the Sale and Servicing Agreement. A Requesting Investor may refer to either mediation (including non-binding
arbitration) or arbitration pursuant to Section 9.27 of the Sale and Servicing Agreement a dispute related to any Receivables,
including any Receivables that the Asset Representations Reviewer did not review in connection with an Asset Review, any Receivables
for which the Asset Representations Reviewer found a Test Fail in connection with an Asset Review and any Receivables that the
Asset Representation Reviewer reviewed and determined that there were no Test Fails in connection with an Asset Review.

 

SECTION 7.5 Asset
Review Voting

 

(a) If the Delinquency
Percentage on any Payment Date exceeds the Delinquency Trigger, then Noteholders (if the Notes are represented by Definitive Notes)
or Note Owners (if the Notes are represented by Book-Entry Notes) holding at least 5% of the Outstanding Note Balance (the “Instituting
Noteholders”) may elect to initiate a vote to determine whether the Asset Representations Reviewer should conduct an
Asset Review by giving written notice to the Indenture Trustee of their desire to institute such a vote within 90 days after the
filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger; provided, however,
that the failure of any Noteholder or Note Owner to institute such a vote shall not preclude such Noteholder or Note Owner, as
applicable, from pursuing dispute resolution pursuant to Section 9.27 of the Sale and Servicing Agreement. If any Instituting
Noteholder is not a Noteholder as reflected on the Note Register, the Indenture Trustee may require such Instituting Noteholder
to provide Verification Documents to confirm that the Instituting Noteholder is, in fact, a Note Owner. If the Instituting Noteholders
initiate a vote as described in clause (a), the Indenture Trustee shall submit the matter to a vote of all Noteholders,
which shall be through the Clearing Agency if the Notes are represented by Book-Entry Notes). The Indenture Trustee may set a Record
Date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote in accordance with
TIA Section 316(c). The vote will remain open until the 150th day after the filing of the Form 10-D disclosing that
the Delinquency Percentage exceeds the Delinquency Trigger. Abstaining from, voting in favor of, or voting against causing the
Asset Representations Reviewer to conduct an Asset Review shall not preclude any Noteholder from pursuing dispute resolution pursuant
to Section 9.27 of the Sale and Servicing Agreement. The “Noteholder Direction” shall be deemed to have
occurred if

    	 	39	Indenture (USAA 20[  ]-[  ])

    	

    

Noteholders representing
at least a majority of the voting Noteholders vote in favor of directing an Asset Review of the Subject Receivables by the Asset
Representations Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose
whether or not a Noteholder Direction has occurred.

 

(b) Within [5 Business
Days] of the Review Satisfaction Date, the Indenture Trustee will send a Review Notice to USAA Federal Savings Bank and the Asset
Representations Reviewer.

 

(c) Notwithstanding
clauses (a) and (b) of this Section 7.5, a Noteholder (if the Notes are represented by Definitive Notes) or
Note Owner (if the Notes are represented by Book-Entry Notes) need not direct an Asset Review be performed prior to (i)(x) notifying
USAA Federal Savings Bank of a breach of USAA Federal Savings Bank’s representations and warranties in Section 3.1
of the Purchase Agreement that would require USAA Federal Savings Bank to repurchase a Receivable pursuant to Section 3.4
of the Purchase Agreement and (y) requesting that USAA Federal Savings Bank repurchase the related Receivable pursuant to Section
7.4 hereof or (ii) referring the matter, at its discretion, to either mediation (including non-binding arbitration) or arbitration
pursuant to Section 9.27 of the Sale and Servicing Agreement.

 

ARTICLE
VIII ACCOUNTS, DISBURSEMENTS AND RELEASES

 

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

 

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

 

(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

    	 	40	Indenture (USAA 20[  ]-[  ])

    	

    

deposit in the Principal
Distribution Account to Noteholders in respect of principal of the Notes to the extent of the funds therein in the following order
of priority:

 

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

 

(ii) second,
to the Holders of the Class A-2[-A] Notes [and the Class A-2-B Notes ratably], until the Class A-2[-A] Notes [and the Class A-2-B
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

    	 	41	Indenture (USAA 20[  ]-[  ])

    	

    

shall, to the fullest
extent practicable, invest and reinvest funds in the Trust Accounts in one or more Permitted Investments in accordance with the
standing instructions most recently given by the Servicer or should that for any reason not be possible such funds shall be held
uninvested.

 

SECTION 8.4 Release
of Collateral. (a) The Indenture Trustee may if permitted by and in accordance with the terms hereof, and when required by
the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the
Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions
of this Indenture or such other document. No party relying upon an instrument executed by the Indenture Trustee as provided in
this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of
any conditions precedent or see to the application of any monies.

 

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

 

Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time
to time the Indenture Trustee shall release the lien of this Indenture (or shall be deemed to automatically release the lien of
this Indenture without any further action) on any Receivable to be sold to (i) to the Servicer in accordance with Section 3.6
of the Sale and Servicing Agreement and (ii) to the Bank in accordance with Section 3.4 of the Purchase Agreement.

 

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

    	 	42	Indenture (USAA 20[  ]-[  ])

    	

    

ARTICLE
IX SUPPLEMENTAL INDENTURES

 

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

 

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

 

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

 

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

 

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

 

SECTION 9.2 Supplemental
Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice from the Issuer to the Rating Agencies and with the consent of the Holders of not less than a majority of the
Outstanding Note Balance of the Controlling Class, by Act of such Holders delivered to the 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 materially and adversely affect the rights or obligations
of the Swap Counterparty under this Indenture unless the Swap Counterparty shall have consented in writing to such supplemental
indenture (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10)
Business Days after receipt of a written request for such

    	 	43	Indenture (USAA 20[  ]-[  ])

    	

    

consent); provided,
further,] that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected
thereby:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Prior to the execution
of any supplemental indenture pursuant to this Section 9.2, the Issuer shall provide written notification of the substance
of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental
indenture, the Issuer shall furnish a copy of such supplemental indenture to each 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

    	 	44	Indenture (USAA 20[  ]-[  ])

    	

    

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

 

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

 

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

 

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

 

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

 

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

 

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

    	 	45	Indenture (USAA 20[  ]-[  ])

    	

    

ARTICLE
X REDEMPTION OF NOTES

 

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

 

(b) Each of the Notes
is subject to redemption in whole, but not in part, on any Payment Date on which the sum of the amount of cash or other immediately
available funds on deposit in the Reserve Account and Available Funds equals or exceeds the sum of (i) the Outstanding Principal
Balance of the Notes, (ii) accrued and unpaid interest thereon and (iii) the Servicing Fee. On such Payment Date, all such amounts
shall be applied to reduce the Outstanding Principal Balance to zero, pay all accrued and unpaid interest on the Notes, pay the
Servicing Fee and then pay all amounts specified in clauses (viii) through (x) (in that order) of Section 4.4(a) of the Sale and
Servicing Agreement.

 

(c) If the Notes are
to be redeemed pursuant to Section 10.1(a), the Administrator or the Issuer shall provide at least 20 days’ prior
notice of the redemption of the Notes to the Indenture Trustee and the Owner Trustee[, the Swap Counterparty] 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

    	 	46	Indenture (USAA 20[  ]-[  ])

    	

    

redemption of the Notes.
Failure to give notice of redemption, or any defect therein, to any Noteholder shall not impair or affect the validity of the redemption
of any Note.

 

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

 

ARTICLE
XI MISCELLANEOUS

 

SECTION 11.1 Compliance
Certificates and Opinions, etc. (a) Upon any application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating
that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with that
satisfies TIA Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent,
if any, have been complied with that satisfies TIA Section 314(c)(2) and (iii) if required by the TIA in the case of 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

    	 	47	Indenture (USAA 20[  ]-[  ])

    	

    

accordance with TIA Section
314(d) (within 90 days of such deposit) to the Issuer of the Collateral or other property or securities to be so deposited.

 

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

 

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

 

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

 

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

 

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

    	 	48	Indenture (USAA 20[  ]-[  ])

    	

    

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.

 

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

    	 	49	Indenture (USAA 20[  ]-[  ])

    	

    

exchange therefor or
in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance
thereon, whether or not notation of such action is made upon such Note.

 

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

 

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

    	 	50	Indenture (USAA 20[  ]-[  ])

    	

    

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 11.11 Benefits
of Indenture. [The Swap Counterparty shall be a third party beneficiary to the provisions of this 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

    	 	51	Indenture (USAA 20[  ]-[  ])

    	

    

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 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

    	 	52	Indenture (USAA 20[  ]-[  ])

    	

    

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:

 

(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

    	 	53	Indenture (USAA 20[  ]-[  ])

    	

    

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

 

SECTION 11.21 Limitation
of Liability of Owner Trustee. It is expressly understood and agreed by and between the parties hereto that (i) this Indenture
is executed and delivered by [ ], 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 [ ], but are binding only on the Issuer,
(iii) nothing contained herein shall be construed as creating any liability on [ ] 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 [ ] be personally
liable for the payment of any indebtedness or expense of the Issuer or be liable

    	 	54	Indenture (USAA 20[  ]-[  ])

    	

    

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

 

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

 

SECTION 11.25 [Limitation
of Rights]. [All of the rights of the Swap Counterparty in, to and under this Indenture or any other Transaction Document (including,
but not limited to, all of the Swap Counterparty’s rights as a third-party beneficiary of this Indenture and all of the Swap
Counterparty’s rights to receive notice of any action hereunder or under any other Transaction Document and to give or withhold
consent to any action hereunder or under any other Transaction Document) shall terminate upon the termination of the Interest Rate
Swap Agreement in accordance with the terms thereof and the payment in full of all amounts owing to the Swap Counterparty under
such Interest Rate Swap Agreement.]

 

[Remainder of Page Intentionally Left Blank]

    	 	55	Indenture (USAA 20[  ]-[  ])

    	

    

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 20[  ]-[  ]
	 	 	 
	 	By:
    [                     ],
    not in its individual capacity but solely as Owner Trustee

	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

    	 	S-1	Indenture (USAA 20[  ]-[  ])

    	

    

	 	[                 ], not in its individual capacity but solely as Indenture Trustee
	 	 	 

	 	By:	 
	 	Name:	 
	 	Title:	 

    	 	S-2	Indenture (USAA 20[  ]-[  ])

    	

    

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:

    	 	I-1	Indenture (USAA 20[  ]-[  ])

    	

    

(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

    	 	I-2	Indenture (USAA 20[  ]-[  ])

    	

    

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.

    	 	I-3	Indenture (USAA 20[  ]-[  ])

    	

    

Exhibit A

 

FORMS OF NOTES

    	 	 	Indenture (USAA 20[  ]-[  ])

    	

    

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

 

	REGISTERED	$_______________________3
	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.

 

 

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

    	 	A-1	Indenture (USAA 20[  ]-[  ])

    	

    

USAA AUTO OWNER TRUST 20[ ]-[ ]

 

[CLASS A-1 [ ]%] [CLASS A-2[-A] [ ]%] [CLASS
A-2-B [LIBOR +] [ ]%

[CLASS A-3 [ ]%] [CLASS A-4 [ ]%] [CLASS B [ ]%]

AUTO LOAN ASSET BACKED NOTES

 

USAA Auto Owner Trust
20[ ]-[ ], 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 [ ] of each month, or if such day is not a Business Day, on the immediately
succeeding Business Day, commencing on [ ] (each, a “Payment Date”) until the principal of this Note is paid
or made available for payment, and to pay interest on each Payment Date on the Class [A-1] [A-2[-A]] [A-2-B] [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]]
[A-2-B] [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], [A-2-B] A-3, A-4 and B: a 360-day year of twelve 30-day months]. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.

 

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

 

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

 

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

    	 	A-2	Indenture (USAA 20[  ]-[  ])

    	

    

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

 

Dated: [         ], 20[  ]

 

	 	USAA AUTO OWNER TRUST 20[  ]-[  ]
	 	 
	 	By: [                             ],
    not in its individual capacity but solely as 

Owner Trustee

	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

    	 	A-3	Indenture (USAA 20[  ]-[  ])

    	

    

INDENTURE TRUSTEE’S CERTIFICATE
OF AUTHENTICATION

 

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

 

Dated: [     ], 20[ ]

 

	 	[                              ],
	 	not in its individual capacity but solely as Indenture Trustee

	 	 	 
	 	By:	 
	 	 	Authorized Signatory

    	 	A-4	Indenture (USAA 20[  ]-[  ])

    	

    

[REVERSE OF NOTE]

 

This Note is one of
a duly authorized issue of Notes of the Issuer, designated as its [Class A-1 [ ]%] [Class A-2[-A] [ ]%] [Class A-2-B [LIBOR +]
[ ]%] [Class A-3 [ ]%] [Class A-4 [ ]%] [Class B [ ]%] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2[-A]]
[A-2-B] [A-3] [A-4] [B] Notes” or the “Notes”), all issued under an Indenture dated as of [ ], 20[
] (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and [ ],
a [ ], 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[-A] Notes, [the Class A-2-B 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]] [A-2-B] [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]] [A-2-B] [A-3] [A-4] [B] Notes shall be made pro rata to the
Class [A-1] [A-2[-A]] [A-2-B] [A-3] [A-4] [B] Noteholders entitled thereto.

 

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

    	 	A-5	Indenture (USAA 20[  ]-[  ])

    	

    

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,

    	 	A-6	Indenture (USAA 20[  ]-[  ])

    	

    

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.

    	 	A-7	Indenture (USAA 20[  ]-[  ])

    	

    

ASSIGNMENT

 

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

	 
	FOR VALUE RECEIVED, the undersigned hereby sells,

	assigns and transfers unto 	 
	 	(name and address of assignee)

 

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

 

	Dated:	 	 	 	*/

 

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

 

 

 

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

    	 	A-8	Indenture (USAA 20[  ]-[  ])EXHIBIT 10.1

 

 

 

FORM OF

 

SALE AND SERVICING AGREEMENT

 

by and among

 

USAA AUTO OWNER TRUST 20[  ]-[  ],

 

as Issuer

 

USAA ACCEPTANCE, LLC,

 

as Seller

 

USAA FEDERAL SAVINGS BANK,

 

as Servicer

 

and

 

[                      ],

 

as Indenture Trustee

 

Dated as of [     ], 20[   ]

 

 

    	 

    	

    

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE
    I	definitions
    and usage	 
	 	 	 

	 	SECTION 1.1	Definitions	1
	 	SECTION 1.2	Other Interpretive Provisions	1
	 	 	 	 

	ARTICLE
    II	CONVEYANCE
    OF TRANSFERRED Assets	 
	 	 	 

	 	SECTION 2.1	Conveyance of Transferred Assets	2
	 	SECTION 2.2	Custody of Receivable Files	2
	 	 	 	 

	ARTICLE
    III	administration
    and servicing of receivables and trust property	 
	 	 	 

	 	SECTION 3.1	Duties of Servicer	4
	 	SECTION 3.2	Collection of Receivable Payments	5
	 	SECTION 3.3	Realization Upon Receivables	7
	 	SECTION 3.4	Maintenance of Security Interests in Financed
    Vehicles	7
	 	SECTION 3.5	Covenants of Servicer	8
	 	SECTION 3.6	Purchase of Receivables Upon Breach	8
	 	SECTION 3.7	Servicing Fee	8
	 	SECTION 3.8	Servicer’s Certificate	8
	 	SECTION 3.9	Annual Officer’s Certificate; Notice of
    Servicer Replacement Event	9
	 	SECTION 3.10	Annual Registered Public Accounting Firm Attestation
    Report	9
	 	SECTION 3.11	Servicer Expenses	9
	 	SECTION 3.12	Exchange Act Filings	10
	 	SECTION 3.13	Noteholder Communication	10
	 	 	 	 

	ARTICLE
    IV	DISTRIBUTIONS;
    ACCOUNTS; STATEMENTS TO THE certificateholder AND THE noteHOLDERs	 
	 	 	 

	 	SECTION 4.1	Establishment of Accounts	10
	 	SECTION 4.2	Remittances	13
	 	SECTION 4.3	Additional Deposits and Payments	13
	 	SECTION 4.4	Distributions	14
	 	SECTION 4.5	Net Deposits	15
	 	SECTION 4.6	Statements to Certificateholder and Noteholders	15
	 	SECTION 4.7	No Duty to Confirm	17
	 	[SECTION 4.8	Interest Rate Swap Agreement.]	17
	 	 	 	 

	ARTICLE
    V	THE
    SELLER	 
	 	 	 

	 	SECTION 5.1	Representations and Warranties of
    Seller	19
	 	SECTION 5.2	Liability of Seller; Indemnities	21
	 	SECTION 5.3	Merger or Consolidation of, or Assumption of
    the Obligations of, Seller	22
	 	SECTION 5.4	Limitation on Liability of Seller and Others	22
	 	SECTION 5.5	Seller May Own Notes	22
	 	SECTION 5.6	Sarbanes-Oxley Act Requirements	22

    	i

    	

    
Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	 	SECTION 5.7	Compliance with Organizational Documents	23
	 	 	 	 

	ARTICLE
    VI	THE
    SERVICER	 
	 	 	 

	 	SECTION 6.1	Representations of Servicer	23
	 	SECTION 6.2	Indemnities of Servicer	24
	 	SECTION 6.3	Merger or Consolidation of, or Assumption of
    the Obligations of, Servicer	25
	 	SECTION 6.4	Limitation on Liability of Servicer and Others	26
	 	SECTION 6.5	Delegation of Duties	26
	 	SECTION 6.6	The Bank Not to Resign as Servicer	27
	 	SECTION 6.7	Servicer May Own Notes	27
	 	 	 	 

	ARTICLE
    VII	REPLACEMENT
    OF SERVICER	 
	 	 	 

	 	SECTION 7.1	Replacement of Servicer	27
	 	SECTION 7.2	Notification to Noteholders	29
	 	 	 	 

	ARTICLE
    VIII	OPTIONAL
    PURCHASE	 
	 	 	 

	 	SECTION 8.1	Optional Purchase of Trust Estate	29
	 	 	 	 

	ARTICLE
    IX	MISCELLANEOUS
    PROVISIONS	 
	 	 	 

	 	SECTION 9.1	Amendment	29
	 	SECTION 9.2	Protection of Title	31
	 	SECTION 9.3	Other Liens or Interests	32
	 	SECTION 9.4	Transfers Intended as Sale; Security Interest	32
	 	SECTION 9.5	Notices, Etc	33
	 	SECTION 9.6	Choice of Law	33
	 	SECTION 9.7	Headings	33
	 	SECTION 9.8	Counterparts	33
	 	SECTION 9.9	Waivers	33
	 	SECTION 9.10	Entire Agreement	34
	 	SECTION 9.11	Severability of Provisions	34
	 	SECTION 9.12	Binding Effect	34
	 	SECTION 9.13	Acknowledgment and Agreement	34
	 	SECTION 9.14	Cumulative Remedies	34
	 	SECTION 9.15	Nonpetition Covenant	34
	 	SECTION 9.16	Submission to Jurisdiction; Waiver of Jury Trial	35
	 	SECTION 9.17	Limitation of Liability	35
	 	SECTION 9.18	Third-Party Beneficiaries	36
	 	SECTION 9.19	Information Requests	36
	 	SECTION 9.20	Regulation AB	36
	 	SECTION 9.21	Information to Be Provided by the Indenture Trustee	36
	 	SECTION 9.22	Form 8-K Filings	38
	 	SECTION 9.23	Further Assurances	38
	 	SECTION 9.24	Cooperation	38
	 	SECTION 9.25	[Limitation of Rights	38

    	ii

    	

    
Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	 	SECTION 9.26	Rights of the Certificateholder	39
	 	SECTION 9.27	Dispute Resolution	39
	 	 	 	 

	Appendix A	Definitions
	 	 
	Schedule I	Notice Addresses
	 	 
	Exhibit A	Form of Assignment pursuant to Sale and Servicing Agreement
	Exhibit B	Perfection Representations, Warranties and Covenants
	Exhibit C	Servicing Criteria to be Addressed in Indenture Trustee’s Assessment
    of Compliance
	Exhibit D	Form of Indenture Trustee’s Annual Certification
	Exhibit E	Form of Indenture Trustee’s Annual Certification Regarding Item
    1117 and Item 1119 of Regulation AB

    	iii

    	

    

SALE AND SERVICING AGREEMENT, dated
as of [    ], 20[  ] (together with all exhibits, schedules and appendices hereto and as from time to time amended, supplemented or
otherwise modified and in effect, this “Agreement”), by and among USAA AUTO OWNER TRUST 20[  ]-[  ] (the
“Issuer”), a Delaware statutory trust, USAA ACCEPTANCE, LLC, a Delaware limited liability company, as
seller (the “Seller”), USAA FEDERAL SAVINGS BANK, a federally chartered savings association (the “Bank”),
as servicer (in such capacity, the “Servicer”), and [                ], a [                ], as indenture trustee (the “Indenture
Trustee”).

 

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

 

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

 

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

 

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

 

ARTICLE
I

 

definitions and usage

 

SECTION 1.1 Definitions. Except
as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein
are defined in Appendix A hereto.

 

SECTION 1.2 Other Interpretive Provisions.
For purposes of this Agreement, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement,
and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them
under GAAP (provided, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in
this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise
defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder”
and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references
to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits
in or to this Agreement and references to any paragraph, subsection, clause or other subdivision within any Section or definition
refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including”
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 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

 

CONVEYANCE OF TRANSFERRED Assets

 

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

 

SECTION 2.2 Custody of Receivable
Files.

 

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

 

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

 

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

 

(iii) the original Certificate
of Title or, if not yet received, evidence that an application therefor has been submitted with the appropriate authority or such
other document (electronic or otherwise, as used in the applicable jurisdiction) that the Servicer keeps on file, in accordance
with its Customary Servicing Practices, evidencing the security interest of the Originator in the Financed Vehicle; provided,
however, that in lieu

    	 	2	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

of being held in the Receivable
File, the Certificate of Title may be held by a third party service provider engaged by the Servicer to obtain or hold Certificates
of Title; and

 

(iv) any and all other documents
that the Servicer or the Seller keeps on file, in accordance with its Customary Servicing Practices, relating to a Receivable,
an Obligor or a Financed Vehicle (but only to the extent applicable to such Receivable and only to the extent held in tangible
paper form or electronic form).

 

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

 

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

 

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

 

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

 

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

 

(f) Custodian’s Indemnification.
Subject to Section 6.2, the Servicer as custodian will indemnify the Issuer and the Indenture Trustee and their respective
directors, officers, employees, and agents for any and all claims, liabilities, obligations, losses, compensatory

    	 	3	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

damages, payments, costs, or expenses of
any kind whatsoever that may be imposed on, incurred by, or asserted against the Issuer or the Indenture Trustee as the result
of any improper act or omission in any way relating to the maintenance and custody by the Servicer as custodian of the Receivable
Files; provided, however, that the Servicer will not be liable (i) to the Indenture Trustee or the Issuer for any
portion of any such amount resulting from the willful misconduct, bad faith or negligence of the Indenture Trustee or the Issuer
or (ii) to the Indenture Trustee for any portion of any such amount resulting from the failure of the Indenture Trustee, the Indenture
Trustee’s agent or the Indenture Trustee’s designee to handle with due care any Certificate of Title or other document
released to the Indenture Trustee or the Indenture Trustee’s agent or designee pursuant to Section 2.2(d).

 

(g) Effective Period and Termination.
The Servicer’s appointment as custodian will become effective as of the Cut-Off Date and will continue in full force and
effect until terminated pursuant to this Section 2.2(g). If the Bank resigns as Servicer in accordance with Section
6.6 or if all of the rights and obligations of the Servicer have been terminated under Section 7.1, the appointment
of the Servicer as custodian hereunder may be terminated by the Indenture Trustee, or by the Noteholders evidencing not less than
662⁄3% of the Note Balance of the Controlling Class, in the same manner as the Indenture Trustee or such Noteholders may terminate
the rights and obligations of the Servicer under Section 7.1. As soon as practicable after any termination of such appointment,
the Servicer will deliver to the Indenture Trustee (or, at the direction of the Indenture Trustee, to its agent) the Receivable
Files and the related accounts and records maintained by the Servicer at such place or places as the Indenture Trustee may reasonably
designate; provided, however, that with respect to authoritative copies of the Receivables constituting electronic chattel
paper, the Servicer, in its sole discretion, shall either (i) continue to hold any such authoritative copies on behalf of the
Issuer and the Indenture Trustee or the Indenture Trustee’s agent or (ii) deliver copies of such authoritative copies and
destroy the authoritative copies maintained by the Servicer prior to its termination such that such copy delivered to the Indenture
Trustee or the Indenture Trustee’s agent becomes the authoritative copy of the Receivable constituting electronic chattel
paper.

 

ARTICLE
III

 

administration and servicing of

receivables and trust property

 

SECTION 3.1 Duties of Servicer.

 

(a) The Servicer is hereby appointed
by the Issuer and authorized to act as agent for the Issuer and in such capacity shall manage, service, administer and make collections
on the Receivables in accordance with its Customary Servicing Practices, using the degree of skill and attention that the Servicer
exercises with respect to all comparable motor vehicle receivables that it services for itself or others. The Servicer’s
duties will include collection and posting of all payments, responding to inquiries of Obligors on such Receivables, investigating
delinquencies, sending invoices or payment coupons to Obligors, reporting any required tax information to Obligors, accounting
for collections and furnishing monthly and annual statements to the Indenture Trustee with respect to distributions. The Servicer
is not required under the Transaction Documents to make any disbursements via wire transfer or otherwise on behalf of an

    	 	4	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

Obligor. There are no requirements under
the Receivables or the Transaction Documents for funds to be, and funds shall not be, held in trust for an Obligor. No payments
or disbursements are required to be made by the Servicer on behalf of the Obligor. The Servicer hereby accepts such appointment
and authorization and agrees to perform the duties of Servicer with respect to the Receivables set forth herein.

 

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

 

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

 

SECTION 3.2 Collection of Receivable
Payments.

 

(a) The Servicer will make reasonable
efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same become due in
accordance with its Customary Servicing Practices. Subject to Section 3.5, the Servicer may grant extensions, rebates,
deferrals, amendments, modifications or adjustments with respect to any

    	 	5	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

Receivable in accordance with its Customary
Servicing Practices; provided, however, that if the Servicer (i) extends the date for final payment by the Obligor
of any Receivable beyond the last day of the Collection Period preceding the latest Final Scheduled Payment Date of any Notes
issued under the Indenture or (ii) reduces the Contract Rate or Outstanding Principal Balance with respect to any Receivable after
the Cut-off Date other than as required by applicable law (including, without limitation, by the Servicemembers Civil Relief Act
of 2003, as amended) or court order, it will promptly purchase such Receivable in the manner provided in Section 3.6; provided,
further, that the Servicer shall not make any modification described in the preceding clause (i) or (ii) that would trigger
a repurchase pursuant to the above provisions or pursuant to Section 3.6, in either case for the sole purpose of enabling
the Servicer to purchase a Receivable from the Issuer and provided, further, that any change referred to in this
Section 3.2 shall only be made if either (a) the Obligor is in default or, in the judgment of the Servicer, is reasonably
expected to default in the near future, or (b) the change is to the payment due date of a Receivable, does not exceed 25 days
and is made not more than twice during the term of such Receivable.

 

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

 

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

    	 	6	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

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

 

SECTION 3.3 Realization Upon Receivables.
On behalf of the Issuer, the Servicer will use commercially reasonable efforts, consistent with its Customary Servicing Practices,
to repossess or otherwise convert the ownership of the Financed Vehicle securing any Receivable as to which the Servicer has determined
eventual payment in full is unlikely unless it determines in its sole discretion that repossession will not increase the Liquidation
Proceeds by an amount greater than the expense of such repossession or that the proceeds ultimately recoverable with respect to
such Receivable would be increased by forbearance. The Servicer will follow such Customary Servicing Practices as it deems necessary
or advisable, which may include selling the Financed Vehicle at public or private sale and which shall not, except as provided
below, involve the sale of all, or any portion of, a Receivable. The foregoing shall be subject to the provision that, in any
case in which the Financed Vehicle has suffered damage, the Servicer shall not be required to expend funds in connection with
the repair or the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession
will increase the Liquidation Proceeds by an amount greater than the amount of such expenses. The Servicer, in its sole discretion,
may in accordance with its Customary Servicing Practices purchase from the Issuer any Receivable’s deficiency balance (i.e.,
the remaining balance of a Receivable after deduction of all Liquidation Proceeds with respect to such Receivable) for a purchase
price equal to the fair value of the deficiency balance as determined by the Servicer at the time of purchase by the Servicer,
which purchase price shall not be adjusted by the proceeds the Servicer ultimately realizes from its disposition or collection
efforts related to the deficiency amount. Net proceeds of any such sale to the Servicer will constitute Liquidation Proceeds,
and the sole right of the Issuer and the Indenture Trustee with respect to any such sold Receivables will be to receive such Liquidation
Proceeds. Upon such sale, the Servicer will mark its computer records indicating that any such receivable sold is no longer a
Receivable. The Servicer is authorized to take any and all actions necessary or appropriate on behalf of the Issuer to evidence
the sale of the Financed Vehicle at public or private sale or the sale of the Receivable to the Servicer pursuant to the provisions
of this paragraph free from any Lien or other interest of the Issuer or the Indenture Trustee.

 

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

    	 	7	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

however that such steps shall not
include retitling the lien of the Financed Vehicle in the name of the Indenture Trustee.

 

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

 

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

 

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

 

SECTION 3.8 Servicer’s Certificate.
On or before the Determination Date preceding each Payment Date, the Servicer shall deliver to the Indenture Trustee, and each
Paying Agent, with a copy to the Rating Agencies [and the Swap Counterparty], a Servicer’s Certificate

    	 	8	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

containing all information necessary to make
the payments, transfers and distributions pursuant to Sections 4.3 and 4.4 of this Agreement and Section 8.2(c)
of the Indenture on such Payment Date. Each Servicer’s Certificate may be delivered in electronic format.

 

SECTION 3.9 Annual Officer’s
Certificate; Notice of Servicer Replacement Event. (a) The Servicer will deliver to the Rating Agencies, the Issuer and the
Indenture Trustee, on or before March 30 of each calendar year, beginning with the calendar year immediately following the Closing
Date, an Officer’s Certificate (with appropriate insertions) providing such information as is required under Item 1123 of
Regulation AB.

 

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

 

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

 

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

 

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

    	 	9	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

Sections 8.1 and 8.2 of the
Trust Agreement). The compensation and indemnity obligations of the Servicer to the Indenture Trustee and the Owner Trustee hereunder
and pursuant to Section 6.7 of the Indenture and Sections 8.1 and 8.2 of the Trust Agreement shall survive
the resignation or removal of the Indenture Trustee, the Owner Trustee and the Servicer, the discharge of the Indenture and the
termination of this Agreement and the Trust Agreement.

 

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

 

SECTION 3.13 Noteholder Communication.
A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes)
may send a request to the Seller or the Servicer at any time notifying the Seller or the Servicer that such Noteholder or Note
Owner, as applicable, would like to communicate with other Noteholders or Note Owners, as applicable, with respect to an exercise
of their rights under the terms of the Transaction Documents. Each request must include (i) the name of the Noteholder or Note
Owner, as applicable, making the request, (ii) the date the request was received, (iii) a statement to the effect that the Issuer
has received a request from such Noteholder or Note Owner, as applicable, stating that such Noteholder or Note Owner, as applicable,
is interested in communicating with other Noteholders or Note Owners, as applicable, with regard to the possible exercise of rights
under the Transaction Documents and (iv) a description of the method other Noteholders or Note Owners, as applicable, may use
to contact the requesting Noteholder or Note Owner. Additionally, in the case of such requesting Note Owner, the Seller or the
Servicer, as applicable, may require such Note Owner to provide Verification Documents. A Noteholder or Note Owner, as applicable,
that delivers a request under this Section 3.13 will be deemed to have certified to the Issuer, the Seller and the Servicer
that its request to communicate with other Noteholders or Note Owners, as applicable, relates solely to a possible exercise of
rights under the Indenture or the other Transaction Documents, and will not be used for other purposes. The Seller shall include
in each monthly distribution report on Form 10-D any request that complies with the requirements of this Section 3.13 received
during the related Collection Period from a Noteholder or Note Owner to communicate with other Noteholders or Note Owners, as
applicable, related to the Noteholders or Note Owners exercising their rights under the terms of the Transaction Documents.

 

ARTICLE
IV

 

DISTRIBUTIONS; ACCOUNTS;

STATEMENTS TO THE certificateholder

AND THE noteHOLDERs

 

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

 

(i) For the benefit of the Noteholders
[and the Swap Counterparty], in the name of the Indenture Trustee, an Eligible Account (the “Collection Account”),
bearing a designation clearly indicating that the funds deposited therein are held for the benefit of

    	 	10	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

the Noteholders [and the Swap Counterparty],
which Eligible Account shall be established by and maintained with the Indenture Trustee or its designee. No checks shall be issued,
printed or honored with respect to the Collection Account.

 

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

 

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

 

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

 

(b) Funds on deposit in the Collection
Account, the Reserve Account and the Yield Supplement Account (collectively, with the Principal Distribution Account [and the
Swap Termination Payment Account (to the extent such account is established under Section 4.8(b))], the “Trust Accounts”)
shall be invested by the Indenture Trustee in Permitted Investments selected in writing by the Servicer and of which the Servicer
provides notification (pursuant to standing instructions or otherwise); provided, that it is understood and agreed that
neither the Servicer, the Indenture Trustee nor the Issuer shall be liable for any loss arising from such investment in Permitted
Investments. If [        ] is the Indenture Trustee, in the absence of such written investment direction, all funds shall be invested
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 retained uninvested. All such Permitted Investments shall be held by or
on behalf of the Indenture Trustee as secured party for the benefit of the Noteholders [and the Swap Counterparty]; provided,
that on each Payment Date all interest and other investment income (net of losses and investment expenses) on funds on deposit
in the Collection Account shall be distributed to the Servicer as additional servicing compensation and shall not be available
to pay the distributions provided for in Section 4.4. All investments of funds on deposit in the Trust Accounts shall mature
so that such funds will be available by [    ] [a.m.] New York City time on the next Payment Date. No Permitted Investment shall
be sold or otherwise disposed of prior to its scheduled maturity unless a default occurs with respect to such Permitted Investment
and the Servicer directs the Indenture Trustee in writing to dispose of such Permitted Investment. For the avoidance of doubt,
with respect to

    	 	11	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

each Payment Date, any interest and other
income earned on funds in deposit in the Collection Account from the Business Day prior to such Payment Date through such Payment
Date shall be paid to the Servicer.

 

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

 

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

 

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

 

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

 

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

 

(iv) any Trust Account Property
that is an uncertificated security that is a “book-entry security” (as such term is defined in Federal Reserve Bank
Operating Circular No. 7) held in a securities account at a Federal Reserve Bank and eligible for transfer through the Fedwire®
Securities Service operated by the Federal Reserve System pursuant to Federal book-entry regulations shall be delivered
in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Indenture Trustee
or its designee or a securities intermediary (as such term is defined in Section 8-102(a)(14) of the UCC) acting solely for the
Indenture Trustee or such designee, pending maturity or disposition, through continued book-entry registration of such Trust Account
Property as described in such paragraph.

    	 	12	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

(e) Except for the Collection Account,
the Reserve Account, the Yield Supplement Account and the Principal Distribution Account, there are no accounts required to be
maintained under the Transaction Documents.

 

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

 

SECTION 4.3 Additional Deposits and
Payments. (a) On each Payment Date, the Servicer and the Seller will deposit into the Collection Account the aggregate Repurchase
Price with respect to Repurchased Receivables purchased by the Servicer pursuant to Section 3.6 or USAA Federal Savings
Bank, as Seller, pursuant to Section 3.4 of the Purchase Agreement, respectively, on such Payment Date and the Servicer
will deposit (or will cause the applicable purchaser to deposit) into the Collection Account all amounts, if any, to be paid under
Section 8.1 in connection with the Optional Purchase. All such deposits with respect to a Payment Date will be made, in
immediately available funds by [    ] [a.m.], New York City time, on such Payment Date related to such Collection Period.

 

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

 

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

 

(d) The Servicer will calculate the Yield
Supplement Account Draw Amount for each Payment Date and instruct the Indenture Trustee to, on each Payment Date, make a withdrawal
from the Yield Supplement Account in an amount equal to the Yield Supplement Account Draw Amount for such Payment Date and deposit
such amount into the Collection Account.

    	 	13	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

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

 

(f) [The Indenture Trustee will promptly,
on the day of receipt, deposit into the Collection Account all Net Swap Receipts received by it under the Interest Rate Swap Agreement
in immediately available funds.]

 

SECTION 4.4 Distributions.

 

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

 

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

 

(ii) [second, to the
Swap Counterparty, the Net Swap Payment, if any, for such Payment Date;]

 

(iii) third, pro rata
[(A) to the Swap Counterparty, any Senior Swap Termination Payments for such Payment Date, and (B)] to the Class A Noteholders,
the Accrued Class A Note Interest for the related Interest Period; provided, that if there are not sufficient funds available
to pay the entire amount of the Accrued Class A Note Interest, the amounts available will be applied to the payment of such interest
on the Class A Notes on a pro rata basis;

 

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

 

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

 

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

 

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

    	 	14	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

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

 

(ix) [ninth, to the Swap
Counterparty, any Subordinated Swap Termination Payments for such Payment Date;]

 

(x) tenth, to the Owner
Trustee, the Indenture Trustee and the Asset Representations Reviewer, fees, expenses and indemnification amounts due and owing
under this Agreement, the Trust Agreement and the Indenture, as applicable, which have not been previously paid;

 

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

 

(xii) twelfth, to or
at the direction of the Certificateholder, any funds remaining.

 

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

 

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

 

SECTION 4.5 Net Deposits. If the
Monthly Remittance Condition is satisfied, the Servicer shall be permitted to deposit into the Collection Account only the net
amount distributable to Persons other than the Servicer and its Affiliates on the Payment Date. The Servicer shall be permitted
to pay the Optional Purchase Price pursuant to Section 8.1 net of amounts to be distributed to the Servicer or its Affiliates
on the related Redemption Date, and accounts between the Servicer and such Affiliates shall be adjusted accordingly. The Servicer
shall, however, account for all deposits and distributions in the Servicer’s Certificate as if the amounts were deposited
and/or distributed separately.

 

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

 

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

 

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

    	 	15	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

(c) (i) the amount on deposit in the
Reserve Account and the Specified Reserve Account Balance, each as of the beginning and end of the related Collection Period,
(ii) the amount deposited in the Reserve Account in respect of such Payment Date, if any, (iii) the Reserve Account Draw Amount
and the Reserve Account Excess Amount, if any, to be withdrawn from the Reserve Account on such Payment Date, (iv) the balance
on deposit in the Reserve Account on such Payment Date after giving effect to withdrawals therefrom and deposits thereto in respect
of such Payment Date and (v) the change in such balance from the immediately preceding Payment Date;

 

(d) (i) the amount on deposit in the
Yield Supplement Account and the Yield Supplement Account Amount, each as of the beginning and end of the related Collection Period,
(ii) the Yield Supplement Account Draw Amount to be withdrawn from the Yield Supplement Account on such Payment Date, (iii) the
balance on deposit in the Yield Supplement Account on such Payment Date after giving effect to withdrawals therefrom in respect
of such Payment Date and (iv) the change in such balance from the immediately preceding Payment Date;

 

(e) the First Allocation of Principal,
the Second Allocation of Principal and the Regular Allocation of Principal for such Payment Date;

 

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

 

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

 

(h) the amount of fees to be paid to
the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer with respect to the related Payment Date and the
amount of any unpaid fees to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer and the change in
such amount from that of the prior Payment Date;

 

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

 

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

 

(k) the aggregate outstanding principal
balance of Receivables that are 30-59, 60-89, 90-119 and over 119 days delinquent as of the end of the related Collection Period;

 

(l) the amount of Collections for the
related Collection Period;

 

(m) [the Net Swap Receipts and Net Swap
Payment, if any;]

 

(n) [the Senior Swap Termination Payment
and Subordinated Swap Termination Payment, if any;]

 

(o) [the Swap Replacement Proceeds, if
any;]

    	 	16	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

(p) [the Swap Termination Payment, if
any;]

 

(q) the Delinquency Percentage for the
related Collection Period;

 

(r) whether the Delinquency Percentage
exceeds the Delinquency Trigger for such Payment Date; and

 

(s) the number of Receivables that are
30-59, 60-89, 90-119 and over 119 days delinquent as of the end of the related Collection Period.

 

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

 

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

 

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

 

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

 

[SECTION 4.8 Interest
Rate Swap Agreement.]

 

(a) [The Issuer
shall enter into the Initial Interest Rate Swap Agreement with the Initial Swap Counterparty. Subject to the requirements of this
Section 4.8, the Issuer may from time to time enter into one or more Replacement Interest Rate Swap Agreements in the event
that the Initial Interest Rate Swap Agreement is terminated due to any “Termination Event” or “Event of Default”
(each as defined in the Initial Interest Rate Swap Agreement) prior to its scheduled expiration and in accordance with the terms
of such Interest Rate Swap Agreement. Other than any Replacement Interest Rate Swap Agreement entered into pursuant to this Section
4.8(a), the Issuer may not enter into any additional interest rate swap agreements.]

    	 	17	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

(b) [In the event
of any early termination of any Interest Rate Swap Agreement, (i) upon written direction and notification of such early termination,
the Indenture Trustee shall establish the Swap Termination Payment Account over which the Indenture Trustee shall have exclusive
control and the sole right of withdrawal, and in which no Person other than the Indenture Trustee, the Swap Counterparty and the
Noteholders shall have any legal or beneficial interest, (ii) any Swap Termination Payments received from the Swap Counterparty
will be remitted to the Swap Termination Payment Account and (iii) any Swap Replacement Proceeds received from a Replacement Swap
Counterparty will be remitted directly to the Swap Counterparty; provided, that any such remittance to the Swap Counterparty
shall not exceed the amounts, if any, owed to the Swap Counterparty under the Interest Rate Swap Agreement; provided, further
that the Swap Counterparty shall only receive Swap Replacement Proceeds if all Swap Termination Payments due from the Swap
Counterparty to the Issuer have been paid in full and if such amounts have not been paid in full then the amount of Swap Replacement
Proceeds necessary to make up any deficiency shall be remitted to the Swap Termination Payment Account.]

 

(c) [The Issuer
shall promptly, following the early termination of any Initial Interest Rate Swap Agreement due to an “Event of Default”
or “Termination Event” (each as defined in the Initial Interest Rate Swap Agreement) and in accordance with the terms
of such Interest Rate Swap Agreement, enter into a Replacement Interest Rate Swap Agreement to the extent possible and practicable
through application of funds available in the Swap Termination Payment Account unless entering into such Replacement Interest
Rate Swap Agreement will cause the Rating Agency Condition not to be satisfied.]

 

(d) [To the extent
that (i) the funds available in the Swap Termination Payment Account exceed the costs of entering into a Replacement Interest
Rate Swap Agreement or (ii) the Issuer determines not to replace the Initial Interest Rate Swap Agreement and the Rating Agency
Condition is met with respect to such determination, the amounts in the Swap Termination Payment Account (other than funds used
to pay the costs of entering into a Replacement Interest Rate Swap Agreement, if applicable) shall be included in Available Funds
and allocated in accordance with the order of priority specified in Section 4.4(a) on the following Payment Date. In any
other situation, amounts on deposit in the Swap Termination Payment Account at any time shall be invested pursuant to Section
4.1(b) and on each Payment Date after the creation of a Swap Termination Payment Account, the funds therein shall be used
to cover any shortfalls in the amounts payable under clauses first through seventh under Section
4.4(a), provided, that in no event will the amount withdrawn from the Swap Termination Payment Account on such Payment
Date exceed the amount of Net Swap Receipts that would have been required to be paid on such Payment Date under the terminated
Interest Rate Swap Transaction had there been no termination of such transaction. Any amounts remaining in the Swap Termination
Payment Account after payment in full of the Class A-4 Notes shall be included in Available Funds and allocated in accordance
with the order of priority specified in Section 4.4(a) on the following Payment Date.]

 

(e) [If the Swap
Counterparty is required to post collateral under the terms of the Interest Rate Swap Agreement, upon written direction and notification
of such requirement, the Indenture Trustee shall establish the Swap Collateral Account (the “Swap Collateral Account”)
over which the Indenture Trustee shall have exclusive control and the sole right of withdrawal,

    	 	18	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

and in which no Person
other than the Indenture Trustee, the Swap Counterparty and the Noteholders shall have any legal or beneficial interest. The Indenture
Trustee shall deposit all collateral received from the Swap Counterparty under the Interest Rate Swap Agreement into the Swap
Collateral Account. Any and all funds at any time on deposit in, or otherwise to the credit of, the Swap Collateral Account shall
be held in trust by the Indenture Trustee for the benefit of the Swap Counterparty and the Noteholders. The only permitted withdrawal
from or application of funds on deposit in, or otherwise to the credit of, the Swap Collateral Account shall be (i) for application
to obligations of the Swap Counterparty to the Issuer under the Interest Rate Swap Agreement in accordance with the terms of the
Interest Rate Swap Agreement or (ii) to return collateral to the Swap Counterparty when and as required by the Interest Rate Swap
Agreement.]

 

(f) [If at any time
the Interest Rate Swap Agreement becomes subject to early termination due to the occurrence of an “Event of Default”
or “Termination Event” (as defined in the Interest Rate Swap Agreement), the Issuer and the Indenture Trustee shall
use reasonable efforts (following the expiration of any applicable grace period) to enforce the rights of the Issuer thereunder
as may be permitted by the terms of the Interest Rate Swap Agreement and consistent with the terms hereof. To the extent not fully
paid from Swap Replacement Proceeds, any Swap Termination Payment owed by the Issuer to the Swap Counterparty under the Interest
Rate Swap Agreement shall be payable to the Swap Counterparty in installments made on each following Payment Date until paid in
full in accordance with the order of priority specified in Section 4.4(a). To the extent that the Swap Replacement Proceeds
exceed any such Swap Termination Payments (or if there are no Swap Termination Payments due to the Swap Counterparty), the Swap
Replacement Proceeds in excess of such Swap Termination Payments, if any, shall be included in Available Funds and allocated and
applied in accordance with the order of priority specified in Section 4.4(a) on the following Payment Date.]

 

ARTICLE
V

 

THE SELLER

 

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

 

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

 

(b) Authorization and No Contravention.
The execution, delivery and performance by the Seller of each Transaction Document to which it is a party (i) have been duly authorized

    	 	19	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

by all necessary limited liability company
action on the part of the Seller and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation,
(B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or
its property is subject (other than violations which do not affect the legality, validity or enforceability of any of such agreements
and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the
Seller’s ability to perform its obligations under, the Transaction Documents).

 

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

 

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

 

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

 

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

 

(g) Assignment. The Receivables
and the other Transferred Assets have been validly assigned by the Seller to the Issuer.

 

(h) Security Interests. The Seller
has not authorized the filing of and is not aware of any financing statements against the Seller that includes a description of
collateral covering any Receivable other than any financing statement relating to security interests granted under the Transaction
Documents or that have been or, prior to the assignment of such Receivables hereunder, will be terminated, amended or released.
This Agreement creates a valid and continuing security interest in the Receivables (other than the Related Security with respect

    	 	20	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

thereto, to the extent that an ownership
interest therein cannot be perfected by the filing of a financing statement) in favor of the Issuer which security interest is
prior to all other Liens (other than Permitted Liens) and is enforceable as such against all other creditors of and purchasers
and assignees from the Seller.

 

(i) Creation, Perfection and Priority
of Security Interests. The representations and warranties regarding creation, perfection and priority of security interests
in the Transferred Assets, which are attached to this Agreement as Exhibit B, are true and correct to the extent that they
are applicable.

 

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

 

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

 

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

 

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

 

(d) The Seller’s obligations under
this Section 5.2 are obligations solely of the Seller and will not constitute a claim against the Seller to the extent
that the Seller does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of
the foregoing, the Issuer, the Servicer, the Indenture Trustee and the Owner Trustee, by entering into or accepting this Agreement,
acknowledge and agree that they have no right, title or interest in or to the Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding sentence, the Issuer, the Servicer, the Indenture Trustee
or the Owner Trustee either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any
such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable
provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision
having similar effect under the Bankruptcy Code), then the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee further
acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated
to the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or

    	 	21	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

conveyance of such Other Assets, are entitled
to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or
security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law,
including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on
such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning
of Section 510(a) of the Bankruptcy Code. The Issuer, the Servicer, the Indenture Trustee and the Owner Trustee each further acknowledges
and agrees that no adequate remedy at law exists for a breach of this Section 5.2(d) and the terms of this Section 5.2(d)
may be enforced by an action for specific performance. The provisions of this Section 5.2(d) will be for the third
party benefit of those entitled to rely thereon and will survive the termination of this Agreement.

 

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

 

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

 

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

 

SECTION 5.6 Sarbanes-Oxley Act Requirements.
To the extent any documents are required to be filed or any certification is required to be made with respect to the Issuer or
the Notes pursuant to the Sarbanes-Oxley Act, the Issuer hereby authorizes the Servicer and the

    	 	22	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

Seller, or either of them, to prepare, sign,
certify and file any such documents or certifications on behalf of the Issuer.

 

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

 

ARTICLE
VI

 

THE SERVICER

 

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

 

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

 

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

 

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

 

(d) Binding Effect. Each Transaction
Document to which the Servicer is a party constitutes the legal, valid and binding obligation of the Servicer enforceable against
the Servicer in accordance with its terms, except as such enforceability may be limited by applicable

    	 	23	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

bankruptcy, insolvency, reorganization, moratorium,
receivership, conservatorship or other similar laws affecting creditors’ rights generally and, if applicable, the rights
of creditors of federal savings associations from time to time in effect or by general principles of equity.

 

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

 

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

 

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

 

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

 

(b) The Servicer will indemnify, defend
and hold harmless the Issuer, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees
and agents from and against any taxes that may at any time be asserted against any such Person with respect to the transactions
contemplated herein or in the other Transaction Documents, if any, including, without limitation, any sales, gross receipts, general
corporation, tangible personal property, privilege, or license taxes (but, in the case of the Issuer, not including any taxes
asserted with respect to, and as of the date of, the conveyance of the Receivables to the Issuer or the issuance and original
sales of the Notes, or asserted with respect to ownership of the Receivables, or federal or other Applicable Tax State income
taxes arising out of the transactions contemplated by this Agreement and the other Transaction Documents) and costs and expenses
in defending against the same. For the avoidance of doubt, the Servicer will not indemnify for any costs, expenses, losses, claims,
damages or liabilities due to the credit risk of the Obligor and for which reimbursement would constitute recourse for uncollectible
Receivables.

 

(c) The Servicer will indemnify, defend
and hold harmless the Issuer, the Owner Trustee and the Indenture Trustee and the Seller from and against any and all costs, expenses,
losses, claims, damages, and liabilities to the extent that such cost, expense, loss, claim, damage, or liability arose out of,
or was imposed upon any such Person through, the negligence, willful misfeasance, or bad faith of the Servicer in the performance
of its duties under this Agreement or

    	 	24	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

any other Transaction Document to which it
is a party, or by reason of its failure to perform its obligations or of reckless disregard of its obligations and duties under
this Agreement or any other Transaction Document to which it is a party; provided, however, that the Servicer will
not indemnify for any costs, expenses, losses, claims, damages or liabilities arising from its breach of any covenant for which
the repurchase of the affected Receivables is specified as the sole remedy pursuant to Section 3.6.

 

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

 

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

 

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

 

The provisions of this Section 6.2
shall survive termination of this Agreement and satisfaction and discharge of the Indenture.

 

SECTION 6.3 Merger or Consolidation
of, or Assumption of the Obligations of, Servicer. Any Person (i) into which the Servicer may be merged or consolidated, (ii)
resulting from any merger, conversion, or consolidation to which the Servicer is a party, (iii) succeeding to the business of
the Servicer or (iv) 50% or more of the equity of which is owned, directly or indirectly, by the United Services Automobile Association,
which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Servicer under
this Agreement, will be the successor to the Servicer under this Agreement without the execution or

    	 	25	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

filing of any paper or any further act on
the part of any of the parties to this Agreement. The Servicer shall provide prior notice of the effective date of any merger,
conversion, consolidation or succession pursuant to this Section 6.3 to the Rating Agencies, the Indenture Trustee and
the Seller. The Servicer shall provide the Seller in writing such information as reasonably requested by the Seller to comply
with its Exchange Act reporting obligations with respect to a successor Servicer.

 

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

 

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

 

SECTION 6.5 Delegation of Duties.
The Servicer may, at any time without notice or consent, delegate (a) any or all of its duties (including, without limitation,
its duties as custodian) under the Transaction Documents to any of its Affiliates or (b) specific duties (including, without limitation,
its duties as custodian) to sub-contractors who are in the business of performing such duties; provided, that no such delegation
shall relieve the Servicer of its responsibility with respect to such duties and the Servicer shall remain obligated and liable
to the Issuer and the Indenture Trustee for its duties hereunder as if the Servicer alone were performing such duties. For any
servicing activities delegated to third parties in accordance with this Section 6.5, the Servicer shall follow such policies
and procedures to monitor the performance of such third parties and compliance with such servicing activities as the Servicer
follows with respect to comparable motor vehicle receivables serviced by the Servicer for its own account.

    	 	26	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

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

 

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

 

ARTICLE
VII

 

REPLACEMENT OF SERVICER

 

SECTION 7.1 Replacement of Servicer.

 

(a) If a Servicer Replacement Event shall
have occurred and be continuing, the Indenture Trustee may or, at the direction of 662⁄3% of the Note Balance of the Controlling
Class shall, by notice given to the Servicer, the Owner Trustee, the Issuer, the Administrator[,] [and] the Noteholders[ and the
Swap Counterparty], terminate the rights and obligations of the Servicer under this Agreement with respect to the Receivables.
In the event the Servicer is terminated pursuant to this Section 7.1 or resigns as Servicer pursuant to Section 6.6 with respect to servicing the Receivables, the Indenture Trustee, acting at the direction of 662⁄3% of the Note Balance
of the Controlling Class, shall appoint a successor Servicer. Upon the Servicer’s receipt of notice of termination the predecessor
Servicer will continue to perform its functions as Servicer under this Agreement only until the date specified in such termination
notice or, if no such date is specified in such termination notice, until receipt of such notice. If a successor Servicer has
not been appointed at the time when the predecessor Servicer ceases to act as Servicer in accordance with this Section 7.1,
the Indenture Trustee without further action will automatically be appointed the successor Servicer. Notwithstanding the above,
the Indenture Trustee, if it is legally unable or is unwilling to so act, will appoint, or petition a court of competent jurisdiction
to appoint a successor Servicer. Any successor Servicer shall be an established institution having a net worth of not less than
$100,000,000 and whose regular business includes the servicing of comparable motor vehicle receivables having an aggregate outstanding
principal amount of not less than $50,000,000.

    	 	27	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

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

 

(c) If replaced, the Servicer agrees
that it will use commercially reasonable efforts to effect the orderly and efficient transfer of the servicing of the Receivables
to a successor Servicer. The Servicer agrees to cooperate with the Successor Servicer in effecting the termination of the responsibilities
and rights of the Servicer hereunder, including, without limitation, the transfer to the Successor Servicer for administration
by it of all cash amounts which shall at the time be held by the Servicer for deposit, or have been deposited by the Servicer,
in the Collection Account, or for its own account in connection with its services hereafter or thereafter received with respect
to the Collateral. The Servicer shall transfer to the Successor Servicer all records held by the Servicer relating to the Collateral
in such electronic form as the Successor Servicer may reasonably request and (ii) any Receivable Files in the Servicer’s
possession. The Servicer will provide access to the Receivable Files, and the related accounts records, and computer systems maintained
by the Servicer at such times as the Success Servicer direct, but only upon reasonable notice and during normal business hours,
which do not unreasonably interfere with the Servicer’s normal operations, at the respective offices of the Servicer. All
reasonable costs and expenses incurred in connection with transferring the Receivable Files to the successor Servicer and all
other reasonable costs and expenses incurred in connection with the transfer to the successor Servicer related to the performance
by the Servicer hereunder will be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs
and expenses.

 

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

 

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

    	 	28	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

SECTION 7.2 Notification to Noteholders.
Upon any termination of, or appointment of a successor to, the Servicer pursuant to this Article VII, the Indenture Trustee
will give prompt (but in any event, within (5) Business Days of such termination or appointment) written notice thereof to the
Owner Trustee, the Issuer, the Administrator and to the Noteholders at their respective addresses of record.

 

ARTICLE
VIII

 

OPTIONAL PURCHASE

 

SECTION 8.1 Optional Purchase of
Trust Estate. The Servicer shall have the right at its option (the “Optional Purchase”) to purchase
(and/or to designate one or more other persons to purchase) some or all of the Receivables from the Issuer on any Payment
Date if both of the following conditions are satisfied: (a) the Net Pool Balance as of the last day of the related Collection
Period has declined to 10% or less of the Net Pool Balance as of the Cut-Off Date and (b) the sum of the Optional Purchase
Price and Available Funds for such Payment Date would be sufficient to pay (x) the amounts required to be paid under clauses first
through seventh of Section 4.4(a) and (y) the Outstanding Note Balance (after giving effect to the payments
described in the preceding clause (x)). The aggregate purchase price for the Receivables (the “Optional Purchase
Price”) shall equal the aggregate principal amounts of the Receivables (assuming that Receivables that were more
than 30 days past due as of the last day of the related Collection Period have a principal balance of zero). If the Servicer
exercises the Optional Purchase, the Notes shall be redeemed and in each case in whole but not in part on the related Payment
Date for the Redemption Price. Upon any such Optional Purchase, any funds remaining in the Reserve Account or the Yield
Supplement Account will be distributed to or at the direction of the Certificateholder.

 

ARTICLE
IX

 

MISCELLANEOUS PROVISIONS

 

SECTION 9.1 Amendment.

 

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

 

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

 

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

    	 	29	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

(b) This Agreement (including Appendix
A) may also be amended from time to time by the Seller, the Servicer and the Indenture Trustee, with the consent of the Noteholders
evidencing not less than a majority of the Outstanding Note Balance of the Controlling Class, for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of
the Noteholders; provided, that no such amendment shall (i) reduce the interest rate or principal amount of any Note or
change or delay the Final Scheduled Payment Date of any Note without the consent of the Holder of such Note, or (ii) reduce the
percentage of the Note Balance, the Holders of which are required to consent to any matter without the consent of the Holders
of at least the percentage of the Note Balance which were required to consent to such matter before giving effect to such amendment;
[provided, further, that such amendment shall not materially and adversely affect the rights or obligations of the
Swap Counterparty under this Sale and Servicing Agreement unless the Swap Counterparty shall have consented in writing to such
amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten
(10) Business Days after receipt of a written request for such consent);] provided, further, that in the case of
any amendment pursuant to this Section 9.1(b), the Indenture Trustee may not agree to any such amendment if such amendment
failed to comply with the requirements of Section 9.2 of the Indenture. It will not be necessary for the consent of Noteholders
to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance
thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing
the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee
may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement.

 

(c) Prior to the execution of any
amendment pursuant to this Section 9.1, the Servicer shall provide written notification of the substance of such
amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, the Servicer shall
furnish a copy of such amendment or consent to each Rating Agency and the Indenture Trustee; provided, that no
amendment pursuant to this Section 9.1 shall be effective which [(i)] 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) [or (ii) materially and adversely affects the rights or obligations of the Swap
Counterparty under this Agreement unless the Swap Counterparty shall have consented in writing to such amendment (and such
consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days
after receipt of a written request for such consent)].

 

(d) Prior to the execution of any amendment
to this Section 9.1, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon
an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions
precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may,
but shall not be obligated to, enter into or execute on behalf of the Issuer any such amendment which adversely affects the Owner
Trustee’s or the Indenture Trustee’s, as applicable, own rights, privileges, indemnities, duties or obligations under
this Agreement.

    	 	30	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

SECTION 9.2 Protection of Title.

 

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

 

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

 

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

 

(d) The Servicer shall maintain (or shall
cause its Sub-Servicer to maintain) its computer systems so that, from time to time after the conveyance under this Agreement
of the Receivables, the master computer records (including any backup archives, it being understood that any such backup archives
may not reflect such interest until thirty-five (35) days after the applicable changes are made to such master computer records)
that refer to a Receivable shall indicate clearly the interest of the Issuer in such Receivable and that such Receivable is owned
by the Issuer and has been pledged to the Indenture Trustee pursuant to the Indenture. Indication of the Issuer’s interest
in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall
have been paid in full, repurchased by the Bank pursuant to Section 3.4 of the Purchase Agreement or purchased by the Servicer
in accordance with Section 3.6 hereof.

 

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

    	 	31	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

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

 

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

 

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

 

SECTION 9.4 Transfers Intended as
Sale; Security Interest.

 

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

 

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

 

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

 

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

    	 	32	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

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

 

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

 

SECTION 9.5 Notices, Etc. All
demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier service, by facsimile or, if so provided on Schedule
I to the Sale and Servicing Agreement, by electronic transmission, and addressed in each case as specified on Schedule
I to the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in
a written notice to the other parties hereto. Delivery will be deemed to have been given and made: (i) upon delivery or, in the
case of a letter mailed by registered or certified first-class United States mail, postage prepaid, three days after deposit in
the mail, (ii) in the case of a facsimile, when receipt is confirmed by telephone, reply email or reply facsimile from the recipient,
(iii) in the case of electronic transmission, when receipt is confirmed by telephone or reply email from the recipient and (iv)
in the case of an electronic posting to a password-protected website to which the recipient has been provided access, upon delivery
(without the requirement of confirmation of receipt) and notice (including email) to such recipient stating that such electronic
posting has occurred.

 

SECTION
9.6 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO
CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

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

 

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

 

SECTION 9.9 Waivers. No failure
or delay on the part of the Servicer, the Seller, the Issuer or the Indenture Trustee in exercising any power or right hereunder
(to the extent such

    	 	33	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

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

 

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

 

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

 

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

 

SECTION 9.13 Acknowledgment and Agreement.
By execution below, the Seller expressly acknowledges and consents to the pledge, assignment and Grant of a security interest
in the Receivables and the other Transferred Assets by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit
of the Noteholders [and the Swap Counterparty]. In addition, the Seller hereby acknowledges and agrees that for so long as the
Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the Issuer under
this Agreement in the event the Issuer shall fail to exercise the same.

 

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

 

SECTION 9.15 Nonpetition Covenant.
Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each
Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize
any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation,
reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver,
liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property
or to consent to any such relief or to the

    	 	34	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

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 or join with any other Person in commencing or institute with any other Person any Proceeding
against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter
in effect in any jurisdiction. This Section 9.15 shall survive the termination of this Agreement; 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 9.16 Submission to Jurisdiction;
Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally:

 

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

 

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

 

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

 

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

 

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

 

SECTION 9.17 Limitation of Liability.

 

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

    	 	35	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

the purposes of this Agreement, in the performance
of its duties or obligations hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles VI, VII and VIII of the Trust Agreement.

 

(b) Notwithstanding anything contained
herein to the contrary, this Agreement has been executed and delivered by [            ], not in its individual capacity but solely as Indenture
Trustee, and in no event shall it have any liability for the representations, warranties, covenants, agreements or other obligations
of the Issuer under the Notes or any of the other Transaction Documents or in any of the certificates, notices or agreements delivered
pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer. Under no circumstances shall the
Indenture Trustee be personally liable for the payment of any indebtedness or expense of the Issuer or be liable for the breach
or failure of any obligations, representation, warranty or covenant made or undertaken by the Issuer under the Transaction Documents.
For the purposes of this Agreement, in the performance of its duties or obligations hereunder, the Indenture Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of Article VI of the Indenture provided, that the
obligations under Section 6.1(a) of the Indenture shall only be applicable to the performance of the Indenture Trustee’s
duties and obligations under the Indenture and shall not be applicable to the Indenture Trustee’s performance hereunder.

 

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

 

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

 

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

 

SECTION 9.21 Information to Be Provided
by the Indenture Trustee.

 

(a) Each of the Servicer and the Indenture
Trustee shall (i) on or before the fifth Business Day of each month, notify the Seller, in writing, of any Form 10-D Disclosure
Item with respect to the Indenture Trustee, together with a description of any such Form 10-D Disclosure Item in form and substance
reasonably satisfactory to the Seller; provided, however, that subject to clauses (b)(iv) and (b)(v),
the Indenture Trustee shall not be required to provide such information in the event that there has been no change to the information
previously

    	 	36	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

provided by the Indenture Trustee to Seller,
and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Indenture Trustee of any
changes to such information, provide to the Seller, in writing, such updated information.

 

(b) As soon as available but no later
than March 15 of each calendar year commencing with the first fiscal year ended on March 15 following the Closing Date, the Indenture
Trustee shall:

 

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

 

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

 

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

 

(iv) deliver to the Seller the
certification substantially in the form attached hereto as Exhibit E, or such other form as is mutually agreed upon by
the Seller and the Indenture Trustee regarding any affiliations or relationships (as described in Item 1119 of Regulation AB)
between the Indenture Trustee and any Item 1119 Party and any Form 10-D Disclosure Item.

 

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

 

(c) The Indenture Trustee shall provide
the Seller and the Bank (each, a “Reporting Party” and, collectively, the “Reporting Parties”)
with (i) notification as soon as practicable of all demands communicated to a Responsible Officer of the Indenture Trustee for
the repurchase or replacement of any Receivable for breach of the representations and warranties concerning such Receivable and
(ii) promptly upon written request by a Reporting Party, any other information reasonably requested by a Reporting Party that
is in the Indenture Trustee’s possession and

    	 	37	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

reasonably accessible to it to facilitate
compliance by the Reporting Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB (the
“Repurchase Rules and Regulations”) but in no event more than once monthly or such other quantity of requests as may
be mutually agreed to by the Indenture Trustee and the applicable Reporting Party. In no event shall the Indenture Trustee be
deemed to be a “securitizer” as defined in Section 15G(a)(1) of the Exchange Act with respect to the transactions
contemplated by the Transaction Documents, nor shall it have (A) any responsibility for making any filing required to be made
by a securitizer under the Exchange Act or Regulation AB, or (B) any duty or obligation to undertake any investigation or inquiry
related to repurchase activity or otherwise to assume any additional duties or responsibilities in respect to the transactions
contemplated by the Transaction Documents. For purposes of this section, a “demand” is limited to a demand for enforcement
of a repurchase remedy received by the Indenture Trustee. A demand does not include general inquiries, including investor inquiries,
regarding asset performance or possible breaches of representations or warranties.

 

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

 

SECTION 9.23 Further Assurances.
The Seller and the Servicer agree to do and perform, from time to time, any and all acts and to execute any and all further instruments
required or reasonably requested by the Owner Trustee or the Indenture Trustee more fully to effect the purposes of this Agreement.

 

SECTION 9.24 Cooperation. The
parties hereto acknowledge and agree that the purpose of Sections 9.21 and 9.22 is to facilitate compliance by the
Seller and Servicer with the provisions of Regulation AB and related rules and regulations of the Commission. Neither the Seller
nor the Servicer shall exercise its right to request delivery of information or other performance under these provisions other
than in good faith in order to comply with the Securities Act, the Exchange Act, the rules and regulations of the Commission under
the Securities Act and the Exchange Act and any comments or requests of the Commission. The Indenture Trustee acknowledges that
interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the
Commission or its staff, consensus among participants in the asset-backed securities markets or consensus among counsel to the
parties hereto, and agrees to reasonably cooperate with the Seller to deliver to the Seller and Servicer such information necessary
in the good faith determination of the Seller and Servicer to permit the Seller or such Servicer to comply with the provisions
of Regulation AB.

 

SECTION 9.25 [Limitation of Rights.
[All of the rights of the Swap Counterparty in, to and under this Agreement (including, but not limited to, all of the Swap Counterparty’s
rights as a third party beneficiary of this Agreement and all of the Swap Counterparty’s rights to receive notice of any
action hereunder and to give or withhold consent to any action hereunder) shall terminate upon the termination of the Interest
Rate Swap Agreement in accordance with the

    	 	38	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

terms thereof and the payment in full of
all amounts owing to the Swap Counterparty under such Interest Rate Swap Agreement.]

 

SECTION 9.26 Rights of the Certificateholder.
Notwithstanding anything contained herein or in any Transaction Document to the contrary, after the Notes are no longer Outstanding
following payment in full of the principal and interest on the Notes, (i) the Certificateholder will succeed to the rights of
the Noteholders under this Agreement, (ii) the Owner Trustee will succeed to the rights of, but not, without its express consent,
the obligations of the Indenture Trustee pursuant to this Agreement and (iii) the Collection Account will continue to be maintained
as set forth in Section 4.4; provided, however, the Certificateholder shall not be entitled to any payments
pursuant to Section 4.4 other than pursuant to clause tenth thereof.

 

SECTION 9.27 Dispute Resolution.

 

(a) If any Investor (each, a
“Requesting Party”) requests that the Bank repurchase any Receivable pursuant to Section 3.4 of
the Purchase Agreement and the repurchase request has not been fulfilled or otherwise resolved to the reasonable satisfaction
of the Requesting Party within 180 days of the receipt of notice of the request by the Bank, the Requesting Party will have
the right to refer the matter, at its discretion, to either mediation (including non-binding arbitration) or arbitration
pursuant to this Section 9.27. Dispute resolution to resolve any repurchase request will be available regardless of
whether the Noteholders vote to direct an Asset Representations Review. The Bank will inform the Requesting Party in writing
upon a determination by the Bank that a Receivable subject to a demand to repurchase will be repurchased and the monthly
distribution report filed by the Seller on Form 10-D for the Collection Period in which such Receivables were repurchased
will include disclosure of such repurchase. A failure of the Bank to inform the Requesting Party that a Receivable subject to
a demand will be repurchased within 180 days of the receipt of notice of the request shall be deemed to be a determination by
the Bank that no repurchase of that Receivable due to a breach of Section 3.4 of the Purchase Agreement is
required.

 

(b) The Requesting Party will provide
notice in accordance with the provisions of Section 9.5 of its intention to refer the matter to mediation (including non-binding
arbitration) or arbitration, as applicable, to the Bank. Each of the Bank and the Seller agree that such Person will participate
in the resolution method selected by the Requesting Party to the extent such Person is a Requested Party. Any settlement agreement
reached in a mediation and any decision by an arbitrator in a binding arbitration shall be binding upon the Requesting Party,
the Issuer, the Owner Trustee, and the Indenture Trustee with respect to the Receivable that is the subject matter of the repurchase
request, and, in that situation, issues relating to that Receivable may not be re-litigated by the Requesting Party or the Seller
or become the subject of a subsequent repurchase request by the Requesting Party in mediation, arbitration, court, or otherwise.

 

(c) If the Requesting Party selects mediation
as the resolution method, the following provisions will apply:

 

(i) The mediation will be administered
by [a nationally recognized arbitration and mediation association] [one of [identify acceptable options]] selected by [the

    	 	39	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

Requesting Party] pursuant to such
association’s mediation procedures in effect at such time.

 

(ii) The fees and expenses of
the mediation will be allocated as mutually agreed by the parties as part of the mediation.

 

(iii) The mediator will be impartial,
knowledgeable about and experienced with the laws of the State of New York that are relevant to the repurchase dispute and will
be appointed from a list of neutrals maintained by the American Arbitration Association (the “AAA”).

 

(d) If the Requesting Party selects arbitration
as the resolution method, the following provisions will apply:

 

(i) The arbitration will be
administered by [a nationally recognized arbitration and mediation association] [one of [identify acceptable options]] jointly
selected by the parties, and if the parties are unable to agree on an association, by the AAA, and conducted pursuant to such
association’s arbitration procedures in effect at such time.

 

(ii) The arbitrator will be
impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to the dispute hereunder
and will be appointed from a list of neutrals maintained by AAA.

 

(iii) The arbitrator will make
its final determination no later than [90] days after appointment or as soon as practicable thereafter. The arbitrator will resolve
the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement in any way. The arbitrator
will not have the power to award punitive damages or consequential damages in any arbitration conducted by it[, and the Requested
Party shall not be required to pay more than the applicable Repurchase Amount with respect to any receivable which such Requested
Party is required to repurchase under the terms of the Purchase Agreement or this Agreement, as applicable]. In its final determination,
the arbitrator will determine and award the costs of the arbitration (including the fees of the arbitrator, cost of any record
or transcript of the arbitration, and administrative fees) and reasonable attorneys’ fees to the parties as determined by
the arbitrator in its reasonable discretion. The determination of the arbitrator will be in writing and counterpart copies will
be promptly delivered to the parties. The determination may be enforced in any court of competent jurisdiction.

 

(iv) No person may bring a putative
or certified class action to arbitration.

 

(v) By selecting binding arbitration,
the Requesting Party waives the right to sue in court, including the right to a trial by jury.

 

(e) The following provisions will apply
to both mediations and arbitrations:

 

(i) Any mediation or arbitration
will be held in [New York, New York] or such other location mutually agreed to by the Requesting Party and the Requested Parties;

    	 	40	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

(ii) Notwithstanding this dispute
resolution provision, the parties will have the right to seek provisional relief from a competent court of law, including a temporary
restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law;

 

(iii) The details and/or existence
of any unfulfilled repurchase request, any meetings or discussions regarding any unfulfilled repurchase request, mediations or
arbitration proceedings conducted under this Section 9.27, including all offers, promises, conduct and statements, whether
oral or written, made in the course of the parties’ attempt to resolve an unfulfilled repurchase request, any information
exchanged in connection with any mediation, and any discovery taken in connection with any arbitration (collectively, “Confidential
Information”), shall be and remain confidential and inadmissible (except disclosures required by Applicable Law) for
any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding
under this Section 9.27) other than as required to be disclosed in accordance with applicable law, regulatory requirements,
or court order or to the extent that the Requested Party, in its sole discretion, elects to disclose such information. Such information
will be kept strictly confidential and will not be disclosed or discussed with any third party, and except that a party may disclose
such information to its own attorneys, experts, accountants and other agents and representatives (collectively “Representatives”),
as reasonably required in connection with any resolution procedure under this Section 9.27, and the Asset Representations
Reviewer, if an Asset Review has been conducted), if the disclosing Party (a) directs such Representatives to keep the information
confidential, (b) is responsible for any disclosure by its Representatives of such information and (c) takes at its sole expense
all reasonable measures to restrain such Representatives from disclosing such information. If any party receives a subpoena or
other request for information from a third party (other than a governmental regulatory body) for Confidential Information, the
recipient will promptly notify the other party and will provide the other party with the opportunity to object to the production
of its Confidential Information or seek other appropriate protective remedies, consistent with the applicable requirements of
law and regulation. If, in the absence of a protective order, such party or any of its representatives are compelled as a matter
of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information, such party
may disclose to the party compelling disclosure only the part of such Confidential Information that is required to be disclosed.

 

[SIGNATURES FOLLOW]

    	 	41	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

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

 

	 	USAA ACCEPTANCE, LLC, as Seller
	 	 

	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 

	 	USAA FEDERAL SAVINGS BANK, as Servicer
	 	 

	 	By:	 
	 	 	Name:  
	 	 	Title:

    	 	S-1	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

	 	USAA AUTO OWNER TRUST 20[  ]-[  ], as Issuer
	 	 	 
	 	By:	[                                           ],
	 	 	not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    	 	S-2	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

	 	[                                           ], not in its individual
capacity but solely as Indenture Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    	 	S-3	Sale and Servicing Agreement
(USAA 20[  ]-[  ])

    	

    

SCHEDULE I

 

NOTICE ADDRESSES

 

If to the Issuer:

 

c/o [                       ]

[                       ]

[                       ]

Attention: [                       ]

Telephone: [                       ]

Facsimile: [                       ]

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

 

If to the Owner Trustee:

 

[                          ]

[                          ]

[                          ]

Telecopier No.: [                       ]

Attention: [                       ]

 

If to the Indenture Trustee:

[                          ]

[                          ]

[                          ]

Telecopier No.: [                       ]

Attention: [                       ]

 

If to the Bank, the Servicer or the Administrator:

 

USAA Federal Savings Bank

10750 McDermott Freeway

San Antonio, Texas 78288

Attention: [                       ]

 

If to the Seller:

 

USAA Acceptance, LLC

9830 Colonnade Blvd., Suite 600

San Antonio, Texas 78230

Attention: [                       ]

    	 	I-1	Schedule I to the
Sale and Servicing Agreement

    	

    

EXHIBIT A

 

FORM OF ASSIGNMENT PURSUANT TO

SALE AND SERVICING AGREEMENT

 

[     ], 20[   ]

 

For value received,
in accordance with the Sale and Servicing Agreement (the “Agreement”), dated as of [       ], 20[   ] between USAA
Auto Owner Trust 20[  ]-[  ], a Delaware statutory trust (the “Issuer”), USAA Acceptance, LLC, a Delaware limited
liability company (the “Seller”), USAA Federal Savings Bank, a federally chartered savings association (the
“Bank”), and [             ], a [                               ] as indenture trustee, on the terms and subject to the conditions set forth in the Agreement,
the Seller does hereby transfer, assign, set over, sell and otherwise convey to the Issuer without recourse (subject to the obligations
in the Agreement) on the Closing Date, all of its right, title and interest in, to and under the Receivables set forth on the
schedule of Receivables delivered by the Seller to the Issuer on the date hereof, the Collections on or after the Cut-Off Date,
the Receivable Files and the Related Security relating thereto, together with all of Seller’s rights under the Purchase
Agreement and all proceeds of the foregoing; which sale shall be effective as of the Cut-Off Date.

 

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

 

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

 

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

 

[Remainder of page intentionally left blank]

    	 	A-1	Exhibit A to the
Sale and Servicing Agreement

    	

    

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

 

	 	USAA ACCEPTANCE, LLC

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

    	 	A-2	Exhibit A to the
Sale and Servicing Agreement

    	

    

EXHIBIT B

 

PERFECTION REPRESENTATIONS, WARRANTIES
AND COVENANTS

 

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

 

General

 

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

 

2. The Receivables constitute “chattel paper”
(including “electronic chattel paper” and “tangible chattel paper”) 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 (or its assignee), 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 (or its assignee), as secured party.

 

Creation

 

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

 

Perfection

 

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

    	 	B-1	Exhibit B to the
Sale and Servicing Agreement

    	

    

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

 

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

 

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

 

(iii) the Servicer received possession of such tangible chattel
paper after the Indenture Trustee received a written acknowledgment from the Servicer that the Servicer is acting solely as agent
of the Indenture Trustee, not in its individual capacity but solely as Indenture Trustee.

 

Priority

 

7. Neither the Seller nor the Bank has authorized the filing
of, and is not aware of, any financing statements against either the Seller or the Bank that include a description of collateral
covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by the Bank to the
Seller under the Purchase Agreement, (ii) relating to the conveyance of the Receivables by the Seller to the Issuer under the
Sale and Servicing Agreement, (iii) relating to the security interest granted to the Indenture Trustee under the Indenture or
(iv) that has been terminated.

 

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

 

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

 

10. 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.

 

Survival of Perfection Representations

 

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

 

No Waiver

 

12. The Servicer shall provide the Rating Agencies with
prompt written notice of any material breach of the perfection representations, warranties and covenants contained in this

    	 	B-2	Exhibit B to the
Sale and Servicing Agreement

    	

    

Exhibit B, and shall not, without satisfying the Rating
Agency Condition, waive a breach of any of such perfection representations, warranties or covenants.

 

Servicer to Maintain Perfection and
Priority

 

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

    	 	B-3	Exhibit B to the
Sale and Servicing Agreement

    	

    

EXHIBIT C

 

SERVICING CRITERIA TO BE ADDRESSED IN

INDENTURE TRUSTEE’S ASSESSMENT
OF COMPLIANCE

 

The assessment of compliance to be delivered
by the Indenture Trustee shall address, at a minimum, the criteria identified below as 

“Applicable Servicing Criteria”1:

 

	Servicing
    Criteria 	 	Applicable

Servicing Criteria
	 	 	 
	Reference	 	Criteria	 	 
	 	 	 	 	 
	 	 	General
    Servicing Considerations	 	 
	 	 	 	 	 
	1122(d)(1)(i)	 	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	 	X
	 	 	 	 	 
	1122(d)(1)(ii)	 	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	 	X
	 	 	 	 	 
	1122(d)(1)(iii)	 	Any
    requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	 	 
	 	 	 	 	 
	1122(d)(1)(iv)	 	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	 	X
	 	 	 	 	 
	 	 	Cash
    Collection and Administration	 	 
	 	 	 	 	 
	1122(d)(2)(i)	 	Payments
    on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	 	X
	 	 	 	 	 
	1122(d)(2)(ii)	 	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	 	X
	 	 	 	 	 
	1122(d)(2)(iii)	 	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	 	X
	 	 	 	 	 
	1122(d)(2)(iv)	 	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	 	X
	 	 	 	 	 
	1122(d)(2)(v)	 	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
    Act.	 	X2
	 	 	 	 	 
	1122(d)(2)(vi)	 	Unissued
    checks are safeguarded so as to prevent unauthorized access.	 	X

 

 

1 Each assessment of compliance delivered by the
Indenture Trustee shall be made only toward such portion(s) of the servicing criteria applicable to the Indenture Trustee and
not such other portion(s) applicable to other persons.

2 Assessment of compliance to be given by Indenture
Trustee shall be only with respect to trust accounts maintained by the Indenture Trustee under the Sale and Servicing Agreement
and the Indenture.

    	 	C-1	Exhibit C to the
Sale and Servicing Agreement

    	

    

	Servicing
    Criteria 	 	Applicable

Servicing Criteria
	 	 	 
	Reference	 	Criteria	 	 
	 	 	 	 	 
	1122(d)(2)(vii)	 	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after
    the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved
    by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These
    reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified
    in the transaction agreements.	 	X
	 	 	 	 	 
	 	 	Investor
    Remittances and Reporting	 	 
	 	 	 	 	 
	1122(d)(3)(i)	 	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other
    terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in
    the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with
    investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced
    by the Servicer.	 	X
	 	 	 	 	 
	1122(d)(3)(ii)	 	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	 	X

                                                                            (solely with respect to remittances)

	 	 	 	 	 
	1122(d)(3)(iii)	 	Disbursements
    made to an investor are posted within two business days to the Servicer’s investor records, or such other number of
    days specified in the transaction agreements.	 	X
	 	 	 	 	 
	1122(d)(3)(iv)	 	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	 	X
	 	 	 	 	 
	 	 	Pool
    Asset Administration	 	 
	 	 	 	 	 
	1122(d)(4)(i)	 	Collateral
    or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.	 	 
	 	 	 	 	 
	1122(d)(4)(ii)	 	Pool
    assets and related documents are safeguarded as required by the transaction agreements	 	 
	 	 	 	 	 
	1122(d)(4)(iii)	 	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	 	X
	 	 	 	 	 
	1122(d)(4)(iv)	 	Payments
    on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s
    obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction
    agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	 	 
	 	 	 	 	 
	1122(d)(4)(v)	 	The
    Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an
    obligor’s unpaid principal balance.	 	 
	 	 	 	 	 
	1122(d)(4)(vi)	 	Changes
    with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	 	 
	 	 	 	 	 
	1122(d)(4)(vii)	 	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	 	 

    	 	C-2	Exhibit C to the
Sale and Servicing Agreement

    	

    

	Servicing
    Criteria 	 	Applicable

Servicing Criteria
	 	 	 
	Reference	 	Criteria	 	 
	 	 	 	 	 
	1122(d)(4)(viii)	 	Records
    documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction
    agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,
    and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters
    and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	 	 
	 	 	 	 	 
	1122(d)(4)(ix)	 	Adjustments
    to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	 	 
	 	 	 	 	 
	1122(d)(4)(x)	 	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    Account documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest
    on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such
    funds are returned to the obligor within 30 calendar days of full repayment of the related Accounts, or such other number
    of days specified in the transaction agreements.	 	 
	 	 	 	 	 
	1122(d)(4)(xi)	 	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	 	 
	 	 	 	 	 
	1122(d)(4)(xii)	 	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	 	 
	 	 	 	 	 
	1122(d)(4)(xiii)	 	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	 	 
	 	 	 	 	 
	1122(d)(4)(xiv)	 	 Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	 	 
	 	 	 	 	 
	1122(d)(4)(xv)	 	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	 	 

    	 	C-3	Exhibit C to the
Sale and Servicing Agreement

    	

    

EXHIBIT D

 

FORM OF INDENTURE TRUSTEE’S ANNUAL
CERTIFICATION

 

		Re:	USAA
                                         AUTO OWNER TRUST 20[  ]-[  ]

 

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

 

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

 

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

 

(3) To
the best of its knowledge, all of the information required to be provided by the Indenture Trustee pursuant to Sections 9.21 and 9.22 of the Agreement has been provided to the Seller.

 

[                       ], not in its individual capacity but solely as
Indenture Trustee

 

	 	Date:	 	 

    	 	D-1	Exhibit D to the
Sale and Servicing Agreement

    	

    

EXHIBIT E

 

FORM OF INDENTURE
TRUSTEE’S ANNUAL CERTIFICATION

REGARDING ITEM 1117 AND ITEM 1119 OF REGULATION AB

 

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

 

[                  ], a [                  ] (“[    ]”), does
hereby certify to the Sponsor, the Seller and the Issuing Entity that:

 

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

 

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

 

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

 

Dated: ____________,
20[    ]

 

	 	[               ], as Indenture Trustee
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

    	 	E-1	Exhibit E to the
Sale and Servicing Agreement

    	

    

APPENDIX A

 

DEFINITIONS

 

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

 

“60-Day Delinquent
Receivables” means, as of any date of determination, all Receivables (other than Repurchased Receivables and Defaulted
Receivables) that are sixty (60) or more days delinquent as of such date (or, if such date is not the last day of a Collection
Period, as of the last day of the Collection Period immediately proceeding such date), as determined in accordance with the Servicer’s
Customary Servicing Practices.

 

“AAA”
has the meaning set forth in Section 9.28(c)(iii) of the Sale and Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Asset Representations
Review Agreement” means the Asset Representations Review Agreement, dated as of the Closing Date, between the Issuer,
the Sponsor, the Servicer and the Asset Representations Reviewer.

 

“Asset Representations
Reviewer” means [______], a [______], or any successor Asset Representations Reviewer under the Asset Representations
Review Agreement.

    	 	 	Appendix A to the Sale and Servicing
Agreement (USAA 20[  ]-[  ])

    	

    

“Asset Review”
shall have the meaning assigned to such term in the Asset Representations Review Agreement.

 

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

 

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

 

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

 

“Available
Funds” means, for any Payment Date and the related Collection Period, an amount equal to the sum of the following amounts:
(i) all Collections received by the Servicer during such Collection Period, (ii) the sum of the Repurchase Prices deposited into
the Collection Account with respect to each Receivable that is to become a Repurchased Receivable on such Payment Date, (iii) the
Reserve Account Excess Amount for such Payment Date; provided, however, that the term “Available Funds”
shall also include the Optional Purchase Price on any Redemption Date [, (iv) the Net Swap Receipts (excluding Swap Termination
Payments received from the Swap Counterparty and deposited into the Swap Termination Payment Account), (v) amounts on deposit in
the Swap Termination Payment Account to the extent such amounts are required to be included in Available Funds pursuant to Section
4.8(d) of the Sale and Servicing Agreement and (vi) Swap Replacement Proceeds, to the extent required to be included in Available
Funds pursuant to Section 4.8(f) of the Sale and Servicing Agreement].

 

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

 

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

    	2

    	

    

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

 

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

 

“Benefit Plan”
means (i) any “employee benefit plan” as defined in Section 3(3) of ERISA which is subject to Title I of ERISA, (ii)
a “plan” described by Section 4975(e)(1) of the Code, which is subject to Section 4975 of the Code or (iii) any entity
deemed to hold the plan assets of any of the foregoing by reason of an employee benefit plan’s or other plan’s investment
in such entity.

 

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

 

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

 

“Certificate”
means a certificate evidencing the beneficial interest of the Certificateholder in the Issuer, substantially in the form of Exhibit
A to the Trust Agreement. For the avoidance of doubt, the references in the Transaction Documents to a “Certificate”
or a “Certificateholder”, unless the context otherwise requires, shall be deemed to be references to “Certificates”
or “Certificateholders” if more than one Certificate has been issued.

 

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

 

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

 

“Certificateholder”
means the Holder of a Certificate.

 

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

 

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

    	3

    	

    

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

 

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

 

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

 

“Class A-1
Final Scheduled Payment Date” means the Payment Date occurring in [    ].

 

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

 

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

 

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

 

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

 

“Class A-2[-A]
Final Scheduled Payment Date” means the Payment Date occurring in [     ].

 

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

 

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

 

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

 

[“Class A-2-A
Notes” means the Class of Auto Loan Asset Backed Notes designated as Class A-2-A Notes, issued in accordance with the
Indenture.]

    	4

    	

    

[“Class A-2-B
Final Scheduled Payment Date” means the Payment Date occurring in [     ].]

 

[“Class A-2-B
Interest Rate” means LIBOR + [__]% per annum (computed on the basis of a 360-day year of twelve 30-day months).]

 

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

 

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

 

[“Class A-2-B
Notes” means the Class of Auto Loan Asset Backed Notes designated as Class A-2-B Notes, issued in accordance with the
Indenture.]

 

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

 

“Class A-3
Final Scheduled Payment Date” means the Payment Date occurring in [     ].

 

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

 

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

 

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

 

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

 

“Class A-4
Final Scheduled Payment Date” means the Payment Date occurring in [     ].

 

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

 

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

 

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

 

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

 

“Class B Final
Scheduled Payment Date” means the Payment Date occurring in [     ].

    	5

    	

    

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Closing Date”
means [           ], 20[   ].

 

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

 

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

 

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

 

“Collection
Period” means the period commencing on the first day of each calendar month and ending on the last day of such calendar
month (or, in the case of the initial Collection Period, the period from the Cut-Off Date to and including [__________]). As used
herein, the

    	6

    	

    

“related”
Collection Period with respect to a Payment Date shall be deemed to be the Collection Period which precedes such Payment Date.

 

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

 

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

 

“Confidential
Information” has the meaning set forth in Section 9.28(e)(iii) of the Sale and Servicing Agreement.

 

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

 

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

 

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

 

“Corporate
Trust Office” means:

 

(a)as used with
respect to the Indenture Trustee, the principal office of the Indenture Trustee at which at any particular time its corporate trust
business shall be administered which office at date of the execution of the Indenture is located at [         ], Attention: [        ] USAA 20[    ]-[    ], or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders, [the Swap
Counterparty,] the Administrator, the Servicer and the Issuer, or the principal corporate trust office of any successor Indenture
Trustee (the address of which the successor Indenture Trustee will notify the Noteholders, the Administrator, the Servicer and
the Owner Trustee); and

    	7

    	

    

(b)as used with
respect to the Owner Trustee, the corporate trust office of the Owner Trustee, [            ] or at such other address as the Owner Trustee
may designate by notice to the Certificateholder and the Seller, or the principal corporate trust office of any successor Owner
Trustee (the address of which the successor Owner Trustee will notify the Certificateholder and the Seller).

 

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

 

“Cut-Off Date”
means the close of business on [        ], 20[    ].

 

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

 

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

 

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

 

“Delinquency
Percentage” means, for any Payment Date and the related Collection Period, an amount equal to the ratio (expressed as
a percentage) of (i) the aggregate Outstanding Principal Balance of all 60-Day Delinquent Receivables as of the last day of such
Collection Period to (ii) the Net Pool Balance as of the last day of such Collection Period.

 

“Delinquency Trigger”
means, for any Payment Date and the related Collection Period, [__]%.

 

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

 

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

    	8

    	

    

that it holds for the
Indenture Trustee or its nominee or custodian or (ii) if such certificated security is in registered form by delivery thereof to
a “securities intermediary”, endorsed to or registered in the name of the Indenture Trustee or its nominee or custodian
and the making by such “securities intermediary” of entries on its books and records identifying such certificated
securities as belonging to the Indenture Trustee or its nominee or custodian and the sending by such “securities intermediary”
of a confirmation of the purchase of such certificated security by the Indenture Trustee or its nominee or custodian (all of the
foregoing, “Physical Property”), and, in any event, any such Physical Property in registered form shall be in
the name of the Indenture Trustee or its nominee or custodian; and such additional or alternative procedures as may hereafter become
appropriate to effect the complete transfer of ownership of any such Trust Account Property to the Indenture Trustee or its nominee
or custodian, consistent with changes in applicable law or regulations or the interpretation thereof;

 

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

 

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

 

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

    	9

    	

    

“Determination
Date” means the second Business Day preceding the related Payment Date, beginning [        ], 20[    ].

 

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

 

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

 

“Eligible Account”
means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department
of a depository institution acting in its fiduciary capacity organized under the laws of the United States of America or any one
of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and
acting as trustee for funds deposited in such account, so long as the long-term unsecured debt of such depository institution shall
have a credit rating from Moody’s of at least “A2” and from Standard & Poor’s of at least “BBB.”
Any such trust account may be maintained with the Owner Trustee, the Indenture Trustee or any of their respective Affiliates, if
such accounts meet the requirements described in clause (b) of the preceding sentence.

 

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

 

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

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended and any successor law thereto, and the regulations promulgated
and rulings issued thereunder.

 

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

 

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

 

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

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date hereof, (or any amended or successor provisions), any current or future
regulations or official interpretations

    	10

    	

    

thereunder or official
interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code, any published intergovernmental
agreement entered into in connection with the implementation of such sections of the Code and any fiscal or regulatory legislation,
rules or official practices adopted pursuant to such published intergovernmental agreement.

 

“FATCA Withholding
Tax” means any withholding or deduction imposed under FATCA.

 

“FDIC”
means the Federal Deposit Insurance Corporation or any successor agency.

 

“Final Scheduled
Payment Date” means, with respect to (i) the Class A-1 Notes, the Class A-1 Final Scheduled Payment Date, (ii) the Class
A-2 Notes, the Class A-2 Final Scheduled Payment Date, (iii) the Class A-3 Notes, the Class A-3 Final Scheduled Payment Date,
(iv) the Class A-4 Notes, the Class A-4 Final Scheduled Payment Date and (v) the Class B Notes, the Class B Final Scheduled Payment
Date.

 

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

 

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

 

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

 

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

 

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

 

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

    	11

    	

    

the name of the Granting
party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder
or with respect thereto. Other forms of the verb “to Grant” shall have correlative meanings.

 

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

 

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

 

“Indenture
Trustee” means [          ], a [          ] organized under the laws of [the State of] [      ], not in its individual capacity but as indenture
trustee under the Indenture, or any successor indenture trustee under the Indenture.

 

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

 

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

 

“Initial Class
A-1 Note Balance” means $[       ].

 

“Initial Class
A-2[-A] Note Balance” means $[       ].

 

[“Initial Class
A-2-B Note Balance” means $[       ].]

 

“Initial Class
A-3 Note Balance” means $[       ].

 

“Initial Class
A-4 Note Balance” means $[       ].

 

“Initial Class
B Note Balance” means $[       ].

 

[“Initial Interest
Rate Swap Agreement” means the ISDA Master Agreement, dated as of the Closing Date, between the Initial Swap Counterparty
and the Issuer, the Schedule and the Credit Support Annex thereto, dated as of the Closing Date and, the Confirmations thereto,
each dated as of the Closing Date, and entered into pursuant to such ISDA Master Agreement, as the same may be amended or supplemented
from time to time in accordance with the terms thereof.]

    	12

    	

    

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

 

“Initial Reserve
Account Deposit Amount” means an amount equal to $[       ].

 

[“Initial Swap
Counterparty” means [       ], as the swap counterparty under the Initial Interest Rate Swap Agreement.]

 

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

 

“Instituting
Noteholders” has the meaning set forth in Section 7.5(a) of the Indenture.

 

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

 

“Interest Period”
means, with respect to any Payment Date, (a) with respect to the Class A-1 Notes [and the Class A-2-B Notes] from and including
the Closing Date (in the case of the first Payment Date) or from and including the most recent Payment Date to but excluding that
Payment Date (for example, for a Payment Date in February, the Interest Period is from and including the Payment Date in January
to but excluding the Payment Date in February) based upon actual days elapsed and a 360-day year and (b) for each other Class of
Notes, from and including the [  ] day of the calendar month preceding each Payment Date (or from and including the Closing Date
in the case of the first Payment Date) to but excluding the [  ] day of the following month based upon a 360-day year of twelve
30-day months.

 

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

    	13

    	

    

[“Interest
Rate Swap Agreement” means the Initial Interest Rate Swap Agreement and any Replacement Interest Rate Swap Agreement.]

 

“Issuer”
means USAA Auto Owner Trust 20[      ]-[      ], a Delaware statutory trust established pursuant to the Trust Agreement and the filing of
the Certificate of Trust, until a successor replaces it and, thereafter, means such successor.

 

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

 

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

 

[“LIBOR”
means, with respect to any Interest Period, the London interbank offered rate for deposits in U.S. dollars having a maturity of
one month commencing on the related LIBOR Determination Date which appears on Telerate Page 3750 as of 11:00 a.m., London time,
on such LIBOR Determination Date; provided, however, that for the first Interest Period, LIBOR shall mean an interpolated
rate for deposits based on London interbank offered rates for deposits in U.S. Dollars for a period that corresponds to the actual
number of days in the first Interest Period. If the rates used to determine LIBOR do not appear on the Telerate Page 3750, the
rates for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having a maturity of one month
and in a principal amount of not less than U.S. $1,000,000 are offered at approximately 11:00 a.m. London time, on such LIBOR Determination
Date to prime banks in the London interbank market by the reference banks. The Indenture Trustee will request the principal London
office of each of such reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate
for that day will be the arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001), with five one-millionths of a percentage
point rounded upward, of all such quotations. If fewer than two such quotations are provided, the rate for that day will be the
arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001), with five one-millionths of a percentage point rounded upward, of
the offered per annum rates that one or more leading banks in New York City, selected by the Indenture Trustee (after consulting
with the Seller), are quoting as of approximately 11:00 a.m., New York City time, on such LIBOR Determination Date to leading European
banks for United States dollar deposits for that maturity; provided, that if the banks selected as aforesaid are not quoting
as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest
Period. The reference banks are the four major banks in the London interbank market selected by the Indenture Trustee (after consultation
with the Seller).]

 

[“LIBOR Determination
Date” means the second London Business Day prior to the Closing Date with respect to the first Payment Date and, as to
each subsequent Payment Date, the second London Business Day prior to the immediately preceding Payment Date.]

    	14

    	

    

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

 

“Liquidation
Proceeds” means, with respect to any Receivable, (a) insurance proceeds received by the Servicer with respect to the
Insurance Policies, (b) amounts received by the Servicer in connection with such Receivable pursuant to the exercise of rights
under such Receivable and (c) the monies collected by the Servicer (from whatever source, including proceeds of a sale of a Financed
Vehicle or a deficiency balance recovered from the Obligor after the charge-off of such Receivable) on such Receivable, in the
case of each of the foregoing clauses (a) through (c), net of any expenses (including, without limitation, any auction,
painting, repair or refurbishment expenses in respect of the related Financed Vehicle) incurred by the Servicer in connection therewith
and any payments required by law to be remitted to the Obligor; provided, however, that the Repurchase Price for
any Receivable shall not constitute “Liquidation Proceeds”.

 

[“London Business
Day” means any day other than a Saturday, Sunday or day on which banking institutions in London, England are authorized
or obligated by law or government decree to be closed.]

 

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

 

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

 

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

 

[“Net Swap
Payment” means for the Interest Rate Swap Agreement, the net amount with respect to regularly scheduled payments, if
any, owed by the Issuer to the Swap Counterparty on any Payment Date, including prior unpaid Net Swap Payments and any interest
accrued thereon, under such Interest Rate Swap Agreement; provided, that “Net Swap Payments” do not include
Swap Termination Payments.]

 

[“Net Swap
Receipts” means, for the Interest Rate Swap Agreement, the net amounts owed by the Swap Counterparty to the Issuer, if
any, on any Swap Payment Date, excluding any Swap Termination Payments.]

 

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

 

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

    	15

    	

    

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

    	16

    	

    

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

 

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

 

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

 

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

 

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

 

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

 

“Owner Trustee”
means [     ], a [      ], not in its individual capacity but solely as owner trustee under the Trust Agreement, and any successor Owner
Trustee thereunder.

 

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

 

“Payment Date”
means the [      ] day of each calendar month beginning [         ], 20[    ] provided, however, whenever a Payment Date would otherwise
be a day that is not a Business Day, the Payment Date shall be the next Business Day. As used herein, the “related”
Payment

    	17

    	

    

Date with respect to
a Collection Period shall be deemed to be the Payment Date which immediately follows such Collection Period.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

    	18

    	

    

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

 

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

 

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

 

“Rating Agency”
means either or each of [          ] and [            ], as indicated by the context.

 

“Rating Agency
Condition” means, with respect to any event or circumstance and each Rating Agency, either (a) written confirmation (which
may be in the form of a letter, press release or other publication, or a change in such Rating Agency’s published ratings
criteria to this effect) by such Rating Agency that the occurrence of such event or circumstance will not cause it to downgrade,
qualify or withdraw its rating assigned to any of the Notes or (b) that such Rating Agency shall have been given notice of such
event or circumstance at least ten days prior to the occurrence of such event or circumstance (or, if ten days’ advance notice
is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice that
the occurrence of such event or circumstance will itself cause it to downgrade, qualify or withdraw its rating assigned to the
Notes. Notwithstanding the foregoing, no Rating Agency has any duty to review any notice given with respect to any event, and it
is understood that such Rating Agency may not actually review notices received by it prior to or after the expiration of the ten
(10) day period described in (b) above. Further, each Rating Agency retains the right to downgrade, qualify or withdraw
its rating assigned to all or any of the Notes at any time in its sole judgment even if the Rating Agency Condition with respect
to an event had been previously satisfied pursuant to clause (a) or clause (b) above.

 

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

 

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

 

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

 

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

    	19

    	

    

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

 

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

 

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

 

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

 

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

 

“Regular Allocation
of Principal” means, with respect to any Payment Date, an amount equal to the lesser of (i) the Note Balance of the Notes
on as of such Payment Date (before giving effect to any principal payments made on the Notes on such Payment Date) and (ii) an
amount equal to the excess of: (A) (x) the Note Balance of the Notes as of such Payment Date (before giving effect to any payments
made on the Notes as of such Payment Date); minus (y) the sum of the First Allocation of Principal and the Second Allocation of
Principal, if any, in each case for such Payment Date; over (B) the Net Pool Balance as of the end of the related Collection Period
less the Targeted Overcollateralization Amount.

 

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

 

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

 

[“Replacement
Interest Rate Swap Agreement” means any ISDA Master Agreement, dated after the Closing Date, between the Replacement
Swap Counterparty and the Issuer, the Schedule and Credit Support Annex thereto, dated after the Closing Date, and the Confirmations
thereto, each dated after the Closing Date, and entered into pursuant to such ISDA Master Agreement, and pursuant to the conditions
set forth in the Initial Interest Rate Swap Agreement,

    	20

    	

    

as the same may be amended
or supplemented from time to time in accordance with the terms thereof.]

 

[“Replacement
Swap Counterparty” means, with respect to any Swap Counterparty, any replacement Swap Counterparty under a Replacement
Interest Rate Swap Agreement that satisfies the conditions set forth in the Interest Rate Swap Agreement.]

 

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

 

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

 

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

 

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

 

(d)an Event of Default;

 

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

 

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

 

“Representatives”
has the meaning set forth in Section 9.28(e)(iii) of the Sale and Servicing Agreement.

 

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

 

“Repurchased
Receivable” means a Receivable purchased by the Bank pursuant to Section 3.4 of the Purchase Agreement, by the
Servicer pursuant to Sections 3.6 and 8.1 of the Sale and Servicing Agreement.

 

“Requesting
Investor” has the meaning set forth in Section 7.4 of the Indenture.

 

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

    	21

    	

    

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

 

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

 

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

 

“Review Notice”
means the notice delivered by the Indenture Trustee in accordance with Section 7.5(b) of the Indenture to the Asset Representations
Reviewer and the Servicer.

 

“Review Report”
shall have the meaning assigned to such term in Section 3.07 of the Asset Representations Review Agreement.

 

“Review Satisfaction
Date” means, with respect to any Asset Review, the first date on which (a) the Delinquency Percentage for any Payment
Date exceeds the Delinquency Trigger and (b) a Noteholder Direction with respect to such Asset Review has occurred.

 

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

    	22

    	

    

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

 

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

 

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

 

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

 

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

 

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

 

[“Senior Swap
Termination Payment” means any Swap Termination Payment owed by the Issuer to the Swap Counterparty under an Interest
Rate Swap Agreement arising due to (1) the failure of the Issuer to make Net Swap Payments due under that Interest Rate Swap Agreement,
(2) illegality of performance under the Interest Rate Swap Agreement or (3) the occurrence of bankruptcy or insolvency events with
respect to the Issuer.]

 

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

 

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

 

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

 

(b)any failure by
the Servicer to duly observe or perform in any material respect any other of its covenants or agreements in the Sale and Servicing
Agreement, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and which continues unremedied
for 90 days after discovery thereof by a Responsible Officer of the Servicer or receipt by the Servicer of written notice thereof
from the Indenture Trustee or Noteholders evidencing a majority of the aggregate principal amount of the Outstanding Notes, voting

    	23

    	

    

together as a single
Class (it being understood that no Servicer Replacement Event will result from a breach by the Servicer of any covenant for which
the repurchase of the affected Receivable is specified as the sole remedy pursuant to Section 3.6 of the Sale and Servicing
Agreement);

 

(c)any representation
or warranty of the Servicer made in any Transaction Document to which the Servicer is a party or by which it is bound or any certificate
delivered pursuant to the Sale and Servicing Agreement proves to have been incorrect in any material respect when made, which failure
materially and adversely affects the rights of the Issuer or the Noteholders, and which failure continues unremedied for 90 days
after discovery thereof by a Responsible Officer of the Servicer or receipt by the Servicer of written notice thereof from the
Indenture Trustee or Noteholders evidencing a majority of the aggregate principal amount of the Outstanding Notes, voting together
as a single Class (it being understood that any repurchase of a Receivable by the Bank pursuant to Section 3.4 of the Purchase
Agreement, by the Servicer pursuant to Section 3.6 of the Sale and Servicing Agreement shall be deemed to remedy any incorrect
representation or warranty with respect to such Receivable); or

 

(d)the Servicer
suffers a Insolvency Event;

 

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

 

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

 

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

 

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

 

“Servicing
Fee” means, for any Payment Date, the product of (A) one-twelfth, (B) the Servicing Fee Rate and (C) the Net Pool Balance
as of the first day of the related Collection Period (or, in the case of the first Payment Date, as of the Cut-Off Date).

 

“Servicing
Fee Rate” means [  ]% per annum.

 

“Similar Law”
means any federal, state, local or other law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code.

 

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

    	24

    	

    

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

 

“Specified
Reserve Account Balance” shall mean [  ]% of the Net Pool Balance as of the Cut-Off Date; provided, however, on
any Payment Date after the Notes are no longer Outstanding following payment in full of the principal and interest on the Notes,
the “Specified Reserve Account Balance” shall be $[  ].

 

“Standard &
Poor’s” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC
business, or any successor that is a nationally recognized statistical rating organization.

 

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

 

[“Subordinated
Swap Termination Payment” means any Swap Termination Payment owed by the Issuer to the Swap Counterparty under an Interest
Rate Swap Agreement other than a Senior Swap Termination Payment.]

 

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

 

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

 

[“Swap Collateral
Account” means a single, segregated trust account in the name of the Indenture Trustee, which shall be designated as
the “Swap Collateral Account” which shall be held in trust for the benefit of the Noteholders established pursuant
to Section 4.8(e) of the Sale and Servicing Agreement.]

 

[“Swap Counterparty”
means the Initial Swap Counterparty and any Replacement Swap Counterparty.]

 

[“Swap Payment
Date” means the date on which Net Swap Receipts or Net Swap Payments, as applicable, are made pursuant to the Interest
Rate Swap Agreement.]

 

[“Swap Replacement
Proceeds” means any amounts received from a Replacement Swap Counterparty in consideration for entering into a Replacement
Interest Rate Swap Agreement for a terminated Interest Rate Swap Agreement.]

 

[“Swap Termination
Payment” means any payment due to the Swap Counterparty by the Issuer or to the Issuer by the Swap Counterparty, including
interest that may accrue thereon,

    	25

    	

    

under the Interest Rate
Swap Agreement due to a termination of the Interest Rate Swap Agreement due to an “event of default” or “termination
event” under the Interest Rate Swap Agreement.]

 

[“Swap Termination
Payment Account” means an Eligible Account held in the United States in the name of the Indenture Trustee which shall
be held in trust for the benefit of the Noteholders and the Swap Counterparty pursuant to Section 4.8(b) of the Sale and
Servicing Agreement.]

 

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

 

“Targeted Overcollateralization
Amount” means, with respect to any Payment Date, the greater of (a) [ ]% of the Net Pool Balance on such Payment Date,
less the Specified Reserve Account Balance and (b) [ ]% of the Net Pool Balance as of the Cut-Off Date. Notwithstanding the foregoing,
the Targeted Overcollateralization Amount shall not exceed the Net Pool Balance on such Payment Date.

 

“Tax Identification
Information” means properly completed and signed tax certifications (generally with respect to U.S. Federal Income Tax,
IRS Form W-9 (or applicable successor form) in the case of a person that is a “United States Person” within the meaning
of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that
is not a “United States Person” within the meaning of Section 7701(a)(30) of the Code), and, if applicable, any other
information sufficient to eliminate the imposition of, or determine the amount of FATCA Withholding Tax.

 

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

 

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

 

“True Car Receivable”
means a Receivable pursuant to which the interest rate is reduced up to five Business Days after origination through the TrueCar
program in accordance with the Servicer’s Customary Servicing Practices.

 

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

 

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

 

“Trust Agreement”
means the Trust Agreement, dated as of [    ], 20[  ], as amended and restated by the Amended and Restated Trust Agreement, dated as
of the Closing Date, between

    	26

    	

    

the Seller and the Owner
Trustee, as the same may be amended and supplemented from time to time.

 

“Trust Estate”
means all money, accounts, chattel paper, general intangibles, goods, instruments, investment property and other property of the
Issuer, including without limitation (i) the Receivables acquired by the Issuer under the Sale and Servicing Agreement, the Related
Security relating thereto and Collections thereon on or after the Cut-Off Date, (ii) the Receivable Files, (iii) the rights of
the Issuer to the funds on deposit from time to time in the Trust Accounts and any other account or accounts established pursuant
to the Indenture or Sale and Servicing Agreement and all cash, investment property and other property from time to time credited
thereto and all proceeds thereof (including investment earnings, net of losses and investment expenses, on amounts on deposit therein),
(iv) the rights of the Seller, as buyer, under the Purchase Agreement, (v) the rights of the Issuer under the Sale and Servicing
Agreement and the Administration Agreement [and the Interest Rate Swap Agreement] and (vi) all proceeds (as defined in 9-102(64)
of the UCC) of the foregoing.

 

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

 

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

 

“USAA Parties” means,
collectively, the Bank, the Depositor and the Issuer.

 

“Verification Documents”
means, with respect to any Note Owner, a certification from such Note Owner certifying that such Person is in fact, a Note Owner,
as well as an additional piece of documentation reasonably satisfactory to the recipient, such as a trade confirmation, account
statement, letter from a broker or dealer or other similar document.

    	27

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]