Document:

EXHIBIT 10.4

 

 

FORM OF

 

ADMINISTRATION AGREEMENT

 

between

 

USAA AUTO OWNER TRUST 20[   ]-[   ],

as Issuer

 

USAA FEDERAL SAVINGS BANK,

as Administrator

 

and

 

[   ],

as Indenture Trustee

 

Dated as of [     ],
20[  ]

 

    	 

    	

    

Table
of Contents

 

	 	 	Page
	 	 	 
	1.	Duties of the Administrator	1
	 	 	 
	2.	Records	3
	 	 	 
	3.	Compensation; Payment of Fees and Expenses	3
	 	 	 
	4.	Independence of the Administrator	3
	 	 	 
	5.	No Joint Venture	3
	 	 	 
	6.	Other Activities of the Administrator	3
	 	 	 
	7.	Representations and Warranties of the Administrator	4
	 	 	 
	8.	Administrator Replacement Events; Termination of the Administrator	4
	 	 	 
	9.	Action upon Termination or Removal	6
	 	 	 
	10.	Liens	6
	 	 	 
	11.	Notices	6
	 	 	 
	12.	Amendments	7
	 	 	 
	13.	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	8
	 	 	 
	14.	Headings	9
	 	 	 
	15.	Counterparts	9
	 	 	 
	16.	Entire Agreement	9
	 	 	 
	17.	Severability of Provisions	9
	 	 	 
	18.	Not Applicable to the Bank in Other Capacities	9
	 	 	 
	19.	Benefits of the Administration Agreement	9
	 	 	 
	20.	Assignment	9
	 	 	 
	21.	Nonpetition Covenant	9
	 	 	 
	22.	Limitation of Liability of Owner Trustee	10
	 	 	 
	23.	[Limitation of Rights]	10

    	i

    	

    

THIS ADMINISTRATION
AGREEMENT (this “Agreement”) dated as of [     ], is between USAA AUTO OWNER
Trust 20[ ]-[ ], a Delaware statutory trust (the “Issuer”), USAA FEDERAL SAVINGS BANK, a federally
chartered savings association, as administrator (the “Bank” or in its capacity as administrator, the “Administrator”),
and [      ], a [      ], as indenture trustee (the “Indenture Trustee”). Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned such terms in Appendix A to the Sale and Servicing Agreement dated
as of [     ] (the “Sale and Servicing Agreement”) by and among USAA Acceptance, LLC, as
seller, the Issuer, the Bank, as servicer, and the Indenture Trustee.

 

W I T N E S S E T H :

 

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

 

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

 

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

 

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

 

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

 

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

 

	 	1. 	Duties of the Administrator.

 

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

    	 

    	

    

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

 

(b) Notices
to Rating Agencies. The Administrator shall give notice to each Rating Agency of (i) any merger or consolidation of the Owner
Trustee pursuant to Section 10.4 of the Trust Agreement; (ii) any merger or consolidation of the Indenture Trustee pursuant
to Section 6.9 of the Indenture; (iii) any resignation or removal of the Indenture Trustee pursuant to Section 6.8
of the Indenture; (iv) any Default or Event of Default of which it has been provided notice pursuant to Section 6.5 of the
Indenture; (v) the termination of, and/or appointment of a successor to, the Servicer pursuant to Section 7.1 of the Sale
and Servicing Agreement; and (vi) any supplemental indenture pursuant to Section 9.1 or 9.2 of the Indenture; which
notice shall be given in the case of each of clauses (i) through (vi), promptly upon the Administrator being
notified thereof by the Owner Trustee, the Indenture Trustee or the Servicer, as applicable.

 

(c) No
Action by Administrator. Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated
to, and shall not, take any action that the Issuer directs the Administrator not to take or which would result in a violation or
breach of the Issuer’s covenants, agreements or obligations under any of the Issuer Documents.

 

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

 

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

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

 

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

 

(C) the
removal of the Indenture Trustee.

 

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

 

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

 

3. Compensation;
Payment of Fees and Expenses. As compensation for the performance of the Administrator’s obligations under this Agreement
and as reimbursement for its expenses related thereto, the Administrator shall be entitled to receive $[2,000] annually, which
shall be solely an obligation of the Servicer. The Administrator shall pay all expenses incurred by it in connection with its activities
hereunder and all expenses incurred in connection with the removal, resignation and replacement of the Indenture Trustee pursuant
to Section 6.8 of the Indenture.

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

8. Administrator
Replacement Events; Termination of the Administrator.

 

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

 

(b) [Reserved].

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(c) The
occurrence of any one of the following events (each, an “Administrator Replacement Event”) shall also entitle
the Issuer, subject to Section 20 hereof, to terminate and replace the Administrator:

 

(i) any
failure by the Administrator to deliver or cause to be delivered any required payment to the Indenture Trustee for distribution
to the Noteholders, which failure continues unremedied for five Business Days after discovery thereof by a Responsible Officer
of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee or Noteholders evidencing
at least a majority of the Outstanding Note Balance, voting together as a single class;

 

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

 

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

 

(iv) the
Administrator suffers an Insolvency Event;

 

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

 

(d) If an
Administrator Replacement Event shall have occurred, the Issuer may, subject to Section 20 hereof, by notice given to the
Administrator, the Owner Trustee and the Indenture Trustee, terminate all or a portion of the rights and powers of the Administrator
under this Agreement, including the rights of the Administrator to receive the annual fee for services hereunder for all periods
following such termination; provided, however, that such termination shall not become effective until such time as
the

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Issuer, subject to Section 20 hereof, shall have appointed a successor Administrator in the manner set forth below.
Upon any such termination or upon a resignation of the Administrator in accordance with Section 8(a) hereof, all rights, powers,
duties and responsibilities of the Administrator under this Agreement shall vest in and be assumed by any successor Administrator
appointed by the Issuer, subject to Section 20 hereof, pursuant to a management agreement between the Issuer and such successor
Administrator, containing substantially the same provisions as this Agreement (including with respect to the compensation of such
successor Administrator), and the successor Administrator is hereby irrevocably authorized and empowered to execute and deliver,
on behalf of the Administrator, as attorney-in-fact or otherwise, all documents and other instruments, and to do or accomplish
all other acts or things necessary or appropriate to effect such vesting and assumption. Further, in such event, the Administrator
shall use its commercially reasonable efforts to effect the orderly and efficient transfer of the administration of the Issuer
to the new Administrator. No resignation or removal of the Administrator shall be effective until a successor Administrator shall
have been appointed by the Issuer.

 

(e) The
Issuer, subject to Section 20 hereof, may waive in writing any Administrator Replacement Event by the Administrator in the
performance of its obligations hereunder and its consequences. Upon any such waiver of a past Administrator Replacement Event,
such Administrator Replacement Event shall cease to exist, and any Administrator Replacement Event arising therefrom shall be deemed
to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other Administrator
Replacement Event or impair any right consequent thereon.

 

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

 

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

 

11. Notices.
All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier service, by facsimile or, if so provided on Schedule
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

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access, upon delivery (without
the requirement of confirmation of receipt) and notice (including email) to such recipient stating that such electronic posting
has occurred.

 

12. Amendments.

 

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

 

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

 

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

 

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

 

(c) Prior
to the execution of any amendment pursuant to this Section 12, the Administrator shall provide written notification of the
substance of such amendment to each Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment
or consent, the Administrator shall furnish a copy of such amendment or consent to each Rating Agency, the Owner Trustee and the
Indenture Trustee; provided, that no amendment pursuant to this Section 12 shall be effective which [(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 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)].

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(d) Prior
to the execution of any amendment pursuant to this Section 12, the Owner Trustee and the Indenture Trustee shall be entitled
to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted
by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner
Trustee and the Indenture Trustee may, but shall not be obligated to, enter into or execute on behalf of the Issuer any such amendment
which adversely affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, privileges, indemnities,
duties or obligations under this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(v) to the
extent permitted by applicable law, each party hereto irrevocably waives all right of trial by jury in any action, Proceeding or
counterclaim based on, or arising out of, under or in connection with this

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Agreement, any other Transaction Document, or any matter
arising hereunder or thereunder.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

21. Nonpetition
Covenant. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations
of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize
any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation,
reorganization or other relief with respect to such

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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, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction; provided, that
the foregoing shall in no way limit the rights of the parties hereto to pursue any other creditor rights or remedies that such
Persons may have against the Issuer under applicable law.

 

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

 

23. [Limitation
of Rights]. [All of the rights of the Swap Counterparty in, to and under this Agreement, if any, 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.]

 

[SIGNATURES ON NEXT PAGE]

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

 

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

 

	 	By: 	 

	 	Name:
	 	Title:

    	S-1

    	

    

	 	USAA FEDERAL SAVINGS BANK, as Administrator
	 	 	 

	 	By: 	

	 	Name:
	 	Title:

    	S-2

    	

    

	 	Acknowledged and Agreed:
	 	 	 
	 	[    ],
                                         not in its individual capacity but solely as Indenture Trustee
	 	 	 

	 	By: 	

	 	Name:
	 	Title:

    	S-3

    	

    

Joinder of USAA Acceptance, LLC:

 

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

 

	 	USAA ACCEPTANCE, LLC
	 	 	 

	 	By: 	

	 	Name:
	 	Title:

    	S-4Exhibit 10.5

 

FORM OF ASSET REPRESENTATIONS REVIEW AGREEMENT

 

among

 

USAA AUTO OWNER TRUST 20[__]-[__]

as Issuer,

 

USAA FEDERAL SAVINGS BANK,

as Sponsor and Servicer

 

and

 

[__________________________],

 

as Asset Representations Reviewer

 

Dated as of [__________], [______]

    	 

    	

    

TABLE OF CONTENTS

 

	 	 	 	 	 	Page
	 	 	 	 	 	 
	ARTICLE I	USAGE AND DEFINITIONS	 	1
	 	Section 1.1.	 	Usage and Definitions	 	1
	 	Section 1.2.	 	Additional Definitions	 	1
	ARTICLE II	ENGAGEMENT OF ASSET REPRESENTATIONS
    REVIEWER	 	2
	 	Section 2.1.	 	Engagement; Acceptance	 	2
	 	Section 2.2.	 	Confirmation of Scope	 	2
	ARTICLE III	ASSET REPRESENTATIONS REVIEW PROCESS	 	2
	 	Section 3.1.	 	Review Notices	 	2
	 	Section 3.2.	 	Identification of Subject Receivables	 	3
	 	Section 3.3.	 	Review Materials	 	3
	 	Section 3.4.	 	Performance of Reviews	 	3
	 	Section 3.5.	 	Review Reports	 	4
	 	Section 3.6.	 	Limitations on Review Obligations	 	5
	ARTICLE IV	ASSET REPRESENTATIONS REVIEWER	 	5
	 	Section 4.1.	 	Representations and Warranties	 	5
	 	Section 4.2.	 	Covenants	 	6
	 	Section 4.3.	 	Fees, Expenses and Indemnities	 	7
	 	Section 4.4.	 	Limitation on Liability	 	8
	 	Section 4.5.	 	Indemnification by Asset Representations Reviewer	 	8
	 	Section 4.6.	 	Indemnification of Asset Representations Reviewer	 	8
	 	Section 4.7.	 	Inspections of Asset Representations Reviewer	 	9
	 	Section 4.8.	 	Delegation of Obligations	 	9
	 	Section 4.9.	 	Confidential Information	 	9
	 	Section 4.10.	Personally Identifiable Information	 	11
	ARTICLE V	RESIGNATION AND REMOVAL; SUCCESSOR
    ASSET REPRESENTATIONS REVIEWER	 	13
	 	Section 5.1.	 	Eligibility Requirements for Asset Representations Reviewer	 	13
	 	Section 5.2.	 	Resignation and Removal of Asset Representations Reviewer	 	13
	 	Section 5.3.	 	Successor Asset Representations Reviewer	 	13
	 	Section 5.4.	 	Merger, Consolidation or Succession	 	14
	ARTICLE VI	OTHER AGREEMENTS	 	14
	 	Section 6.1.	 	Independence of Asset Representations Reviewer	 	14

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TABLE OF CONTENTS

(continued)

 

	 	 	 	 	 	Page
	 	 	 	 	 	 
	 	Section 6.2.	 	No Petition	 	14
	 	Section 6.3.	 	Limitation of Liability of Owner Trustee	 	14
	 	Section 6.4.	 	Termination of Agreement	 	15
	ARTICLE VII	MISCELLANEOUS PROVISIONS	 	15
	 	Section 7.1.	 	Amendments	 	15
	 	Section 7.2.	 	Assignment; Benefit of Agreement; Third Party Beneficiaries	 	16
	 	Section 7.3.	 	Notices	 	16
	 	Section 7.4.	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	 	16
	 	Section 7.5.	 	No Waiver; Remedies	 	17
	 	Section 7.6.	 	Severability	 	17
	 	Section 7.7.	 	Headings	 	17
	 	Section 7.8.	 	Counterparts	 	17
	 	Schedule A	 	Representations and Warranties, Review Materials and Tests	 	 

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ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of [_______] [__], [_____] (this
“Agreement”), among USAA AUTO OWNER TRUST 20[__]-[__], a Delaware statutory trust, as Issuer (the “Issuer”),
USAA FEDERAL SAVINGS BANK, a federally chartered savings association (the “Bank”), as Sponsor (the “Sponsor”)
and Servicer (the “Servicer”), and [_____________________], a [_______], as Asset Representations Reviewer
(the “Asset Representations Reviewer”).

 

WHEREAS, the Issuer desires to engage the Asset Representations Reviewer to perform
reviews of certain Receivables for compliance with the representations and warranties made by the Bank, as seller, about the Receivables
in the pool.

 

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

 

ARTICLE I

USAGE AND DEFINITIONS

 

Section 1.1. Usage and Definitions. (a) Except as otherwise specified herein
or if the context may otherwise require, capitalized terms not defined in this Agreement shall have the respective meanings assigned
such terms set forth in Appendix A to the Sale and Servicing Agreement, dated as of the date hereof (the “Sale and Servicing
Agreement”), by and among USAA Acceptance, LLC, as seller, USAA Federal Savings Bank, as servicer, and USAA Auto Owner
Trust 20[__]-[__], as issuer.

 

(b) With respect to all terms in this Agreement, the singular includes the plural
and the plural the singular; words importing any gender include the other genders; references to “writing” include
printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual
instruments include all subsequent amendments, amendments and restatements, and supplements thereto or changes therein entered
into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their permitted
successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and
any successors thereto; the term “including” means “including without limitation;” and the term “or”
is not exclusive.

 

Section 1.2. Additional Definitions. The following terms have the meanings
given below:

 

“Asset Representations Review” means the performance by the Asset
Representations Reviewer of the testing procedures for each Test and each Subject Receivable according to Section 3.4.

 

“Confidential Information” has the meaning stated in Section
4.9(b).

 

“Information Recipients” has the meaning stated in Section 4.9(a).

 

“Issuer PII” has the meaning stated in Section 4.10(a).

    	 

    	

    

“Personally Identifiable Information” or “PII”
has the meaning stated in Section 4.10(a).

 

“Review Fee” has the meaning stated in Section 4.3(b).

 

“Review Materials” means, for an Asset Representations Review and
a Subject Receivable, the documents and other materials for each Test listed under “Review Materials” in Schedule
A.

 

“Review Report” means, for an Asset Representations Review, the
report of the Asset Representations Reviewer prepared according to Section 3.5.

 

“Subject Receivables” means, for any Asset Representations Review,
all Receivables which are 60-Day Delinquent Receivables as of the related Review Satisfaction Date; provided, that any Receivable
repurchased by the Sponsor or the Servicer in accordance with the Transaction Documents after the Review Satisfaction Date will
no longer be a Subject Receivable.

 

“Test” has the meaning stated in Section 3.4(a).

 

“Test Complete” has the meaning stated in Section 3.4(c).

 

“Test Fail” has the meaning stated in Section 3.4(a).

 

“Test Incomplete” has the meaning stated in Section 3.4(a).

 

“Test Pass” has the meaning stated in Section 3.4(a).

 

ARTICLE II

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

 

Section 2.1. Engagement; Acceptance. The Issuer engages [_____________________]
to act as the Asset Representations Reviewer for the Issuer. [_____________________] accepts the engagement and agrees to perform
the obligations of the Asset Representations Reviewer on the terms in this Agreement.

 

Section 2.2. Confirmation of Scope. The parties confirm that the Asset Representations
Reviewer is not responsible for (a) reviewing the Receivables for compliance with the representations and warranties under the
Transaction Documents, except as described in this Agreement or (b) determining whether noncompliance with the representations
or warranties constitutes a breach of the Transaction Documents.

 

ARTICLE III

ASSET REPRESENTATIONS REVIEW PROCESS

 

Section 3.1. Review Notices. On receipt
of a Review Notice in accordance with Section 7.5 of the Indenture, the Asset Representations Reviewer will commence an Asset
Representations Review. The Asset Representations Reviewer will have no obligation to start an Asset Representations Review until
a Review Notice is received.

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Section 3.2. Identification of Subject Receivables. Within [●] [Business
Days] [calendar days] after receipt of a Review Notice, the Servicer will deliver to the Asset Representations Reviewer a list
of the Subject Receivables.

 

Section 3.3. Review Materials.

 

(a) Access to Review Materials. The Servicer will give the Asset Representations
Reviewer access to the Review Materials for all of the Subject Receivables within [●] [Business Days] [calendar days] after
receipt of the Review Notice in one or more of the following ways in the Servicer’s reasonable discretion: (i) by electronic
posting of Review Materials to a password-protected website to which the Asset Representations Reviewer has access, (ii) by providing
originals or photocopies of documents relating to the Subject Receivables at one of the properties of the Servicer or (iii) in
another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove PII from the Review
Materials so long as all information in the Review Materials necessary for the Asset Representations Reviewer to complete the
Asset Representations Review remains intact and unchanged.

 

(b) Missing or Insufficient Review Materials. The Asset Representations Reviewer
will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset Representations
Reviewer to perform any Test. If the Asset Representations Reviewer reasonably determines that any of the Review Materials are
missing or insufficient for the Asset Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify
the Servicer promptly, and in any event no less than [●] [Business Days] [calendar days] before completing the Review, and
the Servicer will use reasonable efforts to provide the Asset Representations Reviewer access to such missing Review Materials
or other documents or information to correct the insufficiency within [●] [Business Days] [calendar days]. If the missing
or insufficient Review Materials have not been provided by the Servicer within [●] [Business Days] [calendar days], the
parties agree that the Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report will indicate
the reason for the Test Incomplete.

 

Section 3.4. Performance of Reviews.

 

(a) Test Procedures. For an Asset Representations Review, the Asset Representations
Reviewer will perform for each Subject Receivable the procedures listed under “Tests” in Schedule A for each
representation and warranty (each, a “Test”), using the Review Materials listed for each such Test in Schedule
A. For each Test and Subject Receivable, the Asset Representations Reviewer will determine in its reasonable judgment if the
Test has been satisfied (a “Test Pass”), if the Test has not been satisfied (a “Test Fail”)
or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”).
The Asset Representations Reviewer will use such determination for all Subject Receivables that are subject to the same Test.

 

(b) Review Period. The Asset Representations
Reviewer will complete the Asset Representations Review of all of the Subject Receivables within [●] [Business Days] [calendar
days] after receiving access to the Review Materials under Section 3.3(a). However, if missing or additional Review Materials
are provided to the Asset Representations Reviewer under

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Section 3.3(b), the review period will be extended for an additional [●]
[Business Days] [calendar days].

 

(c) Completion of Review for Certain Subject Receivables. Following the delivery
of the list of the Subject Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the
Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by the Obligor or purchased from
the Issuer by the Bank according to the applicable Transaction Document. On receipt of notice, the Asset Representations Reviewer
will immediately terminate all Tests of such Receivables and the Review of such Receivables will be considered complete (a “Test
Complete”). In this case, the Review Report will indicate a Test Complete for the Receivables and the related reason.

 

(d) Previously Reviewed Receivable. If a Subject Receivable was included in
a prior Asset Representations Review, the Asset Representations Reviewer will not conduct additional Tests on any such duplicate
Subject Receivable unless such Subject Receivable was deemed a Test Incomplete as a result of the failure of the Servicer to provide
missing Review Material for such Subject Receivable and the Servicer elects to have such Subject Receivable included in the current
Asset Representations Review. The Asset Representations Reviewer will include the previously reported Test results for any such
duplicate Subject Receivable within the Review Report for the current Asset Representations Review.

 

(e) Duplicative Tests. If the same Test is required for more than one representation
or warranty listed on Schedule A, the Asset Representations Reviewer will only perform the Test once for each Subject Receivable
but will report the results of the Test for each applicable representation or warranty on the Review Report.

 

(f) Termination of Review. If an Asset Representations Review is in process
and all of the Notes will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer
and the Indenture Trustee no less than [ten (10) calendar days] before that Payment Date. On receipt of notice, the Asset Representations
Reviewer will terminate the Asset Representations Review immediately and will have no obligation to deliver a Review Report.

 

Section 3.5. Review Reports. (a) Within [●] [Business Days] [calendar
days] after the end of the Asset Representations Review period under Section 3.4(b), the Asset Representations Reviewer
will deliver to the Issuer, the Sponsor, the Servicer and the Indenture Trustee a Review Report indicating for each Subject Receivable
whether there was a Test Pass, a Test Incomplete or a Test Fail for each Test, or whether the Subject Receivable was a Test Complete
and the related reason. The Review Report will contain a summary of the findings and conclusions of the Asset Representations
Reviewer with respect to the Asset Representations Review to be included in the Issuer’s Form 10-D report for the Collection
Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not
contain any Issuer PII. On the reasonable request of the Servicer, the Asset Representations Reviewer will provide additional
details on the Test results.

 

(b) Questions About Review. The Asset Representations Reviewer will make appropriate
personnel available to respond in writing to written questions or requests for 

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clarification of any Review Report from
the Servicer. The Asset Representations Reviewer will have no obligation to respond to questions or requests for
clarification from Noteholders or any Person other than the Servicer and will direct such Persons to submit written questions
or requests to the Servicer.

 

Section 3.6. Limitations on Review Obligations. The Asset Representations Reviewer
will have no obligation:

 

(a) to determine whether a Delinquency Trigger has occurred or whether the required
percentage of Noteholders has voted to direct an Asset Representations Review under the Indenture, and may rely on the information
in any Review Notice delivered by the Indenture Trustee;

 

(b) to determine which Receivables are Subject Receivables, and may rely on the lists
of Subject Receivables provided by the Servicer;

 

(c) to confirm the validity of the Review Materials and may rely on the accuracy and
completeness of the Review Materials; or

 

(d) to take any action or cause any other party to take any action under any of the
Transaction Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about
the Subject Receivables.

 

ARTICLE IV

ASSET REPRESENTATIONS REVIEWER

 

Section 4.1. Representations and Warranties. The Asset Representations Reviewer
represents and warrants as of the Closing Date:

 

(a) Organization and Qualification. The Asset Representations Reviewer is duly
organized and validly existing as a [__________] in good standing under the laws of [_______]. The Asset Representations Reviewer
is qualified as a [____________________] in good standing and has obtained all necessary licenses and approvals in all jurisdictions
in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval,
unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse
effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(b) Power, Authority and Enforceability. The Asset Representations Reviewer
has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer
has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation
of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency,
bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.

 

(c) No Conflicts and No Violation.
The execution, delivery and performance by the Asset Representations Reviewer of the transactions contemplated by this Agreement
and the 

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performance of the Asset Representations
Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under, any indenture,
mortgage, deed of trust, loan agreement, guarantee or other agreement or instrument under which the Asset Representations
Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the properties or assets of the Asset
Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or other
agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any
law or any order, rule or regulation of a federal or state court, regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties that applies to
the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on
the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(d) 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 Asset Representations Reviewer
of this Agreement other than (i) approvals and authorizations that have previously been obtained and filings that have previously
been made and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect
on the ability of the Asset Representations Reviewer to perform its obligations under this Agreement.

 

(e) No Proceedings. There are no proceedings or investigations pending or,
to the knowledge of the Asset Representations Reviewer, threatened in writing before a federal or state court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its
properties (A) asserting the invalidity of this Agreement, (B) seeking to prevent the completion of the transactions contemplated
by this Agreement or (C) seeking any determination or ruling that would reasonably be expected to have a material adverse effect
on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of,
this Agreement.

 

(f) Eligibility. The Asset Representations Reviewer meets the eligibility requirements
in Section 5.1 and will notify the Issuer and the Servicer promptly if it no longer meets, or reasonably expects that it
will no longer meet, the eligibility requirements in Section 5.1.

 

Section 4.2. Covenants. The Asset Representations Reviewer covenants and agrees
that:

 

(a) Eligibility. It will notify the Issuer and the Servicer promptly if it
no longer meets the eligibility requirements in Section 5.1.

 

(b) Review Systems; Personnel. It
will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution
of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow
for each Subject Receivable and the related Review Materials to be individually tracked and stored as contemplated by this Agreement.
The Asset 

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Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset Representations Reviews
as required by this Agreement.

 

(c) Maintenance of Review Materials. It will maintain copies of any Review
Materials, Review Reports and other documents relating to an Asset Representations Review, including internal correspondence and
work papers, for a period of two years after the termination of this Agreement or repayment of the Notes in full, whichever comes
first.

 

Section 4.3. Fees, Expenses and Indemnities.

 

(a) [Monthly] [Annual] Fee. The Servicer will pay the Asset Representations
Reviewer, as compensation for agreeing to act as the Asset Representations Reviewer under this Agreement, [a monthly] [an annual]
fee of $[_______]. The [monthly] [annual] fee will be payable by the Servicer on the Closing Date and on each anniversary thereof
until this Agreement is terminated, provided, that in the year in which all public Notes are paid in full, the annual fee
shall be reduced pro rata by an amount equal to the days of the year in which the public Notes are no longer outstanding.

 

(b) Review Fee. Following the completion of an Asset Representations
Review and the delivery to the Indenture Trustee, the Issuer, the Sponsor and the Servicer of the Review Report, or the termination
of an Asset Representations Review in accordance with Section 3.4(f), and the delivery to the Servicer of a detailed invoice,
the Asset Representations Reviewer will be entitled to a fee of [$[●] for each Subject Receivable for which the Asset Representations
Review was started][$[●] per hour][insert any other rate agreed upon by the Asset Representations Reviewer and the Servicer]
(the “Review Fee”), to be paid as agreed in Section 4.3(c). However, no Review Fee will be charged for
any Tests that were performed in a prior Asset Representations Review or for any Asset Representations Review in which no Tests
were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Representations Review
in accordance with Section 3.4(f). The Servicer will pay the Review Fee to the Asset Representations Reviewer in accordance
with the terms of the detailed invoice from the Asset Representations Reviewer. If an Asset Representations Review is terminated
in accordance with Section 3.4(f), the Asset Representations Reviewer must submit its invoice for the Review Fee for the
terminated Asset Representations Review no later than five Business Days before the final Payment Date in order to be reimbursed
no later than the final Payment Date.

 

(c) Payment of Fees and Indemnities. The Asset Representations Reviewer shall
submit reasonably detailed invoices to the Servicer for any amounts owed to it under this Agreement. To the extent not paid by
the Servicer within [●] [Business Days] [calendar days] following the receipt of a detailed invoice on the due date therefor
hereunder, the fees provided for in this Section 4.3 and the indemnities provided for in Section 4.6(a) shall be
paid by the Issuer pursuant to the priority of payments set forth in Section 4.4(a) of the Sale and Servicing Agreement; provided,
that prior to any such payment pursuant to the Sale and Servicing Agreement, the Asset Representations Reviewer shall notify the
Servicer in writing that such payments have been outstanding for at least sixty (60) calendar days.

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Section 4.4. Limitation on Liability.
The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this
Agreement. However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith, breach of this Agreement
or negligence in performing its obligations under this Agreement. In no event will the Asset Representations Reviewer be liable
for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has
been advised of the likelihood of the loss or damage and regardless of the form of action.

 

Section 4.5. Indemnification by Asset Representations Reviewer. The Asset Representations
Reviewer will indemnify each of the Issuer, the Servicer, the Depositor, the Seller, the Sponsor, the Owner Trustee and the Indenture
Trustee and their respective directors, officers, employees and agents for all costs, expenses, losses, damages and liabilities
(including any reasonable legal fees and expenses incurred by an Indemnified Party in connection with the enforcement of any indemnification
or other obligation of the Asset Representations Reviewer) resulting from (a) the willful misconduct, bad faith or negligence
of the Asset Representations Reviewer in performing its obligations under this Agreement, (b) the Asset Representations Reviewer’s
failure to comply with the requirements of applicable federal, state or local laws and regulations in the performance of its duties
hereunder or (c) the Asset Representations Reviewer’s breach of any of its representations, warranties, covenants or other
obligations in this Agreement. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the
termination of this Agreement, the termination of the Issuer and the permitted resignation or removal of the Asset Representations
Reviewer. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement,
the termination of the Issuer and the permitted resignation or removal of the Asset Representations Reviewer.

 

Section 4.6. Indemnification of Asset Representations Reviewer.

 

(a) Indemnification. The Servicer will indemnify the Asset
Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”),
for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement
(including the costs and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense,
loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence,
(ii) the Asset Representations Reviewer’s failure to comply with the requirements of applicable federal, state and local
laws and regulations in the performance of its duties hereunder or (iii) the Asset Representations Reviewer’s breach of
any of its representations, warranties, covenants or other obligations in this Agreement.

 

(b) Proceedings. Promptly on receipt by an Indemnified
Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.6(a),
notify the Servicer of the Proceeding. The Servicer may participate in and assume the defense and settlement of a Proceeding at
its expense. If the Servicer notifies the Indemnified Person of its intention to assume the defense of the Proceeding, the Servicer
will not be liable for legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of
the Servicer, and an Indemnified Person. If there is a conflict, the Servicer will pay for the reasonable fees and expenses of
separate counsel to the Indemnified Person. No settlement of a 

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Proceeding may be made without the approval of the Servicer and
the Indemnified Person, which approval will not be unreasonably withheld.

 

(c) Survival of Obligations. The Servicer’s obligations
under this Section 4.6 will survive the permitted resignation or removal of the Asset Representations Reviewer and the
termination of this Agreement.

 

(d) Repayment. If the Servicer makes any payment under
this Section 4.6 and the Indemnified Person later collects any of the amounts for which the payments were made to it from
others, the Indemnified Person will promptly repay the amounts to the Servicer.

 

Section 4.7. Inspections of Asset Representations Reviewer. The Asset Representations
Reviewer agrees that, with reasonable prior notice not more than once during any year, it will permit authorized representatives
of the Issuer, the Servicer or the Sponsor, during the Asset Representations Reviewer’s normal business hours, to examine
and review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating
to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees and
expenses of the Asset Representations Reviewer for its performance and (c) any claim made by the Asset Representations Reviewer
under this Agreement. In addition, the Asset Representations Reviewer will permit the Issuer’s, the Servicer’s or
the Sponsor’s representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations
Reviewer’s officers and employees. Each of the Issuer, the Servicer and the Sponsor will, and will cause its authorized
representatives to, hold in confidence any proprietary confidential information of the Asset Representations Reviewer except if
disclosure may be required by law or if the Issuer, the Servicer or the Sponsor reasonably determines that it is required to make
the disclosure under this Agreement or the other Transaction Documents. The Asset Representations Reviewer will maintain all relevant
books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations
under this Agreement.

 

Section 4.8. Delegation of Obligations. The Asset Representations Reviewer
may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the parties to this
Agreement.

 

Section 4.9. Confidential Information.

 

(a) Treatment. The Asset Representations Reviewer agrees to hold and treat
Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section
4.9, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The
Confidential Information will not, without the prior consent of the Issuer, the Sponsor and the Servicer, be disclosed or used
by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including
legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing Asset
Representations Reviews of Subject Receivables or performing its obligations under this Agreement. The Asset Representations Reviewer
agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by the Bank or its 

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Affiliates
or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation
of research reports, newsletters or other publications or similar communications.

 

(b) Definition. “Confidential Information” means oral, written
and electronic materials (irrespective of its source or form of communication) furnished before, on or after the date of this
Agreement to the Asset Representations Reviewer, including:

 

(i) lists of Subject Receivables and any related Review Materials;

 

(ii) origination and servicing guidelines, policies and procedures and form
contracts; and

 

(iii) notes, analyses, compilations, studies or other documents or records
prepared by the Sponsor or the Servicer, which contain information supplied by or on behalf of the Sponsor or the Servicer or
their representatives.

 

However, Confidential Information will not include information that (A) is or becomes generally available
to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to,
the Information Recipients on a non-confidential basis from a Person or entity other than the Issuer, the Sponsor or the Servicer
before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient is not bound by a confidentiality
agreement with the Issuer, the Sponsor or the Servicer and is not prohibited from transmitting the information to the Information
Recipients, (C) is independently developed by the Information Recipients without the use of the Confidential Information, as shown
by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D)
the Issuer, the Sponsor or the Servicer provides permission to the applicable Information Recipients to release.

 

(c) Protection. The Asset Representations Reviewer will use best efforts to
protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it
takes to protect its own confidential information and not less than a reasonable standard of care. The Asset Representations Reviewer
acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.10.

 

(d) Disclosure. If the Asset Representations Reviewer is required by applicable
law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of
the Confidential Information, it may disclose the Confidential Information. However, before a required disclosure, the Asset Representations
Reviewer, if permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuer, the Sponsor and
the Servicer with notice of the requirement and will cooperate, at the Sponsor’s expense, in the Issuer’s and the
Sponsor’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the
Issuer or the Sponsor is unable to obtain a protective order or other proper remedy by the date that the information is required
to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised
by its legal counsel it is legally required to disclose.

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(e) Responsibility for Information Recipients. The Asset Representations Reviewer
will be responsible for a breach of this Section 4.9 by its Information Recipients.

 

(f) Violation. The Asset
Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer, the Sponsor
and the Servicer and the Issuer, the Sponsor and the Servicer may seek injunctive relief in addition to legal remedies. If an
action is initiated by the Issuer or the Servicer to enforce this Section 4.9, the prevailing party will be entitled
to reimbursement of costs and expenses, including reasonable attorney’s fees, incurred by it for the enforcement.

 

Section 4.10. Personally Identifiable Information.

 

(a) Definitions. “Personally Identifiable Information” or
“PII” means information in any format about an identifiable individual, including, name, address, phone number,
e-mail address, account number(s), identification number(s), vehicle identification number(s) or “VIN(s)”, any other
actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or
in combination with other information could identify an individual. “Issuer PII” means PII furnished by the
Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired
by the Asset Representations Reviewer in performing its obligations under this Agreement.

 

(b) Use of Issuer PII. The Issuer does not grant the Asset Representations
Reviewer any rights to Issuer PII. The Asset Representations Reviewer will use Issuer PII only to perform its obligations under
this Agreement or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary
for these purposes. The Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations
Reviewer’s business, including any legally required codes of conduct, including those relating to privacy, security and
data protection. The Asset Representations Reviewer will protect and secure Issuer PII. The Asset Representations Reviewer will
implement privacy or data protection policies and procedures that comply with applicable laws and regulations and this Agreement.
The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including
administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii)
ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access
to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written
data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion
protection, data storage protection and data transmission protection) and physical security measures.

 

(c) Additional Limitations. In addition to the use and protection requirements
described in Section 4.10(b), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the
following requirements:

 

(i) The Asset Representations Reviewer will not disclose Issuer PII to its
personnel or allow its personnel access to Issuer PII except (A) for the Asset Representations Reviewer personnel who require
Issuer PII to perform an Asset

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Representations Review, (B) with the prior consent of the Issuer or (C) as required by applicable
law. When permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual
to complete the assigned task. The Asset Representations Reviewer will inform personnel with access to Issuer PII of the confidentiality
requirements in this Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII.

 

(ii) The Asset Representations Reviewer will not sell, disclose, provide
or exchange Issuer PII with or to any third party without the prior consent of the Issuer.

 

(d) Notice of Breach. The Asset Representations Reviewer will notify the Issuer
promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise
of the security, confidentiality or integrity of Issuer PII and, where applicable, immediately take action to prevent any further
breach.

 

(e) Return or Disposal of Issuer PII. Except where return or disposal is prohibited
by applicable law, promptly on the earlier of the completion of the Asset Representations Review or the request of the Issuer,
all Issuer PII in any medium in the Asset Representations Reviewer’s possession or under its control will be (i) destroyed
in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuer, returned to the Issuer without the
Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuer. Where
the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations
Reviewer’s further use or disclosure of Issuer PII to that required by applicable law.

 

(f) Compliance; Modification. The Asset Representations Reviewer will cooperate
with and provide information to the Issuer regarding the Asset Representations Reviewer’s compliance with this Section
4.10. The Asset Representations Reviewer and the Issuer agree to modify this Section 4.10 as necessary from time to
time for either party to comply with applicable law.

 

(g) Audit of Asset Representations Reviewer. The Asset Representations Reviewer
will permit the Issuer and its authorized representatives to audit the Asset Representations Reviewer’s compliance with
this Section 4.10 during the Asset Representations Reviewer’s normal business hours on reasonable advance notice
to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits.
The Issuer agrees to make reasonable efforts to schedule any audit described in this Section 4.10(g) with the inspections
described in Section 4.7. The Asset Representations Reviewer will also permit the Issuer and its authorized representatives
during normal business hours on reasonable advance written notice to audit any service providers used by the Asset Representations
Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement.

 

(h) Affiliates and Third Parties.
If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party when performing an Asset
Representations Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate
or third party is an intended third-party beneficiary of this Section 4.10, and this Agreement is intended to benefit the
Affiliate or third party. The Affiliate or third party will be

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entitled to enforce the PII related terms of this Section 4.10 against the Asset Representations Reviewer as if
each were a signatory to this Agreement.

 

ARTICLE V

RESIGNATION AND REMOVAL;

SUCCESSOR ASSET REPRESENTATIONS REVIEWER

 

Section 5.1. Eligibility Requirements for Asset Representations Reviewer. The
Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Servicer, the Indenture
Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by
the Sponsor or any underwriter to perform any due diligence on the Receivables prior to the Closing Date.

 

Section 5.2. Resignation and Removal of Asset Representations Reviewer.

 

(a) No Resignation of Asset Representations Reviewer. The Asset Representations
Reviewer will not resign as Asset Representations Reviewer unless the Asset Representations Reviewer no longer meets the eligibility
requirements in Section 5.1. The Asset Representations Reviewer will notify the Issuer and the Servicer of its resignation
as soon as practicable after it determines it is required to resign and stating the resignation date and including an Opinion
of Counsel supporting its determination.

 

(b) Removal of Asset Representations Reviewer. If any of the following events
occur, the Issuer, by notice to the Asset Representations Reviewer, may, and in the case of clause (i) below, shall, remove the
Asset Representations Reviewer and terminate its rights and obligations under this Agreement:

 

(i) the Asset Representations Reviewer no longer meets the eligibility requirements
in Section 5.1;

 

(ii) the Asset Representations Reviewer breaches of any of its representations,
warranties, covenants or obligations in this Agreement; or

 

(iii) an Insolvency Event of the Asset Representations Reviewer occurs.

 

(c) Notice of Resignation or Removal. The Issuer will notify the Servicer and
the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer.

 

(d) Continue to Perform After Resignation or Removal.
No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will
continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its engagement
according to Section 5.3(b).

 

Section 5.3. Successor Asset Representations Reviewer.

 

(a) Engagement of Successor Asset Representations Reviewer. Following the resignation
or removal of the Asset Representations Reviewer, the Issuer will appoint a successor Asset Representations Reviewer who meets
the eligibility requirements of Section 5.1.

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(b) Effectiveness of Resignation or
Removal. No resignation or removal of the Asset Representations Reviewer will be effective until the successor Asset
Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and
agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entered into a new
agreement with the Issuer on substantially the same terms as this Agreement.

 

(c) Transition and Expenses. If the Asset Representations Reviewer resigns
or is removed, the Asset Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested to
assist the Issuer in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this
Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses
(including the fees and expenses of counsel) of transitioning the Asset Representations Reviewer’s obligations under this
Agreement and preparing the successor Asset Representations Reviewer to take on such obligations on receipt of an invoice with
reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer.

 

Section 5.4. Merger, Consolidation or Succession. Any Person (a) into which
the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset
Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets
the eligibility requirements in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement.
Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s
obligations under this Agreement (unless the assumption happens by operation of law).

 

ARTICLE VI

OTHER AGREEMENTS

 

Section 6.1. Independence of Asset Representations Reviewer. The Asset Representations
Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the Indenture Trustee or
the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Nothing in
this Agreement will make the Asset Representations Reviewer nor the Issuer members of any partnership, joint venture or other
separate entity or impose any liability as such on any of them.

 

Section 6.2. No Petition. Each of the parties, by entering
into this Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period)
after payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor (including,
without limitation, the Issuer) or (b) the Notes, it will not start or pursue against, or join any other Person in starting or
pursuing against (i) the Depositor or (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2 will survive the termination
of this Agreement.

 

Section 6.3. Limitation of Liability of Owner Trustee. This Agreement has been
signed on behalf of the Issuer by [________________________] not in its individual capacity

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but solely in its capacity as
Owner Trustee of the Issuer. In no event will [________________________] in its individual capacity or a beneficial owner of
the Issuer be liable for the Issuer’s obligations under this Agreement. For all purposes under this Agreement, the
Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement.

 

Section 6.4. Termination of Agreement. This Agreement will terminate, except
for the obligations under Section 4.5 or as otherwise stated in this Agreement, on the earlier of (a) the payment in full
of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the
Trust Agreement.

 

ARTICLE VII

MISCELLANEOUS PROVISIONS

 

Section 7.1. Amendments.

 

(a) Any term or provision of this Agreement may be amended by the Sponsor, the Servicer
and the Asset Representations Reviewer without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee
or any other Person subject to the satisfaction of one of the following conditions:

 

(i) the Sponsor 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) an Officer’s Certificate 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 Sponsor or the Servicer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect
to such amendment.

 

(b) This Agreement may also be amended from time to time by the Sponsor, the Servicer
and the Asset Representations Reviewer, 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. 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 Depository Agreement.

 

(c) Prior to the execution of any amendment pursuant to this Section 7.1, 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.

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Section 7.2. Assignment; Benefit of Agreement; Third Party
Beneficiaries.

 

(a) Assignment. Except as stated in Section 5.4,
this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Servicer.

 

(b) Benefit of Agreement; Third-Party Beneficiaries. This Agreement is for
the benefit of and will be binding on the parties and their permitted successors and assigns. The Indenture Trustee, for the benefit
of the Noteholders, will be a third-party beneficiary of this Agreement and entitled to enforce this Agreement against the Asset
Representations Reviewer. No other Person will have any right or obligation under this Agreement.

 

Section 7.3. Notices.

 

(a) Delivery of Notices. All notices, requests, demands,
consents, waivers or other communications to or from the parties must be in writing and will be considered given:

 

(i) For overnight mail, on delivery or, for a letter mailed by registered
first class mail, postage prepaid, three days after deposit in the mail;

 

(ii) for a fax, when receipt is confirmed by telephone, reply email or reply
fax from the recipient;

 

(iii) for an email, when receipt is confirmed by telephone or reply email
from the recipient; and

 

(iv) for an electronic posting to a password-protected website to which the
recipient has access, on delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that
the electronic posting has occurred.

 

(b) Notice Addresses. Any notice, request, demand, consent,
waiver or other communication will be delivered or addressed to: (i) (a) in the case of the Sponsor and the Servicer, to USAA
Federal Savings Bank, 10750 McDermott Freeway, San Antonio, TX 78288, (b) in the case of the Issuer or the Owner Trustee, to USAA
Auto Owner Trust 20[__]-[__], c/o [_______], (c) in the case of the Indenture Trustee, to [_______], and (d) in the case of the
Asset Representations Reviewer, to [______] or (ii) as to each party, at such other address or email as shall be designated by
such party in a written notice to each other party.

 

Section 7.4. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.
THIS AGREEMENT 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 SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

 

Each of the parties hereto hereby submits
to the exclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State
court sitting in New York City for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions
contemplated hereby. Each of the parties hereto 

    	16

    	

    

hereby
further irrevocably waives any claim that any such courts lack jurisdiction over such party, and agrees not to plead or
claim, in any legal action or proceeding with respect to this Agreement in any of the aforesaid courts, that any such court
lacks jurisdiction over such party. Each of the parties hereto irrevocably waives, to the fullest extent permitted by law,
any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and
any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

 

Each party hereto hereby waives, to the
fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any litigation directly or
indirectly arising out of, under or in connection with this agreement.

 

Section 7.5. No Waiver; Remedies. No party’s failure
or delay in exercising a power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of
a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other
power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies
under law.

 

Section 7.6. Severability. If a part of this Agreement
is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the
validity, legality or enforceability of the remaining Agreement.

 

Section 7.7. Headings. The headings in this Agreement
are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

Section 7.8. Counterparts. This Agreement may be executed
in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

 

[Remainder of Page Left Blank]

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EXECUTED BY:

 

	 	USAA AUTO OWNER TRUST 20[__]-[__],
	 	as Issuer
	 	 	 
	 	By:	[______________________], not in its
	 	individual capacity, but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	USAA FEDERAL SAVINGS BANK,
	 	as Sponsor and Servicer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[__________________________],
	 	as Asset Representations Reviewer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to USAA 20[__]-[__] Asset Representations Review Agreement]

    	 

    	

    

Schedule A

 

Representations and Warranties, Review Materials and Tests

 

	Representations and Warranty	 	Review Materials	 	Tests

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