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Exhibit 10.3

ADMINISTRATION AGREEMENT

     This ADMINISTRATION AGREEMENT, dated as of October 4, 2007 (as from time to time amended, supplemented or otherwise modified and in effect, this “Agreement”), is by and among USAA AUTO OWNER TRUST 2007-2, a Delaware statutory trust (the “Issuer”), USAA FEDERAL SAVINGS BANK, a
federally chartered savings association (the “Bank”), as administrator (in such capacity, the “Administrator”),
and THE BANK OF NEW YORK, a banking corporation organized under the laws of the State of New York, not in its individual capacity but solely as Indenture Trustee (in such capacity, the “Indenture
Trustee”). 

     WHEREAS, the Issuer is issuing the Notes pursuant to the Indenture and the Certificates pursuant to the Trust Agreement and has entered into certain agreements in connection therewith, including (i)
the Sale and Servicing Agreement, (ii) the Note Depository Agreement and (iii) the Indenture (the Trust Agreement, the Sale and Servicing Agreement, the Note Depository Agreement and the Indenture being referred to hereinafter collectively as the
“Related Agreements”); 

     WHEREAS, the Issuer and the Owner Trustee desire to have the Administrator perform certain duties of the Issuer and the Owner Trustee under the Related Agreements and to provide such additional
services consistent with the terms of this Agreement and the Related Agreements as the Issuer and the Owner Trustee may from time to time request; and 

     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 covenants contained herein, 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: 

     1. Definitions and Usage.  Except as otherwise specified herein or as the context may otherwise require,
capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement dated as of October 4, 2007, by and among the Issuer, USAA Acceptance,
LLC and the Bank, which also contains rules as to usage that shall be applicable herein. 

     2. Duties of the Administrator.  (a)  Duties with Respect to the Indenture and
the Note Depository Agreement.  (i)  The Administrator agrees to perform all its duties as Administrator and the duties of the Issuer under the Note Depository Agreement. In addition, the Administrator shall consult
with the Owner Trustee regarding the duties of the Issuer under the Indenture and the Note Depository Agreement.  The Administrator shall monitor the performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply
with the Issuer’s duties under the Indenture and the Note Depository Agreement. The Administrator shall prepare for execution by the Issuer, or shall cause the preparation by other appropriate Persons of, all such documents, reports, filings,
instruments, notices, certificates and opinions that it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Indenture

and the Note Depository Agreement.  In furtherance of the foregoing, the Administrator shall take, in the name and on behalf of the Issuer, all appropriate action that is the duty of the Issuer to take, pursuant to the Indenture
including, without limitation, such of the foregoing as are required with respect to the following matters under the Indenture (references are to sections of the Indenture): 

     (A) the preparation of or obtaining of the documents and instruments required for execution of the Notes and delivery of the same to the
Indenture Trustee for authentication (Section 2.2); 

     (B) the duty to cause the Note Register to be kept and to give the Indenture Trustee notice of any appointment of a new Note Registrar and the
location, or change in location, of the Note Register and the determination as to whether the requirements of UCC Section 8-401(a) are met and the preparation of an Issuer Request requesting the Indenture Trustee to authenticate and deliver Notes in
connection with any transfer or exchange (Section 2.5); 

     (C) the determination as to whether the requirements of UCC Section 8-405 are met and the preparation of an Issuer Request requesting the
Indenture Trustee to authenticate and deliver replacement Notes in lieu of mutilated, destroyed, lost or stolen Notes (Section 2.6); 

     (D) the determination of the expenses associated with the issuance of replacement Notes (Section
2.6(b)); 

     (E) the preparation, obtaining or filing of Issuer Requests, instruments, opinions and certificates and other documents required for the
release of property from the lien of the Indenture (Section 2.10); 

     (F) the preparation of Definitive Notes in accordance with the instructions of the Clearing Agency and delivery of such to the Indenture
Trustee (Section 2.13); 

     (G) the maintenance and notice of location of the office in the Borough of Manhattan, The City of New York, for registration of transfer or
exchange of Notes if the Indenture Trustee ceases to maintain such an office (Section 3.2); 

     (H) the duty to cause newly appointed Note Paying Agents, if any, to deliver to the Indenture Trustee the instrument specified in the Indenture
regarding funds held in trust (Section 3.3(c)); 

     (I) the delivery of the Issuer Order to the Indenture Trustee to deposit monies with Note Paying Agents, if any, other than the Indenture
Trustee (Section 3.3(d)); 

     (J) the delivery of an Issuer Request for publication and notification of unclaimed amounts (Section
3.3(e)); 

     (K) the maintenance of the Issuer’s status as a statutory trust and the obtaining and preservation of the Issuer’s qualification to
do business in each jurisdiction in which

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such qualification is or shall be necessary to protect the validity and enforceability of the Indenture, the Notes, the Collateral and each other instrument or agreement included in the Indenture Trust Estate (Section 3.4); 

     (L) the preparation and filing, as applicable, of all supplements and amendments to the Indenture and all financing statements, continuation
statements, instruments of further assurance and other instruments and the taking of such other action as is necessary or advisable to protect the Indenture Trust Estate (Sections 3.5 and
3.7(c)); 

     (M) the delivery of the Opinion of Counsel on the Closing Date and the annual delivery of Opinions of Counsel as to the Indenture Trust Estate,
and the annual delivery of the Officer’s Certificate and certain other statements as to compliance with the Indenture (Sections 3.6 and 3.9); 

     (N) the identification to the Indenture Trustee in an Officer’s Certificate of any Person with whom the Issuer has contracted to perform
its duties under the Indenture (Section 3.7(b)); 

     (O) the notification of the Indenture Trustee and the Rating Agencies of an Event of Servicing Termination under the Sale and Servicing
Agreement and, if such Event of Servicing Termination arises from the failure of the Servicer to perform any of its duties under the Sale and Servicing Agreement with respect to the Receivables, the taking of all reasonable steps available to remedy
such failure (Section 3.7(d)); 

     (P) the appointment of the Successor Servicer and preparation of the related servicing agreement (Section
3.7(e)); 

     (Q) the notification of the termination of the Servicer and appointment of the Successor Servicer (Section
3.7(f)); 

     (R) the preparation and obtaining of any documents, instruments and opinions required for the consolidation or merger of the Issuer with
another entity or the transfer by the Issuer of its properties or assets (Section 3.10); 

     (S) the delivery of a letter for release (Section 3.11(b)); 

     (T) the duty to cause the Servicer to comply with Sections 3.9, 3.10, 3.11, 3.12, 3.13 and
4.9 and Article VI of the Sale and Servicing Agreement (Section 3.14);

     (U) upon the request of the Indenture Trustee, the execution and delivery of any instruments and the undertaking of any actions reasonably
necessary to carry out more effectively the purpose of the Indenture (Section 3.17); 

     (V) the delivery of written notice to the Indenture Trustee and the Rating Agencies of each Event of Default under the Indenture and each
default by any party to the Sale and Servicing Agreement (Section 3.19); 

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     (W) the monitoring of the Issuer’s obligations as to the satisfaction and discharge of the Indenture and the preparation of an
Officer’s Certificate and the obtaining of the Opinions of Counsel and the Independent Certificate relating thereto and the demand to the Indenture Trustee for execution of certain instruments (Section
4.1); 

     (X) the monitoring of the Issuer’s obligations as to the satisfaction, discharge and defeasance of the Notes and the preparation of an
Officer’s Certificate and the obtaining of an opinion of a nationally recognized firm of independent certified public accountants, a written certification thereof and the Opinions of Counsel relating thereto (Section 4.1); 

     (Y) the demand to remit monies (Section 4.3); 

     (Z) the preparation of an Officer’s Certificate to the Indenture Trustee after the occurrence of any event which with the giving of notice
and the lapse of time would become an Event of Default under Section 5.1(iii) of the Indenture, its status and what action the Issuer is taking or proposes to take with respect thereto
(Section 5.1); 

     (AA) the compliance with any written directive of the Indenture Trustee with respect to the sale of the Indenture Trust Estate at one or more
public or private sales called and conducted in any manner permitted by law if an Event of Default shall have occurred and be continuing (Section 5.4); 

     (BB) the undertaking of actions set forth in Section 5.16 as requested by the
Indenture Trustee (Section 5.16); 

     (CC) the payment of expenses, costs and indemnities to the Indenture Trustee (Section 6.7); 

     (DD) the removal of the Indenture Trustee upon the occurrence of certain events, the preparation and delivery of notice to Noteholders of the
removal of the Indenture Trustee, the appointment of a successor Indenture Trustee, the payment of any expenses incurred in changing an indenture trustee, and, if necessary, the petition of a court of competent jurisdiction for the appointment of a
successor Indenture Trustee (Section 6.8); 

     (EE) the furnishing of the Indenture Trustee with the names and addresses of Noteholders during any period when the Indenture Trustee is not
the Note Registrar (Section 7.1); 

     (FF) the preparation and, after execution by the Issuer, the filing with the Commission, any applicable state agencies and the Indenture
Trustee of documents required to be filed on a periodic basis with, and summaries thereof as may be required by rules and regulations prescribed by, the Commission and any applicable state agencies and the transmission of such summaries, as
necessary, to the Noteholders (Section 7.3(a)); it being understood by the parties hereto that the Indenture Trustee shall have no
duty or obligation to sign or file any report required to be filed with the Commission or 

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any other state agency or provide any certification to any such Person or to the Administrator or any other Person that is obligated to sign and file any such report; 

     (GG) the notification to the Indenture Trustee of the listing of the Notes on any stock exchange (Section
7.4(b)); 

     (HH) the preparation of an Issuer Request and Officer’s Certificate and the obtaining of an Opinion of Counsel and Independent
Certificates, if necessary, for the release of the Indenture Trust Estate (Sections 8.4 and 8.5); 

     (II) the preparation of Issuer Orders and the obtaining of Opinions of Counsel with respect to the execution of supplemental indentures and the
mailing to the Noteholders of notices with respect to such supplemental indentures (Sections 9.1, 9.2 and 9.3); 

     (JJ) the determination to execute and deliver new Notes conforming to any supplemental indenture (Section
9.6); 

     (KK) the notice and deposit of money for prepayment of the Notes (Section
10.1); 

     (LL) the notice to the Indenture Trustee and the duty to cause the Indenture Trustee to provide notification to Noteholders of prepayment of
the Notes (Section 10.2); 

     (MM) the preparation of all Officer’s Certificates, Issuer Requests and Issuer Orders and the obtaining of Opinions of Counsel and
Independent Certificates with respect to any requests by the Issuer to the Indenture Trustee to take any action under the Indenture (Section 11.1(a)); 

     (NN) the preparation of Officer’s Certificates and the obtaining of Independent Certificates, if necessary, for the release of property
from the lien of the Indenture (Section 11.1(b)); 

     (OO) the notification of the Rating Agencies pursuant to Section 11.4 of the
Indenture (Section 11.4); 

     (PP) the preparation and delivery to Noteholders and the Indenture Trustee of any agreements with respect to alternate payment and notice
provisions (Section 11.6); and 

     (QQ) the recording of the Indenture and payment of related expenses, if applicable (Section 11.15). 

     
(ii) The Administrator will: 

     (A) pay the Indenture Trustee from time to time reasonable compensation for all services rendered by the Indenture Trustee under the Indenture
(which compensation 

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shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

     (B) except as otherwise expressly provided in the Indenture, reimburse the Indenture Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Indenture Trustee in accordance with any provision of the Indenture (including the reasonable compensation, expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its willful misconduct, negligence or bad faith; 

     (C) indemnify the Indenture Trustee and its officers, directors, employees and agents for, and hold them harmless against, any losses,
liability or expense incurred without willful misconduct, negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the transactions contemplated by the Indenture, including the reasonable costs
and expenses (including reasonable attorneys’ fees) of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties under the Indenture; and 

     (D) indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee and any of their respective officers, directors,
employees and agents from and against any loss, liability or expense incurred by reason of (i) the Depositor’s or the Issuer’s violation of federal or state securities laws in connection with the offering and sale of the Notes and the
Certificates or (ii) any breach of the Depositor of any term, provision or covenant contained in the Sale and Servicing Agreement. 

     Indemnification under this Section shall survive the resignation or removal of the Indenture Trustee and the termination of this Agreement and shall include reasonable fees and expenses of counsel and
expenses of litigation.  If the Administrator shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter shall collect any such amount from others, such Person shall
promptly repay such amounts to the Administrator, without interest. 

     (b) Additional Duties.  (i)  In addition to the duties of the Administrator set forth above, the Administrator
shall perform such calculations and shall prepare or shall cause the preparation by other appropriate persons of, and shall execute on behalf of the Issuer or the Owner Trustee, all such documents, reports, filings, instruments, certificates and
opinions that it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the Related Agreements, and at the request of the Owner Trustee shall take all appropriate action that it is the duty of the Issuer or the
Owner Trustee to take pursuant to the Related Agreements provided, however, 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 10.2, 10.3 and 10.4 of the Sale and Servicing Agreement and to otherwise comply with the requirements of the Owner Trustee pursuant to or related to Regulation AB. Subject to
Section 6 of this Agreement, the Administrator shall administer, perform or supervise the performance of such other activities in connection with the Collateral (including the Related
Agreements) as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and are reasonably within the capability of the Administrator. 

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     (ii) Notwithstanding anything in this Agreement or the Related Agreements to the contrary, the Administrator shall be responsible for promptly
notifying the Owner Trustee in the event that any withholding tax is imposed on the Issuer’s payments (or allocations of income) to a Certificateholder as contemplated in Section 5.2(c)
of the Trust Agreement. Any such notice shall specify the amount of any withholding tax required to be withheld by the Owner Trustee pursuant to such provision. 

     (iii) Notwithstanding anything in this Agreement or the Related Agreements to the contrary, the Administrator shall be responsible for
performance of the duties of the Issuer, the Depositor, or the Owner Trustee set forth in Sections 5.5(a), (b), (c) and (d) and the penultimate sentence of Section 5.5 of the Trust Agreement with
respect to, among other things, accounting and reports to Certificateholders. 

     (iv) The Administrator shall provide prior to April 15, 2008 a certificate of an Authorized Officer in form and substance satisfactory to the
Owner Trustee as to whether any tax withholding is then required and, if required, the procedures to be followed with respect thereto to comply with the requirements of the Code.  The Administrator shall be required to update the letter in each
instance that any additional tax withholding is subsequently required or any previously required tax withholding shall no longer be required. 

     (v) The Administrator shall perform the duties of the Administrator specified in Section 9.2 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee and any other duties expressly required to be performed by the Administrator pursuant to the Trust Agreement.

     (vi) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into transactions
or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in
accordance with any directions received from the Issuer and shall be, in the Administrator’s opinion, no less favorable to the Issuer than would be available from unaffiliated parties. 

     (c) Non-Ministerial Matters.  (i)  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 Owner Trustee of the proposed action and the Owner Trustee
shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include, without limitation: 

     (A) the amendment of or any supplement to the Indenture; 

     (B) 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
(other than in connection with the collection of the Receivables or Permitted Investments); 

     (C) the amendment, change or modification of the Related Agreements; 

     (D) the appointment of successor Note Registrars, successor Note Paying Agents and successor Indenture Trustees pursuant to the Indenture or
the appointment of 

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successor Administrators or Successor Servicers, or the consent to the assignment by the Note Registrar, Note Paying Agent or Indenture Trustee of its obligations under the Indenture; and 

     (E) the removal of the Indenture Trustee. 

     
(ii) Notwithstanding anything to the contrary in this Agreement, the Administrator  be obligated to, and shall not, (x) make any payments to the Noteholders under the
Agreements, (y) sell the Indenture Trust Estate pursuant to Section 5.4 of the Indenture take any other action that the Issuer directs the Administrator not to take on its behalf.

     (d) Exchange Act. If requested by the Depositor for purposes of compliance with its  obligations under the
Exchange Act, the Administrator will provide to the Depositor  Servicer within 90 days after the end of each fiscal year of the Issuer (or, if such day is Business Day, the next Business Day) beginning March 30, 2008, the servicing criteria
required to be filed in respect of the Trust under the Exchange Act under Item 1122 Regulation AB if periodic reports under Section 15(d) of the Exchange Act, or any successor  thereto, were required to be filed in respect of the Trust and shall
cause a firm of  certified public accountants, who may also render other services to the  the Servicer, the Seller or the Depositor, to deliver to the Depositor and the  the attestation report that would be required to be filed in respect of the
Trust under the  Act if periodic reports under Section 15(d) of the Exchange Act, or any successor  thereto, were required to be filed in respect of the Trust. Such attestation shall be in  with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under
the Securities Act and the  Act, including, without limitation that in the event that an overall opinion cannot be  such registered public accounting firm shall state in such report why it was unable to  such an opinion. 

     
3. Records.  The Administrator shall maintain appropriate books of account and  relating to services performed hereunder, which books of
account and records shall be  for inspection by the Issuer and the Depositor at any time during normal business 

     
4. Compensation.  As compensation for the performance of the Administrator’s  under this Agreement and, as reimbursement for its
expenses related thereto, the  shall be entitled to $2,000 annually which shall be solely an obligation of the . 

     
5. Additional Information to Be Furnished to the Issuer.  The Administrator shall to the Issuer from time to time such additional
information regarding the Collateral as the shall reasonably request. 

     
6. Independence of the Administrator.  For all purposes of this Agreement, the  shall be an independent contractor and shall not be subject
to the supervision of  or the Owner Trustee with respect to the manner in which it accomplishes the  of its obligations hereunder.  Unless expressly authorized by the Issuer, the 

8

Administrator shall have no authority to act for or represent the Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee. 

     7. No Joint Venture.  Nothing contained in this Agreement (i) shall constitute the Administrator and either of
the Issuer or the Owner Trustee 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 any of them or (iii) shall be deemed
to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 

     8. Other Activities of 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 or entity even though such person or entity may engage in business activities similar to those of the Issuer, the
Owner Trustee or the Indenture Trustee. 

     9. Term of Agreement; Resignation and Removal of Administrator.  (a)  This Agreement shall continue in force
until the termination of the Issuer in accordance with Section 8.1 of the Trust Agreement, upon which event this Agreement shall
automatically terminate. 

     (b) Subject to Sections 9(e) and 9(f), the Administrator may resign its duties hereunder by providing the Issuer with at least sixty (60) days’ prior written notice. 

     (c) Subject to Sections 9(e) and 9(f), the Issuer may remove the Administrator without cause by providing the Administrator with at least sixty (60) days’ prior written notice and, for so long as any Notes are Outstanding, the Rating Agency Condition shall have been
satisfied in connection therewith. 

     (d) Subject to Sections 9(e) and 9(f), at the sole option of the Issuer, the Administrator may be removed immediately upon written notice of termination from the Issuer to the Administrator if any of the following events shall occur: 

     (i) the Administrator shall default in any material respect in the performance of any of its duties under this Agreement and, after notice of
such default, shall not cure such default within ten (10) days (or, if such default cannot be cured in such time, such longer period acceptable to the Issuer); 

     (ii) a court having jurisdiction in the premises shall enter a decree or order for relief, and such decree or order shall not have been vacated
within sixty (60) days, in respect of the Administrator in any involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official for the Administrator or any substantial part of its property or order the winding-up or liquidation of its affairs; or 

     (iii) the Administrator shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, shall consent to the entry of an order for relief in an involuntary case under any such law, shall consent to the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official for the 

9

Administrator or any substantial part of its property, shall consent to the taking of possession by any such official of any substantial part of its property, shall make any general assignment for the benefit of creditors or shall
fail generally to pay its debts as they become due. 

     The Administrator agrees that if any of the events specified in clauses (ii) or (iii) of this Section 9(d) shall occur, it shall give written notice thereof to the Issuer and the Indenture Trustee within seven days after the happening of such event. 

     (e) No resignation or removal of the Administrator pursuant to this Section 9 shall
be effective until (i) a successor Administrator shall have been appointed by the Issuer with the consent of the Indenture Trustee and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement in the
same manner as the Administrator is bound hereunder. The Issuer shall provide written notice of any such resignation or removal to the Indenture Trustee, with a copy to the Rating Agencies. 

     (f) The appointment of any successor Administrator shall be effective only after satisfaction of the Rating Agency Condition with respect to
the proposed appointment. 

     (g) Subject to Sections 9(e) and 9(f), the Administrator acknowledges that upon the appointment of a successor Servicer pursuant to the Sale and Servicing Agreement, the Administrator shall immediately resign. The Indenture Trustee shall assist the Issuer to find a
successor Administrator. 

     10. Action upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this
Agreement pursuant to Section 9(a) or the resignation or removal of the Administrator pursuant to Section 9(b), (c) or (d), respectively, the Administrator shall be entitled to be paid all fees and reimbursable expenses accruing to it to the date of such
termination, resignation or removal. The Administrator shall forthwith upon such termination pursuant to Section 9(a) deliver to the Issuer all property and documents of or relating to the
Collateral then in the custody of the Administrator. In the event of the resignation or removal of the Administrator pursuant to Section 9(b), (c) or (d), respectively, the Administrator shall cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making
an orderly transfer of the duties of the Administrator. 

     11. Notices. Any notice, report or other communication given hereunder shall be in writing and addressed as
follows: 

	 	 (a)
		 
		
if to the Issuer or the Owner Trustee, to: 
	
	 

	
	 	 

		 
		
USAA Auto Owner Trust 2007-2 
	
	 	 	 	Wells Fargo Delaware Trust
    Company
	 	 

		 
		
919 North Market Street, 
	
	 	 

		 
		
Suite 700 
		 

	
	 	 

		 
		
Wilmington, Delaware 19801 
	
	 	 

		 
		
Attention: 
		
Corporate Trust Administration 
	
	 	 

		 
		
Telephone: 
		
(302) 575-2004 
	
	 	 

		 
		
Facsimile: 
		
(302) 575-2006 
	

10

	 	 

		 
		
if to the Administrator, to: 
	
	 

	
	 	 

		 
		
USAA Federal Savings Bank 
	
	 	 

		 
		
10750 McDermott Freeway 
	
	 	 

		 
		
San Antonio, Texas 78288 
	
	 	 

		 
		
Attention: 
		
Edwin McQuiston 
	
	 	 

		 
		
Telephone: 
		
(210) 498-2296 
	
	 	 

		 
		
Facsimile: 
		
(210) 498-6566 
	
	 

	
	 	
(b) 
		 
		
if to the Indenture Trustee, to: 
	
	 

	
	 	 

		 
		
The Bank of New York 
	
	 	 

		 
		
101 Barclay Street, 4 West 
	
	 	 

		 
		
New York, New York 10286 
	
	 	 

		 
		
Attention: 
		
Corporate Trust Administration—USAA Auto Owner 
	
	 	 

		 
		 

		
Trust 2007-2 
	
	 	 

		 
		
Telephone: 
		
(212) 815-8321 
	
	 	 

		 
		
Facsimile: 
		
(212) 815-2493 
	

or to such other address as any party shall have provided to the other parties in writing. Any notice required to be in writing hereunder shall be deemed given if such notice is mailed by certified mail, postage prepaid, or
hand-delivered to the address of such party as provided above. 

     12. Amendments. This Agreement may be amended from time to time by a written amendment duly executed and
delivered by the Issuer, the Administrator and the Indenture Trustee, with the written consent of the Owner Trustee, without the consent of the Noteholders and the Certificateholders, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or Certificateholders; provided, that such amendment shall not, as
set forth in an Opinion of Counsel satisfactory to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interest of any Noteholder or Certificateholder.  This Agreement may also be amended by the Issuer, the Administrator
and the Indenture Trustee with the written consent of the Owner Trustee and the Noteholders of Notes evidencing not less than a majority of the Notes Outstanding and the Certificateholders of Certificates evidencing not less than a majority of the
Percentage Interests for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of Noteholders or the Certificateholders; provided, however, that no such amendment may (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that are
required to be made for the benefit of the Noteholders or Certificateholders or (ii) reduce the aforesaid percentage of the Noteholders and Certificateholders which are required to consent to any such amendment, without the consent of the
Noteholders of all the Notes Outstanding and Certificateholders of Certificates evidencing the Percentage Interests.  Promptly after the execution of any such amendment, the Administrator shall furnish written notification of such amendment to each
Rating Agency. 

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     13. Successors and Assigns.  This Agreement may not be assigned by the Administrator unless such assignment is
previously consented to in writing by the Issuer and the Owner Trustee and subject to the satisfaction of the Rating Agency Condition in respect thereof. An assignment with such consent and satisfaction, if accepted by the assignee, shall bind the
assignee hereunder in the same manner as the Administrator is bound hereunder. Notwithstanding the foregoing, this Agreement may be assigned by the Administrator without the consent of the Issuer or the Owner Trustee to a corporation or other
organization that is a successor (by merger, consolidation or purchase of assets) to the Administrator; provided that such successor organization executes and delivers to the Issuer, the
Owner Trustee and the Indenture Trustee an agreement in which such corporation or other organization agrees to be bound hereunder by the terms of said assignment in the same manner as the Administrator is bound hereunder. Subject to the foregoing,
this Agreement shall bind any successors or assigns of the parties hereto. 

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

     15. 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. 

     16. Counterparts. This Agreement may be executed in counterparts, each of which when so executed shall be an
original, but all of which together shall constitute but one and the same agreement. 

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

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

     19. Limitation of Liability of Owner Trustee and Indenture Trustee.  (a) Notwithstanding anything contained
herein to the contrary, this instrument has been signed on behalf of the Issuer by Wells Fargo Delaware Trust Company, not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in no event shall Wells Fargo
Delaware Trust Company in its individual capacity or any beneficial owner of the Issuer have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder, as to all of which recourse shall be
had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of any duties or obligations of the Issuer

12

hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

     (b) Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by The Bank of New York not in its
individual capacity but solely as Indenture Trustee and in no event shall The Bank of New York have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates,
notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any
duties or obligations of the Issuer hereunder, the Indenture Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI of the Indenture.

     20. Third-Party Beneficiary. The Owner Trustee is a third-party beneficiary to this Agreement and is entitled
to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto. 

     21. Nonpetition Covenants.  Notwithstanding any prior termination of this Agreement, the Administrator and the
Indenture Trustee shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuer, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against the Issuer under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer. 

[Signatures Follow]

13

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

	 	USAA AUTO OWNER TRUST 2007-2 
	 	 	 	 
	 	 	 	 
	 	
By: 
		 
		
WELLS FARGO DELAWARE TRUST 
	
	 	 

		 
		
COMPANY, not in its individual capacity 
	
	 	 

		 
		
but solely as Owner Trustee 
	
	 

	
	 

	
	 	 

		 
		
By: /s/ Sandra Battaglia 
	
	 	 

		 
		
Name: Sandra Battaglia 
	
	 	 

		 
		
Title: Vice President 
	

S-1

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

	
	 

	
	 	 

		 
		
By: /s/ Suhrita Das 
	
	 	 

		 
		
Name: Suhrita Das 
	
	 	 

		 
		
Title:  Assistant Vice President 
	

 

S-2

	 	USAA FEDERAL SAVINGS BANK, as Administrator 
	 

	
	 

	
	 	 

		 
		
By: /s/  Edwin T. McQuiston 
	
	 	 

		 
		
Name:  Edwin T. McQuiston 
	
	 	 

		 
		
Title: Senior Vice President 
	

S-3

TABLE OF CONTENTS 

	 

		 
		 

		 
		
Page 
	
	 

	
	
1. 
		 
		
Definitions and Usage 
		 
		
1 
	
	
2. 
		 
		
Duties of the Administrator 
		 
		
1 
	
	
3. 
		 
		
Records 
		 
		
8 
	
	
4. 
		 
		
Compensation 
		 
		
8 
	
	
5. 
		 
		
Additional Information to Be Furnished to the Issuer 
		 
		
8 
	
	
6. 
		 
		
Independence of the Administrator 
		 
		
8 
	
	
7. 
		 
		
No Joint Venture 
		 
		
9 
	
	
8. 
		 
		
Other Activities of Administrator 
		 
		
9 
	
	
9. 
		 
		
Term of Agreement; Resignation and Removal of Administrator 
		 
		
9 
	
	
10. 
		 
		
Action upon Termination, Resignation or Removal 
		 
		
10 
	
	
11. 
		 
		
Notices 
		 
		
10 
	
	
12. 
		 
		
Amendments 
		 
		
11 
	
	
13. 
		 
		
Successors and Assigns 
		 
		
12 
	
	
14. 
		 
		
GOVERNING LAW 
		 
		
12 
	
	
15. 
		 
		
Headings 
		 
		
12 
	
	
16. 
		 
		
Counterparts 
		 
		
12 
	
	
17. 
		 
		
Severability 
		 
		
12 
	
	
18. 
		 
		
Not Applicable to the Bank in Other Capacities 
		 
		
12 
	
	
19. 
		 
		
Limitation of Liability of Owner Trustee and Indenture Trustee 
		 
		
12 
	
	
20. 
		 
		
Third-Party Beneficiary 
		 
		
13 
	
	
21. 
		 
		
Nonpetition Covenants 
		 
		
13 
	

ic50625_ex10-4.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.4

AMENDED AND RESTATED TRUST AGREEMENT 

between 

USAA ACCEPTANCE, LLC 

as Depositor 

and 

WELLS FARGO DELAWARE TRUST COMPANY 

as Owner Trustee 

Dated as of October 4, 2007 

						
	 	 	 	 	 	
Page
	 	 	 	 	 	 
	
    ARTICLE I	DEFINITIONS AND USAGE	 	
1
	 	 	 	 	 	 
	
    ARTICLE II	ORGANIZATION OF THE TRUST	 	
1
	 	 	 	 	 	 
	 	
SECTION 2.1.	 	
Name	 	
1
	 	
SECTION 2.2.	 	
Offices	 	
1
	 	
SECTION 2.3.	 	
Purposes and Powers	 	
1
	 	
SECTION 2.4.	 	
Appointment of Owner Trustee	 	
2
	 	
SECTION 2.5.	 	
Capital Contribution of Owner Trust Estate	 	
2
	 	
SECTION 2.6.	 	
Declaration of Trust	 	
2
	 	
SECTION 2.7.	 	
Liability of the Depositor and the Certificateholders	 	
3
	 	
SECTION 2.8.	 	
Title to Trust Property	 	
3
	 	
SECTION 2.9.	 	
Situs of Trust	 	
3
	 	
SECTION 2.10.	 	
Representations and Warranties of the Depositor	 	
3
	 	
SECTION 2.11.	 	
Federal Income Tax Matters	 	
4
	 	 	 	 	 	 
	
    ARTICLE III	TRUST CERTIFICATES AND TRANSFER OF INTERESTS	 	
5
	 	 	 	 	 	 
	 	
SECTION 3.1.	 	
Initial Beneficial Ownership	 	
5
	 	
SECTION 3.2.	 	
The Certificates	 	
5
	 	
SECTION 3.3.	 	
Authentication of Certificates	 	
5
	 	
SECTION 3.4.	 	
Registration of Certificates; Transfer and Exchange of	 	 
	 	 	 	
Certificates	 	
5
	 	
SECTION 3.5.	 	
Mutilated, Destroyed, Lost or Stolen Certificates	 	
7
	 	
SECTION 3.6.	 	
Persons Deemed Owners of Certificates	 	
7
	 	
SECTION 3.7.	 	
Access to List of Certificateholders’ Names and Addresses	 	
7
	 	
SECTION 3.8.	 	
Maintenance of Office or Agency	 	
7
	 	
SECTION 3.9.	 	
[Reserved]	 	
8
	 	
SECTION 3.10.	 	
[Reserved]	 	
8
	 	
SECTION 3.11.	 	
[Reserved]	 	
8
	 	
SECTION 3.12.	 	
[Reserved]	 	
8
	 	
SECTION 3.13.	 	
Definitive Certificates	 	
8
	 	
SECTION 3.14.	 	
Authenticating Agents	 	
8
	 	 	 	 	 	 
	
    ARTICLE IV	ACTIONS BY OWNER TRUSTEE	 	
9
	 	 	 	 	 	 
	 	
SECTION 4.1.	 	
Prior Notice to Certificateholders with Respect to Certain	 	 
	 	 	 	
Matters	 	
9
	 	
SECTION 4.2.	 	
Action by Certificateholders with Respect to Certain	 	 
	 	 	 	
Matters	 	
9
	 	
SECTION 4.3.	 	
Action by Certificateholders with Respect to Bankruptcy	 	
10
	 	
SECTION 4.4.	 	
Restrictions on Certificateholders’ Power	 	
10
	 	
SECTION 4.5.	 	
Majority Control	 	
10
	 	 	 	 	 	 
	
    ARTICLE V	APPLICATION OF TRUST FUNDS; CERTAIN
    DUTIES	 	
10
	 	 	 	 	 	 
	 	
SECTION 5.1.	 	
[Reserved]	 	
10
	 	
SECTION 5.2.	 	
Application of Trust Funds	 	
10
	 	
SECTION 5.3.	 	
Method of Payment	 	
11
	 	
SECTION 5.4.	 	
No Segregation of Monies; No Interest	 	
11

i

						
	 	 	 	 	 	
Page
	 	 	 	 	 	 
	 	
SECTION 5.5.	 	
Accounting and Reports to Noteholders, Certificateholders,	 	 
	 	 	 	
Internal Revenue Service and Others	 	
11
	 	
SECTION 5.6.	 	
Signature on Returns; Tax Matters Partner	 	
12
	 	 	 	 	 	 
	
    ARTICLE VI	AUTHORITY AND DUTIES OF OWNER TRUSTEE	 	
12
	 	 	 	 	 	 
	 	
SECTION 6.1.	 	
General Authority	 	
12
	 	
SECTION 6.2.	 	
General Duties	 	
12
	 	
SECTION 6.3.	 	
Action upon Instruction	 	
12
	 	
SECTION 6.4.	 	
No Duties Except as Specified in this Agreement or in	 	 
	 	 	 	
Instructions	 	
13
	 	
SECTION 6.5.	 	
No Action Except Under Specified Documents or	 	 
	 	 	 	
Instructions	 	
14
	 	
SECTION 6.6.	 	
Restrictions	 	
14
	 	
SECTION 6.7.	 	
Acceptance of Trusts and Duties	 	
14
	 	
SECTION 6.8.	 	
Furnishing of Documents	 	
15
	 	
SECTION 6.9.	 	
Representations and Warranties	 	
16
	 	
SECTION 6.10.	 	
Reliance; Advice of Counsel	 	
16
	 	
SECTION 6.11.	 	
Not Acting in Individual Capacity	 	
17
	 	
SECTION 6.12.	 	
Owner Trustee Not Liable for Certificates or Receivables	 	
17
	 	
SECTION 6.13.	 	
Owner Trustee May Own Certificates and Notes	 	
17
	 	 	 	 	 	 
	
    ARTICLE VII	COMPENSATION AND INDEMNITY OF OWNER
    TRUSTEE	 	
17
	 	 	 	 	 	 
	 	
SECTION 7.1.	 	
Owner Trustee’s Fees and Expenses	 	
17
	 	
SECTION 7.2.	 	
Payments to Owner Trustee	 	
18
	 	 	 	 	 	 
	
    ARTICLE VIII	TERMINATION	 	
18
	 	 	 	 	 	 
	 	
SECTION 8.1.	 	
Termination of the Trust	 	
18
	 	 	 	 	 	 
	
    ARTICLE IX	SUCCESSOR OWNER TRUSTEES AND ADDITIONAL
    OWNER	 	 
	 	 	TRUSTEES	 	
19
	 	 	 	 	 	 
	 	
SECTION 9.1.	 	
Eligibility Requirements for Owner Trustee	 	
19
	 	
SECTION 9.2.	 	
Resignation or Removal of Owner Trustee	 	
19
	 	
SECTION 9.3.	 	
Successor Owner Trustee	 	
20
	 	
SECTION 9.4.	 	
Merger or Consolidation of Owner Trustee	 	
21
	 	
SECTION 9.5.	 	
Appointment of Co-Trustee or Separate Trustee	 	
21
	 	
SECTION 9.6.	 	
Compliance with Statutory Trust Statute	 	
22
	 	 	 	 	 	 
	
    ARTICLE X	MISCELLANEOUS	 	
23
	 	 	 	 	 	 
	 	
SECTION 10.1.	 	
Amendments	 	
23
	 	
SECTION 10.2.	 	
No Legal Title to Owner Trust Estate in Certificateholders	 	
24
	 	
SECTION 10.3.	 	
Limitation on Rights of Others	 	
24
	 	
SECTION 10.4.	 	
Notices	 	
24
	 	
SECTION 10.5.	 	
Severability	 	
25
	 	
SECTION 10.6.	 	
Separate Counterparts	 	
25
	 	
SECTION 10.7.	 	
Successors and Assigns	 	
25
	 	
SECTION 10.8.	 	
No Petition	 	
25

ii

						
	 	 	 	 	 	
Page
	 	 	 	 	 	 
	 	
SECTION 10.9.	 	
No Recourse	 	
25
	 	
SECTION 10.10.	 	
Headings	 	
25
	 	
SECTION 10.11.	 	
GOVERNING LAW	 	
25
	
    EXHIBIT A	FORM OF CERTIFICATE	 	
A-1
	
    EXHIBIT B	FORM OF CERTIFICATE OF TRUST	 	
B-1
	
    EXHIBIT C	FORM OF TRANSFEROR CERTIFICATE	 	
C-1
	
    EXHIBIT D	FORM OF INVESTMENT LETTER	 	
D-1
	
    EXHIBIT E	FORM OF RULE 144A LETTER	 	
E-1

iii

AMENDED AND RESTATED TRUST AGREEMENT, dated as of October 4, 2007 (as from time to time amended, supplemented or otherwise modified and in effect, this “Agreement”), between USAA ACCEPTANCE, LLC, a Delaware limited liability company, (the “Depositor”), having its principal office at
9830 Colonnade Blvd., Suite 600, San Antonio, Texas 78230; and WELLS FARGO DELAWARE TRUST COMPANY, a Delaware limited purpose trust company (the “Bank”), not in its individual
capacity but solely as trustee under this Agreement (in such capacity, the “Owner Trustee”), having its principal corporate trust office at 919 North Market Street, Suite 700,
Wilmington, Delaware 19801 for the purpose of establishing the USAA Auto Owner Trust 2007-2 (the “Trust”). 

WHEREAS, the parties hereto intend to amend and restate that certain Trust Agreement, dated as of September 19, 2007, between the Depositor and the Owner Trustee, on the terms and conditions
hereinafter set forth. 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the receipt and sufficiency of which are hereby acknowledged, the Depositor and the Owner Trustee hereby agree
as follows: 

ARTICLE I

DEFINITIONS AND USAGE

Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix
A to the Sale and Servicing Agreement (the “Sale and Servicing Agreement”), dated as of October 4, 2007, among the Trust, the Depositor and USAA
Federal Savings Bank, as Seller and Servicer, which also contains rules as to usage that shall be applicable herein. 

ARTICLE II

ORGANIZATION OF THE TRUST

SECTION 2.1. Name.  The Trust continued hereby shall be known as “USAA Auto Owner Trust 2007-2”, in which name the Owner Trustee
may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. 

SECTION 2.2. Offices. The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address in
the State of Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 

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

(i) to acquire, hold and manage the Trust Property;

(ii) to issue the Notes pursuant to the Indenture, and the Certificates pursuant to this Agreement upon the written order of the Depositor;

(iii) in exchange for the Notes and the Certificates, to acquire the Receivables and funds in the amount of the Reserve Initial Deposit;

(iv) to pay interest on and principal of the Notes and distributions on the Certificates; 

(v) to Grant the Owner Trust Estate to the Indenture Trustee pursuant to the Indenture; 

(vi) to enter into and perform its obligations under the Basic Documents to which it is to be a party; 

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

(viii) subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation of
the Owner Trust Estate and the making of interest and principal payments to the Noteholders and the making of distributions to the Certificateholders. 

The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by
the terms of this Agreement or the other Basic Documents. 

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

SECTION 2.5. Capital Contribution of Owner Trust Estate. As of September 19, 2007, the Depositor sold, assigned and transferred to the Owner
Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of such date, the foregoing contribution, which shall constitute the initial Owner Trust Estate. The Depositor shall pay the organizational
expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. On the Closing Date, the Depositor shall convey to the Trust the Trust
Property and the Reserve Initial Deposit and the Owner Trustee shall cause the delivery to or upon the order of the Depositor the Notes and the Certificates. 

SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to
the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents.  It is the intention of the parties hereto that the Trust constitute a statutory trust under the
Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. It is the intention of the parties hereto that, solely for income and franchise tax purposes, until the Certificates are held by a Person
other than the Depositor (or, to the extent a Class of Notes is recharacterized to be treated as equity for U.S. federal tax purposes), the Trust shall be disregarded as an entity separate from the Depositor and the Notes will be
characterized

2

as debt. At such time that the Certificates are held by more than one Person, it is the intention of the parties hereto that, solely for income and franchise tax purposes, the Trust shall be treated as a partnership, with the
assets of the partnership being the Receivables and other assets held by the Trust, the partners of the partnership being the Certificateholders and any Notes recharacterized as trust equity for U.S. federal tax purposes, and the Notes being debt of
the partnership.  The Depositor and the Certificateholders by acceptance of a Certificate agree to such treatment and agree to take no action inconsistent with such treatment. The parties agree that, unless the certificates are held by more than one
person or it is otherwise required by appropriate tax authorities, the Trust will not file or cause to be filed annual or other returns, reports and other forms that are inconsistent with the characterization of the Trust as an entity that is not
separate from its owner. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Statute with respect to accomplishing the purposes of the Trust. The Owner Trustee has
filed the Certificate of Trust with the Secretary of State. 

SECTION 2.7. Liability of the Depositor and the Certificateholders.  Neither the Depositor (except as otherwise provided herein) nor any
Certificateholder shall have any personal liability for any liability or obligation of the Trust. 

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

SECTION 2.9. Situs of Trust. The Trust shall be administered by the Owner Trustee in the State of Delaware.  All bank accounts maintained by
the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. The Trust shall not have any employees in any state other than the State of Delaware; provided, however, that nothing herein shall restrict or prohibit the Bank, the Depositor or the Owner Trustee from having employees within or without the State of Delaware. Payments
will be received by the Trust only in Delaware or New York, and payments will be made by the Trust only from Delaware or New York. The principal office of the Trust shall be in care of the Owner Trustee in the State of Delaware. 

SECTION 2.10. Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee that:

(a) The Depositor is duly formed and validly existing as a limited liability company in good standing under the laws of the State of Delaware,
with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted. 

(b) The Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms, and the Depositor has full
power and authority to sell and assign the property to be sold and assigned to, and deposited with, the Trust, and the Depositor has duly authorized such sale and assignment and deposit to the Trust by all necessary limited liability company action;
and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary limited liability company action. 

3

(c) The Depositor has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding obligation of the
Depositor, enforceable against the Depositor, in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization and other similar laws affecting the enforcement of creditors’ rights in general and
by general equitable principles, regardless of whether such enforceability is considered in a proceeding at law or in equity. 

(d) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not (i) conflict with,
result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the limited liability company agreement of the Depositor, or any indenture, agreement or other instrument to
which the Depositor is a party or by which it is bound, (ii) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic
Documents) or (iii) violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Depositor or its properties. 

(e) There are no proceedings or investigations pending or, to the Depositor’s best knowledge, threatened before any court, regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties (i) asserting the invalidity of this Agreement, the Indenture, any of the other Basic Documents, the Notes or the
Certificates, (ii) seeking to prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions contemplated by this Agreement, the Indenture or any of the other Basic Documents, (iii) seeking any determination or
ruling that might materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or (iv) which might adversely affect the federal income tax attributes, or Applicable
Tax State franchise or income tax attributes, of the Notes and the Certificates. 

SECTION 2.11. Federal Income Tax Matters. If there is more than one beneficial owner of the Certificates, net income or net loss of the Trust
for any month as determined for federal income tax purposes (and each item of income, gain, loss and deduction entering into the computation thereof) shall be allocated among the Certificateholders as of the first day following the Record Date, in
proportion to their Percentage Interest evidencing the Certificates on the Record Date. 

If there is more than one beneficial owner of the Certificates (or if a Class of Notes is recharacterized as equity for U.S. federal tax purposes), the Trust is authorized to modify the allocations in
this paragraph if necessary or appropriate, in its sole discretion, for the allocations to fairly reflect the economic income, gain or loss to the Certificateholders, or as otherwise required by the Code. 

For each taxable year of the Trust, pursuant to Sections 7704(c) and 7704(d) of the Code, the principal activity of the Trust will consist of purchasing and holding debt receivables (which are capital
assets to the Trust) and issuing and paying notes, and at least 90% of the Trust’s gross

4

income for each taxable year of the Trust will constitute “qualifying income” under such Code provisions in the form of interest and gains from such receivables and other qualifying income.

ARTICLE III

TRUST CERTIFICATES AND TRANSFER OF INTERESTS

SECTION 3.1. Initial Beneficial Ownership.  Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificates, the Depositor shall be the sole beneficial owner of the Trust. 

SECTION 3.2. The Certificates. (a) The Certificates shall be issued substantially in the form set forth in Exhibit A, in minimum denominations of a one percent Percentage Interest in the Trust. 

(b) The Certificates shall be executed on behalf of the Trust by the Owner Trustee by manual or facsimile signature of an authorized officer of
the Owner Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Owner Trustee, shall be validly issued and entitled to
the benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and
delivery of such Certificates. 

(c) A transferee of a Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a
Certificateholder hereunder upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name pursuant to Section 3.4. 

SECTION 3.3. Authentication of Certificates. Concurrently with the initial sale of the Receivables to the Trust pursuant to the Sale and
Servicing Agreement, the Owner Trustee shall cause the Certificates, in an aggregate Percentage Interest equal to 100%, to be executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor, without further
action by the Depositor, in authorized denominations. No Certificate shall entitle its Certificateholder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a certificate of
authentication substantially in the form set forth in Exhibit A hereto, executed by the Owner Trustee by manual signature; such authentication shall constitute conclusive evidence that such
Certificate shall have been duly authenticated and delivered hereunder.  All Certificates shall be dated the date of their authentication. 

SECTION 3.4. Registration of Certificates; Transfer and Exchange of Certificates. (a) The Owner Trustee shall keep or cause to be kept, at
the office or agency maintained pursuant to Section 3.8, a register in which, subject to such reasonable regulations as it may prescribe, the Trust shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as herein provided.

5

(b) The Certificates have not been and will not be registered under the Securities Act and will not be listed on any exchange. No transfer of a
Certificate shall be made unless such transfer is made pursuant to an effective registration statement under the Securities Act and any applicable state securities laws or is exempt from the registration requirements under the Securities Act and
such state securities laws. In the event that a transfer is to be made in reliance upon an exemption from the Securities Act and state securities laws, in order to ensure compliance with the Securities Act and such laws, the Certificateholder
desiring to effect such transfer and such Certificateholder’s prospective transferee shall each certify to the Owner Trustee, the Indenture Trustee and the Depositor (if the Depositor is not the Certificateholder) in writing the facts
surrounding the transfer in substantially the forms set forth in Exhibit C (the “Transferor Certificate”) and either
Exhibit D (the “Investment Letter”) or Exhibit E (the
“Rule 144A Letter”). The Depositor shall provide to any Certificateholder of a Certificate and any prospective transferee designated by any such Certificateholder, information
regarding the Certificates and, based solely on information received from the Servicer, the Receivables and, to the extent reasonably obtainable by the Depositor, such other information as shall be necessary to satisfy the condition to eligibility
set forth in Rule 144A(d)(4) for transfer of any such Certificate without registration thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A. Each holder of a Certificate desiring to effect such a transfer
shall, and does hereby agree to, indemnify the Trust, the Owner Trustee, and the Depositor against any liability that may result if the transfer is not so exempt or is not made in accordance with federal and state securities laws. The Owner Trustee
shall cause each Certificate to contain a legend in the form set forth on the form of Certificate attached hereto as Exhibit A.  The Certificates may not be acquired by or for the account of
a Benefit Plan.  By accepting and holding a Certificate, the holder thereof shall be deemed to have represented and warranted that it is not a Benefit Plan. 

(c) Upon surrender for registration of transfer of any Certificate at the office or agency maintained pursuant to Section 3.8 and upon compliance with any provisions of this Agreement relating to such transfer, the Owner Trustee shall execute, authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Certificates in authorized denominations and aggregate amount dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a Certificateholder, Certificates may be exchanged for
other Certificates of authorized denominations and aggregate amount upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to Section 3.8. 

Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee, duly executed by
the related Certificateholder or such Certificateholder’s attorney duly authorized in writing. Each Certificate surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by the Owner Trustee in
accordance with its customary practice. 

No service charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee may require payment of a sum sufficient to cover any tax or governmental charge that
may be imposed in connection with any transfer or exchange of Certificates. 

6

The preceding provisions of this Section 3.4 notwithstanding, the Owner Trustee shall not make any transfer or exchange of Certificates for a
period of fifteen (15) days preceding any Payment Date for any payment with respect to the Certificates. 

SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates.  If (a) any mutilated Certificate shall be surrendered to the Owner Trustee,
or if the Owner Trustee shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Owner Trustee such security or indemnity as may be required by it to save it harmless,
then, in the absence of notice that such Certificate has been acquired by a protected purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee shall authenticate and deliver, in exchange for, or in lieu of, any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate, of like tenor and denomination.  In connection with the issuance of any new Certificate under this Section 3.5, the Owner
Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.  Any duplicate Certificate issued pursuant to this Section
3.5 shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 

SECTION 3.6. Persons Deemed Owners of Certificates. Prior to due presentation of a Certificate for registration of transfer, the Owner
Trustee may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving interest or distributions pursuant to this Agreement and for all other purposes whatsoever, and the Owner Trustee
shall not be bound by any notice to the contrary. 

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

SECTION 3.8. Maintenance of Office or Agency. The Owner Trustee shall maintain in the State of Delaware, an office or offices or agency or
agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Certificates and the Basic Documents may be served. The Owner Trustee initially
designates its Corporate Trust Office as its principal corporate trust

7

office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor and to the Certificateholders of any change in the location of any such office or agency. 

SECTION 3.9. [Reserved]. 

SECTION 3.10. [Reserved].

SECTION 3.11. [Reserved].

SECTION 3.12. [Reserved].

SECTION 3.13. Definitive Certificates. The Certificates, upon original issuance, will be issued in the form of a typewritten Certificate or
Certificates in the form attached hereto as Exhibit A to be delivered to the Certificateholders as directed by the Depositor, by, or on behalf of, the Trust. The Certificates shall be
printed, lithographed, typewritten or engraved or may be produced in any other manner as is reasonably acceptable to the Owner Trustee, as evidenced by its execution thereof. 

SECTION 3.14. Authenticating Agents.  (a)  The Owner 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 Certificates in connection with issuance, transfers and exchanges under Sections 3.3, 3.4 and 3.5, as fully to all intents and purposes as though each such
Authenticating Agent had been expressly authorized by those Sections to authenticate such Certificates.  For all purposes of this Agreement, the authentication of Certificates by an Authenticating Agent pursuant to this Section 3.14 shall be deemed to be the authentication of Certificates “by the Owner Trustee.” 

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

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

(d) The Servicer, pursuant to the Sale and Servicing Agreement, agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services.  The provisions of Section 6.4 shall be applicable to any Authenticating Agent. 

8

ARTICLE IV

ACTIONS BY OWNER TRUSTEE

SECTION 4.1. Prior Notice to Certificateholders with Respect to Certain Matters. It is the intention of the Depositor and the
Certificateholders that the powers and duties of the Owner Trustee are ministerial only and that any non-ministerial action (including the taking of any legal action) may only be taken by the Owner Trustee in accordance with this Section 4.1.  With respect to the following matters, the Owner Trustee shall not take action unless, (i) at least thirty (30) days before the taking of such action, the Owner Trustee shall have notified the
Certificateholders of record as of the preceding Record Date and the Rating Agencies in writing of the proposed action and (ii) Certificateholders holding not less than a majority of the Percentage Interests evidenced by the Certificates shall not
have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such Certificateholders have withheld consent or provided alternative direction:

(a) the initiation of any material claim or lawsuit by the Trust (except claims or lawsuits brought by the Servicer in connection with the
collection of the Receivables) and the settlement of any material action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection by the Servicer of the Receivables); 

(b) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the
Statutory Trust Statute); 

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

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

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

SECTION 4.2. Action by Certificateholders with Respect to Certain Matters.  The Owner Trustee may not, except upon the occurrence of an Event
of Servicing Termination subsequent to the payment in full of the Notes and in accordance with the written direction of Certificateholders holding not less than a majority of the Percentage Interests evidenced by the Certificates, (a) remove the
Servicer under the Sale and Servicing Agreement pursuant to Article VII thereof, (b) appoint a successor Servicer pursuant to Article VII of the Sale and Servicing Agreement, (c) remove the Administrator under the Administration Agreement pursuant to Section 9 thereof or (d) appoint a successor Administrator
pursuant to Section 9 of the Administration Agreement. 

9

SECTION 4.3. Action by Certificateholders with Respect to Bankruptcy.  The Owner Trustee shall not have the power to commence a voluntary
proceeding in bankruptcy relating to the Trust until one year and one day after the Notes have been paid in full and each Certificateholder (other than the Depositor) approves of such commencement in advance and delivers to the Owner Trustee a
certificate certifying that such Certificateholder reasonably believes that the Trust is insolvent. 

SECTION 4.4. Restrictions on Certificateholders’ Power.  The Certificateholders shall not direct the Owner Trustee to take or to refrain
from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section
2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 

SECTION 4.5. Majority Control. Except as expressly provided herein, any action that may be taken by the Certificateholders under this
Agreement may be taken by the Certificateholders holding not less than a majority of the Percentage Interests evidenced by the Certificates. Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this
Agreement shall be effective if signed by holders of Certificates evidencing not less than a majority of the Percentage Interests evidenced by the Certificates at the time of the delivery of such notice. 

ARTICLE V

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

SECTION 5.1. [Reserved].

SECTION 5.2. Application of Trust Funds. (a) Distributions on the Certificate shall be made in accordance with the provisions of the
Indenture and the Sale and Servicing Agreement. Subject to the lien of the Indenture, the Owner Trustee shall promptly distribute to the Certificateholder all other amounts (if any) received by the Issuer or the Owner Trustee in respect of the Trust
Property. After the termination of the Indenture in accordance with its terms, the Owner Trustee shall distribute all amounts received (if any) by the Issuer and the Owner Trustee in respect of the Trust Property at the direction of the
Certificateholder. 

(b) On each Payment Date, the Owner Trustee shall send to each Certificateholder (other than the Depositor) as of the related Record Date the
statement provided to the Owner Trustee by the Servicer pursuant to Section 4.9 of the Sale and Servicing Agreement with respect to such Payment Date. 

(c) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to a Certificateholder, such tax
shall reduce the amount otherwise distributable to such Certificateholder in accordance with this Section 5.2. The Owner Trustee is hereby authorized and directed to retain from amounts
otherwise distributable to the Certificateholders sufficient funds for the payment of any such withholding tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate
proceedings, and withholding payment of such tax, if permitted by

10

law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Trust
and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Owner Trustee may, in its sole discretion,
withhold such amounts in accordance with this paragraph (c). In the event that a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall
reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred. 

SECTION 5.3. Method of Payment. Subject to Section 8.1(c), distributions required
to be made to Certificateholders on any Payment Date shall be made to each Certificateholder of record on the preceding Record Date either by wire transfer, in immediately available funds, to the account of such Certificateholder at a bank or other
entity having appropriate facilities therefor, if (i) such Certificateholder shall have provided to the Owner Trustee and Indenture Trustee appropriate written instructions at least five (5) Business Days prior to such Payment Date and such
Certificateholder’s Certificates in the aggregate evidence a denomination of not less than thirty percent (30%) Percentage Interest, or (ii) such Certificateholder is the Depositor or, if not, by check mailed to such Certificateholder at the
address designated by such Certificateholder to the Owner Trustee and Indenture Trustee in writing. 

SECTION 5.4. No Segregation of Monies; No Interest. Subject to Section 5.2, monies
received by the Owner Trustee hereunder need not be segregated in any manner except to the extent required by law, the Indenture or the Sale and Servicing Agreement, and may be deposited under such general conditions as may be prescribed by law, and
the Owner Trustee shall not be liable for any interest thereon. 

SECTION 5.5. Accounting and Reports to Noteholders, Certificateholders, Internal Revenue Service and Others. The Trust shall, based on
information provided by or on behalf of the Depositor, (a) maintain (or cause to be maintained) the books of the Trust on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to be delivered) to each Certificateholder,
as may be required by the Code and applicable Treasury Regulations, such information as may be required (including Schedule K-1 if the Trust is treated as a partnership for federal income tax purposes) to enable each Certificateholder to prepare its
federal and State income tax returns, (c) prepare (or cause to be prepared), file (or cause to be filed) such tax returns relating to the Trust (including a partnership information return, IRS Form 1065 if the Trust is treated as a partnership for
federal income tax purposes) and make such elections as may from time to time be required or appropriate under any applicable State or federal statute or rule or regulation thereunder so as to prevent the Trust from being taxed as a corporation, (d)
cause such tax returns to be signed in the manner required by law and (e) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c) with
respect to income or distributions to Certificateholders. If the Trust is treated as a partnership for federal tax purposes the Trust shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with
respect to the Receivables. The Trust shall not make the election provided under Section 754 of the Code. 

11

SECTION 5.6. Signature on Returns; Tax Matters Partner.  (a)  The Servicer shall prepare (or cause to be prepared) and the Depositor shall
sign, on behalf of the Trust, the tax returns of the Trust, if any, unless applicable law requires a Certificateholder to sign such documents. 

(b) In the event that the Trust is designated as a partnership for federal income tax purposes, the Depositor shall be designated the “tax
matters partner” of the Trust pursuant to Section 6231(a)(7)(A) of the Code. 

ARTICLE VI

AUTHORITY AND DUTIES OF OWNER TRUSTEE

SECTION 6.1. General Authority.  The Owner Trustee is authorized and directed to execute and deliver on behalf of the Trust the Basic
Documents to which the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party and any amendment or other agreement, in each case, in such
form as the Depositor shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof and the Depositor’s execution of this Agreement, and to direct the Indenture Trustee to authenticate and deliver (i) Class A-1 Notes in
the aggregate principal amount of $348,000,000, (ii) Class A-2 Notes in the aggregate principal amount of $298,000,000, (iii) Class A-3 Notes in the aggregate principal amount of $436,000,000, (iv) Class A-4 Notes in the aggregate
principal amount of $222,850,000 and (v) Class B Notes, in the aggregate principal amount of $36,899,842. In addition to the foregoing, the Owner Trustee is authorized to take all actions required of the Trust pursuant to the Basic
Documents. The Owner Trustee is further authorized from time to time to take such action on behalf of the Trust as is permitted by the Basic Documents and which the Servicer or the Administrator directs with respect to the Basic Documents, except to
the extent that this Agreement expressly requires the consent of Certificateholders for such action. 

SECTION 6.2. General Duties. Subject to Section 4.1 hereof, it shall be the duty
of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other Basic Documents to which the Trust is a party and to administer the Trust in the interest of the
Certificateholders, subject to the Lien of the Indenture and in accordance with the provisions of this Agreement and the other Basic Documents. Notwithstanding anything else to the contrary in this Agreement, the Owner Trustee shall be deemed to
have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Administrator is required in the Administration Agreement to perform any act or to discharge such duty of the Owner Trustee or the Trust
hereunder or under any other Basic Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement. Except as expressly provided in the Basic
Documents, the Owner Trustee shall have no obligation to administer, service or collect the Receivables or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Receivables. 

SECTION 6.3. Action upon Instruction.  (a)  Subject to Article IV, and in
accordance with the terms of the Basic Documents, a majority of the Percentage Interests evidenced by the

12

Certificates may, by written instruction, direct the Owner Trustee in the management of the Trust. 

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

(c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement
or any other Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted, and to the extent the
Owner Trustee acts in good faith in accordance with any written instruction of the Certificateholders received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate
instruction within ten (10) days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such
action, not inconsistent with this Agreement or the other Basic Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such action or inaction. 

(d) In the event the Owner Trustee is unsure as to the application of any provision of this Agreement or any other Basic Document or any such
provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course
of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction and, to
the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable, on account of such action or inaction, to any Person. If the Owner Trustee shall
not have received appropriate instruction within ten (10) days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to,
take or refrain from taking such action not inconsistent with this Agreement or the other Basic Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such action or inaction.

SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to
which the Owner Trustee or the Trust is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.3; and no implied duties or obligations shall be read into this Agreement or any other Basic Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any
public office

13

at any time or to otherwise perfect or maintain the perfection of any security interest or Lien granted to it hereunder or to prepare or file any Commission filing for the Trust or to record this Agreement or any other Basic
Document.  Notwithstanding any Person’s right to instruct the Owner Trustee, neither the Owner Trustee nor any agent, employee, director or officer of the Owner Trustee shall have any obligation to execute any certificates or other documents
required pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated thereunder, and the refusal to comply with any such instructions shall not constitute a default or breech under any Basic Document. The Owner Trustee
nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Lien (other than the Lien of the Indenture) on any part of the Owner Trust Estate that results from actions by, or claims
against, the Owner Trustee that are not related to the ownership or the administration of the Owner Trust Estate. 

SECTION 6.5. No Action Except Under Specified Documents or Instructions.  The Owner Trustee shall not manage, control, use, sell, dispose of
or otherwise deal with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the other Basic Documents to which
the Trust or the Owner Trust is a party and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. Neither the Depositor nor the
Certificateholders shall direct the Trustee to take any action that would violate the provisions of this Section 6.5. 

SECTION 6.6. Restrictions.  The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in
Section 2.3 or (b) that, to the actual knowledge of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income or Applicable Tax State income or
franchise tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or Applicable Tax State income or franchise tax purposes or (iii) cause the Trust or any portion thereof to be taxable as an association (or publicly
traded partnership) taxable as a corporation for federal income or Applicable Tax State income or franchise tax purposes. The Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this
Section 6.6. 

SECTION 6.7. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement.  The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate upon the terms of this Agreement and the other Basic
Documents to which the Owner Trustee is a party. The Owner Trustee shall not be answerable or accountable hereunder or under any other Basic Document under any circumstances, except (i) for its own willful misconduct, bad faith or negligence or (ii)
in the case of the inaccuracy of any representation or warranty contained in Section 6.9 expressly made by the Owner Trustee.  In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence): 

(a) the Owner Trustee shall not be liable for any error of judgment made by a responsible officer of the Owner Trustee; 

14

(b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
instructions of any Certificateholder, the Indenture Trustee, the Depositor, the Administrator or the Servicer; 

(c) no provision of this Agreement or any other Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any
financial liability in the performance of any of its rights or powers hereunder or under any other Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured or provided to it; 

(d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents,
including the principal of and interest on the Notes or amounts payable or distributable on the Certificates; 

(e) the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution
hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate, or for or in respect of the validity or sufficiency of the other Basic Documents, other than the certificate of
authentication on the Certificates, and the Owner Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder or to any Certificateholder, other than as expressly provided for herein and in the other Basic
Documents; 

(f) the Owner Trustee shall not be liable for the default or misconduct of the Servicer, the Administrator, the Depositor or the Indenture
Trustee under any of the Basic Documents or otherwise and the Owner Trustee shall have no obligation or liability to perform the obligations of the Trust under this Agreement or the other Basic Documents that are required to be performed by the
Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Depositor or the Servicer under the Sale and Servicing Agreement; and 

(g) the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute,
conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Basic Document, at the request, order or direction of any of the Certificateholders, unless such Certificateholders have offered to the
Owner Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. 

The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any other Basic Document shall not be construed as a duty, and the Owner Trustee shall not be
answerable for other than its willful misconduct, bad faith or negligence in the performance of any such act. 

SECTION 6.8. Furnishing of Documents.  The Owner Trustee shall furnish to the Certificateholders, promptly upon receipt of a written request
therefor, duplicates or copies of all

15

reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents. 

SECTION 6.9. Representations and Warranties.  (a)  The Owner Trustee hereby represents and warrants to the Depositor, for the benefit of the
Certificateholders, that: 

(i) It is a Delaware limited purpose trust company duly organized and validly existing in good standing under the laws of the State of
Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 

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

(iii) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor
compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware State law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or
constitute any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound. 

SECTION 6.10. Reliance; Advice of Counsel. (a) The Owner Trustee may rely upon, shall be protected in relying upon, and shall incur no
liability to anyone in acting upon, any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond, or other document or paper believed by it to be genuine and believed by it to be signed by the proper
party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the method of determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the
treasurer or other authorized officers of the relevant party, as to such fact or matter and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the
other Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or
attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled Persons to be selected with reasonable care and employed by it. The Owner
Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such Persons and not contrary to this Agreement or any other Basic
Document. 

16

SECTION 6.11. Not Acting in Individual Capacity. Except as provided in this Article VI, in accepting the trusts hereby created, Wells Fargo Delaware Trust Company acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Agreement or any other Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 

SECTION 6.12. Owner Trustee Not Liable for Certificates or Receivables. The recitals contained herein and in the Certificates (other than the
signature and countersignature of the Owner Trustee on the Certificates) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to
the validity or sufficiency of this Agreement, of any other Basic Document or of the Certificates (other than the signature and countersignature of the Owner Trustee on the Certificates) or the Notes, or of any Receivable or related documents. The
Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed
Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to Certificateholders under this Agreement or the
Noteholders under the Indenture, including, without limitation: the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer
or other record thereof; the validity of the assignment of any Receivable to the Trust or any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor or the
Servicer with any warranty or representation made under any Basic Document or in any related document, or the accuracy of any such warranty or representation, or any action of the Indenture Trustee, the Administrator or the Servicer or any
subservicer taken in the name of the Owner Trustee. 

SECTION 6.13. Owner Trustee May Own Certificates and Notes.  Wells Fargo Delaware Trust Company, in its individual or any other capacity, may
become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the Servicer, the Administrator and the Indenture Trustee in banking transactions with the same rights as they would have if it was not the Owner Trustee.

ARTICLE VII

COMPENSATION AND INDEMNITY OF OWNER TRUSTEE

SECTION 7.1. Owner Trustee’s Fees and Expenses. The Servicer, pursuant to the Sale and Servicing Agreement, shall pay to the Owner
Trustee as compensation for its services hereunder such fees as have been separately agreed upon prior to the date hereof between the Servicer and the Owner Trustee, and the Servicer pursuant to the Sale and Servicing Agreement shall reimburse the
Owner Trustee for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and
performance

17

of its rights and its duties hereunder. The Servicer shall indemnify the Owner Trustee pursuant to the Sale and Servicing Agreement. 

SECTION 7.2. Payments to Owner Trustee.  Any amounts paid to the Owner Trustee pursuant to this Article
VII shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 

ARTICLE VIII 

TERMINATION

SECTION 8.1. Termination of the Trust. (a) The Trust shall dissolve and wind up, (i) upon the maturity or other liquidation of the last
remaining Receivable and the disposition of any amounts received upon such maturity or liquidation, (ii) upon the payment to the Noteholders and the Certificateholders of all amounts required to be paid to them pursuant to the terms of the
Indenture, the Sale and Servicing Agreement, Article V and Section 8.2, or (iii) upon the entry of an order for the dissolution of
the Trust from a court of competent jurisdiction. Any Insolvency Event, liquidation, dissolution, death or incapacity with respect to any Certificateholder shall not (x) operate to terminate this Agreement or dissolve and/or terminate the Trust, nor
(y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Owner Trust Estate nor (z) otherwise
affect the rights, obligations and liabilities of the parties hereto. Upon dissolution of the Trust, the Owner Trustee shall wind up the business and affairs of the Trust as required by Section 3808 of the Statutory Trust Statute. 

(b) Except as provided in Section 8.1(a), neither the Depositor nor any
Certificateholder shall be entitled to revoke or terminate the Trust. 

(c) Notice of any dissolution of the Trust, specifying the Payment Date upon which the Certificateholders shall surrender their Certificates to
the Owner Trustee for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to Certificateholders mailed within five (5) Business Days of receipt of notice of such dissolution from the Servicer, stating
(i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Owner Trustee therein designated, (ii) the amount of any such final payment
(after reservation of sums sufficient to pay all claims and obligations, if any, known to the Owner Trustee and payable by the Trust) and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made
only upon presentation and surrender of the Certificates at the office of the Owner Trustee therein specified.  Upon presentation and surrender of the Certificates, the Owner Trustee shall cause to be distributed to Certificateholders amounts
distributable on such Payment Date pursuant to Section 5.2. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating that all
Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Trust in respect of the Indenture and the Notes, the Owner Trustee, in the absence of actual knowledge of any other claim against the
Trust, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Statute. 

18

In the event that all of the Certificateholders shall not surrender their Certificates for cancellation within six (6) months after the date specified in the above mentioned written notice, the Owner
Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all the Certificates
shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates and the cost
thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Subject to applicable escheat laws, any funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to
the Depositor. 

(d) Upon final distribution of any funds remaining in the Trust, the Owner Trustee shall cause the Certificate of Trust to be cancelled by
filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(d) of the Statutory Trust Statute whereupon the Trust and this Agreement shall terminate. 

ARTICLE IX

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

SECTION 9.1. Eligibility Requirements for Owner Trustee.  (a)  The Owner Trustee shall at all times (i) be authorized to exercise corporate
trust powers; (ii) have (or shall have a parent that has) a combined capital and surplus of at least $50,000,000 and shall be subject to supervision or examination by federal or state authorities; and (iii) shall have (or shall have a parent
that has) a long-term debt rating of investment grade by each of the Rating Agencies or be otherwise acceptable to the Rating Agencies.  If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purpose of this Section 9.1, the combined capital and surplus of such corporation shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 9.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.2. 

(b) The Owner Trustee shall at all times be a Person satisfying the provisions of Section 3807(a) of the Statutory Trust Statute. 

SECTION 9.2. Resignation or Removal of Owner Trustee. (a) The Owner Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Administrator and the Depositor, and will provide to the Depositor in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor
in order to comply with its reporting obligation under the Exchange Act with respect to the resignation of the Owner Trustee.  Upon receiving such notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the applicable successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment
within thirty (30) days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of

19

competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such right to appoint or to petition for the appointment of any such
successor shall in no event relieve the resigning Owner Trustee from any obligations otherwise imposed on it under the Basic Documents until such successor has in fact assumed such appointment. 

(b) If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section
9.1 or resigns pursuant to Section 9.2 of this Agreement and the ineligible or non-resigning Owner Trustee shall fail to resign after written request therefor
by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or if at any time an Insolvency Event with respect to the Owner Trustee shall have occurred and be continuing, then the Administrator may remove the Owner
Trustee. If at any time the Owner Trustee shall fail to comply with any of its obligations under Section 9.2 or Section 9.4 of this
Agreement or Article X of the Sale and Servicing Agreement during the period that the Depositor is required to file Exchange Act Reports with respect to the Trust and such failure is not
remedied within the lesser of ten calendar days and the period of time in which the related Exchange Act Report is required to be filed (without taking into account any extensions), then the Depositor may remove the Owner Trustee. If the
Administrator or Depositor shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee, by written instrument, in triplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed, one copy to the successor Owner Trustee, and one copy to the Depositor, together with the basis for removal and shall pay all fees owed to the outgoing Owner Trustee.

(c) Any resignation or removal of an Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this
Section 9.2 shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 9.3,
payment of all fees and expenses owed to the outgoing Owner Trustee and the filing of a certificate of amendment to the Certificate of Trust if required by the Statutory Trust Statute. The Administrator shall provide notice of such resignation or
removal of the Owner Trustee to the Certificateholders, the Indenture Trustee, the Noteholders and each of the Rating Agencies. 

SECTION 9.3. Successor Owner Trustee. (a) Any successor Owner Trustee appointed pursuant to Section
9.2 shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement and deliver to the Depositor in writing and in form and
substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with respect to the successor Owner Trustee. Upon the resignation or
removal of the predecessor Owner Trustee becoming effective pursuant to Section 9.2, such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with
all the rights, powers, duties, and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee.  The predecessor Owner Trustee shall, upon payment of its fees and expenses, deliver to the successor
Owner Trustee all documents and statements and monies held by it under this Agreement, and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for
fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties, and obligations. 

20

(b) No successor Owner Trustee shall accept appointment as provided in this Section 9.3 unless, at the time of such acceptance, such successor Owner Trustee shall be eligible pursuant to Section 9.1. 

(c) Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section 9.3, the Administrator shall mail notice of the successor of such Owner Trustee to all Certificateholders, the Servicer, the Indenture Trustee, the Noteholders and the Rating Agencies. If the Administrator shall fail to mail such notice
within ten (10) days after acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator. 

(d) Any successor Owner Trustee appointed hereunder shall file the amendments to the Certificate of Trust with the Secretary of State
identifying the name and principal place of business of such successor Owner Trustee in the State of Delaware. 

SECTION 9.4. Merger or Consolidation of Owner Trustee. Any corporation into which the Owner Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner
Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Owner Trustee hereunder; provided that such corporation shall be eligible pursuant to Section 9.1; and provided further, that (i) the Owner Trustee shall mail notice of such merger or consolidation to the Rating Agencies and the Depositor not less than fifteen (15) days prior to the effective date thereof, (ii) the Owner Trustee shall file an amendment
to the Certificate of Trust as required by Section 9.3 and (iii) the Owner Trustee will provide the Depositor in writing and in form and substance reasonably satisfactory to the Depositor,
all information reasonably requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with respect to the successor Owner Trustee. 

SECTION 9.5. Appointment of Co-Trustee or Separate Trustee.  (a)  Notwithstanding any other provisions of this Agreement, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or separate trustees, of all or any part of the Trust, and to vest in such
Person, in such capacity, such title to the Owner Trust Estate, or any part thereof, and, subject to the other provisions of this Section 9.5, such powers, duties, obligations, rights and
trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request so to do, the Owner Trustee alone
shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 9.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 9.3. 

21

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

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

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

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

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

(d) Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall 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 Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

SECTION 9.6. Compliance with Statutory Trust Statute.  Notwithstanding anything herein to the contrary, the Trust shall at all times have at
least one trustee which meets the requirements of Section 3807(a) of the Statutory Trust Statute. 

22

ARTICLE X 

MISCELLANEOUS

SECTION 10.1. Amendments. (a) This Agreement may be amended by the Depositor and the Owner Trustee, with prior written notice to the Rating
Agencies and the Indenture Trustee, without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement inconsistent with any other provision of this Agreement or
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement; provided, however, that such action shall not, as evidenced by
an Opinion of Counsel satisfactory to the Owner Trustee and the Indenture Trustee, adversely affect in any material respect the interests of any Noteholder or Certificateholder; and provided further that an Opinion of Counsel shall be furnished to the Indenture Trustee and the Owner Trustee to the effect that such amendment (A) will not materially adversely affect the federal or any Applicable Tax State income or franchise
taxation of any outstanding Note or Certificate, or any Noteholder or Certificateholder and (B) will not cause the Trust to be taxable as a corporation for federal or any Applicable Tax State income or franchise tax purposes.

(b) This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with prior written notice to the Rating
Agencies and the Indenture Trustee, with the consent of (i) the holders of Notes evidencing not less than a majority of the principal amount of the Notes Outstanding and (ii) the holders of Certificates evidencing not less than a majority of the
Percentage Interests evidenced by the Certificates, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that no such amendment shall (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or
priority of, collections of payments on Receivables or distributions that are required to be made for the benefit of the Noteholders or the Certificateholders, or (ii) reduce the aforesaid percentage of the principal amount of the Notes Outstanding
and the Percentage Interests required to consent to any such amendment, without the consent of all the Noteholders and Certificateholders affected thereby; and provided further, that an
Opinion of Counsel shall be furnished to the Indenture Trustee and the Owner Trustee to the effect that such amendment (A) will not materially adversely affect the federal or any Applicable Tax State income or franchise taxation of any outstanding
Note or Certificate, or any Noteholder or Certificateholder and (B) will not cause the Trust to be taxable as a corporation for federal or any Applicable Tax State income or franchise tax purposes.

(c) Promptly after the execution of any such amendment, the Owner Trustee shall furnish written notification of the substance of such amendment
or consent to each Certificateholder, the Indenture Trustee and each of the Rating Agencies.

(d) It shall not be necessary for the consent of Certificateholders, the Noteholders or the Indenture Trustee pursuant to this Section 10.1 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and
any other consents of Certificateholders provided for in this Agreement or in any other Basic Document) and of

23

evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 

(e) Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with
the Secretary of State.

(f) Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and
rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own
rights, duties or immunities under this Agreement or otherwise.

(g) In connection with the execution of any amendment to this Agreement or any amendment to any other agreement to which the Trust is a party,
the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel to the effect that such amendment is authorized or permitted by the Basic Documents and that all conditions precedent in the Basic Documents for the
execution and delivery thereof by the Trust or the Owner Trustee, as the case may be, have been satisfied. 

SECTION 10.2. No Legal Title to Owner Trust Estate in Certificateholders. Neither the Depositor nor the Certificateholders shall have legal
title to any part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein only in accordance with Articles V and VIII.  No transfer, by operation of law or otherwise, of any right, title, or interest of the Certificateholders to and in their undivided ownership interest in the Owner
Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate. 

SECTION 10.3. Limitation on Rights of Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the
Depositor, the Administrator, the Certificateholders, the Servicer and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any
other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

SECTION 10.4. Notices. (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall
be deemed given upon receipt by the intended recipient or three (3) Business Days after mailing if mailed by certified mail, postage prepaid (except that notice to the Owner Trustee shall be deemed given only upon actual receipt by the Owner
Trustee), if to the Owner Trustee, addressed to the respective Corporate Trust Office; if to the Depositor, addressed to USAA Acceptance, LLC at the address of its principal executive office first above written; or, as to each party, at such other
address as shall be designated by such party in a written notice to each other party. 

(b) Any notice required or permitted to be given to a Certificateholder shall be given by first-class mail, postage prepaid, at the address of
such Certificateholder as shall be

24

designated by such party in a written notice to each other party. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not such Certificateholder
receives such notice. 

SECTION 10.5. Severability. Any provision of this Agreement or the Certificates that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or thereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 10.6. Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 10.7. Successors and Assigns.  All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the
Depositor, the Owner Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided.  Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall
bind the successors and assigns of such Certificateholder. 

SECTION 10.8. No Petition.  The Owner Trustee (not in its individual capacity but solely as Owner Trustee), and the Depositor solely in
relation to the Trust, by entering into this Agreement, and each Certificateholder, by accepting a Certificate, hereby covenants and agrees that it will not, prior to the date which is one year and one day after the Notes have been paid in full,
institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal
or State bankruptcy or similar law in connection with any obligations relating to the Certificates, the Notes, this Agreement or any of the other Basic Documents. 

SECTION 10.9. No Recourse.  Each Certificateholder, by accepting a Certificate, acknowledges that such Certificateholder’s Certificates
represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof, and no recourse may be had
against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificates or the other Basic Documents. 

SECTION 10.10. Headings.  The headings of the various Articles and Sections herein are for convenience of reference only and shall not define
or limit any of the terms or provisions hereof. 

SECTION 10.11. GOVERNING LAW.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

25

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

	 	USAA ACCEPTANCE, LLC,	 
	 	as Depositor	 
	 	 	 	 	 
	 	By:	 	/s/ David K. Kimball	 
	 	 	 	Name: David K. Kimball	 
	 	 	 	Title: Assistant Vice President 	 

 

			
	 	S-1	
 
	 	 	
 

	 	WELLS FARGO DELAWARE	 
	 	TRUST COMPANY,	 
	 	as Owner Trustee	 
	 	 	 	 	 
	 	By:	 	/s/ Sandra Battaglia	 
	 	 	 	Name: Sandra Battaglia	 
	 	 	 	Title: Vice President	 

 

			
	 	S-2	
 
	 	 	
 

EXHIBIT A

FORM OF CERTIFICATE

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM.  IN ADDITION, THE TRANSFER OF THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN SECTION 3.4 OF THE AMENDED AND RESTATED TRUST AGREEMENT UNDER WHICH THIS CERTIFICATE IS ISSUED (A COPY OF WHICH TRUST AGREEMENT IS AVAILABLE FROM THE OWNER TRUSTEE UPON REQUEST), INCLUDING RECEIPT BY THE
OWNER TRUSTEE OF AN INVESTMENT LETTER IN WHICH THE TRANSFEREE MAKES CERTAIN REPRESENTATIONS. 

THE CERTIFICATES MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF (I) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) WHETHER OR NOT SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (II) A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR (III) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (EACH, A “BENEFIT PLAN”).  BY ACCEPTING AND HOLDING THIS CERTIFICATE, THE HOLDER THEREOF SHALL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT A BENEFIT PLAN. 

No. R-[   ] 

Percentage Interest: [   ]

USAA AUTO OWNER TRUST 2007-2

ASSET BACKED CERTIFICATE 

evidencing a beneficial interest in the Trust, as defined below.  The property of the Trust includes a pool of motor vehicle retail installment loans, secured by security interests in the motor vehicles financed thereby, conveyed
by USAA Acceptance, LLC to the Trust.  The property of the Trust has been pledged to the Indenture Trustee pursuant to the Indenture to secure the payment of the Notes issued thereunder. 

(This Certificate is not a deposit, does not represent an interest in or obligation of USAA Federal Savings Bank or any of its Affiliates and is not insured by the Federal Deposit Insurance Corporation or any other entity.)

THIS CERTIFIES THAT ___________ is the registered owner of a ONE HUNDRED Percentage Interest of Asset Backed Certificates of USAA Auto Owner Trust 2007-2 (the

A-1

“Trust”) formed by USAA Acceptance, LLC, a Delaware limited liability company (the “Depositor”). 

The Trust is governed pursuant to an Amended and Restated Trust Agreement, dated as of October 4, 2007 (as from time to time amended, supplemented or otherwise modified and in effect, the
“Trust Agreement”), between the Depositor and Wells Fargo Delaware Trust Company, a Delaware limited purpose trust company, not in its individual capacity but solely as owner
trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used
herein have the meanings assigned to them in the Trust Agreement. 

This Certificate is one of the duly authorized Certificates designated as “Asset Backed Certificates” (herein called the “Certificates”) which are issued under and are subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such
Certificateholder is bound.  Also issued under the Indenture, dated as of October 4, 2007 (as from time to time amended, supplemented or otherwise modified and in effect, the “Indenture”), between the Trust and The Bank of New York, as indenture trustee (in such capacity, the “Indenture Trustee”), are the Notes designated as “Class A-1
5.24862% Asset Backed Notes”, “Class A-2 5.04% Asset Backed Notes”, “Class A-3 4.90% Asset Backed Notes”, “Class A-4 5.07% Asset Backed Notes” and “Class B 5.97% Asset Backed Notes” (collectively, the
“Notes”). The property of the Trust includes (i) a pool of motor vehicle retail installment loans for new and used automobiles and light trucks and certain rights and obligations
thereunder (the “Receivables”); (ii) monies received thereunder on or after the Cut-off Date; (iii) security interests in the Financed Vehicles granted by Obligors pursuant to the
Receivables and any other interest of the Trust in the Financed Vehicles; (iv) rights to receive proceeds with respect to the Receivables from claims on any theft, physical damage, credit life, credit disability or other insurance policies covering
Financed Vehicles or Obligors; (v) all of the rights to the Receivable Files; (vi) the Trust Accounts, and all amounts, securities, investments, investment property and other property deposited in or credited to any of the foregoing, all securities
entitlements related to the foregoing and all proceeds thereof; (vii) the Depositor’s rights under the Receivables Purchase Agreement, dated as of October 4, 2007 (as from time to time amended, supplemented or otherwise modified and in effect
the “Receivables Purchase Agreement”), by and between USAA Federal Savings Bank and the Depositor and the Issuer’s rights under the Sale and Servicing Agreement, dated as of
October 4, 2007 (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”), by and among the Trust, the Depositor, and
USAA Federal Savings Bank, as seller (in such capacity, the “Seller”) and as servicer (in such capacity, the “Servicer”); (viii) payments and proceeds with respect to the Receivables held by the Servicer; (ix) all property (including the right to receive Liquidation Proceeds) securing a Receivable (other than a Receivable purchased by the Servicer
or repurchased by the Seller or the Depositor); (x) rebates of premiums and other amounts relating to insurance policies and other items financed under the Receivables in effect as of the Cut-off Date; and (xi) all present and future claims,
demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the
conversion thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit

A-2

accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included
in the proceeds of any of the foregoing.

THE RIGHTS OF THE TRUST IN THE FOREGOING PROPERTY OF THE TRUST HAVE BEEN PLEDGED TO THE INDENTURE TRUSTEE TO SECURE THE PAYMENT OF THE NOTES. 

Under the Trust Agreement, there will be distributed on the 15th day of each month, or if such 15th day is not a Business Day, the next Business Day (each, a “Payment Date”), commencing October 15, 2007 to the Person in whose name
this Certificate is registered at the close of business on the last day of the preceding month (the “Record Date”) such Certificateholder’s Percentage Interest in the amount
to be distributed to Certificateholders on such Payment Date pursuant to the Trust Agreement. Following the occurrence and during the continuation of certain Events of Default under the Indenture which result in an acceleration of the Notes, no
distributions will be made on the Certificates until all principal and interest on the Notes has been paid in full. 

THE HOLDER OF THIS CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE SUBORDINATED TO THE RIGHTS OF THE NOTEHOLDERS AS DESCRIBED IN THE
SALE AND SERVICING AGREEMENT, THE INDENTURE AND THE TRUST AGREEMENT. 

It is the intent of the Depositor and the Certificateholders that, to the extent the Certificates are beneficially owned by a single Certificateholder for purposes of federal income, state and local
income and single business tax and any other income taxes, the Trust will be treated as a disregarded entity and to the extent the Certificates are beneficially owned by more than one Certificateholder as a partnership with the Certificateholders
being treated as partners in that tax partnership. A Certificateholder, by its acceptance of a Certificate, agrees to so treat, and to take no action inconsistent with the treatment of, the Trust for such tax purposes as a disregarded entity and not
as a separate tax entity for federal income tax and state income and franchise tax purposes. 

Each Certificateholder, by its acceptance of a Certificate, agrees to treat, and to take no action inconsistent with the treatment of, the Certificates for such tax purposes as the beneficial
ownership interests in an entity that is disregarded if there is only one Certificateholder or as partnership interests in the Trust if there is more than one Certificateholder. 

Each Certificateholder, by its acceptance of a Certificate, covenants and agrees that such Certificateholder will not, prior to the date that is one year and one day after the Notes have been paid in
full, institute against the Trust, or join in any institution against the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes, the Certificates, the Trust Agreement or any of the other Basic Documents. 

A-3

Distributions on this Certificate will be made as provided in the Trust Agreement by the Owner Trustee by wire transfer or check mailed to the Certificateholder of record without the presentation or
surrender of this Certificate or the making of any notation hereon.  Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Owner Trustee of
the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency maintained for the purpose by the Owner Trustee in New York, New York. 

Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this
place. 

Unless the certificate of authentication hereon shall have been executed by the Owner Trustee by an authorized officer of the Owner Trustee, by manual signature, this Certificate shall not entitle the
Certificateholder hereof to any benefit under the Trust Agreement or be valid for any purpose. 

This Certificate shall be construed in accordance with the laws of the State of Delaware and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such
laws. 

A-4

IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual capacity, has caused this Certificate to be duly executed. 

Dated: October 4, 2007

 

	 	USAA AUTO OWNER TRUST 2007-2	 
	 	 	 	 	 
	 	By:	 	Wells Fargo Delaware Trust Company,	 
	 	 	 	not in its individual capacity 	 
	 	 	 	but solely as Owner Trustee	 
	 	 	 	 	 
	 	By:	 	 	 
	 	 	 	Authorized Officer	 

A-5

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within-mentioned Trust Agreement.

Dated: October 4, 2007

 

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

A-6

[REVERSE OF CERTIFICATE]

The Certificates do not represent an obligation of, or an interest in, the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee or any Affiliates of any of them other than the
Trust and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein, in the Trust Agreement or in the other Basic Documents.  In addition, this Certificate is not guaranteed by any
governmental agency or instrumentality or by any other entity and is limited in right of payment to certain collections with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the Sale and
Servicing Agreement. 

The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the
Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the consent of the Noteholders and the Certificateholders evidencing not less than a majority of the principal amount of the Notes Outstanding and
the Percentage Interests, respectively. Any such consent by the holder of this Certificate shall be conclusive and binding on such Certificateholder and on all future holders of this Certificate and of any Certificate issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of any of
the Certificateholders. 

As provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of the Certificates are registrable upon surrender of this Certificate for registration of
transfer at the offices or agencies maintained by the Owner Trustee in Wilmington, Delaware, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee duly executed by the holder hereof or such holder’s attorney
duly authorized in writing, and thereupon one or more new Certificates of authorized denominations evidencing the same aggregate interest in the Trust will be issued to the designated transferee. 

The Certificates are issuable as definitive Certificates in denominations of a minimum of one percent Percentage Interest in the Trust. Certificates are exchangeable for new Certificates and
authorized denominations evidencing the same aggregate denomination, as requested by the Certificateholder surrendering the same.  No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee may require
payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 

The Owner Trustee and any agent of the Owner Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Owner Trustee nor any agent
of the Owner Trustee shall be affected by any notice to the contrary. 

The Certificates may not be acquired by (a) an employee benefit plan (as defined in Section 3(3) of ERISA) whether or not subject to the provisions of Title I of ERISA, (b) a plan described in Section
4975(e)(1) of the Code or (c) any entity whose underlying assets include plan assets by reason of a plan’s investment in the entity or which uses plan assets to acquire

A-7

Certificates (each, a “Benefit Plan”). By accepting and holding this Certificate, the holder hereof shall be deemed to have represented and warranted that it is
not a Benefit Plan. 

The Trust shall dissolve (i) upon the maturity or other liquidation of the last remaining Receivable and the disposition of any amounts received upon such maturity or liquidation, (ii) upon the
payment to the Noteholders and the Certificateholders of all amounts required to be paid to them pursuant to the Indenture, the Trust Agreement and the Sale and Servicing Agreement, or (iii) the entry of an order for the dissolution of the Trust by
a court of competent jurisdiction, and upon such dissolution any remaining assets of the Trust shall be distributed to the Depositor. The Servicer of the Receivables may at its option purchase the assets of the Trust at a price specified in the Sale
and Servicing Agreement, and such purchase of the Receivables and other property of the Trust will effect an early retirement of the Notes and the Certificates; however, such right of purchase is exercisable only as of the last day of any Collection
Period as of which the Pool Balance is less than or equal to 10% of the Initial Pool Balance. 

A-8

ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

	 
	(Please print or type name and address,
    including postal zip code, of assignee)
	 
	 
	the within Certificate, and all rights
    thereunder, hereby irrevocably constituting and appointing

Attorney to transfer said Certificate on the ______________
books kept for registration thereof, with full power of substitution in the premises. 

Dated: ___________

 

	 	*/	 
	 	Signature Guaranteed:	 
	 	 	 
	 	 	 
	 	*/	 
	 	 	 

*/NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Certificate in every particular, without alteration, enlargement or any change whatever. 

A-9

EXHIBIT B

FORM OF CERTIFICATE OF TRUST

CERTIFICATE OF TRUST OF 

USAA AUTO OWNER TRUST 2007-2

This Certificate of Trust of USAA Auto Owner Trust 2007-2 (the “Trust”), is being duly executed and filed by Wells Fargo Delaware
Trust Company, a Delaware limited purpose trust company, as owner trustee (the “Owner Trustee”), to form a statutory trust under the Delaware Statutory Trust Act (12 Delaware Code,
ss. 3801 et seq.) (the “Act”). 

1. Name.  The name of the statutory trust formed hereby is USAA Auto Owner Trust 2007-2. 

2. Owner Trustee. The name and business address of the Owner Trustee is Wells Fargo Delaware Trust Company, 919 North Market Street, Suite 700, Wilmington, DE 19801, Attention: Corporate Trust
Administration. 

3. Effective Date. This Certificate of Trust shall be effective upon filing.

IN WITNESS WHEREOF, the undersigned, being the sole trustee of the Trust, has executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act. 

 

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

  

 

B-1

EXHIBIT C

FORM OF TRANSFEROR CERTIFICATE

[DATE]

[Seller] 

[Seller Address] 

[Owner Trustee] 

[Owner Trustee Address]

Re: USAA Auto Owner Trust 2007-2 Asset-Backed Certificates

Ladies and Gentlemen:

In connection with our disposition of the above-referenced Certificates (the “Certificates”) we certify that (a) we understand that the Certificates have not
been registered under the Securities Act of 1933, as amended (the “Act”), and are being transferred by us in a transaction that is exempt from the registration requirements of the
Act and (b) we have not offered or sold any Certificates to, or solicited offers to buy any Certificates from, any person, or otherwise approached or negotiated with any person with respect thereto, in a manner that would be deemed, or taken any
other action which would result in, a violation of Section 5 of the Act. 

 

	 	Very truly yours,
	 	 	 	 
	 	[NAME OF TRANSFEROR]
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	 	Authorized Officer

C-1

EXHIBIT D

FORM OF INVESTMENT LETTER

[DATE]

[Seller] 

[Seller Address] 

[Owner Trustee] 

[Owner Trustee Address]

Re: USAA Auto Owner Trust 2007-2 Asset-Backed Certificates

Ladies and Gentlemen:

In connection with our acquisition of the above-referenced Certificates (the “Certificates”) we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws and are being transferred to us in a transaction that is exempt from the
registration requirements of the Act and any such laws, (b) we are an institutional “accredited investor,” as defined in Rule 501(a)(1), (2), (3) or (7) in Regulation D under the Act, and have such knowledge and experience in financial and
business matters that we are capable of evaluating the merits and risks of investments in the Certificates, (c) we have had the opportunity to ask questions of and receive answers from the seller concerning the purchase of the Certificates and all
matters relating thereto or any additional information deemed necessary to our decision to purchase the Certificates, (d) we are acquiring the Certificates for investment for our own account and not with a view to any distribution of such
Certificates (but without prejudice to our right at all times to sell or otherwise dispose of the Certificates in accordance with clause (f) below), (e) we have not offered or sold any
Certificates to, or solicited offers to buy any Certificates from, any person, or otherwise approached or negotiated with any person with respect thereto, or taken any other action that would result in a violation of Section 5 of the Act or any
state securities laws and (f) we will not sell, transfer or otherwise dispose of any Certificates unless (1) such sale, transfer or other disposition is made pursuant to an effective registration statement under the Act and in compliance with any
relevant state securities laws or is exempt from such registration requirements and (2) the purchaser or transferee of such Certificate has executed and delivered to you a certificate to substantially the same effect as this certificate and (3) the
purchaser or transferee has otherwise complied with any conditions for transfer set forth in the Amended and Restated Trust Agreement dated as of October 4, 2007, between USAA Acceptance LLC and Wells Fargo Delaware Trust Company, as Owner Trustee.

D-1

We represent and warrant that we are not and are not acquiring the Certificates for the account of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) whether or not subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended or (iii) any
entity whose underlying assets include plan assets by reason of a plan’s investment in the entity. 

 

	 	 	 	Very truly yours, 
	 	 	 	 
	 	 	 	[NAME OF TRANSFEREE]
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	 	Authorized Officer

D-2

EXHIBIT E

FORM OF RULE 144A LETTER

[DATE]

[Seller] 

[Seller Address] 

[Owner Trustee] 

[Owner Trustee Address]

Re: USAA Auto Owner Trust 2007-2 Asset-Backed Certificates

Ladies and Gentlemen:

In connection with our acquisition of the above-referenced Certificates (the “Certificates”) we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws and are being transferred to us in a transaction that is exempt from the
registration requirements of the Act and any such laws, (b) we have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of investments in the Certificates, (c) we have had the
opportunity to ask questions of and receive answers from the seller concerning the purchase of the Certificates and all matters relating thereto or any additional information deemed necessary to our decision to purchase the Certificates, (d) we have
not, nor has anyone acting on our behalf, offered, transferred, pledged, sold or otherwise disposed of the Certificates or any interest in the Certificates, or solicited any offer to buy, transfer, pledge or otherwise dispose of the Certificates or
any interest in the Certificates from any person in any manner, or made any general solicitation by means of general advertising or in any other manner, or taken any other action that would constitute a distribution of the Certificates under the Act
or that would render the disposition of the Certificates a violation of Section 5 of the Act or any state securities laws or require registration pursuant thereto, and we will not act, or authorize any person to act, in such manner with respect to
the Certificates, and (e) we are a “qualified institutional buyer” as that term is defined in Rule 144A under the Act. We are aware that the sale to us is being made in reliance on Rule 144A.  We are acquiring the Certificates for our own
account or for resale pursuant to Rule 144A and understand that such Certificates may be resold, pledged or transferred only (i) to a person reasonably believed to be a qualified institutional buyer that purchases for its own account or for the
account of a qualified institutional buyer to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A or (ii) pursuant to another exemption from registration under the Act. 

E-1

We represent and warrant that we are not and are not acquiring the Certificates for the account of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) whether or not subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended or (iii) any
entity whose underlying assets include plan assets by reason of a plan’s investment in the entity. 

 

	 	Very truly yours, 
	 	[NAME OF TRANSFEREE]
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	 	Authorized Officer

E-2

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