Document:

EX-4.1

 EXHIBIT 4.1 
  

 
  

USAA AUTO OWNER TRUST 20[    ]-[    ] 

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

Class A-2[-A] [    ]% Auto Loan Asset
Backed Notes 
 [Class A-2-B [LIBOR +]
[    ]% Auto Loan Asset Backed Notes] 
 Class A-3
[    ]% Auto Loan Asset Backed Notes 
 Class A-4 [    ]%
Auto Loan Asset Backed Notes 
 Class B [    ]% Auto Loan Asset Backed Notes 

 
  

FORM OF 
 INDENTURE

 Dated as of [    ], 20[    ] 

 
  

[                ], 

as the Indenture Trustee 
  

 
  

 CROSS REFERENCE TABLE1 

 

					
	 TIA
 Section
	  	 	  	 Indenture
 Section

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

  

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

	2 	 N.A. means Not Applicable. 

	

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	2	 
	 SECTION 1.1
	 	 Definitions
	  	 	2	 
	 SECTION 1.2
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	2	 
	 SECTION 1.3
	 	 Other Interpretive Provisions
	  	 	2	 
		
	 ARTICLE II THE NOTES
	  	 	3	 
	 SECTION 2.1
	 	 Form
	  	 	3	 
	 SECTION 2.2
	 	 Execution, Authentication and Delivery
	  	 	3	 
	 SECTION 2.3
	 	 Temporary Notes
	  	 	4	 
	 SECTION 2.4
	 	 Registration of Transfer and Exchange
	  	 	4	 
	 SECTION 2.5
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	5	 
	 SECTION 2.6
	 	 Persons Deemed Owners
	  	 	6	 
	 SECTION 2.7
	 	 Payment of Principal and Interest; Defaulted Interest
	  	 	6	 
	 SECTION 2.8
	 	 Cancellation
	  	 	7	 
	 SECTION 2.9
	 	 Release of Collateral
	  	 	7	 
	 SECTION 2.10
	 	 Book-Entry Notes
	  	 	8	 
	 SECTION 2.11
	 	 Notices to Clearing Agency
	  	 	8	 
	 SECTION 2.12
	 	 Definitive Notes
	  	 	8	 
	 SECTION 2.13
	 	 Authenticating Agents
	  	 	9	 
	 SECTION 2.14
	 	 Tax Treatment
	  	 	10	 
	 SECTION 2.15
	 	 Certain Transfer Restrictions on all the Notes
	  	 	10	 
	 SECTION 2.16
	 	 Transfer Restrictions on the Retained Notes
	  	 	10	 
		
	 ARTICLE III COVENANTS
	  	 	13	 
	 SECTION 3.1
	 	 Payment of Principal and Interest
	  	 	13	 
	 SECTION 3.2
	 	 Maintenance of Office or Agency
	  	 	14	 
	 SECTION 3.3
	 	 Money for Payments To Be Held in Trust
	  	 	14	 
	 SECTION 3.4
	 	 Existence
	  	 	16	 
	 SECTION 3.5
	 	 Protection of Collateral
	  	 	16	 
	 SECTION 3.6
	 	 Opinions as to Collateral
	  	 	16	 
	 SECTION 3.7
	 	 Performance of Obligations; Servicing of Receivables
	  	 	17	 
	 SECTION 3.8
	 	 Negative Covenants
	  	 	18	 
	 SECTION 3.9
	 	 Annual Compliance Statement
	  	 	18	 
	 SECTION 3.10
	 	 Restrictions on Certain Other Activities
	  	 	19	 
	 SECTION 3.11
	 	 Restricted Payments
	  	 	19	 
	 SECTION 3.12
	 	 Notice of Events of Default
	  	 	20	 
	 SECTION 3.13
	 	 Further Instruments and Acts
	  	 	20	 
	 SECTION 3.14
	 	 Compliance with Laws
	  	 	20	 
	 SECTION 3.15
	 	 Perfection Representations, Warranties and Covenants
	  	 	20	 
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	20	 
	 SECTION 4.1
	 	 Satisfaction and Discharge of Indenture
	  	 	20	 
	 SECTION 4.2
	 	 Application of Trust Money
	  	 	21	 
	 SECTION 4.3
	 	 Repayment of Monies Held by Paying Agent
	  	 	21	 

  
 i 

 Table of Contents 

(Continued) 
  

							
		 		  	 	Page	 
		
	 ARTICLE V REMEDIES
	  	 	21	 
	 SECTION 5.1
	 	 Events of Default
	  	 	21	 
	 SECTION 5.2
	 	 Acceleration of Maturity; Waiver of Event of Default
	  	 	22	 
	 SECTION 5.3
	 	 Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee
	  	 	23	 
	 SECTION 5.4
	 	 Remedies; Priorities
	  	 	25	 
	 SECTION 5.5
	 	 Optional Preservation of the Collateral
	  	 	27	 
	 SECTION 5.6
	 	 Limitation of Suits
	  	 	27	 
	 SECTION 5.7
	 	 Rights of Noteholders to Receive Principal and Interest
	  	 	28	 
	 SECTION 5.8
	 	 Restoration of Rights and Remedies
	  	 	29	 
	 SECTION 5.9
	 	 Rights and Remedies Cumulative
	  	 	29	 
	 SECTION 5.10
	 	 Delay or Omission Not a Waiver
	  	 	29	 
	 SECTION 5.11
	 	 Control by Noteholders
	  	 	29	 
	 SECTION 5.12
	 	 Waiver of Past Defaults
	  	 	30	 
	 SECTION 5.13
	 	 Undertaking for Costs
	  	 	30	 
	 SECTION 5.14
	 	 Waiver of Stay or Extension Laws
	  	 	30	 
	 SECTION 5.15
	 	 Action on Notes
	  	 	31	 
	 SECTION 5.16
	 	 Performance and Enforcement of Certain Obligations
	  	 	31	 
	 SECTION 5.17
	 	 Sale of Collateral
	  	 	31	 
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	 	32	 
	 SECTION 6.1
	 	 Duties of the Indenture Trustee
	  	 	32	 
	 SECTION 6.2
	 	 Rights of the Indenture Trustee
	  	 	34	 
	 SECTION 6.3
	 	 Individual Rights of the Indenture Trustee
	  	 	35	 
	 SECTION 6.4
	 	 The Indenture Trustee’s Disclaimer
	  	 	35	 
	 SECTION 6.5
	 	 Notice of Defaults
	  	 	36	 
	 SECTION 6.6
	 	 Reports by the Indenture Trustee to Noteholders
	  	 	36	 
	 SECTION 6.7
	 	 Compensation and Indemnity
	  	 	36	 
	 SECTION 6.8
	 	 Removal, Resignation and Replacement of the Indenture Trustee
	  	 	37	 
	 SECTION 6.9
	 	 Successor Indenture Trustee by Merger
	  	 	38	 
	 SECTION 6.10
	 	 Appointment of Co-Indenture Trustee or Separate
Indenture Trustee
	  	 	38	 
	 SECTION 6.11
	 	 Eligibility; Disqualification
	  	 	39	 
	 SECTION 6.12
	 	 Preferential Collection of Claims Against the Issuer
	  	 	39	 
	 SECTION 6.13
	 	 Representations and Warranties
	  	 	40	 
		
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	 	40	 
	 SECTION 7.1
	 	 The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders
	  	 	40	 
	 SECTION 7.2
	 	 Preservation of Information; Communications to Noteholders
	  	 	40	 

  
 ii 

 Table of Contents 

(Continued) 
  

							
	 	  	 	  	Page	 
	 SECTION 7.3
	  	 Reports by the Indenture Trustee
	  	 	40	 
	 SECTION 7.4
	  	 Noteholder Demand for Repurchase; Dispute Resolution
	  	 	41	 
	 SECTION 7.5
	  	 Asset Representations Review Voting
	  	 	42	 
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	43	 
	 SECTION 8.1
	  	 Collection of Money
	  	 	43	 
	 SECTION 8.2
	  	 Trust Accounts
	  	 	43	 
	 SECTION 8.3
	  	 General Provisions Regarding Accounts
	  	 	44	 
	 SECTION 8.4
	  	 Release of Collateral
	  	 	44	 
	 SECTION 8.5
	  	 Opinion of Counsel
	  	 	45	 
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	45	 
	 SECTION 9.1
	  	 Supplemental Indentures Without Consent of Noteholders
	  	 	45	 
	 SECTION 9.2
	  	 Supplemental Indentures with Consent of Noteholders
	  	 	46	 
	 SECTION 9.3
	  	 Execution of Supplemental Indentures
	  	 	48	 
	 SECTION 9.4
	  	 Effect of Supplemental Indenture
	  	 	48	 
	 SECTION 9.5
	  	 Conformity With Trust Indenture Act
	  	 	48	 
	 SECTION 9.6
	  	 Reference in Notes to Supplemental Indentures
	  	 	48	 
		
	 ARTICLE X REDEMPTION OF NOTES
	  	 	48	 
	 SECTION 10.1
	  	 Redemption
	  	 	48	 
	 SECTION 10.2
	  	 Form of Redemption Notice
	  	 	49	 
	 SECTION 10.3
	  	 Notes Payable on Redemption Date
	  	 	49	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	50	 
	 SECTION 11.1
	  	 Compliance Certificates and Opinions, etc
	  	 	50	 
	 SECTION 11.2
	  	 Form of Documents Delivered to the Indenture Trustee
	  	 	51	 
	 SECTION 11.3
	  	 Acts of Noteholders
	  	 	52	 
	 SECTION 11.4
	  	 Notices
	  	 	52	 
	 SECTION 11.5
	  	 Notices to Noteholders; Waiver
	  	 	53	 
	 SECTION 11.6
	  	 Alternate Payment and Notice Provisions
	  	 	53	 
	 SECTION 11.7
	  	 Conflict with Trust Indenture Act
	  	 	53	 
	 SECTION 11.8
	  	 Effect of Headings and Table of Contents
	  	 	54	 
	 SECTION 11.9
	  	 Successors and Assigns
	  	 	54	 
	 SECTION 11.10
	  	 Severability
	  	 	54	 
	 SECTION 11.11
	  	 Benefits of Indenture
	  	 	54	 
	 SECTION 11.12
	  	 Legal Holidays
	  	 	54	 
	 SECTION 11.13
	  	 Governing Law
	  	 	54	 
	 SECTION 11.14
	  	 Counterparts
	  	 	54	 
	 SECTION 11.15
	  	 Recording of Indenture
	  	 	54	 
	 SECTION 11.16
	  	 Trust Obligation
	  	 	55	 
	 SECTION 11.17
	  	 No Petition
	  	 	55	 
	 SECTION 11.18
	  	 Intent
	  	 	55	 
	 SECTION 11.19
	  	 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	56	 

  
 iii 

 Table of Contents 

(Continued) 
  

							
	 	  	 	  	Page	 
			
	 SECTION 11.20
	  	 Subordination of Claims
	  	 	56	 
	 SECTION 11.21
	  	 Limitation of Liability of Owner Trustee
	  	 	57	 
	 SECTION 11.22
	  	 Information Requests
	  	 	57	 
	 SECTION 11.23
	  	 Inspection
	  	 	57	 
	 SECTION 11.24
	  	 Force Majeure
	  	 	58	 
	 SECTION 11.25
	  	 Patriot Act
	  	 	58	 
	 SECTION 11.26
	  	 [Limitation of Rights]
	  	 	58	 

  
 iv 

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

  
 v 

 This INDENTURE, dated as of
[        ], 20[    ] (as amended, modified or supplemented from time to time, this “Indenture”), is between USAA AUTO OWNER TRUST
20[    ]-[    ], a Delaware statutory trust (the “Issuer”), and
[                    ], a
[                    ], solely as indenture trustee and not in its individual capacity (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other party and the equal and ratable benefit of the Holders of the Issuer’s Class A-1 [    ]% Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2[-A] [    ]% Auto Loan Asset Backed Notes (the “Class A-2[-A]
Notes”), [Class A-2-B [LIBOR +] [    ]% Auto Loan Asset Backed Notes (the “Class A-2-B Notes” and together with the Class A-2-A Notes, the “Class A
Notes”)], Class A-3 [    ]% Auto Loan Asset Backed Notes (the “Class A-3 Notes”) and Class A-4 [    ]% Auto Loan Asset Backed Notes (the “Class A-4 Notes” and together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”)
and Class B [__]% Auto Loan Asset Backed Notes (the “Class B Notes” and together with the Class A Notes, the “Notes”). 

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

The Indenture Trustee, on behalf of the Noteholders [and the Swap Counterparty], acknowledges the foregoing Grant, accepts the trusts under
this Indenture and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture. 
 The
foregoing Grant is made in trust to secure (i) the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein[, (ii)
the payment of all amounts payable by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement] and (iii) compliance with the provisions of this Indenture, all as provided in this Indenture. 

Without limiting the foregoing Grant, any Receivable purchased by the Bank pursuant to Section 3.4 of the Purchase
Agreement or by the Servicer pursuant to Section 3.6 of the Sale and Servicing Agreement shall be deemed to be automatically released from the Lien of this Indenture without any action being taken by the Indenture Trustee
upon payment by the Seller or the Servicer, as applicable, of the related Repurchase Price for such Repurchased Receivable. 

  

					
		  		  	Indenture (USAA 20[    ]-[    ])

 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1 Definitions. Except as otherwise specified herein or the context may otherwise require, capitalized terms are used in this
Indenture as defined in Appendix A to the Sale and Servicing Agreement, dated as of [    ], 20[ ] (as amended, modified or supplemented from time to time, the “Sale and Servicing
Agreement”), among USAA Acceptance, LLC, as Seller, the Issuer, USAA Federal Savings Bank, as Servicer, and the Indenture Trustee. 

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

“Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

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

  

					
		  	2	  	Indenture (USAA 20[    ]-[    ])

 
limitation”; (f) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law
or regulation; (g) references to any Person include that Person’s successors and assigns; and (h) unless the context otherwise requires, defined terms shall be equally applicable to both the singular and plural forms. 

ARTICLE II THE NOTES 

SECTION 2.1 Form. The Class A-1 Notes, Class A-2[-A] Notes, [Class A-2-B Notes,] Class A-3 Notes, Class A-4 Notes and the Class B Notes, in each case together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A hereto, with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the officers executing the Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of
the Note. 
 Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A hereto are part
of the terms of this Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the
Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 Notes
bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication
and delivery of such Notes or did not hold such offices at the date of such Notes. 
 The Indenture Trustee shall, upon Issuer Order,
authenticate and deliver Class A-1 Notes for original issue in an Initial Note Balance of $[    ],
Class A-2[-A] Notes for original issue in an Initial Note Balance of $[    ], [Class A-2-B Notes for original issue in an Initial Note Balance of $[    ],] Class A-3 Notes for original issue in an Initial Note Balance of
$[    ], Class A-4 Notes for original issue in an Initial Note Balance of $[    ] and Class B Notes for original issue in an Initial Note Balance of
$[    ]. The Note Balance of Class A-1 Notes, Class A-2[-A] Notes, [Class A-2-B Notes,] Class A-3 Notes, Class A-4 Notes and Class B Notes Outstanding at
any time may not exceed such amounts except as provided in Section 2.5. 
 Each Note shall be dated the date of
its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $[___] and in integral multiples of $[___] in excess thereof (except for two Notes of each Class which may be issued in a denomination other than
an integral multiple of $[___]). 
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose,
unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall
be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

  

					
		  	3	  	Indenture (USAA 20[    ]-[    ])

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

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

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

 If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee
prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by a Responsible Officer thereof as to the names and addresses of the Noteholders and the
principal amounts and number of such Notes. 
 Upon surrender for registration of transfer of any Note at the office or agency of the Issuer
to be maintained as provided in Section 3.2, if the requirements of Section 8-401 of the UCC and this Indenture are met, the Issuer shall execute and upon its written request the
Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same Class and a like
aggregate outstanding principal amount. 
 At the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized
denominations, of the same Class and a like aggregate outstanding principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are met the Issuer shall execute and, upon Issuer Request, the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, the Notes which
the Noteholder making the exchange is entitled to receive. 

  

					
		  	4	  	Indenture (USAA 20[    ]-[    ])

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

Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by, a
written instrument of transfer in form and substance satisfactory to the Issuer and the Indenture Trustee duly executed by the Noteholder thereof or its attorney-in-fact
duly authorized in writing, with such signature guaranteed by an “eligible grantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in a Securities Transfer Agents Medallion
Program (“Stamp”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, Stamp, all in accordance with the Exchange Act and (ii) accompanied by
such other documents as the Indenture Trustee may require. 
 No service charge shall be made to a Noteholder for any registration of
transfer or exchange of Notes, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges
pursuant to Section 2.3 or Section 9.6 not involving any transfer. 
 The preceding
provisions of this Section notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of any Notes selected for redemption or of any Note for a period of 15 days preceding the due date
for any payment with respect to such Note. 
 SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note
is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be
required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of written notice to the Issuer, the Note Registrar and a Responsible Officer of the Indenture Trustee that such Note has been acquired by a “protected
purchaser” (as contemplated by Article 8 of the UCC), and provided, that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its written request the
Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall
have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may upon delivery of the security or indemnity herein required pay such destroyed, lost or stolen
Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a “protected
purchaser” (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such
replacement Note (or 

  

					
		  	5	  	Indenture (USAA 20[    ]-[    ])

 
such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person,
except a “protected purchaser” (as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or
the Indenture Trustee in connection therewith. 
 Upon the issuance of any replacement Note under this
Section 2.5, the Issuer or the Indenture Trustee may require the payment by the Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable
expenses (including the fees and expenses of the Indenture Trustee or the Note Registrar) connected therewith. 
 Every replacement Note
issued pursuant to this Section 2.5 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this
Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

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

SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. (a) Each Note shall accrue interest at its respective Interest
Rate, and such interest shall be payable on each Payment Date as specified therein, subject to Sections 3.1, 8.2 and 11.12. Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly
provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date. On each Payment Date, distributions to be made with respect to
interest on and principal of the Book-Entry Notes will be paid to the Registered Holder by wire transfer in immediately available funds to the account designated by the nominee of the Clearing Agency (initially, such nominee will be Cede &
Co.). Distributions to be made with respect to interest on and principal of the Definitive Notes will be paid to the Registered Holder (i) if such Noteholder has provided to the Note Register appropriate written instructions at least five
(5) Business Days prior to such Payment Date, by wire transfer in immediately available funds to the account of such Noteholder or otherwise (ii) by cashier’s check mailed first class mail, postage prepaid, to such Registered
Holder’s address as it appears on the Note Register on the related Record Date. However, the final installment of principal (whether payable by wire transfer or check) of each Note on a Payment Date, the Redemption Date or the applicable Final
Scheduled Payment Date will be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. 

  

					
		  	6	  	Indenture (USAA 20[    ]-[    ])

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

(c) If the Issuer defaults on a payment of interest on any Class of Notes, the Issuer shall pay defaulted interest (plus interest on such
defaulted interest to the extent lawful at the applicable Interest Rate for such Class of Notes), which shall be due and payable on the Payment Date following such default. The Issuer shall pay such defaulted interest to the Persons who are
Noteholders on the Record Date for such following Payment Date. 
 SECTION 2.8 Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No
Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with
its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided, that such Issuer Order is timely and that such Notes have not been
previously disposed of by the Indenture Trustee. 
 SECTION 2.9 Release of Collateral. Subject to
Section 11.1, the Indenture Trustee shall release property from the Lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel, and, unless the Notes
have been redeemed in accordance with Section 10.1, Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the
TIA does not require any such Independent Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Issuer’s obligations under TIA Sections 314(c) and 314(d)(1), subject to
Section 11.1 and the terms of the Transaction Documents, the Indenture Trustee shall release property from the Lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order. 

  

					
		  	7	  	Indenture (USAA 20[    ]-[    ])

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

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

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

SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture,
unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be given to the Noteholders to the
Clearing Agency, and shall have no obligation to the Note Owners. 
 SECTION 2.12 Definitive Notes. If (a) the Administrator
advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Administrator or the Indenture Trustee is unable to locate a qualified
successor, (b) the Administrator at its option advises the Indenture Trustee in 

  

					
		  	8	  	Indenture (USAA 20[    ]-[    ])

 
writing that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence of an Event of Default, Note Owners representing beneficial interests
aggregating at least a majority of the Outstanding Note Balance, voting together as a single Class, advise the Indenture Trustee through the Clearing Agency or its successor in writing that the continuation of a book-entry system through the
Clearing Agency or its successor is no longer in the best interests of the Note Owners, then the Indenture Trustee shall instruct the Clearing Agency to notify each Clearing Agency Participant and request that such Clearing Agency Participant notify
the related Note Owners associated, of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the
Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the
Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the
Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 
 The Definitive Notes shall be typewritten, printed,
lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

SECTION 2.13 Authenticating Agents. (a) Upon the request of the Issuer, the Indenture Trustee shall, and if the Indenture Trustee
so chooses the Indenture Trustee may, appoint one or more Persons (each, an “Authenticating Agent”) with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers
and exchanges under Sections 2.2, 2.3, 2.4, 2.5 and 9.6, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by those Sections to
authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes “by the Indenture Trustee.” The Indenture
Trustee shall be the Authenticating Agent in the absence of any appointment thereof. 
 (b) Any corporation into which any Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating
Agent or such successor corporation. 
 (c) Any Authenticating Agent may at any time resign by giving written notice of resignation to the
Indenture Trustee and the Issuer. The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such notice of resignation
or upon such termination, the Indenture Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Issuer. 

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

  

					
		  	9	  	Indenture (USAA 20[    ]-[    ])

 SECTION 2.14 Tax Treatment. 

(a) The Issuer has entered into this Indenture, and the Notes (other than Retained Notes, if any) shall be issued, with the intention that,
for federal, state and local income, franchise and/or value added tax purposes, the Notes shall qualify as indebtedness secured by the Collateral (other than Retained Notes). The Issuer, by entering into this Indenture, and each Noteholder, by its
acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note, if applicable), agree to treat such Notes for federal, state and local income, franchise and/or value added tax purposes as indebtedness
(other than Retained Notes). 
 (b) On or before the date on which it acquires a Note (or interest therein) and thereafter promptly upon
request, each Noteholder and Note Owner shall provide to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for withholding of taxes, including but not limited to FATCA Withholding Tax, or delivery of information
under FATCA) with Tax Identification Information. Further, each Noteholder and Note Owner is deemed to understand that the Issuer, Indenture Trustee and Paying Agent have the right to withhold interest payable with respect to the Note (without any
corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with the preceding sentence. 

SECTION 2.15 Certain Transfer Restrictions on all the Notes. 

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

(b) Any purported transfer of a Note not in accordance with this Section 2.15 shall be null and void ab
initio and shall not be given effect for any purpose hereunder. 
 (c) The Indenture Trustee shall have no obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and
other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 SECTION 2.16 Transfer Restrictions on the Retained Notes. 

(a) None of the Issuer, the Indenture Trustee nor any other Person may register the Retained Notes under the Securities Act or any state
securities laws. No Retained Note or any interest therein may be sold or transferred (including by pledge or hypothecation) to any other Person unless such sale or transfer is to a Qualified Institutional Buyer in accordance with Rule 144A (except
for transfers of Retained Notes to the Depositor or any of its Affiliates and by the Depositor or any of its Affiliates as part of the initial distribution or any redistribution of the Retained Notes by the Depositor or any of its Affiliates
pursuant to a note purchase agreement or any similar agreement). 

  

					
		  	10	  	Indenture (USAA 20[    ]-[    ])

 (b) Prior to any sale or transfer of any Retained Note (or any interest therein) in a
transaction pursuant to Rule 144A, each prospective transferee of such Retained Note (or any interest therein) (except for transfers of Notes to the Depositor or any Affiliate thereof (or disregarded entities thereof)) shall be deemed to make the
following representations to the Indenture Trustee, the Note Registrar and the Depositor: 
 (i) The transferee (A) is a
Qualified Institutional Buyer, (B) is aware that the sale of the Retained Notes to it is being made in reliance on the exemption from registration provided by Rule 144A and (C) is acquiring the Retained Notes for its own account or for one
or more accounts, each of which is a Qualified Institutional Buyer, and as to each of which the owner exercises sole investment discretion, and in a principal amount of not less than the minimum denomination of such Retained Note for the purchaser
and for each such account. 
 (ii) The Retained Notes may not at any time be held by or on behalf of any Person (other than
the Depositor or an Affiliate of the Depositor) that is not a Qualified Institutional Buyer. 
 (iii) The transferee
understands that the Retained Notes are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, none of the Retained Notes have been or will be registered under the
Securities Act, and, if in the future the transferee decides to offer, resell, pledge or otherwise transfer the Retained Notes, such Retained Notes may only be offered, resold, pledged or otherwise transferred in accordance with this Indenture and
the applicable legend on such Retained Notes set forth below. The transferee acknowledges that no representation is made by the Issuer as to the availability of any exemption under the Securities Act or any applicable state securities laws for
resale of the Retained Notes. 
 (iv) The transferee understands that an investment in the Retained Notes involves certain
risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. The transferee has had access to such financial and other information concerning the Issuer and the Retained Notes as it deemed necessary
or appropriate in order to make an informed investment decision with respect to its purchase of the Retained Notes, including an opportunity to ask questions of and request information from the Servicer, the Depositor and the Issuer. The transferee
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Retained Notes, and the transferee and any accounts for which it is acting are each able to bear the
economic risk of the Holder’s or of its investment. 
 (v) In connection with the transfer of the Retained Notes
(a) none of the Issuer, the Servicer, the Depositor, any underwriter of the Retained Notes, nor the Indenture Trustee is acting as a fiduciary or financial or investment adviser for the transferee, (b) the transferee is not relying (for
purposes of making any investment decision or otherwise) 

  

					
		  	11	  	Indenture (USAA 20[    ]-[    ])

 
upon any advice, counsel or representations (whether written or oral) of any underwriter of the Retained Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee other than in the
most current offering memorandum for such Retained Notes and any representations expressly set forth in a written agreement with such party, (c) none of any underwriter of the Retained Notes, the Issuer, the Servicer, the Depositor, or the
Indenture Trustee has given to the transferee (directly or indirectly through any other person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect,
consequence, or benefit (including legal, regulatory, tax, financial, accounting, or otherwise) of its purchase or the documentation for the Retained Notes, (d) the transferee has consulted with its own legal, regulatory, tax, business,
investment, financial, and accounting advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to this Indenture) based upon its own
judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by any underwriter of the Retained Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee, (e) the transferee has
determined that the rates, prices or amounts and other terms of the purchase and sale of the Retained Notes reflect those in the relevant market for similar transactions, (f) the transferee is purchasing the Retained Notes with a full
understanding of all of the terms, conditions and risks thereof (economic and otherwise), and is capable of assuming and willing to assume (financially and otherwise) these risks and (g) the transferee is a sophisticated investor familiar with
transactions similar to its investment in the Retained Notes. 
 (vi) The transferee understands that the Retained Notes will
bear the legend(s) substantially similar to those set forth in Section 2.16(c) unless the Issuer determines otherwise in compliance with applicable law. 

(vii) The transferee is not acquiring the Retained Notes with a view to the resale, distribution or other disposition thereof
in violation of the Securities Act. 
 (viii) The transferee will provide notice to each Person to whom it proposes to
transfer any interest in the Retained Notes of the transfer restrictions and representations set forth in this Indenture, including the Exhibits hereto. 

(ix) The transferee acknowledges that any transfer in violation of the foregoing will be of no force and effect, will be void
ab initio, and will not operate to transfer any rights to the transferee. 
 (c) Each Retained Note will bear a legend to the
following effect: 
 THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED. THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT IN 

  

					
		  	12	  	Indenture (USAA 20[    ]-[    ])

 
COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT
SUBJECT THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO THE DEPOSITOR OR ANY OF ITS AFFILIATES. 

TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN
THE INDENTURE. 
 (d) Any Retained Notes may not be transferred to a Person unrelated to the Issuer unless the Administrator shall cause an
Opinion of Counsel to be delivered to the Depositor and the Indenture Trustee at such time stating that either (x) such Notes will be debt for U.S. federal income tax purposes or (y) the sale of such Notes will not cause the Issuer to be
treated as an association or publicly traded partnership taxable as a corporation. With respect to any transfer for which the Opinion of Counsel provided pursuant to the preceding sentence is as described in clause (y), the sale or transfer of such
Notes must be to a Person who is a United States Person (within the meaning of Section 7701(a)(30) of the Code), must not be required to be registered under the Securities Act and such Notes and the Certificate may at no time be held by more
than 95 Persons, directly or indirectly, unless such Opinion of Counsel also states that such Notes will be debt for U.S. federal income tax purposes. In addition, if for tax or other reasons it may be necessary to track such Notes (e.g., if the
Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Administrator as a condition to such transfer. Any Retained Notes whose transfer required the delivery
of the Opinion of Counsel as is described in clause (y) will require a similar Opinion of Counsel with respect to each subsequent transfer of such Retained Notes. 

(e) Any purported transfer of a Retained Note not in accordance with this Section 2.16 shall be null and void ab
initio and shall not be given effect for any purpose hereunder. 
 ARTICLE III COVENANTS 

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

  

					
		  	13	  	Indenture (USAA 20[    ]-[    ])

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

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

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

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

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

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

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

  

					
		  	14	  	Indenture (USAA 20[    ]-[    ])

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

(iv) promptly provide 30 days’ prior written notice of its resignation as a Paying Agent and forthwith pay to the
Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 

(v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any
applicable withholding taxes imposed thereon, including any FATCA Withholding Tax (including obtaining and retaining from Persons entitled to payments with respect to the Notes any Tax Identification Information and paying over such withheld amounts
to the appropriate Governmental Authority), and with respect to any applicable reporting requirements in connection with any payments made by it on any Notes and any withholding of taxes therefrom, and, upon request, provide any collected Tax
Identification Information or Tax Identification Information of the Paying Agent and/or Indenture Trustee to the Issuer. 
 (d) The Issuer
may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums
to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and upon such a payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further
liability with respect to such money. 
 (e) Subject to applicable laws with respect to the escheat of funds, any money held by the
Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and distributed by the
Indenture Trustee to the Issuer upon receipt of an Issuer Request and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof and all liability of the Indenture Trustee or such Paying
Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such payment, shall at the reasonable expense and direction of the
Issuer cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which date shall not be less than 30 days from the date of such publication, any unclaimed balance of
such money then remaining shall be distributed to the Issuer. The Indenture Trustee may also adopt and employ, at the written direction of and at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but
not limited to, mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the
Indenture Trustee or of any Paying Agent, at the last address of record for each such Noteholder). 

  

					
		  	15	  	Indenture (USAA 20[    ]-[    ])

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

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

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

(b) maintain or preserve the Lien and security interest (and the priority thereof) created by this Indenture or carry out more effectively the
purposes hereof; 
 (c) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 

(d) enforce any of the Collateral; or 

(e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the
claims of all Persons. 
 The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact and hereby authorizes the Indenture Trustee to file all financing statements, continuation statements or other instruments required to be filed (if any) pursuant to this
Section 3.5; provided, however, the Indenture Trustee shall have no duty and shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office
at any time or times or otherwise perfecting or maintaining the perfection of any security interest. Notwithstanding any statement to the contrary contained herein or in any other Transaction Document, the Issuer shall not be required to notify any
insurer with respect to any Insurance Policy or about any aspect of the transactions contemplated by the Transaction Documents. 
 SECTION
3.6 Opinions as to Collateral. (a) On the Closing Date, the Issuer shall furnish or cause to be furnished to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such counsel, either (i) such action has
been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the filing of any financing statements and continuation statements as are necessary to
perfect and make effective the first priority Lien and security interest of this Indenture, and reciting the details of such action, or (ii) no such action is necessary to make such Lien and security interest effective. 

  

					
		  	16	  	Indenture (USAA 20[    ]-[    ])

 (b) On or before April 30th of each
calendar year, beginning with [                ], 20[    ], the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the effect
that, in the opinion of such counsel, either (i) such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any
other requisite documents, and with respect to the filing of any financing statements and continuation statements as are necessary to maintain the Lien and security interest created by this Indenture, and reciting the details of such actions or
referring to prior Opinions of Counsel in which such details are given or (ii) no such action is necessary to maintain such Lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the filing of any financing statements and continuation statements that will, in the opinion of
such counsel, be required to maintain the Lien and security interest of this Indenture until April 30 in the following calendar year. 

SECTION 3.7 Performance of Obligations; Servicing of Receivables. (a) The Issuer shall not take any action and shall use its
reasonable efforts not to permit any action to be taken by others, including the Administrator, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the
Collateral or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as
expressly provided in this Indenture, the Transaction Documents or such other instrument or agreement. 
 (b) The Issuer may contract with
other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the
Issuer. Initially, the Issuer has contracted with the Administrator, and the Administrator has agreed, to assist the Issuer in performing its duties under this Indenture. The Indenture Trustee is hereby directed to execute the acknowledgment in the
Administration Agreement. 
 (c) The Issuer shall, and shall cause the Administrator and the Servicer to, punctually perform and observe all
of its respective obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the Collateral, including but not limited to preparing (or causing to be prepared) and filing
(or causing to be filed) all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Transaction Documents in accordance with and within the time periods provided for herein and therein.
Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any provision thereof other than in accordance with the amendment provisions set forth in such Transaction
Document. 

  

					
		  	17	  	Indenture (USAA 20[    ]-[    ])

 SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer
shall not: 
 (a) engage in any activities other than financing, acquiring, owning, pledging and managing the Receivables and the other
Collateral as contemplated by this Indenture and the other Transaction Documents; 
 (b) except as expressly permitted by this Indenture or
in the other Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer; 
 (c)
claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or
former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; 
 (d) dissolve or liquidate
in whole or in part; 
 (e) (i) permit the validity or effectiveness of this Indenture to be impaired, or permit the Lien of this
Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby,
(ii) permit any Lien (other than Permitted Liens) to be created on or extend to or otherwise arise upon or burden the assets of the Issuer or any part thereof or any interest therein or the proceeds thereof or (iii) permit the Lien of this
Indenture not to constitute a valid first priority (other than with respect to any Permitted Lien) security interest in the Collateral; 

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

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

SECTION 3.9 Annual Compliance Statement. 

(a) The Issuer shall deliver to the Indenture Trustee on or before April 30th of each
calendar year beginning with [                ], 20[    ], an Officer’s Certificate stating, as to the Authorized Officer signing such
Officer’s Certificate, that: 
 (i) a review of the activities of the Issuer during such year (or since the Closing
Date, in the case of the first such Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 

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

  

					
		  	18	  	Indenture (USAA 20[    ]-[    ])

 (b) The Issuer shall: 

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

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

(iii) supply to the Indenture Trustee (and if required by TIA Section 313(c) the Indenture Trustee shall transmit by mail
to all Noteholders) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 3.9(b) as may be required pursuant to rules
and regulations prescribed from time to time by the Commission. 
 (c) Delivery of such reports, information and documents to the Indenture
Trustee is for informational purposes only and the Indenture Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s
compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 

(d) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall be the same as the fiscal year of the Servicer, which is the
calendar year. 
 SECTION 3.10 Restrictions on Certain Other Activities. The Issuer shall not: (i) engage in any activities
other than financing, acquiring, owning, pledging and managing the Trust Estate and the other Collateral in the manner contemplated by the Transaction Documents; (ii) issue, incur, assume, guarantee or otherwise become liable, directly or
indirectly, for any indebtedness other than the Notes; (iii) make any loan, advance or credit to, guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or
capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, own, purchase, repurchase or acquire (or agree contingently to do so) any
stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person; or (iv) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or
personalty). 
 SECTION 3.11 Restricted Payments. The Issuer shall not, directly or indirectly, (a) pay any dividend or make any
distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity
interest or security in or of the Issuer or to the Servicer or the Administrator, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (c) set aside or otherwise segregate any
amounts for any such purpose; provided, that the Issuer may cause to be made distributions to the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the 

  

					
		  	19	  	Indenture (USAA 20[    ]-[    ])

 
Noteholders[, the Swap Counterparty] and the Certificateholders as permitted by, and to the extent funds are available for such purpose under, this Indenture, the Sale and Servicing Agreement,
the Administration Agreement or the Trust Agreement. Other than as set forth in the preceding sentence, the Issuer will not, directly or indirectly, make distributions from the Trust Accounts. 

SECTION 3.12 Notice of Events of Default. The Issuer shall promptly deliver to the Indenture Trustee[, the Swap Counterparty] and each
Rating Agency written notice in the form of an Officer’s Certificate of any event which with the giving of notice, the lapse of time or both would become an Event of Default, its status and what action the Issuer is taking or proposes to take
with respect thereto. 
 SECTION 3.13 Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuer will execute
and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 3.14 Compliance with Laws. The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Transaction
Document. 
 SECTION 3.15 Perfection Representations, Warranties and Covenants. The perfection representations, warranties and
covenants attached hereto as Schedule I shall be deemed to be part of this Indenture for all purposes. 
 ARTICLE IV SATISFACTION
AND DISCHARGE 
 SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with
respect to the Notes except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of principal thereof and interest
thereon, (d) Sections 3.3, 3.4, 3.5, 3.8, 3.10 and 3.11, (e) the rights and immunities of the Indenture Trustee, including but not limited to Article VI, hereunder and (f) the rights of Noteholders
as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to the Notes, when: 
 (a) all Notes theretofore authenticated and delivered (other
than (1) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (2) Notes for which payment money has theretofore been deposited in trust or segregated
and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; 

(b) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer including all amounts due and owing to the
Indenture Trustee [and all amounts due and owing to the Swap Counterparty, including all Swap Termination Payments]; and 

  

					
		  	20	  	Indenture (USAA 20[    ]-[    ])

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

SECTION 4.2 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to
Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and Article IV of the Sale and Servicing Agreement. Such monies need not be segregated from other
funds except to the extent required herein, in the Sale and Servicing Agreement or by law. 
 SECTION 4.3 Repayment of Monies Held by
Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such
Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from all further liability with respect to such
monies. 
 ARTICLE V REMEDIES 

SECTION 5.1 Events of Default. The occurrence and continuation of any one of the following events (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall constitute a
default under this Indenture (each, an “Event of Default”): 
 (a) default in the payment of any interest on
any Note of the Controlling Class when the same becomes due and payable, and such default shall continue for a period of five Business Days or more; 

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

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

  

					
		  	21	  	Indenture (USAA 20[    ]-[    ])

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

provided, however, that a delay in or failure of performance referred to under clauses (a), (b), (c) or (d) above for
a period of 90 days will not constitute an Event of Default if that delay or failure was caused by force majeure or another similar occurrence as certified by the Issuer in an Officer’s Certificate of the Issuer delivered to the Indenture
Trustee. 
 The Issuer shall deliver to the Indenture Trustee, within five (5) days of the occurrence thereof, written notice in the
form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto. 

SECTION 5.2 Acceleration of Maturity; Waiver of Event of Default. (a) Except as set forth in the last sentence of this
Section 5.2(a), if an Event of Default should occur and be continuing, then and in every such case the Indenture Trustee may, or if directed by the Noteholders representing not less than a majority of the Note Balance of
the Controlling Class shall, or the Noteholders of at least a majority of the Note Balance of the Controlling Class may declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture
Trustee if given by Noteholders), and upon any such declaration the unpaid Note Balance of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. If an Event of
Default specified in Section 5.1(e) occurs, all unpaid principal, together with all accrued and unpaid interest thereon, of all Notes, and all other amounts payable hereunder, shall automatically become due and payable
without any declaration or other act on the part of the Indenture Trustee or any Noteholder. 
 (b) At any time after such declaration of
acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter provided for in this Article V, the Noteholders representing a majority of the Note
Balance of the Controlling Class, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if: 

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

  

					
		  	22	  	Indenture (USAA 20[    ]-[    ])

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

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

If the Notes have been declared due and payable or have automatically become due and payable following an Event of Default, the Indenture
Trustee may institute Proceedings to collect amounts due, exercise remedies as a secured party (including foreclosure or sale of the Collateral) or elect to maintain the Collateral. Any sale of the Collateral by the Indenture Trustee will be subject
to the terms and conditions of Section 5.4. 
 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement
by the Indenture Trustee. (a) The Issuer covenants that if (i) default is made in the payment of any interest on any Note of the Controlling Class when the same becomes due and payable, and such default continues for a period of
five Business Days or more, or (ii) default is made in the payment of the principal of any Note at the related Final Scheduled Payment Date or the Redemption Date, the Issuer will, upon demand of the Indenture Trustee in writing as directed by
a majority of the Note Balance of the Controlling Class, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue
principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

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

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

  

					
		  	23	  	Indenture (USAA 20[    ]-[    ])

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

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

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

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

  

					
		  	24	  	Indenture (USAA 20[    ]-[    ])

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

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

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

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

(ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the
Collateral; 
 (iii) exercise any other remedies of a secured party under the UCC and take any other appropriate action to
protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 
 (iv) subject to
Section 5.17, after an acceleration of the maturity of the Notes pursuant to Section 5.2, sell the Collateral or any portion thereof or rights or interest therein, at one or more public or private
sales called and conducted in any manner permitted by law; 
 provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Collateral following an Event of Default unless (A) the Holders of 100% of the Note Balance of the Controlling Class [and the Swap Counterparty] have consented to such liquidation, (B) the proceeds of such sale or liquidation
are sufficient to pay in full the principal of and the accrued interest on the Outstanding Notes [and all amounts due to the Swap Counterparty under the Interest Rate Swap Agreement] or (C) the default either (x) relates to the failure to
pay interest or principal when due (a “Payment Default”) and the Indenture Trustee determines (but shall have no obligation to make such determination) that the Collections on the Receivables will not be sufficient on an ongoing
basis to make all payments on the Notes as they would have become due 

  

					
		  	25	  	Indenture (USAA 20[    ]-[    ])

 
if the Notes had not been declared due and payable or (y) relates to an Insolvency Event and, in the case of each of (x) and (y) above, the Indenture Trustee obtains the consent of the
Holders of 66-2/3% of the Note Balance of the Controlling Class [and the Swap Counterparty]. In determining such sufficiency or insufficiency with respect to clauses (B) and (C) of the
preceding sentence, the Indenture Trustee may at the expense of the Issuer, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action
and as to the sufficiency of the Trust Estate for such purpose. Notwithstanding anything herein to the contrary, if the Event of Default does not relate to a Payment Default or Insolvency Event with respect to the Issuer, the Indenture Trustee may
not sell or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to such sale or the proceeds of such sale are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes. 

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

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

(ii) second, to the Asset Representations Reviewer, any accrued and unpaid fees (including any unpaid Asset
Representations Reviewer fees with respect to prior periods) and expenses and indemnity payments which have not previously been paid; 

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

 (iv) [fourth, to the Swap Counterparty, any due and unpaid Net Swap Payments;] 

(v) fourth, pro rata, based on amounts due to the [(A) Swap Counterparty for any due and unpaid Senior Swap Termination
Payments and (B)] Class A Noteholders, for payment to each respective Class of Class A Noteholders, the Accrued Class A Note Interest; provided, that if there are not sufficient funds available to pay the entire amount of
the Accrued Class A Note Interest, the amount available shall be applied to the payment of such interest on each Class of Class A Notes on a pro rata basis based on the amount of interest payable to each Class of Class A
Notes; 
 (vi) fifth, to the Holders of the Class A-1 Notes in respect of
principal thereof until the Class A-1 Notes have been paid in full; 
 (vii)
sixth, to the Holders of the Class A-2[-A] Notes, [Class A-2-B Notes,] Class A-3 Notes and Class A-4 Notes, in respect of principal thereon, on a pro rata basis (based on the Note Balance of each Class on such Payment Date), until
all Classes of the Class A Notes have been paid in full; 

  

					
		  	26	  	Indenture (USAA 20[    ]-[    ])

 (viii) seventh, to the Holders of the Class B Notes, the Accrued
Class B Note Interest; 
 (ix) eighth, to the Holders of the Class B Notes in respect of principal thereon
until the Class B Notes have been paid in full; 
 (x) [ninth, to the Swap Counterparty, any due and unpaid
Subordinated Swap Termination Payments;] 
 (xi) tenth, to the Indenture Trustee, the Owner Trustee and the Asset
Representations Reviewer, any accrued and unpaid fees, reasonable expenses and indemnity payments which have not previously been paid; 

(xii) eleventh, to the Servicer, legal expenses and costs incurred pursuant to Section 6.4(b)
of the Sale and Servicing Agreement; and 
 (xiii) twelfth, any remaining funds shall be distributed to or at the
direction of the Certificateholder. 
 The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant
to this Section 5.4. At least 15 days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid. 

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

SECTION 5.5 Optional Preservation of the Collateral. If the Notes have been declared or are automatically due and payable under
Section 5.2 following an Event of Default and such declaration or automatic occurrence and its consequences have not been rescinded and annulled, if permitted hereunder, the Indenture Trustee may, but need not, elect to
maintain possession of the Trust Estate and continue to apply the proceeds thereof in accordance with Section 5.4(b). It is the intent of the parties hereto and the Noteholders that there be at all times sufficient funds
for the payment of principal of and interest on the Notes [and amounts due to the Swap Counterparty], and the Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of the Collateral. In
determining whether to maintain possession of the Collateral, the Indenture Trustee may (at other than its own expense), but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as
to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 
 SECTION 5.6 Limitation of
Suits. (a) No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

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

  

					
		  	27	  	Indenture (USAA 20[    ]-[    ])

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

(iii) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs,
expenses and liabilities to be incurred in complying with such request; 
 (iv) the Indenture Trustee for 60 days after its
receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 
 (v) no direction
inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of a majority of the Outstanding Note Balance. 

No Noteholder or group of Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except, in each case, to the extent and in the manner herein
provided. 
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of
Noteholders, each representing less than a majority of the Note Balance of the Controlling Class, the Indenture Trustee shall act at the direction of the group of Noteholders representing the greater Note Balance of the Controlling Class. If the
Indenture Trustee receives conflicting or inconsistent requests and indemnity from two or more groups of Noteholders representing equal Note Balances of the Controlling Class, the Indenture Trustee in its sole discretion may determine what action,
if any, shall be taken, notwithstanding any other provisions of this Indenture. 
 (b) No Noteholder shall have any right to vote except as
provided pursuant to this Indenture and the Notes, nor any right in any manner to otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to vote or consent under this
Indenture and the Notes, the Issuer may set a record date for purposes of determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 

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

  

					
		  	28	  	Indenture (USAA 20[    ]-[    ])

 SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any
Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then
and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies
of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 SECTION 5.9 Rights and
Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee[, the Swap Counterparty] or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or otherwise shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 5.10 Delay or Omission Not a
Waiver. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or
Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the
Indenture Trustee or by the Noteholders, as the case may be. 
 SECTION 5.11 Control by Noteholders. Subject to the provisions of
Sections 5.4, 5.6, 6.1(c), 6.2(d), 6.2(e) and 6.2(f). Noteholders holding not less than a majority of the Note Balance of the Controlling Class, shall have the right to direct the time, method and
place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee; provided, that 

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

(b) subject to the express terms of the proviso and the last sentence of Section 5.4(a), any
direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by the Holders of Notes representing not less than 100% of the Outstanding Note Balance unless the proceeds of such sale are sufficient to pay in full the principal of
and accrued interest on the Outstanding Notes; 
 (c) if the conditions set forth in Section 5.5
have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Note Balance to sell or
liquidate the Trust Estate shall be of no force and effect; 

  

					
		  	29	  	Indenture (USAA 20[    ]-[    ])

 (d) the Indenture Trustee may take any other action deemed proper by the
Indenture Trustee that is not inconsistent with such direction, applicable law and the terms of this Indenture; and 
 (e)
such direction shall be in writing; 
 provided, further, that, subject to Section 6.1, the Indenture Trustee need
not take any action that it determines might expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action. 

SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of Notes of not less than a majority of the Note Balance of the Controlling Class may waive any past Default or Event of Default and its consequences except a Default (a) in payment of
principal of or interest on any of the Notes, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder or (c) arising from an Insolvency Event with respect to the Issuer.
In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of
Default or impair any right consequent thereto. 
 Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed
to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any prior, subsequent or
other Default or Event of Default or impair any right consequent thereto. 
 SECTION 5.13 Undertaking for Costs. All parties to this
Indenture agree, and each Noteholder by such Noteholder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Indenture Trustee for any action taken, suffered or omitted by it as the Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion
assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section
shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Note Balance, or (c) any
suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption
Date). 
 SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will
not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

  

					
		  	30	  	Indenture (USAA 20[    ]-[    ])

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

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

(b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which direction shall be in
writing) of the Holders of a majority of the Note Balance of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and
Servicing Agreement or against the Seller or the Bank under the Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller, the Servicer or the Bank of each of their obligations to
the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Purchase Agreement, as applicable, and any right of the Issuer to take such action shall be
suspended. 
 SECTION 5.17 Sale of Collateral. If the Indenture Trustee acts to sell the Collateral or any part thereof, pursuant to
Section 5.4(a), the Indenture Trustee or its agent shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee or its agent intends to effect such a sale in a commercially reasonable manner and on
commercially reasonable terms, which shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee or its agent shall, unless otherwise prohibited by applicable law from any such action, sell the Collateral or
any part thereof, in such manner and on such terms as provided above to the highest 

  

					
		  	31	  	Indenture (USAA 20[    ]-[    ])

 
bidder, provided, however, that the Indenture Trustee or its agent may from time to time postpone any sale by public announcement made at the time and place of such sale. The
Indenture Trustee or its agent shall give notice to the Seller and the Servicer of any proposed sale, and the Seller, the Servicer or any Affiliate thereof shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee or its
agent may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuer that the terms and manner of any proposed sale are commercially reasonable. The power to effect any sale of any portion of the Collateral
pursuant to Section 5.4 and this Section 5.17 shall not be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire
Collateral shall have been sold or all amounts payable on the Notes shall have been paid. The Indenture Trustee may utilize an agent at other than its own expense for the purpose of conducting any sale of Collateral hereunder. 

ARTICLE VI THE INDENTURE TRUSTEE 

SECTION 6.1 Duties of the Indenture Trustee. (a) If an Event of Default has occurred and is continuing, the Indenture Trustee
shall exercise the rights and powers vested in it by this Indenture and with respect to the performance of its duties or obligations under this Indenture only, the Indenture Trustee shall use the same degree of care and skill in their exercise as a
prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 
 (b) Except during an Event
of Default, subject to Section 6.1(a): 
 (i) the Indenture Trustee undertakes to perform such duties and only such
duties as are specifically set forth in this Indenture and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or the other Transaction Documents against the Indenture
Trustee; and 
 (ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming on their face to the requirements of this Indenture; but in the case of any such certificates or
opinions which by any provisions hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements
of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (c) The
Indenture Trustee shall not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

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

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

  

					
		  	32	  	Indenture (USAA 20[    ]-[    ])

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

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

(d) Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b) and
(c) of this Section 6.1. 
 (e) The Indenture Trustee shall not be liable for interest on any money received by it except
as the Indenture Trustee may agree in writing with the Issuer. 
 (f) Money held in trust by the Indenture Trustee need not be segregated
from other funds except to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement. 
 (g) No
provision of this Indenture or any other Transaction Document shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or thereunder or in the
exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it, and none of the provisions contained
in this Indenture shall in any event require the Indenture Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under this Indenture except during such time, if any, as the Indenture Trustee
shall be the successor to, and be vested with the rights, duties, powers and privileges of the Servicer in accordance with the terms of this Indenture. 

(h) Every provision of this Indenture and each other Transaction Document relating to the conduct or affecting the liability of or affording
protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
 (i) The
Indenture Trustee shall take all actions required to be taken by the Indenture Trustee under the Sale and Servicing Agreement. 

  

					
		  	33	  	Indenture (USAA 20[    ]-[    ])

 SECTION 6.2 Rights of the Indenture Trustee. Subject to the provisions of
Section 6.1: 
 (a) The Indenture Trustee may conclusively rely on any resolution, certification, statement,
opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or
matter stated in the document, provided, however, the Indenture Trustee may, and upon the written direction of a majority of the Note Balance of the Controlling Class shall (subject to the right hereunder to be satisfactorily indemnified
for associated expense and liability), make such further inquiry or investigation into such facts or matters as it may see fit or as it shall be directed. 

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

(c) The Indenture Trustee may execute any of the trusts or powers hereunder or under any of the Transaction Documents to which the Indenture
Trustee is a party or perform any duties hereunder or under any of the Transaction Documents to which the Indenture Trustee is a party either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall
not be responsible for any misconduct or negligence on the part of, or for the supervision of, any co-trustee or separate trustee appointed in accordance with the provisions of
Section 6.10, or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder. The Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the
supervision of, the Administrator or the Servicer. 
 (d) The Indenture Trustee shall not be liable for any action it takes or omits to take
in good faith which it reasonably believes to be authorized or within discretion or rights or powers conferred upon it by this Indenture; provided, however, that the Indenture Trustee’s conduct does not constitute willful
misconduct, negligence or bad faith. 
 (e) The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with
respect to legal matters relating to this Indenture, the Notes and any Transaction Documents to which the Indenture Trustee is a party shall be full and complete authorization and protection from liability in respect to any action taken, omitted or
suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The Indenture Trustee shall be
under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture or to honor the request or direction of any of the
Noteholders pursuant to this Indenture (other than requests, demands or directions relating to an Asset Representations Review as explicitly set forth in Section 7.4 hereof or to the Noteholders’ or Note Owners’
rights to communicate with each other as described in Section 3.13 of the Sale and Servicing Agreement) unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity satisfactory to
the Indenture Trustee against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with such request or direction. 

  

					
		  	34	  	Indenture (USAA 20[    ]-[    ])

 (g) The Indenture Trustee shall not be deemed to have notice of any Default, Event of
Default, Servicer Replacement Event, breach of a representation or warranty or any other event unless a Responsible Officer of the Indenture Trustee has actual knowledge thereof or has received written notice thereof; provided,
however, the Indenture Trustee shall not be deemed to have actual knowledge of a breach of a representation or warranty solely as a result of the receipt by the Indenture Trustee of the Review Report. 

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

(i) Anything in this Indenture to the contrary notwithstanding, in no event shall the Indenture Trustee be liable under or in connection with
this Indenture for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Indenture Trustee has been advised of the
possibility thereof and regardless of the form of action in which such damages are sought. 
 (j) The Indenture Trustee shall not be
required to give any bond or surety in respect of the execution of the Trust Estate created hereby or the powers granted hereunder. 
 (k)
Under no circumstances shall the Indenture Trustee be liable for any costs, expenses or liabilities that could be allocated to the Requesting Investor in any dispute resolution proceeding under Section 7.4 of this
Indenture. 
 (l) The Indenture Trustee shall not be obligated to monitor, supervise or enforce the performance of the Depositor under the
Transaction Documents, except as otherwise expressly specified in this Indenture and in the other Transaction Documents. 
 SECTION 6.3
Individual Rights of the Indenture Trustee. Subject to Section 310 of the TIA, the Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee,
the Administrator and their respective Affiliates with the same rights it would have if it were not the Indenture Trustee, and the Seller, the Owner Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking
and investment banking relationships with the Indenture Trustee and its Affiliates. Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. However, the Indenture Trustee must comply with Section 6.11. 

SECTION 6.4 The Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture, the Notes or the other Transaction Documents or the validity, sufficiency or perfection of the Collateral, shall not be accountable for the Issuer’s use of the proceeds from the
Notes, and shall not be responsible for any statement or omission of the Issuer in the Indenture or the other Transaction Documents or in any document issued in connection with the sale of the Notes or in the Notes, all of which shall be taken as
the statements of the Issuer, other than the Indenture Trustee’s certificate of authentication. The Indenture Trustee shall not be responsible for making Collections called for under the terms and provisions of the Receivables and on each
Payment Date shall make the deposits and distributions specified in this Indenture and the Sale and Servicing Agreement solely based on information contained in, and as directed by, the Servicer’s Certificate. 

  

					
		  	35	  	Indenture (USAA 20[    ]-[    ])

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

SECTION 6.6 Reports by the Indenture Trustee to Noteholders. Upon delivery from the Servicer, the Indenture Trustee shall make
available on its website at [                 ] or such other website address as is provided by the Indenture Trustee to each Noteholder, not later than the latest date
permitted by law (provided that such information is timely delivered by the Servicer), such information as may be required by law to enable such Holder to prepare its federal and state income tax returns. 

SECTION 6.7 Compensation and Indemnity. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to agree
(i) to pay to the Indenture Trustee from time to time such compensation as the Servicer and the Indenture Trustee shall agree in writing for services rendered by the Indenture Trustee hereunder and under the Transaction Documents in accordance
with a fee letter between the Servicer and the Indenture Trustee effective as of the Closing Date, (ii) to reimburse the Indenture Trustee for all reasonable expenses, advances and disbursements incurred by it in connection with the performance
of its duties as Indenture Trustee hereunder and under the Transaction Documents and (iii) to reimburse and indemnify the Indenture Trustee from and against any and all loss, liability, expense, tax, penalty or claim (including reasonable legal
fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by or asserted against the Indenture Trustee in any way relating to or arising out of this Indenture, the other Transaction Documents, or the action
or inaction of the Indenture Trustee, including but not limited to the costs of defending any claim or bringing any claim to enforce its rights, including enforcement of the Servicer’s indemnification obligations hereunder. The Indenture
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the
Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend any such claim, and the Indenture Trustee may have
separate counsel of its own choosing and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such counsel within a reasonable time following receipt by the Servicer of an invoice therefor. The Indenture Trustee shall not
be indemnified by the Administrator, the Issuer, the Seller or the Servicer against any loss, liability or expense incurred by it or arising from (i)
[                ]’s own willful misconduct, negligence or bad faith, (ii) the inaccuracy of any representation; or warranty or covenant expressly made by
[                ] in its individual capacity or any representation; made by
[                ] in accordance with Sections 9.21 or 9.22 of the Sale and Servicing Agreement or (iii) taxes, fees or other charges on, based on or
measured by, any fees, commissions or compensation received by the Indenture Trustee. 

  

					
		  	36	  	Indenture (USAA 20[    ]-[    ])

 The compensation and indemnity obligations to the Indenture Trustee pursuant to this Section
shall survive the resignation or removal of the Indenture Trustee, the discharge of this Indenture and the termination of the Sale and Servicing Agreement. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default set
forth in Section 5.1(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar
law. 
 SECTION 6.8 Removal, Resignation and Replacement of the Indenture Trustee. The Indenture Trustee may resign upon 30
days’ prior written notice to the Issuer, [the Swap Counterparty,] the Administrator and the Servicer. The Holders of a majority of the Note Balance of the Controlling Class may remove the Indenture Trustee without cause upon 30 days’
prior written notice to the Indenture Trustee and the Issuer, and following that removal may appoint a successor to the Indenture Trustee. The Issuer shall, upon 30 days’ prior written notice, cause the Administrator to remove the Indenture
Trustee if: 
 (a) the Indenture Trustee fails to comply with Section 6.11; 

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

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

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

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture
Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall cause the Administrator to promptly appoint a successor Indenture Trustee which satisfies the requirements set forth in
Section 6.11. 
 A successor Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee[, the Swap Counterparty] and to the Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee, without any further act, deed or conveyance,
shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property
held by it as the Indenture Trustee to the successor Indenture Trustee. 
 If a successor Indenture Trustee does not take office within 30
days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority of the Note Balance of the Controlling Class may petition any court of competent jurisdiction, at the
expense of the Issuer, for the appointment of a successor Indenture Trustee. 
 If the Indenture Trustee fails to comply with
Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

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

  

					
		  	37	  	Indenture (USAA 20[    ]-[    ])

 The Indenture Trustee shall not be liable for the acts or omissions of any successor
Indenture Trustee. 
 If the Indenture Trustee is acting as Paying Agent under this Indenture, the Paying Agent shall be subject to the
resignation and removal timing requirements set forth in this Section 6.8. 
 SECTION 6.9 Successor Indenture
Trustee by Merger. Subject to Section 6.11, if the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or
banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee, provided, that such corporation or banking association shall be otherwise qualified and eligible under
Section 6.11. The Indenture Trustee shall provide the Administrator written notice of any such consolidation, merger, conversion or transfer within one Business Day of the effectiveness of such transaction. 

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

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

(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act
subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed
upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being intended that such separate trustee
or co-trustee is not authorized to act separately without the Indenture 

  

					
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Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such
separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 

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

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

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

SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA
Section 310(a) and, in addition, shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long term debt rating of investment grade or better by
Moody’s and “BBB” or better by Standard & Poor’s or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall also satisfy the requirements of TIA Section 310(b). Neither the Issuer nor any
Affiliate of the Issuer may serve as Indenture Trustee. 
 SECTION 6.12 Preferential Collection of Claims Against the Issuer. The
Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). Any Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent
indicated. 

  

					
		  	39	  	Indenture (USAA 20[    ]-[    ])

 SECTION 6.13 Representations and Warranties. The Indenture Trustee hereby makes the
following representations and warranties on which the Issuer and the Noteholders shall rely: 
 (i) the Indenture Trustee is
a [                ] duly organized and validly existing under the laws of
[                ]; and 
 (ii) the Indenture
Trustee has full power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture. 

ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS 

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

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

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

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

  

					
		  	40	  	Indenture (USAA 20[    ]-[    ])

 SECTION 7.4 Noteholder Demand for Repurchase; Dispute Resolution. 

(a) If a Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes)
becomes aware of a breach of the Bank’s representations and warranties in Section 3.3 of the Purchase Agreement that would require the Bank to repurchase a Receivable pursuant to Section 3.4
of the Purchase Agreement such Noteholder or Note Owner (the “Requesting Investor”) may notify the Bank and request that the Bank repurchase the related Receivable. Any such written notice shall provide sufficient detail of the
purported breach of a representation or warranty to allow the Bank reasonably to investigate such purported breach. Sufficient detail shall be deemed to be provided if the Requesting Investor identifies the Receivable to be repurchased and includes
the corresponding Test Fail described in the Form 10-D with the Asset Representations Reviewer’s report. If the Requesting Investor is a Note Owner, the Bank may require that the Requesting Investor
provide a certification stating that it is a beneficial owner of a Note, as well as Verification Documents. The Bank shall be responsible for reimbursing the Indenture Trustee for any expenses incurred in connection with such verification. 

(b) If a Requesting Investor requests that the Bank repurchase a Receivable pursuant to clause (a) above, and the repurchase
request has not been fulfilled or otherwise resolved to the reasonable satisfaction of such Requesting Investor within 180 days of the receipt of notice of the request by the Bank, the Requesting Investor may, at its discretion, refer the matter to
either mediation (including non-binding arbitration) or binding arbitration pursuant to Section 9.26 of the Sale and Servicing Agreement. The Indenture Trustee shall not be deemed to
have actual knowledge that any repurchase request remained unresolved for 180 days unless a Responsible Officer of the Indenture Trustee has actual knowledge that such repurchase request remained unresolved for 180 days or has received written
notice evidencing that such repurchase request remained unresolved for 180 days. Other than the Indenture Trustee’s obligation to notify the Seller and the Bank of any demands communicated to a Responsible Officer of the Indenture Trustee for
the repurchase or replacement of any Receivable for breach of the representations and warranties concerning such Receivable pursuant to Section 9.21(c) of the Sale and Servicing Agreement, the Indenture Trustee shall have
no obligation under the Indenture or any other Transaction Document to monitor and/or report the status of repurchase requests. 
 (c) A
Requesting Investor shall not be required to direct that an Asset Representations Review be performed prior to submitting a repurchase request with respect to any Receivable or using the dispute resolution provisions pursuant to
Section 9.26 of the Sale and Servicing Agreement with respect to such Receivable. The failure of a Requesting Investor to direct an Asset Representations Review shall not affect whether any Requesting Investor can pursue
dispute resolution. In addition, whether any Requesting Investor voted affirmatively, negatively or abstained in the vote to cause a review shall not affect whether such Requesting Investor may use the dispute resolution proceedings pursuant to
Section 9.26 of the Sale and Servicing Agreement. A Requesting Investor may refer to either mediation (including non-binding arbitration) or binding arbitration pursuant to
Section 9.26 of the Sale and Servicing Agreement a dispute related to any Receivables, including any Receivables that the Asset Representations Reviewer did not review in 

  

					
		  	41	  	Indenture (USAA 20[    ]-[    ])

 
connection with an Asset Representations Review, any Receivables for which the Asset Representations Reviewer found a Test Fail in connection with an Asset Representations Review and any
Receivables that the Asset Representation Reviewer reviewed and determined that there were no Test Fails in connection with an Asset Representations Review. 

(d) For the avoidance of doubt, the Indenture Trustee shall not be required to (i) determine whether or not to give notice to Noteholders
that a Delinquency Trigger has occurred or (ii) determine which assets are subject to an Asset Representations Review by the Asset Representations Reviewer. 

SECTION 7.5 Asset Representations Review Voting 

(a) If the Delinquency Percentage on any Payment Date exceeds the Delinquency Trigger for that Payment Date, then Noteholders (if the Notes
are represented by Definitive Notes) or Note Owners (if the Notes are represented by Book-Entry Notes) holding at least 5% of the Outstanding Note Balance as of the filing of the Form 10-D that disclosed that
the Delinquency Percentage exceeded the Delinquency Trigger (the “Instituting Noteholders”) may elect to initiate a vote (which shall be conducted in accordance with the Indenture Trustee’s standard internal vote solicitation
process at the time) to determine whether the Asset Representations Reviewer should conduct an Asset Representations Review by giving written notice to the Indenture Trustee of their desire to institute such a vote within 90 days after the filing of
the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger; provided, however, that the failure of any Noteholder or Note Owner to institute such a vote shall not
preclude such Noteholder or Note Owner, as applicable, from pursuing dispute resolution pursuant to Section 9.26 of the Sale and Servicing Agreement. Notice of the initiation of such vote shall be provided on Form 10-D. If any Instituting Noteholder is not a Noteholder as reflected on the Note Register, the Indenture Trustee may require such Instituting Noteholder to provide Verification Documents to confirm that the
Instituting Noteholder is, in fact, a Note Owner. If the Instituting Noteholders initiate such a vote, the Indenture Trustee shall submit the matter to a vote of all Noteholders, which shall be through the Clearing Agency if the Notes are
represented by Book-Entry Notes. The Indenture Trustee may set a Record Date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote in accordance with TIA Section 316(c). The vote will remain
open until the 150th day after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger. Abstaining from,
voting in favor of, or voting against causing the Asset Representations Reviewer to conduct an Asset Representations Review shall not preclude any Noteholder from pursuing dispute resolution pursuant to Section 9.26 of the
Sale and Servicing Agreement. The Bank, the Depositor and the Issuer shall cooperate with the Indenture Trustee to facilitate the voting process. The “Noteholder Direction” shall be deemed to have occurred if Noteholders
representing at least a majority of the voting Noteholders vote in favor of directing an Asset Representations Review of the Subject Receivables by the Asset Representations Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose whether or not a Noteholder Direction has occurred. 
 (b)
Within 5 Business Days of the Review Satisfaction Date, the Indenture Trustee will send a written notice (a “Review Notice”) to the Servicer and the Asset Representations Reviewer specifying that the asset review conditions have been
satisfied and providing the applicable Review Satisfaction Date. 

  

					
		  	42	  	Indenture (USAA 20[    ]-[    ])

 (c) Notwithstanding clauses (a) and (b) of this
Section 7.5, a Noteholder (if the Notes are represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry Notes) need not direct an Asset Representations Review be performed prior to (i)(x)
notifying the Bank of a breach of the Bank’s representations and warranties in Section 3.3 of the Purchase Agreement that would require the Bank to repurchase a Receivable pursuant to
Section 3.4 of the Purchase Agreement and (y) requesting that the Bank repurchase the related Receivable pursuant to Section 7.4 hereof or (ii) referring the matter, at its discretion, to
either mediation (including non-binding arbitration) or binding arbitration pursuant to Section 9.26 of the Sale and Servicing Agreement. 

ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES 

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

SECTION 8.2 Trust Accounts. (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish, in the name of
Indenture Trustee, the Trust Accounts as provided in Section 4.1 of the Sale and Servicing Agreement. 
 (b) On or
before each Payment Date, the Issuer shall cause (i) the Servicer to deposit all Collections and (ii) the Servicer, the Seller or the Bank, as applicable, to deposit all Repurchase Prices with respect to the Collection Period preceding
such Payment Date in the Collection Account as provided in the Sale and Servicing Agreement. On or before each Payment Date, all amounts required to be withdrawn from the Reserve Account and deposited in the Collection Account pursuant to
Section 4.3 of the Sale and Servicing Agreement shall be withdrawn by the Indenture Trustee from the Reserve Account and deposited to the Collection Account. 

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

(i) first, to the Holders of the Class A-1 Notes, until the Class A-1 Notes are paid in full; 
 (ii) second, to the Holders of the Class A-2[-A] Notes [and the Class A-2-B Notes ratably], until the Class A-2[-A] Notes [and the Class A-2-B Notes] are paid in full; 

  

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

(iv) fourth, to the Holders of the Class A-4 Notes, until the Class A-4 Notes are paid in full; and 
 (v) fifth, to the Holders of the
Class B Notes, until the Class B Notes are paid in full. 
 SECTION 8.3 General Provisions Regarding Accounts. (a) The
funds in the Trust Accounts shall be invested in Permitted Investments in accordance with and subject to Section 4.1(b) of the Sale and Servicing Agreement and all interest and investment income (net of losses and
investment expenses) on funds on deposit (i) in the Collection Account shall be distributed in accordance with the provisions of Section 3.7 of the Sale and Servicing Agreement and (ii) in the Reserve Account
shall be distributed in accordance with the provisions of Sections 4.3(b) and (d) of the Sale and Servicing Agreement. The Indenture Trustee shall not be directed to make any investment of any funds or to sell any investment held
in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person and the Indenture
Trustee shall have no duty to make any such determination in its compliance with the written direction of the Servicer pursuant to Section 4.1(b) of the Sale and Servicing Agreement. 

(b) Subject to Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any
insufficiency in any of the Trust Accounts resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on any such Permitted Investments issued by the
Indenture Trustee in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
 (c) If
(i) investment directions shall not have been given in writing by the Servicer in accordance with Section 4.1(b) of the Sale and Servicing Agreement for any funds on deposit in the Trust Accounts to the Indenture
Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Servicer and the Indenture Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes
but the Notes shall not have been declared due and payable pursuant to Section 5.2 or (iii) the Notes shall have been declared due and payable following an Event of Default and amounts collected or received from the
Trust Estate are being applied in accordance with Section 5.4 of the Sale and Servicing Agreement as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and
reinvest funds in the Trust Accounts in one or more Permitted Investments in accordance with the standing instructions most recently given by the Servicer or should that for any reason not be possible such funds shall be held uninvested. 

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

  

					
		  	44	  	Indenture (USAA 20[    ]-[    ])

 (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all
amounts due to the Indenture Trustee [and the Swap Counterparty] have been paid pursuant to Section 6.7 (as certified by an Authorized Officer of the Issuer in an Officer’s Certificate delivered to the Indenture
Trustee), release any remaining portion of the Collateral that secured the Notes from the Lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. Such release shall
include release of the Lien of this Indenture and transfer of dominion and control over the Trust Accounts to the Issuer or its designee. The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this Section only upon
receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of
Section 11.1. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the Lien of this Indenture (or shall be deemed to automatically release the Lien of this Indenture without any further action) on any Receivable
to be sold to (i) to the Servicer in accordance with Section 3.6 of the Sale and Servicing Agreement and (ii) to the Bank in accordance with Section 3.4 of the Purchase Agreement. 

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

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

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

  

					
		  	45	  	Indenture (USAA 20[    ]-[    ])

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

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

(c) Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this
Section 9.1, the Indenture Trustee shall mail to the Noteholders a copy of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail a copy of such amendment or supplemental indenture, or any
defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 SECTION 9.2
Supplemental Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice from the Issuer to the Rating Agencies and with the consent of the Holders of not less
than a majority of the Outstanding Note Balance of the Controlling Class, by Act of such Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions
to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided, that no such supplemental indenture pursuant to this
Section 9.2 [shall materially and adversely affect the rights or obligations of the Swap Counterparty under this Indenture unless the Swap Counterparty shall have consented in writing to such supplemental indenture (and
such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent); provided, further, that no such supplemental
indenture] shall, without the consent of the Holder of each Outstanding Note affected thereby: 
 (i) change the Final
Scheduled Payment Date of any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, or change any place of payment where, or the coin or currency in which, any Note or the interest
thereon is payable, or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the
Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 

  

					
		  	46	  	Indenture (USAA 20[    ]-[    ])

 (ii) reduce the percentage of the Outstanding Note Balance, the consent of
the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences
provided for in this Indenture; 
 (iii) modify or alter the provisions of the proviso to the definition of the term
“Outstanding”; 
 (iv) reduce the percentage of the Outstanding Note Balance required to direct the Indenture
Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the Outstanding Note Balance plus accrued but unpaid interest on
the Notes; 
 (v) modify any provision of this Section in any respect materially adverse to the interests of the Noteholders
except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the Transaction Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected
thereby; 
 (vi) permit the creation of any Lien ranking prior to or on a parity with the Lien of this Indenture with respect
to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in the Transaction Documents, terminate the Lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of the security
provided by the Lien of this Indenture; or 
 (vii) impair the right to institute suit for the enforcement of payment as
provided in Section 5.7. 
 Prior to the execution of any supplemental indenture pursuant to this
Section 9.2, the Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental indenture,
the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Owner Trustee and the Indenture Trustee; provided, that no supplemental indenture pursuant to this Section 9.2 shall be effective
which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed). 

It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the execution by the Issuer and the Indenture
Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice (to be provided by the Issuer and at the Issuer’s expense)
setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture. 

  

					
		  	47	  	Indenture (USAA 20[    ]-[    ])

 SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent to the execution and delivery by the Indenture Trustee of such
Supplemental Indenture have been satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this
Indenture or otherwise. 
 SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to
the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and
immunities under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

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

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

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

  

					
		  	48	  	Indenture (USAA 20[    ]-[    ])

 (b) Each of the Notes is subject to redemption in whole, but not in part, on any Payment
Date on which the sum of the amount of cash or other immediately available funds on deposit in the Reserve Account and Available Funds equals or exceeds the sum of (i) the Outstanding Principal Balance of the Notes, (ii) accrued and unpaid
interest thereon and (iii) the Servicing Fee. On such Payment Date, all such amounts shall be applied to reduce the Outstanding Principal Balance to zero, pay all accrued and unpaid interest on the Notes, pay the Servicing Fee and then pay all
amounts specified in clauses (viii) through (x) (in that order) of Section 4.4(a) of the Sale and Servicing Agreement. 
 (c) If
the Notes are to be redeemed pursuant to Section 10.1(a), the Administrator or the Issuer shall provide at least 20 days’ prior notice of the redemption of the Notes to the Indenture Trustee and the Owner Trustee[, the
Swap Counterparty] and the Indenture Trustee shall provide prompt (but not later than 10 days prior to the applicable Redemption Date) notice thereof to the Noteholders. 

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

(i) the Redemption Date; 

(ii) the Redemption Price; 

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

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

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

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

  

					
		  	49	  	Indenture (USAA 20[    ]-[    ])

 ARTICLE XI MISCELLANEOUS 

SECTION 11.1 Compliance Certificates and Opinions, etc. (a) Upon any application or request by the Issuer to the Indenture Trustee
to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with that satisfies TIA Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with that satisfies TIA Section 314(c)(2)
and (iii) if required by the TIA in the case of conditions precedent compliance with which is subject to verification by accountants, a certificate or opinion of an accountant that satisfies TIA Section 314(c)(3), except that, in the case
of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 

Every certificate or opinion in accordance with TIA Section 314(e) with respect to compliance with a condition or covenant provided for
in this Indenture shall include: 
 (i) a statement that each signatory of such certificate or opinion has read or has caused
to be read such covenant or condition and the definitions herein relating thereto; 
 (ii) a brief statement as to the nature
and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

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

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

(b) (i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis
for the release of any property or securities subject to the Lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture
Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value in accordance with TIA Section 314(d) (within 90 days of such deposit) to the Issuer of the Collateral or other
property or securities to be so deposited. 
 (ii) Whenever the Issuer is required to furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters,
if the fair value in accordance with TIA Section 314(d) to the Issuer of the property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current
fiscal year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) and this clause (ii), is 10% or more of the Outstanding Note Balance, but such a certificate need not be furnished with respect to any
securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Note Balance. 

  

					
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 (iii) Other than as contemplated by
Section 11.1(b)(v), whenever any property or securities are to be released from the Lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the
opinion of each Person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such Person the proposed release will not impair the
security under this Indenture in contravention of the provisions hereof. 
 (iv) Whenever the Issuer is required to furnish
to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an
Independent Certificate as to the same matters if the fair value of the property or securities and of all other property other than Purchased Receivables, or securities released from the Lien of this Indenture since the commencement of the then
current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Note Balance, but such certificate need not be furnished in the case of any release
of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Note Balance. 

(v) Notwithstanding Section 2.9 or any other provision of this Section, the Issuer may
(A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Transaction Documents, and (B) make cash payments out of the Trust Accounts as and to the extent
permitted or required by the Transaction Documents. 
 SECTION 11.2 Form of Documents Delivered to the Indenture Trustee. In any case
where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or
covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents. 
 Any certificate of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon an
opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion or representations with respect to the matters upon which his or her certificate is based are erroneous. Any
Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate, or representations by, an officer or officers of the Servicer, the Seller, the Administrator or the Issuer, stating that the information with respect to
such factual matters is in the possession of the Servicer, the Seller, the Administrator or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or representations with respect to such
matters are erroneous. 

  

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

Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the
Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency
of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article
VI. 
 SECTION 11.3 Acts of Noteholders. 

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

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

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by any Noteholder shall bind the Holder of every
Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is
made upon such Note. 
 SECTION 11.4 Notices. All demands, notices and communications hereunder shall be in writing and shall be
delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, by facsimile or, if so provided on Schedule I to the Sale and
Servicing Agreement, by electronic transmission, and addressed in each case as specified on Schedule I to the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in a written notice
to the other parties hereto. Delivery will be deemed to have been made: (i) upon delivery or, in the case of a letter mailed by registered or certified first-class United States mail, postage prepaid, three days after deposit in the

  

					
		  	52	  	Indenture (USAA 20[    ]-[    ])

 
mail, (ii) in the case of a facsimile, when receipt is confirmed by telephone, reply email or reply facsimile from the recipient, (iii) in the case of electronic transmission, when
receipt is confirmed by telephone or reply email from the recipient and (iv) in the case of an electronic posting to a password-protected website to which the recipient has been provided access, upon delivery (without the requirement of
confirmation of receipt) and notice (including email) to such recipient stating that such electronic posting has occurred. 
 SECTION
11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage
prepaid to each Noteholder affected by such event, at its address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to
Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in
the manner herein provided shall conclusively be presumed to have been duly given. 
 Where this Indenture provides for notice in any
manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture
Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver. 
 In case,
by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of
this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 

Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations
created hereunder, and shall not under any circumstance constitute a Default or an Event of Default. 
 SECTION 11.6 Alternate Payment
and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any
Paying Agent to such Noteholder, that is different from the methods provided for in this Indenture for such payments or notices, provided, that such methods are reasonable, acceptable to and consented to by the Indenture Trustee (which
consent shall not be unreasonably withheld). The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 

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

  

					
		  	53	  	Indenture (USAA 20[    ]-[    ])

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

SECTION 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 11.9 Successors and Assigns. All covenants and agreements
in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors. 

SECTION 11.10 Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 11.11
Benefits of Indenture. [The Swap Counterparty shall be a third party beneficiary to the provisions of this Indenture.] [Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder and to the extent expressly provided herein, the Noteholders, any other party with rights to payments or distributions under this Indenture, and any other Person with an ownership interest in any portion of the Collateral,
any benefit or any legal or equitable right, remedy or claim under this Indenture.] 
 SECTION 11.12 Legal Holidays. In any case
where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the
same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 

SECTION 11.13 Governing Law. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE
TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 11.14 Counterparts. This Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

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

  

					
		  	54	  	Indenture (USAA 20[    ]-[    ])

 SECTION 11.16 Trust Obligation. Each Noteholder or Note Owner, by acceptance of a
Note, or, in the case of a Note Owner or a beneficial interest in a Note, by accepting the benefits of this Indenture, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the
Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective individual
capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee,
successor or assign of any Person described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity. 
 SECTION 11.17 No Petition. Each of the Indenture Trustee, by entering into this
Indenture, and each Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary
winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of
its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the
benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute with any other Person any Proceeding
against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction, provided that the foregoing shall in no way limit the rights of
the parties hereto to pursue any other creditor rights or remedies that such Persons may have against the Issuer under applicable law. 

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

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

  

					
		  	55	  	Indenture (USAA 20[    ]-[    ])

 SECTION 11.19 Submission to Jurisdiction; Waiver of Jury Trial. 

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

(i) submits for itself and its property in any legal action or Proceeding relating to this Indenture or any documents executed
and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof; 
 (ii) consents that any such action or Proceeding may be
brought and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such action or Proceeding in any such court or that such action or Proceeding was brought in an inconvenient court and agrees not to
plead or claim the same; 
 (iii) agrees that service of process in any such action or Proceeding may be effected by mailing
a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this Indenture; 

(iv) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction; and 
 (v) to the extent permitted by applicable law, waives all
right of trial by jury in any action, Proceeding or counterclaim based on, or arising out of, under or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or thereunder. 

(b) By acquiring a Note, each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a
Note, specifically agrees that such Noteholder or Note Owner, as applicable shall to the extent permitted by applicable law, waive all right of trial by jury in any action, Proceeding or counterclaim based on, or arising out of, under or in
connection with this Indenture, any other Transaction Document, or any matter arising hereunder or thereunder. 
 SECTION 11.20
Subordination of Claims. The Issuer’s obligations under this Indenture are obligations solely of the Issuer and will not constitute a claim against the Seller to the extent that the Issuer does not have funds sufficient to make payment of
such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by accepting the benefits of this Indenture, the Certificateholder, by accepting the
Certificate, and the Indenture Trustee (in its individual capacity and as Indenture Trustee), by entering into this Indenture, and each Noteholder, each Note Owner [and the Swap Counterparty], by accepting the benefits of this Indenture, hereby
acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the Seller. To the extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the
Indenture Trustee, each Noteholder or Note Owner and the Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other
Assets, whether by operation of law, legal 

  

					
		  	56	  	Indenture (USAA 20[    ]-[    ])

 
process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect
under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the
relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is
legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other
obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Indenture Trustee (in its individual capacity and as the Indenture
Trustee), by entering into or accepting this Indenture, the Certificateholder, by accepting the Certificate, and the Owner Trustee, and each Noteholder or Note Owner, by accepting the benefits of this Indenture, hereby further acknowledges and
agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an action for specific performance. The provisions of this Section will be for the third party benefit of those entitled to
rely thereon and will survive the termination of this Indenture. 
 SECTION 11.21 Limitation of Liability of Owner Trustee. It is
expressly understood and agreed by and between the parties hereto that (i) this Indenture is executed and delivered by [                 ], not in its individual
capacity but solely as Owner Trustee of the Issuer in the exercise of the power and authority conferred and vested in it as such Owner Trustee, (ii) each of the representations, undertakings and agreements made herein by the Issuer are not
personal representations, undertakings and agreements of [                 ], but are binding only on the Issuer, (iii) nothing contained herein shall be construed
as creating any liability on [                ] individually or personally, to perform any covenant of the Issuer, either expressed or implied, contained herein, all
such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under any such party, and (iv) under no circumstances shall
[                 ] be personally liable for the payment of any indebtedness or expense of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this Indenture. 
 SECTION 11.22 Information Requests.
The parties hereto shall provide any information reasonably requested by the Servicer, the Issuer, the Seller or any of their Affiliates, that such party has access to, and is not restricted from providing, in order to comply with or obtain more
favorable treatment under any current or future law, rule, regulation, accounting rule or principle. 
 SECTION 11.23 Inspection. The
Issuer agrees that, with reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to
make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and Independent certified
public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required
by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

  

					
		  	57	  	Indenture (USAA 20[    ]-[    ])

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

SECTION 11.25 Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the
Indenture Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account with the Indenture Trustee. The parties to this Indenture agree that they will provide the Indenture Trustee with such information as it may request in order for the Indenture Trustee to satisfy the requirements of
the U.S.A. Patriot Act. 
 SECTION 11.26 [Limitation of Rights]. [All of the rights of the Swap Counterparty in, to and under this
Indenture or any other Transaction Document (including, but not limited to, all of the Swap Counterparty’s rights as a third-party beneficiary of this Indenture and all of the Swap Counterparty’s rights to receive notice of any action
hereunder or under any other Transaction Document and to give or withhold consent to any action hereunder or under any other Transaction Document) shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms
thereof and the payment in full of all amounts owing to the Swap Counterparty under such Interest Rate Swap Agreement.] 
 [Remainder of Page
Intentionally Left Blank] 

  

					
		  	58	  	Indenture (USAA 20[    ]-[    ])

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

			
	 USAA AUTO OWNER TRUST 20[    ]-[    ]

 

	By:_	 	[                    ], not in its individual capacity

	but	 	
	 solely as Owner
Trustee

 
			
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  

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

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

 
			
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  

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

			
	 Acknowledged and accepted as of the date first written above:

 

	 USAA ACCEPTANCE,
LLC

			
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	USAA FEDERAL SAVINGS BANK

			
		
	By:	 	 
	Name:	 	
	Title:	 	

  

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

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

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

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

2. The Receivables constitute “chattel paper” (including “tangible chattel paper” and “electronic chattel
paper”) within the meaning of the applicable UCC. 
 3. Each Receivable is secured by a first priority validly perfected security
interest in the related Financed Vehicle in favor of the Originator, as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest in the related Financed
Vehicle in favor of the Originator, as secured party. 
 4. Each Trust Account constitutes either a “deposit account” or a
“securities account” within the meaning of the UCC. 
 Creation 

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

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

  

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

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

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

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

(iii) the Servicer received possession of such tangible chattel paper after the Indenture Trustee received a written acknowledgment from the
Servicer that the Servicer is acting solely as agent of the Indenture Trustee. 
 8. With respect to the Trust Accounts that constitute
deposit accounts, either: 
 (i) the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank
maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in such Trust Accounts without further consent by the Issuer; or 

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

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

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

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

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

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

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

  

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

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

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

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

Survival of Perfection Representations 

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

No Waiver 
 17. The
Issuer shall provide the Rating Agencies with prompt written notice of any material breach of the perfection representations, warranties and covenants contained in this Schedule I, and shall not, without satisfying the Rating Agency
Condition, waive a breach of any of such perfection representations, warranties or covenants. 
 Issuer to Maintain Perfection and
Priority 
 18. The Issuer covenants that, in order to evidence the interests of the Indenture Trustee under this Indenture, the
Issuer shall take such action, or execute and deliver such instruments as may be necessary or advisable (including, without limitation, such actions as are requested by the Indenture Trustee) to maintain and perfect, as a first priority interest,
the Indenture Trustee’s security interest in the Receivables. The Issuer shall, from time to time and within the time limits established by law, prepare and file, all financing statements, amendments, continuations, initial financing statements
in lieu of a continuation statement, terminations, partial terminations, releases or partial releases, or any other filings necessary or advisable to continue, maintain and perfect the Indenture Trustee’s security interest in the Receivables as
a first-priority interest. 

  

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

 Exhibit A 

FORM OF NOTES 
  

  

					
		  		  	Indenture (USAA 20[    ]-[    ])

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

			
	REGISTERED	  	$                                   
     3
	No. R-                    	  	CUSIP NO.                        
		  	ISIN.
                                 

 [For Retained Notes: THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED. THIS NOTE OR ANY
INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION
THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO THE DEPOSITOR OR ANY OF ITS AFFILIATES. 

TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN
THE INDENTURE.] 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 BY
ACQUIRING THIS NOTE, EACH PURCHASER OR TRANSFEREE (AND ANY FIDUCIARY ACTING ON ITS BEHALF) WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) IT IS NOT ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN) WITH ANY ASSETS OF (I) AN
“EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DESCRIBED BY SECTION
4975(e) (1) OF THE INTERNAL REVENUE CODE OF 1986, AS 
  

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

  

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

 
AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT
PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY, OR (IV) ANY GOVERNMENT PLAN, NON-U.S. PLAN, CHURCH PLAN, OTHER EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL,
STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B)(I) THE NOTE IS RATED AT LEAST “BBB-” OR ITS EQUIVALENT BY
A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION AT THE TIME OF PURCHASE OR TRANSFER, AND (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW. 

  

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

 USAA AUTO OWNER TRUST 20[    ]-[    ] 

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

[CLASS A-3 [    ]%] [CLASS A-4
[    ]%] [CLASS B [    ]%] 
 AUTO LOAN ASSET BACKED NOTES 

USAA Auto Owner Trust 20[    ]-[    ], a statutory trust organized and existing under the laws
of the State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to [______], or registered assigns, the principal sum of [___] DOLLARS ($[___]), in monthly installments on the [ ] of each
month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on [    ] (each, a “Payment Date”) until the principal of this Note is paid or made available for payment, and
to pay interest on each Payment Date on the Class [A-1] [A-2[-A]]
[A-2-B] [A-3] [A-4] [B] Note Balance as of the preceding Payment Date (after giving
effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date, at the rate per annum shown above (the “Interest Rate”), in each case as and to the extent set
forth in Sections 2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4 of the Sale and Servicing Agreement; provided, however, that the entire Class [A-1] [A-2[-A]] [A-2-B]
[A-3] [A-4] [B] Note Balance shall be due and payable on the earliest of (i) [___] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if
any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the preceding Payment Date (or, in the case of the initial Payment Date, from and including the Closing Date) to but excluding such Payment Date. Interest will be computed on the basis of [Class A-1: actual days elapsed and a 360-day year][Class A-2[-A], [A-2-B] A-3, A-4 and B: a 360-day year of twelve
30-day months]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

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

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee the name of
which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  

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

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, by its
Authorized Officer. 
 Dated: [            ], 20[    ] 

 

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

  

							
				
		 		 	By:	 	 
		 		 	Name: 	 	 
		 		 	Title:	 	 

  

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

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: [             ], 20[  ] 

 

			
	[                                ],
	not in its individual capacity but solely as Indenture Trustee
		
	By: 	 	 
		 	Authorized Signatory

  

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

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1
[    ]%] [Class A-2[-A] [    ]%] [Class A-2-B
[LIBOR +] [ ]%] [Class A-3 [    ]%] [Class A-4 [    ]%] [Class B [    ]%] Auto Loan Asset-Backed Notes
(herein called the “Class [A-1] [A-2[-A]]
[A-2-B] [A-3] [A-4] [B] Notes” or the “Notes”), all issued
under an Indenture dated as of [    ], 20[  ] (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and
[                    ], a
[                            ], not in its individual capacity but solely as trustee (the “Indenture
Trustee”), which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of
the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture
or the Sale and Servicing Agreement shall have the meanings assigned to them in the Indenture or in Appendix A of the Sale and Servicing Agreement. 

The Class A-1 Notes, the
Class A-2[-A] Notes, [the Class A-2-B Notes,] the Class A-3 Notes and the Class A-4 Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. The
Class B Notes are subordinated to the Class A Notes, and are secured by the collateral pledged as security therefor on a subordinated basis as provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are
for the benefit of the Holders of the Notes. 
 Principal payable on the Notes will be paid on each Payment Date in the amount specified in
the Indenture and in the Sale and Servicing Agreement. As described above, the entire Class [A-1] [A-2[-A]] [A-2-B] [A-3] [A-4] [B] Note Balance shall be due and payable on the earliest of (i) [___] (the
“Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to
Section 5.2 of the Indenture. All principal payments on the Class [A-1] [A-2[-A]] [A-2-B] [A-3] [A-4] [B] Notes shall be made pro rata to the Class [A-1] [A-2[-A]] [A-2-B]
[A-3] [A-4] [B] Noteholders entitled thereto. 
 Payments of
principal of and interest on this Note made on each Payment Date, Redemption Date or upon acceleration shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of DTC (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify 

  

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

 
the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed prior to such Payment Date or Redemption Date and the amount
then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such purposes located in The City of
New York. 
 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any Holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 It is the
intent of the Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of federal, state and local income and franchise tax the Notes will qualify as indebtedness (other than Retained Notes). The Noteholders, by acceptance of a
Note, agree to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness of the Issuer. 

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

  

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

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

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

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

  

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

 ASSIGNMENT 

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

__________________________________________________________________________________________________________ 

FOR VALUE RECEIVED, the undersigned hereby sells, 
 assigns and
transfers unto______________________________________________________________________________________ 
 (name
and address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________, attorney, to
transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

							
	Dated: _____________	 		 		 	_______________________________*/
				
		 		 		 	Signature Guaranteed:
				
		 		 		 	 ______________________________________________________

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

  

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

  

					
		  	A-9	  	Indenture (USAA 20[    ]-[    ])EX-10.1

 EXHIBIT 10.1 
  

 
  

FORM OF 
 SALE AND
SERVICING AGREEMENT 
 by and among 

USAA AUTO OWNER TRUST 20[    ]-[    ], 

as Issuer 
 USAA ACCEPTANCE,
LLC, 
 as Seller 
 USAA
FEDERAL SAVINGS BANK, 
 as Servicer 

and 

[                ], 

as Indenture Trustee 
 Dated as of
[        ], 20[  ] 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS AND USAGE
	  			
			
	 SECTION 1.1
	  	 Definitions
	  	 	1	 
	 SECTION 1.2
	  	 Other Interpretive Provisions
	  	 	1	 
		
	 ARTICLE II CONVEYANCE OF TRANSFERRED ASSETS
	  			
			
	 SECTION 2.1
	  	 Conveyance of Transferred Assets
	  	 	2	 
	 SECTION 2.2
	  	 Custody of Receivable Files
	  	 	2	 
		
	 ARTICLE III ADMINISTRATION AND SERVICING OF RECEIVABLES AND TRUST PROPERTY
	  			
			
	 SECTION 3.1
	  	 Duties of Servicer
	  	 	4	 
	 SECTION 3.2
	  	 Collection of Receivable Payments
	  	 	6	 
	 SECTION 3.3
	  	 Realization Upon Receivables
	  	 	7	 
	 SECTION 3.4
	  	 Maintenance of Security Interests in Financed Vehicles
	  	 	7	 
	 SECTION 3.5
	  	 Covenants of Servicer
	  	 	8	 
	 SECTION 3.6
	  	 Purchase of Receivables Upon Breach
	  	 	8	 
	 SECTION 3.7
	  	 Servicing Fee
	  	 	8	 
	 SECTION 3.8
	  	 Servicer’s Certificate
	  	 	9	 
	 SECTION 3.9
	  	 Annual Officer’s Certificate; Notice of Servicer Replacement Event
	  	 	9	 
	 SECTION 3.10
	  	 Annual Registered Public Accounting Firm Attestation Report
	  	 	9	 
	 SECTION 3.11
	  	 Servicer Expenses
	  	 	10	 
	 SECTION 3.12
	  	 Exchange Act Filings
	  	 	10	 
	 SECTION 3.13
	  	 Noteholder Communication
	  	 	10	 
		
	 ARTICLE IV DISTRIBUTIONS; ACCOUNTS; STATEMENTS TO THE CERTIFICATEHOLDER AND THE
NOTEHOLDERS
	  			
			
	 SECTION 4.1
	  	 Establishment of Accounts
	  	 	11	 
	 SECTION 4.2
	  	 Remittances
	  	 	13	 
	 SECTION 4.3
	  	 Additional Deposits and Payments
	  	 	14	 
	 SECTION 4.4
	  	 Distributions
	  	 	15	 
	 SECTION 4.5
	  	 Net Deposits
	  	 	16	 
	 SECTION 4.6
	  	 Statements to Certificateholder and Noteholders
	  	 	16	 
	 SECTION 4.7
	  	 No Duty to Confirm
	  	 	19	 
	 [SECTION 4.8
	  	 Interest Rate Swap Agreement.]
	  	 	19	 
		
	 ARTICLE V THE SELLER
	  			
			
	 SECTION 5.1
	  	 Representations and Warranties of Seller
	  	 	21	 
	 SECTION 5.2
	  	 Liability of Seller; Indemnities
	  	 	23	 
	 SECTION 5.3
	  	 Merger or Consolidation of, or Assumption of the Obligations of, Seller
	  	 	24	 
	 SECTION 5.4
	  	 Limitation on Liability of Seller and Others
	  	 	24	 
	 SECTION 5.5
	  	 Seller May Own Notes
	  	 	24	 
	 SECTION 5.6
	  	 Sarbanes-Oxley Act Requirements
	  	 	24	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 SECTION 5.7
	  	 Compliance with Organizational Documents
	  	 	24	 
		
	 ARTICLE VI THE SERVICER
	  			
			
	 SECTION 6.1
	  	 Representations of Servicer
	  	 	25	 
	 SECTION 6.2
	  	 Indemnities of Servicer
	  	 	26	 
	 SECTION 6.3
	  	 Merger or Consolidation of, or Assumption of the Obligations of, Servicer
	  	 	28	 
	 SECTION 6.4
	  	 Limitation on Liability of Servicer and Others
	  	 	28	 
	 SECTION 6.5
	  	 Delegation of Duties
	  	 	28	 
	 SECTION 6.6
	  	 The Bank Not to Resign as Servicer
	  	 	29	 
	 SECTION 6.7
	  	 Servicer May Own Notes
	  	 	29	 
		
	 ARTICLE VII REPLACEMENT OF SERVICER
	  			
			
	 SECTION 7.1
	  	 Replacement of Servicer
	  	 	29	 
	 SECTION 7.2
	  	 Notification to Noteholders
	  	 	31	 
		
	 ARTICLE VIII OPTIONAL PURCHASE
	  			
			
	 SECTION 8.1
	  	 Optional Purchase of Trust Estate
	  	 	31	 
		
	 ARTICLE IX MISCELLANEOUS PROVISIONS
	  			
			
	 SECTION 9.1
	  	 Amendment
	  	 	32	 
	 SECTION 9.2
	  	 Protection of Title
	  	 	33	 
	 SECTION 9.3
	  	 Other Liens or Interests
	  	 	34	 
	 SECTION 9.4
	  	 Transfers Intended as Sale; Security Interest
	  	 	34	 
	 SECTION 9.5
	  	 Notices, Etc
	  	 	35	 
	 SECTION 9.6
	  	 Choice of Law
	  	 	36	 
	 SECTION 9.7
	  	 Headings
	  	 	36	 
	 SECTION 9.8
	  	 Counterparts
	  	 	36	 
	 SECTION 9.9
	  	 Waivers
	  	 	36	 
	 SECTION 9.10
	  	 Entire Agreement
	  	 	36	 
	 SECTION 9.11
	  	 Severability of Provisions
	  	 	36	 
	 SECTION 9.12
	  	 Binding Effect
	  	 	37	 
	 SECTION 9.13
	  	 Acknowledgment and Agreement
	  	 	37	 
	 SECTION 9.14
	  	 Cumulative Remedies
	  	 	37	 
	 SECTION 9.15
	  	 Nonpetition Covenant
	  	 	37	 
	 SECTION 9.16
	  	 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	37	 
	 SECTION 9.17
	  	 Limitation of Liability
	  	 	38	 
	 SECTION 9.18
	  	 Third-Party Beneficiaries
	  	 	39	 
	 SECTION 9.19
	  	 Information Requests
	  	 	39	 
	 SECTION 9.20
	  	 Regulation AB
	  	 	39	 
	 SECTION 9.21
	  	 Information to Be Provided by the Indenture Trustee
	  	 	39	 
	 SECTION 9.22
	  	 Form 8-K Filings
	  	 	40	 
	 SECTION 9.23
	  	 Further Assurances
	  	 	41	 
	 SECTION 9.24
	  	 Cooperation
	  	 	41	 
	 SECTION 9.25
	  	 [Limitation of Rights
	  	 	41	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 SECTION 9.26
	  	 Rights of the Certificateholder
	  	 	41	 
	 SECTION 9.27
	  	 Dispute Resolution
	  	 	41	 

  

			
	 Appendix A
	  	 Definitions

		
	 Schedule I
	  	 Notice Addresses

		
	 Exhibit A
	  	 Form of Assignment pursuant to Sale and Servicing Agreement

	 Exhibit B
	  	 Perfection Representations, Warranties and Covenants

	 Exhibit C
	  	 Servicing Criteria to be Addressed in Indenture Trustee’s Assessment of
Compliance

	 Exhibit D
	  	 Form of Indenture Trustee’s Annual Certification

	 Exhibit E
	  	 Form of Indenture Trustee’s Annual Certification Regarding Item 1117 and Item 1119 of
Regulation AB

  
 iii 

 SALE AND SERVICING AGREEMENT, dated as of [     ],
20[    ] (together with all exhibits, schedules and appendices hereto and as from time to time amended, supplemented or otherwise modified and in effect, this “Agreement”), by and among USAA AUTO OWNER TRUST
20[    ]-[    ], a Delaware statutory trust (the “Issuer”), USAA ACCEPTANCE, LLC, a Delaware limited liability company, as seller (the “Seller”), USAA FEDERAL
SAVINGS BANK, a federally chartered savings association (the “Bank”), as servicer (in such capacity, the “Servicer”), and
[                ], a [                 ], as indenture trustee (the “Indenture
Trustee”). 
 WHEREAS, the Issuer desires to purchase from the Seller a portfolio of motor vehicle receivables, including retail
motor vehicle installment loans that are secured by new and used automobiles and light-duty trucks; 
 WHEREAS, the Seller is willing to
sell such portfolio of motor vehicle receivables and related property to the Issuer; and 
 WHEREAS, the Bank is willing to service such
motor vehicle receivables and related property on behalf of the Issuer; 
 NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

ARTICLE I 
 DEFINITIONS AND USAGE

 SECTION 1.1 Definitions. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but
not otherwise defined herein are defined in Appendix A hereto. 
 SECTION 1.2 Other Interpretive Provisions. For purposes of
this Agreement, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to
them under GAAP (provided, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and
not otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular
provision of this Agreement; (d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and references to any paragraph, subsection,
clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all variations thereof means “including
without limitation”; (f) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any
Person include that Person’s successors and assigns; and (h) unless the context otherwise requires, defined terms shall be equally applicable to both the singular and plural forms. 

 ARTICLE II 

CONVEYANCE OF TRANSFERRED ASSETS 

SECTION 2.1 Conveyance of Transferred Assets. In consideration of the Issuer’s sale and delivery to, or upon the order of, the
Seller of all of the Notes and the Certificate on the Closing Date, the Seller does hereby irrevocably sell, transfer, assign and otherwise convey to the Issuer without recourse (subject to the obligations herein) all right, title and interest of
the Seller, whether now owned or hereafter acquired, in and to the Transferred Assets, described in the assignment substantially in the form of Exhibit A (the “Assignment”) delivered on the Closing Date. The sale, transfer,
assignment and conveyance made hereunder will not constitute and is not intended to result in an assumption by the Issuer of any obligation of the Seller or the Originator to the Obligors or any other Person in connection with the Receivables or the
other assets and properties conveyed hereunder or any agreement, document or instrument related thereto. 
 SECTION 2.2 Custody of
Receivable Files. 
 (a) Custody. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the
Issuer, upon the execution and delivery of this Agreement, hereby revocably appoints the Servicer, and the Servicer hereby accepts such appointment, to act solely on behalf of and for the benefit of the Indenture Trustee as custodian of the
following documents or instruments, but only to the extent held in tangible paper form or electronic form, which are hereby or will hereby be constructively delivered to the Indenture Trustee (or its agent or designee), as pledgee of the Issuer
pursuant to the Indenture with respect to each Receivable (but only to the extent applicable to such Receivable and only to the extent held in tangible paper form) (the “Receivable Files”): 

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

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

(iii) the original Certificate of Title or, if not yet received, evidence that an application therefor has been submitted with
the appropriate authority or such other document (electronic or otherwise, as used in the applicable jurisdiction) that the Servicer keeps on file, in accordance with its Customary Servicing Practices, evidencing the security interest of the
Originator in the Financed Vehicle; provided, however, that in lieu of being held in the Receivable File, the Certificate of Title may be held by a third party service provider engaged by the Servicer to obtain or hold Certificates of Title; and

  

					
		  	2	  	 Sale and Servicing Agreement

(USAA 20[    ]-[    ])

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

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

(b) Safekeeping. The Servicer, in its capacity as custodian, shall hold the Receivable Files for the benefit of the Issuer and the
Indenture Trustee, as pledgee of the Issuer, and maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Issuer and the Bank to comply with this Agreement. In performing its
duties as custodian, the Servicer shall act in accordance with its Customary Servicing Practices. The Servicer, in accordance with its Customary Servicing Practices: (i) may maintain all or a portion of the Receivable Files in electronic form
and (ii) may maintain custody of all or any portion of the Receivable Files with one or more of its agents or designees. 
 (c)
Maintenance of and Access to Records. The Servicer will maintain each Receivable File in the United States (it being understood that the Receivable Files, or any part thereof, may be maintained at the offices of any Person to whom the
Servicer has delegated responsibilities in accordance with Section 6.5). The Servicer will make available to the Issuer and the Indenture Trustee or their duly authorized representatives, attorneys or auditors a list of
locations of the Receivable Files upon request. The Servicer will provide access to the Receivable Files, and the related accounts records, and computer systems maintained by the Servicer at such times as the Issuer or the Indenture Trustee direct,
but only upon reasonable notice and during the normal business hours, which do not unreasonably interfere with the Servicer’s normal operations, at the respective offices of the Servicer. 

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

  

					
		  	3	  	 Sale and Servicing Agreement

(USAA 20[    ]-[    ])

 (f) Custodian’s Indemnification. Subject to
Section 6.2, the Servicer as custodian will indemnify the Issuer and the Indenture Trustee and their respective directors, officers, employees, and agents for any and all claims, liabilities, obligations, losses,
compensatory damages, payments, costs, or expenses of any kind whatsoever that may be imposed on, incurred by, or asserted against the Issuer or the Indenture Trustee as the result of any improper act or omission in any way relating to the
maintenance and custody by the Servicer as custodian of the Receivable Files, including, but not limited to, the costs of defending any claim or bringing any claim to enforce its rights, including the Servicer’s indemnification obligations
hereunder; provided, however, that the Servicer will not be liable (i) to the Indenture Trustee or the Issuer for any portion of any such amount resulting from the willful misconduct, bad faith or negligence of the Indenture
Trustee or the Issuer or (ii) to the Indenture Trustee for any portion of any such amount resulting from the failure of the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s designee to handle with due care
any Certificate of Title or other document released to the Indenture Trustee or the Indenture Trustee’s agent or designee pursuant to Section 2.2(d). 

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

ADMINISTRATION AND SERVICING OF 

RECEIVABLES AND TRUST PROPERTY 

SECTION 3.1 Duties of Servicer. 

(a) The Servicer is hereby appointed by the Issuer and authorized to act as agent for the Issuer and in such capacity shall manage, service,
administer and make collections on the Receivables in accordance with its Customary Servicing Practices, using the degree of skill and attention that the Servicer exercises with respect to all comparable motor vehicle receivables that it services
for itself or others. The Servicer’s duties will include collection and posting of all 

  

					
		  	4	  	 Sale and Servicing Agreement

(USAA 20[    ]-[    ])

 
payments, responding to inquiries of Obligors on such Receivables, investigating delinquencies, sending invoices or payment coupons to Obligors, reporting any required tax information to
Obligors, accounting for collections and furnishing monthly and annual statements to the Indenture Trustee with respect to distributions. The Servicer is not required under the Transaction Documents to make any disbursements via wire transfer or
otherwise on behalf of an Obligor. There are no requirements under the Receivables or the Transaction Documents for funds to be, and funds shall not be, held in trust for an Obligor. No payments or disbursements are required to be made by the
Servicer on behalf of an Obligor. The Servicer hereby accepts such appointment and authorization and agrees to perform the duties of Servicer with respect to the Receivables set forth herein. 

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

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

  

					
		  	5	  	 Sale and Servicing Agreement

(USAA 20[    ]-[    ])

 SECTION 3.2 Collection of Receivable Payments. 

(a) The Servicer will make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when
the same become due in accordance with its Customary Servicing Practices. Subject to Section 3.5, the Servicer may grant extensions, rebates, deferrals, amendments, modifications or adjustments with respect to any
Receivable in accordance with its Customary Servicing Practices; provided, however, that if the Servicer (i) extends the date for final payment by the Obligor of any Receivable beyond the last day of the Collection Period
preceding the latest Final Scheduled Payment Date of any Notes issued under the Indenture or (ii) reduces the Contract Rate or Outstanding Principal Balance with respect to any Receivable after the
Cut-off Date other than as required by applicable law (including, without limitation, by the Servicemembers Civil Relief Act of 2003, as amended) or court order, it will promptly purchase such Receivable in
the manner provided in Section 3.6; provided, further, that the Servicer shall not make any modification described in the preceding clause (i) or (ii) that would trigger a repurchase pursuant to the above
provisions or pursuant to Section 3.6, in either case for the sole purpose of enabling the Servicer to purchase a Receivable from the Issuer and provided, further, that any change referred to in this
Section 3.2 shall only be made if either (a) the Obligor is in default or, in the judgment of the Servicer, is reasonably expected to default in the near future, or (b) the change is to the payment due date of a
Receivable, does not exceed 25 days and is made not more than twice during the term of such Receivable. 
 The Servicer may in its
discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable. Subject to the provisos of the second sentence of the first paragraph of this Section 3.2,
the Servicer and its Affiliates may engage in any marketing practice or promotion or any sale of any products, goods or services to Obligors with respect to the Receivables for the account of the Servicer and/or its Affiliates (but not the Issuer)
so long as such practices, promotions or sales are offered to obligors of comparable motor vehicle receivables serviced by the Servicer for itself and others, whether or not such practices, promotions or sales might indirectly result in a decrease
in the aggregate amount of payments made (but not any related contractual obligation) on the Receivables, prepayments or faster or slower timing of the payment of the Receivables. Notwithstanding anything in this Agreement to the contrary, the
Servicer may refinance any Receivable by (a) making a new loan to the Obligor and depositing the full Outstanding Principal Balance of such refinanced Receivable into the Collection Account or (b) by causing the Issuer to effect a
substantive modification to the Receivable when the request for such modification is the result of a contact from or request of the related Obligor, in which case the Receivable shall be deemed to be refinanced and the Servicer shall promptly
deposit the full Outstanding Principal Balance of such refinanced Receivable into the Collection Account as soon as practical. The receivable created by such refinancing shall not be property of the Issuer, in the case of (b) in the prior
sentence, upon the Servicer’s related payment to Issuer. The Servicer and its Affiliates may also sell insurance or debt cancellation products, including products which result in the repayment of some or all of the amount of a Receivable owned
by the Issuer upon the death or disability of the Obligor or any casualty with respect to the Financed Vehicle. 

  

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

(c) Records documenting collection efforts shall be maintained during the period a Receivable is delinquent in accordance with the
Servicer’s Customary Servicing Practices. Such records shall be maintained on at least a periodic basis that is not less frequent than as prescribed by the Servicer’s Customary Servicing Practices, and describe the entity’s activities
in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment) in accordance with the Servicer’s Customary
Servicing Practices. 
 SECTION 3.3 Realization Upon Receivables. On behalf of the Issuer, the Servicer will use commercially
reasonable efforts, consistent with its Customary Servicing Practices, to repossess or otherwise convert the ownership of the Financed Vehicle securing any Receivable as to which the Servicer has determined eventual payment in full is unlikely
unless it determines in its sole discretion that repossession will not increase the Liquidation Proceeds by an amount greater than the expense of such repossession or that the proceeds ultimately recoverable with respect to such Receivable would be
increased by forbearance. The Servicer will follow such Customary Servicing Practices as it deems necessary or advisable, which may include selling the Financed Vehicle at public or private sale and which shall not, except as provided below, involve
the sale of all, or any portion of, a Receivable. The foregoing shall be subject to the provision that, in any case in which the Financed Vehicle has suffered damage, the Servicer shall not be required to expend funds in connection with the repair
or the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession will increase the Liquidation Proceeds by an amount greater than the amount of such expenses. The Servicer, in its sole
discretion, may in accordance with its Customary Servicing Practices purchase from the Issuer any Receivable’s deficiency balance (i.e., the remaining balance of a Receivable after deduction of all Liquidation Proceeds with respect to such
Receivable) for a purchase price equal to the fair value of the deficiency balance as determined by the Servicer at the time of purchase by the Servicer, which purchase price shall not be adjusted by the proceeds the Servicer ultimately realizes
from its disposition or collection efforts related to the deficiency amount. Net proceeds of any such sale to the Servicer will constitute Liquidation Proceeds, and the sole right of the Issuer and the Indenture Trustee with respect to any such sold
Receivables will be to receive such Liquidation Proceeds. Upon such sale, the Servicer will mark its computer records indicating that any such receivable sold is no longer a Receivable. The Servicer is authorized to take any and all actions
necessary or appropriate on behalf of the Issuer to evidence the sale of the Financed Vehicle at public or private sale or the sale of the Receivable to the Servicer pursuant to the provisions of this paragraph free from any Lien or other interest
of the Issuer or the Indenture Trustee. 
 SECTION 3.4 Maintenance of Security Interests in Financed Vehicles. The Servicer will, in
accordance with its Customary Servicing Practices, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle. The provisions set forth in this Section are the sole
requirements under the Transaction Documents with respect to the maintenance of collateral or security on the Receivables. It is 

  

					
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understood that the Financed Vehicles are the collateral and security for the Receivables, but that the Certificate of Title with respect to a Financed Vehicle does not constitute collateral and
merely evidences such security interest. The Issuer hereby authorizes the Servicer to take such steps as are necessary to re-perfect such security interest on behalf of the Issuer and the Indenture Trustee in
the event of the relocation of a Financed Vehicle or for any other reason; provided, however that such steps shall not include retitling the lien of the Financed Vehicle in the name of the Indenture Trustee. 

SECTION 3.5 Covenants of Servicer. Unless required by law or court order, the Servicer will not release the Financed Vehicle securing
any Receivable from the security interest granted by such Receivable in whole or in part except (a) in the event of payment in full by or on behalf of the Obligor thereunder or payment in full less a deficiency which the Servicer would not
attempt to collect in accordance with its Customary Servicing Practices, (b) in connection with repossession or (c) except as may be required by an insurer in order to receive proceeds from any Insurance Policy covering such Financed
Vehicle. 
 SECTION 3.6 Purchase of Receivables Upon Breach. Upon discovery by any party hereto of a breach of any of the covenants
set forth in Section 3.2, 3.3, 3.4 or 3.5 which materially and adversely affects the interests of the Issuer or the Noteholders, the party discovering such breach shall give prompt written notice
thereof to the other parties hereto; provided, that delivery of the Servicer’s Certificate, which identifies the Receivables that are being or have been repurchased, shall be deemed to constitute prompt notice by the Servicer and the
Issuer of such breach with respect to such repurchased Receivable; provided, further, that the failure to give such notice shall not affect any obligation of the Servicer hereunder. If the Servicer does not correct or cure such breach
prior to the end of the Collection Period which includes the 60th day (or, if the Servicer elects, an earlier date) after the date that the Servicer became aware or was notified of such breach, then the Servicer shall purchase any Receivable
materially and adversely affected by such breach from the Issuer on the Payment Date following the end of such Collection Period. Any such breach or failure will be deemed to not have a material and adverse effect if such breach or failure does not
affect the ability of the Issuer to receive and retain timely payment in full on such Receivable. Any such purchase by the Servicer shall be at a price equal to the Repurchase Price. In consideration for such repurchase, the Servicer shall make (or
shall cause to be made) a payment to the Issuer equal to the Repurchase Price by depositing such amount into the Collection Account prior to [    ] [a.m.], New York City time on such Payment Date. Upon payment of such Repurchase
Price by the Servicer, the Issuer and the Indenture Trustee shall release and shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse or representation, as shall be reasonably necessary to vest in
the Servicer or its designee any Receivable repurchased pursuant hereto. It is understood and agreed that the obligation of the Servicer to purchase any Receivable as described above shall constitute the sole remedy with respect to such breach
available to the Issuer[, the Swap Counterparty] and the Indenture Trustee. 
 SECTION 3.7 Servicing Fee. On each Payment Date, the
Indenture Trustee on behalf of the Issuer shall pay to the Servicer the Servicing Fee in accordance with Section 4.4 for the immediately preceding Collection Period as compensation for its services. In addition, the
Servicer will be entitled to retain all Supplemental Servicing Fees. The Servicer also will be entitled to receive investment earnings (net of investment losses and expenses) on funds on deposit in the Collection Account during each Collection
Period. 

  

					
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 SECTION 3.8 Servicer’s Certificate. On or before the Determination Date
preceding each Payment Date, the Servicer shall deliver to the Indenture Trustee, and each Paying Agent, with a copy to the Rating Agencies [and the Swap Counterparty], a Servicer’s Certificate containing all information necessary to make the
payments, transfers and distributions pursuant to Sections 4.3 and 4.4 of this Agreement and Section 8.2(c) of the Indenture on such Payment Date. Each Servicer’s Certificate may be delivered in
electronic format. 
 SECTION 3.9 Annual Officer’s Certificate; Notice of Servicer Replacement Event. (a) The
Servicer will deliver to the Rating Agencies, the Issuer and the Indenture Trustee, on or before March 30 of each calendar year, beginning [        ], 20[  ], an Officer’s Certificate (with
appropriate insertions) providing such information as is required under Item 1123 of Regulation AB. 
 (b) The Servicer will deliver to the
Issuer, the Indenture Trustee and each Rating Agency promptly after having obtained knowledge thereof written notice in an Officer’s Certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer
Replacement Event. Except to the extent set forth in this Section 3.9(b) and Sections 7.2 and 9.22 of this Agreement and Section 3.12 of the Indenture, the Transaction Documents do
not require any policies or procedures to monitor any performance or other triggers and events of default. 
 (c) The Servicer will deliver
to the Issuer, on or before March 30 of each year, beginning [        ], 20[  ], a report regarding the Servicer’s assessment of compliance with the Servicing Criteria during the
immediately preceding calendar year (or since the Closing Date in the case of the first such report), including disclosure of any material instance of non-compliance identified by the Servicer, as required
under paragraph (b) of Rule 13a-18 and Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 

SECTION 3.10 Annual Registered Public Accounting Firm Attestation Report. On or before the 90th day following the end of each fiscal
year, beginning with the fiscal year [        ], 20[  ], the Servicer shall cause a firm of independent registered public accountants (who may also render other services to the Servicer, the Seller
or their respective Affiliates) to furnish to the Indenture Trustee, the Servicer, the Seller and each Rating Agency each attestation report on assessments of compliance with the Servicing Criteria with respect to the Servicer or any Affiliate
thereof during the related fiscal year (or since the Closing Date in the case of the first such report) delivered by such accountants pursuant to paragraph (c) of Rule 13a-18 or Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. The certification required by this paragraph may be replaced by any similar certification using other procedures or attestation standards which are now or
in the future in use by servicers of comparable assets, or which otherwise comply with any rule, regulation, “no action” letter or similar guidance promulgated by the Commission. 

  

					
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 SECTION 3.11 Servicer Expenses. The Servicer shall pay all expenses (other than
expenses described in the definition of Liquidation Proceeds) incurred by it in connection with its activities hereunder, independent accountants, taxes imposed on the Servicer and expenses incurred in connection with distributions and reports to
the Noteholders and the Certificateholder. The Servicer shall also pay all fees, expenses, and indemnities of the Indenture Trustee (as described in, and pursuant to the limitations set forth in Section 6.7 of the
Indenture) and the Owner Trustee (as described in, and pursuant to the limitations set forth in, Sections 8.1 and 8.2 of the Trust Agreement). The compensation and indemnity obligations of the Servicer to the Indenture Trustee and the
Owner Trustee hereunder and pursuant to Section 6.7 of the Indenture and Sections 8.1 and 8.2 of the Trust Agreement shall survive the resignation or removal of the Indenture Trustee, the Owner Trustee and the
Servicer, the discharge of the Indenture and the termination or assignment of this Agreement and the Trust Agreement. 
 SECTION 3.12
Exchange Act Filings. The Issuer hereby authorizes the Servicer and the Seller, or either of them, to prepare, sign, certify and file any and all reports, statements and information with respect to the Issuer and/or the Notes required to be
filed pursuant to the Exchange Act, and the rules thereunder. 
 SECTION 3.13 Noteholder Communication. A Noteholder (if the Notes
are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may send a request to the Seller or the Servicer at any time notifying the Seller or the Servicer that such Noteholder or Note Owner, as
applicable, would like to communicate with other Noteholders or Note Owners, as applicable, with respect to an exercise of their rights under the terms of the Indenture or the other Transaction Documents. Each request must include (i) the name
of the Noteholder or Note Owner, as applicable, making the request and (ii) the method by which the other Noteholders or Note Owners, as applicable, may contact the Noteholder or Note Owner, as applicable, making the request. Additionally, in
the case of such requesting Note Owner, the Seller or the Servicer, as applicable, may require such Note Owner to provide Verification Documents. A Noteholder or Note Owner, as applicable, that delivers a request under this
Section 3.13 will be deemed to have certified to the Issuer, the Seller and the Servicer that its request to communicate with other Noteholders or Note Owners, as applicable, relates solely to a possible exercise of rights
under the Indenture or the other Transaction Documents, and will not be used for other purposes. The Seller shall include in each monthly distribution report on Form 10-D any request that complies with the
requirements of this Section 3.13 received during the related Collection Period. The Form 10-D shall specify (i) the date the request was received, (ii) a statement to the
effect that the Issuer has received a request from such Noteholder or Note Owner, as applicable, stating that such Noteholder or Note Owner, as applicable, is interested in communicating with other Noteholders or Note Owners, as applicable, with
regard to the possible exercise of rights under the Indenture or the other Transaction Documents, (iii) the name of the Noteholder or Note Owner, as applicable, making such request and (iv) a description of the method other Noteholders or
Note Owners, as applicable, may use to contact the requesting Noteholder or Note Owner. 

  

					
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 ARTICLE IV 

DISTRIBUTIONS; ACCOUNTS; 

STATEMENTS TO THE CERTIFICATEHOLDER 

AND THE NOTEHOLDERS 
 SECTION 4.1
Establishment of Accounts. (a) The Servicer shall cause to be established: 
 (i) For the benefit of the
Noteholders [and the Swap Counterparty], in the name of the Indenture Trustee, an Eligible Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit
of the Noteholders [and the Swap Counterparty], which Eligible Account shall be established by and maintained with the Indenture Trustee or its designee. No checks shall be issued, printed or honored with respect to the Collection Account. 

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

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

(iv) [For the benefit of the Noteholders, in the name of the Indenture Trustee, an Eligible Account (the “Yield
Supplement Account”), bearing a designation clearly indicating that funds deposited therein are held for the benefit of the Noteholders, which Eligible Account shall be established and maintained with the Indenture Trustee or its designee.
No checks shall be issued, printed or honored with respect to the Yield Supplement Account.] 
 (b) Funds on deposit in the Collection
Account and the Reserve Account (collectively, with the Principal Distribution Account [and the Swap Termination Payment Account (to the extent such account is established under Section 4.8(b))], the “Trust Accounts”) shall be
invested by the Indenture Trustee in Permitted Investments selected in writing by the Servicer and of which the Servicer provides notification (pursuant to standing instructions or otherwise); provided, that it is understood and agreed that
neither the Servicer, the Indenture Trustee nor the Issuer shall be liable for any loss arising from such investment in Permitted Investments. If
[                        ] is the Indenture Trustee, in the absence of such written investment direction, all funds shall be
invested in one or more Permitted Investments in 

  

					
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accordance with the standing instructions most recently given by the Servicer or should that for any reason not be possible such funds shall be retained uninvested. All such Permitted Investments
shall be held by or on behalf of the Indenture Trustee as secured party for the benefit of the Noteholders [and the Swap Counterparty]; provided, that on each Payment Date all interest and other investment income (net of losses and investment
expenses) on funds on deposit in the Collection Account [and the Reserve Account] shall be distributed to the Servicer as additional servicing compensation and shall not be available to pay the distributions provided for in
Section 4.4. All investments of funds on deposit in the Trust Accounts shall mature so that such funds will be available by [    ] [a.m.] New York City time on the next Payment Date. No Permitted
Investment shall be sold or otherwise disposed of prior to its scheduled maturity unless a default occurs with respect to such Permitted Investment and the Servicer directs the Indenture Trustee in writing to dispose of such Permitted Investment.
For the avoidance of doubt, with respect to each Payment Date, any interest and other income earned on funds in deposit in the Collection Account from the Business Day prior to such Payment Date through such Payment Date shall be paid to the
Servicer. 
 (c) The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Trust
Accounts and in all proceeds thereof and all such funds, investments and proceeds shall be part of the Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and control of the Indenture Trustee for
the benefit of the Noteholders [and the Swap Counterparty]. If, at any time, any Trust Account ceases to be an Eligible Account, the Servicer shall promptly notify the Indenture Trustee in writing (unless such Trust Account is an account with the
Indenture Trustee) and within 10 Business Days (or any longer period if the Rating Agency Condition is satisfied with respect to such longer period) after becoming aware of the fact, establish a new Trust Account as an Eligible Account and shall
direct the Indenture Trustee to transfer any cash and/or any investments to such new Trust Account. 
 (d) With respect to the Trust Account
Property, the parties hereto agree that: 
 (i) any Trust Account Property that consists of uninvested funds shall be held
solely in Eligible Accounts and, except as otherwise provided herein, each such Eligible Account shall be subject to the exclusive custody and control of the Indenture Trustee, and, except as otherwise provided in the Transaction Documents, the
Indenture Trustee or its designee shall have sole signature authority with respect thereto; 
 (ii) any Trust Account
Property that constitutes Physical Property shall be delivered to the Indenture Trustee or its designee, in accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending maturity or disposition,
solely by the Indenture Trustee or any such designee; 
 (iii) any Trust Account Property that is an “uncertificated
security” under Article 8 of the UCC and that is not governed by clause (iv) below shall be delivered to the Indenture Trustee or its designee in accordance with paragraph (c) of the definition of “Delivery”
and shall be maintained by the Indenture Trustee or such designee, pending maturity or disposition, through continued registration of the Indenture Trustee’s (or its designee’s) ownership of such security on the books of the issuer
thereof; 

  

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

(v) to the extent any Trust Account Property is credited to a securities account, the account agreement establishing such
securities account shall provide that the account agreement is governed by the law of the State of New York and that the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention; and such
institution acting as securities intermediary shall have at the time of entry of the account agreement one or more offices in the United States of America. 

(e) The Indenture Trustee, to the extent it is acting in the capacity of securities intermediary with respect to Trust Account Property
covenants and agrees that: 
 (i) it is a “securities intermediary,” as such term is defined in Section 8-102(a)(14)(ii) of the relevant UCC; 
 (ii) pursuant to Section 8-110(e)(1) of the relevant UCC for purposes of the relevant UCC, the jurisdiction of the Indenture Trustee as securities intermediary is the State of New York; and 

(iii) it has one or more offices in the United States of America engaged in a business or other regular activity of maintaining
securities accounts. 
 (f) To the extent that there are any other agreements with the Indenture Trustee governing the Trust Accounts, the
parties agree that each and every such agreement is hereby amended to provide that, with respect to the Trust Accounts, the law applicable to all issues specified in Article 2(1) of the Hague Securities Convention shall be the laws of the State of
New York. 
 (g) Except for the Collection Account, the Reserve Account and the Principal Distribution Account, there are no accounts
required to be maintained under the Transaction Documents. 
 SECTION 4.2 Remittances. The Servicer shall deposit an amount equal to
all Collections into the Collection Account within two Business Days after identification[; provided, however, that if the Monthly Remittance Condition is satisfied, then the Servicer shall not be required to deposit into the
Collection Account an amount equal to the Collections received during any Collection Period until [    ] [a.m.], New York City time, on the Business Day prior to the related Payment Date. The “Monthly Remittance
Condition” shall be deemed to be 

  

					
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satisfied if (i) the Bank or one of its Affiliates is the Servicer, (ii) no Servicer Replacement Event has occurred and is continuing and (iii) USAA Capital Corporation has a
short-term debt rating of at least “P1” from Moody’s and “A1” from Standard & Poor’s]. Notwithstanding the foregoing, the Servicer may remit Collections to the Collection Account on any other alternate
remittance schedule (but not later than the related Payment Date) if the Rating Agency Condition is satisfied with respect to such alternate remittance schedule. Pending deposit into the Collection Account, Collections may be commingled and used by
the Servicer at its own risk and are not required to be segregated from its own funds. [The Indenture Trustee shall not be deemed to have knowledge of any event or circumstance included in the definition of Monthly Remittance Condition that would
require early remittance of such funds unless a Responsible Officer of the Indenture Trustee has actual knowledge thereof.] 
 SECTION 4.3
Additional Deposits and Payments. (a) On each Payment Date, the Servicer and the Seller will deposit into the Collection Account the aggregate Repurchase Price with respect to Repurchased Receivables purchased by the Servicer pursuant to
Section 3.6 or the Bank, as seller, pursuant to Section 3.4 of the Purchase Agreement, respectively, on such Payment Date and the Servicer will deposit (or will cause the applicable purchaser to
deposit) into the Collection Account all amounts, if any, to be paid under Section 8.1 in connection with the Optional Purchase. All such deposits with respect to a Payment Date will be made, in immediately available funds
by [    ] [a.m.], New York City time, on the Business Day prior to such Payment Date related to such Collection Period. 

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

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

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

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

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

  

					
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 SECTION 4.4 Distributions. 

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

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

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

(iii) third, pro rata [(A) to the Swap Counterparty, any Senior Swap Termination Payments for such Payment Date, and
(B)] to the Class A Noteholders, the Accrued Class A Note Interest for the related Interest Period; provided, that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the
amounts available will be applied to the payment of such interest on the Class A Notes on a pro rata basis; 
 (iv)
fourth, to the Principal Distribution Account for distribution to the Noteholders pursuant to Section 8.2(c) of the Indenture, the First Allocation of Principal, if any; 

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

(vi) sixth, to the Principal Distribution Account for distribution to the Noteholders in accordance with
Section 8.2(c) of the Indenture, the Second Allocation of Principal, if any; 
 (vii) seventh,
to the Reserve Account, any additional amounts required to increase the amount in the Reserve Account up to the Specified Reserve Account Balance; 

(viii) eighth, to the Principal Distribution Account for distribution to the Noteholders in accordance with
Section 8.2(c) of the Indenture, the Regular Allocation of Principal, if any; 
 (ix) [ninth,
to the Swap Counterparty, any Subordinated Swap Termination Payments for such Payment Date;] 
 (x) tenth, to the
Owner Trustee and the Indenture Trustee, accrued and unpaid fees and reasonable expenses (including indemnification amounts) due and payable under this Agreement, the Trust Agreement, the Asset Representations Review Agreement and the Indenture, as
applicable, which have not been previously paid; 

  

					
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 (xi) eleventh, to the Asset Representations Reviewer, accrued and
unpaid fees and reasonable expenses (including indemnification amounts) due and payable under the Asset Representations Review Agreement which have not been previously paid 

(xii) twelfth, to the Servicer, legal expenses and costs incurred pursuant to Section 6.4(b);
and 
 (xiii) thirteenth, to or at the direction of the Certificateholder, any funds remaining. 

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

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

SECTION 4.5 Net Deposits. [If the Monthly Remittance Condition is satisfied, the Servicer shall be permitted to deposit into the
Collection Account only the net amount distributable to Persons other than the Servicer and its Affiliates on the Payment Date. ]The Servicer shall be permitted to pay the Optional Purchase Price pursuant to Section 8.1 net
of amounts to be distributed to the Servicer or its Affiliates on the related Redemption Date, and accounts between the Servicer and such Affiliates shall be adjusted accordingly. The Servicer shall, however, account for all deposits and
distributions in the Servicer’s Certificate as if the amounts were deposited and/or distributed separately. 
 SECTION 4.6
Statements to Certificateholder and Noteholders. Before each Payment Date, the Servicer shall deliver to the Indenture Trustee, each Paying Agent and the Rating Agencies, and the Indenture Trustee shall make available on its website, as
described below to the Issuer [, the Swap Counterparty] and to each Noteholder of record as of the most recent Record Date, a statement setting forth for the Collection Period relating to such Payment Date the following information (to the extent
applicable): 
 (a) the applicable Record Date, Determination Date and Payment Date; 

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

(c) the Class A-1 Note Balance, the Class A-2[-A] Note Balance, [the Class A-2-B Note Balance,] the Class A-3
Note Balance, the Class A-4 Note Balance, the Class B Note Balance and the Principal Factor with respect to each Class of Notes, in each case after giving effect to payments on such Payment
Date; 

  

					
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 (d) (i) the amount on deposit in the Reserve Account and the Specified Reserve Account
Balance, each as of the beginning and end of the related Collection Period, (ii) the amount deposited in the Reserve Account in respect of such Payment Date, if any, (iii) the Reserve Account Draw Amount and the Reserve Account Excess
Amount, if any, to be withdrawn from the Reserve Account on such Payment Date, (iv) the balance on deposit in the Reserve Account on such Payment Date after giving effect to withdrawals therefrom and deposits thereto in respect of such Payment
Date and (v) the change in such balance from the immediately preceding Payment Date; 
 (e) [(i) the amount on deposit in the Yield
Supplement Account and the Yield Supplement Account Amount, each as of the beginning and end of the related Collection Period, (ii) the Yield Supplement Account Draw Amount to be withdrawn from the Yield Supplement Account on such Payment Date,
(iii) the balance on deposit in the Yield Supplement Account on such Payment Date after giving effect to withdrawals therefrom in respect of such Payment Date and (iv) the change in such balance from the immediately preceding Payment
Date;] 
 (f) the First Allocation of Principal, the Second Allocation of Principal and the Regular Allocation of Principal for such Payment
Date; 
 (g) the number of Receivables and the Net Pool Balance as of the beginning of business on the first day of the preceding Collection
Period and the close of business of the last day of the preceding Collection Period; 
 (h) the amount of the Servicing Fee to be paid to
the Servicer with respect to the related Collection Period and the amount of any unpaid Servicing Fees, and the change in such amount from that of the prior Payment Date; 

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

(j) the amount of the Class A Noteholders’ Interest Carryover Shortfall and the Class B Noteholders’ Interest Carryover
Shortfall, if any, on such Payment Date and the change in such amounts from the preceding Payment Date; 
 (k) the amount of any shortfall
in principal payments due to the Class A Noteholders and the Class B Noteholders on such Payment Date and the change in such amounts from the preceding Payment Date; 

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

(m) any material modifications, extensions or waivers to the Transferred Assets’ terms, fees, penalties or payments during the related
Collection Period; 
 (n) any material breaches of the representations and warranties made in the Transaction Documents with respect to the
Transferred Assets; 

  

					
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 (o) the Outstanding Principal Balance of Receivables that are
30-59, 60-89, 90-119 and over 119 days delinquent as of the end of the related Collection Period; 

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

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

(r) the number of Receivables that are 30-59, 60-89, 90-119 and over 119 days delinquent as of the end of the related Collection Period; 
 (s) the percentage
of the Net Pool Balance of Receivables that are 30-59, 60-89, 90-119 and over 119 days delinquent as of the end of the related
Collection Period; 
 (t) the amount of Collections for the related Collection Period and any fees and expenses of the Issuer paid with
respect to the Collection Period; 
 (u) the aggregate amount of losses realized on the Receivables during the related Collection Period;

 (v) the number of 60-Day Delinquent Receivables as of the end of the related Collection Period;

 (w) the Outstanding Principal Balance of 60-Day Delinquent Receivables as of the end of the
related Collection Period; 
 (x) the Delinquency Percentage, and whether the Delinquency Percentage exceeds the Delinquency Trigger for
such Payment Date; 
 (y) whether and when the Instituting Noteholders have elected to initiate a vote to determine whether the Asset
Representations Reviewer should conduct an Asset Representations Review with respect to the Subject Receivables; 
 (z) whether Noteholders
representing at least a majority of the voting Noteholders vote in favor of directing an Asset Representations Review of the Subject Receivables by the Asset Representations Reviewer; 

(aa) a summary of the findings and conclusions of any Asset Representations Review of the Subject Receivables by the Asset Representations
Reviewer; 
 (bb) if applicable, a statement that the Servicer has received a communication request from a Noteholder interested in
communicating with other Noteholders regarding the possibility of exercising rights under the Transaction Documents and the name and contact information for the requesting Noteholder and the date such request was received; and 

(cc) if applicable, information with respect to any change in the Asset Representations Reviewer as required by Item 1111(h) and Item 1125 of
Regulation AB. 

  

					
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 No disbursements shall be made directly by the Servicer to a Noteholder, and the Servicer
shall not be required to maintain any investor record relating to the posting of disbursements or otherwise 
 The Indenture Trustee will
make available via the Indenture Trustee’s internet website all reports or notices required to be provided by the Indenture Trustee under this Section 4.6. Any information that is disseminated in accordance with the
provisions of this Section 4.6 shall not be required to be disseminated in any other form or manner; provided, however, any such information that must be delivered to the Rating Agencies under this
Section 4.6 shall be sent by the Servicer by electronic mail to each Rating Agency. The Indenture Trustee will make no representations or warranties as to the accuracy or completeness of such documents and will assume no
responsibility therefor. 
 The Indenture Trustee’s internet website shall be initially located at
[                ] or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the Noteholders, the Servicer, the Issuer or
any Paying Agent. The Indenture Trustee will forward a hard copy of the reports or notices required to be provided by the Indenture Trustee under this Section 4.6 to Noteholders promptly upon Noteholder request, if such
reports or notices are not accessible on its internet website. In connection with providing access to the Indenture Trustee’s internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Indenture
Trustee shall not be liable for the dissemination of information in accordance with this Agreement. 
 SECTION 4.7 No Duty to
Confirm. The Indenture Trustee shall have no duty or obligation to verify or confirm the accuracy of any of the information or numbers set forth in the Servicer’s Certificate delivered by the Servicer to the Indenture Trustee, and the
Indenture Trustee shall be fully protected in relying upon such Servicer’s Certificate. 
 [SECTION 4.8 Interest Rate Swap
Agreement.] 
 (a) [The Issuer shall enter into the Initial Interest Rate Swap Agreement with the Initial Swap Counterparty. Subject to
the requirements of this Section 4.8, the Issuer may from time to time enter into one or more Replacement Interest Rate Swap Agreements in the event that the Initial Interest Rate Swap Agreement is terminated due to any
“Termination Event” or “Event of Default” (each as defined in the Initial Interest Rate Swap Agreement) prior to its scheduled expiration and in accordance with the terms of such Interest Rate Swap Agreement. Other than any
Replacement Interest Rate Swap Agreement entered into pursuant to this Section 4.8(a), the Issuer may not enter into any additional interest rate swap agreements.] 

(b) [In the event of any early termination of any Interest Rate Swap Agreement, (i) upon written direction and notification of such early
termination, the Indenture Trustee shall establish the Swap Termination Payment Account over which the Indenture Trustee shall have exclusive control and the sole right of withdrawal, and in which no Person other than the Indenture Trustee, the Swap
Counterparty and the Noteholders shall have any legal or beneficial interest, (ii) any Swap Termination Payments received from the Swap Counterparty will be remitted to the Swap Termination Payment Account and (iii) any Swap Replacement
Proceeds received from a Replacement Swap Counterparty will be remitted directly to the Swap Counterparty; provided, 

  

					
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that any such remittance to the Swap Counterparty shall not exceed the amounts, if any, owed to the Swap Counterparty under the Interest Rate Swap Agreement; provided, further that
the Swap Counterparty shall only receive Swap Replacement Proceeds if all Swap Termination Payments due from the Swap Counterparty to the Issuer have been paid in full and if such amounts have not been paid in full then the amount of Swap
Replacement Proceeds necessary to make up any deficiency shall be remitted to the Swap Termination Payment Account.] 
 (c) [The Issuer
shall promptly, following the early termination of any Initial Interest Rate Swap Agreement due to an “Event of Default” or “Termination Event” (each as defined in the Initial Interest Rate Swap Agreement) and in accordance with
the terms of such Interest Rate Swap Agreement, enter into a Replacement Interest Rate Swap Agreement to the extent possible and practicable through application of funds available in the Swap Termination Payment Account unless entering into such
Replacement Interest Rate Swap Agreement will cause the Rating Agency Condition not to be satisfied.] 
 (d) [To the extent that
(i) the funds available in the Swap Termination Payment Account exceed the costs of entering into a Replacement Interest Rate Swap Agreement or (ii) the Issuer determines not to replace the Initial Interest Rate Swap Agreement and the
Rating Agency Condition is met with respect to such determination, the amounts in the Swap Termination Payment Account (other than funds used to pay the costs of entering into a Replacement Interest Rate Swap Agreement, if applicable) shall be
included in Available Funds and allocated in accordance with the order of priority specified in Section 4.4(a) on the following Payment Date. In any other situation, amounts on deposit in the Swap Termination Payment
Account at any time shall be invested pursuant to Section 4.1(b) and on each Payment Date after the creation of a Swap Termination Payment Account, the funds therein shall be used to cover any shortfalls in the amounts
payable under clauses first through [seventh] under Section 4.4(a), provided, that in no event will the amount withdrawn from the Swap Termination Payment Account on such
Payment Date exceed the amount of Net Swap Receipts that would have been required to be paid on such Payment Date under the terminated Interest Rate Swap Transaction had there been no termination of such transaction. Any amounts remaining in the
Swap Termination Payment Account after payment in full of the Class A-4 Notes shall be included in Available Funds and allocated in accordance with the order of priority specified in
Section 4.4(a) on the following Payment Date.] 
 (e) [If the Swap Counterparty is required to post collateral
under the terms of the Interest Rate Swap Agreement, upon written direction and notification of such requirement, the Indenture Trustee shall establish the Swap Collateral Account (the “Swap Collateral Account”) over which the
Indenture Trustee shall have exclusive control and the sole right of withdrawal, and in which no Person other than the Indenture Trustee, the Swap Counterparty and the Noteholders shall have any legal or beneficial interest. The Indenture Trustee
shall deposit all collateral received from the Swap Counterparty under the Interest Rate Swap Agreement into the Swap Collateral Account. Any and all funds at any time on deposit in, or otherwise to the credit of, the Swap Collateral Account shall
be held in trust by the Indenture Trustee for the benefit of the Swap Counterparty and the Noteholders. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Swap Collateral Account shall be
(i) for application to obligations of the Swap Counterparty to the Issuer under the Interest Rate Swap Agreement in accordance with the terms of the Interest Rate Swap Agreement or (ii) to return collateral to the Swap Counterparty when
and as required by the Interest Rate Swap Agreement.] 

  

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

 SECTION 5.1 Representations and Warranties of Seller. The Seller makes the following representations and warranties as of the
Closing Date on which the Issuer will be deemed to have relied in acquiring the Transferred Assets. The representations and warranties speak as of the execution and delivery of this Agreement and will survive the conveyance of the Transferred Assets
to the Issuer pursuant to this Agreement and the pledge thereof by the Issuer to the Indenture Trustee pursuant to the Indenture: 
 (a)
Existence and Power. The Seller is a limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, all power and authority required to carry on its business as it is
now conducted. The Seller has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Seller to perform its obligations under the Transaction Documents or
affect the enforceability or collectibility of the Receivables or any other part of the Transferred Assets. 
 (b) Authorization and No
Contravention. The execution, delivery and performance by the Seller of each Transaction Document to which it is a party (i) have been duly authorized by all necessary limited liability company action on the part of the Seller and
(ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its
property is subject (other than violations which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated
by, or the Seller’s ability to perform its obligations under, the Transaction Documents). 

  

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

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

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

(f) No Proceedings. There are no actions, suits or Proceedings pending or, to the knowledge of the Seller, threatened against the
Seller before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the consummation of any of the
transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by the Seller of its obligations under this Agreement or
any of the other Transaction Documents or the collectibility or enforceability of the Receivables, or (iv) relate to the Seller that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar
tax attributes of the Notes. 
 (g) Assignment. The Receivables and the other Transferred Assets have been validly assigned by the
Seller to the Issuer. 
 (h) Security Interests. The Seller has not authorized the filing of and is not aware of any financing
statements against the Seller that includes a description of collateral covering any Receivable other than any financing statement relating to security interests granted under the Transaction Documents or that have been or, prior to the assignment
of such Receivables hereunder, will be terminated, amended or released. This Agreement creates a valid and continuing security interest in the Receivables (other than the Related Security with respect thereto, to the extent that an ownership
interest therein cannot be perfected by the filing of a financing statement) in favor of the Issuer which security interest is prior to all other Liens (other than Permitted Liens) and is enforceable as such against all other creditors of and
purchasers and assignees from the Seller. 
 (i) Creation, Perfection and Priority of Security Interests. The representations and
warranties regarding creation, perfection and priority of security interests in the Transferred Assets, which are attached to this Agreement as Exhibit B, are true and correct to the extent that they are applicable. 

  

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

(a) The Seller shall indemnify, defend, and hold harmless the Issuer, the Owner Trustee, the Paying Agent and the Indenture Trustee and their
respective directors, officers, employees and agents from and against any claim, loss, liability, obligation, compensatory damages, payment, cost, fee or expense of any kind whatsoever, including but not limited to the costs of defending any claim
or bringing any claim to enforce its rights, including indemnification obligations of the Seller hereunder, incurred by reason of (i) the Seller’s willful misfeasance, bad faith, or negligence in the performance of its duties under this
Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement and (ii) the Seller’s violation of federal or State securities laws in connection with the registration or the sale of the Notes. 

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

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

(d) The Seller’s obligations under this Section 5.2 are obligations solely of the Seller and will not
constitute a claim against the Seller to the extent that the Seller does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, the Issuer, the Servicer, the Indenture Trustee and the
Owner Trustee, by entering into or accepting this Agreement, acknowledge and agree that they have no right, title or interest in or to the Other Assets of the Seller. To the extent that, notwithstanding the agreements and provisions contained in the
preceding sentence, the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or
from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect
under the Bankruptcy Code), then the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the
indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets
(whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Seller),
including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. The Issuer, the
Servicer, the Indenture Trustee and the 

  

					
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Owner Trustee each further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 5.2(d) and the terms of this
Section 5.2(d) may be enforced by an action for specific performance. The provisions of this Section 5.2(d) will be for the third party benefit of those entitled to rely thereon and will survive
the termination of this Agreement. 
 SECTION 5.3 Merger or Consolidation of, or Assumption of the Obligations of, Seller. Any Person
(i) into which the Seller may be merged or consolidated, (ii) resulting from any merger, conversion, or consolidation to which the Seller is a party, (iii) succeeding to the business of the Seller, or (iv) more than 50% of the
voting stock or voting power and 50% or more of the economic equity of which is owned directly or indirectly by United Services Automobile Association or which is United Services Automobile Association, which Person in any of the foregoing cases
executes an agreement of assumption to perform every obligation of the Seller under this Agreement, will be the successor to the Seller under this Agreement without the execution or filing of any document or any further act on the part of any of the
parties to this Agreement. The Seller shall provide notice of any merger, conversion, consolidation, or succession pursuant to this Section 5.3 to the Rating Agencies. 

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

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

SECTION 5.6 Sarbanes-Oxley Act Requirements. To the extent any documents are required to be filed or any certification is required to
be made with respect to the Issuer or the Notes pursuant to the Sarbanes-Oxley Act, the Issuer hereby authorizes the Servicer and the Seller, or either of them, to prepare, sign, certify and file any such documents or certifications on behalf of the
Issuer. 
 SECTION 5.7 Compliance with Organizational Documents. The Seller shall comply with its limited liability company agreement
and other organizational documents. 

  

					
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 ARTICLE VI 

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

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

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

(c) No Consent Required. No approval or authorization by, or filing with, any Governmental Authority is required in connection with the
execution, delivery and performance by the Servicer of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made and
(iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or would not materially and adversely affect the ability of the
Servicer to perform its obligations under the Transaction Documents. 
 (d) Binding Effect. Each Transaction Document to which the
Servicer is a party constitutes the legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, receivership, conservatorship or other similar laws affecting creditors’ rights generally and, if applicable, the rights of creditors of federal savings associations from time to time in effect or by general principles of equity.

  

					
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 (e) No Proceedings. There are no actions, suits or Proceedings pending or, to the
knowledge of the Servicer, threatened against the Servicer before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the
issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by
the Servicer of its obligations under this Agreement or any of the other Transaction Documents, or (iv) relate to the Servicer that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar
tax attributes of the Notes. 
 (f) Fidelity Bond. The Servicer shall not be required to maintain a fidelity bond or errors and
omissions policy. 
 SECTION 6.2 Indemnities of Servicer. The Servicer will be liable in accordance herewith only to the extent of
the obligations specifically undertaken by the Servicer under this Agreement, and hereby agrees to the following: 
 (a) The Servicer will
defend, indemnify and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders, the Certificateholder and the Seller and their respective directors, officers, employees and agents from and against any and all costs, fees,
expenses, losses, damages, claims, obligations, payments and liabilities of any kind whatsoever, arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of a Financed Vehicle, including, but not
limited to, the costs of defending any claim or bringing any claim to enforce their rights, including the Servicer’s indemnification obligations hereunder. 

(b) The Servicer will indemnify, defend and hold harmless the Issuer, the Owner Trustee and the Indenture Trustee and their respective
directors, officers, employees and agents from and against any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated herein or in the other Transaction Documents, if any, including, without
limitation, any sales, gross receipts, general corporation, tangible personal property, privilege, or license taxes (but, in the case of the Issuer, not including any taxes asserted with respect to, and as of the date of, the conveyance of the
Receivables to the Issuer or the issuance and original sales of the Notes, or asserted with respect to ownership of the Receivables, or federal or other Applicable Tax State income taxes arising out of the transactions contemplated by this Agreement
and the other Transaction Documents) and costs and expenses in defending against the same or of defending any claim or bringing any claim to enforce their rights, including the Servicer’s indemnification obligations hereunder. For the avoidance
of doubt, the Servicer will not indemnify for any costs, fees, expenses, losses, claims, damages, obligations, payments or liabilities due to the credit risk of the Obligor and for which reimbursement would constitute recourse for uncollectible
Receivables. 
 (c) The Servicer will indemnify, defend and hold harmless the Issuer, the Owner Trustee and the Indenture Trustee and their
respective directors, officers, employees and agents and the Seller from and against any and all costs, fees, expenses, losses, claims, damages, obligations, payments and liabilities of any kind whatsoever to the extent that such cost, fee, expense,
loss, claim, damage, obligation, payment or liability arose out of, or was imposed upon any such Person through, the negligence, willful misfeasance, or bad faith of the Servicer in the 

  

					
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performance of its duties under this Agreement or any other Transaction Document to which it is a party, or by reason of its failure to perform its obligations or of reckless disregard of its
obligations and duties under this Agreement or any other Transaction Document to which it is a party or of defending any claim or bringing any claim to enforce their rights, including the Servicer’s indemnification obligations hereunder;
provided, however, that the Servicer will not indemnify for any costs, fees, expenses, losses, claims, damages, obligations, payments or liabilities arising from its breach of any covenant for which the repurchase of the affected
Receivables is specified as the sole remedy pursuant to Section 3.6. 
 (d) The Servicer will compensate and
indemnify the Owner Trustee to the extent and subject to the conditions set forth in Sections 8.1 and 8.2 of the Trust Agreement. The Servicer will compensate and indemnify the Indenture Trustee to the extent and subject to the
conditions set forth in Section 6.7 of the Indenture, except to the extent that any cost, fee, expense, loss, claim, damage, obligation, payment or liability arises out of or is incurred in connection with the performance
by the Indenture Trustee of the duties of a successor Servicer hereunder. 
 (e) Indemnification under this
Section 6.2 by the Bank (or any successor thereto pursuant to Section 6.6 or Section 7.1) as Servicer, with respect to the period such Person was the Servicer, will
survive the termination of such Person as Servicer or a resignation by such Person as Servicer as well as the termination or assignment of this Agreement and the Trust Agreement or the resignation or removal of the Owner Trustee or the Indenture
Trustee and will include reasonable fees and expenses of counsel and expenses of litigation (including, without limitation, any reasonable legal fees, costs and expenses incurred in connection with any enforcement (including any action, claim or
suit brought) by the Owner Trustee or the Indenture Trustee of any indemnification or other obligation of the Servicer). If the Servicer has made any indemnity payments pursuant to this Section 6.2 and the Person to or on
behalf of whom such payments are made thereafter collects any of such amounts from others, such Person will promptly repay such amounts to the Servicer, without interest. 

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

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

  

					
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 SECTION 6.3 Merger or Consolidation of, or Assumption of the Obligations of,
Servicer. Any Person (i) into which the Servicer may be merged or consolidated, (ii) resulting from any merger, conversion, or consolidation to which the Servicer is a party, (iii) succeeding to the business of the Servicer or
(iv) 50% or more of the equity of which is owned, directly or indirectly, by United Services Automobile Association, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Servicer under
this Agreement, will be the successor to the Servicer under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement. The Servicer shall provide prior notice of the effective
date of any merger, conversion, consolidation or succession pursuant to this Section 6.3 to the Rating Agencies, the Indenture Trustee and the Seller. The Servicer shall provide the Seller in writing such information as
reasonably requested by the Seller to comply with its Exchange Act reporting obligations with respect to a successor Servicer. 
 SECTION
6.4 Limitation on Liability of Servicer and Others. (a) Neither the Servicer nor any of the directors or officers or employees or agents of the Servicer will be under any liability to the Issuer, the Indenture Trustee, the Owner Trustee,
the Noteholders[, the Swap Counterparty] or the Certificateholder, except as provided under this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; provided,
however, that this provision will not protect the Servicer or any such Person against any liability that would otherwise be imposed by reason of willful misfeasance or bad faith in the performance of duties or by reason of its failure to
perform its obligations or of reckless disregard of obligations and duties under this Agreement, or by reason of negligence in the performance of its duties under this Agreement (except for errors in judgment). The Servicer and any director, officer
or employee or agent of the Servicer may rely in good faith on any Opinion of Counsel or on any Officer’s Certificate of the Seller or certificate of auditors believed to be genuine and to have been signed by the proper party in respect of any
matters arising under this Agreement. 
 (b) Except as provided in this Agreement, the Servicer will not be under any obligation to appear
in, prosecute, or defend any legal action that is not incidental to its duties to service the Receivables in accordance with this Agreement, and that in its opinion may involve it in any expense or liability; provided, however, that
the Servicer may undertake any reasonable action that it may deem necessary or desirable in respect of this Agreement and the rights and duties of the parties to this Agreement and the interests of the Noteholders and the Certificateholder under
this Agreement. In such event, the legal expenses and costs of such action and any liability resulting therefrom will be expenses, costs and liabilities of the Issuer, and the Servicer shall be entitled to be reimbursed therefor. Any amounts due the
Servicer pursuant to this subsection shall be payable on a Payment Date in accordance with Section 4.4(a). 

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

  

					
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 SECTION 6.6 The Bank Not to Resign as Servicer. Subject to the provisions of
Sections 6.3 and 6.5, the Bank will not resign from the obligations and duties hereby imposed on it as Servicer under this Agreement except upon determination that the performance of its duties under this Agreement is no longer
permissible under applicable law. Notice of any such determination permitting the resignation of the Bank will be communicated to the Issuer and the Indenture Trustee at the earliest practicable time (and, if such communication is not in writing,
will be confirmed in writing at the earliest practicable time) and any such determination will be evidenced by an Opinion of Counsel to such effect delivered to the Issuer and the Indenture Trustee concurrently with or promptly after such notice. No
such resignation will become effective until a successor Servicer has (i) assumed the responsibilities and obligations of the Bank as Servicer and (ii) provided in writing the information reasonably requested by the Seller to comply with
its reporting obligations under the Exchange Act with respect to a replacement Servicer. 
 SECTION 6.7 Servicer May Own Notes. The
Servicer, and any Affiliate of the Servicer, may, in its individual or any other capacity, become the owner or pledgee of Notes with the same rights as it would have if it were not the Servicer or an Affiliate thereof, except as otherwise expressly
provided herein or in the other Transaction Documents. Except as set forth herein or in the other Transaction Documents, Notes so owned by or pledged to the Servicer or such Affiliate will have an equal and proportionate benefit under the provisions
of this Agreement, without preference, priority or distinction as among all of the Notes. 
 ARTICLE VII 

REPLACEMENT OF SERVICER 
 SECTION
7.1 Replacement of Servicer. 
 (a) If a Servicer Replacement Event shall have occurred and be continuing, the Indenture Trustee may
or, at the direction of 662⁄3% of the Note Balance of the Controlling Class shall, by notice given to the Servicer, the Owner Trustee, the Issuer, the
Administrator[,] [and] the Noteholders[ and the Swap Counterparty], terminate the rights and obligations of the Servicer under this Agreement with respect to the Receivables. In the event the Servicer is terminated pursuant to this
Section 7.1 or resigns as Servicer pursuant to Section 6.6 with respect to servicing the Receivables, the Indenture Trustee, acting at the direction of
662⁄3% of the Note Balance of the Controlling Class, shall appoint a successor Servicer. Upon the Servicer’s receipt of notice of termination the predecessor
Servicer will continue to perform its functions as Servicer under this Agreement only until the date specified in such termination notice or, if no such date is specified in such termination notice, until receipt of such notice. If a successor
Servicer has not been appointed at the time when the predecessor Servicer ceases to act as Servicer in accordance with this Section 7.1, the Indenture Trustee without further action will automatically be appointed the
successor Servicer. Notwithstanding the above, the Indenture Trustee, if it is legally unable or is unwilling to so act, will appoint, or petition a court of 

  

					
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competent jurisdiction to appoint a successor Servicer. Any successor Servicer shall be an established institution having a net worth of not less than $100,000,000 and whose regular business
includes the servicing of comparable motor vehicle receivables having an aggregate outstanding principal amount of not less than $50,000,000. If the Indenture Trustee shall become successor Servicer hereunder, the Indenture Trustee shall be entitled
to appoint a subservicer; provided that the Indenture Trustee, in its capacity as successor Servicer, shall be fully liable for the acts or omissions of such subservicer under the Transaction Documents to which it is a party. If the Indenture
Trustee shall become succesor Servicer hereunder, it shall not be liable for the acts or omissions by the predecessor Servicer. Notwithstanding anything to the contrary contained herein or in the Transaction Documents, if the Indenture Trustee shall
act as successor Servicer, it shall not in any event have obligations (i) with respect to the repurchase of the Receivables, (ii) to pay any fees, expenses and other amounts owing to the Administrator, or (iii) to pay any indemnities
owed by the Servicer. 
 (b) Noteholders holding not less than a majority of the Note Balance of the Controlling Class may waive any
Servicer Replacement Event. Upon any such waiver, such Servicer Replacement Event shall cease to exist and be deemed to have been cured and not to have occurred for every purpose of this Agreement, but no such waiver shall extend to any prior,
subsequent or other Servicer Replacement Event or impair any right consequent thereto. 
 (c) If replaced, the Servicer agrees that it will
use commercially reasonable efforts to effect the orderly and efficient transfer of the servicing of the Receivables to a successor Servicer. The Servicer agrees to cooperate with the successor Servicer in effecting the termination of the
responsibilities and rights of the Servicer hereunder, including, without limitation, the transfer to the successor Servicer for administration by it of all cash amounts which shall at the time be held by the Servicer for deposit, or have been
deposited by the Servicer, in the Collection Account, or for its own account in connection with its services hereafter or thereafter received with respect to the Collateral. The Servicer shall transfer to the successor Servicer all records held by
the Servicer relating to the Collateral in such electronic form as the successor Servicer may reasonably request and (ii) any Receivable Files in the Servicer’s possession. The Servicer will provide access to the Receivable Files, and the
related accounts records, and computer systems maintained by the Servicer at such times as the successor Servicer directs, but only upon reasonable notice and during normal business hours, which do not unreasonably interfere with the Servicer’s
normal operations, at the respective offices of the Servicer. All reasonable costs and expenses incurred in connection with transferring the Receivable Files to the successor Servicer and all other reasonable costs and expenses incurred in
connection with the transfer to the successor Servicer related to the performance by the Servicer hereunder will be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses. 

(d) Upon the effectiveness of the assumption by the successor Servicer of its duties pursuant to this Section 7.1,
the successor Servicer shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement with respect to the Receivables, and shall be subject to all the responsibilities, duties and liabilities relating
thereto, except with respect to the obligations of the predecessor Servicer that survive its termination as Servicer, including indemnification obligations as set forth in Section 6.2(e). In such event, the Indenture
Trustee and the Owner Trustee are hereby authorized and empowered to execute and deliver, on 

  

					
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behalf of the predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments,
and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such termination and replacement of the Servicer, whether to complete the transfer and endorsement of the Receivables and related documents, or
otherwise. No Servicer shall resign or be relieved of its duties under this Agreement, as Servicer of the Receivables, until a newly appointed Servicer for the Receivables shall have assumed the responsibilities and obligations of the resigning or
terminated Servicer under this Agreement. 
 (e) In connection with such appointment, the Indenture Trustee may make such arrangements for
the compensation of the successor Servicer out of Available Funds as it and such successor Servicer will agree; provided, however, that no such compensation will be in excess of the amount paid to the predecessor Servicer under this
Agreement. 
 SECTION 7.2 Notification to Noteholders. Upon any termination of, or appointment of a successor to, the Servicer
pursuant to this Article VII, the Indenture Trustee will give prompt (but in any event, within (5) Business Days of such termination or appointment) written notice thereof to the Owner Trustee, the Issuer, the Administrator and to the
Noteholders at their respective addresses of record. 
 ARTICLE VIII 

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

  

					
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 ARTICLE IX 

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

(i) the Seller or the Servicer delivers to the Indenture Trustee (a) an Opinion of Counsel to the effect that such
amendment will not materially and adversely affect the interests of the Noteholders and (b) Officer’s Certificate of the Seller or Servicer, respectively, to the effect that such amendment will not materially and adversely affect the
interests of the Noteholders; or 
 (ii) the Rating Agency Condition is satisfied with respect to such amendment and the
Seller or the Servicer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

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

  

					
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 (c) Prior to the execution of any amendment pursuant to this
Section 9.1, the Servicer shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, the Servicer shall furnish a copy of
such amendment or consent to each Rating Agency and the Indenture Trustee; provided, that no amendment pursuant to this Section 9.1 shall be effective which [(i)] affects the rights, protections or duties of the
Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed) [or (ii) materially and adversely affects the rights or obligations of the Swap Counterparty
under this Agreement unless the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after
receipt of a written request for such consent)]. 
 (d) Prior to the execution of any amendment to this
Section 9.1, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this
Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into or execute on behalf of the Issuer any such
amendment which adversely affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, privileges, indemnities, duties or obligations under this Agreement. 

SECTION 9.2 Protection of Title. 

(a) The Seller shall authorize and file such financing statements and cause to be authorized and filed such continuation and other statements,
all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer and the Indenture Trustee under this Agreement in the Receivables. The Seller shall deliver (or cause to be delivered)
to the Issuer and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above. 
 (b) The
Seller shall notify the Issuer and the Indenture Trustee in writing within ten (10) days following the occurrence of (i) any change in the Seller’s organizational structure as a limited liability company, (ii) any change in the
Seller’s “location” (within the meaning of Section 9-307 of the UCC of all applicable jurisdictions) and (iii) any change in the Seller’s name and shall have taken all action
prior to making such change (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not possible to take such action in advance) reasonably necessary or advisable to amend all previously filed
financing statements or continuation statements described in paragraph (a) above. 
 (c) The Servicer shall maintain (or shall
cause its Sub-Servicer to maintain) in accordance with its Customary Servicing Practices accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to
know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts
from time to time deposited in the Collection Account in respect of such Receivable. 

  

					
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 (d) The Servicer shall maintain (or shall cause its
Sub-Servicer to maintain) its computer systems so that, from time to time after the conveyance under this Agreement of the Receivables, the master computer records (including any backup archives, it being
understood that any such backup archives may not reflect such interest until thirty-five (35) days after the applicable changes are made to such master computer records) that refer to a Receivable shall indicate clearly the interest of the
Issuer in such Receivable and that such Receivable is owned by the Issuer and has been pledged to the Indenture Trustee pursuant to the Indenture. Indication of the Issuer’s interest in a Receivable shall not be deleted from or modified on such
computer systems until, and only until, the related Receivable shall have been paid in full, repurchased by the Bank pursuant to Section 3.4 of the Purchase Agreement or purchased by the Servicer in accordance with
Section 3.6 hereof. 
 (e) If at any time the Servicer shall propose to sell, grant a security interest in or
otherwise transfer any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including
any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuer and has been pledged to the Indenture Trustee. 

(f) The Servicer, upon receipt of reasonable prior notice, shall permit the Indenture Trustee, the Owner Trustee and their respective agents
at any time during normal business hours, to the extent it does not unreasonably interfere with the Servicer’s normal operations, to inspect, audit and, to the extent permitted by applicable law, make copies of and abstracts from
Servicer’s (or any Sub-Servicer’s) records regarding any Receivable. 
 (g) Upon request,
the Servicer shall furnish to the Issuer or to the Indenture Trustee, within [ ] Business Days, a list of all Receivables (by contract number and name of Obligor) then owned by the Issuer, together with a reconciliation of such list to each of the
Servicer’s Certificates furnished before such request indicating removal of Receivables from the Issuer. 
 SECTION 9.3 Other Liens
or Interests. Except for the conveyances and grants of security interests pursuant to this Agreement and the other Transaction Documents, the Seller shall not sell, pledge, assign or transfer the Receivables or other property transferred to the
Issuer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on any interest therein, and the Seller shall defend the right, title and interest of the Issuer in, to and under such Receivables
and other property transferred to the Issuer against all claims of third parties claiming through or under the Seller. 
 SECTION 9.4
Transfers Intended as Sale; Security Interest. 
 (a) Each of the parties hereto expressly intends and agrees that the transfers
contemplated and effected under this Agreement are complete and absolute sales, transfers, assignments and conveyances rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further
the intention of the parties hereto that the Receivables and related Transferred Assets shall not be part of the Seller’s estate in the event of a bankruptcy or insolvency of the Seller. The sales and transfers by the Seller of Receivables

  

					
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and related Transferred Assets hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, the Seller, except as otherwise specifically provided herein.
The limited rights of recourse specified herein against the Seller are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectability of the Receivables.

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

(i) This Agreement shall be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York UCC and
the UCC of any other applicable jurisdiction; 
 (ii) The conveyance provided for in Section 2.1 shall be deemed to be a
grant by the Seller, and the Seller hereby grants, to the Issuer a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the Receivables and other
Transferred Assets, to secure such indebtedness and the performance of the obligations of the Seller hereunder; 
 (iii) The
possession by the Issuer, or the Servicer as the Issuer’s agent, of the Receivable Files and any other property constituting instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured
party” or possession by the purchaser or a Person designated by such purchaser, for purposes of perfecting the security interest pursuant to the New York UCC and the UCC of any other applicable jurisdiction; and 

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

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

  

					
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 SECTION 9.6 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. REGARDLESS OF ANY PROVISION IN ANY
OTHER AGREEMENT, FOR PURPOSES OF THE UCC, NEW YORK SHALL BE DEEMED TO BE THE SECURITIES INTERMEDIARY’S JURISDICTION, AND THE LAW OF THE STATE OF NEW YORK SHALL GOVERN ALL ISSUES SPECIFIED IN ARTICLE 2(1) OF THE HAGUE SECURITIES CONVENTION.

 SECTION 9.7 Headings. The section headings hereof have been inserted for convenience of reference only and shall not be construed
to affect the meaning, construction or effect of this Agreement. 
 SECTION 9.8 Counterparts. This Agreement may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

SECTION 9.9 Waivers. No failure or delay on the part of the Servicer, the Seller, the Issuer or the Indenture Trustee in exercising any
power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the
exercise of any other power or right. No notice to or demand on any party hereto in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by any party hereto under this Agreement shall, except as
may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. 

SECTION 9.10 Entire Agreement. The Transaction Documents contain a final and complete integration of all prior expressions by the
parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten
agreements among the parties. 
 SECTION 9.11 Severability of Provisions. If any one or more of the covenants, agreements, provisions
or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in
no way affect the validity or enforceability of the other provisions of this Agreement. 

  

					
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 SECTION 9.12 Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect
until such time as the parties hereto shall agree. 
 SECTION 9.13 Acknowledgment and Agreement. By execution below, the Seller
expressly acknowledges and consents to the pledge, assignment and Grant of a security interest in the Receivables and the other Transferred Assets by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders
[and the Swap Counterparty]. In addition, the Seller hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the Issuer under this
Agreement in the event the Issuer shall fail to exercise the same. 
 SECTION 9.14 Cumulative Remedies. The remedies herein provided
are cumulative and not exclusive of any remedies provided by law. 
 SECTION 9.15 Nonpetition Covenant. Each party hereto agrees
that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under
any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy
Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to
make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in commencing or institute with
any other Person any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section 9.15 shall
survive the termination of this Agreement; provided that the foregoing shall in no way limit the rights of the parties hereto to pursue any other creditor rights or remedies that such Persons may have against the Issuer under applicable law.

 SECTION 9.16 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally:

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

  

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

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

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, each party hereto irrevocably waives all right
of trial by jury in any action, Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

SECTION 9.17 Limitation of Liability. 

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

  

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

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

SECTION 9.20 Regulation AB. The Servicer shall cooperate fully with the Seller and the Issuer to deliver to the Seller and the Issuer
(including any of its assignees or designees) any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Seller or the Issuer to permit the Seller to comply with the provisions
of Regulation AB and its reporting obligations under the Exchange Act, together with such disclosures relating to the Servicer and the Receivables, or the servicing of the Receivables, reasonably believed by the Seller to be necessary in order to
effect such compliance. 
 SECTION 9.21 Information to Be Provided by the Indenture Trustee. 

(a) The Indenture Trustee shall (i) on or before the fifth Business Day of each month, notify the Seller, in writing, of any Form 10-D Disclosure Item with respect to the Indenture Trustee, together with a description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to
the Seller; and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Indenture Trustee of any changes to such information, provide to the Seller, in writing, such updated information. 

(b) As soon as available but no later than March 15 of each calendar year, commencing on March [    ],
20[    ], the Indenture Trustee shall: 
 (i) deliver to the Seller and Servicer a report regarding the
Indenture Trustee’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, (or since the Closing Date in the case of the first such report) as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be signed by a Responsible Officer of the Indenture Trustee, and shall address each
of the Servicing Criteria specified in Exhibit C or such other criteria as mutually agreed upon by the Seller and the Indenture Trustee; 

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

  

					
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 (iii) deliver to the Seller and any other Person that will be responsible
for signing the certification (a “Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to
Section 302 of the Sarbanes-Oxley Act) on behalf of the Issuer or the Seller, a back-up certification substantially in the form attached hereto as Exhibit D or such form as mutually agreed upon by
the Seller and the Indenture Trustee; and 
 (iv) deliver to the Seller the certification substantially in the form attached
hereto as Exhibit E, or such other form as is mutually agreed upon by the Seller and the Indenture Trustee regarding any affiliations or relationships (as described in Item 1119 of Regulation AB) between the Indenture Trustee and any Item
1119 Party and any Form 10-D Disclosure Item. 
 The Indenture Trustee acknowledges that the parties identified in
clause (iii) above may rely on the certification provided by the Indenture Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 

(c) The Indenture Trustee shall provide the Seller and the Bank (each, a “Reporting Party” and, collectively, the
“Reporting Parties”) with (i) notification as soon as practicable of all demands communicated to a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Receivable for breach of the
representations and warranties concerning such Receivable and (ii) promptly upon written request by a Reporting Party, any other information reasonably requested by a Reporting Party that is in the Indenture Trustee’s possession and
reasonably accessible to it to facilitate compliance by the Reporting Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and
Regulations”) but in no event more than once monthly or such other quantity of requests as may be mutually agreed to by the Indenture Trustee and the applicable Reporting Party. In no event shall the Indenture Trustee be deemed to be a
“securitizer” as defined in Section 15G(a)(1) of the Exchange Act with respect to the transactions contemplated by the Transaction Documents, nor shall it have (A) any responsibility for making any filing required to be made by a
securitizer under the Exchange Act or Regulation AB, or (B) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities in respect to the
transactions contemplated by the Transaction Documents. For purposes of this section, a “demand” is limited to a demand for enforcement of a repurchase remedy received by the Indenture Trustee. A demand does not include general inquiries,
including investor inquiries, regarding asset performance or possible breaches of representations or warranties. 
 SECTION 9.22 Form 8-K Filings. The Indenture Trustee shall promptly notify the Seller of any Reportable Event set forth in clauses (a), (d) or (f) of the definition thereof (other than any such Reportable Event as to which
the Seller or the Servicer has actual knowledge), but in no event later than two (2) Business Days after a Responsible Officer of the Indenture Trustee has actual knowledge of such Reportable Event and has determined, or should have reasonably
determined, that such an event constitutes a Reportable Event. 

  

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

SECTION 9.24 Cooperation. The parties hereto acknowledge and agree that the purpose of Sections 9.21 and 9.22 is to
facilitate compliance by the Seller and Servicer with the provisions of Regulation AB and related rules and regulations of the Commission. Neither the Seller nor the Servicer shall exercise its right to request delivery of information or other
performance under these provisions other than in good faith in order to comply with the Securities Act, the Exchange Act, the rules and regulations of the Commission under the Securities Act and the Exchange Act and any comments or requests of the
Commission. The Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the
asset-backed securities markets or consensus among counsel to the parties hereto, and agrees to reasonably cooperate with the Seller to deliver to the Seller and Servicer such information necessary in the good faith determination of the Seller and
Servicer to permit the Seller or such Servicer to comply with the provisions of Regulation AB. 
 SECTION 9.25 [Limitation of Rights.
[All of the rights of the Swap Counterparty in, to and under this Agreement (including, but not limited to, all of the Swap Counterparty’s rights as a third party beneficiary of this Agreement and all of the Swap Counterparty’s rights to
receive notice of any action hereunder and to give or withhold consent to any action hereunder) shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms thereof and the payment in full of all amounts
owing to the Swap Counterparty under such Interest Rate Swap Agreement.] 
 SECTION 9.26 Rights of the Certificateholder.
Notwithstanding anything contained herein or in any Transaction Document to the contrary, after the Notes are no longer Outstanding following payment in full of the principal and interest on the Notes, (i) the Certificateholder will succeed to
the rights of the Noteholders under this Agreement, (ii) the Owner Trustee will succeed to the rights of, but not, without its express consent, the obligations of the Indenture Trustee pursuant to this Agreement and (iii) the Collection
Account will continue to be maintained as set forth in Section 4.4; provided, however, the Certificateholder shall not be entitled to any payments pursuant to Section 4.4 other than
pursuant to clause tenth thereof. 
 SECTION 9.27 Dispute Resolution. 

(a) If any Requesting Investor (each, a “Requesting Party”) requests that the Bank repurchase any Receivable pursuant to
Section 3.4 of the Purchase Agreement and the Repurchase Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the receipt of notice of the request by
the Bank, the Requesting Party will have the right to refer the matter, at its discretion, to either mediation (including non-binding arbitration) or binding arbitration pursuant to this
Section 9.26. Dispute resolution to resolve any Repurchase Request will be available regardless of whether the Noteholders vote to direct an Asset Representations Review. The Bank will inform the Requesting Party in writing
upon a determination by the Bank that a Receivable subject to a demand to repurchase will be repurchased and the monthly distribution report filed by the Seller on Form 10-D for the Collection Period in which
such Receivables were repurchased will 

  

					
		  	41	  	 Sale and Servicing Agreement

(USAA 20[    ]-[    ])

 
include disclosure of such repurchase. A failure of the Bank to inform the Requesting Party that a Receivable subject to a demand will be repurchased within 180 days of the receipt of notice of
the request shall be deemed to be a determination by the Bank that no repurchase of that Receivable due to a breach of Section 3.4 of the Purchase Agreement is required. The Indenture Trustee shall not be deemed to have
knowledge that any Repurchase Request remained unresolved for 180 days unless a Responsible Officer of the Indenture Trustee has actual knowledge that such Repurchase Request remained unresolved for 180 days or has received written notice that such
Repurchase Request remained unresolved for 180 days. Other than the Indenture Trustee’s obligation to notify the Seller and the Bank of any demands communicated to a Responsible Officer of the Indenture Trustee for the repurchase or replacement
of any Receivable for breach of the representations and warranties concerning such Receivable pursuant to Section 9.21(c) of the Sale and Servicing Agreement, the Indenture Trustee shall have no obligation under the
Indenture or any other Transaction Document to monitor and/or report the status of repurchase requests. 
 (b) The Requesting Party will
provide notice in accordance with the provisions of Section 9.5 of its intention to refer the matter to mediation (including non-binding arbitration) or binding arbitration, as
applicable, to the Bank, with a copy to the Issuer, the Seller, the Owner Trustee and the Indenture Trustee. The Bank agrees that it will participate in the resolution method selected by the Requesting Party. Any settlement agreement reached in a
mediation and any decision by an arbitrator in a binding arbitration shall be binding upon the Requesting Party, the Issuer, the Owner Trustee, and the Indenture Trustee with respect to the Receivable that is the subject matter of the Repurchase
Request, and, in that situation, issues relating to that Receivable may not be re-litigated by the Requesting Party or the Seller or become the subject of a subsequent Repurchase Request by the Requesting
Party in mediation (including non-binding arbitration), binding arbitration, court, or otherwise. 

(c) If the Requesting Party selects mediation (including non-binding arbitration) as the resolution
method, the following provisions will apply: 
 (i) The mediation will be administered by [a nationally recognized
arbitration and mediation association] [one of [identify acceptable options]] selected by [the Requesting Party] pursuant to such association’s mediation procedures in effect at such time. 

(ii) The fees and expenses of the mediation will be allocated as mutually agreed by the Requesting Party and the Bank as part
of the mediation. 
 (iii) The mediator will be impartial, knowledgeable about and experienced with the laws of the State of
New York that are relevant to the repurchase dispute and will be appointed from a list of neutrals maintained by the American Arbitration Association (the “AAA”). 

  

					
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 (d) If the Requesting Party selects binding arbitration as the resolution method, the
following provisions will apply: 
 (i) The arbitration will be administered by [a nationally recognized arbitration and
mediation association] [one of [identify acceptable options]] jointly selected by the Requesting Party and the Bank, and, if the Requesting Party and the Bank are unable to agree on an association, by the AAA, and conducted pursuant to such
association’s arbitration procedures in effect at such time. 
 (ii) The arbitrator will be impartial, knowledgeable
about and experienced with the laws of the State of New York that are relevant to the dispute hereunder and, if appointed by the AAA, will be selected from a list of neutrals maintained by the AAA. 

(iii) The arbitrator will make its final determination no later than [90] days after appointment or as soon as practicable
thereafter. The arbitrator will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement in any way. The arbitrator will not have the power to award punitive damages or consequential damages in
any arbitration conducted by it[, and the Bank shall not be required to pay more than the applicable Repurchase Price with respect to any receivable which the Bank is required to repurchase under the terms of the Purchase Agreement]. In its final
determination, the arbitrator will determine and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and reasonable attorneys’ fees to the
Requesting Party and the Bank as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the Requesting Party and the Bank. For binding
arbitration, the determination of the arbitrator will be final and non-appealable (absent manifest error), except for actions to confirm or vacate the determination permitted under federal or state law, and
may be entered and enforced in any court with jurisdiction over the Requesting Party and the Bank and the matter. The determination may be enforced in any court of competent jurisdiction. 

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

(v) By selecting binding arbitration, the Requesting Party waives the right to sue in court, including the right to a trial by
jury. 
 (e) The following provisions will apply to both mediations (including non-binding
arbitrations) and binding arbitrations: 
 (i) Any mediation or arbitration will be held in [New York, New York] or such
other location mutually agreed to by the Requesting Party and the Bank; 
 (ii) Notwithstanding this dispute resolution
provision, the Requesting Party and the Bank will have the right to seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be
available by law; 

  

					
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 (iii) Other than as publicly available with the Commission or otherwise
publicly disclosed, the details and/or existence of any unfulfilled Repurchase Request, any meetings or discussions regarding any unfulfilled Repurchase Request, mediations or arbitration proceedings conducted under this
Section 9.26, including all offers, promises, conduct and statements, whether oral or written, made in the course of the Requesting Party and the Bank’s attempt to resolve an unfulfilled Repurchase Request, any
information exchanged in connection with any mediation, and any discovery taken in connection with any arbitration (collectively, “Confidential Information”), shall be and remain confidential and inadmissible for any purpose,
including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this Section 9.26) other than as required to be disclosed in accordance with applicable law, regulatory
requirements, or court order or to the extent that the Bank, in its sole discretion, elects to disclose such information. Such information will be kept strictly confidential and will not be disclosed or discussed with any third party, except that a
party may disclose such information to its own attorneys, experts, accountants and other agents and representatives (collectively “Representatives”), as reasonably required in connection with any resolution procedure under this
Section 9.26, and the Asset Representations Reviewer, if an Asset Representations Review has been conducted), if the disclosing party (a) directs such Representatives to keep the information confidential, (b) is
responsible for any disclosure by its Representatives of such information and (c) takes at its sole expense all reasonable measures to restrain such Representatives from disclosing such information. If any party receives a subpoena or other
request for information from a third party (other than a governmental regulatory body) for Confidential Information, the recipient will promptly notify the other party and will provide the other party with the opportunity to object to the production
of its Confidential Information or seek other appropriate protective remedies, consistent with the applicable requirements of law and regulation. If, in the absence of a protective order, such party or any of its representatives are compelled as a
matter of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information, such party may disclose to the party compelling disclosure only the part of such Confidential Information that is required
to be disclosed. 
 (f) Neither the Indenture Trustee nor the Owner Trustee shall be liable for any expenses allocated to the Requesting
Party in any dispute resolution proceeding. 
 [SIGNATURES FOLLOW] 

  

					
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(USAA 20[    ]-[    ])

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

			
	 USAA ACCEPTANCE, LLC, as
Seller

 
			
		
	 By: 
	 	 
		 	 Name:

		 	 Title:

  

			
	 USAA FEDERAL SAVINGS BANK, as
Servicer

 
			
		
	 By: 
	 	 
		 	 Name:

		 	 Title:

  

					
		  	S-1	  	 Sale and Servicing Agreement

(USAA 20[    ]-[    ])

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

  

			
		
	 By: 
	 	 
		 	 Name:

		 	 Title:

  

					
		  	S-2	  	 Sale and Servicing Agreement

(USAA 20[    ]-[    ])

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

  

					
		  	S-3	  	 Sale and Servicing Agreement

(USAA 20[    ]-[    ])

 APPENDIX A 

DEFINITIONS 
 The following
terms have the meanings set forth, or referred to, below: 
 “60-Day Delinquent
Receivables” means, as of any Determination Date, all Receivables (other than Repurchased Receivables and Defaulted Receivables) that are sixty (60) or more days delinquent as of such date (or, if such date is not the last day of a
Collection Period, as of the last day of the Collection Period immediately preceding such date), as determined in accordance with the Servicer’s Customary Servicing Practices. 

“AAA” has the meaning set forth in Section 9.26(c)(iii) of the Sale and Servicing Agreement. 

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

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

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

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

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

“Affiliate” means, for any specified Person, any other Person which, directly or indirectly, controls, is controlled by or is
under common control with such specified Person and “affiliated” has a meaning correlative to the foregoing. For purposes of this definition, “control” means the power, directly or indirectly, to cause the direction of the
management and policies of a Person. 
 “Applicable Tax State” means, as of any date, each State as to which any of
the following is then applicable: (a) a State in which the Owner Trustee maintains its Corporate Trust Office, (b) a State in which the Owner Trustee maintains its principal executive offices, and (c) the State of Texas. 

“Asset Representations Review Agreement” means the Asset Representations Review Agreement, dated as of the Closing Date,
between the Issuer, the Sponsor, the Servicer and the Asset Representations Reviewer. 
 “Asset Representations Reviewer”
means [                ], a [                ], or any successor Asset
Representations Reviewer under the Asset Representations Review Agreement. 

  

					
		  		  	     Appendix A to the Sale and Servicing

Agreement (USAA 20[    ]-[    ])

 “Asset Representations Review” shall have the meaning assigned to such term
in the Asset Representations Review Agreement. 
 “Authenticating Agent” means any Person authorized by the Indenture
Trustee to act on behalf of the Indenture Trustee to authenticate and deliver the Notes. 
 “Authorized Newspaper” means a
newspaper of general circulation in The City of New York, printed in the English language and customarily published on each Business Day, whether or not published on Saturdays, Sundays and holidays. 

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

“Available Funds” means, for any Payment Date and the related Collection Period, an amount equal to the sum of the following
amounts: (i) all Collections received by the Servicer during such Collection Period, (ii) the sum of the Repurchase Prices deposited into the Collection Account with respect to each Receivable that is to become a Repurchased Receivable on
such Payment Date, (iii) the Reserve Account Excess Amount for such Payment Date; provided, however, that the term “Available Funds” shall also include the Optional Purchase Price on any Redemption Date [, (iv)
the Net Swap Receipts (excluding Swap Termination Payments received from the Swap Counterparty and deposited into the Swap Termination Payment Account), (v) amounts on deposit in the Swap Termination Payment Account to the extent such amounts are
required to be included in Available Funds pursuant to Section 4.8(d) of the Sale and Servicing Agreement and (vi) Swap Replacement Proceeds, to the extent required to be included in Available Funds pursuant to Section 4.8(f) of the
Sale and Servicing Agreement]. 
 “Available Funds Shortfall Amount” means, as of any Payment Date, the amount by which the
amounts required to be paid pursuant to clauses first through fifth of Section 4.4(a) of the Sale and Servicing Agreement exceeds the Available Funds for such Payment Date. 

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

  
 2 

 “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. 101 et
seq., as amended. 
 “Bankruptcy Remote Party” means each of the Seller, the Issuer, any other trust created by the Seller
or any limited liability company or corporation wholly-owned by the Seller. 
 “Benefit Plan” means (i) any
“employee benefit plan” as defined in Section 3(3) of ERISA which is subject to Title I of ERISA, (ii) a “plan” described by Section 4975(e)(1) of the Code, which is subject to Section 4975 of the Code or
(iii) any entity deemed to hold the plan assets of any of the foregoing by reason of an employee benefit plan’s or other plan’s investment in such entity. 

“Book-Entry Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book
entries by a Clearing Agency as described in Section 2.10 of the Indenture. 
 “Business Day”
means any day other than a Saturday, a Sunday or a day on which banking institutions in the states of Delaware, Texas, Illinois, Minnesota or New York, or in the state in which the Corporate Trust Office of the Indenture Trustee is located, are
authorized or obligated by law, executive order or government decree to be closed. 
 “Certificate” means a certificate
evidencing the beneficial interest of the Certificateholder in the Issuer, substantially in the form of Exhibit A to the Trust Agreement. For the avoidance of doubt, the references in the Transaction Documents to a “Certificate” or
a “Certificateholder”, unless the context otherwise requires, shall be deemed to be references to “Certificates” or “Certificateholders” if more than one Certificate has been issued. 

“Certificate of Title” means, with respect to any Financed Vehicle, the certificate of title or other documentary evidence of
ownership of such Financed Vehicle as issued by the department, agency or official of the jurisdiction (whether in paper or electronic form) in which such Financed Vehicle is titled responsible for accepting applications for, and maintaining records
regarding, certificates of title and Liens thereon. 
 “Certificate of Trust” means the certificate of trust for the Issuer
filed by the Owner Trustee pursuant to the Statutory Trust Statute. 
 “Certificateholder” means the Holder of a
Certificate. 
 “Class” means a group of Notes whose form is identical except for variation in denomination, principal
amount or owner, and references to “each Class” thus mean each of the Class A-1 Notes, the Class A-2[-A]
Notes, [the Class A-2-B Notes,] the Class A-3 Notes, the Class A-4 Notes
and the Class B Notes. 
 “Class A Noteholders” means, collectively, the Class A-1 Noteholders, the Class A-2[-A] Noteholders, [the
Class A-2-B Noteholders,] the Class A-3 Noteholders and the Class A-4
Noteholders. 

  
 3 

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

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

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

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

“Class A-1 Noteholder” means the Person in whose name a Class A-1 Note is registered on the Note Register. 
 “Class A-1 Notes” means the Class of auto loan asset backed notes designated as Class A-1 Notes, issued in accordance with the Indenture. 

“Class A-2[-A] Final Scheduled
Payment Date” means the Payment Date occurring in [    ]. 
 “Class A-2[-A] Interest Rate” means [    ]% per annum (computed on the basis of a 360-day year of twelve 30-day months). 
 “Class A-2[-A] Note Balance” means, at any time, the Initial Class A-2[-A] Note Balance reduced by all payments of
principal made prior to such time on the Class A-2[-A] Notes. 

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

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

  
 4 

[“Class A-2-B Final Scheduled
Payment Date” means the Payment Date occurring in [    ].] 
 [“Class A-2-B Interest Rate” means LIBOR + [__]% per annum (computed on the basis of a 360-day year of twelve 30-day months).] 
 [“Class A-2-B Note Balance” means, at any time, the Initial Class A-2-B Note Balance reduced by all payments of
principal made prior to such time on the Class A-2-B Notes.] 

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

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

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

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

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

“Class A-3 Noteholder” means the Person in whose name a Class A-3 Note is registered on the Note Register. 
 “Class A-3 Notes” means the Class of auto loan asset backed notes designated as Class A-3 Notes, issued in accordance with the Indenture. 

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

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

“Class A-4 Noteholder” means the Person in whose name a Class A-4 Note is registered on the Note Register. 
 “Class A-4 Notes” means the Class of auto loan asset backed notes designated as Class A-4 Notes, issued in accordance with the Indenture. 

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

  
 5 

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

“Class B Note Balance” means, at any time, the Initial Class B Note Balance reduced by all payments
of principal made prior to such time on the Class B Notes. 
 “Class B Noteholder” means the Person
in whose name a Class B Note is registered on the Note Register. 
 “Class B Noteholders’ Interest
Carryover Shortfall” means, with respect to any Payment Date, the excess of the Class B Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class B Noteholders’ Interest Carryover
Shortfall on such preceding Payment Date, over the amount in respect of interest that is actually paid to Noteholders of Class B Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of
Class B Notes on the preceding Payment Date, to the extent permitted by law, at the Class B Interest Rate for the related Interest Period. 

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

“Class B Notes” means the Class of auto loan asset backed notes designated as Class B Notes,
issued in accordance with the Indenture. 
 “Clearing Agency” means an organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act and shall initially be DTC. 
 “Clearing Agency Participant”
means a broker, dealer, bank or other financial institution or other Person for which from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 

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

“Code” means the Internal Revenue Code of 1986, as amended, modified or supplemented from time to time, and any successor law
thereto, and the regulations promulgated and the rulings issued thereunder. 
 “Collateral” has the meaning set forth in
the Granting Clause of the Indenture. 
 “Collection Account” means the trust account established and maintained pursuant
to Section 4.1 of the Sale and Servicing Agreement. 
 “Collection Period” means the period
commencing on the first day of each calendar month and ending on the last day of such calendar month (or, in the case of the initial Collection Period, the period from the Cut-Off Date to and including
[__________]). As used herein, the “related” Collection Period with respect to a Payment Date shall be deemed to be the Collection Period which precedes such Payment Date. 

  
 6 

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

“Confidential Information” has the meaning set forth in Section 9.26(e)(iii) of the Sale and
Servicing Agreement. 
 “Contract Rate” means, with respect to a Receivable, the rate per annum at which interest accrues
under the retail motor vehicle installment loan evidencing such Receivable. Such rate may be less than the “Annual Percentage Rate” disclosed in the Receivable. 

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

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

“Corporate Trust Office” means: 

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

  
 7 

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

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

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

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

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

“Definitive Note” means a definitive fully registered Note issued pursuant to Section 2.12 of the
Indenture. 
 “Delinquency Percentage” means, for any Payment Date and the related Collection Period, an amount equal to
the ratio (expressed as a percentage) of (i) the aggregate Outstanding Principal Balance of all 60-Day Delinquent Receivables as of the last day of such Collection Period to (ii) the Net Pool Balance
as of the last day of such Collection Period. 
 “Delinquency Trigger” means, for any Payment Date and the related
Collection Period, [        ]%. 
 “Delivery” when used with respect to
Trust Account Property means: 
 (a) with respect to (I) bankers’ acceptances, commercial paper, negotiable certificates of deposit
and other obligations that constitute “instruments” (as defined in Section 9-102(a)(47) of the UCC) and are susceptible of physical delivery, transfer of actual possession thereof to the
Indenture Trustee or its nominee or custodian by physical delivery to the Indenture Trustee or its nominee or custodian endorsed to, or registered in the name of, the Indenture Trustee or its nominee or custodian or endorsed in blank, and
(II) with respect to a “certificated security” (as defined in Section 8-102(a)(4) of the UCC) transfer of actual possession thereof (i) by physical delivery of such certificated
security to the Indenture Trustee or its nominee or custodian endorsed to the Indenture Trustee or its nominee or custodian or endorsed in blank, or to another Person, other than a “securities intermediary” (as defined in Section 8-102(a)(14) of the UCC), who acquires possession of the certificated security on behalf of the Indenture Trustee or its nominee or custodian or, having previously acquired possession of the
certificate, acknowledges that it holds for the Indenture Trustee or its nominee or custodian or (ii) if such certificated security is in registered form by delivery thereof to a “securities intermediary”, endorsed to or registered in
the 

  
 8 

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

(c) with respect to any item of Trust Account Property that is an “uncertificated security” (as defined in Section 8-102(a)(18) of the UCC) and that is not governed by clause (b) above, (i) registration on the books and records of the issuer thereof in the name of the Indenture Trustee or its nominee or
custodian, or (ii) registration on the books and records of the issuer thereof in the name of another Person, other than a securities intermediary, who acknowledges that it holds such uncertificated security for the benefit of the Indenture
Trustee or its nominee or custodian. 
 “Depositor” means the Seller in its capacity as Depositor under the Trust
Agreement. 
 “Determination Date” means the second Business Day preceding the related Payment Date, beginning
[                    ], 20[    ]. 

  
 9 

 “Dollar” and “$” mean lawful currency of the United States
of America. 
 “DTC” means The Depository Trust Company, and its successors. 

“Eligible Account” means either (a) a segregated account with an Eligible Institution or (b) a segregated trust
account with the corporate trust department of a depository institution acting in its fiduciary capacity organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of
a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as the long-term unsecured debt of such depository institution shall have a credit rating from Moody’s of at least “A2”
and from Standard & Poor’s of at least “BBB.” Any such trust account may be maintained with the Owner Trustee, the Indenture Trustee or any of their respective Affiliates, if such accounts meet the requirements described in
clause (b) of the preceding sentence. 
 “Eligible Institution” means a depository institution or
trust company (which may be the Owner Trustee, the Indenture Trustee or any of their respective Affiliates) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch
of a foreign bank) (a) which at all times has either (i) a long-term senior unsecured debt rating of “[Aa2]” or better by [Moody’s] and “[AA-]” or better by
[Standard & Poor’s] or such other rating that is acceptable to each Rating Agency, as evidenced by a letter from such Rating Agency to the Issuer or the Indenture Trustee, (ii) a certificate of deposit rating of “[P-1]” by [Moody’s] and “[A-1+]” by [Standard & Poor’s] or (iii) such other rating that is acceptable to each Rating Agency, as
evidenced by a letter from such Rating Agency to the Issuer or the Indenture Trustee and (b) whose deposits are insured by the Federal Deposit Insurance Corporation; provided, that a foreign financial institution shall be deemed to satisfy
clause (b) if such foreign financial institution meets the requirements of Rule 13k-1(b)(1) under the Exchange Act (17 CFR §240.13k-1(b)(1)). 

“Eligible Receivable” means a Receivable meeting all of the criteria set forth on Schedule II of
the Purchase Agreement as of the Closing Date. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended and any successor law thereto, and the regulations promulgated and rulings issued thereunder. 
 “Event of Default”
has the meaning set forth in Section 5.1 of the Indenture. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
 “Exchange Act Reports” means any reports on Form
10-D, Form 8-K and Form 10-K filed or to be filed by the Seller with respect to the Issuer under the Exchange Act. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date hereof, (or any amended or successor provisions), any
current or future regulations or official interpretations thereunder or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any published intergovernmental agreement entered into in
connection with the implementation of such sections of the Code and any fiscal or regulatory legislation, rules or official practices adopted pursuant to such published intergovernmental agreement. 

  
 10 

 “FATCA Withholding Tax” means any withholding or deduction imposed under
FATCA. 
 “FDIC” means the Federal Deposit Insurance Corporation or any successor agency. 

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

“Financed Vehicle” means an automobile or light-duty truck, together with all accessions thereto, securing an Obligor’s
indebtedness under the applicable Receivable. 
 “First Allocation of Principal” means, with respect to any Payment Date,
an amount equal to the excess, if any, of (a) the Note Balance of the Class A Notes as of such Payment Date (before giving effect to any principal payments made on the Class A Notes on such Payment Date) over (b) the Net Pool
Balance as of the end of the related Collection Period; provided, however, that the “First Allocation of Principal” shall not exceed the Note Balance of the Class A Notes; provided, further, that the “First
Allocation of Principal” for any Payment Date on and after the Final Scheduled Payment Date for any Class of Class A Notes shall not be less than the amount that is necessary to reduce the Note Balance of that Class of
Class A Notes to zero. 
 “Form 10-D Disclosure Item” means, with respect to
any Person, (a) any legal proceedings pending against such Person or of which any property of such Person is then subject that would be material to the Noteholders, or (b) any proceedings known to be contemplated by governmental
authorities against such Person or of which any property of such Person would be subject, in each case that would be material to the Noteholders. 

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

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

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

  
 11 

 “Hague Securities Convention” means the Hague Convention on the Law
Applicable to Certain Rights in Respect of Securities held with an Intermediary (concluded July 5, 2006). 
 “Holder”
means, as the context may require, the Certificateholder or a Noteholder or both. 
 “Indenture” means the Indenture, dated
as of the Closing Date, between the Issuer and Indenture Trustee, as the same may be amended and supplemented from time to time. 

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

“Independent” means, when used with respect to any specified Person, that such Person (i) is in fact independent of the
Issuer, any other obligor upon the Notes, the Administrator and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor
upon the Notes, the Administrator or any Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuer, any such other obligor upon the Notes, the Administrator or any Affiliate of any of the foregoing Persons as an
officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions. 
 “Independent
Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1 of the Indenture,
made by an independent appraiser or other expert appointed by an Issuer Order, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Appendix A and that the signer is
Independent within the meaning thereof. 
 “Initial Class A-1 Note
Balance” means $[    ]. 
 “Initial Class A-2[-A] Note Balance” means $[    ]. 
 [“Initial
Class A-2-B Note Balance” means $[    ].] 

“Initial Class A-3 Note Balance” means
$[    ]. 
 “Initial Class A-4 Note Balance”
means $[    ]. 
 “Initial Class B Note Balance” means $[    ].

 [“Initial Interest Rate Swap Agreement” means the ISDA Master Agreement, dated as of the Closing Date, between the
Initial Swap Counterparty and the Issuer, the Schedule and the Credit Support Annex thereto, dated as of the Closing Date and, the Confirmations thereto, each dated as of the Closing Date, and entered into pursuant to such ISDA Master Agreement, as
the same may be amended or supplemented from time to time in accordance with the terms thereof.] 
 “Initial Note Balance”
means, for any Class, the Initial Class A-1 Note Balance, the Initial Class A-2[-A] Note Balance, [the Initial A-2-B Note Balance,] the Initial Class A-3 Note Balance, the Initial Class A-4 Note
Balance or the Initial Class B Note Balance, as applicable, or with respect to the Notes generally, the sum of the foregoing. 

  
 12 

 “Initial Reserve Account Deposit Amount” means an amount equal to
$[    ]. 
 [“Initial Swap Counterparty” means [    ], as the swap counterparty
under the Initial Interest Rate Swap Agreement.] 
 “Insolvency Event” means, with respect to any Person, (i) the
filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of such Person, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or
order shall remain unstayed and in effect for a period of 90 consecutive days or (ii) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in
effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of such Person, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such
Person in furtherance of any of the foregoing. 
 “Instituting Noteholders” has the meaning set forth in
Section 7.5(a) of the Indenture. 
 “Insurance Policy” means (i) any theft and physical
damage insurance policy maintained by the Obligor under a Receivable, providing coverage against loss or damage to or theft of the related Financed Vehicle, and (ii) any credit life or credit disability insurance maintained by an Obligor in
connection with any Receivable. 
 “Interest Period” means, with respect to any Payment Date, (a) with respect to the Class A-1 Notes [and the Class A-2-B Notes] from and including the Closing Date (in the case of the first Payment Date) or
from and including the most recent Payment Date to but excluding that Payment Date (for example, for a Payment Date in February, the Interest Period is from and including the Payment Date in January to but excluding the Payment Date in February)
based upon actual days elapsed and a 360-day year and (b) for each other Class of Notes, from and including the [    ] day of the calendar month preceding each Payment Date (or
from and including the Closing Date in the case of the first Payment Date) to but excluding the [    ] day of the following month based upon a 360-day year of twelve 30-day months. 
 “Interest Rate” means (a) with respect to the Class A-1 Notes, the Class A-1 Interest Rate, (b) with respect to the
Class A-2[-A] Notes, the Class A-2[-A] Interest Rate, [(c) with respect to the Class A-2-B Notes, the Class A-2-B Interest Rate,] [(c)][(d)] with respect to the Class A-3 Notes, the Class A-3 Interest Rate, [(d)][(e)] with respect to the Class A-4 Notes, the Class A-4 Interest Rate or [(e)][(f)] with respect to the Class B Notes, the Class B Interest Rate. 

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

  
 13 

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

“Issuer Order” and “Issuer Request” means a written order or request of the Issuer signed in the name of the
Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee. 
 “Item 1119 Party” means the Seller,
the Bank, the Servicer, the Indenture Trustee, the Owner Trustee, any underwriter of the Notes[, any Swap Counterparty] and any other material transaction party identified by the Seller or the Bank to the Indenture Trustee and the Owner Trustee in
writing. 
 [“LIBOR” means, with respect to any Interest Period, the London interbank offered rate for deposits in U.S.
dollars having a maturity of one month commencing on the related LIBOR Determination Date which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such LIBOR Determination Date; provided, however, that for the first
Interest Period, LIBOR shall mean an interpolated rate for deposits based on London interbank offered rates for deposits in U.S. Dollars for a period that corresponds to the actual number of days in the first Interest Period. If the rates used to
determine LIBOR do not appear on the Telerate Page 3750, the rates for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having a maturity of one month and in a principal amount of not less than U.S. $1,000,000
are offered at approximately 11:00 a.m. London time, on such LIBOR Determination Date to prime banks in the London interbank market by the reference banks. The Indenture Trustee will request the principal London office of each of such reference
banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001), with five one-millionths
of a percentage point rounded upward, of all such quotations. If fewer than two such quotations are provided, the rate for that day will be the arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001), with five
one-millionths of a percentage point rounded upward, of the offered per annum rates that one or more leading banks in New York City, selected by the Indenture Trustee (after consulting with the Seller), are
quoting as of approximately 11:00 a.m., New York City time, on such LIBOR Determination Date to leading European banks for United States dollar deposits for that maturity; provided, that if the banks selected as aforesaid are not quoting as
mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. The reference banks are the four major banks in the London interbank market selected by the Indenture Trustee
(after consultation with the Seller).] 
 [“LIBOR Determination Date” means the second London Business Day prior to the
Closing Date with respect to the first Payment Date and, as to each subsequent Payment Date, the second London Business Day prior to the immediately preceding Payment Date.] 

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

  
 14 

 “Liquidation Proceeds” means, with respect to any Receivable,
(a) insurance proceeds received by the Servicer with respect to the Insurance Policies, (b) amounts received by the Servicer in connection with such Receivable pursuant to the exercise of rights under such Receivable and (c) the
monies collected by the Servicer (from whatever source, including proceeds of a sale of a Financed Vehicle or a deficiency balance recovered from the Obligor after the charge-off of such Receivable) on such
Receivable, in the case of each of the foregoing clauses (a) through (c), net of any expenses (including, without limitation, any auction, painting, repair or refurbishment expenses in respect of the related Financed Vehicle)
incurred by the Servicer in connection therewith and any payments required by law to be remitted to the Obligor; provided, however, that the Repurchase Price for any Receivable shall not constitute “Liquidation
Proceeds”. 
 [“London Business Day” means any day other than a Saturday, Sunday or day on which banking
institutions in London, England are authorized or obligated by law or government decree to be closed.] 
 [“Monthly Remittance
Condition” has the meaning set forth in Section 4.2 of the Sale and Servicing Agreement.] 

[“Moody’s” means Moody’s Investors Service, Inc., or any successor that is a nationally recognized statistical
rating organization.] 
 “Net Pool Balance” means, as of any date, the aggregate Outstanding Principal Balance of all
Receivables of the Issuer on such date. 
 [“Net Swap Payment” means for the Interest Rate Swap Agreement, the net amount
with respect to regularly scheduled payments, if any, owed by the Issuer to the Swap Counterparty on any Payment Date, including prior unpaid Net Swap Payments and any interest accrued thereon, under such Interest Rate Swap Agreement;
provided, that “Net Swap Payments” do not include Swap Termination Payments.] 
 [“Net Swap
Receipts” means, for the Interest Rate Swap Agreement, the net amounts owed by the Swap Counterparty to the Issuer, if any, on any Swap Payment Date, excluding any Swap Termination Payments.] 

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

“Note Balance” means, with respect to any date of determination, for any Class, the
Class A-1 Note Balance, the Class A-2[-A] Note Balance, [the Class A-2-B Note Balance,] the Class A-3 Note Balance, the Class A-4 Note Balance or the Class B Note
Balance, as applicable, or with respect to the Notes generally, the sum of all of the foregoing. 
 “Note Depository
Agreement” means the agreement, dated as of the Closing Date, executed by the Issuer and addressed to DTC, as the initial Clearing Agency relating to the Notes, as the same may be amended or supplemented from time to time. 

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

  
 15 

 “Note Register” and “Note Registrar” have the respective
meanings set forth in Section 2.4 of the Indenture. 
 “Noteholder” means, as the context
requires, all of the Class A-1 Noteholders, the Class A-2 Noteholders, the Class A-3 Noteholders, the Class A-4 Noteholders and the Class B Noteholders, or any of the Class A-1 Noteholders, the Class A-2 Noteholders,
the Class A-3 Noteholders, the Class A-4 Noteholders or the Class B Noteholders, or any of the foregoing. 

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

“Officer’s Certificate” means (i) with respect to the Issuer, a certificate signed by any Authorized Officer of the
Issuer and (ii) with respect to the Seller or the Servicer, a certificate signed by the chairman of the board, the president, any executive vice president, any vice president, the treasurer, any assistant treasurer or the controller of the
Seller or the Servicer, as applicable. 
 “Opinion of Counsel” means one or more written opinions of counsel who may,
except as otherwise expressly provided in the Indenture or any other applicable Transaction Document, be employees of the Issuer, the Servicer, the Seller or the Administrator, which counsel shall be acceptable to the Indenture Trustee, the Owner
Trustee or the Rating Agencies, as the case may be, and which opinion or opinions comply with any applicable requirements of the Transaction Documents and are in form and substance reasonably satisfactory to the recipient(s). Opinions of Counsel
need address matters of law only and may be based upon stated assumptions as to relevant matters of fact. 
 “Optional
Purchase” has the meaning set forth in Section 8.1 of the Sale and Servicing Agreement. 

“Optional Purchase Price” has the meaning set forth in Section 8.1 of the Sale and Servicing
Agreement. 
 “Originator” means, with respect to any Receivable, the Bank. 

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

“Outstanding” means, as of any date, all Notes (or all Notes of an applicable Class) theretofore authenticated and delivered
under the Indenture except: 
 (i) Notes (or Notes of an applicable Class) theretofore cancelled by the Note Registrar or delivered to the
Note Registrar for cancellation; 
 (ii) Notes (or Notes of an applicable Class) or portions thereof the payment for which money in the
necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the related Noteholders (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly
given pursuant to the Indenture or provision therefor, satisfactory to the Indenture Trustee, has been made); and 

  
 16 

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

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

“Outstanding Principal Balance” means, with respect to any Receivable as of any date, the outstanding principal balance of
such Receivable calculated in accordance with the Customary Servicing Practices; provided, however, that the Outstanding Principal Balance of any Receivable that became a Defaulted Receivable will be deemed to be zero as of the date it
becomes a Defaulted Receivable. 
 “Owner Trustee” means [    ], a [    ], not in
its individual capacity but solely as owner trustee under the Trust Agreement, and any successor Owner Trustee thereunder. 

“Paying Agent” means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee
set forth in Section 6.11 of the Indenture and is authorized by the Issuer to make the payments to and distributions from the Collection Account and the Principal Distribution Account, including the payment of principal of
or interest on the Notes on behalf of the Issuer. 
 “Payment Date” means the [    ] day of each
calendar month beginning [                    ], 20[    ] provided, however, whenever a Payment Date would
otherwise be a day that is not a Business Day, the Payment Date shall be the next Business Day. As used herein, the “related” Payment Date with respect to a Collection Period shall be deemed to be the Payment Date which immediately follows
such Collection Period. 
 “Payment Default” has the meaning set forth in Section 5.4(a) of the
Indenture. 

  
 17 

 “Permitted Investments” means any one or more of the following instruments,
obligations and securities: 
 (a) obligations fully guaranteed as to timely payment by, the full faith and credit of the United States, 

(b) demand deposits, time deposits or certificates of deposit of any depository institution (including any Affiliate of the Depositor, the
Servicer, the Indenture Trustee, or the Owner Trustee), or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject to
supervision and examination by federal or state banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any obligation referred to in clause
(a) or a portion of such obligation for the benefit of the holders of such depository receipts); provided that at the time of the investment or contractual commitment to invest therein (which shall be deemed to be made
again each time funds are reinvested following each Payment Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such
depository institution or trust company) of such depository institution or trust company (or its respective parent) shall have a rating from each Rating Agency in the highest investment category granted thereby for such obligations, 

(c) repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States or any
agency or instrumentality thereof, the obligations of which are backed by the full faith and credit of the United States, in either case entered into with a depository institution or trust company (acting as principal) referred to in clause
(b), 
 (d) investments in money market funds, mutual funds, or other pooled investment vehicles (i) rated, at the time of the
investment or contractual commitment to invest therein, not lower than the highest rating category from Moody’s and “AAAm” from Standard & Poor’s or (ii) which are otherwise acceptable to each Rating Agency, as
evidenced by a letter from such Rating Agency to the Issuer, or the Indenture Trustee, in each case including money market funds for which any of the Depositor, the Servicer, the Indenture Trustee or the Owner Trustee or any of their respective
affiliates acts as issuer, sponsor, administrator, agent or in a similar capacity and for which the Indenture Trustee in such capacity also receives a fee, 

(e) commercial paper (including commercial paper of any Affiliate of the Seller, the Servicer, the Indenture Trustee, or the Owner Trustee)
rated, at the time of the investment or contractual commitment to invest therein, at least “A-1” (or the equivalent) by Standard & Poor’s and at least
“P-1” (or the equivalent) by Moody’s, 
 (f) bankers’ acceptances issued by any
depository institution or trust company referred to in clause (b), or 
 (g) any other investment with respect to which the Rating
Agency Condition is satisfied. 
 “Permitted Liens” means (a) the interest of the parties under the Transaction
Documents, (b) any liens for taxes not due and payable or the amount of which is being contested in good faith by appropriate proceedings and (c) any liens of mechanics, suppliers, vendors, materialmen, laborers, employees, repairmen and
other like liens securing obligations which are not due and payable or the amount or validity of which is being contested in good faith by appropriate proceedings. 

  
 18 

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

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

“Plan” means a Benefit Plan, or a governmental or church plan subject to Similar Law. 

“Principal Distribution Account” means the account by that name established and maintained pursuant to
Section 4.1 of the Sale and Servicing Agreement. 
 “Principal Factor” means, with respect to the
Notes or any Class of Notes on any Payment Date, a nine-digit decimal figure equal to the Note Balance of the Notes or such Class of Notes, as applicable, as of the end of the preceding Collection Period divided by the Note Balance of the
Notes or such Class of Notes, as applicable, as of the Closing Date. The Principal Factor will be 1.000000000 as of the Closing Date; thereafter, the Principal Factor will decline to reflect reductions in the Note Balance of the Notes or such
Class of Notes, as applicable. 
 “Proceeding” means any suit in equity, action at law or other judicial or
administrative proceeding. 
 “Prospectus” means the prospectus dated as of
[                    ], 20[    ]. 

“Purchase Agreement” means the Purchase Agreement, dated as of the Closing Date, between the Bank and the Seller, as amended,
modified or supplemented from time to time. 
 “Purchased Assets” has the meaning set forth in
Section 2.1 of the Purchase Agreement. 
 “Qualified Institutional Buyer” means a “qualified
institutional buyer” as defined in Rule 144A under the Securities Act. 
 “Rating Agency” means either or each of
[                ] and [                ], as indicated by the context. 

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

  
 19 

 
(10) day period described in (b) above. Further, each Rating Agency retains the right to downgrade, qualify or withdraw its rating assigned to all or any of the Notes at any time in
its sole judgment even if the Rating Agency Condition with respect to an event had been previously satisfied pursuant to clause (a) or clause (b) above. 

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

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

“Receivable Files” has the meaning set forth in Section 2.2(a) of the Sale and Servicing Agreement.

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

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

“Recoveries” shall mean, with respect to any Collection Period, all amounts received by the Servicer with respect to any
Defaulted Receivable during any Collection Period following the Collection Period in which such Receivable became a Defaulted Receivable, net of any fees, costs and expenses incurred by the Servicer in connection with the collection of such
Receivable and any payments required by law to be remitted to the Obligor. 
 “Redemption Date” means, in the case of a
redemption of the Notes pursuant to Section 10.1 of the Indenture, the Payment Date specified by the Administrator or the Issuer pursuant to Section 10.1 of the Indenture. 

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

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

  
 20 

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

“Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such regulation may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed
Securities, Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)) or by the staff of the Commission, or as may be, provided in writing by the Commission or its staff from
time to time. 
 “Related Security” means, for any Receivable, (i) the security interest in the related Financed
Vehicle, (ii) any proceeds from claims on any Insurance Policy (if such Receivable became a Defaulted Receivable after the Cut-Off Date), (iii) any other property securing the Receivables and
(iv) all proceeds of the foregoing. 
 [“Replacement Interest Rate Swap Agreement” means any ISDA Master Agreement,
dated after the Closing Date, between the Replacement Swap Counterparty and the Issuer, the Schedule and Credit Support Annex thereto, dated after the Closing Date, and the Confirmations thereto, each dated after the Closing Date, and entered into
pursuant to such ISDA Master Agreement, and pursuant to the conditions set forth in the Initial Interest Rate Swap Agreement, as the same may be amended or supplemented from time to time in accordance with the terms thereof.] 

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

“Reportable Event” means any event required to be reported on Form 8-K, and in any
event, the following: 
 (a) entry into a material definitive agreement related to the Issuer, the Notes or the Receivables or an amendment
to a Transaction Document, even if the Seller is not a party to such agreement (e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(3) of Regulation AB); 

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

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

(d) an Event of Default; 

  
 21 

 (e) the resignation, removal, replacement or substitution of the Indenture Trustee or the
Owner Trustee; and 
 (f) with respect to the Indenture Trustee only, a required distribution to Holders of the Notes is not made as of the
required Payment Date under the Indenture. 
 “Representatives” has the meaning set forth in
Section 9.26(e)(iii) of the Sale and Servicing Agreement. 
 “Repurchase Price” means, with
respect to any Repurchased Receivable, a price equal to the Outstanding Principal Balance of such Receivable plus any unpaid accrued interest related to such Receivable accrued to and including the end of the Collection Period preceding the date
that such Repurchased Receivable was purchased by the Bank, as seller, or the Servicer, as applicable. 
 “Repurchase
Request” means a written request from a Requesting Party that the Bank repurchase a Receivable due to an alleged breach of a representation and warranty in Schedule II to the Purchase Agreement. A Repurchase Request from a Requesting
Party shall set forth (i) each Receivable that is subject to such Repurchase Request, (ii) the specific representation or warranty contained in Schedule II to the Purchase Agreement that it alleges was breached and (iii) the
material adverse effect of such breach on the interests of the Issuer or the Noteholders that triggers the Repurchase Request. 

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

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

“Reserve Account” means the account designated as such, established and maintained pursuant to
Section 4.1 of the Sale and Servicing Agreement. 
 “Reserve Account Draw Amount” means, for any
Payment Date, the amount withdrawn from the Reserve Account, equal to the lesser of (a) the Available Funds Shortfall Amount, if any, and (b) the amount on deposit in the Reserve Account on such Payment Date. 

“Reserve Account Excess Amount” means, with respect to any Payment Date, an amount equal to the excess, if any, of
(a) the amount of cash or other immediately available funds in the Reserve Account on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account relating to that Payment Date, over (b) the Specified
Reserve Account Balance with respect to that Payment Date. 
 “Responsible Officer” means, (a) with respect to the
Indenture Trustee, any officer within the corporate trust department of the Indenture Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Indenture
Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity
with the particular subject, and who, in each case, shall have direct responsibility for the administration of the Indenture, (b) with respect to the 

  
 22 

 
Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee and having direct responsibility for the administration of the Issuer, including any Managing Director, Director,
Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary or Associate, or any other officer customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a
particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and (c) with respect to the Servicer, the Seller or the Administrator, any officer of
such Person having direct responsibility for the transactions contemplated by the Transaction Documents, including the President, Treasurer or Secretary or any Vice President, Controller, Assistant Vice President, Assistant Treasurer, Assistant
Secretary, or any other officer customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject. 
 “Retained Notes” shall mean any Notes held by
the Issuer (or any other Person treated as the same Person as the Issuer for U.S. federal income tax purposes) or Affiliate thereof, until such time as such Notes are transferred in accordance with the terms and conditions of Sections 2.15
and 2.16 of the Indenture and receive an opinion as described in clause (x) of Section 2.16(d) of the Indenture. 

“Review Notice” shall have the meaning assigned to such term in Section 7.5(b) of the Indenture.

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

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

“Rule 144A” means Rule 144A under the Securities Act and any successor rule thereto. 

“Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of the Closing Date, among the Seller, the
Issuer, the Servicer and the Indenture Trustee, as the same may be amended, modified or supplemented from time to time. 
 “Sarbanes
Certification” has the meaning set forth in Section 9.21(b)(iii) of the Sale and Servicing Agreement. 

“Sarbanes-Oxley Act” means the Sarbanes-Oxley Act of 2002, as amended, modified or supplemented from time to time, and any
successor law thereto. 
 “Schedule of Receivables” means the schedule of Receivables transferred to the Issuer on the
Closing Date. 

  
 23 

 “Second Allocation of Principal” means, with respect to any Payment Date,
an amount equal to the excess, if any, of (a) the sum of the Note Balance of the Class A Notes and the Class B Notes (before giving effect to any principal payments made on the Notes on such Payment Date) minus the First Allocation of
Principal for such Payment Date, over (b) the Net Pool Balance as of the end of the related Collection Period; provided, however, that the Second Allocation of Principal for any Payment Date on and after the Final Scheduled
Payment Date for the Class A Notes or the Class B Notes shall not be less than the amount that is necessary to reduce the Class A Note Balance or the Class B Note Balance, as applicable, to zero (after the application of the
First Allocation of Principal). 
 “Securities Act” means the Securities Act of 1933, as amended. 

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

[“Senior Swap Termination Payment” means any Swap Termination Payment owed by the Issuer to the Swap Counterparty under an
Interest Rate Swap Agreement arising due to (1) the failure of the Issuer to make Net Swap Payments due under that Interest Rate Swap Agreement, (2) illegality of performance under the Interest Rate Swap Agreement or (3) the
occurrence of bankruptcy or insolvency events with respect to the Issuer.] 
 “Servicer” means the Bank, initially, and any
replacement Servicer appointed pursuant to the Sale and Servicing Agreement. 
 “Servicer Replacement Event” means any one
or more of the following that shall have occurred and be continuing: 
 (a) any failure by the Servicer to deliver or cause to be delivered
any required payment to the Indenture Trustee for distribution to the Noteholders, which failure continues unremedied for five Business Days after discovery thereof by a Responsible Officer of the Servicer or receipt by the Servicer of written
notice thereof from the Indenture Trustee or Noteholders evidencing a majority of the aggregate principal amount of the Outstanding Notes, voting together as a single Class; 

(b) any failure by the Servicer to duly observe or perform in any material respect any other of its covenants or agreements in the Sale and
Servicing Agreement, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and which continues unremedied for 90 days after discovery thereof by a Responsible Officer of the Servicer or receipt by the Servicer
of written notice thereof from the Indenture Trustee or Noteholders evidencing a majority of the aggregate principal amount of the Outstanding Notes, voting together as a single Class (it being understood that no Servicer Replacement Event will
result from a breach by the Servicer of any covenant for which the repurchase of the affected Receivable is specified as the sole remedy pursuant to Section 3.6 of the Sale and Servicing Agreement); 

(c) any representation or warranty of the Servicer made in any Transaction Document to which the Servicer is a party or by which it is bound
or any certificate delivered pursuant to the Sale and Servicing Agreement proves to have been incorrect in any material respect when made, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and which failure
continues unremedied for 90 days after discovery thereof by a Responsible Officer of the Servicer or receipt by the Servicer of written notice thereof from the Indenture Trustee or Noteholders evidencing a majority of the aggregate principal amount
of the Outstanding Notes, 

  
 24 

 
voting together as a single Class (it being understood that any repurchase of a Receivable by the Bank pursuant to Section 3.4 of the Purchase Agreement, by the Servicer
pursuant to Section 3.6 of the Sale and Servicing Agreement shall be deemed to remedy any incorrect representation or warranty with respect to such Receivable); or 

(d) the Servicer suffers a Insolvency Event; 

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

The existence or occurrence of any “material instance of noncompliance” (within the meaning of Item 1122 of Regulation AB) shall not
create any presumption that any event in clauses (a), (b) or (c) above has occurred. 
 “Servicer’s
Certificate” means the certificate delivered pursuant to Section 3.8 of the Sale and Servicing Agreement. 

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

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

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

“Similar Law” means any federal, state, local or other law that is substantially similar to Section 406 of ERISA or
Section 4975 of the Code. 
 “Simple Interest Method” means the method of calculating interest due on a motor vehicle
receivable on a daily basis based on the actual outstanding principal balance of the receivable on that date. 
 “Simple Interest
Receivable” means any motor vehicle receivable pursuant to which the payments due from the Obligors during any month are allocated between interest, principal and other charges based on the actual date on which a payment is received and for
which interest is calculated using the Simple Interest Method. For the avoidance of doubt, a TrueCar Receivable shall be deemed to be a Simple Interest Receivable. 

“Specified Reserve Account Balance” shall mean [    ]% of the Net Pool Balance as of the Cut-Off Date; provided, however, on any Payment Date after the Notes are no longer Outstanding following payment in full of the principal and interest on the Notes, the “Specified Reserve Account
Balance” shall be $[            ]. 

“Standard & Poor’s” means S&P Global Ratings, a division of S&P Global, or any successor
that is a nationally recognized statistical rating organization. 

  
 25 

 “Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code § 3801 et seq. 
 “Subject Receivables” has the meaning set forth in the Asset Representations
Review Agreement. 
 [“Subordinated Swap Termination Payment” means any Swap Termination Payment owed by the Issuer to the
Swap Counterparty under an Interest Rate Swap Agreement other than a Senior Swap Termination Payment.] 
 “Sub-Servicer” means any Affiliate of the Servicer or any sub-contractor to whom any or all duties of the Servicer (including, without limitation, its duties as
custodian) under the Transaction Documents have been delegated in accordance with Section 6.5 of the Sale and Servicing Agreement. 

“Supplemental Servicing Fees” means any and all (i) late fees, (ii) extension fees,
(iii) non-sufficient funds charges and (iv) any and all other administrative fees or similar charges allowed by applicable law with respect to any Receivable. 

[“Swap Collateral Account” means a single, segregated trust account in the name of the Indenture Trustee, which shall be
designated as the “Swap Collateral Account” which shall be held in trust for the benefit of the Noteholders established pursuant to Section 4.8(e) of the Sale and Servicing Agreement.] 

[“Swap Counterparty” means the Initial Swap Counterparty and any Replacement Swap Counterparty.] 

[“Swap Payment Date” means the date on which Net Swap Receipts or Net Swap Payments, as applicable, are made pursuant to the
Interest Rate Swap Agreement.] 
 [“Swap Replacement Proceeds” means any amounts received from a Replacement Swap
Counterparty in consideration for entering into a Replacement Interest Rate Swap Agreement for a terminated Interest Rate Swap Agreement.] 

[“Swap Termination Payment” means any payment due to the Swap Counterparty by the Issuer or to the Issuer by the Swap
Counterparty, including interest that may accrue thereon, under the Interest Rate Swap Agreement due to a termination of the Interest Rate Swap Agreement due to an “event of default” or “termination event” under the Interest Rate
Swap Agreement.] 
 [“Swap Termination Payment Account” means an Eligible Account held in the United States in the name of
the Indenture Trustee which shall be held in trust for the benefit of the Noteholders and the Swap Counterparty pursuant to Section 4.8(b) of the Sale and Servicing Agreement.] 

“TIA” or “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended and as in force on the date
hereof, unless otherwise specifically provided. 

  
 26 

 “Targeted Overcollateralization Amount” means, with respect to any Payment
Date, the greater of (a) the result of (i) [    ]% of the Net Pool Balance on such Payment Date minus (ii) the Specified Reserve Account Balance and (b) [    ]% of the Net Pool Balance as of the Cut-Off Date. Notwithstanding the foregoing, the Targeted Overcollateralization Amount shall not exceed the Net Pool Balance on such Payment Date. 

“Tax Identification Information” means properly completed and signed tax certifications (generally with respect to U.S.
Federal Income Tax, IRS Form W-9 (or applicable successor form) in the case of a Person that is a “United States Person” within the meaning of Section 7701(a)(30) of the Code or the appropriate
IRS Form W-8 (or applicable successor form) in the case of a Person that is not a “United States Person” within the meaning of Section 7701(a)(30) of the Code), and, if applicable, any other
information sufficient to eliminate the imposition of, or determine the amount of FATCA Withholding Tax. 
 “Test Fail” has
the meaning set forth in Section 3.4(a) of the Asset Representations Review Agreement. 
 “Transaction
Documents” means the Indenture, the Notes, the Note Depository Agreement, the Sale and Servicing Agreement, the Purchase Agreement, the Administration Agreement, the Asset Representations Review Agreement[, the Interest Rate Swap Agreement]
and the Trust Agreement, as the same may be amended or modified from time to time. 
 “Transferred Assets” means
(a) the Purchased Assets, (b) all of the Seller’s rights under the Purchase Agreement and (c) all proceeds of the foregoing. 

“True Car Receivable” means a Receivable pursuant to which the interest rate is reduced through the TrueCar program in
accordance with the Servicer’s Customary Servicing Practices. 
 “Trust Account Property” means the Trust Accounts,
all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing. 

“Trust Accounts” has the meaning set forth in Section 4.1 of the Sale and Servicing
Agreement. 
 “Trust Agreement” means the Trust Agreement, dated as of
[                    ], 20[    ], as amended and restated by the Amended and Restated Trust Agreement, dated as of the Closing
Date, between the Seller and the Owner Trustee, as the same may be amended and supplemented from time to time. 
 “Trust
Estate” means all money, accounts, chattel paper, general intangibles, goods, instruments, investment property and other property of the Issuer, including without limitation (i) the Receivables acquired by the Issuer under the Sale and
Servicing Agreement, the Related Security relating thereto and Collections thereon after the Cut-Off Date, (ii) the Receivable Files, (iii) the rights of the Issuer to the funds on deposit from time
to time in the Trust Accounts and any other account or accounts established pursuant to the Indenture or Sale and Servicing Agreement and all cash, investment property and other property from time to time credited thereto

  
 27 

 
and all proceeds thereof (including investment earnings, net of losses and investment expenses, on amounts on deposit therein), (iv) the rights of the Seller, as buyer, under the Purchase
Agreement, (v) the rights of the Issuer under the Sale and Servicing Agreement and the Administration Agreement [and the Interest Rate Swap Agreement] and (vi) all proceeds (as defined in 9-102(64)
of the UCC) of the foregoing. 
 “UCC” means, unless the context otherwise requires, the Uniform Commercial Code as in
effect in the relevant jurisdiction, as amended from time to time. 
 “United States” or “USA” means the
United States of America (including all states, the District of Columbia and political subdivisions thereof). 
 “USAA
Parties” means, collectively, the Bank, the Depositor and the Issuer. 
 “Verification Documents” means, with
respect to any Note Owner, a certification from such Note Owner certifying that such Person is in fact, a Note Owner, as well as an additional piece of documentation reasonably satisfactory to the recipient, such as a trade confirmation, account
statement, letter from a broker or dealer or other similar document. 

  
 28 

 SCHEDULE I 

NOTICE ADDRESSES 
 If to the Issuer: 

c/o [                 ] 

[                 ] 

[                 ] 

Attention: [                ] 

Telephone: [                ] 

Facsimile: [                ] 

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

If to the Owner Trustee: 

[                ] 

[                ] 

[                ] 

Telecopier No.: [                ] 

Attention: [                ] 

If to the Indenture Trustee: 

[                ] 

[                ] 

[                ] 

Telecopier No.: [                ] 

Attention: [                ] 

If to the Bank, the Servicer or the Administrator: 
 USAA Federal
Savings Bank 
 10750 McDermott Freeway 
 San Antonio, Texas
78288 
 Attention: [                ] 

If to the Seller: 
 If to the Asset Representations Reviewer:

 [                ] 

[                ] 

Attention: [                ] 

  

					
		  	I-1	  	 Schedule I to the

Sale and Servicing Agreement

 with a copy to: 

[                ] 

[                ] 

[                ] 

Attention: [                ] 

If to [                ]: 

[                ] 

[                ] 

[                ] 

[                ] 

Telecopier No.: [                ] 

Attention: [                ] 

If to [                ]: 

[                ] 

[                ] 

[                ] 

Telecopier No.: [                ] 

Attention: [                ] 

USAA Acceptance, LLC 
 9830 Colonnade Blvd., Suite 600 

San Antonio, Texas 78230 
 Attention:
[                ] 

  

					
		  	II-2	  	 Schedule I to the

Sale and Servicing Agreement

 EXHIBIT A 

FORM OF ASSIGNMENT PURSUANT TO 

SALE AND SERVICING AGREEMENT 

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

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

This assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the
Agreement and is governed by the Agreement. 
 Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
them in the Agreement. 
 [Remainder of page intentionally left blank] 

  

					
		  	A-1	  	 Exhibit A to the

Sale and Servicing Agreement

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

			
	USAA ACCEPTANCE, LLC

 
			
		
	 By: 
	 	 

 
			
	 Name:
	 	
	 Title:
	 	

  

					
		  	A-2	  	 Exhibit A to the

Sale and Servicing Agreement

 EXHIBIT B 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

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

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

2. The Receivables constitute “chattel paper” (including “electronic chattel paper” and “tangible chattel paper”) within the
meaning of the applicable UCC. 
 3. Each Receivable is secured by a first priority validly perfected security interest in the related Financed Vehicle in
favor of the Originator (or its assignee), as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest in the related Financed Vehicle in favor of the
Originator (or its assignee), as secured party. 
 Creation 

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

  

					
		  	B-1	  	 Exhibit B to the

Sale and Servicing Agreement

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

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

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

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

Priority 
 7. Neither the Seller
nor the Bank has authorized the filing of, and is not aware of, any financing statements against either the Seller or the Bank that include a description of collateral covering the Receivables other than any financing statement (i) relating to
the conveyance of the Receivables by the Bank to the Seller under the Purchase Agreement, (ii) relating to the conveyance of the Receivables by the Seller to the Issuer under the Sale and Servicing Agreement, (iii) relating to the security
interest granted to the Indenture Trustee under the Indenture or (iv) that has been terminated. 
 8. Neither the Seller nor the Bank is aware of any
material judgment, ERISA or tax lien filings against either the Seller or the Bank. 
 9. Neither the Seller nor a custodian or vaulting agent thereof
holding any Receivable that is electronic chattel paper has communicated an “authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes or
evidences such Receivable to any Person other than the Servicer. 
 10. None of the tangible chattel paper or electronic chattel paper that constitute or
evidence the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Seller, the Issuer or the Indenture Trustee. 

Survival of Perfection Representations 

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

No Waiver 
 12. The Servicer shall
provide the Rating Agencies with prompt written notice of any material breach of the perfection representations, warranties and covenants contained in this Exhibit B, and shall not, without satisfying the Rating Agency Condition, waive a
breach of any of such perfection representations, warranties or covenants. 

  

					
		  	B-2	  	 Exhibit B to the

Sale and Servicing Agreement

 Servicer to Maintain Perfection and Priority 

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

  

					
		  	B-3	  	 Exhibit B to the

Sale and Servicing Agreement

 EXHIBIT C 

SERVICING CRITERIA TO BE ADDRESSED IN 

INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE 

The assessment of compliance to be delivered by the Indenture Trustee shall address, at a 

minimum, the criteria identified below as “Applicable Servicing
Criteria”1: 
  

					
	 Servicing Criteria
	  	 Applicable

Servicing Criteria

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

  

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

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

  

					
		  	C-1	  	 Exhibit C to the

Sale and Servicing Agreement

					
	 Servicing Criteria
	  	 Applicable

Servicing Criteria

	 Reference
	  	 Criteria
	  	 
			
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate;
(B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation;
and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	  	
			
	 	  	Investor Remittances and Reporting	  	 
			
	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in
accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by
its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.	  	
			
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	X(solely with respect to remittances)
			
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	  	X
			
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	X
			
	 	  	Pool Asset Administration	  	 
			
	1122(d)(4)(i)	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.	  	
			
	1122(d)(4)(ii)	  	Pool assets and related documents are safeguarded as required by the transaction agreements	  	
			
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	
			
	1122(d)(4)(iv)	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number
of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	  	
			
	1122(d)(4)(v)	  	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the
transaction agreements and related pool asset documents.	  	
			
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or
other requirements established by the transaction agreements.	  	

  

					
		  	C-2	  	 Exhibit C to the

Sale and Servicing Agreement

					
	 Servicing Criteria
	  	 Applicable

Servicing Criteria

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

  

					
		  	C-3	  	 Exhibit C to the

Sale and Servicing Agreement

 EXHIBIT D 

FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION 
  

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

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

(1) It has reviewed the report on assessment of the Indenture Trustee’s compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Item 1122 of Regulation AB (the “Servicing
Assessment”) (collectively, the “Indenture Trustee Information”); 
 (2) To the best of its
knowledge, the Indenture Trustee Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period of time covered by the Indenture Trustee Information; and 

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

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

 
			
		
	By: 	 	 

 
			
	Name:	 	
	Title:	 	
		
	Date: 	 	 

  

					
		  	D-1	  	 Exhibit D to the

Sale and Servicing Agreement

 EXHIBIT E 

FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION 

REGARDING ITEM 1117 AND ITEM 1119 OF REGULATION AB 

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

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

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

2.    As of the date of the Form 10-K, there are no affiliations, as contemplated
by Item 1119 of Regulation AB, between [    ] and any of USAA Federal Savings Bank (in its capacity as Sponsor, Originator, Servicer and Administrator), USAA Acceptance, LLC, the Indenture Trustee, the Owner Trustee and the
Issuing Entity, or any affiliates of such parties. 
 IN WITNESS WHEREOF, [    ] has caused this certificate to be
executed in its corporate name by an officer thereunto duly authorized. 
 Dated: ____________, 20[    ] 

 

			
	[                ], as Indenture Trustee

 
			
		
	By: 	 	 

 
			
	Name:	 	
	Title:	 	

  

					
		  	E-1	  	 Exhibit E to the

Sale and Servicing Agreement

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