Document:

EX-10.4

 Exhibit 10.4 
 USAA AUTO OWNER TRUST 2019-1 

AMENDED AND RESTATED 
 TRUST AGREEMENT 
 between 

USAA ACCEPTANCE, LLC, 
 as the Depositor 
 and 

WELLS FARGO DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION, 
 as the Owner Trustee 
 Dated as of July 31, 2019 

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	DEFINITIONS	  	 	1	 
			
	 SECTION 1.1.
	 	Capitalized Terms	  	 	1	 
	 SECTION 1.2.
	 	Other Interpretive Provisions	  	 	1	 
			
	 ARTICLE II
	 	ORGANIZATION	  	 	2	 
			
	 SECTION 2.1.
	 	Name	  	 	2	 
	 SECTION 2.2.
	 	Office	  	 	2	 
	 SECTION 2.3.
	 	Purposes and Powers	  	 	2	 
	 SECTION 2.4.
	 	Appointment of the Owner Trustee	  	 	3	 
	 SECTION 2.5.
	 	Initial Capital Contribution of Trust Estate	  	 	3	 
	 SECTION 2.6.
	 	Declaration of Trust	  	 	3	 
	 SECTION 2.7.
	 	Organizational Expenses; Liabilities of the Holders	  	 	3	 
	 SECTION 2.8.
	 	Title to the Trust Estate	  	 	3	 
	 SECTION 2.9.
	 	Representations and Warranties of the Depositor	  	 	4	 
	 SECTION 2.10
	 	Situs of Issuer	  	 	5	 
			
	 ARTICLE III
	 	CERTIFICATES AND TRANSFER OF CERTIFICATES	  	 	5	 
			
	 SECTION 3.1.
	 	Initial Ownership	  	 	5	 
	 SECTION 3.2.
	 	Authentication of Certificates	  	 	5	 
	 SECTION 3.3.
	 	Form of the Certificates	  	 	5	 
	 SECTION 3.4.
	 	Registration of Certificates	  	 	5	 
	 SECTION 3.5.
	 	Transfer of Certificates	  	 	5	 
	 SECTION 3.6.
	 	Lost, Stolen, Mutilated or Destroyed Certificates	  	 	7	 
	 SECTION 3.7.
	 	Access to List of Certificateholders’ Names and Addresses	  	 	8	 
			
	 ARTICLE IV
	 	ACTIONS BY OWNER TRUSTEE	  	 	8	 
			
	 SECTION 4.1.
	 	Prior Notice to Certificateholders with Respect to Certain Matters	  	 	8	 
	 SECTION 4.2.
	 	Action by Certificateholders with Respect to Certain Matters	  	 	9	 
	 SECTION 4.3.
	 	Action by Certificateholders with Respect to Bankruptcy	  	 	9	 
	 SECTION 4.4.
	 	Restrictions on Certificateholders’ Power	  	 	9	 
	 SECTION 4.5.
	 	Majority Control	  	 	9	 
			
	 ARTICLE V
	 	APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	 	9	 
			
	 SECTION 5.1.
	 	Application of Trust Funds	  	 	9	 
	 SECTION 5.2.
	 	Method of Payment	  	 	10	 
	 SECTION 5.3.
	 	Sarbanes-Oxley Act	  	 	10	 
	 SECTION 5.4.
	 	Signature on Returns	  	 	10	 
	 SECTION 5.5.
	 	Accounting and Reports to Noteholders, Certificateholders, Internal Revenue Service and Others	  	 	10	 
	 SECTION 5.6.
	 	Tax Matters	  	 	11	 

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 ARTICLE VI
	 	AUTHORITY AND DUTIES OF OWNER TRUSTEE	  	 	11	 
			
	 SECTION 6.1.
	 	General Authority	  	 	11	 
	 SECTION 6.2.
	 	General Duties	  	 	11	 
	 SECTION 6.3.
	 	Action upon Instruction	  	 	12	 
	 SECTION 6.4.
	 	No Duties Except as Specified in this Agreement or in Instructions	  	 	13	 
	 SECTION 6.5.
	 	No Action Except under Specified Documents or Instructions	  	 	13	 
	 SECTION 6.6.
	 	Restrictions	  	 	13	 
			
	 ARTICLE VII
	 	CONCERNING OWNER TRUSTEE	  	 	14	 
			
	 SECTION 7.1.
	 	Acceptance of Trusts and Duties	  	 	14	 
	 SECTION 7.2.
	 	Furnishing of Documents	  	 	15	 
	 SECTION 7.3.
	 	Representations and Warranties	  	 	15	 
	 SECTION 7.4.
	 	Reliance; Advice of Counsel	  	 	16	 
	 SECTION 7.5.
	 	Not Acting in Individual Capacity	  	 	17	 
	 SECTION 7.6.
	 	The Owner Trustee May Own Notes	  	 	17	 
			
	 ARTICLE VIII
	 	COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE	  	 	17	 
			
	 SECTION 8.1.
	 	The Owner Trustee’s Compensation	  	 	17	 
	 SECTION 8.2.
	 	Indemnification	  	 	17	 
	 SECTION 8.3.
	 	Payments to the Owner Trustee	  	 	18	 
			
	 ARTICLE IX
	 	TERMINATION OF TRUST AGREEMENT	  	 	18	 
			
	 SECTION 9.1.
	 	Dissolution of the Issuer	  	 	18	 
	 SECTION 9.2.
	 	Winding Up of the Issuer	  	 	18	 
	 SECTION 9.3.
	 	Limitations on Termination	  	 	19	 
			
	 ARTICLE X
	 	SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	  	 	19	 
			
	 SECTION 10.1.
	 	Eligibility Requirements for the Owner Trustee	  	 	19	 
	 SECTION 10.2.
	 	Resignation or Removal of the Owner Trustee	  	 	19	 
	 SECTION 10.3.
	 	Successor Owner Trustee	  	 	20	 
	 SECTION 10.4.
	 	Merger or Consolidation of the Owner Trustee	  	 	20	 
	 SECTION 10.5.
	 	Appointment of Co-Trustee or Separate Trustee	  	 	21	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE XI
	 	 MISCELLANEOUS
	  	 	22	 
			
	 SECTION 11.1.
	 	Amendments	  	 	22	 
	 SECTION 11.2.
	 	No Legal Title to Trust Estate in Certificateholders	  	 	23	 
	 SECTION 11.3.
	 	Limitations on Rights of Others	  	 	23	 
	 SECTION 11.4.
	 	Notices	  	 	23	 
	 SECTION 11.5.
	 	Severability	  	 	24	 
	 SECTION 11.6.
	 	Separate Counterparts	  	 	24	 
	 SECTION 11.7.
	 	Successors and Assigns	  	 	24	 
	 SECTION 11.8.
	 	No Petition	  	 	24	 
	 SECTION 11.9.
	 	Headings	  	 	25	 
	 SECTION 11.10.
	 	Governing Law	  	 	26	 
	 SECTION 11.11.
	 	Waiver of Jury Trial	  	 	26	 
	 SECTION 11.12.
	 	Information Requests	  	 	26	 
	 SECTION 11.13.
	 	Form 10-D and Form 10-K Filings	  	 	26	 
	 SECTION 11.14.
	 	Form 8-K Filings	  	 	26	 
	 SECTION 11.15.
	 	Information to Be Provided by the Owner Trustee	  	 	26	 
	 SECTION 11.16.
	 	USA Patriot Act Compliance	  	 	27	 

  

			
		
	Exhibit A	  	Form of Certificate
	Exhibit B	  	Form of Owner Trustee’s Annual Certification
		  	Regarding Item 1117 and Item 1119 of Regulation AB

  

  
 iii

 This AMENDED AND RESTATED TRUST AGREEMENT is made as of July 31, 2019 (as
from time to time amended, supplemented or otherwise modified and in effect, this “Agreement”) between USAA ACCEPTANCE, LLC, a Delaware limited liability company, as the depositor (the “Depositor”), and
WELLS FARGO DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), as the owner trustee (in such capacity, the “Owner Trustee”). 

RECITALS 

WHEREAS, the Depositor and the Owner Trustee entered into that certain Trust Agreement dated as of June 25, 2019 (the
“Original Trust Agreement”) and filed a Certificate of Trust with the Secretary of State of the State of Delaware, pursuant to which the Issuer (as defined below) was created; and 

WHEREAS, in connection with the issuance of the Notes, the parties have agreed to amend and restate the Original Trust Agreement;

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

DEFINITIONS 
 SECTION 1.1. Capitalized Terms. Unless otherwise indicated, capitalized terms used in this Agreement are defined in Appendix A to the Sale and Servicing Agreement dated as of the date hereof
(as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”) among the Issuer, the Depositor, as seller, USAA Federal Savings Bank, as servicer, and U.S. Bank National
Association, as indenture trustee. 
 SECTION 1.2. Other Interpretive Provisions. All terms defined in this Agreement
shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, 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 State of Delaware 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 or Exhibit are references to Articles, Sections, Schedules 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) 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 
 ORGANIZATION 
 SECTION 2.1. Name. The trust created under the
Original Trust Agreement shall be known as “USAA Auto Owner Trust 2019-1” (the “Issuer”), in which name the Owner Trustee may conduct the business of such trust, make and execute
contracts and other instruments on behalf of such trust and sue and be sued. 
 SECTION 2.2. Office. The office of the
Issuer shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to each Certificateholder, the Depositor and the Administrator. 

SECTION 2.3. Purposes and Powers. The purpose of the Issuer is, and the Issuer shall have the power and authority, to engage in
the following activities: 
 (a) to issue the Notes pursuant to the Indenture and the Certificates pursuant to
this Agreement, and to sell, transfer and exchange the Notes and the Certificates and to pay interest on and principal of the Notes and distributions on the Certificates; 

(b) to acquire the property and assets set forth in the Sale and Servicing Agreement from the Depositor pursuant to the
terms thereof, to make deposits to and withdrawals from the Collection Account, the Principal Distribution Account and the Reserve Account and to pay the organizational, start-up and transactional expenses of
the Issuer; 
 (c) to assign, Grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the
Indenture and to hold, manage and distribute to the Certificateholders any portion of the Trust Estate released from the lien of, and remitted to the Issuer pursuant to, the Indenture; 

(d) to enter into and perform its obligations under the Transaction Documents to which it is a party; 

(e) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and 
 (f) subject to compliance with
the Transaction Documents, to engage in such other activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the Certificateholders and payments to the Noteholders. 

  
 Amended
and Restated Trust Agreement 
 (USAA 2019-1) 

  
 2 

 The Owner Trustee is hereby authorized to engage in the foregoing activities on behalf of the Issuer.
Neither the Issuer nor the Owner Trustee on behalf of the Issuer shall engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Transaction Documents.

 SECTION 2.4. Appointment of the Owner Trustee. Upon the execution of this Agreement, the Owner Trustee shall continue
as trustee of the Issuer, to have all the rights, powers and duties set forth herein. 
 SECTION 2.5. Initial Capital
Contribution of Trust Estate. As of the date of the Original Trust Agreement, the Depositor sold, assigned, transferred, conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from
the Depositor, as of such date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be deposited in the Collection Account. 
 SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the
Certificateholders, subject to the obligations of the Issuer under the Transaction Documents. It is the intention of the parties hereto that the Issuer constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute
the governing instrument of such statutory trust. It is the intention of the parties hereto that, solely for U.S. federal income and state and local income, franchise and value added tax purposes, so long as there is a single beneficial owner of the
Certificates, the Issuer will be disregarded as an entity separate from such beneficial owner and the Notes will be characterized as debt. The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer will not file or
cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Issuer as an entity separate from its beneficial owner. In the event that the Issuer is deemed to have more than one beneficial
owner for U.S. federal income tax purposes, the Issuer will file returns, reports and other forms consistent with the characterization of the Issuer as a partnership, and this Agreement shall be amended to include such provisions as may be required
under Subchapter K of the Code. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Statute with respect to accomplishing the purposes of the Issuer. The Owner
Trustee filed the Certificate of Trust with the Secretary of State of the State of Delaware as required by Section 3810(a) of the Statutory Trust Statute. Notwithstanding anything herein or in the Statutory Trust Statute to the contrary, it is
the intention of the parties hereto that the Issuer constitute a “business trust” within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. 
 SECTION 2.7. Organizational Expenses; Liabilities of the Holders. (a) The Depositor shall pay organizational expenses of the Issuer as they may arise. 

(b) No Certificateholder (including the Depositor) shall have any personal liability for any liability or obligation of
the Issuer. 
 SECTION 2.8. Title to the Trust Estate. Legal title to all the Trust Estate shall be vested at all times
in the Issuer as a separate legal entity. 

  
 Amended
and Restated Trust Agreement 
 (USAA 2019-1) 

  
 3 

 SECTION 2.9. Representations and Warranties of the Depositor. The Depositor hereby
represents and warrants to the Owner Trustee that: 
 (a) Existence and Power. The Depositor 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 now conducted. The Depositor 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 Depositor to perform its obligations under the Transaction Documents. 

(b) Authorization and No Contravention. The execution, delivery and performance by the Depositor of each
Transaction Document to which it is a party (i) have been duly authorized by all necessary action on the part of the Depositor and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation,
(B) its organizational instruments or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than violations of such laws, rules, regulations, indenture or agreements 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 Depositor’s ability to perform its
obligations under, the Transaction Documents to which it is a party). 
 (c) No Consent Required. No
approval, authorization or other action by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Depositor of any Transaction Document other than (i) UCC filings,
(ii) approvals and authorizations that have previously been obtained and filings which 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
ability of the Depositor to perform its obligations under the Transaction Documents to which it is a party. 

(d) Binding Effect. Each Transaction Document to which the Depositor is a party constitutes the legal, valid and
binding obligation of the Depositor enforceable against the Depositor 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 or other similar laws of general application relating to
or affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 

(e) No Proceedings. There is no action, suit, Proceeding or investigation pending or, to the knowledge of the
Depositor, threatened against the Depositor which, either in any one instance or in the aggregate, would result in any material adverse change in the business, operations, financial condition, properties or assets of the Depositor, or in any
material impairment of the right or ability of the Depositor to carry on its business substantially as now conducted, or in any material liability on the part of the Depositor, or which would render invalid this Agreement or the Receivables or the
obligations of the Depositor contemplated herein, or which would materially impair the ability of the Depositor to perform under the terms of this Agreement or any other Transaction Document. 

  
 Amended
and Restated Trust Agreement 
 (USAA 2019-1) 

  
 4 

 SECTION 2.10. Situs of Issuer. The Issuer shall be located in the State of Delaware.

 ARTICLE III 
 CERTIFICATES AND TRANSFER OF CERTIFICATES 
 SECTION 3.1. Initial
Ownership. Upon the formation of the Issuer and until the issuance of the Certificates, the Depositor is the sole beneficiary of the Issuer; and upon the issuance of the Certificates, the Depositor will no longer be a beneficiary of the Issuer,
except to the extent that the Depositor is a Certificateholder. 
 SECTION 3.2. Authentication of Certificates.
Concurrently with the sale of the Transferred Assets to the Issuer pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the Certificates to be executed on behalf of the Issuer, authenticated and delivered to or upon the
written order of the Depositor, signed by its chairman of the board, its president, its chief financial officer, its chief accounting officer, any vice president, its secretary, any assistant secretary, its treasurer or any assistant treasurer,
without further corporate action by the Depositor. The Certificates shall represent 100% of the beneficial interest in the Issuer and shall be fully-paid and nonassessable. 
 SECTION 3.3. Form of the Certificates. Each Certificate, upon issuance, will be issued in the form of a typewritten Certificate, substantially in the form of Exhibit A hereto, representing a
definitive Certificate. The Owner Trustee shall execute and authenticate, or cause to be authenticated, each definitive Certificate in accordance with the written instructions of the Depositor. 

SECTION 3.4. Registration of Certificates. The Owner Trustee shall maintain at its office referred to in
Section 2.2, or at the office of any agent appointed by it and approved in writing by the Certificateholders at the time of such appointment, a register for the registration and transfer of any Certificate. 

SECTION 3.5. Transfer of Certificates. (a) Any Certificateholder may assign, convey or otherwise transfer all or any of its
right, title and interest in the related Certificate; provided, that (i) such transferee is either an Affiliate of the Depositor or a Qualified Institutional Buyer, (ii) the Owner Trustee and the Issuer receive an Opinion of Counsel
stating that, in the opinion of such counsel, such transfer will not cause the Issuer to be treated as an association (or a publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes, and (iii) such Certificate
may not be acquired by or for the account of or with the 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; provided, that the condition set forth in (ii) above will not apply to a transfer of 100% of the Certificate or Certificates to United Services Automobile Association or its designated nominee,
provided United Services Automobile 

  
 Amended
and Restated Trust Agreement 
 (USAA 2019-1) 

  
 5 

 
Association is considered a C Corporation for U.S. federal income tax purposes (within the meaning of Section 1361(a)(2) of the Code). By accepting and holding a Certificate (or any interest
therein), the Holder thereof shall be deemed to have represented and warranted that it is not, and is not purchasing the Certificate (or any interest therein) on behalf 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. The Owner Trustee shall have no duty to independently determine that the requirement in
(iii) and (iv) above is met and shall incur no liability to any Person in the event the Holder of a Certificate does not comply with such restrictions. Subject to the transfer restrictions contained herein and in the Certificate,
any Certificateholder may transfer all or any portion of the beneficial interest in the Issuer evidenced by such Certificate upon surrender thereof to the Owner Trustee accompanied by the documents required by this
Section 3.5. Such transfer may be made by a registered Certificateholder in person or by his attorney duly authorized in writing upon surrender of the Certificate to the Owner Trustee accompanied by a written instrument of
transfer and with such signature guarantees and evidence of authority of the Persons signing the instrument of transfer as the Owner Trustee may reasonably require. Promptly upon the receipt of such documents and receipt by the Owner Trustee of the
transferor’s Certificate, the Owner Trustee shall (i) record the name of such transferee as a Certificateholder and its percentage of beneficial interest in the Issuer in the Certificate, register and issue, execute and deliver to such
Certificateholder a Certificate evidencing such beneficial interest in the Issuer and (ii) notify the Indenture Trustee of the new Certificateholder’s name and physical mailing address and provide the Indenture Trustee with a copy of the
U.S. Internal Revenue Service form W-9 (or applicable successor form) that the new Certificateholder provides. In the event a transferor transfers only a portion of its beneficial interest in the Issuer, the
Owner Trustee shall register and issue to such transferor a new Certificate evidencing such transferor’s new percentage of beneficial interest in the Issuer. Subsequent to a transfer and upon the issuance of the new Certificate or Certificates,
the Owner Trustee shall cancel and destroy the Certificate surrendered to it in connection with such transfer. The Owner Trustee may treat, for all purposes whatsoever, the Person in whose name any Certificate is registered as the sole owner of the
beneficial interest in the Issuer evidenced by such Certificate, and neither the Owner Trustee nor any agent of the Owner Trustee shall be affected by notice to the contrary. 

(b) As a condition precedent to any registration of transfer under this Section 3.5, the Owner
Trustee may require the payment of a sum sufficient to cover the payment of any tax or taxes or other governmental charges required to be paid in connection with such transfer. 

(c) The Owner Trustee shall not be obligated to register any transfer of a Certificate unless each of the transferor and
the transferee have certified to the Owner Trustee that such transfer does not violate any of the transfer restrictions stated herein including, but not limited to clauses (d) and (e) of this Section 3.5.
The Owner Trustee shall not be liable to any Person for registering any transfer based on such certifications. 

  
 Amended
and Restated Trust Agreement 
 (USAA 2019-1) 

  
 6 

 (d) No transfer (or purported transfer) of all or any part of a
Certificateholder’s interest (or any economic interest therein), whether to another Certificateholder or to a Person who is not a Certificateholder, shall be effective, and, to the fullest extent permitted by law, any such transfer (or
purported transfer) shall be void ab initio, and no Person shall otherwise become a Certificateholder if, after such transfer (or purported transfer), the Issuer would have more than 95 direct or indirect holders of an interest in the
Certificates. For purposes of determining whether the Issuer will have more than 95 direct or indirect holders of an interest in the Certificates, each Person indirectly owning an interest through a partnership (including any entity treated as a
partnership for U.S. federal income tax purposes), a grantor trust or an S Corporation (within the meaning of Section 1361(a)(1) of the Code) for U.S. federal income tax purposes (or a disregarded entity the single owner of which is any of the
foregoing) (each such entity, a “flow-through entity”) shall be treated as a Certificateholder unless the Depositor determines in its sole and absolute discretion, after consulting with qualified tax counsel, that less than
substantially all of the value of the beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Issuer. 

(e) No transfer shall be permitted if the same is effected through an established securities market or secondary market
(or the substantial equivalent thereof) within the meaning of Section 7704 of the Code or would make the Issuer ineligible for “safe harbor” treatment under Section 7704 of the Code. 

(f) No transfer shall be permitted unless the transferee that would be the beneficial owner of the interest in the
Certificate is a “United States person” (as defined in Code section 7701(a)(30)) and shall deliver to the Owner Trustee and the Administrator a properly completed and duly executed original of U.S. Internal Revenue Service form W-9 (or applicable successor form) certifying that it is a United States person and not subject to backup withholding. Neither the Owner Trustee nor the Issuer shall recognize any purchase or transfer of
Certificates that is to a Person other than a United States person. 
 (g) No transfer will be required to be
registered under the Securities Act. 
 (h) In the event that the Depositor (or an Affiliate of the Depositor
that owns any Certificates) intends to transfer any of the Certificates to a third party, the parties to this Agreement will amend this Agreement as necessary to prevent any application of the Treasury Regulations under Section 385 of the Code
(including any subsequent or successor provision) that would result in the recharacterization of any of the Notes as equity. 

SECTION 3.6. Lost, Stolen, Mutilated or Destroyed Certificates. If (i) any mutilated Certificate is surrendered to the Owner
Trustee, or (ii) the Owner Trustee receives evidence to its satisfaction that any Certificate has been destroyed, lost or stolen, and upon proof of ownership satisfactory to the Owner Trustee together with such security or indemnity as may be
requested by the Owner Trustee to save it harmless, the Owner Trustee shall execute and deliver a new Certificate for the same percentage of beneficial interest in the Issuer as the Certificate so mutilated, destroyed, lost or stolen, of like tenor
and bearing a different issue number, with such notations, if any, as the Owner Trustee shall determine. Upon the issuance of any new Certificate under this Section 3.6, the Issuer or Owner Trustee may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of a Certificate and any other reasonable expenses (including the reasonable fees and expenses of the Issuer and the
Owner Trustee) connected therewith. Any duplicate Certificate issued pursuant to this Section 3.6 shall constitute complete and indefeasible evidence of ownership in the Issuer, as if originally issued, whether or not the
lost, stolen or destroyed Certificate shall be found at any time. 

  
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and Restated Trust Agreement 
 (USAA 2019-1) 

  
 7 

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

ARTICLE IV 

ACTIONS BY OWNER TRUSTEE 
 SECTION 4.1. Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the
taking of such action, the Owner Trustee shall have notified each Certificateholder in writing of the proposed action and each Certificateholder shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given
that such Certificateholder has withheld consent or provided alternative direction: 
 (a) the amendment of the
Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required; 
 (b)
the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Certificateholders; 

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

  
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 (d) the appointment pursuant to the Indenture of a successor Indenture
Trustee or the consent to the assignment by the Note Registrar or the Indenture Trustee of its obligations under the Indenture or this Agreement, as applicable. 
 SECTION 4.2. Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Certificateholders, to (a) except as
expressly provided in the Transaction Documents, sell the Collateral after the termination of the Indenture in accordance with its terms, (b) remove the Administrator under the Administration Agreement pursuant to
Section 8 thereof or (c) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement. The Owner Trustee shall take the actions referred to in the preceding sentence
only upon written instructions signed by each Certificateholder. 
 SECTION 4.3. Action by Certificateholders with Respect to
Bankruptcy. To the fullest extent permitted by law, the Owner Trustee shall not have the power to commence a voluntary Proceeding in bankruptcy relating to the Issuer until one year and one day after the Note Balance has been reduced to zero
without the prior written approval of each Certificateholder and the delivery to the Owner Trustee by each Certificateholder of a certificate certifying that such Certificateholder reasonably believes that the Issuer is insolvent. 

SECTION 4.4. Restrictions on Certificateholders’ Power. No Certificateholder shall direct the Owner Trustee to
take or refrain from taking any action if such action or inaction would be contrary to (i) any obligation of the Issuer or the Owner Trustee under this Agreement or any of the Transaction Documents, (ii) would be contrary to
Section 2.3, or (iii) applicable law, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
 SECTION 4.5. Majority Control. To the extent that there is more than one Certificateholder, except as expressly provided herein, any action which may be taken or consent or instructions which may
be given by the Certificateholders under this Agreement may be taken by Certificateholders holding in the aggregate a percentage of the beneficial interest in the Issuer equal to more than 50% of the beneficial interest in the Issuer at the time of
such action. 
 ARTICLE V 
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
 SECTION 5.1. Application of
Trust Funds. Distributions on the Certificates shall be made on behalf of the Issuer in accordance with the provisions of the Indenture and the Sale and Servicing Agreement. Subject to the lien of the Indenture, the Owner Trustee shall promptly
distribute to the Certificateholders all other amounts (if any) received by the Owner Trustee on behalf of the Issuer in respect of the Trust Estate. After the termination of the Indenture in accordance with its terms, the Owner Trustee shall
distribute all amounts received (if any) by the Owner Trustee on behalf of the Issuer in respect of the Trust Estate at the direction of the Certificateholders. If any withholding tax is imposed on the Issuer’s payment (or allocations of
income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.1; provided that the Owner Trustee shall not have an obligation to
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Certificateholder. The Owner Trustee is hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is
legally owed by the Issuer (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The
amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Issuer and remitted to the appropriate taxing authority. If there is a
possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Owner Trustee may in its sole discretion withhold such amounts in
accordance with this Section 5.1. If a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as
such Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred. 

SECTION 5.2. Method of Payment. Subject to the Indenture, distributions required to be made to the Certificateholders on any
Payment Date and all amounts received by the Issuer or the Owner Trustee on any other date that are payable to the Certificateholders pursuant to this Agreement or any other Transaction Document shall be made to the Certificateholders (i) by
wire transfer, in immediately available funds, to the account of each Certificateholder designated by such Certificateholder to the Owner Trustee and Indenture Trustee in writing if such Certificateholder shall have provided to the Owner Trustee and
Indenture Trustee appropriate written instructions at least five (5) Business Days prior to such Payment Date, or (ii) by check mailed to such Certificateholder at the address designated by such Certificateholder to the Owner Trustee and
Indenture Trustee in writing. 
 SECTION 5.3. Sarbanes-Oxley Act. Notwithstanding anything to the contrary herein or in
any Transaction Document, the Owner Trustee shall not be required to execute, deliver or certify in accordance with the provisions of the Sarbanes-Oxley Act on behalf of the Issuer or any other Person, any periodic reports filed pursuant to the
Exchange Act, or any other documents pursuant to the Sarbanes-Oxley Act. 
 SECTION 5.4. Signature on Returns. Subject to
Section 2.6, the Certificateholders shall sign on behalf of the Issuer the tax returns of the Issuer, unless applicable law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by
the Owner Trustee at the written direction of the Certificateholders. 
 SECTION 5.5. Accounting and Reports to Noteholders,
Certificateholders, Internal Revenue Service and Others. The Issuer shall, based on information provided by or on behalf of the Depositor, (a) maintain (or cause to be maintained) the books of the Issuer on a calendar year basis and the
accrual method of accounting, (b) deliver (or cause to be delivered) to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required to enable each Certificateholder to prepare
its federal and State income tax returns, (c) prepare (or cause to be prepared), file (or cause to be filed) such tax returns relating to the Issuer (including a partnership information return, IRS Form 1065 if the Issuer is treated as a
partnership for U.S. federal income tax purposes) and make such elections as may from time to time be required or appropriate under any applicable State or federal statute or rule or regulation thereunder so as to prevent the Issuer from being taxed
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(d) cause such tax returns to be signed in the manner required by law and (e) collect or cause to be collected any withholding tax as described in and in accordance with
Section 5.1 with respect to income or distributions to Certificateholders. If the Issuer is treated as a partnership for federal tax purposes the Issuer shall elect under Section 1278 of the Code to include in income
currently any market discount that accrues with respect to the Receivables. The Issuer shall not make the election provided under Section 754 of the Code. No election will be made to treat the Issuer as a corporation for U.S. federal income tax
purposes. 
 SECTION 5.6. Tax Matters. In the event the Issuer is treated as a partnership for U.S. federal income tax
purposes, the Depositor or an Affiliate shall be designated as the “partnership representative” within the meaning of Section 6223 of the Code (and any corresponding provision of state law) and as the “tax matters partner”
for any applicable state law purposes and the Issuer will, to the extent practicable, make the election described in Section 6221(b) or Section 6226 of the Code (and any corresponding provision of state law) and take any other action (such
as disclosures and notifications) necessary to effectuate such election (including working with the Depositor to designate any designated individual required under the law). 
 ARTICLE VI 
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 

SECTION 6.1. General Authority. The Owner Trustee is authorized and directed to execute and deliver on behalf of the Issuer
(i) the Transaction Documents to which the Issuer is named as a party, (ii) each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Issuer or the Owner Trustee is named as a
party and (iii) (provided proper written instruction is received under this Article VI) any amendment thereto, in each case, in such form as the Depositor shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof,
and the Owner Trustee is further authorized, at the written direction of the Depositor, to execute on behalf of the Issuer and to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes
in the aggregate principal amount of $132,000,000, Class A-2 Notes in the aggregate principal amount of $152,000,000, Class A-3 Notes in the aggregate
principal amount of $133,000,000, Class A-4 Notes in the aggregate principal amount of $74,180,000 and Class B Notes in the aggregate principal amount of $8,820,000. In addition to the foregoing, the
Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Issuer pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as the Depositor or the
Administrator recommends or directs in writing with respect to the Transaction Documents, except to the extent that this Agreement expressly requires the consent of the Certificateholders for such action. 

SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its
responsibilities pursuant to the terms of this Agreement and the other Transaction Documents and to administer the Issuer in the interest of the Certificateholders, subject to Transaction Documents, and in accordance with the provisions of this
Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Transaction Documents to the extent the Administrator has agreed in the Administration Agreement
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discharge any duty of the Issuer or the Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to
carry out its obligations under the Administration Agreement and shall have no duty to monitor the performance of the Administrator or any other Person under the Administration Agreement or any other document. The Owner Trustee shall have no
obligation to administer, service or collect the Receivables or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Receivables. The Owner Trustee shall not be required to perform any of the obligations of
the Issuer under any Transaction Document that are required to be performed by the Bank, the Servicer, the Depositor, the Administrator or the Indenture Trustee. 
 SECTION 6.3. Action upon Instruction. (a) Subject to Article IV, and in accordance with the Transaction Documents, the Certificateholders may, by written instruction, direct the Owner
Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Article IV. 

(b) Subject to Section 7.1, the Owner Trustee shall not be required to take any action hereunder
or under any Transaction Document if the Owner Trustee shall have reasonably determined or been advised by counsel that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any
Transaction Document or is otherwise contrary to law. 
 (c) Whenever the Owner Trustee is unable to decide
between alternative courses of action permitted or required by the terms of this Agreement or any Transaction Document or is unsure as to the application of any provision of this Agreement or any Transaction Document or any such provision is
ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action
that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction as to
the course of action to be adopted or application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any written instruction of the Certificateholders received, the Owner Trustee
shall not be liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in
such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Transaction Documents, as it shall deem to be in the best interests
of the Certificateholders, and shall have no liability to any Person for such action or inaction. 
 (d) The
Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation, at the request, order or direction of any Certificateholder or any other Person,
unless such Certificateholder or such Person has offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee (including, without limitation, the
reasonable fees and expenses of its counsel) therein or thereby, including such advances as the Owner Trustee shall reasonably request. 

  
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 SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions. The
Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action under, or in
connection with, any document contemplated hereby to which the Issuer or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to
Section 6.3; and no implied duties or obligations shall be read into this Agreement or any Transaction Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or
continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or Lien granted to it hereunder or to prepare or file any Commission filing (including any filings required under the
Sarbanes-Oxley Act) for the Issuer or to record this Agreement or any Transaction Document. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any
part of the Trust Estate that result from actions by, or claims against, the Owner Trustee that are not related to the ownership or the administration of the Trust Estate or the Trust. 

SECTION 6.5. No Action Except under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell,
dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Transaction
Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. 
 SECTION 6.6. Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or
(b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for U.S. federal income, state and local income, franchise and value added tax purposes,
(ii) be deemed to cause a taxable exchange of the Notes for U.S. federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership
taxable as a corporation for U.S. federal income, state and local income or franchise and value added tax purposes. The Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this
Section 6.6 or applicable law (and, in the event any such direction is given by the Certificateholders to the Owner Trustee, the Owner Trustee shall not be obligated to follow such direction). 

  
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 ARTICLE VII 
 CONCERNING OWNER TRUSTEE 
 SECTION 7.1. Acceptance of Trusts and
Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received
by it constituting part of the Trust Estate upon the terms of the Transaction Documents and this Agreement. The Owner Trustee shall not be personally liable or accountable hereunder or under any Transaction Document under any circumstances
notwithstanding anything herein or in the Transaction Documents to the contrary, except (i) for its own willful misconduct, bad faith or negligence, (ii) in the case of the inaccuracy of any representation or warranty, expressly made by
the Owner Trustee in its individual capacity or any representation or warranty made by the Owner Trustee in accordance with Section 11.13 or 11.14, (iii) for liabilities arising from the failure of the Owner Trustee
to perform obligations expressly undertaken by it in the third sentence of Section 6.4 or (iv) for taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner
Trustee. In particular, but not by way of limitation of the foregoing: 
 (i) The Owner Trustee shall not be
personally liable for any error of judgment made in good faith by any of its officers or employees unless it is proved that such Persons were negligent in ascertaining the pertinent facts; 

(ii) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken in good faith by it in
accordance with the instructions of the Depositor, the Administrator or any Certificateholder delivered in accordance with the terms of this Agreement; 
 (iii) No provision of this Agreement shall require the Owner Trustee to expend or risk its personal funds or otherwise incur any financial liability in the exercise of its rights or powers hereunder;

 (iv) Under no circumstances shall the Owner Trustee be personally liable for any representation, warranty,
covenant, obligation or indebtedness of the Issuer; and 
 (v) The Owner Trustee shall not be personally
responsible for or in respect of the accuracy, validity or sufficiency of this Agreement or for the due execution hereof by any Person other than the Owner Trustee, or for the form, character, genuineness, sufficiency, value or validity of the Trust
Estate, or for or in respect of the accuracy, validity or sufficiency of any statement of any other party in the Transactions Documents, the Certificates or any other document supplied to the Owner Trustee; 

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

  
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 (vii) The Owner Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Transaction Document, at the request, order or direction of any of the
Depositor, the Certificateholders or the Administrator, unless such Depositor, Certificateholders or the Administrator have offered to the Owner Trustee reasonable security or indemnity satisfactory to the Owner Trustee against the costs, expenses
and liabilities that may be incurred by it therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Transaction Document shall not be construed as a duty, and the Owner Trustee shall
not be answerable for other than its negligence, bad faith or willful misconduct in the performance of any such act; 
 (viii) Anything in this Agreement to the contrary notwithstanding, in no event shall the Owner Trustee be liable under or in connection with this Agreement or the Trust 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 Owner Trustee has been advised of the possibility thereof and regardless of the form of action in
which such damages are sought; 
 (ix) The Owner Trustee shall not be required to investigate any claims with
respect to any breach of a representation or warranty under any of the Transaction Documents. For the avoidance of doubt, the Owner Trustee shall not be responsible for evaluating the qualifications of any mediator or arbitrator, or be personally
liable for paying the fees or expenses of any mediation or arbitration initiated by a requesting party; and 

(x) The Owner 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 7.2.
Furnishing of Documents. The Owner Trustee shall furnish to any Certificateholder promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any
other instruments furnished to the Owner Trustee under the Transaction Documents. The Owner Trustee (i) shall have no responsibility for the accuracy of any information provided to the Certificateholders or any other Person that has been
provided to the Owner Trustee, (ii) shall not be required to investigate or reconfirm the accuracy of any such information and (iii) shall not be liable in any manner whatsoever for any errors, inaccuracies or incorrect information
resulting from the use of such information. 
 SECTION 7.3. Representations and Warranties. Wells Fargo hereby represents
and warrants to the Depositor for the benefit of the Certificateholders, that: 
 (a) It is a national banking
association validly existing under the federal laws of the United States of America and having an office within the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this
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 (b) It has taken all corporate action necessary to authorize the execution
and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 

(c) This Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable against the Owner
Trustee in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement of the rights of creditors of banks
generally and to equitable limitations on the availability of specific remedies. 
 (d) Neither the execution nor
the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation
governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws. 

SECTION 7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no personal liability to anyone in acting upon
any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may
accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any
fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other
Authorized Officers or Responsible Officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance
thereon (the costs of which shall be paid by the party requesting such action). The Owner Trustee need not investigate or re-calculate, evaluate, verify or independently determine the accuracy of any report,
certificate, information, statement, representation or warranty or any fact or matter stated in any such document and, in the absence of bad faith on its part, may conclusively rely thereon as to the truth of the statements and the correctness of
the opinions expressed therein. 
 (b) In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under this Agreement or the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner Trustee
shall not be personally liable for the conduct or misconduct of such agents, custodians, nominees (including Persons acting under a power of attorney) or attorneys selected with reasonable care and (ii) may consult with counsel, accountants and
other skilled Persons knowledgeable in the relevant area to be selected with reasonable care and employed by it at the expense of the Issuer. The Owner Trustee shall not be personally liable for anything done, suffered or omitted in good faith by it
in accordance with the written opinion or advice of any such counsel, accountants or other such Persons. 

  
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 SECTION 7.5. Not Acting in Individual Capacity. Except as provided in this Article
VII, in accepting the trusts hereby created, Wells Fargo acts solely as the Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this
Agreement or any Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof. 
 SECTION 7.6.
The Owner Trustee May Own Notes. Wells Fargo in its individual or any other capacity may become the owner or pledgee of Notes, and may deal with the Depositor, the Indenture Trustee, the Administrator and their respective Affiliates in
banking transactions with the same rights as it would have if it were not the Owner Trustee, and the Depositor, the Indenture Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking relationships with the
Owner Trustee and its Affiliates. 
 ARTICLE VIII 
 COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE 
 SECTION 8.1. The
Owner Trustee’s Compensation. The Depositor shall cause the Servicer to agree to pay to Wells Fargo pursuant to Section 3.11 of the Sale and Servicing Agreement from time to time compensation for all
services rendered by Wells Fargo under this Agreement pursuant to a fee letter between the Servicer and the Owner Trustee (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express
trust). The Servicer, pursuant to Section 3.11 of the Sale and Servicing Agreement and the fee letter between the Servicer and the Owner Trustee, shall reimburse Wells Fargo upon its request for all reasonable expenses,
disbursements and advances incurred or made by Wells Fargo in accordance with any provision of this Agreement (including the reasonable compensation, expenses and disbursements of such agents, experts and counsel as Wells Fargo may employ in
connection with the exercise and performance of its rights and its duties hereunder), except any such expense as may be attributable to its willful misconduct, negligence (other than an error in judgment) or bad faith, as finally determined by a
court of competent jurisdiction. To the extent not paid by the Servicer, such fees and reasonable expenses shall be paid in accordance with Section 4.4 of the Sale and Servicing Agreement or
Section 5.4(b) of the Indenture, as applicable. 
 SECTION 8.2. Indemnification. The Depositor
shall cause the Servicer to agree to indemnify the Owner Trustee in its individual capacity and as trustee and its successors, assigns, directors, officers, employees and agents (the “Indemnified Parties”) from and against, any and
all loss, liability, fee, expense, cost, tax, penalty or claim (including reasonable legal fees and expenses (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)) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against Wells Fargo in its individual capacity and as trustee or any Indemnified Party in any way relating
to or arising out of this Agreement, the Transaction Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of the Owner Trustee hereunder; provided, however, that

  
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neither the Depositor nor the Servicer shall be liable for or required to indemnify Wells Fargo from and against any of the foregoing expenses arising or resulting from (i) Wells
Fargo’s own willful misconduct, bad faith or negligence, as finally determined by a court of competent jurisdiction, (ii) the inaccuracy of any representation or warranty contained in Sections 7.3, or made pursuant to Sections
11.13 and 11.14, expressly made by the Owner Trustee in its individual capacity, (iii) liabilities arising from the failure of the Owner Trustee to perform obligations expressly undertaken by it in the third sentence of
Section 6.4 or (iv) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. To the extent not paid by the Servicer, such indemnification shall be
paid in accordance with Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. The obligations under this Section 8.2 shall
survive the resignation or removal of the Owner Trustee or the termination or assignment of the Transaction Documents. 

SECTION 8.3. Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VIII and the
Sale and Servicing Agreement shall be deemed not to be a part of the Trust Estate immediately after such payment. 
 ARTICLE
IX 
 TERMINATION OF TRUST AGREEMENT 
 SECTION 9.1. Dissolution of the Issuer. The Issuer shall wind up and dissolve upon written notice to the Owner Trustee by the Certificateholders; provided that, the Issuer shall not wind up and
dissolve prior to (a) the final distribution of all moneys or other property or proceeds of the Trust Estate in accordance with the Indenture and the Sale and Servicing Agreement and (b) the discharge of the Indenture in accordance with
Article IV of the Indenture. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle any such Certificateholder’s
legal representatives or heirs to claim an accounting or to take any action or Proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect the rights, obligations and
liabilities of the parties hereto. 
 SECTION 9.2. Winding Up of the Issuer. Upon dissolution of the Issuer, the Owner
Trustee shall, at the written direction of the Administrator, wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Statute. Upon the satisfaction and discharge of the Indenture, and receipt of a
certificate from the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Owner Trustee, in the absence
of actual knowledge of any other claim against the Issuer and at the written direction of the Certificateholders, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured
obligations) for purposes of Section 3808(e) of the Statutory Trust Statute and shall cause the Certificate of Trust to be cancelled by filing, at the expense of the Depositor, a certificate of cancellation with the Delaware Secretary of State
in accordance with the provisions of Section 3810 of the Statutory Trust Statute, at which time the Issuer shall terminate and this Agreement (other than Article VIII) shall be of no further force or effect. 

  
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 SECTION 9.3. Limitations on Termination. Except as provided in
Section 9.1, neither the Depositor nor any Certificateholder shall be entitled to revoke, dissolve or terminate the Issuer. 
 ARTICLE X 
 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL 

OWNER TRUSTEES 
 SECTION 10.1. Eligibility Requirements for the Owner Trustee. The Owner Trustee shall at all times be a bank (i) authorized to exercise corporate trust powers, (ii) having a combined
capital and surplus of at least $50,000,000 and (iii) subject to supervision or examination by Federal or state authorities. If such bank shall publish reports of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. The Owner Trustee shall at all times be an institution satisfying the provisions of Section 3807(a) of the Statutory Trust Statute. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of
this Section 10.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. 
 SECTION 10.2. Resignation or Removal of the Owner Trustee. The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the
Depositor, the Administrator, the Servicer, the Indenture Trustee and each Certificateholder. Upon receiving such notice of resignation, the Depositor and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee which
satisfies the eligibility requirements set forth in Section 10.1 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner
Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may (at the expense of the Depositor (including without
limitation reasonable attorneys’ fees and expenses)) petition any court of competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such right to appoint or to petition for the appointment
of any such successor shall in no event relieve the resigning Owner Trustee from any obligations otherwise imposed on it under the Transaction Documents until such successor has in fact assumed such appointment. 

If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1
and shall fail to resign after written request therefor by the Depositor or the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of
its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Administrator may remove
the Owner Trustee. If the Depositor or the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Depositor and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee
by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and shall pay all fees owed to the outgoing Owner Trustee. 

  
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 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee
pursuant to any of the provisions of this Section 10.2 shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and
expenses owed to the outgoing Owner Trustee. The Depositor shall provide (or shall cause to be provided) notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies and the Indenture Trustee. 

SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2
shall execute, acknowledge and deliver to the Depositor, the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee
shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if
originally named as the Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Depositor and
the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and
obligations. 
 No successor Owner Trustee shall accept appointment as provided in this Section 10.3
unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.1. 
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section 10.3, the Depositor shall mail (or shall cause to be mailed) notice of the successor of such
Owner Trustee to each Certificateholder, Indenture Trustee, the Noteholders and each of the Rating Agencies. If the Depositor shall fail to mail (or cause to be mailed) such notice within 10 days after acceptance of appointment by the successor
Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Depositor. Any successor Owner Trustee appointed pursuant to this Section 10.3 shall promptly file an amendment to the
Certificate of Trust with the Delaware Secretary of State identifying the name and principal place of business of such successor Owner Trustee in the State of Delaware. 
 SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any corporation into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall, without the execution or
filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Owner Trustee hereunder; provided, that such corporation shall be eligible pursuant
to Section 10.1; and provided, further that the Owner Trustee shall file an amendment to the Certificate of Trust of the Issuer, if required by applicable law, and mail notice of such merger or consolidation
to the Depositor and the Administrator. 

  
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 SECTION 10.5. Appointment of Co-Trustee or
Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Depositor and the
Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner
Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust Estate, or any part thereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Depositor and the Owner Trustee may consider necessary or desirable. If the Depositor shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the
Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to
Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.3. 

Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act
subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred
or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the
Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be
exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
 (ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and 

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

  
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 Any separate trustee or co-trustee may at any time
appoint the Owner 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 Agreement on its behalf and in its name. If any separate trustee or co-trustee shall become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. The Owner Trustee shall have no obligation to determine whether a
co-trustee or separate trustee is legally required in any jurisdiction in which any part of the Trust Estate may be located. 
 ARTICLE XI 
 MISCELLANEOUS 

SECTION 11.1. Amendments. (a) Any term or provision of this Agreement may be amended by the Depositor and the Owner Trustee
without the consent of the Indenture Trustee, any Noteholder, the Issuer or any other Person subject to the satisfaction of one of the following conditions: 
 (i) the Depositor delivers to the Indenture Trustee (a) an Opinion of Counsel to the effect that such amendment will not materially and adversely affect the interests of the Noteholders and
(b) an Officer’s Certificate of the Depositor 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 Depositor notifies the Indenture
Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 
 (b) This
Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate principal amount of the Outstanding Notes of the Controlling Class,
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders. It will not be necessary to obtain the consent of the
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 11.1, the Depositor shall provide written notification of the substance of such amendment to each Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment or consent, the Depositor
shall furnish a copy of such amendment or consent to each Rating Agency, the Owner Trustee and the Indenture Trustee; provided, that no amendment pursuant to this Section 11.1 shall be effective which affects the
rights, protections or duties of the Indenture Trustee without the prior written consent of the Indenture Trustee (which consent shall not be unreasonably withheld or delayed). 

(d) Prior to the execution of any amendment pursuant to this Section 11.1, the Owner 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. 
 (e)
Notwithstanding the foregoing, this Agreement may be amended without the consent of any Noteholder, the Owner Trustee, the Issuer or any other person to add (as described in Section 3.5(h) hereof) provisions necessary to
prevent any application of the Treasury Regulations under Section 385 of the Code (including any subsequent or successor provision) that would result in the recharacterization of any of the Notes as equity, provided, however, that
any such amendment that adversely affects the Owner Trustee’s or the Indenture Indenture’s, as applicable, own rights, privileges, indemnities, duties or obligations under this Agreement shall not be effective without the prior written
consent of such affected party. 
 SECTION 11.2. No Legal Title to Trust Estate in Certificateholders. No
Certificateholder shall have legal title to any part of the Trust Estate. Each Certificateholder shall be entitled to receive distributions with respect to its undivided beneficial interest therein only in accordance with Articles V and
IX. No transfer, by operation of law or otherwise, of any right, title or interest of a Certificateholder to and in its ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any
transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 
 SECTION 11.3.
Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Administrator, the Certificateholders and, to the extent expressly provided herein, the Indenture Trustee
and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein. 
 SECTION 11.4. Notices. (a) Unless otherwise expressly
specified or permitted by the terms hereof, 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 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 

  
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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 electronic transmission, when receipt is confirmed by telephone or reply email from the recipient and (iii) 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. 
 (b) Any notice required or permitted to be given to any Certificateholder shall be given
by first-class mail, postage prepaid, at the address of such Certificateholder as shall be designated by such party in a written notice to each other party. Any notice so mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not such Certificateholder receives such notice. 
 SECTION 11.5.
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 11.6. Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 SECTION 11.7. Successors and Assigns. All
covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided. Any
request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 
 SECTION 11.8. No Petition. (a) Each of the Owner Trustee, by entering into this Agreement, the Depositor, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each
Noteholder or Note Owner by accepting the benefits of this Agreement, 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 

  
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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 such parties to pursue any other creditor rights or remedies that such Persons may have against the Issuer under applicable law. Without limiting the foregoing, in
no event shall the Owner Trustee authorize, institute or join in any bankruptcy or similar Proceeding described in the preceding sentence other than in accordance with Section 4.3. 

(b) The Depositor’s obligations under this Agreement are obligations solely of the Depositor and will not constitute
a claim against the Depositor to the extent that the Depositor 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, by entering into or accepting
this Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this Agreement, hereby acknowledges and agrees that such Person has no right, title or
interest in or to the Other Assets of the Depositor. 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 each
Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to
applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees
that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other
Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or
application under applicable law, including insolvency laws, and whether or not asserted against the Depositor), 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 Owner Trustee, by entering into or accepting this Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each
Noteholder or Note Owner, by accepting the benefits of this Agreement, 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 Agreement. 
 SECTION 11.9. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

  
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 SECTION 11.10. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 11.11. Waiver of Jury Trial. 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 11.12. Information Requests. The parties hereto shall provide any information reasonably requested by the Bank, the
Servicer, the Issuer, the Depositor or any of their Affiliates at the expense of the Bank, the Servicer, the Issuer, the Depositor or any of their Affiliates, as applicable, in order to comply with or obtain more favorable treatment under any
current or future law, rule, regulation, accounting rule or principle. 
 SECTION 11.13. Form
10-D and Form 10-K Filings. With respect to Form 10-D and Form 10-K filings
(i) no later than each Payment Date, the Owner Trustee shall notify the Depositor of any Form 10-D Disclosure Item with respect to the Owner Trustee, together with a description of any such Form 10-D Disclosure Item in form and substance reasonably acceptable to the Depositor and (ii) no later than March 15 of each calendar year, commencing March 15, 2020, the Owner Trustee shall notify the
Depositor in writing of any affiliations or relationships between the Owner Trustee and any Item 1119 Party; provided, that (except as provided in the following sentence) no such notification need be made if the affiliations or relationships
are unchanged from those provided in the notification in the prior calendar year. Notwithstanding the foregoing, on or before March 15 of each calendar year, commencing on March 15, 2020, the Owner Trustee shall, upon the written request
of the Depositor, deliver to the Depositor the certification substantially in the form attached hereto as Exhibit B or such form as mutually agreed upon by the Depositor and the Owner Trustee regarding any affiliations or relationships (as
contemplated in Item 1119 of Regulation AB) between the Owner Trustee and any Item 1119 Party and any Form 10-D Disclosure Item. 
 SECTION 11.14. Form 8-K Filings. The Owner Trustee shall promptly notify the Depositor, but in no event later than four (4) Business Days after its
occurrence, of any Reportable Event of which a Responsible Officer of the Owner Trustee has actual knowledge (other than a Reportable Event described in clause (a) or (b) of the definition thereof as to which the Depositor or the
Servicer has actual knowledge). The Owner Trustee shall be deemed to have actual knowledge of any such event solely to the extent that it relates to the Owner Trustee or any action by the Owner Trustee (and not by someone else on its behalf) under
this Agreement. 
 SECTION 11.15. Information to Be Provided by the Owner Trustee. The Owner Trustee shall provide the
Depositor and the Bank (each, a “Reporting Party” and, collectively, the “Reporting Parties”) with (i) notification, as soon as practicable and in any event within five Business Days, of all demands communicated to the Owner
Trustee for the repurchase or replacement of any Receivable and (ii) promptly upon reasonable written request by a Reporting Party, any other information reasonably requested by a Reporting Party that is in the Owner Trustee’s possession
and reasonably accessible to it to facilitate compliance by the Reporting 

  
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Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Owner Trustee be deemed to be a
“securitizer” as defined in Section 15Ga-1 of the Exchange Act, nor shall it have (A) any responsibility or liability for making any filing 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 Owner Trustee. A demand does not include general inquiries, including investor inquiries,
regarding asset performance or possible breaches of representations or warranties. 
 SECTION 11.16. USA Patriot Act
Compliance. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Owner 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 Owner Trustee. The parties to this Agreement agree that they will provide the Owner Trustee
with such information as it may request in order for the Owner Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

[Remainder of Page Intentionally Left Blank] 

 

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

			
	WELLS FARGO DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION, as Owner Trustee

 
			
		
	By:	 	 /s/ Rosemary Kennard

			
	Name:	 	Rosemary Kennard
	Title:	 	Vice President

  
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	USAA ACCEPTANCE, LLC
		
	By:	 	/s/ Brett Seybold

 
			
	 Name:
	 	 Brett Seybold

	 Title:
	 	 President, Treasurer

  

  
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 EXHIBIT A 
 FORM OF CERTIFICATE 
  

			
	NUMBER	  	 [____]% BENEFICIAL INTEREST

 R-[    ] 

USAA AUTO OWNER TRUST 2019-1 

CERTIFICATE 

Evidencing the [    ]% beneficial interest in all of the assets of the Issuer (as defined below), which consist
primarily of motor vehicle receivables, including motor vehicle retail installment loans that are secured by new and used automobiles and light-duty trucks. 
 (This Certificate does not represent an interest in or obligation of USAA Acceptance, LLC, USAA Federal Savings Bank or any of their respective Affiliates, except to the extent described below.)

 THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE
SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, 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. 
 NEITHER THIS CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A TRANSFER) BY OR FOR THE ACCOUNT OF OR WITH THE ASSETS OF (A) 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, (B) A “PLAN” AS DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) WHICH IS SUBJECT TO
SECTION 4975 OF THE CODE, (C) 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 OR (D) ANY GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN, OTHER EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT THAT IS SUBJECT TO ANY STATE, LOCAL OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE.

 NO TRANSFER OF THIS CERTIFICATE SHALL BE PERMITTED UNLESS THE TRANSFEREE SHALL DELIVER TO THE OWNER TRUSTEE AND THE
ADMINISTRATOR A PROPERLY COMPLETED AND DULY EXECUTED ORIGINAL OF U.S. INTERNAL REVENUE SERVICE FORM W-9 (OR APPLICABLE SUCCESSOR FORM) CERTIFYING THAT IT IS A UNITED STATES PERSON AS DEFINED IN SECTION
7701(a)(30) OF THE CODE AND NOT SUBJECT TO BACKUP WITHHOLDING. 
  

  
 A-1

 THIS CERTIFIES THAT [___________] is the registered owner of a [____]% nonassessable,
fully-paid beneficial interest in the Trust Estate of USAA AUTO OWNER TRUST 2019-1, a Delaware statutory trust (the “Issuer”) formed by USAA Acceptance, LLC, a Delaware limited liability
company, as depositor (the “Depositor”). 
 The Issuer was created pursuant to a Trust Agreement dated as of June 25,
2019 (as amended and restated as of July 31, 2019, the “Trust Agreement”), between the Depositor and Wells Fargo Delaware Trust Company, National Association, as owner trustee (the “Owner Trustee”), a
summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in Appendix A to the Sale and Servicing Agreement,
dated as of July 31, 2019 among the Depositor, the Issuer, U.S. Bank National Association, as indenture trustee, and USAA Federal Savings Bank, as servicer, as the same may be amended or supplemented from time to time. 

This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. The provisions and conditions of the Trust Agreement are hereby incorporated by reference as though set forth in their entirety herein. 

The Holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are
subordinated to the rights of the Noteholders as described in the Indenture, the Sale and Servicing Agreement and the Trust Agreement, as applicable. 

THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 By
accepting this Certificate, the Certificateholder 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 Person shall not authorize such 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 

  
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 A-2 

 
make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such Person shall not 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. 

By accepting and holding this Certificate (or any interest herein), the Holder hereof shall be deemed to have represented and warranted
that it is not, and is not purchasing on behalf of, (i) a Benefit Plan or (ii) any governmental plan, non-U.S. plan, church plan, other employee benefit plan or other retirement arrangement that is
subject to Similar Law, and that the Holder is a United States person as defined in Section 7701(a)(30) of the Code. 
 It
is the intention of the parties to the Trust Agreement that, solely for income, franchise and value added tax purposes, (i) so long as there is a single Certificateholder, the Issuer will be disregarded as an entity separate from such
Certificateholder, and if there is more than one Certificateholder, the Issuer will be treated as a partnership and (ii) the Notes will be characterized as debt. By accepting this Certificate, the Certificateholder agrees to take no action
inconsistent with the foregoing intended tax treatment. 
 By accepting this Certificate, the Certificateholder acknowledges
that this Certificate represents the entire beneficial interest in the Issuer only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of their
respective Affiliates and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated in this Certificate, the Trust Agreement or any other Transaction Document. 

  
 Trust
Certificate 

  
 A-3

 IN WITNESS WHEREOF, the Issuer has caused this Certificate to be duly executed. 

 

									
		 		 		 	USAA AUTO OWNER TRUST 2019-1
				
		 		 		 	 By: Wells Fargo Delaware Trust Company,
 National Association, not in its individual capacity,
 but solely as Owner
Trustee

					
	Dated:	 	  
	 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

  
 Trust
Certificate 

  
 A-4

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is the Certificate referred to in the within-mentioned Trust Agreement. 

 

			
	WELLS FARGO DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner
Trustee

 
			
		
	By:	 	  

		 	Authorized Signatory
		 	

  
 Trust
Certificate 

  
 A-5

 EXHIBIT B 
 FORM OF OWNER TRUSTEE’S ANNUAL CERTIFICATION 
 REGARDING ITEM
1117 AND ITEM 1119 OF REGULATION AB 
 Reference is made to the Amended and Restated Trust Agreement, dated
July 31, 2019 (the “Trust Agreement”), between Wells Fargo Delaware Trust Company, National Association, a national banking association (“Wells Fargo”), as Owner Trustee and USAA Acceptance, LLC, a Delaware limited liability
company, as Depositor (the “Depositor”) with respect to USAA Auto Owner Trust 2019-1 (the “Trust”). Capitalized terms used but not otherwise defined herein shall have the respective
meanings given to them in the Trust Agreement. 
 Wells Fargo does hereby certify to USAA Federal Savings Bank (the
“Sponsor”), the Depositor and the Trust that: 
 1. As of the date hereof, there are no pending legal proceedings
against Wells Fargo or proceedings known to be contemplated by governmental authorities against Wells Fargo that would be material to the investors in the Notes. 
 2. As of the date hereof, there are no affiliations, as contemplated by Item 1119 of Regulation AB, between Wells Fargo and any of USAA Federal Savings Bank (in its capacity as Sponsor, Originator,
Servicer and Administrator), USAA Acceptance, LLC, the Indenture Trustee and the Trust, or any affiliates of such parties. 
 IN
WITNESS WHEREOF, Wells Fargo has caused this certificate to be executed in its corporate name by an officer thereunto duly authorized. 
 Dated:
____________, 20[    ] 
  

			
	 WELLS FARGO DELAWARE TRUST
 COMPANY, NATIONAL ASSOCIATION, as
 Owner
Trustee

 
			
		
	By:	 	  

 

			
	Name:	 	
	Title:	 	

  
 B-1EX-10.5

 Exhibit 10.5 
 ASSET REPRESENTATIONS REVIEW AGREEMENT 
 among 

USAA AUTO OWNER TRUST 2019-1 

as Issuer, 
 USAA
FEDERAL SAVINGS BANK, 
 as Sponsor and Servicer 
 and 
 CLAYTON FIXED INCOME SERVICES LLC, 

as Asset Representations Reviewer 
 Dated as of July 31, 2019 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	USAGE AND DEFINITIONS	  	 	1	 
			
	 Section 1.1.
	 	 Usage and Definitions
	  	 	1	 
	 Section 1.2.
	 	 Additional Definitions
	  	 	1	 
			
	 ARTICLE II
	 	ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	  	 	2	 
			
	 Section 2.1.
	 	 Engagement; Acceptance
	  	 	2	 
	 Section 2.2.
	 	 Confirmation of Scope
	  	 	2	 
			
	 ARTICLE III
	 	ASSET REPRESENTATIONS REVIEW PROCESS	  	 	2	 
			
	 Section 3.1.
	 	 Review Notices
	  	 	2	 
	 Section 3.2.
	 	 Identification of Subject Receivables
	  	 	3	 
	 Section 3.3.
	 	 Review Materials
	  	 	3	 
	 Section 3.4.
	 	 Performance of Reviews
	  	 	3	 
	 Section 3.5.
	 	 Review Reports
	  	 	4	 
	 Section 3.6.
	 	 Limitations on Review Obligations
	  	 	5	 
	 Section 3.7.
	 	 Dispute Resolution
	  	 	5	 
			
	 ARTICLE IV
	 	ASSET REPRESENTATIONS REVIEWER	  	 	5	 
			
	 Section 4.1.
	 	 Representations and Warranties
	  	 	5	 
	 Section 4.2.
	 	 Covenants
	  	 	7	 
	 Section 4.3.
	 	 Fees, Expenses and Indemnities
	  	 	7	 
	 Section 4.4.
	 	 Limitation on Liability
	  	 	8	 
	 Section 4.5.
	 	 Indemnification by Asset Representations Reviewer
	  	 	8	 
	 Section 4.6.
	 	 Indemnification of Asset Representations Reviewer
	  	 	8	 
	 Section 4.7.
	 	 Inspections of Asset Representations Reviewer
	  	 	9	 
	 Section 4.8.
	 	 Delegation of Obligations
	  	 	9	 
	 Section 4.9.
	 	 Confidential Information
	  	 	9	 
	 Section 4.10.
	 	 Personally Identifiable Information
	  	 	11	 
			
	 ARTICLE V
	 	RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER	  	 	13	 
			
	 Section 5.1.
	 	 Eligibility Requirements for Asset Representations Reviewer
	  	 	13	 
	 Section 5.2.
	 	 Resignation and Removal of Asset Representations Reviewer
	  	 	13	 
	 Section 5.3.
	 	 Successor Asset Representations Reviewer
	  	 	13	 
	 Section 5.4.
	 	 Merger, Consolidation or Succession
	  	 	14	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VI
	 	OTHER AGREEMENTS	  	 	14	 
			
	 Section 6.1.
	 	 Independence of Asset Representations Reviewer
	  	 	14	 
	 Section 6.2.
	 	 No Petition
	  	 	14	 
	 Section 6.3.
	 	 Limitation of Liability of Owner Trustee
	  	 	15	 
	 Section 6.4.
	 	 Termination of Agreement
	  	 	15	 
			
	 ARTICLE VII
	 	MISCELLANEOUS PROVISIONS	  	 	15	 
			
	 Section 7.1.
	 	 Amendments
	  	 	15	 
	 Section 7.2.
	 	 Assignment; Benefit of Agreement; Third Party Beneficiaries
	  	 	16	 
	 Section 7.3.
	 	 Notices
	  	 	16	 
	 Section 7.4.
	 	 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial
	  	 	17	 
	 Section 7.5.
	 	 No Waiver; Remedies
	  	 	17	 
	 Section 7.6.
	 	 Severability
	  	 	17	 
	 Section 7.7.
	 	 Headings
	  	 	17	 
	 Section 7.8.
	 	 Counterparts
	  	 	17	 
	 Schedule A
	 	 Representations and Warranties, Review Materials and Tests
	  			

  

  
 ii 

 ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of July 31, 2019 (this
“Agreement”), among USAA AUTO OWNER TRUST 2019-1, a Delaware statutory trust, as Issuer (the “Issuer”), USAA FEDERAL SAVINGS BANK, a federally chartered savings association
(the “Bank”), as Sponsor (the “Sponsor”) and Servicer (the “Servicer”), and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer (the
“Asset Representations Reviewer”). 
 WHEREAS, the Issuer desires to engage the Asset Representations Reviewer
to perform reviews of certain Receivables for compliance with the representations and warranties made by the Bank, as seller, about the Receivables in the pool. 
 NOW, THEREFORE, in consideration of the foregoing, other good and valuable consideration, and the mutual terms and conditions contained herein, the parties hereto agree as follows. 

ARTICLE I 
 USAGE
AND DEFINITIONS 
 Section 1.1. Usage and Definitions. (a) Except as otherwise specified herein or if the
context may otherwise require, capitalized terms not defined in this Agreement shall have the respective meanings assigned such terms set forth in Appendix A to the Sale and Servicing Agreement, dated as of the date hereof (the “Sale and
Servicing Agreement”), by and among USAA Acceptance, LLC, as seller, the Servicer, and the Issuer. 
 (b) With respect
to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of
reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments and restatements, and supplements thereto or changes therein entered into in accordance with their
respective terms and not prohibited by this Agreement; references to Persons include their permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors
thereto; the term “including” means “including without limitation;” and the term “or” is not exclusive. 
 Section 1.2. Additional Definitions. The following terms have the meanings given below: 
 “Asset Representations Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Subject Receivable according to
Section 3.4. 
 “Confidential Information” has the meaning stated in
Section 4.9(b). 
 “Information Recipients” has the meaning stated in
Section 4.9(a). 
 “Issuer PII” has the meaning stated in
Section 4.10(a). 
 “Personally Identifiable Information” or “PII”
has the meaning stated in Section 4.10(a). 
  

 “Review Fee” has the meaning stated in
Section 4.3(b). 
 “Review Materials” means, for an Asset Representations Review and
a Subject Receivable, the documents and other materials for each Test listed under “Review Materials” in Schedule A. 
 “Review Report” means, for an Asset Representations Review, the report of the Asset Representations Reviewer prepared according to Section 3.5. 

“Subject Receivables” means, for any Asset Representations Review, all Receivables which are 60-Day Delinquent Receivables as of the related Review Satisfaction Date; provided, that any Receivable repurchased by the Sponsor or the Servicer from the Issuer in accordance with the Transaction Documents after
the Review Satisfaction Date will no longer be a Subject Receivable. 
 “Test” has the meaning stated in
Section 3.4(a). 
 “Test Complete” has the meaning stated in
Section 3.4(c). 
 “Test Fail” has the meaning stated in
Section 3.4(a). 
 “Test Incomplete” has the meaning stated in
Section 3.4(a). 
 “Test Pass” has the meaning stated in
Section 3.4(a). 
 ARTICLE II 
 ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER 
 Section 2.1. Engagement;
Acceptance. The Issuer engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuer. Clayton Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of the Asset
Representations Reviewer on the terms in this Agreement. 
 Section 2.2. Confirmation of Scope. The parties confirm
that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables for compliance with the representations and warranties under the Transaction Documents, except as described in this Agreement or (b) determining
whether noncompliance with the representations or warranties constitutes a breach of the Transaction Documents. 
 ARTICLE III

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

  
 2 

 Section 3.2. Identification of Subject Receivables. Within ten
(10) Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset Representations Reviewer a list of the Subject Receivables. 
 Section 3.3. Review Materials. 
 (a) Access to Review Materials.
The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Subject Receivables within sixty (60) calendar days after receipt of the Review Notice in one or more of the following ways in the
Servicer’s reasonable discretion: (i) by electronic posting of Review Materials to a password-protected website to which the Asset Representations Reviewer has access, (ii) by providing originals or photocopies of documents relating
to the Subject Receivables at one of the properties of the Servicer or (iii) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove PII from the Review Materials so long as all
information in the Review Materials necessary for the Asset Representations Reviewer to complete the Asset Representations Review remains intact and unchanged. 
 (b) Missing or Insufficient Review Materials. The Asset Representations Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset
Representations Reviewer to perform any Test. If the Asset Representations Reviewer reasonably determines that any of the Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test, the Asset
Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty (20) calendar days before completing the Asset Representations Review, and the Servicer will use reasonable efforts to provide the Asset
Representations Reviewer access to such missing Review Materials or other documents or information to correct the insufficiency within fifteen (15) calendar days. If the missing or insufficient Review Materials have not been provided by the
Servicer within sixty (60) calendar days, the parties agree that the Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report will indicate the reason for the Test Incomplete. 

Section 3.4. Performance of Reviews. 
 (a) Test Procedures. For an Asset Representations Review, the Asset Representations Reviewer will perform for each Subject Receivable the procedures listed under “Tests” in Schedule
A for each representation and warranty (each, a “Test”), using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations Reviewer will determine in its
reasonable judgment if the Test has been satisfied (a “Test Pass”), if the Test has not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or incomplete Review Materials (a
“Test Incomplete”). The Asset Representations Reviewer will use such determination for all Subject Receivables that are subject to the same Test. 
 (b) Review Period. The Asset Representations Reviewer will complete the Asset Representations Review of all of the Subject Receivables within sixty (60) calendar days after receiving access to
the Review Materials under Section 3.3(a). However, if missing or additional Review Materials are provided to the Asset Representations Reviewer under Section 3.3(b), the review period will be
extended for an additional thirty (30) calendar days. 

  
 3 

 (c) Completion of Review for Certain Subject Receivables. Following the delivery of
the list of the Subject Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by the Obligor or purchased
from the Issuer by the Bank according to the applicable Transaction Document. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables and the Review of such Receivables will be considered
complete (a “Test Complete”). In this case, the Review Report will indicate a Test Complete for the Receivables and the related reason. 
 (d) Previously Reviewed Receivable. If a Subject Receivable was included in a prior Asset Representations Review, the Asset Representations Reviewer will not conduct additional Tests on any such
duplicate Subject Receivable unless such Subject Receivable was deemed a Test Incomplete as a result of the failure of the Servicer to provide missing Review Material for such Subject Receivable and the Servicer elects to have such Subject
Receivable included in the current Asset Representations Review. The Asset Representations Reviewer will include the previously reported Test results for any such duplicate Subject Receivable within the Review Report for the current Asset
Representations Review. 
 (e) Duplicative Tests. If the same Test is required for more than one representation or
warranty listed on Schedule A, the Asset Representations Reviewer will only perform the Test once for each Subject Receivable but will report the results of the Test for each applicable representation or warranty on the Review Report.

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

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

  
 4 

 (b) Questions About Review. The Asset Representations Reviewer will make appropriate
personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Servicer. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification
from Noteholders or any Person other than the Servicer and will direct such Persons to submit written questions or requests to the Servicer. 
 Section 3.6. Limitations on Review Obligations. The Asset Representations Reviewer will have no obligation: 
 (a) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct an Asset Representations Review under the Indenture, and may rely on the
information in any Review Notice delivered by the Indenture Trustee; 
 (b) to determine which Receivables are Subject
Receivables, and may rely on the lists of Subject Receivables provided by the Servicer; 
 (c) to confirm the validity of the
Review Materials and may rely on the accuracy and completeness of the Review Materials; or 
 (d) to take any action or cause any
other party to take any action under any of the Transaction Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Subject Receivables. 

Section 3.7. Dispute Resolution. The Asset Representations Reviewer acknowledges and agrees that any Review Report may be
used by the Issuer, the Seller or the Servicer in any dispute resolution proceeding related to the Subject Receivables. No additional fees or reimbursement of expenses shall be paid to the Asset Representations Reviewer regarding the Issuer’s,
the Seller’s or the Servicer’s use of any Review Report; provided, that the Asset Representations Reviewer will be reimbursed for its out-of-pocket
expenses incurred in its participation in any dispute resolution proceeding. 
 ARTICLE IV 

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

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

  
 5 

 (b) Power, Authority and Enforceability. The Asset Representations Reviewer has the
power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding
obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by
general equitable principles. 
 (c) No Conflicts and No Violation. The execution, delivery and performance by the Asset
Representations Reviewer of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under, any
indenture, mortgage, deed of trust, loan agreement, guarantee or other agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the properties or assets of
the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or other agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or
(D) violate any law or any order, rule or regulation of a federal or state court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties that
applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

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

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

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

  
 6 

 Section 4.2. Covenants. The Asset Representations Reviewer covenants and agrees
that: 
 (a) Eligibility. It will notify the Issuer and the Servicer promptly if it no longer meets the eligibility
requirements in Section 5.1. 
 (b) Review Systems; Personnel. It will maintain business process
management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Subject
Receivable and the related Review Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset Representations Reviews as
required by this Agreement. 
 (c) Maintenance of Review Materials. It will maintain copies of any Review Materials,
Review Reports and other documents relating to an Asset Representations Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement or repayment of the Notes in full, whichever comes
first. 
 Section 4.3. Fees, Expenses and Indemnities. 

(a) Annual Fee. The Servicer will pay the Asset Representations Reviewer, as compensation for agreeing to act as the Asset
Representations Reviewer under this Agreement, an annual fee of $5,000. The annual fee will be payable by the Servicer on the Closing Date and on each anniversary thereof until this Agreement is terminated, provided, that in the year in which
all public Notes are paid in full, the annual fee shall be reduced pro rata by an amount equal to the days of the year in which the public Notes are no longer outstanding. 
 (b) Review Fee. Following the completion of an Asset Representations Review and the delivery to the Indenture Trustee, the Issuer, the Sponsor and the Servicer of the Review Report, or the
termination of an Asset Representations Review in accordance with Section 3.4(f), and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of $200 for each Subject
Receivable for which the Asset Representations Review was started (the “Review Fee”), to be paid as agreed in Section 4.3(c). However, no Review Fee will be charged for any Tests that were performed in a
prior Asset Representations Review or for any Asset Representations Review in which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Representations Review in accordance with
Section 3.4(f). The Servicer will pay the Review Fee to the Asset Representations Reviewer in accordance with the terms of the detailed invoice from the Asset Representations Reviewer. If an Asset Representations Review is
terminated in accordance with Section 3.4(f), the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Asset Representations Review no later than five Business Days before the final
Payment Date in order to be reimbursed no later than the final Payment Date. 
 (c) Payment of Fees and Indemnities. The
Asset Representations Reviewer shall submit reasonably detailed invoices to the Servicer for any amounts owed to it under this Agreement. To the extent not paid by the Servicer within sixty (60) calendar days following the receipt of a detailed
invoice on the due date therefor hereunder, the fees provided for in this Section 4.3 and the indemnities provided for in Section 4.6(a) shall be paid by the Issuer pursuant to the priority of
payments set forth in Section 4.4(a) of the Sale and Servicing Agreement; provided, that prior to any such payment pursuant to the Sale and Servicing Agreement, the Asset Representations Reviewer shall notify the Servicer in writing that
such payments have been outstanding for at least sixty (60) calendar days. 

  
 7 

 Section 4.4. Limitation on Liability. The Asset Representations Reviewer will
not be liable to any Person for any action taken, or not taken, in good faith under this Agreement. However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith, breach of this Agreement or negligence in
performing its obligations under this Agreement. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been
advised of the likelihood of the loss or damage and regardless of the form of action. 
 Section 4.5. Indemnification by
Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer, the Servicer, the Depositor, the Seller, the Sponsor, the Owner Trustee and the Indenture Trustee (each, an “Indemnified
Party”) and their respective directors, officers, employees and agents for all costs, expenses, losses, damages and liabilities (including any reasonable legal fees and expenses incurred by an Indemnified Party in connection with the
enforcement of any indemnification or other obligation of the Asset Representations Reviewer) resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this
Agreement, (b) the Asset Representations Reviewer’s failure to comply with the requirements of applicable federal, state or local laws and regulations in the performance of its duties hereunder or (c) the Asset Representations
Reviewer’s breach of any of its representations, warranties, covenants or other obligations in this Agreement. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the
termination of the Issuer and the permitted resignation or removal of the Asset Representations Reviewer. 
 Section 4.6.
Indemnification of Asset Representations Reviewer. 
 (a) Indemnification. The Servicer will indemnify the Asset
Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this
Agreement (including the costs and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct,
bad faith or negligence, (ii) the Asset Representations Reviewer’s failure to comply with the requirements of applicable federal, state and local laws and regulations in the performance of its duties hereunder or (iii) the Asset
Representations Reviewer’s breach of any of its representations, warranties, covenants or other obligations in this Agreement. 
 (b) Proceedings. Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under
Section 4.6(a), notify the Servicer of the Proceeding. The Servicer may participate in and assume the defense and settlement of a Proceeding at its expense. If the Servicer notifies the Indemnified Person of its intention
to assume the defense of the Proceeding, the Servicer will not be liable for legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Servicer, and an Indemnified Person. If there is a conflict, the
Servicer will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person. No settlement of a Proceeding may be made without the approval of the Servicer and the Indemnified Person, which approval will not be unreasonably
withheld. 

  
 8 

 (c) Survival of Obligations. The Servicer’s obligations under this
Section 4.6 will survive the permitted resignation or removal of the Asset Representations Reviewer and the termination of this Agreement. 
 (d) Repayment. If the Servicer makes any payment under this Section 4.6 and the Indemnified Person later collects any of the amounts for which the payments were made to it
from others, the Indemnified Person will promptly repay the amounts to the Servicer. 
 Section 4.7. Inspections of
Asset Representations Reviewer. The Asset Representations Reviewer agrees that, with reasonable prior notice not more than once during any year, it will permit authorized representatives of the Issuer, the Servicer or the Sponsor, during the
Asset Representations Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset
Representations Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) any claim made by the Asset Representations Reviewer under this
Agreement. In addition, the Asset Representations Reviewer will permit the Issuer’s, the Servicer’s or the Sponsor’s representatives to make copies and extracts of any of those documents and to discuss them with the Asset
Representations Reviewer’s officers and employees. Each of the Issuer, the Servicer and the Sponsor will, and will cause its authorized representatives to, hold in confidence any proprietary confidential information of the Asset Representations
Reviewer except if disclosure may be required by law or if the Issuer, the Servicer or the Sponsor reasonably determines that it is required to make the disclosure under this Agreement or the other Transaction Documents. The Asset Representations
Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations under this Agreement. 

Section 4.8. Delegation of Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations
under this Agreement to any Person without the consent of the parties to this Agreement. 
 Section 4.9. Confidential
Information. 
 (a) Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential Information
given to it under this Agreement in confidence and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The
Confidential Information will not, without the prior consent of the Issuer, the Sponsor and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates,
including legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing Asset Representations Reviews of Subject Receivables or performing its obligations under this Agreement. The Asset
Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by the Bank or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use
the Confidential Information for the preparation of research reports, newsletters or other publications or similar communications. 

  
 9 

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

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

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

(iii) notes, analyses, compilations, studies or other documents or records prepared by the Sponsor or the Servicer, which
contain information supplied by or on behalf of the Sponsor or the Servicer or their representatives. 
 However, Confidential Information will
not include information that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other than the Issuer, the Sponsor or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient is not bound
by a confidentiality agreement with the Issuer, the Sponsor or the Servicer and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients without the use of
the Confidential Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Issuer, the Sponsor or the Servicer provides permission to the applicable
Information Recipients to release. 
 (c) Protection. The Asset Representations Reviewer will use best efforts to protect
the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care. The Asset Representations
Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.10. 
 (d) Disclosure. If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to
disclose part of the Confidential Information, it may disclose the Confidential Information. However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will use its reasonable efforts
to provide the Issuer, the Sponsor and the Servicer with notice of the requirement and will cooperate, at the Sponsor’s expense, in the Issuer’s and the Sponsor’s pursuit of a proper protective order or other relief for the disclosure
of the Confidential Information. If the Issuer or the Sponsor is unable to obtain a protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part
of the Confidential Information that it is advised by its legal counsel it is legally required to disclose. 

  
 10 

 (e) Responsibility for Information Recipients. The Asset Representations Reviewer
will be responsible for a breach of this Section 4.9 by its Information Recipients. 
 (f)
Violation. The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer, the Sponsor and the Servicer and the Issuer, the Sponsor and the Servicer may seek injunctive relief in
addition to legal remedies. If an action is initiated by the Issuer or the Servicer to enforce this Section 4.9, the prevailing party will be entitled to reimbursement of costs and expenses, including reasonable
attorney’s fees, incurred by it for the enforcement. 
 Section 4.10. Personally Identifiable Information.

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

 (b) Use of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII. The Asset
Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these purposes. The Asset
Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally required codes of conduct, including those relating to privacy, security and data
protection. The Asset Representations Reviewer will protect and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with applicable laws and regulations and this
Agreement.    The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the
security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise
comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection
and data transmission protection) and physical security measures. 
 (c) Additional Limitations. In addition to the use
and protection requirements described in Section 4.10(b), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements: 

(i) The Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to
Issuer PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Representations Review, (B) with the prior consent of the Issuer or (C) as required by applicable law. When permitted,
the disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations Reviewer will inform personnel with access to Issuer PII of the
confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII. 

  
 11 

 (ii) The Asset Representations Reviewer will not sell, disclose, provide or
exchange Issuer PII with or to any third party without the prior consent of the Issuer. 
 (d) Notice of Breach. The Asset
Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and,
where applicable, immediately take action to prevent any further breach. 
 (e) Return or Disposal of Issuer PII. Except
where return or disposal is prohibited by applicable law, promptly on the earlier of the completion of the Asset Representations Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations Reviewer’s
possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or
recoverable copies, in both cases, without charge to the Issuer. Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer
PII to that required by applicable law. 
 (f) Compliance; Modification. The Asset Representations Reviewer will cooperate
with and provide information to the Issuer regarding the Asset Representations Reviewer’s compliance with this Section 4.10. The Asset Representations Reviewer and the Issuer agree to modify this
Section 4.10 as necessary from time to time for either party to comply with applicable law. 
 (g)
Audit of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuer and its authorized representatives to audit the Asset Representations Reviewer’s compliance with this
Section 4.10 during the Asset Representations Reviewer’s normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate
additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described in this Section 4.10(g) with the inspections described in Section 4.7. The Asset Representations
Reviewer will also permit the Issuer and its authorized representatives during normal business hours on reasonable advance written notice to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations
Reviewer’s obligations under this Agreement. 
 (h) Affiliates and Third Parties. If the Asset Representations
Reviewer processes the PII of the Issuer’s Affiliates or a third party when performing an Asset Representations Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is
an intended third-party beneficiary of this Section 4.10, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII related terms of this
Section 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement. 

  
 12 

 ARTICLE V 
 RESIGNATION AND REMOVAL; 
 SUCCESSOR ASSET REPRESENTATIONS REVIEWER 

Section 5.1. Eligibility Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be a Person
who (a) is not Affiliated with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by the Sponsor or any
underwriter to perform any due diligence on the Receivables prior to the Closing Date. 
 Section 5.2. Resignation and
Removal of Asset Representations Reviewer. 
 (a) No Resignation of Asset Representations Reviewer. The Asset
Representations Reviewer will not resign as Asset Representations Reviewer unless the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1. The Asset Representations Reviewer will
notify the Issuer and the Servicer of its resignation as soon as practicable after it determines it is required to resign and stating the resignation date and including an Opinion of Counsel supporting its determination. 

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

(i) the Asset Representations Reviewer no longer meets the eligibility requirements in
Section 5.1; 
 (ii) the Asset Representations Reviewer breaches of any of its
representations, warranties, covenants or obligations in this Agreement; or 
 (iii) an Insolvency Event of the
Asset Representations Reviewer occurs. 
 (c) Notice of Resignation or Removal. The Issuer will notify the Servicer and
the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. 
 (d) Continue to Perform After
Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset
Representations Reviewer has accepted its engagement according to Section 5.3(b). 
 Section 5.3.
Successor Asset Representations Reviewer. 
 (a) Engagement of Successor Asset Representations Reviewer. Following
the resignation or removal of the Asset Representations Reviewer, the Issuer will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1. 

  
 13 

 (b) Effectiveness of Resignation or Removal. No resignation or removal of the Asset
Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset
Representations Reviewer under this Agreement or entered into a new agreement with the Issuer on substantially the same terms as this Agreement. 
 (c) Transition and Expenses. If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested
to assist the Issuer in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable
expenses (including the fees and expenses of counsel) of transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on such obligations on receipt of an
invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer. 

Section 5.4. Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged
or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility
requirements in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset
Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). 
 ARTICLE
VI 
 OTHER AGREEMENTS 
 Section 6.1. Independence of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the
Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Nothing in this Agreement will make the Asset Representations Reviewer nor the Issuer members of any partnership,
joint venture or other separate entity or impose any liability as such on any of them. 
 For the avoidance of doubt, neither
the Indenture Trustee or the Owner Trustee shall be responsible for monitoring the performance by the Asset Representations Reviewer of its obligations under this Agreement. 
 Section 6.2. No Petition. Each of the parties, by entering into this Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period)
after payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor (including, without limitation, the Issuer) or (b) the Notes, it will not start or pursue against, or join any other
Person in starting or pursuing against (i) the Depositor or (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This
Section 6.2 will survive the termination of this Agreement. 

  
 14 

 Section 6.3. Limitation of Liability of Owner Trustee. This Agreement has been
signed on behalf of the Issuer by Wells Fargo Delaware Trust Company, National Association not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will Wells Fargo Delaware Trust Company, National
Association in its individual capacity or a beneficial owner of the Issuer be liable for the Issuer’s obligations under this Agreement. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits
of, the Trust Agreement. 
 Section 6.4. Termination of Agreement. This Agreement will terminate, except for the
obligations under Section 4.5 or as otherwise stated in this Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the
Issuer is terminated under the Trust Agreement. 
 ARTICLE VII 

MISCELLANEOUS PROVISIONS 
 Section 7.1. Amendments. 
 (a) Any term or provision of this Agreement
may be amended by the Sponsor, the Servicer and the Asset Representations Reviewer without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following
conditions: 
 (i) the Sponsor or the Servicer delivers to the Indenture Trustee (a) an Opinion of Counsel
to the effect that such amendment will not materially and adversely affect the interests of the Noteholders and (b) an Officer’s Certificate to the effect that such amendment will not materially and adversely affect the interests of the
Noteholders; or 
 (ii) the Rating Agency Condition is satisfied with respect to such amendment and the Sponsor
or the Servicer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 
 (b) This Agreement may also be amended from time to time by the Sponsor, the Servicer and the Asset Representations Reviewer, with the consent of the Noteholders evidencing not less than a majority of the
Outstanding Note Balance of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders. It will not
be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents
of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record
dates pursuant to the Depository Agreement. 

  
 15 

 (c) Prior to the execution of any amendment pursuant to this
Section 7.1, the Servicer shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, the Servicer shall furnish a copy of
such amendment or consent to each Rating Agency and the Indenture Trustee. Notwithstanding anything to the contrary in this Section 7.1, any amendment that adversely affects the Indenture Trustee’s or the Owner
Trustee’s own rights or obligations under this Agreement shall require the consent of the Indenture Trustee or the Owner Trustee, as the case may be. 
 Section 7.2. Assignment; Benefit of Agreement; Third Party Beneficiaries. 
 (a) Assignment. Except as stated in Section 5.4, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Servicer. 

(b) Benefit of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and
their permitted successors and assigns. The Indenture Trustee, for the benefit of itself and the Noteholders, and the Owner Trustee will be third-party beneficiaries of this Agreement and entitled to enforce this Agreement against the Asset
Representations Reviewer. No other Person will have any right or obligation under this Agreement. 
 Section 7.3.
Notices. 
 (a) Delivery of Notices. All notices, requests, demands, consents, waivers or other communications to
or from the parties must be in writing and will be considered given: 
 (i) For overnight mail, on delivery or,
for a letter mailed by registered first class mail, postage prepaid, three days after deposit in the mail; 

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

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

(iv) for an electronic posting to a password-protected website to which the recipient has access, on delivery (without the
requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred. 
 (b)
Notice Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed to: (i) (a) in the case of the Sponsor and the Servicer, to USAA Federal Savings Bank, 10750 McDermott Freeway, San
Antonio, TX 78288, Attention: Peter Paulsen (b) in the case of the Issuer or the Owner Trustee, to USAA Auto Owner Trust 2019-1, c/o Wells Fargo Delaware Trust Company, National Association, 919 North
Market Street, Suite 1600, Wilmington, Delaware 19801, Attention: Corporate Trust Services, (c) in the case of the Indenture Trustee, to U.S. Bank National Association, 190 S. LaSalle Street, Chicago, IL 60603, Attention: Global Structured
Finance – USAA 2019-1, and (d) in the case of the Asset Representations Reviewer, to Clayton Fixed Income Services LLC, 2638 South Falkenburg Road, Riverview, FL 33578, Attention: SVP; with a copy to
Clayton Fixed Income Services LLC, c/o Clayton Holdings LLC, 1500 Market Street, West Tower, Suite 2050, Philadelphia, PA 19102 Attention: General Counsel or (ii) as to each party, at such other address or email as shall be designated by such
party in a written notice to each other party. 

  
 16 

 Section 7.4. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.
THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 
 EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF
THE PARTIES HERETO HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK JURISDICTION OVER SUCH PARTY, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT IN ANY OF THE AFORESAID COURTS,
THAT ANY SUCH COURT LACKS JURISDICTION OVER SUCH PARTY. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT
IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. 

Section 7.5. No Waiver; Remedies. No party’s failure or delay in exercising a power, right or remedy under this
Agreement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and
remedies under this Agreement are in addition to any powers, rights and remedies under law. 
 Section 7.6.
Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

 Section 7.7. Headings. The headings in this Agreement are included for convenience and will not affect the
meaning or interpretation of this Agreement. 
 Section 7.8. Counterparts. This Agreement may be executed in
multiple counterparts. Each counterpart will be an original and all counterparts will together be one document. 
 [Remainder of
Page Left Blank] 

  
 17 

 EXECUTED BY: 
  

			
	USAA AUTO OWNER TRUST 2019-1,
		 	as Issuer
	
	By: WELLS FARGO DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	 /s/ Rosemary Kennard

		 	Name: Rosemary Kennard
		 	Title: Vice President
	
	USAA FEDERAL SAVINGS BANK,
		 	as Sponsor and Servicer
		
	By:	 	 /s/ Thomas Cianelli

		 	Name: Thomas Cianelli
		 	Title: Senior Vice President
	
	CLAYTON FIXED INCOME SERVICES LLC,
		 	as Asset Representations Reviewer
		
	By:	 	 /s/ Robert Harris

		 	Name: Robert Harris
		 	Title: Secretary

 [Signature Page to USAA 2019-1 Asset Representations Review
Agreement] 

 Schedule A 
 Representations and Warranties, Review Materials and Tests 
 Representation

 Characteristics of Receivables (a): As of the Cut-Off Date (or
such other date as may be specifically set forth below), each Receivable: 
  

	 	(i)	 as of the Closing Date, is secured by a first priority perfected security interest in the Financed Vehicle in favor of the Originator, as
secured party, or all necessary actions have been commenced that would result in a first priority perfected security interest in the Financed Vehicle in favor of the Originator, as secured party, which security interest, in either case, is
assignable and has been so assigned (x) by the Bank to the Purchaser and (y) by the Purchaser to the Issuer; 

  

	 	(ii)	 contains provisions that permit the repossession and sale of the Financed Vehicle upon a default under the Receivable by the Obligor;

  

	 	(iii)	 provided, at origination, for level periodic payments which fully amortize the initial Outstanding Principal Balance over the original term;
provided, that the amount of the first and last payments may be different but in no event more than three times the level monthly payment; and 

  

	 	(iv)	 was originated in the United States. 

 Documents 
 Retail Contract 
 Title Documents 
 Procedures to be Performed 

 

	 	i.	 First Priority Interest 

  

	 	A.	 Confirm that the Receivable contains security interest language in favor of USAA Federal Savings Bank in the Financed Vehicle.

  

	 	B.	 Confirm that the Title Documents report USAA Federal Savings Bank, or an acceptable variation of the name, as the first Lien holder, or that
an appropriate application has been filed in the applicable state if the certificate of title is still pending. 

	 	C.	 Confirm that the Obligor’s name, or an acceptable variation thereof, on the Contract matches the name on the Title Documents.

  

	 	D.	 Confirm that the Vehicle Identification Number (VIN) on the Contract matches the VIN on the Title Documents. 

 

	 	E.	 Confirm that the Receivable has been assigned: 

 

	 	(x)	 by the Bank to the Purchaser, and 

  

	 	(y)	 by the Purchaser to the Issuer. 

  

	 	ii.	 Repossession 

  

	 	A.	 Observe the Contract and confirm it contains provisions that permit the repossession and sale of the Financed Vehicle upon a default under the
Receivable by the Obligor. 

  

	 	iii.	 Payment Schedule Structure 

  

	 	A.	 Confirm all payments are equivalent with the possible exception of the first and last month’s payments which may differ by no more than
three times the amount of the level monthly payment. 

  

	 	B.	 Confirm that the Number of Payments and the Amount of Payments, together with any first and last month’s payment (if applicable), equals
the Total of the Payments as stated within the Truth and Lending section of the Contract. 

  

	 	iv.	 United States Origination 

  

	 	A.	 Confirm the Contract reports an originator and Obligor located in the United States. 

 

	 	v.	 If steps (i) through (iv) are confirmed, then Test Pass. 

 Representation 
 Individual Characteristics (b): Each Receivable has the following individual characteristics, in each case as of the Cut-Off Date: 

 

	 	(i)	 the Receivable is secured by a new or used automobile or light-duty truck; 

 

	 	(ii)	 the Receivable has a Contract Rate of no less than 2.25%; 

 

	 	(iii)	 the Receivable had an original term to maturity of not more than 84 months, and the Receivable has a remaining term to maturity of not less
than 3 months; 

  

	 	(iv)	 the Receivable has an Outstanding Principal Balance of greater than or equal to $800.00; 

 

	 	(v)	 the Obligor on the Receivable has a FICO® score of no less than 600; 

  

	 	(vi)	 the Financed Vehicle related to the Receivable is a model year 2013 or newer; 

 

	 	(vii)	 the Receivable has a scheduled maturity date on or before March 4, 2026; 

 

	 	(viii)	 the Receivable is not more than 30 days past due; 

 

	 	(ix)	 the Receivable was not noted in the records of the Servicer as being the subject of any pending bankruptcy or insolvency Proceeding;

  

	 	(x)	 the Receivable is a Simple Interest Receivable. 

 Documents 
 Retail Contract 
 System Screenprint 
 Procedures to be Performed 

 

	 	i.	 Financed Vehicle 

  

	 	A.	 Review the Contract and confirm that the Financed Vehicle is a new or used automobile or light-duty truck. 

 

	 	ii.	 Contract Rate 

  

	 	A.	 Review the System Screenprint and confirm the Contract Rate is not less than the minimum allowable Contract Rate.

	 	iii.	 Original Term 

  

	 	A.	 Review the Contract and confirm the Number of Payments (including first and last payments) does not exceed the maximum allowable Contract Term
of no more than 84 months. 

  

	 	B.	 Review the System Screenprint and confirm that the remaining term of the Contract is within the allowable limits of no less than 3 months.

  

	 	iv.	 Remaining Balance 

  

	 	A.	 Review the System Screenprint and confirm that the unpaid balance as of the Cut-Off Date is not less
than the minimum allowable Outstanding Principal Balance. 

  

	 	v.	 FICO Score 

  

	 	A.	 Review the System Screenprint and confirm that the Obligor has a FICO® score of at least 600. 

  

	 	vi.	 Model Year 

  

	 	A.	 Review the System Screenprint and confirm that the Financed Vehicle related to the Receivable is a model year 2013 or newer.

  

	 	vii.	 Maturity Date 

  

	 	A.	 Review the System Screenprint and confirm that the Receivable has a Maturity Date on or before March 4, 2026.

  

	 	viii.	 Delinquency Status 

  

	 	A.	 Review the System Screenprint and confirm that the Receivable is not more than 30 days past due as of the
Cut-Off Date. 

  

	 	ix.	 Bankruptcy and Insolvency 

  

	 	A.	 Verify through the System Screenprint that there is no evidence the Receivable is the subject of a Bankruptcy or insolvency proceeding.

  

	 	x.	 Interest Method 

  

	 	A.	 Review the Contract and confirm that the Receivable is amortized using the Simple Interest Method. 

 

	 	xi.	 If steps (i) through (x) are confirmed, then Test Pass. 

 Representation 
 Compliance with Law (c): The Receivable complied at the time it was originated or made in all material respects with all requirements of law in effect at that time and applicable to such
Receivable. 
 Documents 

Retail Contract 
 List of Approved Contract Forms

 System Screenprint 
 Procedures
to be Performed 
  

	 	i.	 Observe the Contract and confirm the form number and revision date are on the List of Approved Contract Forms. 

 

	 	ii.	 Confirm the following disclosures are included in the Contract: 

 

	 	a.	 Prepayment disclosure 

  

	 	b.	 Late payment policy including the late charge amount (or calculation) 

 

	 	c.	 Security Interest Disclosure 

  

	 	d.	 Contract Reference 

  

	 	e.	 Insurance Requirements 

  

	 	iii.	 Review the System Screenprint and confirm that there is no evidence of any judgment against USAA Federal Savings Bank indicating that the
Contract was originated in violation of applicable law. 

  

	 	iv.	 Review the System Screenprint and confirm that there is no evidence of any Obligor(s) alleging
non-compliance. 

  

	 	v.	 If steps (i) through (iv) are confirmed, then Test Pass. 

 Representation 
 Binding Obligation (d): The Receivable constitutes the legal and binding payment obligation in writing of the Obligor, enforceable in all material respects by the holder thereof in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable principles, consumer protection laws and the Servicemembers Civil Relief Act. 

Documents 
 Retail Contract

 List of Approved Forms 

Procedures to be Performed 
  

	 	i.	 Confirm that the Contract form number and revision date are on the List of Approved Contract Forms. 

 

	 	ii.	 Confirm that the Obligor(s) signed the Contract. 

 

	 	iii.	 If steps (i) and (ii) are confirmed, then Test Pass. 

 Representation 
 Receivable in Force (e): As of the Cut-Off Date, neither the Bank’s records nor the Receivable Files indicate that the Receivable was satisfied,
subordinated or rescinded nor has the related Financed Vehicle been released from the Lien granted by the Receivable in whole or in part. 

Documents 
 Title Documents

 System Screenprint 

Procedures to be Performed 
  

	 	i.	 Confirm there is no indication within the Title Documents or the System Screenprint that the Receivable was satisfied prior to the Cut-Off Date. 

  

	 	ii.	 Confirm there is no indication within the Title Documents or the System Screenprint that the Receivable was subordinated or rescinded prior to
the Cut-Off Date. 

  

	 	iii.	 Confirm there is no indication within the Title Documents or the System Screenprint that the Financed Vehicle has been released from the Lien
in whole or in part prior to the Cut-Off Date. 

  

	 	iv.	 Confirm that the Receivable is noted as “active” within the System Screenprint. 

 

	 	v.	 If steps (i) through (iii) are confirmed, then Test Pass. 

 Representation 
 No Waiver (f): As of the Cut-Off Date, no provision of a Receivable has been expressly waived in writing in any material respect, except by
instruments or documents identified in the related Receivable File. 
 Documents 

Retail Contract 
 System Screenprint 

Procedures to be Performed 
  

	 	i.	 Compare the System Screenprint to the Contract and confirm that there is no indication of modifications or amendments to the Contract terms.

  

	 	ii.	 If modifications or amendments are observed, review the System Screenprint and confirm modifications and amendments were noted.

  

	 	iii.	 If steps (i) or (ii) are confirmed, then Test Pass. 

 Representation 
 No Default (g): Except for payment delinquencies continuing for a period of not more than 30 days as of the Cut-Off Date, the records of the Servicer
did not disclose any payment defaults under the terms of the Receivable existed as of the Cut-Off Date. 

Documents 
 System Screenprint

 Procedures to be Performed 
  

	 	i.	 Observe the System Screenprint and confirm the Receivable was not more than 30 days delinquent as of the
Cut-Off Date. 

  

	 	ii.	 If step (i) is confirmed, then Test Pass. 

 Representation 
 Insurance (h): Under the terms of each Receivable, the Obligor is required to maintain physical damage insurance covering the related Financed Vehicle. 

Documents 
 Retail Contract

 Procedures to be Performed 
  

	 	i.	 Confirm the Contract contains language that requires the Obligor(s) to obtain and maintain physical damage insurance covering the Financed
Vehicle. 

  

	 	ii.	 If step (i) is confirmed, then Test Pass. 

 Representation 
 No Government Obligor (i): The Obligor on each Receivable is not the United States of America or any state thereof or any local government, or any agency, department, political subdivision
or instrumentality of the United States of America or any state thereof or any local government. 
 Documents 

Retail Contract 
 Procedures to be
Performed 
  

	 	i.	 Confirm the Buyer section of the Contract includes the name of a natural person. 

 

	 	ii.	 If the Buyer section of the Contract does not report a natural person’s name, confirm internet search results show no indication the
Buyer is the United States of America or any State, or any agency, department or instrumentality of the United States of America or any State. 

  

	 	iii.	 If step (i) or (ii) is confirmed, then Test Pass. 

 Representation 
 Assignment (j): The terms of the Receivable do not limit the right of the owner of the Receivable to sell and assign the Receivable. 
 Documents 
 Retail Contract 
 List of Approved Forms 
 Procedures to be Performed 

 

	 	i.	 Confirm that the Contract form number and revision date are included on the List of Approved Forms. 

 

	 	ii.	 Confirm that the Contract does not contain language that limits the sale or transfer of the Receivable. 

 

	 	iii.	 If (i) and (ii) are confirmed, then Test Pass. 

 Representation 
 Good Title (k): As of the Closing Date and immediately prior to the sale and transfer contemplated in the Purchase Agreement, the Bank had good and marketable title to and was the sole owner
of each Receivable free and clear of all Liens (other than Permitted Liens or any which will be released prior to assignment of such Receivable thereunder), and, immediately upon the sale and transfer thereof, the Issuer will have good and
marketable title to each Receivable, free and clear of all Liens (other than Permitted Liens). 
 Documents 

Retail Contract 
 Title Documents 

Procedures to be Performed 
  

	 	i.	 Review the Contract and confirm that the Receivable has not been assigned to any party other than USAA Federal Savings Bank (or an acceptable
variation of the name). 

  

	 	ii.	 Observe the Title Documents and confirm they report USAA Federal Savings Bank, or an acceptable variation of its name, as the first Lien
holder. 

  

	 	iii.	 If steps (i) and (ii) are confirmed, then Test Pass. 

 Representation 
 One Original (l): There is only one executed original, electronically authenticated original or authoritative copy of the Contract (in each case within the meaning of the UCC) related to
each Receivable. 
 Documents 
 Retail Contract 
 Procedures to be Performed 

 

	 	i.	 Confirm there is a signature of the appropriate Obligor(s) on the Contract. 

 

	 	ii.	 Confirm that the Contract either constitutes an electronically authenticated original, or is marked “Authoritative Copy.”

  

	 	iii.	 If steps (i) and (ii) are confirmed, then Test Pass. 

 Representation 
 No Defenses (m): The Bank’s electronic records related to the Receivable do not reflect any right of rescission, set-off, counterclaim or defense
has been asserted or threatened in writing by an Obligor with respect to any Receivable. 
 Documents 

System Screenprint 
 Procedures to be
Performed 
  

	 	i.	 Review the System Screenprint and confirm there is no evidence of litigation or other attorney involvement as of the Cut-Off Date. 

 If step (i) is confirmed, then Test Pass.

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