Document:

EX-10.4

 EXHIBIT 10.4 
  

 
  

FORM OF 
 ADMINISTRATION
AGREEMENT 
 between 

USAA AUTO OWNER TRUST 20[ ]-[ ], 

as Issuer 
 USAA FEDERAL
SAVINGS BANK, 
 as Administrator 

and 

[    ], 

as Indenture Trustee 

Dated as of [    ], 20[    ] 

 
  

 

 TABLE OF CONTENTS 

 

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

  
 i 

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

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

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

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

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

 WHEREAS, the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the
Issuer and the Owner Trustee on the terms set forth herein; 
 NOW, THEREFORE, in consideration of the mutual terms and covenants contained
herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 

1. Duties of the Administrator. 

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

 
no obligation, and the Owner Trustee shall be required to fully perform its duties, with respect to the obligations of the Owner Trustee under Sections 11.13, 11.14 and 11.15
of the Trust Agreement and to otherwise comply with the requirements of the Owner Trustee pursuant to or related to Regulation AB. In addition, the Administrator shall consult with the Issuer and the Owner Trustee regarding its duties and
obligations under the Issuer Documents. The Administrator shall monitor the performance of the Issuer and the Owner Trustee and shall advise the Issuer and the Owner Trustee in writing when action is necessary to comply with the Issuer’s and
the Owner Trustee’s duties and obligations under the Issuer Documents. The Administrator shall perform such calculations, and shall prepare for execution by the Issuer or the Owner Trustee or shall cause the preparation by other appropriate
Persons of all such documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Issuer or the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) to prepare, file or deliver
pursuant to the Issuer Documents. In furtherance of the foregoing, the Administrator shall take all appropriate action that is the duty of the Issuer or the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) to take pursuant
to the Issuer Documents, and shall prepare, execute, file and deliver on behalf of the Issuer or the Owner Trustee all such documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Issuer or the
Owner Trustee to prepare, file or deliver pursuant to the Issuer Documents or otherwise by law. 
 (b) Notices to Rating
Agencies. The Administrator shall give notice to each Rating Agency of (i) any merger or consolidation of the Owner Trustee pursuant to Section 10.4 of the Trust Agreement; (ii) any merger or consolidation of
the Indenture Trustee pursuant to Section 6.9 of the Indenture; (iii) any resignation or removal of the Indenture Trustee pursuant to Section 6.8 of the Indenture; (iv) any Default or
Event of Default of which it has been provided notice pursuant to Section 6.5 of the Indenture; (v) the termination of, and/or appointment of a successor to, the Servicer pursuant to
Section 7.1 of the Sale and Servicing Agreement; and (vi) any supplemental indenture pursuant to Section 9.1 or 9.2 of the Indenture; which notice shall be given in the case of each of
clauses (i) through (vi), promptly upon the Administrator being notified thereof by the Owner Trustee, the Indenture Trustee or the Servicer, as applicable. 

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

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

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

  
 2 

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

(C) the removal of the Indenture Trustee. 

(ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not,
(x) make any payments to the Noteholders under the Transaction Documents, (y) except as provided in the Transaction Documents, sell the Trust Estate or (z) take any other action that the Issuer directs the Administrator not to take on
its behalf. 
 2. Records. The Administrator shall maintain appropriate books of account and records relating to services performed
hereunder, which books of account and records shall be accessible for inspection upon reasonable written request by the Issuer, the Seller and the Indenture Trustee at any time during normal business hours. 

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

4. Independence of the Administrator. For all purposes of this Agreement, the Administrator shall be an independent contractor and
shall not be subject to the supervision of the Issuer with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for
or to represent the Issuer in any way (other than as permitted hereunder) and shall not otherwise be deemed an agent of the Issuer. 
 5.
No Joint Venture. Nothing contained in this Agreement (i) shall constitute the Administrator and the Issuer as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity,
(ii) shall be construed to impose any liability as such on the Administrator or the Issuer or (iii) shall be deemed to confer on the Administrator or the Issuer any express, implied or apparent authority to incur any obligation or
liability on behalf of the other. 
 6. Other Activities of the Administrator. Nothing herein shall prevent the Administrator or its
Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an Administrator for any other Person even though such Person may engage in business activities similar to those of the Issuer, the Owner
Trustee or the Indenture Trustee. 

  
 3 

 7. Representations and Warranties of the Administrator. The Administrator represents
and warrants to the Issuer as follows: 
 (a) Existence and Power. The Administrator is a federally chartered savings
association validly existing and in good standing under the laws of the United States and has, in all material respects, all power and authority to carry on its business as now conducted. The Administrator has obtained all necessary licenses and
approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the
Receivables or any other part of the Collateral. 
 (b) Authorization and No Contravention. The execution, delivery
and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default under
(A) any applicable law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than violations which do not
affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its
obligations under, the Transaction Documents). 
 (c) No Consent Required. No approval or authorization by, or filing
with, any Governmental Authority is required in connection with the execution, delivery and performance by the Administrator of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously
been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or any
other part of the Collateral or would not materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents. 

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

  
 4 

 8. Administrator Replacement Events; Termination of the Administrator. 

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

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

(i) any failure by the Administrator to deliver or cause to be delivered any required payment to the Indenture Trustee for
distribution to the Noteholders, which failure continues unremedied for five Business Days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee or
Noteholders evidencing at least a majority of the Outstanding Note Balance, voting together as a single class; 
 (ii) any
failure by the Administrator to duly observe or perform in any material respect any other of its covenants or agreements in this Agreement, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and which
continues unremedied for 90 days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee or Noteholders evidencing at least a majority of the
Outstanding Note Balance, voting together as a single class; 
 (iii) any representation or warranty of the Administrator
made in any Transaction Document to which the Administrator is a party or by which it is bound or any certificate delivered pursuant to this Agreement proves to have been incorrect in any material respect when made, which failure materially and
adversely affects the rights of the Issuer or the Noteholders, and which failure continues unremedied for 90 days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from
the Indenture Trustee or Noteholders evidencing at least a majority of the Outstanding Note Balance, voting together as a single class (it being understood that any repurchase of a Receivable by the Bank pursuant to
Section 3.4 of the Purchase Agreement or by the Servicer pursuant to Section 3.6 of the Sale and Servicing Agreement shall be deemed to remedy any incorrect representation or warranty with respect
to such Receivable); or 
 (iv) the Administrator suffers an Insolvency Event; 

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

  
 5 

 (d) If an Administrator Replacement Event shall have occurred, the Issuer
may, subject to Section 20 hereof, by notice given to the Administrator, the Owner Trustee and the Indenture Trustee, terminate all or a portion of the rights and powers of the Administrator under this Agreement, including
the rights of the Administrator to receive the annual fee for services hereunder for all periods following such termination; provided, however, that such termination shall not become effective until such time as the Issuer, subject to
Section 20 hereof, shall have appointed a successor Administrator in the manner set forth below. Upon any such termination or upon a resignation of the Administrator in accordance with Section 8(a) hereof, all rights,
powers, duties and responsibilities of the Administrator under this Agreement shall vest in and be assumed by any successor Administrator appointed by the Issuer, subject to Section 20 hereof, pursuant to a management
agreement between the Issuer and such successor Administrator, containing substantially the same provisions as this Agreement (including with respect to the compensation of such successor Administrator), and the successor Administrator is hereby
irrevocably authorized and empowered to execute and deliver, on behalf of the Administrator, as attorney-in-fact or otherwise, all documents and other instruments, and
to do or accomplish all other acts or things necessary or appropriate to effect such vesting and assumption. Further, in such event, the Administrator shall use its commercially reasonable efforts to effect the orderly and efficient transfer of the
administration of the Issuer to the new Administrator. No resignation or removal of the Administrator shall be effective until a successor Administrator shall have been appointed by the Issuer. 

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

9. Action upon Termination or Removal. Promptly upon the effective date of termination of this Agreement pursuant to
Section 8, or the removal or resignation of the Administrator pursuant to Section 8, the Administrator shall be entitled to be paid by the Seller all fees and reimbursable expenses accruing to it
to the date of such termination or removal. 
 10. Liens. The Administrator will not directly or indirectly create, allow or suffer
to exist any Lien on the Collateral other than Permitted Liens. 
 11. Notices. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, by facsimile or, if so provided on Schedule I to the Sale and Servicing
Agreement, by electronic transmission, and addressed in each case as specified on Schedule I to the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the
other parties hereto. Delivery will be deemed to have been given and made: (i) upon delivery or, in the case of a letter mailed by registered or certified first-class United States mail, postage prepaid, three days after deposit in the mail,
(ii) in the case of a facsimile, when receipt is confirmed by telephone, reply email or reply facsimile from the recipient, (iii) in the case of electronic transmission, when receipt is confirmed

  
 6 

 
by telephone or reply email from the recipient and (iv) in the case of an electronic posting to a password-protected website to which the recipient has been provided access, upon delivery
(without the requirement of confirmation of receipt) and notice (including email) to such recipient stating that such electronic posting has occurred. 

12. Amendments. 

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

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

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

(c) Prior to the execution of any amendment pursuant to this Section 12, the Administrator shall
provide written notification of the substance of such amendment to each Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment or consent, the Administrator shall furnish a copy of such amendment or consent to
each Rating Agency, the Owner Trustee and the Indenture Trustee; provided, that no amendment pursuant to this Section 12 shall be effective which [(i)] affects the rights, protections or duties of the Indenture
Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed)[ or (ii) materially and adversely affects the rights or obligations of the Swap Counterparty unless the
Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for
such consent)]. 

  
 7 

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

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

(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW
YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 (b) Each
of the parties hereto hereby irrevocably and unconditionally: 
 (i) submits for itself and its property in any legal action
or Proceeding relating to this Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of
New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

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

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

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

  
 8 

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

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

16. Entire Agreement. The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto
with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among
the parties hereto with respect to the subject matter hereof. 
 17. Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 
 18. Not Applicable to
the Bank in Other Capacities. Nothing in this Agreement shall affect any obligation the Bank may have in any other capacity. 
 19.
Benefits of the Administration Agreement. Nothing in this Agreement, expressed or implied, shall give to any Person other than the parties hereto and their successors hereunder, the Owner Trustee, any separate trustee or co-trustee appointed under Section 6.10 of the Indenture[, the Swap Counterparty] and the Noteholders, any benefit or any legal or equitable right, remedy or claim under this Agreement. For
the avoidance of doubt, the Owner Trustee is a third party beneficiary of this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto. 

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

  
 9 

 21. Nonpetition Covenant. Each party hereto agrees that, prior to the date which is
one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a
voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial
part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for
the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute with any other Person any Proceeding
against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction; provided, that the foregoing shall in no way limit the rights of the parties
hereto to pursue any other creditor rights or remedies that such Persons may have against the Issuer under applicable law. 
 22.
Limitation of Liability of Owner Trustee. Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by [    ], not in its individual capacity but solely as Owner Trustee, and
in no event shall it have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or under the Notes or any of the other Transaction Documents or in any of the certificates, notices or
agreements delivered pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer. Under no circumstances shall the Owner Trustee be personally liable for the payment of any indebtedness or expense of the Issuer or
be liable for the breach or failure of any obligations, representation, warranty or covenant made or undertaken by the Issuer under the Transaction Documents. For the purposes of this Agreement, in the performance of its duties or obligations
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement. 

23. [Limitation of Rights]. [All of the rights of the Swap Counterparty in, to and under this Agreement, if any, shall terminate upon
the termination of the Interest Rate Swap Agreement in accordance with the terms thereof and the payment in full of all amounts owing to the Swap Counterparty under such Interest Rate Swap Agreement.] 

[SIGNATURES ON NEXT PAGE] 

  
 10 

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

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

 
			
		
	By: 	 	 

 
			
	Name:	 	
	Title:	 	

  
 S-1 

 
			
	USAA FEDERAL SAVINGS BANK, as Administrator
		
	By:	 	            

 
			
	Name:	 	
	Title:	 	

  
 S-2 

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

 
			
		
	By: 	 	 

 
			
	Name:	 	
	Title:	 	

  
 S-3EX-10.5

 Exhibit 10.5 
  

 
  

FORM OF ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 USAA Auto Owner Trust
20[    ]-[    ], 
 as Issuer, 

USAA Federal Savings Bank, 
 as
Sponsor and Servicer 
 and 

[                    ], 

as Asset Representations Reviewer 
  

 
 Dated as of
[    ], [                    ], 20[    ] 

 
  

 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
		
	 ARTICLE I. USAGE AND DEFINITIONS
	  	1
	 Section 1.01
	  	Usage and Definitions	  	1
	 Section 1.02
	  	Additional Definitions	  	1
			
	 ARTICLE II.
	  	ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	  	2
	 Section 2.01
	  	Engagement; Acceptance	  	2
	 Section 2.02
	  	Confirmation of Scope	  	2
		
	 ARTICLE III. ASSET REPRESENTATIONS REVIEW PROCESS
	  	3
	 Section 3.01
	  	Review Notices	  	3
	 Section 3.02
	  	Identification of Subject Receivables	  	3
	 Section 3.03
	  	Review Materials	  	3
	 Section 3.04
	  	Performance of Reviews	  	4
	 Section 3.05
	  	Review Reports	  	5
	 Section 3.06
	  	Limitations on Review Obligations	  	5
	 Section 3.07
	  	Dispute Resolution	  	5
		
	 ARTICLE IV. ASSET REPRESENTATIONS REVIEWER
	  	6
	 Section 4.01
	  	Representations and Warranties	  	6
	 Section 4.02
	  	Covenants	  	7
	 Section 4.03
	  	Fees, Expenses and Indemnities	  	7
	 Section 4.04
	  	Limitation on Liability	  	8
	 Section 4.05
	  	Indemnification by Asset Representations Reviewer	  	8
	 Section 4.06
	  	Indemnification of Asset Representations Reviewer	  	9
	 Section 4.07
	  	Inspections of Asset Representations Reviewer	  	9
	 Section 4.08
	  	Delegation of Obligations	  	10
	 Section 4.09
	  	Confidential Information	  	10
	 Section 4.10
	  	Personally Identifiable Information	  	11
		
	 ARTICLE V. RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER
	  	13
	 Section 5.01
	  	Eligibility Requirements for Asset Representations Reviewer	  	13
	 Section 5.02
	  	Resignation and Removal of Asset Representations Reviewer	  	13
	 Section 5.03
	  	Successor Asset Representations Reviewer	  	14
	 Section 5.04
	  	Merger, Consolidation or Succession	  	15

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
		
	 ARTICLE VI. OTHER AGREEMENTS
	  	15
	 Section 6.01
	  	Independence of Asset Representations Reviewer	  	15
	 Section 6.02
	  	No Petition	  	15
	 Section 6.03
	  	Limitation of Liability of Owner Trustee	  	15
	 Section 6.04
	  	Termination of Agreement	  	16
		
	 ARTICLE VII. MISCELLANEOUS PROVISIONS
	  	16
	 Section 7.01
	  	Amendments	  	16
	 Section 7.02
	  	Assignment; Benefit of Agreement; Third Party Beneficiaries	  	17
	 Section 7.03
	  	Notices	  	17
	 Section 7.04
	  	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	  	17
	 Section 7.05
	  	No Waiver; Remedies	  	18
	 Section 7.06
	  	Severability	  	18
	 Section 7.07
	  	Headings	  	18
	 Section 7.08
	  	Counterparts	  	18

 Schedule A Representations and Warranties, Review Materials and Tests 

  
 -ii- 

 ASSET REPRESENTATIONS REVIEW AGREEMENT 

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

WHEREAS, the Issuer desires to engage the Asset Representations Reviewer to perform reviews of certain Receivables for compliance with the
representations and warranties made by the Bank, as seller, about the Receivables in the pool. 
 NOW, THEREFORE, in consideration of the
foregoing, other good and valuable consideration, and the mutual terms and conditions contained herein, the parties hereto agree as follows. 

ARTICLE I. 
 USAGE AND
DEFINITIONS 
 Section 1.01 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 1.02 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 3.04. 
 “Confidential Information” has the
meaning stated in Section 4.09(b). 

 “Information Recipients” has the meaning stated in
Section 4.09(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 4.03(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 3.05. 
 “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 3.04(a). 
 “Test Complete” has the meaning stated in
Section 3.04(c). 
 “Test Fail” has the meaning stated in
Section 3.04(a). 
 “Test Incomplete” has the meaning stated in
Section 3.04(a). 
 “Test Pass” has the meaning stated in
Section 3.04(a). 
 ARTICLE II. 

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER 

Section 2.01 Engagement; Acceptance.  

The Issuer engages [                ] to act as the Asset
Representations Reviewer for the Issuer. [                ] accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the
terms in this Agreement. 
 Section 2.02 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. 

  

					
		  	2	  	

 ARTICLE III. 

ASSET REPRESENTATIONS REVIEW PROCESS 

Section 3.01 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. 

Section 3.02 Identification of Subject Receivables. 

Within [•] [Business Days][calendar days] after receipt of a Review Notice, the Servicer will deliver to the Asset Representations
Reviewer a list of the Subject Receivables. 
 Section 3.03 Review Materials. 

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

  

					
		  	3	  	

 Section 3.04 Performance of Reviews. 

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

(b) Review Period. The Asset Representations Reviewer will complete the Asset Representations Review of all of the Subject Receivables
within [•] [Business Days][calendar days] after receiving access to the Review Materials under Section 3.03(a). However, if missing or additional Review Materials are provided to the Asset Representations Reviewer
under Section 3.03(b), the review period will be extended for an additional [•] [Business Days][calendar days]. 

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

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

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

  

					
		  	4	  	

 Section 3.05 Review Reports. 

(a) Within [•] ([•]) [Business Days] [calendar days] after the end of the Asset Representations Review period under
Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Sponsor, the Servicer and the Indenture Trustee a Review Report indicating for each Subject Receivable whether there was a Test Pass, a Test Incomplete or a Test
Fail for each Test, or whether the Subject Receivable was a Test Complete and the related reason. The Review Report will contain a summary of the findings and conclusions of the Asset Representations Reviewer with respect to the Asset
Representations Review to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review Report is received, 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. 
 (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 3.06 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 3.07 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. 

  

					
		  	5	  	

 ARTICLE IV. 

ASSET REPRESENTATIONS REVIEWER 

Section 4.01 Representations and Warranties. 

The Asset Representations Reviewer represents and warrants as of the Closing Date: 

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

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

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

  

					
		  	6	  	

 (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 5.01 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 5.01. 

Section 4.02 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 5.01. 
 (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 4.03 Fees, Expenses and Indemnities. 

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

(b) Review Fee. Following the completion of an Asset Representations Review and the delivery to the Indenture Trustee, the Issuer, the
Sponsor and the Servicer of the Review Report, or the termination of an Asset Representations Review in accordance with Section 3.04(f), and the delivery to the Servicer of a detailed invoice, the Asset Representations
Reviewer will be 

  

					
		  	7	  	

 
entitled to a fee of [$[•] for each Subject Receivable for which the Asset Representations Review was started] [$[•] per hour] [insert any other rate agreed upon by the Asset
Representations Reviewer and the Servicer] (the “Review Fee”), to be paid as agreed in Section 4.03(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 3.04(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 3.04(f), the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Asset Representations Review no later than five Business Days before the final
Payment Date in order to be reimbursed no later than the final Payment Date. 
 (c) Payment of Fees and Indemnities. The Asset
Representations Reviewer shall submit reasonably detailed invoices to the Servicer for any amounts owed to it under this Agreement. To the extent not paid by the Servicer within [•] ([•]) [Business Days] [calendar days] following the
receipt of a detailed invoice on the due date therefor hereunder, the fees provided for in this Section 4.03 and the indemnities provided for in Section 4.06(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. 
 Section 4.04 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 4.05 Indemnification by Asset Representations Reviewer. 

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

  

					
		  	8	  	

 Section 4.06 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 4.06(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. 
 (c) Survival of
Obligations. The Servicer’s obligations under this Section 4.06 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 4.06 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 4.07 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 

  

					
		  	9	  	

 
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 4.08 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 4.09 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 4.09, 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. 
 (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 

  

					
		  	10	  	

 
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. 

(e) Responsibility for Information Recipients. The Asset Representations Reviewer will be responsible for a breach of this
Section 4.09 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 4.09, 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. 

  

					
		  	11	  	

 (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. 

  

	 	(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.

  

					
		  	12	  	

 (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 4.07. 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. 
 ARTICLE V. 

RESIGNATION AND REMOVAL; 

SUCCESSOR ASSET REPRESENTATIONS REVIEWER 

Section 5.01 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 5.02 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 5.01. 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. 

  

					
		  	13	  	

 (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 5.01; 

  

	 	(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 5.03(b). 
 Section 5.03 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 5.01. 

(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. 

  

					
		  	14	  	

 Section 5.04 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 5.01, 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 6.01 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 6.02 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 6.02 will survive the termination of this Agreement. 
 Section 6.03 Limitation
of Liability of Owner Trustee. 
 This Agreement has been signed on behalf of the Issuer by
[        ] not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will [        ] in its individual capacity or a
beneficial owner of the Issuer be liable for the Issuer’s obligations under this Agreement. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement. 

  

					
		  	15	  	

 Section 6.04 Termination of Agreement. 

This Agreement will terminate, except for the obligations under Section 4.05 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 7.01 Amendments. 

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

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

  

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

(b) This Agreement may also be amended from time to time by the Sponsor, the Servicer and the Asset Representations Reviewer, with the consent
of the Noteholders evidencing not less than a majority of the Outstanding Note Balance of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance
thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the
Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Depository Agreement. 
 (c) Prior to the
execution of any amendment pursuant to this Section 7.01, 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 7.01, 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. 

  

					
		  	16	  	

 Section 7.02 Assignment; Benefit of Agreement; Third Party Beneficiaries. 

(a) Assignment. Except as stated in Section 5.04, 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 7.03 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, [                    ], (b) in the case of the Issuer
or the Owner Trustee, to USAA Auto Owner Trust 20[•]-[•], c/o [    ], [                    ], (c) in the case of
the Indenture Trustee, to [                    ],
[                    ], and (d) in the case of the Asset Representations Reviewer, to
[                    ],
[                    ], with a copy to
[                    ],
[                    ], or (ii) as to each party, at such other address or email as shall be designated by such party in a written notice to
each other party. 
 Section 7.04 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. 

  

					
		  	17	  	

 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 7.05 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 7.06 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 7.07 Headings. 

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

Section 7.08 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] 

  

					
		  	18	  	

 EXECUTED BY: 
  

			
	 USAA AUTO OWNER TRUST 20[•]-[•],

as Issuer

		
	By:	 	[                    ], not in its individual capacity, but solely as Owner Trustee
		
	By:	 	 
		 	Name:
		 	Title:
	
	 USAA FEDERAL SAVINGS BANK,
 as
Sponsor and Servicer

		
	By:	 	 
		 	Name:
		 	Title:
	
	
[                          
                                         
         ],
 as Asset Representations Reviewer

		
	By:	 	 
		 	Name:
		 	Title:

  

  

					
		  	19	  	

 Schedule A 

Representations and Warranties, Review Materials and Tests

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]