Document:

exv10w3

Exhibit 10.3

 

ADMINISTRATION AGREEMENT

among

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2010-1,

as Issuer

VW CREDIT, INC.,

as Administrator

and

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Indenture Trustee

Dated as of January 28, 2010

 

Administration Agreement

(VALET 2010-1)

 

 

TABLE OF CONTENTS

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

Administration Agreement

(VALET 2010-1)

i

 

     THIS ADMINISTRATION AGREEMENT (this “Agreement”) dated as of January 28, 2010, is
between VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2010-1, a Delaware statutory trust (the
“Issuer”), VW CREDIT, INC., a Delaware corporation, as administrator (“VCI” or in
its capacity as administrator, the “Administrator”), and DEUTSCHE BANK TRUST COMPANY
AMERICAS, a New York banking corporation, 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 January 28, 2010
(the “Sale and Servicing Agreement”) by and among Volkswagen Auto Lease/Loan Underwritten
Funding, LLC, as seller, the Issuer, VCI, 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, (iii) the Note Depository
Agreement and (iv) the Trust Agreement (each of the agreements referred to in clauses (i)
through (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 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
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, however, that the Administrator shall have no

Administration Agreement

(VALET 2010-1)

 

 

obligation, and the Owner Trustee shall be required to fully perform its duties,
with respect to the obligations of the Owner Trustee under Sections 11.12,
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 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 and opinions as it shall be the duty of the Issuer or the Owner
Trustee (in its capacity as owner trustee) 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) to take pursuant to the Issuer Documents, and shall prepare and execute on
behalf of the Issuer or the Owner Trustee all such documents, reports, filings, instruments,
certificates 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) 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 nor which would result in a violation
or breach of the Issuer’s covenants, agreements or obligations under any of the Issuer
Documents.

     (c) 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;

     (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.

Administration Agreement

(VALET 2010-1)

2

 

     (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 $30,000 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.

     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 any of them or (iii) shall be deemed to confer on any of them any express, implied or
apparent authority to incur any obligation or liability on behalf of the 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.

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

     (a) Existence and Power. The Administrator is a corporation validly existing
and in good standing under the laws of its state of organization 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.

Administration Agreement

(VALET 2010-1)

3

 

     (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 corporations from time to time in
effect or by general principles of equity.

     8. Administrator Replacement Events; Termination of the Administrator.

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

     (b) Subject to clauses (d) and (e) below, the Issuer may remove the
Administrator without cause by providing the Administrator with at least sixty (60) days’
prior written notice.

     (c) The occurrence of any one of the following events (each, an “Administrator
Replacement Event”) shall also entitle the Issuer, subject to Section 19 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 ten business days after discovery thereof by a
Responsible Officer of the Administrator or receipt by the Administrator of

Administration Agreement

(VALET 2010-1)

4

 

written notice thereof from the Indenture Trustee or Noteholders
evidencing at least a majority of the aggregate principal balance of the Outstanding
Notes;

     (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 aggregate principal balance of the Outstanding Notes;

     (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 aggregate
principal balance of the Outstanding Notes (it being understood that any repurchase
of a Receivable by VCI pursuant to Section 3.3 of the Purchase Agreement, by
the Seller pursuant to Section 2.3 of the Sale and Servicing 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 a Bankruptcy Event;

     provided, however, that a delay in or failure of performance referred to under
clauses (i), (ii) or (iii) above for a period of 150 days will not
constitute an Administrator Replacement Event if such delay or failure was caused by force
majeure or other similar occurrence.

     (d) If an Administrator Replacement Event shall have occurred, the Issuer may, subject
to Section 19 hereof, by notice given to the Administrator and the Owner 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
19 hereof, shall have appointed a successor Administrator in the manner set forth below.
Upon any such termination, 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 19 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

Administration Agreement

(VALET 2010-1)

5

 

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.

     (e) The Issuer, subject to Section 19 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 of the Administrator
pursuant to Section 8, the Administrator shall be entitled to be paid by the Servicer 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, or by facsimile, and addressed in each case as
specified on Schedule II 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 shall occur only upon receipt or reported tender of such communication by an
officer of the recipient entitled to receive such notices located at the address of such recipient
for notices hereunder.

     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 Owner Trustee or any
other Person subject to the satisfaction of one of the following conditions:

     (i) the Administrator delivers an Opinion of Counsel to the Indenture Trustee
to the effect that such amendment will not materially and adversely affect the
interests of the Noteholders;

     (ii) the Administrator delivers an Officer’s Certificate of the Administrator
to the Indenture Trustee to the effect that such amendment will not materially or
adversely affect the interests of the Noteholders; or

Administration Agreement

(VALET 2010-1)

6

 

     (iii) the Administrator delivers to the Indenture Trustee written
confirmation from each Rating Agency that such amendment will not cause it to
downgrade, qualify or withdraw its rating assigned to any of the Notes;

provided, that no amendment shall be effective which affects the rights, protections or duties of
the Indenture Trustee, the Issuer Delaware Trustee or the Owner Trustee without the prior written
consent of such Person.

     (b) Any term or provision of this Agreement may be amended by the Administrator but
without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee
or any other Person to add, modify or eliminate any provisions as may be necessary or
advisable in order to enable the Seller, the Servicer or any of their Affiliates to comply
with or obtain more favorable treatment under any law or regulation or any accounting rule
or principle (whether now or in the future), it being a condition to any such amendment that
the Rating Agency Condition shall have been satisfied.

     (c) This Agreement may also be amended from time to time by the Issuer, the
Administrator and the Indenture Trustee, with the consent of the Holders of Notes evidencing
not less than a majority of the aggregate principal balance of the Outstanding Notes, 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.

     (d) Prior to the execution of any such amendment, 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, the Administrator (i) shall
furnish a copy of such amendment to each Rating Agency, the Owner Trustee and the Indenture
Trustee and (ii) if this Agreement is amended in accordance with clauses (i) or
(ii) of Section 12(a), shall furnish a copy of such Opinion of Counsel or
Officer’s Certificate, as the case may be, to each of the Rating Agencies.

     (e) Prior to the execution of any amendment to this Agreement, the Issuer, the Owner
Trustee, the Issuer Delaware 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, the
Issuer Delaware Trustee and the Indenture Trustee may, but shall not be obligated to, enter
into any such amendment which adversely affects the Owner Trustee’s, the Issuer Delaware
Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under
this Agreement.

Administration Agreement

(VALET 2010-1)

7

 

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

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

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

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

Administration Agreement

(VALET 2010-1)

8

 

     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. 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.

     17. Not Applicable to VCI in Other Capacities. Nothing in this Agreement shall affect
any obligation VCI may have in any other capacity.

     18. 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, the Issuer Delaware Trustee, any separate trustee or co-trustee appointed under
Section 6.10 of the Indenture 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 and the
Issuer Delaware Trustee are each 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.

     19. 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.

     20. 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) none of
the parties hereto shall commence or join with any other Person in commencing any proceeding
against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or
insolvency law or statute now or hereafter in effect in any jurisdiction.

Administration Agreement

(VALET 2010-1)

9

 

     21. Limitation of Liability. Notwithstanding anything contained herein to the
contrary, this Agreement has been executed and delivered by Citibank, N.A., 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.

[SIGNATURES ON NEXT PAGE]

Administration Agreement

(VALET 2010-1)

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.

	 	 	 	 	 
	 	 VOLKSWAGEN AUTO LOAN ENHANCED 

TRUST 2010-1

 	 
	 
	 	By: Citibank, N.A., not in its
individual capacity 

but solely as Owner Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Administration Agreement

(VALET 2010-1)

S-1

 

	 	 	 	 	 
	 	VW CREDIT, INC., as Administrator

 	 
	 	By:  	 	 
	 	 	Name:  	Martin Luedtke 	 
	 	 	Title:  	Treasurer 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Lawrence S. Tolep 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

Administration Agreement

(VALET 2010-1)

S-2

 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY 

AMERICAS, as
Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Administration Agreement

(VALET 2010-1)

S-3

 

     Joinder of Servicer:

     VW CREDIT, INC., as Servicer, joins in this Agreement solely for purposes of Section 3.

	 	 	 	 	 
	 	VW CREDIT, INC., as Servicer

 	 
	 	By:  	 	 
	 	 	Name:  	Martin Luedtke 	 
	 	 	Title:  	Treasurer 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Lawrence S. Tolep 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

Administration Agreement

(VALET 2010-1)

S-4exv10w4

Exhibit 10.4

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2010-1

AMENDED AND RESTATED

TRUST AGREEMENT

among

VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC,

as the Depositor

CITIBANK, N.A.,

as the Owner Trustee

and

CITIGROUP TRUST — DELAWARE, NATIONAL ASSOCIATION,

as the Issuer Delaware Trustee

Dated as of January 28, 2010

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I            DEFINITIONS
	 	 	 	 
	 
	 	 	 	 
	SECTION 1.1.     Capitalized Terms
	 	 	1	 
	SECTION 1.2.     Other Interpretive Provisions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II            ORGANIZATION
	 	 	 	 
	 
	 	 	 	 
	SECTION 2.1.     Name
	 	 	2	 
	SECTION 2.2.     Office
	 	 	2	 
	SECTION 2.3.     Purposes and Powers
	 	 	2	 
	SECTION 2.4.     Appointment of the Trustees
	 	 	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
	 	 	4	 
	SECTION 2.9.     Representations and Warranties of the Seller
	 	 	4	 
	SECTION 2.10.    Situs of Issuer
	 	 	5	 
	 
	 	 	 	 
	ARTICLE III            CERTIFICATE AND TRANSFER OF CERTIFICATE
	 	 	 	 
	 
	 	 	 	 
	SECTION 3.1.     Initial Ownership
	 	 	5	 
	SECTION 3.2.     Authentication of Certificate
	 	 	5	 
	SECTION 3.3.     Form of the Certificate
	 	 	5	 
	SECTION 3.4.     Registration of Certificates
	 	 	5	 
	SECTION 3.5.     Transfer of Certificate
	 	 	5	 
	SECTION 3.6.     Lost, Stolen, Mutilated or Destroyed Certificates
	 	 	7	 
	 
	 	 	 	 
	ARTICLE IV            ACTIONS BY OWNER TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	SECTION 4.1.      Prior Notice to Certificateholder with Respect to Certain Matters
	 	 	7	 
	SECTION 4.2.      Action by Certificateholder with Respect to Certain Matters
	 	 	8	 
	SECTION 4.3.      Action by Certificateholder with Respect to Bankruptcy
	 	 	8	 
	SECTION 4.4.      Restrictions on Certificateholder’s Power
	 	 	8	 
	SECTION 4.5.      Majority Control
	 	 	8	 
	 
	 	 	 	 
	ARTICLE V            APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	 	 	 	 
	 
	 	 	 	 
	SECTION 5.1.      Application of Trust Funds
	 	 	9	 
	SECTION 5.2.      Method of Payment
	 	 	9	 
	SECTION 5.3.      Sarbanes-Oxley Act
	 	 	9	 
	SECTION 5.4.      Signature on Returns
	 	 	9	 
	 
	 	 	 	 
	ARTICLE VI            AUTHORITY AND DUTIES OF OWNER TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	SECTION 6.1.      General Authority
	 	 	9	 
	SECTION 6.2.      General Duties
	 	 	10	 
	SECTION 6.3.      Action upon Instruction
	 	 	10	 
	SECTION 6.4.      No Duties Except as Specified in this Agreement or in Instructions
	 	 	11	 

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

-i-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 6.5.      No Action Except under Specified Documents or Instructions
	 	 	11	 
	SECTION 6.6.      Restrictions
	 	 	11	 
	SECTION 6.7.      Rights and Protections of the Issuer Delaware Trustee
	 	 	12	 
	SECTION 6.8.      Duties of the Issuer Delaware Trustee
	 	 	12	 
	 
	 	 	 	 
	ARTICLE VII            CONCERNING THE TRUSTEES
	 	 	 	 
	 
	 	 	 	 
	SECTION 7.1.      Acceptance of Trusts and Duties
	 	 	12	 
	SECTION 7.2.      Furnishing of Documents
	 	 	13	 
	SECTION 7.3.      Representations and Warranties
	 	 	13	 
	SECTION 7.4.      Reliance; Advice of Counsel
	 	 	14	 
	SECTION 7.5.      Not Acting in Individual Capacity
	 	 	15	 
	SECTION 7.6.      Trustees May Own Notes
	 	 	15	 
	 
	 	 	 	 
	ARTICLE VIII            COMPENSATION AND INDEMNIFICATION OF THE TRUSTEES
	 	 	 	 
	 
	 	 	 	 
	SECTION 8.1.      The Trustees’ Compensation
	 	 	15	 
	SECTION 8.2.      Indemnification
	 	 	15	 
	SECTION 8.3.      Payments to the Owner Trustee
	 	 	16	 
	SECTION 8.4.      Survival
	 	 	16	 
	 
	 	 	 	 
	ARTICLE IX            TERMINATION OF TRUST AGREEMENT
	 	 	 	 
	 
	 	 	 	 
	SECTION 9.1.      Termination of Trust Agreement
	 	 	16	 
	SECTION 9.2.      Dissolution of the Issuer
	 	 	16	 
	SECTION 9.3.      Limitations on Termination
	 	 	17	 
	 
	 	 	 	 
	ARTICLE X            SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	 	 	 	 
	 
	 	 	 	 
	SECTION 10.1.     Eligibility Requirements for the Owner Trustee and Issuer Delaware
Trustee
	 	 	17	 
	SECTION 10.2.     Resignation or Removal of Either Trustee
	 	 	17	 
	SECTION 10.3.     Successor Trustee
	 	 	18	 
	SECTION 10.4.     Merger or Consolidation of a Trustee
	 	 	18	 
	SECTION 10.5.     Appointment of Co-Trustee or Separate Trustee
	 	 	18	 
	 
	 	 	 	 
	ARTICLE XI            MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	SECTION 11.1.     Amendments
	 	 	20	 
	SECTION 11.2.     No Legal Title to Trust Estate in Certificateholder
	 	 	21	 
	SECTION 11.3.     Limitations on Rights of Others
	 	 	21	 
	SECTION 11.4.     Notices
	 	 	21	 
	SECTION 11.5.     Severability
	 	 	22	 
	SECTION 11.6.     Separate Counterparts
	 	 	22	 
	SECTION 11.7.     Successors and Assigns
	 	 	22	 
	SECTION 11.8.     No Petition
	 	 	22	 
	SECTION 11.9.     Headings
	 	 	23	 

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

-ii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 11.10.    Governing Law
	 	 	23	 
	SECTION 11.11.    Waiver of Jury Trial
	 	 	24	 
	SECTION 11.12.    Information Requests
	 	 	24	 
	SECTION 11.13.    Form 10-D and Form 10-K Filings
	 	 	24	 
	SECTION 11.14.    Form 8-K Filings
	 	 	24	 
	SECTION 11.15.    Indemnification
	 	 	24	 

			
	Exhibit A	 	Form of Certificate

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

-iii-

 

     This AMENDED AND RESTATED TRUST AGREEMENT is made as of January 28, 2010 (as from time to time
amended, supplemented or otherwise modified and in effect, this “Agreement”) among
VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC, a Delaware limited liability company, as the
depositor (the “Seller”), CITIBANK, N.A., a national banking association
(“Citibank”), as the owner trustee (in such capacity, the “Owner Trustee”) and
CITIGROUP TRUST — DELAWARE, NATIONAL ASSOCIATION, a federally chartered trust company, as the
Delaware trustee (the “Issuer Delaware Trustee” and, together with the Owner Trustee, the
"Trustees” and each a “Trustee”).

RECITALS

     WHEREAS, the Seller and the Owner Trustee entered into that certain Trust Agreement dated as
of August 27, 2009 (as amended or restated heretofore, the “Original Trust Agreement”),
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 Seller, VW Credit, Inc., as servicer,
and Deutsche Bank Trust Company Americas, as indenture trustee, as the same may be amended,
modified or supplemented from time to time.

     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

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

 

 

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; and (g) references to any
Person include that Person’s successors and assigns.

ARTICLE II

ORGANIZATION

     SECTION 2.1. Name. The trust created under the Original Trust Agreement was initially known
as “Volkswagen Auto Loan Enhanced Trust 2009-1,” and, after giving effect to the amendment to the
Original Trust Agreement dated December 30, 2009, shall be known as “Volkswagen Auto Loan Enhanced
Trust 2010-1” (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 the Certificateholder, the Seller 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 Certificate pursuant to
this Agreement, and to sell, transfer and exchange the Notes and the Certificate and to
pay interest on and principal of the Notes and distributions on the Certificate;

     (b) to acquire the property and assets set forth in the Sale and Servicing
Agreement from the Seller 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 Certificateholder
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 Certificateholder and the Noteholders.

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

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 Trustees. The Seller hereby appoints the Owner Trustee as
trustee of the Issuer effective as of the date hereof, to have all the rights, powers and duties
set forth herein. The Depositor hereby appoints the Issuer Delaware Trustee as Delaware trustee of
the Issuer effective as of the date hereof for the sole purpose of satisfying the requirement of
Section 3807(a) of the Statutory Trust Act that the Issuer have at least one trustee with a
principal place of business in the State of Delaware. It is understood and agreed by the parties
hereto that the Issuer Delaware Trustee shall have none of the duties or liabilities of the Owner
Trustee.

     SECTION 2.5. Initial Capital Contribution of Trust Estate. As of the date of the Original
Trust Agreement, the Seller 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 Seller, 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 Certificateholder, 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 Act and that this Agreement constitute the governing instrument of such statutory
trust. It is the intention of the parties hereto that, solely for income, franchise and value
added tax purposes, so long as there is a single beneficial owner of the Certificate, 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 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 Internal Revenue
Code of 1986, as amended. Effective as of the date hereof, the Owner Trustee shall have all
rights, powers and duties set forth herein and in the Statutory Trust Act with respect to
accomplishing the purposes of the Issuer. The Trustees 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
Act. Notwithstanding anything herein or in the Statutory Trust Act 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 Servicer shall pay organizational expenses of the Issuer as they may
arise.

Amended
&  Restated
Trust Agreement

 (VALET 2010-1)

3

 

     (b) No Certificateholder (including the Seller) 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.

     SECTION 2.9. Representations and Warranties of the Seller. The Seller hereby represents and
warrants to the Trustees that:

     (a) Existence and Power. The Seller is a limited liability company validly
existing and in good standing under the laws of the State of Delaware and has, in all
material respects, all power and authority required to carry on its business as now
conducted. The Seller has obtained all necessary licenses and approvals in each
jurisdiction where the failure to do so would materially and adversely affect the
ability of the Seller to perform its obligations under the Transaction Documents and
the Underwriting Agreement.

     (b) Authorization and No Contravention. The execution, delivery and performance
by the Seller of each Transaction Document to which it is a party (i) have been duly
authorized by all necessary action on the part of the Seller and (ii) do not contravene
or constitute a default under (A) any applicable law, rule or regulation, (B) its
organizational 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 Seller’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 Seller 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 Seller
to perform its obligations under the Transaction Documents to which it is a party.

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

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

4

 

     (e) No Proceedings. There is no action, suit, proceeding or investigation pending
or, to the knowledge of the Seller, threatened against the Seller 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 Seller, or in
any material impairment of the right or ability of the Seller to carry on its business
substantially as now conducted, or in any material liability on the part of the Seller,
or which would render invalid this Agreement or the Receivables or the obligations of
the Seller contemplated herein, or which would materially impair the ability of the
Seller to perform under the terms of this Agreement or any other Transaction Document.

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

ARTICLE III

CERTIFICATE AND TRANSFER OF CERTIFICATE

     SECTION 3.1. Initial Ownership. Upon the formation of the Issuer and until the issuance of
the Certificate, the Seller is the sole beneficiary of the Issuer; and upon the issuance of the
Certificate, the Seller will no longer be a beneficiary of the Issuer, except to the extent that
the Seller is the Certificateholder.

     SECTION 3.2. Authentication of Certificate. Concurrently with the sale of the Transferred
Assets to the Issuer pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause
the Certificate to be executed on behalf of the Issuer, authenticated and delivered to or upon the
written order of the Seller, 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
Seller. The Certificate shall represent 100% of the beneficial interest in the Issuer and shall be
fully-paid and nonassessable.

     SECTION 3.3. Form of the Certificate. The 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 and shall be registered in the name of “Volkswagen Public
Auto Loan Securitization, LLC” as the initial registered owner thereof. The Owner Trustee shall
execute and authenticate, or cause to be authenticated, the definitive Certificate in accordance
with the instructions of the Seller.

     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 Certificateholder at the time of such appointment, a register for the registration
and transfer of the Certificate.

     SECTION 3.5. Transfer of Certificate. (a) The Certificateholder may assign, convey or
otherwise transfer all or any of its right, title and interest in the Certificate; provided, that
(i) the Rating Agency Condition is satisfied, (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

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

5

 

treated as a publicly traded partnership for federal income tax purposes, (iii) the
Certificate may not be acquired by or for the account of or with the assets of a Benefit Plan or
any governmental, non-U.S., or church plan or any other employee benefit plan or retirement
arrangement that is subject to a law that is substantially similar to the fiduciary responsibility
provisions of ERISA or Section 4975 of the Code (“Similar Law”). 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, a Benefit Plan or any governmental, non-U.S., or church or any other employee benefit plan or
retirement arrangement that is subject to Similar Law. The Owner Trustee shall have no duty to
independently determine that the requirement in (iii) above is met and shall incur no
liability to any person in the event the holder of the Certificate does not comply with such
restrictions. Subject to the transfer restrictions contained herein and in the Certificate, the
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. Such transfer may be made by the 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 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. 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.

     (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

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

6

 

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 holders of an interest in the Certificates, each Person indirectly
owning an interest through a partnership (including any entity treated as a partnership
for federal income tax purposes), a grantor trust or an S corporation (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.

     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 the 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 the 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.

ARTICLE IV

ACTIONS BY OWNER TRUSTEE

     SECTION 4.1. Prior Notice to Certificateholder 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 the Certificateholder in writing
of the proposed action and the Certificateholder shall not have notified the Owner Trustee in
writing prior to the 30th day after such notice is given that the 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;

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

7

 

     (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 Certificateholder;

     (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 Certificateholder; or

     (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 Certificateholder with Respect to Certain Matters. The Owner Trustee
shall not have the power, except upon the direction of the Certificateholder, 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 the
Certificateholder.

     SECTION 4.3. Action by Certificateholder with Respect to Bankruptcy. 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 of all Notes has been reduced to zero without the prior
written approval of the Certificateholder and the delivery to the Owner Trustee by the
Certificateholder of a certificate certifying that the Certificateholder reasonably believes that
the Issuer is insolvent. The Issuer Delaware Trustee shall not have the power to commence a
voluntary Proceeding in bankruptcy relating to the Issuer and no consent or approval by the Issuer
Delaware Trustee shall be required with respect to a voluntary Proceeding in bankruptcy relating to
the Issuer.

     SECTION 4.4. Restrictions on Certificateholder’s Power. The Certificateholder shall not
direct either Trustee to take or refrain from taking any action if such action or inaction would be
contrary to any obligation of the Issuer or such Trustee under this Agreement or any of the
Transaction Documents or would be contrary to Section 2.3, nor shall such 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,
any action which may be taken or consent or instructions which may be given by the
Certificateholder 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.

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

8

 

ARTICLE V

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

     SECTION 5.1. Application of Trust Funds. Distributions on the Certificate shall be made in
accordance with the provisions of the Indenture and the Sale and Servicing Agreement. Subject to
the lien of the Indenture, the Owner Trustee shall promptly distribute to the Certificateholder all
other amounts (if any) received by the Issuer or the Owner Trustee in respect of the Trust Estate.
After the termination of the Indenture in accordance with its terms, the Owner Trustee shall
distribute all amounts received (if any) by the Issuer and the Owner Trustee in respect of the
Trust Estate at the direction of the Certificateholder.

     SECTION 5.2. Method of Payment. Subject to the Indenture, distributions required to be made
to the Certificateholder on any Payment Date and all amounts received by the Issuer or the Owner
Trustee on any other date that are payable to the Certificateholder pursuant to this Agreement or
any other Transaction Document shall be made to the Certificateholder by wire transfer, in
immediately available funds, to the account of the Certificateholder designated by the
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 Certificateholder
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 Certificateholder.

ARTICLE VI

AUTHORITY AND DUTIES OF OWNER TRUSTEE

     SECTION 6.1. General Authority. The Owner Trustee is authorized and directed to execute and
deliver the Transaction Documents to which the Issuer is named as a party, and 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 any amendment thereto, in each case, in such
form as the Seller shall approve, as evidenced conclusively by the Owner Trustee’s execution
thereof, and at the written direction of the Seller, to direct the Indenture Trustee to
authenticate and deliver Class A-1 Notes in the aggregate principal amount of $345,000,000, Class
A-2 Notes in the aggregate principal amount of $297,000,000, Class A-3 Notes in the aggregate
principal amount of $488,000,000, and Class A-4 Notes in the aggregate principal amount of
$248,800,000. 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 Seller or the
Administrator recommends or directs in writing with respect to the Transaction

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

9

 

Documents, except to the extent that this Agreement expressly requires the consent of the
Certificateholder for such action, and the Owner Trustee shall not be liable to any Person for any
action or inaction taken pursuant to such direction.

     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 Certificateholder,
subject to the terms of the Transaction Documents, and in accordance with the provisions of this
Agreement and the other Transaction Documents. 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 to
perform any act or to 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 Servicer, the Seller, 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 Certificateholder 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 Certificateholder 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 Certificateholder
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 Certificateholder 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

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

10

 

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 Certificateholder, 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 the 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.

     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. To the extent that, at law
or in equity, the Owner Trustee has duties (including fiduciary duties) and liabilities relating
thereto to the Issuer or the Certificateholder, it is hereby understood and agreed by the other
parties hereto that all such duties and liabilities are replaced by the duties and liabilities of
the Owner Trustee expressly set forth in this Agreement and the Statutory Trust Act. Each 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, such Trustee that are not related to the ownership or the administration of the
Trust Estate. The Owner Trustee shall have no responsibility or liability for or with respect to
the genuineness, value, sufficiency or validity of the Trust Estate.

     SECTION 6.5. No Action Except under Specified Documents or Instructions. The Owner Trustee
shall not manage, control, use, sell, dispose of or otherwise deal with any part of the 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

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

11

 

knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the
Notes as indebtedness for federal income, state and local income, franchise and value added tax
purposes, (ii) be deemed to cause a taxable exchange of the Notes for 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 federal income, state
and local income or franchise tax purposes. The Certificateholder shall not direct the Owner
Trustee to take action that would violate the provisions of this Section.

     SECTION 6.7. Rights and Protections of the Issuer Delaware Trustee. The Issuer Delaware
Trustee shall be entitled to all of the same rights, protections, indemnities and immunities under
this Agreement and with respect to the Issuer as the Owner Trustee. No amendment or waiver of any
provision of this Agreement which adversely affects the Issuer Delaware Trustee shall be effective
against it without its prior written consent.

     SECTION 6.8. Duties of the Issuer Delaware Trustee. Not withstanding any other provision of
the Agreement or any other document, the duties of the Issuer Delaware Trustee shall be limited to
(i) accepting legal process served on the Issuer in the State of Delaware and (ii) the execution of
any certificates required to be filed with the Delaware Secretary of State which the Issuer
Delaware Trustee is required to execute under Section 3811 of the Act. To the extent that, at law
or in equity, the Issuer Delaware Trustee has duties (including fiduciary duties) and liabilities
relating thereto to the Issuer or the Certificateholders, it is hereby understood and agreed by the
other parties hereto that all such duties and liabilities are replaced by the duties and
liabilities of the Issuer Delaware Trustee expressly set forth in this Agreement and the Statutory
Trust Act. The Issuer Delaware Trustee shall have no liability for the acts or omissions of the
Owner Trustee.

ARTICLE VII

CONCERNING THE TRUSTEES

     SECTION 7.1. Acceptance of Trusts and Duties. Each 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. Each 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 contained in Section 7.3
expressly made by Citibank, N.A. or Citigroup Trust — Delaware, National Association, as
applicable, in its individual capacity, (iii) for liabilities arising from the failure of such
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 such Trustee. In particular, but not by way of limitation of the
foregoing:

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

12

 

     (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) 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;

     (iii) Under no circumstances shall the Owner Trustee be personally liable for
any representation, warranty, covenant, obligation or indebtedness of the Issuer,
and

     (iv) The Owner Trustee shall not be personally responsible for or in respect of
the validity or sufficiency of this Agreement or for the due execution hereof by any
Person other than the Owner Trustee.

     SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish to the
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.

     SECTION 7.3. Representations and Warranties. (a) Citibank hereby represents and warrants to
the Seller for the benefit of the Certificateholder, that:

     (i) It is a national banking association validly existing under the federal
laws of the United States of America. It has all requisite corporate power and
authority to execute, deliver and perform its obligations under this Agreement.

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

     (iii) 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.

     (iv) 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.

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

13

 

     (b) Citigroup Trust — Delaware, National Association hereby represents and
warrants to the Seller for the benefit of the Certificateholder, that:

     (i) It is a federally chartered trust company validly existing under the
federal laws of the United States of America. It has all requisite corporate power
and authority to execute, deliver and perform its obligations under this Agreement.
It is either a resident of the State of Delaware or has its principal place of
business in the State of Delaware, in each case, within the meaning of Section
3807(a) of the Statutory Trust Act.

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

     (iii) This Agreement constitutes a legal, valid and binding obligation of the
Issuer Delaware Trustee, enforceable against the Issuer Delaware 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.

     (iv) 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 Issuer
Delaware 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 Trustees 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 Trustees 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 Trustees 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 of the relevant party, as to such fact or matter, and such certificate shall constitute
full protection to the Trustees for any action taken or omitted to be taken by it in good faith in
reliance thereon.

     (b) In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under this Agreement or the Transaction
Documents, the Trustees (i) may act directly or through its agents or attorneys
pursuant to agreements entered into with any of them, but the Trustees shall not be
personally liable for the conduct or misconduct of such agents, custodians, nominees

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

14

 

(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 Trustees 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.

     SECTION 7.5. Not Acting in Individual Capacity. Except as provided in this Article
VII, in accepting the trusts hereby created, each Trustee acts solely as a Trustee hereunder
and not in its individual capacity and all Persons having any claim against a 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. Trustees May Own Notes. Each Trustee in its individual or any other capacity may
become the owner or pledgee of Notes. The Trustees may deal with the Seller, the Indenture
Trustee, the Administrator and their respective Affiliates in banking transactions with the same
rights as it would have if it were not a Trustee, and the Seller, the Indenture Trustee, the
Administrator and their respective Affiliates may maintain normal commercial banking relationships
with the Trustees and their Affiliates.

ARTICLE VIII

COMPENSATION AND INDEMNIFICATION OF THE TRUSTEES

     SECTION 8.1. The Trustees’ Compensation. The Issuer shall cause the Servicer to pay to each
Trustee pursuant to Section 3.11 of the Sale and Servicing Agreement from time to time
compensation for all services rendered by each Trustee under this Agreement pursuant to a fee
letter between the Servicer and each Trustee, as applicable (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 each Trustee upon its request
for all reasonable expenses, disbursements and advances incurred or made by such Trustee in
accordance with any provision of this Agreement (including the reasonable compensation, expenses
and disbursements of such agents, experts and counsel as the Trustees may employ in connection with
the exercise and performance of its rights and its duties hereunder), except any such expense may
be attributable to its willful misconduct, gross negligence (other than an error in judgment) or
bad faith. 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 Seller shall cause the Servicer to indemnify each 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, expense, tax, penalty or claim (including reasonable legal fees and expenses) of any
kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against
each Trustee, as applicable, 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,

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

15

 

the administration of the Trust Estate or the action or inaction of either Trustee hereunder;
provided, however, that neither the Seller nor the Servicer shall be liable for or required to
indemnify either Trustee from and against any of the foregoing expenses arising or resulting from
(i) such Trustee’s own willful misconduct, bad faith or gross negligence, (ii) the inaccuracy of
any representation or warranty contained in Section 7.3 expressly made by the applicable
Trustee in its individual capacity, (iii) liabilities arising from the failure of either 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 either 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.

     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.

     SECTION 8.4. Survival. The provisions of this Article VIII shall survive termination
of this Agreement.

ARTICLE IX

TERMINATION OF TRUST AGREEMENT

     SECTION 9.1. Termination of Trust Agreement. The Issuer shall wind up and dissolve and this
Agreement shall terminate (other than provisions hereof which by their terms survive termination)
upon the later of (a) the final distribution by the Owner Trustee of all moneys or other property
or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Sale and
Servicing Agreement and Article V and (b) the discharge of the Indenture in accordance with
Article IV of the Indenture. The bankruptcy, liquidation, dissolution, death or incapacity
of the Certificateholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y)
entitle the 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. Dissolution of the Issuer. Upon dissolution of the Issuer, the Owner Trustee
shall, at the direction of the Administrator, wind up the business and affairs of the Issuer as
required by Section 3808 of the Statutory Trust Act. 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 Trustees, in the absence of actual knowledge
of any other claim against the Issuer and at the written direction of the Certificateholder, 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 Act and shall cause the Certificate of Trust to be cancelled by filing a certificate of
cancellation with the Delaware Secretary of State in accordance with the provisions of Section 3810
of the Statutory Trust Act, at which time the Issuer shall terminate and this Agreement (other than
Article VIII) shall be of no further force or effect.

Amended
&  Restated
Trust Agreement

(VALET 2010-1)

16

 

     SECTION 9.3. Limitations on Termination. Except as provided in Section 9.1, neither
the Seller nor the Certificateholder shall be entitled to revoke or terminate the Issuer.

ARTICLE X

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL

OWNER TRUSTEES

     SECTION 10.1. Eligibility Requirements for the Owner Trustee and Issuer Delaware 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 Issuer Delaware Trustee shall at all times be an institution
satisfying the provisions of Section 3807(a) of the Statutory Trust Act. In case at any time
either Trustee shall cease to be eligible in accordance with the provisions of this Section, such
Trustee shall resign immediately in the manner and with the effect specified in Section
10.2.

     SECTION 10.2. Resignation or Removal of Either Trustee. Each Trustee may at any time resign
and be discharged from the trusts hereby created by giving written notice thereof to the Seller,
the Administrator, the Servicer, the Indenture Trustee and the Certificateholder. Upon receiving
such notice of resignation, the Seller and the Administrator, acting jointly, shall promptly
appoint a successor 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 Trustee and one copy to the successor Trustee. If no successor Trustee shall have
been so appointed and have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor 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 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 a 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 Seller or the
Administrator, or if at any time such Trustee shall be legally unable to act, or shall be adjudged
bankrupt or insolvent, or a receiver of such Trustee or of its property shall be appointed, or any
public officer shall take charge or control of such Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, then the Seller or the Administrator may
remove such Trustee. If the Seller or the Administrator shall remove a Trustee under the authority
of the immediately preceding sentence, the Seller and the Administrator, acting jointly, shall
promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor
Trustee and shall pay all fees owed to the outgoing Trustee.

Amended
& Restated Trust Agreement

(VALET 2010-1)

17

 

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

     SECTION 10.3. Successor Trustee. Any successor Trustee appointed pursuant to Section
10.2 shall execute, acknowledge and deliver to the Seller, the Administrator and to its
predecessor Trustee an instrument accepting such appointment under this Agreement, and thereupon
the resignation or removal of the predecessor Trustee shall become effective and such successor
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 Trustee. The predecessor Trustee shall upon payment of its fees and
expenses deliver to the successor Trustee all documents and statements and monies held by it under
this Agreement; and the Seller and the predecessor 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 Trustee all such rights, powers, duties and obligations.

     No successor Trustee shall accept appointment as provided in this Section unless at the time
of such acceptance such successor Trustee shall be eligible pursuant to Section 10.1.

     Upon acceptance of appointment by a successor Trustee pursuant to this Section, the Seller
shall mail (or shall cause to be mailed) notice of the successor of such Trustee to the
Certificateholder, Indenture Trustee, the Noteholders and each of the Rating Agencies. If the
Seller shall fail to mail (or cause to be mailed) such notice within 10 days after acceptance of
appointment by the successor Trustee, the successor Trustee shall cause such notice to be mailed at
the expense of the Seller.

     SECTION 10.4. Merger or Consolidation of a Trustee. Any Person into which a Trustee may be
merged or converted or with which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which such Trustee shall be a party, or any Person succeeding to all
or substantially all of the corporate trust business of such 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 such Trustee hereunder; provided, that
such Person shall be eligible pursuant to Section 10.1; and provided, further that such
Trustee shall mail notice of such merger or consolidation to the Seller, the Administrator and the
Rating Agencies.

     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 Seller 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 Issuer, or any part thereof, and,
subject to the other provisions of this Section, such powers, duties, obligations, rights and
trusts as the Seller and the Owner Trustee may consider necessary or

Amended & Restated Trust Agreement

(VALET 2010-1)

18

 

desirable. If the Seller 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 Issuer 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 Seller 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. 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 Seller and the Administrator.

     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.

Amended & Restated Trust Agreement

(VALET 2010-1)

19

 

ARTICLE XI

MISCELLANEOUS

     SECTION 11.1. Amendments.

     (a) Any term or provision of this Agreement may be amended by the Seller, the
Issuer Delaware Trustee 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 Seller delivers an Opinion of Counsel to the Indenture Trustee to the
effect that such amendment will not materially and adversely affect the interests of
the Noteholders;

     (ii) the Seller delivers an Officer’s Certificate of the Seller to the
Indenture Trustee to the effect that such amendment will not materially and
adversely affect the interests of the Noteholders; or

     (iii) the Seller delivers to the Indenture Trustee written confirmation from
each Rating Agency that such amendment will not cause it to downgrade, qualify or
withdraw its rating assigned to any of the Notes;

provided, that no amendment shall be effective which affects the rights, protections or duties of
the Indenture Trustee or the Owner Trustee without the prior written consent of such Person.

     (b) Any term or provision of this Agreement may be amended by the Seller, the
Issuer Delaware Trustee and the Owner Trustee, without the consent of the Indenture
Trustee, any Noteholder, the Issuer or any other Person to add, modify or eliminate any
provisions as may be necessary or advisable in order to enable the Seller, the Servicer
or any of their Affiliates to comply with or obtain more favorable treatment under any
law or regulation or any accounting rule or principle (whether now or in the future),
it being a condition to any such amendment that the Rating Agency Condition shall have
been satisfied.

     (c) This Agreement may also be amended from time to time by the Seller, the Issuer
Delaware Trustee and the Owner Trustee, with the consent of the Holders of Notes
evidencing not less than a majority of the aggregate principal balance of the
Outstanding Notes, 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

Amended & Restated Trust Agreement

(VALET 2010-1)

20

 

requirements as the Indenture Trustee may prescribe, including the establishment
of record dates pursuant to the Note Depository Agreement.

     (d) Prior to the execution of any such amendment, the Seller 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 Seller
(i) shall furnish a copy of such amendment or consent to each Rating Agency, the Owner
Trustee, the Issuer Delaware Trustee and the Indenture Trustee and (ii) if this
Agreement is amended in accordance with clauses (i) or (ii) of
Section 11.1(a), shall furnish a copy of such Opinion of Counsel or Officer’s
Certificate, as the case may be, to each of the Rating Agencies.

     (e) Prior to the execution of any amendment to this Agreement, 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 Issuer Delaware Trustee may, but shall not be
obligated to, enter into any such amendment which affects such Trustee’s own rights,
duties or immunities under this Agreement.

     SECTION 11.2. No Legal Title to Trust Estate in Certificateholder. The Certificateholder
shall not have legal title to any part of the Trust Estate. The 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 the 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 Issuer Delaware Trustee, the Seller, the Administrator,
the Certificateholder 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 notices shall be in writing and shall be deemed given by facsimile with receipt
acknowledged by the recipient thereof or upon receipt personally delivered, delivered by overnight
courier or mailed certified mail, return receipt requested, if to the Owner Trustee and the Issuer
Delaware Trustee, addressed as specified on Schedule II to the Sale and Servicing
Agreement; or, as to each party, at such other address as shall be designated by such party in a
written notice to each other party.

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

Amended & Restated Trust Agreement

(VALET 2010-1)

21

 

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 the
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 Seller, the Owner Trustee and its successors, the
Issuer Delaware Trustee and its successors and the Certificateholder and its successors and
permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or
other instrument or action by the Certificateholder shall bind the successors and assigns of the
Certificateholder.

     SECTION 11.8. No Petition.

     (a) Each of the Owner Trustee (in its individual capacity and as the Owner
Trustee), by entering into this Agreement, the Issuer Delaware Trustee (in its
individual capacity and as the Issuer Delaware Trustee) by entering into this
Agreement, the Seller, the Certificateholder, by accepting the 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 or institute
against, with any other Person, any proceeding against such Bankruptcy Remote Party
under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or
statute now or hereafter in effect in any jurisdiction.

Amended & Restated Trust Agreement

(VALET 2010-1)

22

 

     (b) The Seller’s obligations under this Agreement are obligations solely of the
Seller and will not constitute a claim against the Seller to the extent that the Seller
does not have funds sufficient to make payment of such obligations. In furtherance of
and not in derogation of the foregoing, each of the Owner Trustee (in its individual
capacity and as 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 Seller. To the extent that, notwithstanding the agreements and
provisions contained in the preceding sentence, each of the Owner Trustee, the
Indenture Trustee, each Noteholder or Note Owner and the Certificateholder either (i)
asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to
have any such interest, claim to, or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of insolvency laws
or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any
successor provision having similar effect under the Bankruptcy Code), then such Person
further acknowledges and agrees that any such interest, claim or benefit in or from
Other Assets is and will be expressly subordinated to the indefeasible payment in full,
which, under the terms of the relevant documents relating to the securitization or
conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits
of, or otherwise secured by such Other Assets (whether or not any such entitlement or
security interest is legally perfected or otherwise entitled to a priority of
distributions or application under applicable law, including insolvency laws, and
whether or not asserted against the Seller), including the payment of post-petition
interest on such other obligations and liabilities. This subordination agreement will
be deemed a subordination agreement within the meaning of Section 510(a) of the
Bankruptcy Code. Each of the Owner Trustee (in its individual capacity and as 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.

     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.

Amended & Restated Trust Agreement

(VALET 2010-1)

23

 

     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 Servicer, the Issuer, the Seller or any of their Affiliates at the
expense of the Servicer, the Issuer, the Seller 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. So long as the Seller is filing Exchange Act
Reports with respect to the Issuer (i) no later than each Payment Date, the Owner Trustee shall
notify the Seller of any Form 10-D Disclosure Item with respect to the Owner Trustee or the Issuer
Delaware Trustee, together with a description of any such Form 10-D Disclosure Item in form and
substance reasonably acceptable to the Seller and (ii) no later than March 15 of each calendar
year, commencing March 15, 2011, the Owner Trustee shall notify the Seller in writing of any
affiliations or relationships between the Owner Trustee and any Item 1119 Party, or the Issuer
Delaware Trustee and any Item 1119 Party; provided, that no such notification need by made if the
affiliations or relationships are unchanged from those provided in the notification in the prior
calendar year.

     SECTION 11.14. Form 8-K Filings. So long as the Seller is filing Exchange Act Reports with
respect to the Issuer, each of the Owner Trustee and the Issuer Delaware Trustee shall promptly
notify the Seller, but in no event later than five (5) Business Days after its occurrence, of any
Reportable Event of which a Responsible Officer of the Owner Trustee or the Issuer Delaware Trustee
has actual knowledge (other than a Reportable Event described in clause (a) or (b)
of the definition thereof as to which the Seller or the Servicer has actual knowledge). A Trustee
shall be deemed to have actual knowledge of any such event to the extent that it relates to such
Trustee in its individual capacity or any action by such Trustee under this Agreement.

     SECTION 11.15. Indemnification. (a) Citibank, N.A. shall indemnify the Seller, each Affiliate
of the Seller or each Person who controls any of such parties (within the meaning of Section 15 of
the Securities Act and Section 20 of the Exchange Act) and the respective present and former
directors, officers, employees and agents of each of the foregoing, and shall hold each of them
harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and
expenses and related costs, judgments, and any other costs, fees and expenses that any of them may
sustain arising out of or based upon:

     (i) (A) any untrue statement of a material fact contained in any information
provided in writing by Citibank, N.A. or Citigroup Trust — Delaware, National
Association to the Seller or its affiliates under Sections 11.12 or
11.13 (such information, the “Provided Information”), or (B) the
omission to state in the Provided Information a material fact required to be stated
in the Provided Information, or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading;
provided, by way of clarification, that clause (B) of this paragraph shall
be construed solely by

Amended & Restated Trust Agreement

(VALET 2010-1)

24

 

reference to the related information and not to any other information
communicated in connection with a sale or purchase of securities, without regard to
whether the Provided Information or any portion thereof is presented together with
or separately from such other information; or

     (ii) any failure by Citibank, N.A. or Citigroup Trust — Delaware, National
Association to deliver any information, report, or other material when and as
required under Sections 11.12 or 11.13.

          (b) In the case of any failure of performance described in clause (a)(ii) of this
Section, Citibank, N.A. shall promptly reimburse the Seller for all costs reasonably incurred in
order to obtain the information, report or other material not delivered as required by Citibank,
N.A..

          (c) Notwithstanding anything to the contrary contained herein, in no event shall Citibank,
N.A. be liable under this Section 11.15 for special, indirect or consequential damages of
any kind whatsoever, including but not limited to lost profits, even if Citibank, N.A. has been
advised of the likelihood of such loss or damage and regardless of the form of action.

[Remainder of Page Intentionally Left Blank]

Amended & Restated Trust Agreement

(VALET 2010-1)

25

 

     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.

	 	 	 	 	 
	 	CITIBANK, N.A.,

Individually and as Owner Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Amended & Restated Trust Agreement

(VALET 2010-1)

S-1

 

	 	 	 	 	 

	 	 	 	 	 
	 	CITIGROUP TRUST — DELAWARE, NATIONAL ASSOCIATION,

Individually and as Issuer Delaware Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Amended & Restated Trust Agreement

(VALET 2010-1)

S-2

 

	 	 	 	 	 

	 	 	 	 	 
	 	VOLKSWAGEN AUTO LEASE/LOAN 

UNDERWRITTEN FUNDING, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	Martin Luedtke 	 
	 	 	Title:  	Treasurer 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Lawrence  S. Tolep 	 
	 	 	Title:  	Assistant Treasurer 	 

Amended & Restated Trust Agreement

(VALET 2010-1)

S-3

 

	 	 	 	 	 

EXHIBIT A

FORM OF CERTIFICATE

	 	 	 
	NUMBER

	 	100% BENEFICIAL INTEREST
	R-1
	 	 

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2010-1

CERTIFICATE

     Evidencing the 100% 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
sales contracts and/or 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 Volkswagen Auto
Lease/Loan Underwritten Funding, LLC, VW Credit, Inc. 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 THE PROVISIONS OF TITLE I OF ERISA, (B) A PLAN DESCRIBED IN
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, (C) ANY ENTITY WHOSE UNDERLYING
ASSETS INCLUDE PLAN ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE
ENTITY OR (D) ANY GOVERNMENTAL, NON-U.S., OR CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR
RETIREMENT ARRANGEMENT THAT IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY
PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”).

     THIS CERTIFIES THAT [_________] is the registered owner of a 100% nonassessable, fully-paid
beneficial interest in the Trust Estate of VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2010-1, a Delaware
statutory trust (the “Issuer”) formed by Volkswagen Auto Lease/Loan Underwritten Funding,
LLC, a Delaware limited liability company, as depositor (the “Seller”).

Amended & Restated Trust Agreement

(VALET 2010-1)

A-1

 

     The Issuer was created pursuant to a Trust Agreement dated as of August 27, 2009 (as amended
and restated as of January 28, 2010, the “Trust Agreement”), among the Seller, Citibank,
N.A., as owner trustee (the “Owner Trustee”), and Citigroup Trust — Delaware, National
Association, as the Issuer Delaware Trustee (the “Issuer Delaware 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 January 28, 2010, among the
Seller, the Issuer, Deutsche Bank Trust Company Americas, as indenture trustee, and VW Credit,
Inc., 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 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, a

Amended & Restated Trust Agreement

(VALET 2010-1)

A-2

 

Benefit Plan or any governmental, non-U.S., or church plan or any other employee benefit plan
or retirement arrangement that is subject to Similar Law.

     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 Seller, the Servicer, the Administrator, the Owner Trustee, the Issuer Delaware
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.

Amended & Restated Trust Agreement

(VALET 2010-1)

A-3

 

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

	 	 	 	 	 	 	 
	 	 	VOLKSWAGEN AUTO LOAN ENHANCED 
TRUST 2010-1	 	 
	 
	 	 	 	 	 	 
	 	 	By: Citibank, N.A., not in its individual capacity,	 	 
	 	 	but solely as Owner Trustee	 	 
	Dated: ______________________________
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

Amended & Restated Trust Agreement

(VALET 2010-1)

A-4

 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 
	 	CITIBANK, N.A., not in its individual capacity but

solely as Owner Trustee

 	 
	 	By:  	 	 
	 	 	Authenticating Agent 	 
	 	 	 	 
	 

Amended & Restated Trust Agreement

(VALET 2010-1)

A-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]