Document:

exv10w4

Exhibit 10.4

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2011-1

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 March 30, 2011

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 	 	 	 	 	 
	ARTICLE I DEFINITIONS	 	 	1	 
	SECTION 1.1.
	 	Capitalized Terms	 	 	1	 
	SECTION 1.2.
	 	Other Interpretive Provisions	 	 	1	 
	ARTICLE II ORGANIZATION	 	 	2	 
	SECTION 2.1.
	 	Name	 	 	2	 
	SECTION 2.2.
	 	Office	 	 	2	 
	SECTION 2.3.
	 	Purposes and Powers	 	 	2	 
	SECTION 2.4.
	 	Appointment of the 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	 	 	5	 
	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	 	 	7	 
	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	 	 	9	 
	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	 	 	9	 
	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 2011-1)

-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	 	 	12	 
	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	 	 	15	 
	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	 	 	16	 
	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	 	 	17	 
	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	 	 	19	 
	ARTICLE XI MISCELLANEOUS	 	 	20	 
	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 2011-1)

-ii-

 

TABLE
OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 	 	 	 	 	 
	SECTION 11.10.
	 	Governing Law	 	 	23	 
	SECTION 11.11.
	 	Waiver of Jury Trial	 	 	23	 
	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 2011-1)

-iii-

 

 

     This AMENDED AND RESTATED TRUST AGREEMENT is made as of March 30, 2011 (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 national banking association, 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 February 16, 2011 (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 2011-1)

 

 

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 and continued hereby
shall be known as “Volkswagen Auto Loan Enhanced Trust 2011-1” (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 2011-1)

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 2011-1)

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 2011-1)

4

 

     (e) No Proceedings. There are no actions, suits or proceedings pending or, to the
knowledge of the Seller, threatened against the Seller before or by any Governmental
Authority that (i) assert the invalidity or unenforceability of this Agreement or any
of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or
the consummation of any of the transactions contemplated by this Agreement or any of
the other Transaction Documents, (iii) seek any determination or ruling that would
materially and adversely affect the performance by the Seller of its obligations under
this Agreement or any of the other Transaction Documents or the collectibility or
enforceability of the Receivables, or (iv) relate to the Seller that would materially
and adversely affect the federal or Applicable Tax State income, excise, franchise or
similar tax attributes of the Notes.

     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 Owner Trustee and the Issuer receive an Opinion of Counsel stating that, in the opinion of
such

Amended & Restated Trust Agreement

(VALET 2011-1)

5

 

counsel, such transfer will not cause the Issuer to be treated as a publicly traded
partnership for federal income tax purposes and (ii) 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
(ii) 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 2011-1)

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 10 days before
the taking of such action (or such shorter notice acceptable to the Certificateholder), 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 10th day
after such notice is given that the Certificateholder has withheld consent or provided alternative
direction:

Amended & Restated Trust Agreement

(VALET 2011-1)

7

 

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

     (b) the amendment of the Indenture by a supplemental indenture in circumstances
where the consent of any Noteholder is not required and such amendment materially
adversely affects the interests of the 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 2011-1)

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 $300,000,000, Class A-2 Notes in the aggregate principal amount of $475,000,000, Class A-3
Notes in the aggregate principal amount of $462,000,000, and Class A-4 Notes in the aggregate
principal amount of $263,000,000. 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 2011-1)

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 2011-1)

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 2011-1)

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 2011-1)

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 2011-1)

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 2011-1)

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
by the Issuer 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 2011-1)

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. The Owner Trustee, upon surrender of the outstanding Certificates, shall
distribute the remaining Trust Estate (if any) in accordance with Article V hereof
and, at the written direction and expense of the Certificateholder, shall cause the Certificate of
Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State
in

Amended & Restated Trust Agreement

(VALET 2011-1)

16

 

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.

     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,

Amended & Restated Trust Agreement

(VALET 2011-1)

17

 

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.

     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. Any successor Issuer Delaware Trustee appointed pursuant to this
Section 10.3 shall promptly file an amendment to the Certificate of Trust with the
Secretary of State identifying the name and, the principal place of business of such successor
Issuer Delaware Trustee in the State of Delaware.

     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 file an amendment to the Certificate of Trust of the Issuer, if
required by applicable law, and mail notice of such merger or consolidation to the Seller and
the Administrator.

Amended & Restated Trust Agreement

(VALET 2011-1)

18

 

     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 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.

Amended & Restated Trust Agreement

(VALET 2011-1)

19

 

     Any separate trustee or co-trustee may at any time appoint the Owner Trustee, its agent or
attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any
lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
trustee or co-trustee shall become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the
extent permitted by law, without the appointment of a new or successor trustee. The Owner Trustee
shall have no obligation to determine whether a co-trustee or separate trustee is legally required
in any jurisdiction in which any part of the Trust Estate may be located.

ARTICLE XI

MISCELLANEOUS

     SECTION 11.1. Amendments.

     (a) Any term or provision of this Agreement may be amended by the 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 notifies the Indenture Trustee in writing that the Rating
Agency Condition is satisfied with respect to such amendment;

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) 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 2011-1)

20

 

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

     (c) Prior to the execution of any 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.

     (d) 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 2011-1)

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 2011-1)

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 2011-1)

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 four (4) Business Days after its occurrence, of any
Reportable Event described in clause (e) of the definition thereof with respect to the Owner
Trustee 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 (e) 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

Amended & Restated Trust Agreement

(VALET 2011-1)

24

 

of clarification, that clause (B) of this paragraph shall be construed
solely by 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, 11.13 or 11.14.

               (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 2011-1)

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:  	/s/ Louis Piscitelli	 
	 	 	Name:  	Louis Piscitelli	 
	 	 	Title:  	Vice President	 
	 

Amended & Restated Trust Agreement

(VALET 2011-1)

S-1

 

	 	 	 	 	 
	 	CITIGROUP TRUST — DELAWARE, NATIONAL ASSOCIATION,

Individually and as Issuer Delaware Trustee

 	 
	 	By:  	/s/ William M. Hearn	 
	 	 	Name:  	William M. Hearn	 
	 	 	Title:  	President	 
	 

Amended & Restated Trust Agreement

(VALET 2011-1)

S-2

 

	 	 	 	 	 
	 	VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC

 	 
	 	By:  	/s/ Martin Luedtke 	 
	 	 	Name:  	Martin Luedtke 	 
	 	 	Title:  	President and Treasurer 	 
	 	 	 
	 	By:  	
/s/ Lawrence  S. Tolep 	 
	 	 	Name:  	Lawrence  S. Tolep 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

Amended & Restated Trust Agreement

(VALET 2011-1)

S-3

 

EXHIBIT A

FORM OF CERTIFICATE

	 	 	 

	NUMBER

R-1

	 	100% BENEFICIAL INTEREST

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2011-1

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 ANY 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 BY
SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT
TO SECTION 4975 OF THE CODE, (C) ANY ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN SUCH 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 2011-1, a Delaware
statutory trust (the “Issuer”) formed by

Amended & Restated Trust Agreement

(VALET 2011-1)

A-1

 

Volkswagen Auto Lease/Loan Underwritten Funding, LLC, a Delaware limited liability company, as
depositor (the “Seller”).

     The Issuer was created pursuant to a Trust Agreement dated as of February 16, 2011 (as amended
and restated as of March 30, 2011, 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 March 30, 2011, 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.

Amended & Restated Trust Agreement

(VALET 2011-1)

A-2

 

     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
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 2011-1)

A-3

 

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

	 	 	 	 	 
	 	VOLKSWAGEN AUTO LOAN ENHANCED TRUST 

2011-1

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

but solely as Owner Trustee

 	 
	Dated:                                          	  	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Amended & Restated Trust Agreement

(VALET 2011-1)

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 2011-1)

A-5exv10w1

====================================================================================================================================

Exhibit 10.1

PRIVILEGED AND CONFIDENTIAL

COMMITMENT LETTER

$18,000,000 Senior Secured Term Loan Facility

March 30, 2011     

	 	 	 

	Grubb & Ellis Company
	Grubb & Ellis Management Services, Inc.
	1551 North Tustin Avenue, Suite #300
	Santa Ana, California 93705
	Attention:

	 	Michael J. Rispoli, Executive Vice President and Chief Financial Officer

Dear Mr. Rispoli:

     We are pleased to advise Grubb & Ellis Company (the “Parent”) and Grubb & Ellis
Management Services, Inc., a direct subsidiary of the Parent (the “Borrower”), of the
commitment of Colony Capital Acquisitions, LLC on behalf of certain affiliated investment vehicles
and certain other affiliates (collectively, “Colony”) with respect to the financing of a
senior secured term loan facility in favor of the Borrower in an aggregate principal amount equal
to $18,000,000 (the “Facility”) on the principal terms and subject to the conditions set
forth herein and in the Outline of Principal Terms and Conditions attached as Exhibit A (the
“Term Sheet” and, together with this letter, the “Commitment Letter”).

Conditions to Our Commitment

     Our financing commitment and other obligations arising under or relating to the Commitment
Letter and the Facility are made in reliance on and subject to satisfaction of each of the
following conditions precedent: (i) compliance by each of the Borrower and Parent with the terms of
the Commitment Letter; (ii) the satisfaction of each of the conditions set forth under the caption
“Conditions Precedent to Closing Date” in the Term Sheet; (iii) our being satisfied that after the
date hereof and prior to the Closing Date (as defined in the Term Sheet), there being no competing
issues of debt securities or commercial bank or other credit facilities of the Parent or its
subsidiaries being offered, placed, announced or arranged; and (iv) no Material Adverse Effect
shall have occurred. For purposes of this Commitment Letter “Material Adverse Effect” shall mean
any effect, change, claim, event or circumstance that has resulted in a material adverse effect on,
(a) the business, properties, operations or financial condition of the Parent and its subsidiaries
taken as a whole or the Borrower and its subsidiaries, taken as a whole, provided that a Material
Adverse Effect shall not include: (i) effects resulting from (A) changes since the date of this
Commitment Letter in general economic or political conditions or the securities, credit or
financial markets worldwide (so long as such conditions do not materially adversely affect the
Parent and its Subsidiaries or the Borrower and its Subsidiaries, as applicable, in a materially
disproportionate manner relative to the other participants in their industry taken as a whole), (B)
changes since the date of this Commitment Letter in conditions generally affecting the industry in
which the Parent and its subsidiaries or the Borrower and its subsidiaries, as applicable operate
(so long as such conditions do not materially adversely affect the Parent and its Subsidiaries or
the Borrower and its Subsidiaries, as applicable, in a materially disproportionate manner relative
to the other participants in their industry taken as a whole), (C) changes since the date of this
Commitment Letter in generally accepted accounting principles or the interpretation thereof (so
long as such conditions

 

 

PRIVILEGED AND CONFIDENTIAL

do not materially adversely affect the Parent and its Subsidiaries or the Borrower and its
Subsidiaries, as applicable, in a materially disproportionate manner relative to the other
participants in their industry taken as a whole), (D) any acts of terrorism or war since the date
of this Commitment Letter (so long as such conditions do not materially adversely affect the Parent
and its Subsidiaries or the Borrower and its Subsidiaries, as applicable, in a materially
disproportionate manner relative to the other participants in their industry taken as a whole), (E)
any effect, change, claim, event or circumstance related to Daymark Realty Advisors, Inc. and its
subsidiaries (collectively, “Daymark”); provided that neither the Parent nor any of its
subsidiaries other than Daymark shall have been materially affected by any such effect, change,
claim, event or circumstance, (F) any failure to meet internal projections or forecasts provided
to Colony prior to the date of this Commitment Letter (including any publicly announced projections
or forecasts) for any period, (G) any change resulting from, or litigation relating to, the
transactions contemplated by this Commitment Letter (including any negative impact on the price of
the Parent’s common stock as a result of the public announcement of the transactions contemplated
by this Commitment Letter or the potential dilution caused or expected to be caused by the issuance
of the warrants); provided that nothing contained in the clause (G) shall modify or affect any
representation, warranty or condition contained in the loan agreements and (H) receipt of any
notice from the NYSE in respect of delisting of the Parent’s common stock or failure to meet NYSE
listing standards.

Information

     You hereby represent and warrant that (a) all information (other than projections) (the
“Information”) that has been or will be made available to Colony by or on behalf of you or
any of your representatives or affiliates, is or will be, when furnished, true and correct in all
material respects and does not or will not, as the case may be, contain any untrue statement of a
fact or omit to state any fact necessary in order to make the statements contained therein not
materially misleading in light of the circumstances under which such statements are made after
giving effect to all supplements thereto and (b) the projections that have been made or will be
made available to Colony by or on behalf of you or any of your representatives or affiliates and
that have been or will be made available to us or any Lender (as defined in the Term Sheet) in
connection with the Facility have been or will be, as the case may be, prepared in good faith based
upon assumptions believed by you to be reasonable at the time so made available (it being
understood that projections by their nature are inherently uncertain and that actual results during
the period or periods covered by any such projections may differ from the projected results, and
such differences may be material). You agree to supplement the Information and the projections
from time to time until the Closing Date so that the representation in the preceding sentence
remains correct.

Expenses and Indemnification

     The Borrower and the Parent shall, jointly and severally, reimburse Colony from time to time
following written demand promptly, and in any event within 10 business days following written
demand, for all reasonable out-of-pocket fees and expenses previously and hereafter incurred in
connection with the Commitment Letter, the Facility and the transactions contemplated herein
(including without limitation reasonable fees and expenses of counsel, consultants and advisors
(including the reasonable fees and expenses of Skadden, Arps, Slate, Meagher & Flom LLP), filing
and recording fees and reasonable and documented costs and expenses of due diligence, travel,
appraisal and audit) (the “Expenses”), whether or not the Facility is consummated or
definitive credit documents are executed.

     The Borrower and the Parent shall, jointly and severally, indemnify and hold harmless Colony,
each other Lender (as defined in the Term Sheet), and each of their respective agents, attorneys,
accountants, advisors, consultants, directors, officers, employees, partners, affiliates and other
representatives (each, an “Indemnified Party”) from and against any and all actions, suits,
proceedings

2

 

PRIVILEGED AND CONFIDENTIAL

(including any investigations or inquiries), claims, damages, losses, costs, liabilities and
expenses of any kind or nature whatsoever that may be incurred by or asserted or awarded against
any Indemnified Party as a result of or arising out of or in connection with or by reason of (i)
any matters contemplated by the Commitment Letter or any related transaction; or (ii) the Facility
and any other financings, or any use made or proposed to be made with the proceeds thereof. The
Borrower and the Parent further agree, jointly and severally, to reimburse each Indemnified Person
upon demand for any legal or other out-of-pocket expenses incurred in connection with
investigating, defending or preparing to defend any such action, suit, proceeding (including
without limitation any inquiry or investigation) or claim (whether or not Colony or any such other
Indemnified Person is a party to any action or proceeding out of which any such expenses arise).
Notwithstanding the foregoing, the Borrower’s obligation to indemnify any Indemnified Person
hereunder does not extend to any loss, claim, damage, expense or liability found in a final,
nonappealable judgment by a court of competent jurisdiction to have resulted from such Indemnified
Party’s gross negligence or willful misconduct. In the case of an investigation, litigation or
proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective
whether or not such investigation, litigation or proceeding is brought by the Borrower, the
Borrower’s equityholders or creditors or an Indemnified Party, whether or not an Indemnified Party
is otherwise a party thereto and whether or not the transactions contemplated hereby are
consummated. Each of the Borrower and the Parent also agrees that no Indemnified Party shall have
any liability (whether direct or indirect, in contract or tort or otherwise) to the Borrower, or
the Borrower’s subsidiaries or affiliates or to the Borrower’s or their respective equity holders
or creditors arising out of, related to or in connection with any aspect of the transactions
contemplated hereby, except to the extent of direct, as opposed to special, indirect, consequential
or punitive, damages determined in a final, nonappealable judgment by a court of competent
jurisdiction to have resulted from such Indemnified Party’s gross negligence, willful misconduct or
bad faith. Notwithstanding any other provision of this letter, no Indemnified Party shall be
liable for any damages arising from the use by others of information or other materials obtained
through electronic telecommunications or other information transmission systems, other than for
direct or actual damages resulting from the gross negligence or willful misconduct of such
Indemnified Party as determined by a final and nonappealable judgment of a court of competent
jurisdiction.

Other Activities of Colony

     Each Borrower agrees that Colony may employ the services of its affiliates, managed funds and
affiliated-managed funds in connection with the Facility and the satisfaction of its obligations
under the Commitment Letter, and such affiliates and funds will be entitled to the benefits
afforded to and subject to the obligations of Colony hereunder. Notwithstanding their involvement
in the Facility or the receipt of confidential information in connection herewith (but subject to
the restrictions herein relating to the disclosure and handling of such confidential information),
the Borrower understands and agrees that Colony and its respective affiliates, managed funds and
affiliate-managed funds (i) may conduct other transactions for their or their affiliates’ own
account or the account of customers in equity, debt, securities, derivatives and other financial
instruments issued by or relating to the Borrower and its affiliates and representatives (and their
respective affiliates) and other companies with which such persons may have a commercial or
competitive relationship; and (ii) may provide investment advisory, financial advisory and other
services to any of the Borrower and its affiliates and representatives (and their respective
affiliates) or to persons and companies whose interests compete with those of the Borrower and its
affiliates and representatives (and their respective affiliates).

     In connection with all aspects of each transaction contemplated by the Commitment Letter, each
of the Borrower and the Parent acknowledges and agrees that: (i) the Facility and any related
arranging or other services described in this letter is an arm’s-length commercial transaction
between the Borrower and

3

 

PRIVILEGED AND CONFIDENTIAL

its affiliates, on the one hand, and Colony, on the other hand, as the case may be, and the
Borrower is capable of evaluating and understanding and understands and accept the terms, risks and
conditions of the transactions contemplated by this letter; (ii) in connection with the transaction
contemplated hereby and the process leading to such transaction, Colony is and has been acting
solely as a principal and, except as expressly set forth in the Commitment Letter, is not acting as
an advisor, agent or fiduciary for the Borrower or any of its affiliates, stockholders, creditors
or employees or any other party; (iii) Colony has not assumed and will not assume an advisory,
agency or fiduciary responsibility in the Borrower’s or its affiliates’ favor with respect to any
of the transactions contemplated hereby or the process leading thereto (irrespective of whether
Colony has advised or is currently advising the Borrower or its affiliates on other matters) and
Colony has no obligations to the Borrower or its affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth in the Commitment Letter and as
may be set forth in definitive documentation for the Facility; (iv) Colony and its respective
affiliates may be engaged in a broad range of transactions that involve interests that differ from
the Borrower and its affiliates and Colony has no obligation to disclose any of such interests by
virtue of any fiduciary, agency or advisory relationship; and (v) Colony has not provided any
legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated
hereby and the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the
extent the Borrower has deemed appropriate. Each of the Parent and the Borrower hereby waives and
releases, to the fullest extent permitted by law, any claims that it may have against Colony based
upon or relating to any allegation that Colony owes the Borrower and its affiliates and
representatives (and their respective affiliates) any fiduciary duty with respect to any of the
transactions contemplated hereby, and agrees, to the fullest extent permitted by law, that neither
Colony, nor any of its respective affiliates, managed funds or affiliate-managed funds will have
any liability (whether direct or indirect) in respect of any claim for breach of fiduciary duty to
any such person or any other person with respect to any of the transactions contemplated hereby,
including any stockholders, employees or creditors asserting a claim derivatively, in any such
person’s name or otherwise on its behalf.

Confidential Nature of the Commitment Letter

     Except as required by applicable law or pursuant to a subpoena or order issued by a court of
competent jurisdiction or by a judicial, administrative or legislative body or committee, each of
the Parent and the Borrower shall maintain as confidential the terms or conditions of the
Commitment Letter and the terms, conditions, provisions and documentation of the Facility. Without
limiting the foregoing, the Commitment Letter may not be disclosed in whole or in part to any
person or entity other than the Parent’s and the Borrower’s and their subsidiaries’ respective
directors, employees, accountants, attorneys and professional advisors in connection with the
establishment of the Facility on a confidential basis, without Colony’s prior written consent. The
parties acknowledge that, pursuant to the Parent’s obligations under applicable law, the Commitment
Letter is anticipated to be filed with the Parent’s reports under the Securities Exchange Act of
1934, as amended.

Termination of Our Commitment

     The Commitment Letter shall terminate unless accepted by the Parent and the Borrower on or
before 5:00 p.m. (New York time) on March 30, 2011 by signing below and returning this letter, so
signed, to Colony.

     This letter is subject solely to the terms and conditions set forth herein and in the Term
Sheet attached hereto. Any extension of credit will occur only upon satisfaction of all conditions
precedent to the Closing Date described in the Commitment Letter on or before May 1, 2011.
Colony’s commitments and the other obligations under the Commitment Letter shall terminate in their
entirety automatically without further notice or action on May 1, 2011 unless the Closing Date
occurs on or before such date.

4

 

PRIVILEGED AND CONFIDENTIAL

     The obligations of the Borrower and its affiliates and representatives (and their respective
affiliates) under the sections of the Commitment Letter entitled “Expenses and
Indemnification,” “Other Activities of Colony,” “Confidential Nature of the
Commitment Letter,” “Syndication,” and, to the extent applicable, “Governing Law,
Etc.” and “Miscellaneous” will survive the termination of our commitment and
obligations. Notwithstanding the foregoing, all of the Borrower’s reimbursement, indemnification
and confidentiality obligations set forth in this letter and the Term Sheet shall remain in full
force and effect regardless of whether any definitive documentation for the establishment of the
Facility shall be executed and notwithstanding the termination of this letter or any undertaking
hereunder.

Syndication

     Colony shall have the right to syndicate all or part of the Facility to investment vehicles
controlled by Colony and to limited partners (or their affiliates) of such investment vehicles
(each such party, a “Lender”). The Parent and the Borrower grant Colony permission to
share confidential information of the Parent and the Borrower provided to Colony with each Lender,
including the limited partners or equivalent thereof, in each case on a confidential basis.

Right of First Offer

     If, at any time during the period from the date hereof to the date on which the warrants
expire or otherwise cease to be outstanding, you or any of your affiliates propose to enter into
any debt financing transaction, then you agree to provide Colony with a reasonable opportunity to
provide such debt financing prior to seeking to raise any such debt financing from any other party.
If Colony makes an offer to provide such debt financing within 14 days after you have provided
Colony a notice of such proposed financing, you shall not enter into a debt financing transaction
with any other person within the 60-day period following such offer unless the terms of such debt
financing are, on the whole, economically superior to you in relation to the terms offered by
Colony. If you have not entered into a financing transaction within such 60-day period, you shall
restart the procedures of this paragraph. The provisions of this paragraph shall not apply to any
debt financing in connection with a Change of Control (to be defined the loan agreements).

Governing Law, Etc.

     THIS LETTER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO ITS CONFLICT OF LAW PROVISIONS. Each of the Parent and the Borrower hereby
irrevocably and unconditionally submits to the exclusive jurisdiction of any state or Federal court
sitting in the Borough of Manhattan over any suit, action or proceeding arising out of or relating
to the transactions contemplated hereby, the Commitment Letter or the performance of services
hereunder. Each of the Borrower and the Parent agrees that service of any process, summons, notice
or document by registered mail addressed to the Borrower or the Parent, as applicable, shall be
effective service of process for any suit, action or proceeding brought in any such court. Each of
the Borrower and the Parent hereby irrevocably and unconditionally waives any objection to the
laying of venue of any such suit, action or proceeding brought in any such court and any claim that
any such suit, action or proceeding has been brought in any inconvenient forum. Each party hereto
agrees that a final judgment in any such proceeding will be conclusive and may be enforced in other
jurisdictions.

     EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY SUCH SUIT, ACTION, OR PROCEEDING AMONGST OR
BETWEEN THE BORROWER, THE PARENT AND COLONY OR ANY OTHER LENDER.

5

 

PRIVILEGED AND CONFIDENTIAL

     Each of the Borrower and the Parent hereby irrevocably and unconditionally agrees that, to the
fullest extent permitted by New York law, Colony will not be liable to the Borrower or any of its
affiliates for any special, consequential or similar damages relating to the Commitment Letter or
the transactions contemplated hereby or on any cause of action based on promissory estoppel,
detrimental reliance or a similar theory of relief, in each case regardless of whether or not
damages or reliance was foreseeable.

     Colony hereby notifies the Borrower and the Parent that pursuant to the requirements of the
USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “Patriot
Act”)), Colony and each other Lender may be required to obtain, verify and record information
that identifies the Borrower and the Parent, which information may include the Borrower’s and the
Parent’s name and address and other information that will allow Colony and each other Lender to
identify the Borrower and the Parent in accordance with the Patriot Act. This notice is given in
accordance with the requirements of the Patriot Act and is effective for each of Colony and any
other Lender.

Miscellaneous

     This letter may not be assigned or transferred by the Borrower without the prior written
consent of Colony, and any attempted assignment without such consent shall be void. The Commitment
Letter may not be amended or any provision thereof waived or modified except by an instrument in
writing signed by the Parent, the Borrower and Colony. This letter is intended to be solely for
the benefit of the parties hereto and is not intended to confer any benefits upon, or create any
rights in favor of, any person other than the parties hereto, their affiliates to the extent
expressly provided in the Commitment Letter and the Indemnified Persons.

     All amounts payable by the Borrower or the Parent under the Commitment Letter will be made in
U.S. dollars and shall not be subject to counterclaim or set-off for, or be otherwise affected by,
any claim or dispute relating to any other matter. In addition, all such payments shall be made
without deduction for any taxes, levies, imposts, duties, deductions, charges or withholdings
imposed by any national, state or other taxing authority, or will be grossed up by the Borrower for
such amounts.

     The Commitment Letter (including the Term Sheet) sets forth the entire agreement between the
parties with respect to the matters addressed herein and supersede all prior communications,
written or oral, with respect hereto. If any provision of the Commitment Letter is determined by a
court of competent jurisdiction to be invalid, illegal or unenforceable, the validity, legality or
enforceability of the remaining provisions of the Commitment Letter will not in any way be affected
or impaired thereby.

     The agreements of Colony hereunder are made solely for the benefit of the Borrower and may not
be relied upon or enforced by any other person. Please note that those matters that are not
covered or made clear in the Commitment Letter are subject to mutual agreement of the parties.

     If the foregoing is in accordance with your understanding of our agreement, please sign this
letter in the space indicated below and return it to Colony at the address set forth below, no
later than 5:00 p.m., New York time, on March 30, 2011. This letter may be executed in any number
of counterparts, each of which, when so executed, shall be deemed to be an original and all of
which, taken together, shall constitute one and the same letter. Delivery of an executed
counterpart of a signature page to this letter by electronic transmission shall be as effective as
delivery of an original executed counterpart of this letter.

[Remainder of page intentionally left blank]

6

 

PRIVILEGED AND CONFIDENTIAL

     We look forward to working with you on this transaction and continuing our mutually beneficial
relationship.

	 	 	 	 	 

	 	 	COLONY CAPITAL ACQUISITIONS, LLC
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Todd Sammann
	 

	 	 	 	 
	 

	 	Name:
	 	Todd Sammann
	 

	 	Title:
	 	Authorized Signatory

7

 

PRIVILEGED AND CONFIDENTIAL

	 	 	 	 	 

	The foregoing is agreed to and accepted	 	 
	this 30th day of March 2011	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	GRUBB & ELLIS COMPANY	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	By:

	 	/s/ Thomas P. D’Arcy	 	 
	 

	 	 	 	 
	Name:

	 	Thomas P. D’Arcy	 	 
	Title:

	 	President and CEO	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	GRUBB & ELLIS MANAGEMENT SERVICES, INC.	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	By:

	 	/s/ Thomas P. D’Arcy	 	 
	 

	 	 	 	 
	Name:

	 	Thomas P. D’Arcy	 	 
	Title:

	 	President	 	 

8

 

PRIVILEGED AND CONFIDENTIAL

Grubb & Ellis Management Services, Inc.

Outline of Principal Terms and Conditions for Senior Secured Term Loan Facility (the “Term Sheet”)

	 	 	 	 	 	 	 

	BORROWER:	 	Grubb & Ellis Management Services, Inc. (the “Borrower”), a Delaware corporation (and wholly
owned subsidiary of the Parent Guarantor (defined below)).
	LENDER:	 	Colony Capital Acquisitions, LLC and/or one or more of its affiliates.
	GUARANTORS:	 	Grubb & Ellis Company, a Delaware corporation (the “Parent Guarantor”), and each direct or
indirect domestic subsidiary of the Parent Guarantor (the “Subsidiary Guarantors” and
collectively with the Borrower and the Parent Guarantor, the “Loan Parties”). Daymark Realty
Advisors, Inc. and each of its applicable subsidiaries shall be released from its guaranty,
and security interests in the Collateral granted by Daymark Realty Advisors, Inc. and each of its
applicable subsidiaries shall be released, upon a permitted sale of any such entity, subject to
satisfaction of certain conditions to be agreed (e.g., intercompany payable termed out to a
five-year note, reasonable indemnification, no retained liabilities, etc.), as certified in a
certificate delivered by the CEO, CFO and GC.
	FINANCING FACILITY:	 	An aggregate $18,000,000 senior secured multiple draw term loan facility (the “Financing Facility”).
	 	 	Aggregate term loans (the “Loans”) under the Financing Facility shall be limited to an amount
at any time outstanding not to exceed:
	 

	 	 	 	(i)
	 	prior to May 15, 2011, the lesser of: (A) $9,000,000 and (B) 100% of the
eligible accounts receivable of the Borrower and the Parent Guarantor, and
	 
	 	 	 	 	 	 
	 

	 	 	 	(ii)
	 	thereafter, the lesser of: (A) $18,000,000 and (B) 100% of the eligible
accounts receivable of the Borrower and the Parent Guarantor (in each case, the
“Formula Amount”).
	 
	 	 	 	 	 	 
	 	 	Loans may be requested in a minimum principal amount of $4,000,000. Loans may be requested to
be made on at least twelve business days’ prior written notice to Lender (which notice may be
provided to the Lender prior to the Closing Date) and on no more than two occasions over the term
of the Financing Facility; provided that if all conditions precedent to the Closing Date referred
to herein and in the Commitment Letter to which this Term Sheet is attached have been satisfied
prior to the date that is twelve business days after provision of such notice, the Lender shall
use commercially reasonable efforts to then fund such requested borrowing if the funds have been
made available to the Lender for such purposes.
	MATURITY DATE:	 	The Financing Facility shall terminate on March 1, 2012 (the “Maturity Date”).
	MANDATORY	 	Mandatory: The Loans shall be prepaid to the extent that the aggregate

9

 

PRIVILEGED AND CONFIDENTIAL

	 	 	 	 	 	 	 

	AND OPTIONAL PREPAYMENT:	 	outstanding principal amount of Loans exceeds the Formula Amount. In addition, mandatory prepayments
(subject to thresholds, carve-outs and reinvestment rights to be agreed upon) will be included in the
definitive loan documentation in connection with the sale of assets of any Loan Party or any of
its subsidiaries (other than (i) certain sales of assets in the ordinary course and (ii) permitted
sales of Daymark Realty Advisors, Inc. and its subsidiaries or its businesses so long as the
cash proceeds from such sales in this clause (ii) are deposited in a bank account subject to the
Lender’s “control”) or incurrence of debt (other than permitted debt).
	 	 	Optional: The Borrower may prepay the Loans, in whole at any time or in part from time to time.
Any amounts prepaid or repaid may not be reborrowed.
	 
	 	 	 	 	 	 
	 	 	Prepayment Premium. In the event of any prepayment or reduction or termination all or any
portion of the Loans prior to the Maturity Date, the Borrower shall pay to the Lender an amount
(any such amount paid by the Borrower, the “Prepayment Premium”) equal to (i) 4.00% (if only
the first draw has been made under the Loans), or 2.00% (if the second draw has been made under the
Loans) times (ii) the amount of the reduction of the Commitment or prepayment of Loans on such
date; provided that, no Prepayment Premium shall be required to be paid in connection with any
prepayment required as a result of a Change of Control (to be defined) pursuant to which the
price paid for the common stock of the Parent Guarantor is equal to or greater than $1.10 per share.

10

 

PRIVILEGED AND CONFIDENTIAL

	 	 	 	 	 	 	 

	CLOSING DATE:	 	The first date on which all conditions precedent to the initial funding of Loans set forth in
definitive loan documentation satisfactory to the Lender (the “Loan Documents”) shall have been
satisfied, which shall be no later than May 1, 2011 (the “Closing Date”).
	COLLATERAL:	 	All obligations of the Borrower to the Lender shall be secured by a perfected, first priority
lien (subject to permitted liens) on and security interest in substantially all of the assets of
each Loan Party now owned and hereafter acquired assets, including, without limitation, personal
property, fixtures, accounts, inventory, equipment, documents, general intangibles,
payment intangibles, contract rights, chattel paper, instruments, investment property,
commercial tort claims, trademarks, copyrights, patents and other intellectual property, certain
material deposit accounts (to be determined), cash and cash equivalents and all other assets
and property of each Loan Party, real and personal, tangible and intangible, and all
proceeds thereof, including, without limitation, all of the capital stock or other equity
interests of each subsidiary of each Loan Party (the “Collateral”); provided that the Collateral
shall not include (i) more than 65% of the equity of any first-tier foreign subsidiaries or any
equity of any non-first tier foreign subsidiary, (ii) leasehold real property and immaterial
fee-owned property, (iii) vehicles, to the extent perfection of a lien thereon is subject to a
notation on a certificate of title, and (iv) other assets for which the costs of obtaining a
security interest therein are materially excessive in relation to the benefit to be
afforded thereby as reasonably determined by the Lender.
	INTEREST:	 	The Loans shall bear interest at a rate per annum equal to 11%, increasing by an additional 0.50% at the
end of each three-month period subsequent to the Closing Date for so long as any Loans are outstanding.
	 	 	All interest and fees shall be computed on the basis of a year of 360 days for the actual days
elapsed. If any event of default shall occur and be continuing, interest shall accrue at a rate
per annum equal to 2.00% in excess of the rate of interest otherwise in effect. All interest shall
accrue from the Closing Date and shall be payable in cash monthly in arrears, provided that (i)
interest that accrues at the default rate may, at Lender’s option, be payable on demand, and (ii)
the Borrower may elect, upon prior written notice to the Lender, in lieu of cash interest payments
to allow interest to accrete to the principal amount of the Loan. In the event of any election
to accrete interest, the Parent shall issue the Additional Warrants (as defined below).
	CASH MANAGEMENT:	 	All proceeds of accounts, inventory and other Collateral of the Borrower shall be deposited in
cash management account under the control of the Lender, or in accounts that, at intervals to be
determined, are swept into such accounts; provided that, so long as no event of default has
occurred and is continuing, all deposits in such cash management account shall remain available to
the Borrower for disbursement.
	CLOSING FEE:	 	$180,000.00 (1.00% on the principal amount of the aggregate commitments in respect of the Financing
Facility), earned in full, non-refundable and payable on the Closing Date.

11

 

PRIVILEGED AND CONFIDENTIAL

	 	 	 	 	 	 	 

	CLOSING DATE WARRANTS:	 	Warrants exercisable to purchase 6,712,000 shares of common stock of the Parent Guarantor (the “Common
Stock”), subject to adjustment as described below, shall be issued by the Parent Guarantor to the
Lender or its designee on the Closing Date (the “Closing Date Warrants”).
	ADDITIONAL WARRANTS:	 	In the event that the Borrower elects to accrete any interest payments due in respect of the
Loans, on each such payment date, the Parent shall issue to the Lender warrants to purchase a
number of shares (not less than zero) equal to the product of (i) the number of Closing Date
Warrants and (ii) a ratio equal to (x) the then outstanding principal amount of Loans on any date
of repayment of principal (a “Repayment Date”) (including all accreted amounts but without
giving effect to the payments made on such Repayment Date) less the aggregate principal
amount of Loans funded by the Lender over (y) the aggregate principal amount of Loans funded by the
Lender (the “Additional Warrants” and together with the Closing Date Warrants, the
“Warrants”), such warrants to be issued on the applicable Repayment Date.
	EXERCISE; EXERCISE PRICE:	 	The Warrants shall have an exercise price equal to $0.01 per share, but shall be exercisable only
if (i) in the event of a Fundamental Change, the price paid for the Common Stock is equal to or
greater than $1.10 per share (subject to customary adjustments), or (ii) the VWAP of the
Common Stock for any consecutive 30 day period is equal to or greater than $1.10 per share. The
Warrants shall be exercisable, at the option of the holder of such Warrant, paying the exercise
price in cash, pursuant to a “cashless exercise” of the Warrant or by reduction of the principal
amount of Loans payable to the holder of such Warrant (with each $1,000 of exercise price being
equated to reduction of $1,000 principal amount of the Loans) or by a combination of the
foregoing methods.
	TERM OF WARRANTS:	 	Three years from the Closing Date.
	REGISTRATION RIGHTS:	 	The Lender shall benefit from customary demand and piggy-back registration rights with respect
to the Warrants and the shares underlying the Warrants. The Borrower and the Parent Guarantor
shall pay all expenses in connection with the exercise of the registration rights, including
underwriters’ discounts and commissions and transfer taxes.
	ADJUSTMENTS:	 	The number of shares of Common Stock issuable upon exercise of each Warrant will be subject to
customary adjustment for certain events, including without limitation stock splits
(including reverse stock splits), combinations, stock dividends, issuances of new shares below
the exercise price and certain distributions to stockholders.
	CONDITIONS PRECEDENT TO CLOSING DATE:	 	The effectiveness of the Credit Agreement and the obligation of the Lender to make the initial
Loans under the Financing Facility on the Closing Date will be subject to the conditions precedent
set forth in the Commitment Letter and other customary conditions precedent including, without
limitation, the following conditions precedent (which shall constitute the material conditions precedent):
	 	 	(a)	 	Execution and delivery by each of the Loan Parties of appropriate legal documentation in
form and substance satisfactory to the Lender.

12

 

PRIVILEGED AND CONFIDENTIAL

	 	 	 	 	 	 	 

	 	 	(b)	 	The Lender shall have been granted a perfected, first priority lien (subject to
permitted liens) on all Collateral.
	 	 	(c)	 	Opinions from the Loan Parties’ counsel (including, without limitation, local counsel for
each material subsidiary of the Parent) as to such matters as the Lender and its counsel may
reasonably request.
	 	 	(d)	 	Each Loan Party shall be in good standing in its state of organization.
	 	 	(e)	 	All required corporate or other organizational consents and approvals and
customary secretary’s certificates, solvency certificate (solely with respect to the Borrower
and the Parent Guarantor), notice of borrowing and officer’s certificates.
	 	 	(f)	 	No default or event of default shall exist under any Loan Document related to the Financial
Facility.1
	 	 	(g)	 	The Lender shall have received a borrowing base certificate and such financial and other
customary information regarding the Loan Parties as the Lender may reasonably request.
	 	 	(h)	 	The Borrower shall have a net worth of no less than $20,000,000 as of the Closing Date.
	 	 	(i)	 	The issuance by the Parent Guarantor of the Closing Date Warrants and execution of
definitive documentation satisfactory to the Lender in connection therewith.
	 	 	(j)	 	Payment of all fees and expenses.
	 	 	(k)	 	The accuracy in all material respects of all representations and warranties.
	 	 	(l)	 	After giving effect to the requested borrowing, the aggregate outstanding principal
amount of Loans shall not exceed the Formula Amount.
	CONDITIONS TO ANY SECOND BORROWING UNDER 

THE FINANCING FACILITY:	 	The obligation of the Lender to make any second borrowing of Loans under the Financing Facility
after the Closing Date will be subject to the following conditions precedent:
	 	 	(a)	 	The accuracy in all material respects of all representations and warranties.
	 	 	(b)	 	Delivery of a notice of borrowing.
	 	 	(c)	 	No default or event of default shall exist under any Loan Document.2
	 	 	(d)	 	After giving effect to the requested borrowing, the aggregate outstanding principal
amount of Loans shall not exceed the Formula Amount.

 

			
	1	 	For purposes of this clause (f), a default or
event of default shall not include any default or event of default arising
pursuant to a default (other than (i) a payment default with respect to the
obligations thereunder and (ii) any default or event of default that results in
an acceleration event) under the Parent Guarantor’s Indenture, dated as of May
7, 2010, between U.S. Bank National Association and the Parent Guarantor
(“Indenture Non-Payment/Acceleration Default”).
	 
	2	 	For purposes of this clause (c), a default or
event of default shall not include any Indenture Non-Payment/Acceleration
Default.

13

 

PRIVILEGED AND CONFIDENTIAL

	 	 	 	 	 	 	 

	CONDITIONS SUBSEQUENT:	 	The obligation of the Lender to maintain the outstanding Loans under the Financing Facility
will be subject to following conditions subsequent, to be satisfied after the date of the
initial funding of the Loans (the specific timing of delivery to be determined):
	 	 	(a)	 	UCC, tax and judgment lien searches and other appropriate evidence, evidencing the absence of
any other liens on the Collateral, other than certain existing liens and other permitted liens
to be agreed (to the extent not delivered on or prior to the Closing Date after use of
commercially reasonable efforts to deliver such searches and evidence on or prior to the Closing
Date).
	 	 	(b)	 	Insurance satisfactory to the Lender; such insurance to include liability insurance for
which the Lender will be named as an additional insured and property insurance with respect to
the Collateral for which the Lender will be named as loss payee.
	 	 	(c)	 	Receipt by the Lender of Control Agreements with respect to the deposit accounts of the Loan
Parties (in form and substance reasonably satisfactory to the Lender).
	 	 	(d)	 	Collateral access agreement with respect to the Borrower’s corporate headquarters, to the
extent commercially reasonable.
	REPRESENTATIONS AND WARRANTIES:	 	Usual and customary representations and warranties (to be applicable to the Parent
Guarantor and its subsidiaries), in each case with appropriate qualifiers and baskets to be agreed.
	COVENANTS:	 	Usual covenants (to be applicable to the Parent Guarantor and its subsidiaries), in each case,
subject to customary carevouts, baskets and exceptions to be agreed, including, but not
limited to, provision of financial statements, notices of litigation, notices with respect to
the defaults and other information, and limitations with respect to liens and
encumbrances, indebtedness, dispositions (which shall permit dispositions of Daymark Realty
Advisors, Inc. and its subsidiaries and their businesses, subject to satisfaction of certain
conditions to be agreed (e.g., intercompany payable termed out to a five-year note,
reasonable indemnification, no retained liabilities, etc.), as certified in a certificate
delivered by the CEO, CFO and GC), dividends and certain other payments, guarantees,
consolidations and mergers, investments, capital expenditures, loans and advances, change in
nature of business, transactions with affiliates and prepayment of other indebtedness.
	 	 	Notwithstanding the foregoing, dividends shall be permitted by the Borrower to the Parent Guarantor from
time to time, so long as after giving effect thereto, the net worth of the Borrower exceeds $25,000,000.
	 	 	Financial Covenant: The net worth of the Borrower, as on the last day of each fiscal
quarter after the Closing Date, shall be no less than $20,000,000.

14

 

PRIVILEGED AND CONFIDENTIAL

	 	 	 	 	 	 	 

	 	 	Financial reporting: (i) quarterly, internally prepared, financial statements, (ii) monthly,
internally prepared, financial statements (as soon as practicable but in any event commencing
90 days after closing), and (iii) certain other customary collateral reporting (including monthly
borrowing base certificates).
	EVENTS OF DEFAULT:	 	Usual events of default (to be applicable to the Parent Guarantor and its subsidiaries), subject
to customary exceptions, carveouts and cure periods to be agreed, including, but not limited
to, payment, cross-default (other than an Indenture Non-Payment/Acceleration Default),
violation of covenants, breach of representations or warranties, bankruptcy or insolvency,
invalidity of any provision of any Loan Document, invalidity of lien on any Collateral, judgment,
the aggregate outstanding principal amount of Loans exceeding the Formula Amount and Change of Control.
	GOVERNING LAW:	 	All documentation in connection with the Financing Facility shall be governed by the laws
of the State of New York.
	OUT-OF-POCKET EXPENSES FOR FINANCING
FACILITY:	 	The Borrower shall pay on demand all reasonable fees, out of pocket costs and expenses of the
Lender (including reasonable legal fees, audit fees, appraisal and valuation fees, search fees,
filing fees, and documentation fees and expenses), incurred in connection with the Financing Facility.
	EXCLUSIVITY:	 	Parties will negotiate exclusively with respect to a possible acquisition of the Parent Guarantor
and its subsidiaries (other than Daymark and its subsidiaries) (the “Transaction”). Such
exclusivity shall expire 60 days from the date of execution of the Commitment Letter.
	 	 	The Loan Parties shall reimburse Lender and its affiliates for all reasonable out of pocket
expenses (up to $1,500,000) incurred with respect to negotiations, discussions, due diligence and
documentation regarding the Transaction.

15

 

PRIVILEGED AND CONFIDENTIAL

	 	 	 	 	 	 	 

	MARKET CHECK:	 	In the event that the parties (which for purposes of this section shall include any designee of
Lender party to the purchase agreement) reach a definitive agreement with respect to the
Transaction, the parties agree that such agreement shall contain the following terms:
	 	 	(1) The Parent Guarantor shall have the right to solicit alternative buyers for a period of 25
business days from the date of execution;
	 	 	(2) The Parent Guarantor shall keep Lender reasonably informed as to the identity and terms of any offer
received during the “Market Check Period”;
	 	 	(3) The Parent Guarantor shall have the right to terminate the purchase agreement with the Lender
to enter into a purchase agreement with a party making an offer during the Market Check Period
based on the following conditions being met (a) the board of directors of the Parent Guarantor
shall have determined that such transaction is superior from a financial point of view to the
Parent Guarantor’s stockholders and has financing that is at least as committed as the financing
arrangements of the Lender, (b) that failure to enter into such transaction would be a breach of
the board’s fiduciary duties, (c) Lender shall have been given 24 hours notice of such
termination and the right to match such offer, and (d) Parent Guarantor shall pay to Lender a
termination fee equal to 1% of equity value, plus reimbursement of out-of-pocket expenses; and
	 	 	(4) Following the termination of the Market Check Period, customary no shop and fiduciary
out, with a termination fee equal to 3% of equity value payable upon termination.

16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]