Document:

EX-10.29

 Exhibit 10.29 

EMPLOYMENT AGREEMENT 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”), effective as of December 7, 2012 (the
“Effective Date”), supercedes and replaces the Employment Agreement dated February 8, 2008 (the “Prior Agreement”) by and between SCYNEXIS, Inc., a Delaware corporation
(“Employer” or “Company”) and Michael C. Garrett (“Employee”). Once this Agreement is in effect, the Prior Agreement shall have no further force or effect. 

RECITALS: 

WHEREAS, Employer considers the availability of Employee’s services to be important to the management and conduct of
Employer’s business and desires to secure the continued availability of Employee’s services; and 
 WHEREAS, Employee is
willing to make his services available to Employer on the terms and subject to the conditions set forth herein; 
 NOW, THEREFORE, in
consideration of the mutual covenants contained herein, the parties hereto agree as follows: 
 1. Employment. For the Term (as defined in
Section 2), Employee shall be employed as VP of Corp & Strategic Dev & Intellectual Prop (the “Position”) of Employer. Employee will be located at the Employer’s principal executive offices in
Durham, North Carolina. Employee hereby accepts and agrees to such employment, subject to the general supervision of the Board of Directors of Employer (the “Board”). Employee shall perform such duties and shall have such
powers, authority and responsibilities as are customary for one holding the Position in a business similar to Employer and shall additionally render such other services and duties as may be reasonably assigned to Employee from time to time by the
Board. 
 2. Term of Employment. This Agreement shall commence on the Effective Date and continue until terminated as provided in Section 5 or
Section 6 (such period, the “Term”). Employee understands, acknowledges and agrees that this Agreement does not create an obligation for the Employer or any other person to continue Employee’s employment and,
subject to Employee’s right to receive compensation and benefits as provided in Section 7, Employee will be an at-will employee and either the Employer or the Employee may terminate Employee’s employment at any time, with or without
Just Cause (as defined herein) subject to any notice provisions set forth in this Agreement. 
 3. Compensation. 

(a) For all services rendered by Employee to Employer under this Agreement, Employer shall pay to Employee, during the Term, a base
annual salary of not less than $220,000.00 payable in arrears in accordance with the customary payroll practices of Employer. During the Term, Employee’s annual base salary shall be reviewed and subject to increase in accordance with
Employer’s standard policies and procedures. 

  
 1. 

 (b) Employee shall be eligible to earn an annual bonus during the term of up to 30% of
Employee’s annual base salary, or such higher amount as determined by the Board of Directors (or a compensation committee thereof). The eligibility for such bonus shall be based upon the achievement of performance objectives mutually agreed
upon by Employee and Employer and shall be payable in accordance with Employer’s customary bonus payment schedule. 
 (c) All
amounts payable hereunder shall be subject to such deductions and withholdings as shall be required by law, if any. 
 (d) Employee
shall be entitled to holidays, sick leave and other time off and to participate in those life, health or other insurance plans and other employee pension and welfare benefit programs, plans, practices and benefits generally made available from time
to time to all employees of Employer; provided that nothing herein shall obligate Employer to continue any of such benefits for Employee if discontinued for other employees. Without limiting the foregoing, Employee shall be entitled to paid vacation
during each fiscal year of the Term of 20 days, or such additional time as Employer may determine from time to time. 
 4. Reimbursement of Expenses.
Employer shall pay or reimburse Employee for all reasonable travel and other expenses incurred by Employee in performing Employee’s obligations under this Agreement and also for any dues and costs of appropriate professional organizations and
continuing professional education, subject to such reasonable documentation and substantiation as Employer shall require. Such reimbursements shall be paid promptly, but in no event later than December 31 of the year following the year in which
the expense was incurred. 
 5. Disability. To the extent permitted by law, the following provisions shall apply. Upon the
“disability” of Employee, this Agreement may be terminated by action of the Board upon 30 days prior written notice (the “Disability Notice”), such termination to become effective only if such
disability continues after the thirty (30) day period. If, prior to the effective time of the Disability Notice, Employee shall recover from such disability and return to the full-time active discharge of his duties, then the Disability Notice
shall be of no further force and effect and Employee’s employment shall continue as if the same had been uninterrupted. If Employee shall not so recover from his disability and return to his duties, then his services shall terminate at the
effective time of the Disability Notice with the same force and effect as if that date had been the end of the Term originally provided for hereunder. Such termination shall not prejudice any benefits payable to Employee that are fully vested as of
the date of such termination. Prior to the effective time of the Disability Notice, Employee shall continue to earn all compensation to which Employee would have been entitled as if he had not been disabled, such compensation to be paid at the time,
in the amounts, and in the manner provided in Section 3(a). A “disability” of Employee shall be deemed to exist at all times that Employee is considered by the insurance company which has issued any policy of long-term
disability insurance owned by Employer or for which premiums are paid by Employer (the “Employer Policy”) to be totally disabled under the terms of such policy. 

  
 2. 

 6. Termination. 

(a) If Employee shall die during the Term, this Agreement and the employment relationship hereunder will automatically terminate on the
date of death, which date shall be the last day of the Term; provided that such termination shall not prejudice any benefits payable to Employee or Employee’s beneficiaries that are fully vested as of the date of death. 

(b) Employer may terminate Employee’s employment under this Agreement at any time with or without Just
Cause. Any termination without Just Cause shall be effective only upon thirty (30) days prior written notice to Employee. Any termination with Just Cause shall be effective immediately or at such other time set by the Board. “Just
Cause” shall mean; (i) Employee’s willful and material breach of this Agreement and Employee’s continued failure to cure such breach to the reasonable satisfaction of the Board within thirty (30) days following
written notice of such breach to Employee from the Board; (ii) Employee’s conviction of, or entry of a plea of guilty or nolo contendere to a felony or a misdemeanor involving moral turpitude;
(iii) Employee’s willful commission of an act of fraud, breach of trust, or dishonesty including, without limitation, embezzlement, that results in material damage or harm to the business, financial condition or assets of Employer;
(iv) Employee’s intentional damage or destruction of substantial property of Employer; or (v) Employee’s breach of the terms of the Confidentiality Agreement (as defined below). Just Cause shall be determined by the Board in its
reasonable discretion and the particulars of any determination shall be provided to Employee in writing. At any time within ninety (90) days of receipt by Employee in writing of such determination, Employee may object to such determination in
writing and submit the determination to arbitration in accordance with Section 13(j). If such determination is overturned in arbitration, Employee will be treated as having been terminated without Just Cause and shall be entitled to the
benefits of Section 7(c). 
 (c) Employee may voluntarily terminate his employment with Employer on thirty
(30) days prior written notice to Employer. 
 7. Payments Upon Termination; Effects on Equity. 

(a) Upon any termination pursuant to Section 6, Employee shall be entitled to receive a lump sum equal
to any base salary, bonus and other compensation earned and due but not yet paid through the effective date of termination (collectively “Accrued Compensation”), provided however, that Employee
shall not earn any additional variable compensation or bonus during the Severance Period or the Change in Control Severance Period. If Employee is entitled to a bonus at the time of termination but the amount of such bonus will not be calculated
until a date that is after the termination date of Employee’s employment with the Employer, then Employer shall be obligated to pay the full amount of such bonus to Employee within thirty (30) days of the date of determination of such
bonus. 
 (b) Just Cause Termination - If Employer, or any successor following a Change in Control or otherwise,
terminates Employee’s employment for Just Cause, Employee shall forfeit any unexercised vested stock options at the date of termination. If Employee terminates his employment or if Employer (or its successor following a Change in Control)
terminates 

  
 3. 

 
Employee’s employment without Just Cause, Employee shall have ninety (90) days from the date of termination to exercise any vested options. 

(c) Termination by other than for Just Cause; for Good Reason by Employee – In addition to the amounts payable under
Section 7(a) above, at any time other than the twelve (12) month period after the consummation of a Change in Control, if Employees employment hereunder is terminated by (i) Employer other than for Just Cause, or (ii) Employee
for Good Reason, and provided in either event that Employee executes a general Release and Settlement Agreement in the Company’s then current form (the “Release”) within the time period set forth therein (but in no event
later than forty-five (45) days after the termination date) and allows such Release to become effective in accordance with its terms, then Employee shall be entitled to the following: 

(i) severance, payable in accordance with the Employer’s standard payroll practices, equal to
Employee’s then current base salary (exclusive of any bonus pursuant to Section 3 herein or other variable compensation) for a period of 6 months commencing with the first payroll period following the termination (the “Severance
Period”); provided that on the first regular payroll pay day following the effective date of the Release, the Employer will pay Employee the severance payments that Employee would otherwise have received under this Agreement on or prior
to such date but for the delay in payment related to the effectiveness of the Release, with the balance of such severance payments being paid as originally scheduled; 

(ii) the vesting of the Employee’s unvested stock options and any restricted stock awards shall be accelerated such that,
effective as of the date of the Employee’s termination of employment, the Employee shall receive immediate accelerated vesting of such equity awards with respect to that same number of shares which would have vested if the Employee had
continued in employment during the Severance Period, in accordance with the original vesting schedule of such equity awards; 

(iii) if the Employee elects continued health care coverage under COBRA and timely pays his or her portion
of the applicable premiums, the Employer will continue to pay for the same percentage of Employee’s, and Employee’s qualified beneficiaries’, COBRA premiums for continued medical, dental and vision group health coverage as the
percentage of medical, dental and vision insurance premiums it paid for the Employee, and Employee’s beneficiaries, during the Employee’s employment (the “COBRA Premium Payments”). Such COBRA Premium Payments shall
commence on the first day of the Severance Period and continue until the earlier of (i) the last day of the Severance Period; (ii) the date on which the Employee or qualified beneficiary, as applicable, becomes enrolled in the group health
insurance plan of another employer, or (iii) the date on which the Employee or qualified beneficiary, as applicable, becomes entitled to Medicare after the COBRA election. The Employee is required to notify the Employer immediately if the
Employee and/or qualified beneficiary becomes covered by a group health plan of a subsequent employer or entitled to Medicare. Upon the conclusion of such period of COBRA Premium Payments made by the Employer, the Employee will be responsible for
the entire payment of premiums required under COBRA for the duration of the COBRA coverage period. For purposes of this Section 7(c)(iii), references to COBRA shall be deemed to refer also to analogous provisions of state law and any applicable
COBRA Premium Payments that are paid by the Employer shall not include any amounts payable by the Employee under an  

  
 4. 

 
Internal Revenue Code Section 125 health care reimbursement plan, which amounts, if any, are the sole responsibility of the Employee. If the terms of any benefit plan referred to in this
section do not permit continued participation by Employee, then Employer will arrange for other coverage providing substantially similar benefits at the same contribution level of Employee. Employee’s disability insurance coverage will end upon
his last day of active employment and Employee may port or convert the basic life insurance coverage within 31 days of the termination date as provided under the terms of the policy. 

(d) Termination following Change in Control - If, within twelve (12) months after the consummation of a Change in Control
(as such term is defined in Section 7(e)(i)), Employer terminates Employee’s employment without Just Cause or Employee terminates his employment with Employer Agreement as a result of a Good Reason (as such term is defined in
Section 7(e)(ii)); and, in either event, if Employee executes a Release within the time period set forth therein (but in no event later than forty-five (45) days after the termination date) and allows such Release to become effective in
accordance with its terms, then Employee shall be entitled to the following in lieu of any severance compensation or benefits set forth in Section 7(c): 

(i) all Accrued Compensation (as defined in Section 7(a) herein); 

(ii) severance, payable in accordance with the Employer’s standard payroll practices, equal to
Employee’s then current base salary (exclusive of any bonus pursuant to Section 3 herein or other variable compensation) for 12 months commencing with the first payroll period following the effectiveness of the Release (the
“Change in Control Severance Period”); 
 (iii) all stock option grants and any restricted
stock grants then held by Employee shall be subject to accelerated vesting such that all unvested shares shall be accelerated and deemed fully vested as of Employee’s last day of employment; and 

(iv) if the Employee elects continued health care coverage under COBRA and timely pays his or her portion of the applicable premiums,
the COBRA Premium Payment benefits provided for in Section 7(c)(iii) shall commence on the first day of the Change in Control Severance Period and continue until the earlier of (i) the last day of the Change in Control Severance Period;
(ii) the date on which the Employee or qualified beneficiary, as applicable, becomes enrolled in the group health insurance plan of another employer, or (iii) the date on which the Employee or qualified beneficiary, as applicable, becomes
entitled to Medicare after the COBRA election. If the terms of any benefit plan referred to in this section do not permit continued participation by Employee, then Employer will arrange for other coverage providing substantially similar benefits at
the same contribution level of Employee. Employee’s disability insurance coverage will end upon his last day of active employment and Employee may port or convert the basic life insurance coverage within 31 days of the termination date as
provided under the terms of the policy. 
 (e) For purposes hereof: 

(i) A “Change in Control” shall be deemed to have occurred if, at any time: 

  
 5. 

 (A) Employer shall be a party to any merger, consolidation or other similar transaction
that results in the shareholders of Employer immediately before the merger, consolidation or other similar transaction owning less than 50% of the equity, or possessing less than 50% of the voting control, of Employer or the successor entity in the
merger, consolidation or other similar transaction; 
 (B) Employer shall liquidate, dissolve or sell or otherwise dispose of all or
substantially all of its assets; or 
 (C) the shareholders of Employer sell or otherwise dispose of Employer’s capital stock
in a single transaction or series of related transactions such that the shareholders immediately before such transaction or related transactions own less than 50% of the equity, and possess less than 50% of the voting power of Employer. 

Provided, however, that an initial public offering or subsequent public offering of Employer’s common stock shall not constitute a Change
in Control. 
 (ii) “Good Reason” shall mean the occurrence of any of the following events
without Employee’s express written consent: 
 (A) Assignment to, or withdrawal from, Employee of any duties or
responsibilities that results in a material diminution in such Employee’s authority, duties or responsibilities as in effect immediately prior to such change; 

(B) A material diminution in the authority, duties or responsibilities of the supervisor to whom Employee is required to report,
including (if applicable) a requirement that Employee report to a corporate officer or employee instead of reporting directly to the Board of Directors; 

(C) A material reduction by Employer of Employee’s annual base salary; 

(D) A relocation of Employee or Employer’s principal executive offices if Employee’s principal office is at such offices, to
a location more than sixty (60) miles from the location at which Employee is then performing his duties, except for an opportunity to relocate which is accepted by Employee in writing; or 

(E) A material breach by Employer of any provision of this Agreement or any other enforceable written agreement between Employee and
Employer; 
 Provided, however, that, any termination of employment by the Employee shall only be deemed for Good Reason pursuant to the
foregoing definition if: (i) the Employee gives the Employer written notice of the intent to terminate for Good Reason within ninety (90) days following the first occurrence of the condition(s) that the Employee believes constitutes Good
Reason, which notice shall describe such condition(s); (ii) the Employer fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”); and (iii) the
Employee terminates his employment within twelve (12) months following the end of the Cure Period. 

  
 6. 

 (f) Except as otherwise provided in this Section 7, upon termination of this
Agreement for any reason, Employee shall not be entitled to any form of severance benefits, or any other payment whatsoever. Employee agrees that the payments and benefits provided hereunder, subject to the terms and conditions hereof shall be in
full satisfaction of any rights which he might otherwise have or claim by operation of law, by implied contract or otherwise, except for rights which he may have under any employee benefit plan of Employer. 

8. Application of Section 409A. Benefits payable under the Agreement, to the extent of payments made from the date of termination of the Employee
through March 15th of the calendar year following such termination, are intended to constitute separate payments for purposes of Section I.409A-2(b)(2) of the Treasury Regulations and thus payable pursuant to the “short-term deferral”
rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations; to the extent such payments are made following said March 15th, they are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the
Treasury Regulations made upon an involuntary termination from service and payable pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations, to the maximum extent permitted by said provision, with any excess amount being regarded as
subject to the distribution requirements of Section 409A(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), including, without limitation, the requirement of
Section 409A(a)(2)(B)(i) of the Code that payment to the Employee be delayed until 6 months after separation from service if the Employee is a “specified employee” within the meaning of the aforesaid section of the Code at the time of
such separation from service. 
 9. Parachute Payments. 

(a) Anything in this Agreement to the contrary notwithstanding, if any payment or benefit the Employee would
receive from the Employer pursuant to this Agreement or otherwise (a “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this
sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest
portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion of the Payment, up to and including the total Payment, whichever amount, after taking into account all applicable
federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Employee’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding
that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the
reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for you. If more than one method of reduction will result in the same economic benefit, the items so reduced will be
reduced pro rata (the “Pro Rata Reduction Method”). 
 (b) Notwithstanding any provision of
paragraph (a) to the contrary, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A of the Code that would not otherwise be subject to taxes
pursuant to Section 409A of the Code, then the Reduction Method and/or the Pro Rata 

  
 7. 

 
Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A of the Code as follows: (A) as a first priority, the modification
shall preserve to the greatest extent possible, the greatest economic benefit for Employee as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without cause),
shall be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A of the Code shall be reduced (or
eliminated) before Payments that are not deferred compensation within the meaning of Section 409A of the Code. 
 (c) The
Employer shall appoint a nationally recognized independent accounting firm to make the determinations required hereunder, which accounting firm shall not then be serving as accountant or auditor for the individual, entity or group that effected the
Change in Control. The Employer shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. 

(d) The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting
documentation, to the Employer and the Employee within fifteen (15) calendar days after the date on which the Employee’s right to a Payment is triggered (if requested at that time by the Employer or the Employee) or such other time as
agreed upon by the Employer and the Employee. If the accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Employer and the Employee
with an opinion reasonably acceptable to the Employee that no Excise Tax will be imposed with respect to such Payment. The Employer shall be entitled to rely upon the accounting firm’s determinations, which shall be final and binding on all
persons. 
 (e) If, notwithstanding any reduction described in this Section 9, the IRS determines that Employee is liable
for the Excise Tax as a result of the receipt of the payment of benefits as described above, then Employee shall be obligated to pay back to the Employer, within thirty (30) days after a final IRS determination or in the event that such
Employee challenges the final IRS determination, a final judicial determination, a portion of the payment equal to the “Repayment Amount.” The Repayment Amount with respect to the payment of benefits shall be the smallest such amount, if
any, as shall be required to be paid to the Employer so that Employee’s net after-tax proceeds with respect to any payment of benefits (after taking into account the payment of the Excise Tax and all other applicable taxes imposed on such
payment) shall be maximized. The Repayment Amount with respect to the payment of benefits shall be zero if a Repayment Amount of more than zero would not result in Employee’s net after-tax proceeds with respect to the payment of such benefits
being maximized. If the Excise Tax is not eliminated pursuant to this paragraph, Employee shall pay the Excise Tax. 
 (f)
Notwithstanding any other provision of this Section 9, if (i) there is a reduction in the payment of benefits as described in this section, (ii) the IRS later determines that Employee is liable for the Excise Tax, the payment of which
would result in the maximization of Employee’s net after-tax proceeds (calculated as if Employee’s benefits had not previously been reduced), and (iii) Employee pays the Excise Tax, then the Employer shall pay to Employee those
benefits which were reduced pursuant to this section contemporaneously or as soon as 

  
 8. 

 
administratively possible after Employee pays the Excise Tax so that Employee’s net after-tax proceeds with respect to the payment of benefits is maximized. 

10. Best Efforts of Employee. Employee agrees that Employee will at all times faithfully, industriously and to the best of Employee’s ability,
experience and talents perform all the duties that may be required of Employee pursuant to the terms hereof, to the reasonable satisfaction of Employer, commensurate with Employee’s position. Such duties shall be rendered at such place as
Employer designates and Employee acknowledges that Employee may be required to travel as shall reasonably be required to promote the business of Employer. To the extent reasonably required by the duties assigned to Employee, Employee shall devote
substantially all Employee’s time, attention, knowledge and skills to the business and interest of Employer and Employer shall be entitled to all the benefits, profits and other issue arising from or incident to all work, service and advice of
Employee; provided, however, that Employee shall be permitted to devote a reasonable amount of time to charitable, religious or service organizations. During the Term, Employee shall not be interested, directly or indirectly, in
any manner as partner, manager, officer, director, shareholder, member, adviser, consultant, employee or in any other capacity in any other business; provided, that nothing herein contained shall be deemed to prevent or limit the right of Employee
to beneficially own less than 5% of the stock of a corporation traded on a national securities exchange as long as such passive investment does not interfere with or conflict with the performance of services to be rendered hereunder. 

11. Confidentiality and Covenant Not to Compete. The terms of the Confidentiality, Invention, and Non-Competition Agreement by and between the Employee
and Employer dated May 1, 2006 (the “Confidentiality Agreement”), are hereby incorporated by reference and are a material part of this Agreement. 

12. Indemnification. Employer will indemnify and hold harmless Employee from any cause of action resulting from the performance of Employee’s
duties under this Agreement to the fullest extent permitted by law. 
 13. Miscellaneous. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina without regard to
conflicts of law principles thereof. 
 (b) This Agreement constitutes the entire Agreement between Employee and Employer with
respect to the subject matter hereof; and supersedes in their entirety any and all prior oral or written agreements, understandings or arrangements between Employee and Employer or any of its affiliates relating to the terms of Employee’s
employment by Employer, and all such agreements, understandings and arrangements are hereby terminated and are of no force and effect. Employee hereby expressly disclaims any rights under any such agreements, understandings and arrangements. This
Agreement may not be amended or terminated except by an agreement in writing signed by both parties. 
 (c) This Agreement may
be executed in two or more counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument. 

  
 9. 

 (d) Any notice or other communication required or permitted under this Agreement shall be
effective only if it is in writing and delivered in person or by nationally recognized overnight courier service or deposited in the mail, postage prepaid, return receipt requested, addressed as follows: 

To Employer: 
 SCYNEXIS, Inc.

 3501-C Tricenter Boulevard 

Durham, NC 27709 
 Attn: Human
Resources 
 To Employee: 

Michael C. Garrett 
 At
the then current address contained in Employee’s personnel file 
 Notices given in person or by overnight courier service shall be deemed given when
delivered in person or the day after delivery to the courier addressed to the address required by this Section 13(d), and notices given by mail shall be deemed given three days after deposit in the mail. Any party hereto may designate by
written notice to the other party in accordance herewith any other address to which notices addressed to the other party shall be sent. 

(e) The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity or enforceability of the other provisions hereof. It is understood and agreed that no failure or delay by Employer or Employee in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 

(f) This Agreement may not be assigned by Employee without the written consent of Employer. Any attempted assignment in contravention
of this provision shall be null and void. This Agreement shall be binding on any successors or assigns of either party hereto. 

(g) For purposes of this Agreement, employment of Employee by any affiliate of Employer shall be deemed to be employment by Employer
hereunder, and a transfer of employment of Employee from one such affiliate to another shall not be deemed to be a termination of employment of Employee by Employer or a cessation of the Term, it being the intention of the parties hereto that
employment of Employee by any affiliate of Employer shall be treated as employment by Employer and that the provisions of this Agreement shall continue to be fully applicable following any such transfer. Notwithstanding the above, the parties hereby
confirm that a relocation of Employee or Employer’s principal executive offices if Employee’s principal office is at such offices, to a location more than sixty (60) miles from the location at which Employee is then performing his
duties, except for an opportunity to relocate which is accepted by Employee in writing, shall constitute a Good Reason as set forth in Section 7(e)(ii) herein. 

  
 10. 

 (h) The respective rights and obligations of the parties hereunder shall survive any
termination of the Term or Employee’s employment with Employer to the extent necessary to preserve such rights and obligations for their stated durations. 

(i) In the event that it shall become necessary for either party to retain the services of an attorney to enforce any terms under this
Agreement, the prevailing party, in addition to all other rights and remedies hereunder or as provided by law, shall be entitled to reasonable attorneys’ fees and costs of suit. Employer shall reimburse Employee for the reasonable fees and
expenses of counsel, up to $400, to Employee for the original negotiation of this Agreement. 
 (j) Any controversy or claim
arising out of or relating to this Agreement shall be settled by arbitration in accordance with Commercial Arbitration Rules of the American Arbitration Association, and judgment upon the award rendered by the arbitration panel, which shall consist
of three members, may be entered in any court having jurisdiction. Any arbitration shall be held in Durham, North Carolina, unless otherwise agreed in writing by the parties. One arbitrator shall be selected by Employee, one arbitrator shall be
selected by Employer, and the third arbitrator shall be selected by the two arbitrators selected by Employee and Employer. 
 [THE
NEXT PAGE IS THE SIGNATURE PAGE] 

  
 11. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.

  

			
	SCYNEXIS, INC.
		
	By:	 	 /s/ Yves J. Ribeill

	Name:	 	Yves J. Ribeill, PhD
	Title:	 	President and Chief Executive Officer
	
	EMPLOYEE:
	
	 /s/ Michael C. Garrett

	Michael C. Garrett

  
 12.Trust Agreement

 EXHIBIT 4.1 
  

 
  

ALLY AUTO RECEIVABLES TRUST 2014-SN1 

TRUST AGREEMENT 

BETWEEN 
 ALLY AUTO
ASSETS LLC 
 DEPOSITOR 

AND 
 DEUTSCHE BANK
TRUST COMPANY DELAWARE 
 AART OWNER TRUSTEE 

DATED AS OF MARCH 5, 2014 
  

 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
	 Section 1.1
	 	Definitions	  	 	1	  
		
	ARTICLE II ORGANIZATION	  	 	1	  
	 Section 2.1
	 	Name	  	 	1	  
	 Section 2.2
	 	Office	  	 	1	  
	 Section 2.3
	 	Purposes and Powers	  	 	1	  
	 Section 2.4
	 	Appointment of AART Owner Trustee	  	 	2	  
	 Section 2.5
	 	Initial Capital Contribution of AART Owner Trust Estate	  	 	2	  
	 Section 2.6
	 	Declaration of Trust	  	 	3	  
	 Section 2.7
	 	Liability of the Certificateholders	  	 	3	  
	 Section 2.8
	 	Title to Trust Property	  	 	3	  
	 Section 2.9
	 	Situs of Trust	  	 	3	  
	 Section 2.10
	 	Representations and Warranties of the Depositor	  	 	4	  
	 Section 2.11
	 	Tax Treatment	  	 	4	  
	 Section 2.12
	 	Merger and Consolidation of the Depositor	  	 	5	  
		
	ARTICLE III THE AART CERTIFICATES	  	 	5	  
	 Section 3.1
	 	Initial Beneficial Ownership	  	 	5	  
	 Section 3.2
	 	Form of the Certificates	  	 	5	  
	 Section 3.3
	 	Execution, Authentication and Delivery	  	 	6	  
	 Section 3.4
	 	Registration of Certificates; Registration of Transfer and Exchange of Certificates	  	 	6	  
	 Section 3.5
	 	Mutilated, Destroyed, Lost or Stolen Certificates	  	 	8	  
	 Section 3.6
	 	Persons Deemed Certificateholders	  	 	9	  
	 Section 3.7
	 	Access to List of Certificateholders’ Names and Addresses	  	 	9	  
	 Section 3.8
	 	Maintenance of Corporate Trust Office	  	 	9	  
	 Section 3.9
	 	Appointment of Paying Agent	  	 	9	  
	 Section 3.10
	 	Depositor as Certificateholder	  	 	10	  
		
	ARTICLE IV ACTIONS BY AART OWNER TRUSTEE	  	 	10	  
	 Section 4.1
	 	Prior Notice to Certificateholders with Respect to Certain Matters	  	 	10	  
	 Section 4.2
	 	Action by Certificateholders with Respect to Certain Matters	  	 	11	  
	 Section 4.3
	 	Action by Certificateholders with Respect to Bankruptcy	  	 	11	  
	 Section 4.4
	 	Restrictions on Certificateholders’ Power	  	 	11	  
	 Section 4.5
	 	Majority Control	  	 	12	  
		
	ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	 	12	  
	 Section 5.1
	 	Establishment of Certificate Distribution Account	  	 	12	  
	 Section 5.2
	 	Application of Trust Funds	  	 	12	  
	 Section 5.3
	 	Method of Payment	  	 	13	  
	 Section 5.4
	 	Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others	  	 	14	  
	 Section 5.5
	 	Signature on Returns; Other Tax Matters	  	 	14	  

  
 i 

							
		
	ARTICLE VI THE AART OWNER TRUSTEE	  	 	14	  
	 Section 6.1
	 	Duties of AART Owner Trustee	  	 	14	  
	 Section 6.2
	 	Rights of AART Owner Trustee	  	 	15	  
	 Section 6.3
	 	Acceptance of Trusts and Duties	  	 	15	  
	 Section 6.4
	 	Action upon Instruction by Certificateholders	  	 	17	  
	 Section 6.5
	 	Furnishing of Documents	  	 	18	  
	 Section 6.6
	 	Representations and Warranties of AART Owner Trustee	  	 	18	  
	 Section 6.7
	 	Reliance; Advice of Counsel	  	 	19	  
	 Section 6.8
	 	AART Owner Trustee May Own Certificates and Notes	  	 	19	  
	 Section 6.9
	 	Compensation and Indemnity	  	 	19	  
	 Section 6.10
	 	Replacement of AART Owner Trustee	  	 	20	  
	 Section 6.11
	 	Merger or Consolidation of AART Owner Trustee	  	 	21	  
	 Section 6.12
	 	Appointment of Co-Trustee or Separate Trustee	  	 	21	  
	 Section 6.13
	 	Eligibility Requirements for AART Owner Trustee	  	 	22	  
	 Section 6.14
	 	Compliance with the FDIC Rule	  	 	23	  
		
	ARTICLE VII TERMINATION OF TRUST AGREEMENT	  	 	23	  
	 Section 7.1
	 	Termination of Trust Agreement	  	 	23	  
		
	ARTICLE VIII AMENDMENTS	  	 	24	  
	 Section 8.1
	 	Amendments Without Consent of Certificateholders or Noteholders	  	 	24	  
	 Section 8.2
	 	Amendments With Consent of Certificateholders and Noteholders	  	 	25	  
	 Section 8.3
	 	Form of Amendments	  	 	25	  
		
	ARTICLE IX MISCELLANEOUS	  	 	26	  
	 Section 9.1
	 	No Legal Title to AART Owner Trust Estate	  	 	26	  
	 Section 9.2
	 	Limitations on Rights of Others	  	 	26	  
	 Section 9.3
	 	Derivative Actions	  	 	26	  
	 Section 9.4
	 	Notices	  	 	26	  
	 Section 9.5
	 	Severability	  	 	26	  
	 Section 9.6
	 	Counterparts	  	 	27	  
	 Section 9.7
	 	Successors and Assigns	  	 	27	  
	 Section 9.8
	 	No Petition	  	 	27	  
	 Section 9.9
	 	No Recourse	  	 	27	  
	 Section 9.10
	 	Headings	  	 	28	  
	 Section 9.11
	 	Governing Law	  	 	28	  
	 Section 9.12
	 	Indemnification by and Reimbursement of the Administrator	  	 	28	  
	 Section 9.13
	 	Effect of Amendment and Restatement	  	 	28	  
	 Section 9.14
	 	Information to be Provided by the AART Owner Trustee	  	 	29	  

  
 ii 

 EXHIBITS 
  

	EXHIBIT A	Form of Certificate 

	EXHIBIT B	Certificate of Trust of Ally Auto Receivables Trust 2014-SN1 

	EXHIBIT C	Form of Undertaking Letter 

  
 iii 

 TRUST AGREEMENT, dated as of March 5, 2014, between ALLY AUTO ASSETS LLC, a Delaware limited
liability company, in its capacity as depositor (the “Depositor”), and DEUTSCHE BANK TRUST COMPANY DELAWARE, a Delaware banking corporation, as trustee and not in its individual capacity (the “AART Owner Trustee”).

 WHEREAS, the Depositor and the AART Owner Trustee previously entered into a certain trust agreement dated February 18, 2014 (the
“Original Trust Agreement”), which contemplated this Trust Agreement; and 
 WHEREAS, the Depositor and the AART Owner
Trustee desire hereby to amend and restate the Original Trust Agreement in its entirety. 
 NOW, THEREFORE, the Depositor and the AART Owner
Trustee hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1 Definitions Certain capitalized terms used in this Agreement shall have the respective meanings assigned to them in Part I
of Appendix A to the Administration Agreement, dated as of the date hereof, among the Depositor, the Administrator and Ally Auto Receivables Trust 2014-SN1 (as amended, supplemented or modified from time to time, the “Administration
Agreement”). All references herein to “the Agreement” or “this Agreement” are to this Trust Agreement, and all references herein to Articles, Sections and subsections are to Articles, Sections and subsections of this
Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 

ARTICLE II 
 ORGANIZATION

 Section 2.1 Name The Trust continued hereby shall be known as “Ally Auto Receivables Trust 2014-SN1” in which name
the AART Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. The AART Owner Trustee has filed the Certificate of Trust on behalf of
the Trust pursuant to Section 3810(a) of the Statutory Trust Act. 
 Section 2.2 Office The office of the Trust shall be in care
of the AART Owner Trustee at the Corporate Trust Office or at such other address in Delaware as the AART Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 

Section 2.3 Purposes and Powers The purpose of the Trust is, and the Trust shall have the power and authority, to engage in the
following activities: 
 (a) to acquire, manage and hold the Secured Notes and the other assets of the Trust; 

 (b) to issue the Notes pursuant to the AART Indenture and issue the Certificates pursuant to this
Agreement, and to sell, transfer or exchange the Notes and the Certificates; 
 (c) to acquire certain property and assets from the Depositor
on the Closing Date pursuant to the Trust Sale Agreement and any other Further Transfer Agreement, to make payments to the Noteholders and the Certificateholders, to make deposits into and withdrawals from the Reserve Account and to pay the
organizational, start-up and transactional expenses of the Trust; 
 (d) to assign, grant, transfer, pledge, mortgage and convey the AART
Trust Estate pursuant to the terms of the AART Indenture and to hold, manage and distribute to the Certificateholders pursuant to the terms of this Agreement and the Trust Sale Agreement any portion of the AART Trust Estate released from the Lien
of, and remitted to the Trust pursuant to, the AART Indenture; 
 (e) to enter into and perform its obligations and exercise its rights under
the AART Transaction Documents and ACOLT Transaction Documents to which it is to be a party and to execute the VAULT Security Agreement and the VAULT Transfer Direction; 

(f) to enter into interest rate swaps and caps and forward contracts, only in connection with the Notes and the Certificates; 

(g) 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 
 (h) subject to compliance with the AART Transaction Documents, to engage in such
other activities as may be required in connection with conservation of the AART Owner Trust Estate and the making of distributions to the Securityholders. 

The Trust shall not 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 AART Transaction Documents. 
 Section 2.4 Appointment of AART Owner Trustee. The Depositor hereby
appoints the AART Owner Trustee as trustee of the Trust, to have all the rights, powers and duties set forth herein. 
 Section 2.5
Initial Capital Contribution of AART Owner Trust Estate. The Depositor has sold, assigned, transferred, conveyed and set over to the AART Owner Trustee, as of February 18, 2014, the sum of $1. The AART Owner Trustee hereby acknowledges
receipt in trust from the Depositor, as of February 18, 2014, of the foregoing contribution, which constituted the initial AART Owner Trust Estate. The Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon
the request of the AART Owner Trustee, promptly reimburse the AART Owner Trustee for any such expenses paid by the AART Owner Trustee. 

  
 2 

 Section 2.6 Declaration of Trust. The AART Owner Trustee hereby declares that it shall
hold the AART Owner Trust Estate (in the name of the Trust and not in the AART Owner Trustee’s name for the Trust, except as required by, and in accordance with, Section 2.8) in trust upon and subject to the conditions set forth
herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the AART Transaction Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust
Act, that this Agreement constitute the governing instrument of such statutory trust and that the Certificates represent the beneficial interests therein. The rights of the Certificateholders shall be determined as set forth herein and in the
Statutory Trust Act and the relationship between the parties hereto created by this Agreement shall not constitute indebtedness for any purpose. Effective as of the date hereof, the AART 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 Trust. 
 Section 2.7 Liability of the
Certificateholders. Certificateholders and holders of beneficial interests therein shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation
Law of the State of Delaware. 
 Section 2.8 Title to Trust Property. Legal title to all the AART Owner Trust Estate shall be vested
at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the AART Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be
transferred to and vested in the AART Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. Any such trustee shall take such part of the AART Owner Trust Estate subject to the security interest of the AART Indenture Trustee
therein established under the AART Indenture. Such trustee’s acceptance of its appointment shall constitute acknowledgment of such security interest and shall constitute a Grant to the AART Indenture Trustee of a security interest in all
property held by such trustee. Any such trustee shall prepare and file all such financing statements naming such trustee as debtor that are necessary or advisable to perfect, make effective or continue the Lien of the AART Indenture Trustee. 

Section 2.9 Situs of Trust The Trust shall be located and administered in the States of Delaware or New York. All bank accounts
maintained by the AART Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. The Trust shall not have any employees in any State other than the State of Delaware; provided, however, that nothing
herein shall restrict or prohibit the AART Owner Trustee from having employees within or without the State of Delaware. Payments shall be received by the Trust only in the State of Delaware or the State of New York, and payments shall be made by the
Trust only from the State of Delaware or the State of New York. The only office of the Trust shall be the Corporate Trust Office of the AART Owner Trustee in the State of Delaware. 

  
 3 

 Section 2.10 Representations and Warranties of the Depositor. The Depositor hereby
represents and warrants to the AART Owner Trustee that: 
 (a) The Depositor has been duly formed and is validly existing as an entity in
good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted and had at all relevant times, and now
has, power, authority and legal right to acquire, own and transfer the Secured Notes contemplated to be transferred to the Trust pursuant to the Trust Sale Agreement. 

(b) The Depositor is duly qualified to do business as a foreign entity in good standing, and has obtained all necessary licenses and approvals,
in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications. 
 (c) The
Depositor has the power and authority to execute and deliver this Agreement and any other AART Transaction Documents to which the Depositor is a party, and to carry out their respective terms, the Depositor has full power and authority to sell and
assign the property to be sold and assigned to and deposited with the Trust as part of the AART Owner Trust Estate and the Depositor has duly authorized such sale and assignment to the Trust by all necessary limited liability company action; and the
execution, delivery and performance of this Agreement and any other AART Transaction Documents to which the Depositor is a party have been duly authorized by the Depositor by all necessary limited liability company action. 

(d) The consummation of the transactions contemplated by this Agreement and any other AART Transaction Documents to which the Depositor is a
party, and the fulfillment of the terms of this Agreement and any other AART Transaction Documents to which the Depositor is a party, do not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without
notice or lapse of time) a default under, the certificate of formation or limited liability company agreement (or similar organizational documents) of the Depositor, or any indenture, agreement or other instrument to which the Depositor is a party
or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the AART Transaction Documents), or violate
any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any federal or State regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Depositor or any of its properties. 
 Section 2.11 Tax Treatment. As long as the Depositor or an Affiliate
that is treated as the same Person as the Depositor for federal income tax purposes is the sole owner of the Certificates, the Depositor and the AART Owner Trustee, by entering into this Agreement, express their intention that the Trust shall be
disregarded for federal income tax purposes and shall be treated as a division of the Depositor (or, if the Depositor is disregarded as a separate entity for federal income tax purposes, the Depositor’s first direct or indirect parent entity
that is not disregarded as a separate entity for federal income tax purposes). If the Depositor is not the sole owner of the Certificates, through sale of the Certificates, issuance by the Trust of additional Certificates to a Person other than the
Depositor or otherwise, the Depositor and the AART Owner Trustee, by entering into this Agreement, and the Certificateholders, by acquiring any 

  
 4 

 
Certificates or interest therein, (i) express their intention that the Certificates shall qualify as equity interests in either (A) a division of an entity that is not disregarded as a
separate entity for federal income tax purposes, or (B) a partnership for federal income tax purposes if the Certificates are owned by more than one Person (as long as (1) such Persons are not disregarded as separate entities for federal
income tax purposes and (2) if such Persons are disregarded as separate entities for federal income tax purposes, such Persons are not treated as a division of the same Person) and (ii) unless otherwise required by the appropriate taxing
authorities, agree to treat the Certificates as equity interests in an entity as described in clause (i) of this Section 2.11 for the purposes of federal income taxes, State and local income and franchise taxes, and any other taxes
imposed upon, measured by, or based upon gross or net income. The parties agree that, unless otherwise required by appropriate tax authorities, the Trust shall file or cause to be filed annual or other necessary returns, reports and other forms
consistent with such characterization of the Trust for such tax purposes. 
 Section 2.12 Merger and Consolidation of the Depositor
Any corporation, limited liability company or other entity (i) into which the Depositor may be merged or with which it may be consolidated, (ii) resulting from any merger, or consolidation to which the Depositor shall be a party,
(iii) succeeding to the business of the Depositor, or (iv) 25% or more of the voting stock (or, if not a corporation, other voting interests) of which is owned directly or indirectly by Ally Financial or General Motors, which corporation
or entity in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Depositor under this Agreement and the other AART Transaction Documents, shall be the successor to the Depositor under this Agreement
without the execution or filing of any document or any further act on the part of any of the parties to this Agreement. 
 ARTICLE III

 THE AART CERTIFICATES 

Section 3.1 Initial Beneficial Ownership Since the formation of the Trust by the contribution by the Depositor pursuant to
Section 2.5, the Depositor has been the sole beneficial owner of the Trust. 
 Section 3.2 Form of the Certificates. 

(a) The Certificates shall be substantially in the form of Exhibit A. The Certificates shall represent the entire beneficial interest in
the Trust. The Certificates shall be executed on behalf of the Trust by manual or facsimile signature of a Responsible Officer of the AART Owner Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at the time
when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be duly issued, fully paid and non-assessable beneficial interests in the Trust, notwithstanding that such individuals or any of them shall have ceased to
be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. 

(b) The Certificates shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without
steel engraved borders) all as determined by the Authorized Officer of the AART Owner Trustee executing such Certificates, as evidenced by their execution of such Certificates. On the Closing Date, all of the Certificates shall be issued to the
Depositor as fully registered Certificates. 

  
 5 

 (c) The Certificates shall be issued in fully-registered form. The terms of the Certificates set
forth in Exhibit A shall form part of this Agreement. 
 Section 3.3 Execution, Authentication and Delivery. Concurrently with
the sale of the Secured Notes to the Trust pursuant to the Trust Sale Agreement, the AART Owner Trustee shall cause a single Certificate representing the entire beneficial interest in the Trust to be executed on behalf of the Trust, authenticated
and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president or any vice president, without further limited liability company action by the Depositor. Such Certificate shall be issued to and held by
the Depositor, as the initial Certificateholder. No Certificate shall entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication
substantially in the form set forth in Exhibit A, executed by the AART Owner Trustee or Deutsche Bank Trust Company Americas, as the AART Owner Trustee’s authenticating agent, by manual signature. Such authentication shall constitute
conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. 

Section 3.4 Registration of Certificates; Registration of Transfer and Exchange of Certificates (a) The Certificate Registrar shall
keep or cause to be kept, at the office or agency maintained pursuant to Section 3.8, a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the AART Owner Trustee shall provide for the registration
of Certificates and of transfers and exchanges of Certificates as provided herein. Deutsche Bank Trust Company Americas, shall be the initial Certificate Registrar. Upon any resignation of a Certificate Registrar, the AART Owner Trustee shall
promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Certificate Registrar. 
 (b) The
Certificateholder may at any time, without consent of the Noteholders, sell, transfer, convey or assign in any manner its rights to and interests in the Certificates, but only if: (i) such action will not result in a reduction or withdrawal of
the rating of any class of Notes, (ii) the Certificateholder provides to the AART Owner Trustee and the AART Indenture Trustee an Opinion of Counsel that such action shall not cause the Trust to be treated as an association (or publicly traded
partnership) taxable as a corporation for federal income tax purposes, (iii) such transferee or assignee agrees to take positions for tax purposes consistent with the tax positions set forth in Section 2.11 of this Agreement agreed
to be taken by the Certificateholder, (iv) the conditions set forth in Section 3.4(g) and (h) have been satisfied, and (v) in connection with any transfer of less than all of the interests in the Certificates, the
transferor and the transferee specify the respective interests in the Certificates to be held by the transferor and transferee, which interests may be determined by a formula or on any other basis agreed by transferor and transferee. No Certificate
(other than the Certificates issued and held by the Depositor) may be subdivided upon transfer or exchange in a manner such that the resulting Certificate represents less than a 2.00% fractional undivided interest in the Trust or such other amount
as the Depositor may determine in order to prevent the Trust from being a “publicly traded partnership” under Section 7704 of the Code, but in no event less than a 1.00% fractional undivided interest in the Trust. In addition, no
transfer of a Certificate shall be registered unless 

  
 6 

 
the transferee shall have provided to the AART Owner Trustee and the Certificate Registrar an Opinion of Counsel that in connection with such transfer no registration of the Certificates is
required under the Securities Act or applicable State securities law or that such transfer is otherwise being made in accordance with all applicable federal and State securities laws. If agreed by transferor and transferee, different interests may
be used for distributions of proceeds and for purposes of voting the Certificates, and the transferor shall notify the AART Owner Trustee of any such agreement in connection with such transfer. 

(c) In the event that the Depositor is no longer the sole Certificateholder, the Administrator shall promptly prepare amendments (subject to
the provisions regarding amendments in the applicable AART Transaction Documents) to the AART Transaction Documents to the extent necessary to reflect the establishment of the Certificate Distribution Account and the making of distributions to the
Certificateholders and such other matters as shall be agreed between the Depositor and the AART Owner Trustee. The expense of the foregoing amendments shall be paid by the Administrator. 

(d) Upon surrender for registration of transfer of any Certificates at the office or agency maintained pursuant to Section 3.8, the
AART Owner Trustee shall execute on behalf of the Trust, authenticate and deliver (or shall cause Deutsche Bank Trust Company Americas, as its authenticating agent to authenticate and deliver), in the name of the designated transferee or
transferees, one or more new Certificates of a like aggregate percentage interest in the Trust dated the date of authentication by the AART Owner Trustee or any authenticating agent. 

(e) At the option of a Holder, Certificates may be exchanged for other Certificates of a like aggregate percentage interest in the Trust, as
shown on the applicable Certificates, upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to Section 3.8. Whenever any Certificates are so surrendered for exchange, the AART Owner Trustee shall
execute on behalf of the Trust, authenticate and deliver (or shall cause Deutsche Bank Trust Company Americas, as its authenticating agent to authenticate and deliver) one or more Certificates dated the date of authentication by the AART Owner
Trustee or any authenticating agent. Such Certificates shall be delivered to the Holder making the exchange. 
 (f) Every Certificate
presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the AART Owner Trustee and the Certificate Registrar duly executed by the Holder or his attorney duly
authorized in writing and such other documents and instruments as may be required by Section 3.4(b). Each Certificate surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed or otherwise disposed
of by the AART Owner Trustee or Certificate Registrar in accordance with its customary practice. 
 (g) The AART Owner Trustee or the
Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed and any other expenses of the AART Owner Trustee in connection with any transfer or exchange of Certificates. 

  
 7 

 (h) The Certificates may not be acquired by or for the account of a Benefit Plan other than an
“insurance company general account,” as defined in Prohibited Transaction Class Exemption 95-60, whose underlying assets include less than 25% plan assets and for which the purchase and holding of Certificates is eligible and satisfies all
conditions for relief under Prohibited Transaction Class Exemption 95-60. The Certificates also may not be acquired by or for the account of an employee benefit plan or plan that is not subject to the provisions of Title I of ERISA or
Section 4975 of the Code (including foreign or governmental plans) if such acquisition would result in a non-exempt prohibited transaction under, or a violation of, any applicable law that is substantially similar to Title I of ERISA or
Section 4975 of the Code. If requested to do so by the Depositor, each purchaser and transferee of a Certificate shall execute and deliver to the AART Owner Trustee an undertaking letter substantially in the form attached as Exhibit C.

 (i) The Certificates may (A) only be acquired by or for the account of a Person who is a United States Person (within the
meaning of Section 7701(a)(30) of the Code) and (B) not be acquired by or for the account of a Special Pass-Through Entity. For the purposes of this Section 3.5(i), “Special Pass-Through Entity” means a grantor trust,
S corporation, or partnership where more than 50% of the value of a beneficial owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in the Certificates. 

Section 3.5 Mutilated, Destroyed, Lost or Stolen Certificates. 

(a) If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its
satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Certificate Registrar, the AART Owner Trustee and the Trust such security or indemnity as may be required by them to hold each of them
harmless, then, in the absence of notice to the Certificate Registrar or the AART Owner Trustee that such Certificate has been acquired by a protected purchaser, the AART Owner Trustee shall execute on behalf of the Trust and the AART Owner Trustee
shall authenticate and deliver (or shall cause Deutsche Bank Trust Company Americas, as its authenticating agent to authenticate and deliver), in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a replacement
Certificate of a like aggregate percentage interest in the Trust, as shown on the Certificate; provided, however, that if any such destroyed, lost or stolen Certificate, but not a mutilated Certificate, shall have become or within
seven (7) days shall be payable, then instead of issuing a replacement Certificate the AART Owner Trustee may make distributions to such destroyed, lost or stolen Certificate when so payable. 

(b) If, after the delivery of a replacement Certificate or payment in respect of a destroyed, lost or stolen Certificate pursuant to
Section 3.5(a), a protected purchaser of the original Certificate in lieu of which such replacement Certificate was issued presents for payment or distribution such original Certificate, the AART Owner Trustee shall be entitled to
recover such replacement Certificate (and any distributions or payments made with respect thereto) or such payment or distribution from the Person to whom it was delivered or any Person taking such replacement Certificate from such Person to whom
such replacement Certificate was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by
the AART Owner Trustee in connection therewith. 

  
 8 

 (c) In connection with the issuance of any replacement Certificate under this
Section 3.5, the AART Owner Trustee may require the payment by the Holder of such Certificate of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses
(including the fees and expenses of the AART Owner Trustee and the Certificate Registrar) connected therewith. 
 (d) Any duplicate
Certificate issued pursuant to this Section 3.5 in replacement of any mutilated, destroyed, lost or stolen Certificate shall constitute an original additional beneficial interest in the Trust, whether or not the mutilated, destroyed,
lost or stolen Certificate shall be found at any time or be enforced by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Certificates duly issued hereunder. 

(e) The provisions of this Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Certificates. 
 Section 3.6 Persons Deemed
Certificateholders. Prior to due presentation of a Certificate for registration of transfer, the AART Owner Trustee or the Certificate Registrar may treat the Person in whose name any Certificate shall be registered in the Certificate Register
as the Certificateholder of such Certificate for the purpose of receiving distributions pursuant to Article V and for all other purposes whatsoever, and neither the AART Owner Trustee nor the Certificate Registrar shall be affected by any
notice to the contrary. 
 Section 3.7 Access to List of Certificateholders’ Names and Addresses. The Certificate Registrar
shall furnish or cause to be furnished to the Administrator and the Depositor, within fifteen (15) days after receipt by the Certificate Registrar of a request therefor from the Administrator or the Depositor, in writing, a list of the names
and addresses of the Certificateholders as of the most recent Record Date. Each Holder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Administrator, the Depositor, the Certificate Registrar or the AART
Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 

Section 3.8 Maintenance of Corporate Trust Office. The AART Owner Trustee shall maintain in the Borough of Manhattan, The City of New
York, an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the AART Owner Trustee in respect of the Certificates and the other AART
Transaction Documents may be served. The AART Owner Trustee initially designates the offices of Deutsche Bank Trust Company Americas, 60 Wall Street, New York, New York 10005, as its principal office for such purposes. The AART Owner Trustee shall
give prompt written notice to the Depositor, to the Administrator, and to the Certificateholders of any change in the location of the Certificate Register or any such office or agency. 

Section 3.9 Appointment of Paying Agent. Except as otherwise provided in Section 5.2, the Paying Agent shall make
distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.2 and shall report the amounts of such distributions to the AART Owner Trustee and the Administrator; provided, however,
that no such reports shall 

  
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be required so long as the Depositor is the sole Certificateholder. Any Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of
making the distributions referred to above. The AART Owner Trustee may revoke such power and remove the Paying Agent if the AART Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under
this Agreement in any material respect. The Paying Agent shall initially be Deutsche Bank Trust Company Americas, and any co-paying agent chosen by Deutsche Bank Trust Company Americas, and acceptable to the AART Owner Trustee. Deutsche Bank Trust
Company Americas shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the AART Owner Trustee. If Deutsche Bank Trust Company Americas shall no longer be the Paying Agent, the AART Owner Trustee shall
appoint a successor to act as Paying Agent (which shall be a bank or trust company). The AART Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the AART Owner Trustee to execute and deliver to the AART
Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the AART Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent shall hold all sums, if any, held by it
for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the AART Owner Trustee and upon
removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the AART Owner Trustee. The provisions of Sections 6.3, 6.6, 6.7 and 6.9 shall apply to the AART Owner Trustee also in its role
as Paying Agent or Certificate Registrar, for so long as the AART Owner Trustee shall act as Paying Agent or Certificate Registrar and, to the extent applicable, to any other paying agent, certificate registrar or authenticating agent appointed
hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 

Section 3.10 Depositor as Certificateholder. The Depositor in its individual or any other capacity may become the owner or pledgee of
Certificates and may otherwise deal with the AART Owner Trustee or its Affiliates as if it were not the Depositor. 
 ARTICLE IV 

ACTIONS BY AART OWNER TRUSTEE 

Section 4.1 Prior Notice to Certificateholders with Respect to Certain Matters. The AART Owner Trustee shall not take action with
respect to the following matters, unless (i) the AART Owner Trustee shall have notified the Certificateholders in writing of the proposed action at least thirty (30) days and not more than forty-five (45) days before the taking of
such action, and (ii) the Certificateholders shall not have notified the AART Owner Trustee in writing prior to the 30th day after such notice is given that such Certificateholders have withheld consent or provided alternative direction: 

(a) the initiation of any claim or lawsuit by the Trust (other than an action to collect on a Secured Note or an action by the AART Indenture
Trustee pursuant to the AART Indenture) and the compromise of any action, claim or lawsuit brought by or against the Trust (other than an action to collect on a Secured Note or an action by the AART Indenture Trustee pursuant to the AART Indenture);

  
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 (b) except as may be required under the Statutory Trust Act, the election by the Trust to file an
amendment to the Certificate of Trust, a conformed copy of which is attached hereto as Exhibit B; 
 (c) the amendment of the AART
Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required; 
 (d) the amendment of the AART
Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Certificateholders; 

(e) the amendment, change or modification of the Trust Sale Agreement, except to cure any ambiguity or to amend or supplement any provision in
a manner that would not materially adversely affect the interests of the Certificateholders; or 
 (f) the appointment pursuant to the AART
Indenture of a successor Note Registrar, Paying Agent or AART Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent or AART Indenture Trustee or
Certificate Registrar of its obligations under the AART Indenture or this Agreement, as applicable. 
 Section 4.2 Action by
Certificateholders with Respect to Certain Matters. The AART Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, to remove the Administrator under the Administration Agreement pursuant to
Section 7.02 thereof, appoint a successor Administrator under the Administration Agreement or except as expressly provided in the AART Transaction Documents, sell the Secured Notes or any interest therein after the termination of the AART
Indenture. The AART Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders. 

Section 4.3 Action by Certificateholders with Respect to Bankruptcy. Notwithstanding any prior termination of this Agreement, the AART
Owner Trustee shall not have the power to commence a voluntary case under Title 11 of the United States Code or any successor provision relating to the Trust without the unanimous prior approval of all Certificateholders (including the Depositor)
and the delivery to the AART Owner Trustee by each such Certificateholder of a certificate certifying that such Certificateholder reasonably believes that the Trust is insolvent; provided, however, that under no circumstances shall the
AART Owner Trustee commence or join in commencing any such case prior to the date that is one year and one day after the termination of the Trust. 

Section 4.4 Restrictions on Certificateholders’ Power. The Certificateholders shall not direct the AART Owner Trustee to take or
refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the AART Owner Trustee under this Agreement, including Section 2.3 of this Agreement, or any of the other AART Transaction
Documents, nor shall the AART Owner Trustee be obligated to follow any such direction, if given. The Certificateholders shall not and shall not direct the AART Owner Trustee to take action that would violate the provisions of Section 6.1
and, if given, the AART Owner Trustee shall not be obligated to follow any such direction. 

  
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 Section 4.5 Majority Control. Except as expressly provided herein, any action that may be
taken or consent that may be given or withheld by the Certificateholders under this Agreement shall be effective if such action is taken or such consent is given or withheld by the Holders of Certificates evidencing not less than a majority of the
Voting Interests as of the close of the preceding Distribution Date. Except as expressly provided herein, any written notice, instruction, direction or other document of the Certificateholders delivered pursuant to this Agreement shall be effective
if signed by Holders of Certificates evidencing not less than a majority of the Voting Interests at the time of the delivery of such notice. 

ARTICLE V 
 APPLICATION
OF TRUST FUNDS; CERTAIN DUTIES 
 Section 5.1 Establishment of Certificate Distribution Account. 

(a) Except as otherwise provided in Section 5.2, the Administrator, for the benefit of the Certificateholders, shall establish and
maintain in the name of the Trust an Eligible Deposit Account known as the Ally Auto Receivables Trust 2014-SN1 Certificate Distribution Account (the “Certificate Distribution Account”), bearing an additional designation clearly
indicating that the funds deposited therein are held for the benefit of the Certificateholders. 
 (b) The Trust shall possess all right,
title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof. Except as otherwise provided herein, in the AART Indenture, or in the Administration Agreement, the Certificate
Distribution Account shall be under the sole dominion and control of the AART Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the AART Owner
Trustee (or the Administrator on behalf of the AART Owner Trustee, if the Certificate Distribution Account is not then held by the AART Owner Trustee or an Affiliate thereof) shall within ten (10) Business Days (or such longer period, not to
exceed thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate
Distribution Account. 
 Section 5.2 Application of Trust Funds. 

(a) On each Distribution Date, the AART Owner Trustee or the Paying Agent shall distribute to the Certificateholders, on a pro rata basis,
amounts equal to the amounts deposited in the Certificate Distribution Account pursuant to Sections 4.05 and 8.01(b) of the Administration Agreement on or prior to such Distribution Date. Notwithstanding the foregoing or anything else to the
contrary in this Agreement or the other AART Transaction Documents, if and for so long as Certificates representing in the aggregate a 100% beneficial interest in the Trust are held by the Depositor or another subsidiary of Ally Bank, (i) no
Certificate Distribution Account shall be required to be established or maintained and (ii) all distributions and payments on the Certificates (including the final distribution as contemplated by Section 7.1(c)) required

  
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hereunder or under the Administration Agreement shall be made directly to the Certificateholder by the AART Indenture Trustee (whether or not the Administration Agreement otherwise contemplates
deposit into the Certificate Distribution Account) and the AART Owner Trustee shall have no duty or liability to see to such distribution. 

(b) On each Distribution Date, the AART Owner Trustee shall send to each Certificateholder the statement provided to the AART Owner Trustee by
the Administrator pursuant to Section 4.07(a) of the Administration Agreement on such Distribution Date setting forth, among other things, the amount distributed on the Certificates and the Administration Fee with respect to such Distribution
Date or Monthly Period, as applicable; provided, however, that no such statement shall be required to be sent by the AART Owner Trustee if and for so long as the Depositor or another subsidiary of Ally Bank is the sole
Certificateholder. 
 (c) If any withholding tax is imposed on the Trust’s payment (or allocations of income) to a Certificateholder,
such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.2; provided, however, that the AART Owner Trustee or the Paying Agent shall not have an obligation to
withhold any such amount if and for so long as the Depositor is the sole Certificateholder. The AART Owner Trustee or the Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders
sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the AART Owner Trustee or the Paying Agent from contesting any such tax in appropriate proceedings and withholding payment of
such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the
Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the AART Owner Trustee or the Paying Agent may
in its sole discretion withhold such amounts in accordance with this Section 5.2(c). If a Certificateholder wishes to apply for a refund of any such withholding tax, the AART Owner Trustee or the Paying Agent shall reasonably cooperate
with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the AART Owner Trustee or the Paying Agent for any out-of-pocket expenses incurred. 

(d) If the AART Indenture Trustee holds escheated funds for payment to the Trust pursuant to Section 3.3(e) of the AART Indenture, the
AART Owner Trustee shall, upon notice from the AART Indenture Trustee that such funds exist, submit on behalf of the Trust an Issuing Entity Order to the AART Indenture Trustee pursuant to Section 3.3(e) of the AART Indenture instructing the
AART Indenture Trustee to pay such funds to or at the order of the Depositor. 
 Section 5.3 Method of Payment. Subject to
Section 7.1(c), distributions required to be made to Certificateholders on any Distribution Date shall be made to each Certificateholder of record on the related Record Date by wire transfer, in immediately available funds, to the
account of such Holder at a bank or other entity having appropriate facilities therefore, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five (5) Business Days prior to such
Record Date or if not, by check mailed to such Certificateholder at the address of such Certificateholder appearing in the Certificate Register. 

  
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 Section 5.4 Accounting and Reports to the Certificateholders, the Internal Revenue Service and
Others. The AART Owner Trustee shall maintain (or cause to be maintained) the books of the Trust on a calendar year basis on the accrual method of accounting, deliver to each Certificateholder, as may be required by the Code and applicable
Treasury Regulations or otherwise, such information as may be required to enable each Certificateholder to prepare its federal income tax return, file such tax returns relating to the Trust and make such elections as may from time to time be
required or appropriate under any applicable State or federal statute or rule or regulation thereunder so as to maintain the Trust’s characterization as an entity described in clause (a) of Section 2.11 for federal income tax
purposes, cause such tax returns to be signed in the manner required by law and collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c) with respect to income or distributions to
Certificateholders. If the Trust were to become a partnership in accordance with Section 2.11 or the Internal Revenue Service were to contend successfully that the Trust is not a disregarded entity but is rather a partnership for federal
income tax purposes, the Trust shall allocate items of income, gain, deduction and loss to the partners of the Trust in accordance with their economic interests in the Trust. With respect to interest expense of the Trust, the Trust shall allocate to
the Certificateholders their share of the entire amount of such interest expense. 
 Section 5.5 Signature on Returns; Other Tax
Matters. The AART Owner Trustee shall sign on behalf of the Trust any and all tax returns of the Trust, unless applicable law requires a Certificateholder to sign such documents, in which case such documents shall be signed by the Depositor. To
the extent one may be required, the Depositor shall be the “tax matters partner” of the Trust pursuant to the Code. 
 ARTICLE
VI 
 THE AART OWNER TRUSTEE 

Section 6.1 Duties of AART Owner Trustee. 

(a) The AART Owner Trustee undertakes to perform such duties, and only such duties, as are specifically set forth in this Agreement and the
other AART Transaction Documents, including the administration of the Trust in the interest of the Certificateholders, subject to the AART Transaction Documents and in accordance with the provisions of this Agreement. No implied covenants or
obligations shall be read into this Agreement. 
 (b) Notwithstanding the foregoing, the AART Owner Trustee shall be deemed to have
discharged its duties and responsibilities hereunder and under the other AART Transaction Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Trust or AART Owner
Trustee hereunder or under any other AART Transaction Document, and the AART Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement. 

(c) In the absence of bad faith on its part, the AART Owner Trustee may conclusively rely upon certificates or opinions furnished to the AART
Owner Trustee and conforming to the requirements of this Agreement in determining the truth of the statements and the correctness of the opinions contained therein; provided, however, that the AART Owner Trustee shall have examined
such certificates or opinions so as to determine compliance of the same with the requirements of this Agreement. 

  
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 (d) The AART Owner Trustee may not be relieved from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that: 
 (i) this Section 6.1(d) shall not limit the effect
of Section 6.1(a) or (b); 
 (ii) the AART Owner Trustee shall not be liable for any error of judgment made in good faith
by a Responsible Officer unless it is proved that the AART Owner Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the
AART Owner Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 4.1, 4.2 or 6.4; and 

(iv) the AART Owner Trustee shall not be personally liable for special, consequential or punitive damages, however styled, including lost
profits. 
 (e) Subject to Sections 5.1 and 5.2, monies received by the AART Owner Trustee hereunder need not be segregated in
any manner except to the extent required by law or the Administration Agreement and may be deposited under such general conditions as may be prescribed by law, and the AART Owner Trustee shall not be liable for any interest thereon. 

(f) The AART Owner Trustee shall not take any action that (i) is inconsistent with the purposes of the Trust set forth in
Section 2.3 or (ii) would, to the actual knowledge of a Responsible Officer of the AART Owner Trustee, result in the Trust’s becoming taxable as a corporation for federal income tax purposes. The Certificateholders shall not
direct the AART Owner Trustee to take any action or themselves take any action that would violate the provisions of this Section 6.1. 

Section 6.2 Rights of AART Owner Trustee. The AART Owner Trustee is authorized and directed to execute and deliver the AART Transaction
Documents and each certificate or other document attached as an exhibit to or contemplated by the AART Transaction Documents to which the Trust is to be a party, in such form as the Depositor shall approve as evidenced conclusively by the AART Owner
Trustee’s execution thereof. In addition to the foregoing, the AART Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the AART Transaction Documents. The AART Owner Trustee is further
authorized from time to time to take such action as the Administrator recommends and directs in writing with respect to the AART Transaction Documents. 

Section 6.3 Acceptance of Trusts and Duties. Except as otherwise provided in this Article VI, in accepting the trusts hereby
created, Deutsche Bank Trust Company Delaware acts solely as AART Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the AART Owner Trustee by reason of the transactions contemplated by this Agreement
or any other AART Transaction Document shall look only to the AART Owner Trust Estate for payment or satisfaction thereof. The AART Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such
trusts but 

  
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only upon the terms of this Agreement. The AART Owner Trustee also agrees to disburse all monies actually received by it constituting part of the AART Owner Trust Estate upon the terms of the
AART Transaction Documents. The AART Owner Trustee shall not be liable or accountable hereunder or under any other AART Transaction Document under any circumstances, except for its own negligent action, its own negligent failure to act or its own
willful misconduct or in the case of the inaccuracy of any representation or warranty contained in Section 6.6 and expressly made by the AART Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence): 
 (a) the AART Owner Trustee shall at no time have any responsibility or liability for, or with respect
to, the legality, validity and enforceability of any Secured Note, or the perfection and priority of any security interest created by any Secured Note in any Lease Asset or the maintenance of any such perfection and priority, or for, or with respect
to, the sufficiency of the AART Owner Trust Estate or its ability to generate the payments to be distributed to Certificateholders under this Agreement or to Noteholders under the AART Indenture, including: the existence, condition and ownership of
any Lease Asset securing a Secured Note; the existence and enforceability of any insurance thereon; the existence and contents of any Secured Note on any computer or other record thereof; the validity of the assignment of any Secured Note to the
Trust or of any intervening assignment; the completeness of any Secured Note; the performance or enforcement of any Secured Note; the compliance by the Depositor or the Administrator with any warranty or representation made under any AART
Transaction Document or in any related document or the accuracy of any such warranty or representation or any action of the AART Indenture Trustee or the Administrator or any sub-administrator taken in the name of the AART Owner Trustee; 

(b) the AART Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the
instructions of the Administrator or any Certificateholder; 
 (c) no provision of this Agreement or any other AART Transaction Document
shall require the AART Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any other AART Transaction Document, if the AART Owner Trustee shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 

(d) under no circumstances shall the AART Owner Trustee be liable for indebtedness evidenced by or arising under any of the AART Transaction
Documents, including the principal of and interest on the Notes; 
 (e) the AART Owner Trustee shall not be responsible for or in respect of
and makes no representation as to the validity or sufficiency of any provision of this Agreement other than as explicitly set forth herein or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value
or validity of any of the AART Owner Trust Estate or for, or in respect of, the validity or sufficiency of the AART Transaction Documents, the Notes, the Certificates (other than the certificate of authentication on the Certificates) or of any
Secured Notes or any related documents, and the AART Owner Trustee shall in no event assume or incur any liability, duty or obligation to any Noteholder or to any Certificateholder, other than as expressly provided for herein and in the other AART
Transaction Documents; 

  
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 (f) the AART Owner Trustee shall not be liable for the default or misconduct of the AART
Indenture Trustee, the Depositor or the Administrator under any of the AART Transaction Documents or otherwise and the AART Owner Trustee shall have no obligation or liability to perform the obligations of the Trust under this Agreement or the other
AART Transaction Documents that are required to be performed by the AART Indenture Trustee under the AART Indenture or the Administrator under the Pooling Agreement, the Administration Agreement or Trust Sale Agreement; 

(g) the AART Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to
institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other AART Transaction Document, at the request, order or direction of any of the Certificateholders, unless such
Certificateholders have offered to the AART Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the AART Owner Trustee therein or thereby; the right of the AART Owner Trustee to
perform any discretionary act enumerated in this Agreement or in any other AART Transaction Document shall not be construed as a duty, and the AART Owner Trustee shall not be answerable for other than its negligence or willful misconduct in the
performance of any such act; and 
 (h) notwithstanding anything to the contrary contained herein or in any other AART Transaction Document,
and notwithstanding any Person’s right to instruct the AART Owner Trustee, neither the AART Owner Trustee nor any agent, employee, director or officer of the AART Owner Trustee shall have any obligation to execute, deliver or certify on behalf
of the Trust or any other Person any filings, certificates, affidavits or other instruments required pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated pursuant thereto, and the refusal to comply with any such
instructions shall not constitute a default or breach under any AART Transaction Document. In the event that the AART Owner Trustee, on behalf of the Trust, does not execute, deliver or certify any filings, certificates, affidavits or other
instruments required under the Sarbanes-Oxley Act of 2002, an Authorized Officer of the Administrator shall, on behalf of the Trust, execute, deliver or make such certification. 

Section 6.4 Action upon Instruction by Certificateholders. 

(a) Subject to Section 4.4, the Certificateholders may by written instruction direct the AART Owner Trustee in the management of
the Trust. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Section 4.5. 

(b) Notwithstanding the foregoing, the AART Owner Trustee shall not be required to take any action hereunder or under any other AART
Transaction Document if the AART Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the AART Owner Trustee or is contrary to the terms hereof or of
any other AART Transaction Document or is otherwise contrary to law. 

  
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 (c) Whenever the AART Owner Trustee is unable to decide between alternative courses of action
permitted or required by the terms of this Agreement or any other AART Transaction Document, or is unsure as to the application, intent, interpretation or meaning of any provision of this Agreement or any other AART Transaction Document, the AART
Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted, and, to the extent the AART Owner Trustee acts in good
faith in accordance with any such instruction received, the AART Owner Trustee shall not be liable on account of such action to any Person. If the AART Owner Trustee shall not have received appropriate instructions within ten (10) 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 which is consistent, in its view,
with this Agreement or any other AART Transaction Document, and as it shall deem to be in the best interests of the Certificateholders, and the AART Owner Trustee shall have no liability to any Person for any such action or inaction. 

Section 6.5 Furnishing of Documents. The AART Owner Trustee shall furnish to the Certificateholders, 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 AART Owner Trustee under the AART Transaction Documents. 

Section 6.6 Representations and Warranties of AART Owner Trustee. The AART Owner Trustee hereby represents and warrants to the
Depositor, for the benefit of the Certificateholders, that: 
 (a) It is a banking corporation duly organized, validly existing and in good
standing under the laws of the State of its incorporation. It has satisfied the eligibility requirements set forth in Section 6.13. 

(b) It has full power, authority and legal right to execute, deliver and perform this Agreement, and has taken all necessary action to
authorize the execution, delivery and performance by it of this Agreement. 
 (c) The execution, delivery and performance by it of this
Agreement (i) shall not violate any provision of any law or regulation governing the banking and trust powers of the AART Owner Trustee or any order, writ, judgment or decree of any court, arbitrator or governmental authority applicable to the
AART Owner Trustee or any of its assets, (ii) shall not violate any provision of the corporate charter or by-laws of the AART Owner Trustee or (iii) shall not violate any provision of, or constitute, with or without notice or lapse of
time, a default under, or result in the creation or imposition of any Lien on any properties included in the Trust pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which
violation, default or Lien could reasonably be expected to have a materially adverse effect on the AART Owner Trustee’s performance or ability to perform its duties as AART Owner Trustee under this Agreement or on the transactions contemplated
in this Agreement. 

  
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 (d) This Agreement has been duly executed and delivered by the AART Owner Trustee and constitutes
the legal, valid and binding agreement of the AART Owner Trustee, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of
creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

Section 6.7 Reliance; Advice of Counsel. 

(a) The AART Owner Trustee shall incur no 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 and need not investigate any fact or matter in any such document. The AART Owner Trustee
may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to
any fact or matter the method of the determination of which is not specifically prescribed herein, the AART Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other
authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the AART Owner Trustee 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
other AART Transaction Documents, the AART Owner Trustee may act directly or through its agents, attorneys, custodians or nominees (including the granting of a power of attorney to officers of Deutsche Bank Trust Company Americas to execute and
deliver any AART Transaction Documents, Certificate, Note or other documents related thereto on behalf of the AART Owner Trustee) pursuant to agreements entered into with any of them, and the AART Owner Trustee shall not be liable for the conduct or
misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the AART Owner Trustee with reasonable care; and may consult with counsel, accountants and other skilled
professionals to be selected with reasonable care and employed by it. The AART Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountants or
other such Persons and not contrary to this Agreement or any other AART Transaction Document. 
 Section 6.8 AART Owner Trustee May Own
Certificates and Notes. Deutsche Bank Trust Company Delaware or any successor AART Owner Trustee in its individual or any other capacity may become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the AART Indenture
Trustee and the Administrator in transactions in the same manner as it would have if it were not the AART Owner Trustee. 
 Section 6.9
Compensation and Indemnity. The AART Owner Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between the Administrator and the AART Owner Trustee, and the
AART Owner Trustee, any paying agent, registrar, authenticating agent or co-trustee shall be entitled to be 

  
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reimbursed by the Administrator for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, custodians, nominees,
representatives, experts and external counsel as the AART Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder. The Administrator shall indemnify the AART Owner Trustee, any paying agent,
registrar, authenticating agent or co-trustee and its successors, assigns, agents and servants in accordance with the provisions of Section 6.01 of the Administration Agreement. The indemnities contained in this Section 6.9 shall
survive the resignation or removal of the AART Owner Trustee or the termination of this Agreement. Any amounts paid to the AART Owner Trustee pursuant to this Article VI shall be deemed not to be a part of the AART Owner Trust Estate
immediately after such payment. 
 Section 6.10 Replacement of AART Owner Trustee. 

(a) The AART Owner Trustee may give notice of its intent to resign and be discharged from the trusts hereby created by giving notice thereof to
the Administrator provided, however, that no such resignation shall become effective, and the AART Owner Trustee shall not resign, prior to the time set forth in Section 6.10(c). If no successor AART Owner Trustee shall
have been appointed pursuant to Section 6.10(b) and have accepted such appointment within thirty (30) days after the giving of such notice, the AART Owner Trustee giving such notice may petition any court of competent jurisdiction
for the appointment of a successor AART Owner Trustee. The Administrator shall remove the AART Owner Trustee if: 
 (i) the AART Owner
Trustee shall cease to be eligible in accordance with the provisions of Section 6.13 and shall fail to resign after written request therefor by the Administrator; 

(ii) the AART Owner Trustee shall be adjudged bankrupt or insolvent; 

(iii) a receiver or other public officer shall be appointed or take charge or control of the AART Owner Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation; or 
 (iv) the AART Owner Trustee shall otherwise be incapable of acting.

 (b) If the AART Owner Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of AART Owner
Trustee for any reason the Administrator shall promptly appoint a successor AART Owner Trustee by written instrument, in duplicate (one copy of which instrument shall be delivered to the outgoing AART Owner Trustee so removed and one copy to the
successor AART Owner Trustee) and shall pay all fees owed to the outgoing AART Owner Trustee. 
 (c) Any resignation or removal of the AART
Owner Trustee and appointment of a successor AART Owner Trustee pursuant to any of the provisions of this Section 6.10 shall not become effective and no such resignation shall be deemed to have occurred until a written acceptance of
appointment is delivered by the successor AART Owner Trustee to the outgoing AART Owner Trustee and the Administrator and all fees and expenses due to the outgoing AART Owner Trustee are paid. If any costs arise in connection with the resignation of
the 

  
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AART Owner Trustee and the appointment of a successor AART Owner Trustee, such costs shall reduce the amount otherwise distributable to the AART Certificateholder in accordance with
Section 5.2. The AART Owner Trustee is hereby authorized and directed to retain from amounts otherwise distributable to the AART Certificateholders sufficient funds for the payment of such costs. Any successor AART Owner Trustee
appointed pursuant to this Section 6.10 shall be eligible to act in such capacity in accordance with Section 6.13 and, following compliance with the provisions of this Section 6.10(c), 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 AART Owner Trustee. The Administrator shall provide notice of such resignation or removal of the AART Owner Trustee to
each of the Rating Agencies. 
 (d) The predecessor AART Owner Trustee shall upon payment of its fees and expenses deliver to the successor
AART Owner Trustee all documents and statements and monies held by it under this Agreement. The Administrator and the predecessor AART Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required
for fully and certainly vesting and confirming in the successor AART Owner Trustee all such rights, powers, duties and obligations. 
 (e)
Upon acceptance of appointment by a successor AART Owner Trustee pursuant to this Section 6.10, the Administrator shall mail notice of the successor of such AART Owner Trustee to all Certificateholders, the AART Indenture Trustee and the
Noteholders. 
 Section 6.11 Merger or Consolidation of AART Owner Trustee. Any Person into which the AART Owner 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 the AART Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate
trust business of the AART Owner Trustee, shall be the successor of the AART Owner Trustee hereunder, provided such Person shall be eligible pursuant to Section 6.13, and without the execution or filing of any instrument or any further
act on the part of any of the parties hereto. 
 Section 6.12 Appointment of Co-Trustee or Separate Trustee. 

(a) Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirement of any jurisdiction
in which any part of the AART Owner Trust Estate or any Secured Note may at the time be located, the Administrator and the AART Owner Trustee acting jointly shall have the power and shall, at the expense of the Administrator, execute and deliver all
instruments to appoint one or more Persons approved by the AART Owner Trustee to act as co-trustee, jointly with the AART Owner Trustee, or as separate trustee or trustees, of all or any part of the AART Owner Trust Estate, and to vest in such
Person (in the name of the Trust and not in such Person’s name for the Trust, except to the extent otherwise required by, and in accordance with, Section 2.8), in such capacity, such title to the Trust, or any part thereof, and,
subject to the other provisions of this Section 6.12, such powers, duties, obligations, rights and trusts as the Administrator and the AART Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in
such appointment within fifteen (15) days after the receipt by it of a request so to do, the AART 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 6.13 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 6.10. 

  
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 (b) 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 AART
Owner Trustee shall be conferred upon and exercised or performed by the AART 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
AART 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 AART Owner Trustee shall be incompetent or unqualified to perform such act or acts, in
which event such rights, powers, duties and obligations (including the holding of title to the Trust 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 AART 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 Administrator and the AART Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the AART 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 VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the AART 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 AART Owner
Trustee. Each such instrument shall be filed with the AART Owner Trustee and a copy thereof given to the Administrator. 
 (d) Any separate
trustee or co-trustee may at any time appoint the AART Owner Trustee as 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 die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the AART Owner Trustee, to the extent
permitted by law, without the appointment of a new or successor trustee. 
 Section 6.13 Eligibility Requirements for AART Owner
Trustee. The AART Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The AART Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of
Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or

  
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examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least “BBB” by S&P, or such other rating as is
acceptable to, S&P and “BBB-” by Fitch, or such other rating as is acceptable to Fitch. If such corporation 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 6.13, 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.
If at any time the AART Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the AART Owner Trustee shall resign immediately in the manner and with the effect specified in
Section 6.10. 
 Section 6.14 Compliance with the FDIC Rule. The AART Owner Trustee agrees to use reasonable affects to
comply with any request of the Depositor or the Administrator to facilitate compliance with Article XII of the AART Indenture by the Ally Parties. 

ARTICLE VII 
 TERMINATION
OF TRUST AGREEMENT 
 Section 7.1 Termination of Trust Agreement. 

(a) The Trust shall dissolve in accordance with Section 3808 of the Statutory Trust Act immediately prior to the final distribution by the
AART Owner Trustee of all monies or other property or proceeds of the AART Owner Trust Estate in accordance with the terms of the AART Indenture, the Administration Agreement (including the exercise by the Administrator of its option to purchase the
Secured Notes pursuant to Section 8.01(a) of the Administration Agreement), and Article V. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or
the Trust, (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the AART Owner Trust
Estate, or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 (b) Neither the Depositor nor any
Certificateholder shall be entitled to revoke or terminate the Trust or this Agreement. 
 (c) Subject to Section 5.2(a), notice
of any dissolution of the Trust, specifying the Distribution Date upon which the Certificateholders shall surrender their Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the AART Owner
Trustee by letter to Certificateholders mailed within five (5) Business Days of receipt of notice of such termination from the Administrator given pursuant to Section 8.01(c) of the Administration Agreement, stating: (i) the
Distribution Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Paying Agent therein designated; (ii) the amount of any such final payment;
and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificates at the office of the Paying Agent therein specified. The AART Owner
Trustee shall give such notice to the Certificate Registrar (if other than the AART Owner Trustee) and the Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Paying Agent
shall cause to be distributed to Certificateholders amounts distributable on such Distribution Date pursuant to Section 5.2. 

  
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 (d) If all of the Certificateholders shall not surrender their Certificates for cancellation
within six (6) months after the date specified in the written notice referred to in Section 7.1(c), the AART Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within one (1) year after the second notice all the Certificates shall not have been surrendered for cancellation, the AART Owner Trustee may take appropriate steps, or
may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement.
Subject to applicable laws with respect to escheat of funds, any funds remaining in the Trust after exhaustion of such remedies in the preceding sentence shall be deemed property of the Depositor and distributed by the AART Owner Trustee to the
Depositor, and the AART Owner Trustee shall have no further liability to the Certificateholders with respect thereto. 
 (e) Upon the winding
up and termination of the Trust in accordance with Section 3808 of the Statutory Trust Act and this Section 7.1, at the written direction and expense of the Certificateholders, the AART Owner Trustee shall cause the Certificate of
Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act. Thereupon, this Agreement (other than Sections 6.9, 9.8 and
9.9) and the Trust shall terminate. 
 ARTICLE VIII 

AMENDMENTS 
 Section 8.1
Amendments Without Consent of Certificateholders or Noteholders. This Agreement may be amended by the Depositor and the AART Owner Trustee without the consent of any of the Noteholders, or any other Person who may be a Certificateholder (but
with prior notice to each of the Rating Agencies from the Depositor), to (i) cure any ambiguity, (ii) correct or supplement any provision in this Agreement that may be defective or inconsistent with any other provision in this Agreement or
any other AART Transaction Document, (iii) add or supplement any credit enhancement for the benefit of the Noteholders or the Certificateholders (provided that if any such addition shall affect any class of Noteholders or Certificateholders
differently than any other class of Noteholders or Certificateholders, then such addition shall not, as evidenced by Opinion of Counsel, adversely affect in any material respect the interests of any class of Noteholders or Certificateholders),
(iv) add to the covenants, restrictions or obligations of the Depositor or the AART Owner Trustee, (v) evidence and provide for the acceptance of the appointment of a successor trustee with respect to the AART Owner Trust Estate and add to
or change any provisions as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee pursuant to Article VI, and (vi) add, change or eliminate any other provision of this Agreement in any
manner that shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of the Noteholders or the Unaffiliated Certificateholders. 

  
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 Section 8.2 Amendments With Consent of Certificateholders and Noteholders. This Agreement
may also be amended from time to time by the Depositor and the AART Owner Trustee with the consent of Noteholders whose Notes evidence not less than a majority of the Outstanding Amount of the Controlling Class as of the close of the preceding
Distribution Date and, if any Person other than the Depositor or an Affiliate of the Depositor holds any Certificates, the consent of Certificateholders whose Certificates evidence not less than a majority of the Voting Interests as of the close of
the preceding Distribution Date (which consent, whether given pursuant to this Section 8.2 or pursuant to any other provision of this Agreement, shall be conclusive and binding on such Person and on all future Holders of such Notes or
Certificates and of any Notes or Certificates issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon the Notes or Certificates) 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 or the Certificateholders; provided, however, that no such amendment shall (a) without the
consent of the holder of the affected Note, increase or reduce the interest rate or principal amount of any Note or change any Distribution Date or the Final Scheduled Distribution Date of any Note or distributions on the Certificates (without the
consent of the holders hereof), (b) adversely affect the rating of any Securities by any of the Rating Agencies without the consent of the holders of two-thirds of the Outstanding Amount of an affected class of Notes or two-thirds of the Voting
Interests of the Certificates as appropriate, each as of the close of the preceding Distribution Date or (c) reduce the aforesaid percentage required to consent to any such amendment, without the consent of the holders of all Notes and all of
the Voting Interests with respect to Certificates then outstanding. The Depositor shall furnish notice to each of the Rating Agencies prior to obtaining consent to any proposed amendment under this Section 8.2. 

Section 8.3 Form of Amendments. 

(a) Promptly after the execution of any amendment, supplement or consent pursuant to Section 8.1 or 8.2, the AART Owner
Trustee shall furnish written notification of the substance of such amendment or consent to each Unaffiliated Certificateholder and the AART Indenture Trustee. 

(b) It shall not be necessary for the consent of Certificateholders, the Noteholders or the AART Owner Trustee pursuant to
Section 8.2 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of
Certificateholders and Unaffiliated Certificateholders provided for in this Agreement or in any other AART Transaction Document) and of evidencing the authorization of the execution thereof by Certificateholders and Unaffiliated Certificateholders
shall be subject to such reasonable requirements as the AART Owner Trustee may prescribe. 
 (c) Promptly after the execution of any
amendment to the Certificate of Trust, the AART Owner Trustee shall cause the filing of such amendment with the Secretary of State. 

  
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 (d) Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the
AART Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment by it is authorized or permitted by this Agreement. The AART Owner Trustee may, but shall not be obligated
to, enter into any such amendment which affects the AART Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 

ARTICLE IX 

MISCELLANEOUS 
 Section 9.1
No Legal Title to AART Owner Trust Estate. The Certificateholders shall not have legal title to any part of the AART Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided
ownership interest therein only in accordance with Articles V and VII. No transfer, by operation of law or otherwise, of any right, title, and interest of the Certificateholders to and in their ownership interest in the AART Owner
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 AART Owner Trust Estate. 

Section 9.2 Limitations on Rights of Others. Except for Section 9.12, the provisions of this Agreement are solely for the
benefit of the AART Owner Trustee, the Depositor, the Certificateholders, the Administrator and, to the extent expressly provided herein, the AART 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 AART Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

Section 9.3 Derivative Actions. Any provision contained herein to the contrary notwithstanding, the right of any Certificateholder to
bring a derivative action in the right of the Trust is hereby made expressly subject to the following limitations and requirements: 
 (a)
such Certificateholder must meet all requirements set forth in the Statutory Trust Act; and 
 (b) no Certificateholder may bring a
derivative action in the right of the Trust without the prior written consent of Certificateholders owning, in the aggregate, beneficial interests in Certificates representing at least 50% of the Voting Interests. 

Section 9.4 Notices. All demands, notices and communications upon or to the Depositor, the Administrator, the AART Indenture Trustee,
the AART Owner Trustee or the Rating Agencies under this Agreement shall be delivered as specified in Part III of Appendix A to the Administration Agreement. 

Section 9.5 Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability
of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof. 

  
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 Section 9.6 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 one and the same instrument. 

Section 9.7 Successors and Assigns. 

(a) All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Depositor, the AART Owner Trustee and
each Certificateholder and their respective successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such
Certificateholder. 
 (b) Notwithstanding anything to the contrary contained in this Agreement, this Trust Agreement may be assigned by the
Depositor without the consent of any other Person, but with notice to the Rating Agencies, to a corporation, limited liability company or other entity that is a successor (by merger, consolidation or purchase of assets) to the Depositor, or 25% or
more of the voting interests of which is owned, directly or indirectly, by Ally Financial or General Motors, provided that such entity executes an agreement of assumption as provided as provided in Section 3.03 of the Trust Sale Agreement. 

Section 9.8 No Petition. The AART Owner Trustee by entering into this Trust Agreement and each Certificateholder or Certificate Owner
by accepting a Certificate (or interest therein) issued hereunder, hereby covenant and agree that they shall not (nor shall they join with or solicit another person to), prior to the day that is one year and one day after the termination of the
Trust and of each other trust heretofore formed by the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor or the Trust to invoke in any court or government authority for the purpose of commencing or sustaining a case against
the Depositor or the Trust under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Trust or any substantial
part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Trust under a federal or State bankruptcy or insolvency proceeding. This Section 9.8 shall survive the termination of this Agreement.

 Section 9.9 No Recourse. Each Certificateholder and each Certificate Owner by accepting a Certificate (or any interest therein)
acknowledges that such Person’s Certificate (or interest therein) represents beneficial interests in the Trust only and does not represent interests in or obligations of the Depositor, the Administrator, the Paying Agent, the AART Owner
Trustee, the AART Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificates or
the other AART Transaction Documents. Except as expressly provided in the AART Transaction Documents, none of the Depositor, the Administrator or the AART Owner Trustee in their respective individual capacities, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for the distribution of any amount with respect to the Certificates or the Trust’s
performance of, or omission to perform, any obligations or indemnifications contained in the Certificates, this Agreement or the other AART Transaction Documents, it being expressly understood that such

  
 27 

 
Certificateholder obligations have been made solely by the Trust. Each Certificateholder by the acceptance of a Certificate (or beneficial interest therein) agrees that except as expressly
provided in the AART Transaction Documents, in the event of nonpayment of any amounts with respect to the Certificates, it shall have no claim against any of the foregoing Persons for any deficiency, loss or claim therefrom. In the event that any of
the foregoing covenants of each Certificateholder and each Certificate Owner is prohibited by, or declared illegal or otherwise unenforceable against any such Certificateholder and Certificate Owner under applicable law by any court or other
authority of competent jurisdiction, and, as a result, a Certificateholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Trust (“other assets”), each Certificateholder and
Certificate Owner agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted
(“entitled Persons”), including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the
meaning of, and subject to, Section 510(a) of the Bankruptcy Code. This Section 9.9 shall survive the termination of this Agreement. 

Section 9.10 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 9.11 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 9.12 Indemnification by and Reimbursement of the Administrator The AART Owner
Trustee acknowledges and agrees to reimburse (i) the Administrator and its directors, officers, employees and agents in accordance with Section 6.03(b) of the Administration Agreement and (ii) the Depositor and its directors,
officers, employees and agents in accordance with Section 3.04 of the Trust Sale Agreement. The AART Owner Trustee further acknowledges and accepts the conditions and limitations with respect to the Administrator’s obligation to indemnify,
defend and hold the AART Owner Trustee harmless as set forth in Section 6.01(a)(iii) of the Administration Agreement. 
 Section 9.13
Effect of Amendment and Restatement. It is the intent of the parties hereto that this Trust Agreement shall as of the Closing Date, replace in its entirety the Original Trust Agreement; provided, however, that with respect to
the period of time from February 18, 2014 through March 5, 2014, the rights and obligations of the parties shall be governed by the Original Trust Agreement; and provided further, that the amendment and restatement of the
Original Trust Agreement shall not affect any of the grants, conveyances or transfers contemplated by the Original Trust Agreement to have occurred prior to the date hereof. 

  
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 Section 9.14 Information to be Provided by the AART Owner Trustee. 

(a) The AART Owner Trustee agrees to cooperate in good faith with any reasonable request by ACOLT or the Depositor for information regarding
the AART Owner Trustee which is required in order to enable ACOLT or the Depositor to comply with the provisions of Items 1104(e), 1121(c), 1117 and 1119 of Regulation AB and Rule 15Ga-1 under the Exchange Act as it relates to the AART Owner Trustee
or to the AART Owner Trustee’s obligations under this Agreement; provided that with respect to Rule 15Ga-1, and Items 1121(c) and 1104(e), the AART Owner Trustee shall not be deemed a “securitizer” under Regulation AB or under
the Exchange Act. 
 (b) Except to the extent disclosed by the AART Owner Trustee in subsection (c) or (d) below, the AART Owner
Trustee shall be deemed to have represented to ACOLT and the Depositor on the first day of each Monthly Period with respect to the prior Monthly Period that to the best of its knowledge there were no legal or governmental proceedings pending (or
known to be contemplated) against Deutsche Bank Trust Company Delaware or any property of Deutsche Bank Trust Company Delaware that would be material to any Noteholder or, to the extent that the Certificates are registered under the Securities Act
for public sale, any holder of such Certificates. 
 (c) The AART Owner Trustee shall, as promptly as practicable following notice to or
discovery by the AART Owner Trustee of any changes to any information regarding the AART Owner Trustee as is required for the purpose of compliance with Item 1117 of Regulation AB, provide to the Depositor, in writing, such updated information.

 (d) The AART Owner Trustee shall deliver to ACOLT and the Depositor on or before March 15 (or, if such date is not a Business Day,
the next succeeding Business Day) of each year, beginning with March 15, 2015, a report of a representative of the AART Owner Trustee with respect to the immediately preceding calendar year certifying, on behalf of the AART Owner Trustee, that
except to the extent otherwise disclosed in writing to ACOLT and the Depositor, to the best of his or her knowledge there were no legal or governmental proceedings pending (or known to be contemplated) against Deutsche Bank Trust Company Delaware or
any property of Deutsche Bank Trust Company Delaware that would be material to any Noteholder or, to the extent that the Certificates are registered under the Securities Act for public sale, any holder of such Certificates. 

(e) The AART Owner Trustee shall deliver to ACOLT and the Depositor on or before March 15 (or, if such date is not a Business Day, the
next succeeding Business Day) of each year, beginning with March 15, 2015, a report of a representative of the AART Owner Trustee with respect to the immediately preceding calendar year providing to ACOLT and the Depositor such information
regarding the AART Owner Trustee as is required for the purpose of compliance with Item 1119 of Regulation AB. Such information shall include, at a minimum, a description of any affiliation between the AART Owner Trustee and any of the
following parties to this securitization transaction, as such parties are identified to the AART Owner Trustee by ACOLT and the Depositor in writing in advance of this securitization transaction: 

  
 29 

 (i) the Depositor; 

(ii) Ally Bank, as sponsor; 

(iii) the Trust; 
 (iv) the
Administrator; 
 (v) the AART Indenture Trustee; 

(vi) ACOLT; 
 (vii) ACOL LLC;

 (viii) the ACOLT Indenture Trustee; 

(ix) the ACOLT Owner Trustee; 

(x) the Servicer; and 
 (xi) any
other material transaction party. 
 (f) In connection with the parties listed in clauses (i) through (xii) above,
the AART Owner Trustee shall include a description of whether there is, and if so, the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business
or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from this securitization transaction, that currently exists or that existed during the past two years and that is material to an
investor’s understanding of the asset backed securities issued in this securitization transaction. 
 (g) The AART Owner Trustee shall
provide the Depositor with notification, as soon as practicable and in any event within five Business Days, of all demands delivered to a Reporting Officer of the AART Owner Trustee for the repurchase or replacement of any Receivable pursuant to
Section 2.04 of the Trust Sale Agreement or Section 2.13 of the Servicing Agreement, as applicable. Subject to this Section 9.14, the AART Owner Trustee shall have no obligation to take any other action with respect to any
demand. Except as set forth in the AART Transaction Documents, in no event shall the AART Owner Trustee have (i) any responsibility or liability in connection with any filing to be made by a securitizer under the Exchange Act or Regulation AB
or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities except as expressly set forth in this Section 9.14. 

[Remainder of Page Intentionally Left Blank.] 

  
 30 

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

			
	DEUTSCHE BANK TRUST COMPANY DELAWARE,
	as AART Owner Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	ALLY AUTO ASSETS LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 Trust Agreement (AART 2014-SN1) 

			
	Acknowledged and Accepted:
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Paying Agent

		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Trust Agreement (AART 2014-SN1) 

 EXHIBIT A 

FORM OF AART CERTIFICATE 
  

			
	NO. R- [        ]	  	[            ]% Percentage Interest

 SEE REVERSE FOR CERTAIN DEFINITIONS 

THIS AART CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE VARIOUS STATE SECURITIES LAWS.
NO TRANSFER OF THIS AART CERTIFICATE SHALL BE MADE UNLESS SUCH TRANSFER IS MADE IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE ACT OR ANY APPLICABLE STATE SECURITIES LAWS AND IS OTHERWISE IN COMPLIANCE WITH THE RESTRICTIONS SET FORTH
IN THE TRUST AGREEMENT. 
 THIS AART CERTIFICATE (OR AN INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF (1) AN “EMPLOYEE BENEFIT
PLAN,” AS DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (2) A “PLAN” SUBJECT TO SECTION
4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR (3) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OTHER THAN AN
“INSURANCE COMPANY GENERAL ACCOUNT,” AS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”), WHOSE UNDERLYING ASSETS INCLUDE LESS THAN 25% PLAN ASSETS AND FOR WHICH THE PURCHASE AND HOLDING OF AART
CERTIFICATES IS ELIGIBLE AND SATISFIES ALL CONDITIONS FOR RELIEF UNDER PTCE 95-60. THIS AART CERTIFICATE (OR AN INTEREST THEREIN) ALSO MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF AN EMPLOYEE BENEFIT PLAN OR
PLAN THAT IS NOT SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA OR SECTION 4975 OF THE CODE (INCLUDING, WITHOUT LIMITATION, FOREIGN OR GOVERNMENTAL PLANS) IF SUCH ACQUISITION WOULD RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER, OR A VIOLATION
OF, ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE. EACH HOLDER OF THIS AART CERTIFICATE, BY ACCEPTING THIS AART CERTIFICATE, WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT
SUBJECT TO THE FOREGOING LIMITATIONS AND, IF REQUESTED TO 

  
 Ex. A-1 

 
DO SO BY THE DEPOSITOR, SUCH PERSON SHALL EXECUTE AND DELIVER TO THE AART OWNER TRUSTEE AN UNDERTAKING LETTER IN FORM AND SUBSTANCE SATISFACTORY TO THE AART INDENTURE TRUSTEE AND THE DEPOSITOR.

 THIS CERTIFICATE MAY (A) ONLY BE ACQUIRED BY OR FOR THE ACCOUNT OF A PERSON WHO IS A UNITED STATES PERSON (WITHIN THE MEANING OF
SECTION 7701(A)(30) OF THE CODE) AND (B) NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF A SPECIAL PASS-THROUGH ENTITY (AS DEFINED IN THE TRUST AGREEMENT). 

  
 Ex. A-2 

 ALLY AUTO RECEIVABLES TRUST 2014-SN1 

ASSET BACKED CERTIFICATE 

evidencing a fractional undivided interest in the Trust, as defined below, the property of which includes the Secured Notes sold to the Trust
by Ally Auto Assets LLC. 
 (This Certificate does not represent an interest in or obligation of Ally Auto Assets LLC or Ally Financial Inc.
or any of their respective affiliates, except to the extent described in the AART Transaction Documents.) 
 THIS CERTIFIES THAT
            is the registered owner of a nonassessable, fully-paid, fractional undivided interest in Ally Auto Receivables Trust 2014-SN1(the “Trust”) formed by Ally Auto
Assets LLC, a Delaware limited liability company (the “Depositor”). 
 The Trust was created pursuant to a trust agreement,
dated as of February 18, 2014 (as amended and restated as of March 5, 2014 and as it may be amended from time to time, the “Trust Agreement”), between the Depositor and Deutsche Bank Trust Company Delaware, as owner
trustee (the “AART Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them or
incorporated by reference in the Trust Agreement. 
 This Certificate is one of the duly authorized Certificates designated as Asset Backed
Certificates (the “Certificates”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, the terms of which are incorporated herein by reference and made a part hereof, to
which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. 
 Under
the Trust Agreement, there shall be distributed on the 20th day of each month or, if such 20th day is not a Business Day, the next Business
Day, commencing on April 21, 2014 (each, a “Distribution Date”), to the Person in whose name this Certificate is registered on the related Record Date (as defined below), such amount as is provided in the AART Transaction
Documents. The “Record Date,” with respect to any Distribution Date, means the last day of the preceding Monthly Period. 

The distributions in respect of this Certificate are payable in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. All payments made by the Trust with respect to this Certificate shall be applied in respect of this Certificate. 

  
 Ex. A-3 

 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 and to the extent described in the Administration Agreement. 

It is the intent of the Depositor, the AART Owner Trustee and the Certificateholders that, for purposes of federal income, State and local
income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income, the Trust shall be treated as either (A) a division of an entity that is not disregarded as a separate entity for federal income tax
purposes, or (B) a partnership if the Certificates are owned by more than one Person (as long as (1) such Persons are not disregarded as separate entities for federal income tax purposes and (2) if such Persons are disregarded as
separate entities for federal income tax purposes, such Persons are not treated as a division of the same Person). Except as otherwise required by appropriate taxing authorities, the Depositor and the other Certificateholders by acceptance of a
Certificate agree to treat, and to take no action inconsistent with the treatment of, the Certificates for such tax purposes as interests in such a disregarded entity or partnership as described in the previous sentence. 

Each Certificateholder or Certificate Owner by its acceptance of a Certificate (or an interest therein) covenants and agrees that such
Certificateholder or Certificate Owner shall not (nor shall it join with or solicit another person to), prior to the date which is one year and one day after the termination of the Trust and of each other trust heretofore formed by the Depositor,
acquiesce, petition or otherwise invoke or cause the Depositor, the AART Owner Trustee or the Trust to invoke in any court or governmental authority for the purpose of commencing or sustaining a case against the Depositor or the Trust under any
federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Trust or any substantial part of its property, or ordering the
winding up or liquidation of the affairs of the Depositor or the Trust under a federal or State bankruptcy or insolvency proceeding. 

Except as otherwise provided in the Trust Agreement, distributions on this Certificate shall be made as provided in the Trust Agreement by the
AART Owner Trustee by wire transfer or check mailed to the Certificateholder of record in the Certificate Register without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the
Trust Agreement and notwithstanding the above, the final distribution on this Certificate shall be made after due notice by the AART Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at
the office maintained for such purpose by the AART Owner Trustee in the Borough of Manhattan, The City of New York. 
 Reference is hereby
made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon shall have been executed by an authorized officer of the AART Owner Trustee by manual
signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Administration Agreement or be valid for any purpose. 

  
 Ex. A-4 

 THIS AART CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF
THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 Ex. A-5 

 IN WITNESS WHEREOF, the AART Owner Trustee, on behalf of the Trust and not in its individual
capacity, has caused this Certificate to be duly executed. 
  

							
	Dated: March 5, 2014	 		 	 ALLY AUTO RECEIVABLES
 TRUST
2014-SN1
  

		 		 	 By: DEUTSCHE BANK TRUST
 COMPANY
DELAWARE, not in its
 individual capacity but solely as AART

Owner Trustee

				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

  
 Ex. A-6 

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Certificates referred to in the within-mentioned Trust Agreement. 

 

									
	 DEUTSCHE BANK TRUST COMPANY

DELAWARE, not in its individual capacity but
 solely as AART Owner
Trustee
	 		 	 DEUTSCHE BANK TRUST COMPANY

DELAWARE, not in its individual capacity but
 solely as AART Owner
Trustee,
 By: Deutsche Bank Trust Company Americas,
 as
Authenticating Agent

					
	By:	 	  
	 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

	Title:	 	  
	 		 	Title:	 	  

  
 Ex. A-7 

 REVERSE OF CERTIFICATE 

The Certificates do not represent an obligation of, or an interest in, the Depositor, the Administrator, Ally Bank, Ally Financial Inc., the
AART Indenture Trustee, the AART Owner Trustee or any Affiliates of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement or the other AART
Transaction Documents. In addition, this Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Secured Notes (and certain other
amounts), all as more specifically set forth herein and in the other AART Transaction Documents. A copy of each of the other AART Transaction Documents may be examined during normal business hours at the principal office of the Depositor, and at
such other places, if any, designated by the Depositor, by any Certificateholder upon written request. In the event of any conflict between the terms of this Certificate and the terms of the other AART Transaction Documents, the terms of the other
AART Transaction Documents shall govern. 
 The Trust Agreement permits, with certain exceptions provided therein, the amendment thereof and
the modification of the rights and obligations of the Depositor and the rights of the Certificateholders under the Trust Agreement at any time by the Depositor and the AART Owner Trustee with the consent of the Holders of the Notes evidencing not
less than a majority of the Outstanding Amount of the Controlling Class as of the close of the preceding Distribution Date and, if any Person other than the Depositor or an Affiliate of the Depositor holds any Certificates, the consent of
Certificateholders whose Certificates evidence not less than a majority of the Voting Interests as of the close of the preceding Distribution Date. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and
on all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Trust Agreement also permits the
amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates or the Notes. 
 As provided in
the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the
Certificate Registrar maintained by the AART Owner Trustee in The City of New York, accompanied by a written instrument of transfer in form satisfactory to the AART Owner Trustee and the Certificate Registrar duly executed by the Holder hereof or
such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates evidencing the same percentage interest in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under
the Trust Agreement is Deutsche Bank Trust Company Americas, New York, New York. 
 The Certificates are issuable only as registered
Certificates. As provided in the Trust Agreement and subject to certain limitations set forth therein, Certificates are exchangeable for new Certificates of the same aggregate percentage interested requested by the Holder surrendering the same. No
service charge shall be made for any such registration of transfer or exchange, but the AART Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith.

  
 Ex. A-8 

 The AART Owner Trustee, the Certificate Registrar and any agent of the AART Owner Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the AART Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the
contrary. 
 The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate in accordance
with Article VII of the Trust Agreement. 

  
 Ex. A-9 

 ASSIGNMENT 

FOR VALUE RECEIVED the undersigned hereby sells, 

assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY 

NUMBER OR OTHER IDENTIFYING 
 NUMBER OF ASSIGNEE 

 
  

(please print or type name and address, including postal zip code, of assignee) 
  

 
 the within Certificate, and all rights thereunder,
hereby irrevocably constituting and appointing 

                          
                                         
                                         
                             attorney to transfer said Certificate on the books of the Certificate
Registrar, with full power of substitution in the premises. 
  

			
	Dated:	  	                                      
                                         
                          *
		  	 Signature Guaranteed:
  

		  	                                      
                                         
                          *

  

	*	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Certificate in every particular, without alteration, enlargement or any change
whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. 

  
 Ex. A-10 

 EXHIBIT B 

CERTIFICATE OF TRUST OF 
 ALLY AUTO
RECEIVABLES TRUST 2014-SN1 
 THIS Certificate of Trust of Ally Auto Receivables Trust 2014-SN1 (the “Trust”) is being duly
executed and filed by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”). 

1. Name. The name of the statutory trust formed hereby is Ally Auto Receivables Trust 2014-SN1. 

2. Delaware Trustee. The name and business address of the trustee of the Trust having its principal place of business in the State of
Delaware are Deutsche Bank Trust Company Delaware, 1011 Centre Road, Suite 200, Wilmington, Delaware 19805. 
 3. Effective Date.
This Certificate of Trust shall be effective upon filing. 
 IN WITNESS WHEREOF, the undersigned has executed this Certificate of Trust in
accordance with Section 3811(a)(1) of the Act. 
  

			
	DEUTSCHE BANK TRUST COMPANY DELAWARE,
	not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Ex. B 

 EXHIBIT C 

UNDERTAKING LETTER 
 Ally Auto
Assets LLC 
 Corporation Trust Center 
 1209 Orange Street 

Wilmington, DE 19801 
 Deutsche Bank Trust Company Delaware, 

as AART Owner Trustee of Ally Auto Receivables Trust 2014-SN1 

1011 Centre Road, Suite 200, 
 Wilmington, Delaware 19805 

Ladies and Gentlemen: 
 In connection with our
purchase of record or beneficial ownership of the R-            Asset Backed Certificate (the “Certificate”) of Ally Auto Receivables Trust 2014-SN1, the undersigned
purchaser, record owner or beneficial owner hereby acknowledges, represents and warrants that such purchaser, record owner or beneficial owner: 

(1) is not, and has not acquired the Certificate by or for the benefit of, (a) (i) an “employee benefit plan,” as defined
in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to the provisions of Title I of ERISA, (ii) a “plan” subject to Section 4975 of the Internal
Revenue Code of 1986, as amended (the “Code”), or (iii) any entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity other than an “insurance company
general account,” as defined in Prohibited Transaction Class Exemption 95-60, whose underlying assets include less than 25% plan assets and for which the purchase and holding of Certificates is eligible and satisfies all conditions for relief
under Prohibited Transaction Class Exemption 95-60, or (b) an employee benefit plan or plan that is not subject to the provisions of Title I of ERISA or Section 4975 of the Code (including, without limitation, foreign or governmental
plans) if such acquisition would result in a non-exempt prohibited transaction under, or a violation of, any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code; 

(2) acknowledges that you and others will rely on our acknowledgments, representations and warranties made in connection with our purchase of
record or beneficial ownership of the Certificate and agrees to notify you promptly in writing if any of our representations or warranties herein cease to be accurate and complete; and 

(3) (A) is a United States Person (within the meaning of Section 7701(a)(30) of the Code) and (B) is not acquiring the
Certificate by or for the account of a Special Pass-Through Entity. For the purposes of this Section (3)(B), “Special Pass-Through Entity” means a grantor trust, S corporation, or partnership where more than 50% of the value of a
beneficial 

  
 Ex. C-1 

 
owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in the Certificates. 

 

			
	  

	Name of Certificate Owner
		
	By:	 	  

		
	Name:	 	  

	Title:	 	  

	Date:	 	  

  
 Ex. C-2

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