Document:

Trust Agreement

 Exhibit 4.2 

 
  

 
 TRUST AGREEMENT

 BETWEEN 

ALLY AUTO ASSETS LLC, 

DEPOSITOR 

AND 

BNY MELLON TRUST OF DELAWARE, 

OWNER TRUSTEE 

DATED AS OF JUNE 25, 2010 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
		
	 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 OWNER TRUSTEE
	  	2
	 SECTION 2.5
	  	 INITIAL CAPITAL CONTRIBUTION OF OWNER
TRUST ESTATE
	  	2
	 SECTION 2.6
	  	 DECLARATION OF TRUST
	  	2
	 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
	  	3
	 SECTION 2.11
	  	 TAX TREATMENT
	  	4
		
	 ARTICLE III THE CERTIFICATES
	  	5
			
	 SECTION 3.1
	  	 INITIAL CERTIFICATE OWNERSHIP
	  	5
	 SECTION 3.2
	  	 FORM OF THE CERTIFICATES
	  	5
	 SECTION 3.3
	  	 EXECUTION, AUTHENTICATION AND DELIVERY
	  	5
	 SECTION 3.4
	  	 REGISTRATION OF CERTIFICATES; REGISTRATION OF
TRANSFER AND EXCHANGE OF CERTIFICATES.
	  	5
	 SECTION 3.5
	  	 MUTILATED, DESTROYED, LOST OR STOLEN
CERTIFICATES
	  	7
	 SECTION 3.6
	  	 PERSONS DEEMED CERTIFICATEHOLDERS
	  	8
	 SECTION 3.7
	  	 ACCESS TO LIST OF CERTIFICATEHOLDERS’
NAMES AND ADDRESSES
	  	8
	 SECTION 3.8
	  	 MAINTENANCE OF CORPORATE TRUST
OFFICE
	  	9
	 SECTION 3.9
	  	 APPOINTMENT OF PAYING AGENT
	  	9
	 SECTION 3.10
	  	 DEPOSITOR AS CERTIFICATEHOLDER
	  	9
		
	 ARTICLE IV ACTIONS BY 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
	  	10
	 SECTION 4.3
	  	 ACTION BY CERTIFICATEHOLDERS WITH RESPECT
TO BANKRUPTCY
	  	11
	 SECTION 4.4
	  	 RESTRICTIONS ON CERTIFICATEHOLDERS’ POWER
	  	11
	 SECTION 4.5
	  	 MAJORITY CONTROL
	  	11
		
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	11
			
	 SECTION 5.1
	  	 ESTABLISHMENT OF CERTIFICATE DISTRIBUTION ACCOUNT

	  	11
	 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
	  	13
	 SECTION 5.5
	  	 SIGNATURE ON RETURNS; OTHER TAX
MATTERS
	  	13
		
	 ARTICLE VI THE OWNER TRUSTEE
	  	13
			
	 SECTION 6.1
	  	 DUTIES OF OWNER TRUSTEE
	  	13
	 SECTION 6.2
	  	 RIGHTS OF OWNER TRUSTEE
	  	14
	 SECTION 6.3
	  	 ACCEPTANCE OF TRUSTS AND DUTIES
	  	15

  

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	 SECTION 6.4
	  	 ACTION UPON INSTRUCTION BY
CERTIFICATEHOLDERS
	  	16
	 SECTION 6.5
	  	 FURNISHING OF DOCUMENTS
	  	17
	 SECTION 6.6
	  	 REPRESENTATIONS AND WARRANTIES OF OWNER
TRUSTEE
	  	17
	 SECTION 6.7
	  	 RELIANCE; ADVICE OF COUNSEL
	  	18
	 SECTION 6.8
	  	 OWNER TRUSTEE MAY OWN CERTIFICATES
AND NOTES
	  	18
	 SECTION 6.9
	  	 COMPENSATION AND INDEMNITY
	  	18
	 SECTION 6.10
	  	 REPLACEMENT OF OWNER TRUSTEE
	  	19
	 SECTION 6.11
	  	 MERGER OR CONSOLIDATION OF OWNER
TRUSTEE
	  	20
	 SECTION 6.12
	  	 APPOINTMENT OF CO-TRUSTEE OR
SEPARATE TRUSTEE
	  	20
	 SECTION 6.13
	  	 ELIGIBILITY REQUIREMENTS FOR OWNER
TRUSTEE
	  	21
		
	 ARTICLE VII TERMINATION OF TRUST AGREEMENT
	  	22
			
	 SECTION 7.1
	  	 TERMINATION OF TRUST AGREEMENT
	  	22
		
	 ARTICLE VIII AMENDMENTS
	  	23
			
	 SECTION 8.1
	  	 AMENDMENTS WITHOUT CONSENT OF CERTIFICATEHOLDERS
OR NOTEHOLDERS
	  	23
	 SECTION 8.2
	  	 AMENDMENTS WITH CONSENT OF CERTIFICATEHOLDERS
AND NOTEHOLDERS
	  	23
	 SECTION 8.3
	  	 FORM OF AMENDMENTS
	  	24
		
	 ARTICLE IX MISCELLANEOUS
	  	24
			
	 SECTION 9.1
	  	 NO LEGAL TITLE TO OWNER TRUST
ESTATE
	  	24
	 SECTION 9.2
	  	 LIMITATIONS ON RIGHTS OF OTHERS
	  	25
	 SECTION 9.3
	  	 DERIVATIVE ACTIONS
	  	25
	 SECTION 9.4
	  	 NOTICES
	  	25
	 SECTION 9.5
	  	 SEVERABILITY
	  	25
	 SECTION 9.6
	  	 COUNTERPARTS
	  	25
	 SECTION 9.7
	  	 SUCCESSORS AND ASSIGNS
	  	25
	 SECTION 9.8
	  	 NO PETITION
	  	26
	 SECTION 9.9
	  	 NO RECOURSE
	  	26
	 SECTION 9.10
	  	 HEADINGS
	  	27
	 SECTION 9.11
	  	 GOVERNING LAW
	  	27
	 SECTION 9.12
	  	 INDEMNIFICATION BY AND REIMBURSEMENT OF
THE SERVICER
	  	27
	 SECTION 9.13
	  	 EFFECT OF AMENDMENT AND RESTATEMENT
	  	27
	 SECTION 9.14
	  	 INFORMATION TO BE PROVIDED BY THE
OWNER TRUSTEE
	  	27
			
	 EXHIBIT A
	  	 Form of Certificate
	  	
			
	 EXHIBIT B
	  	 Certificate of Trust
	  	
			
	 EXHIBIT C
	  	 Form of Undertaking Letter
	  	

  

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 TRUST AGREEMENT, dated as of June 25, 2010, between ALLY AUTO ASSETS LLC, a Delaware
limited liability company, in its capacity as a depositor (the “Depositor”), and BNY MELLON TRUST OF DELAWARE, a Delaware banking corporation, as trustee and not in its individual capacity (the “Owner Trustee”).

 WHEREAS, the Depositor and the Owner Trustee previously entered into a certain Trust Agreement, dated April 14, 2010
(the “Original Trust Agreement”), that contemplated this Trust Agreement; and 
 WHEREAS, the Depositor and the
Owner Trustee desire hereby to amend and restate the Original Trust Agreement in its entirety. 
 NOW, THEREFORE, the Depositor
and the Owner Trustee hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1 Definitions. Certain capitalized terms used in this Trust Agreement shall have the respective meanings assigned to
them in Part I of Appendix A to the Trust Sale and Servicing Agreement of even date herewith among the Depositor, the Servicer and the Trust (as amended, supplemented or modified from time to time, the “Trust Sale and Servicing
Agreement”). All references herein to “the Agreement” or “this Agreement” are to this Trust Agreement. 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 Appendix A to the Trust Sale and Servicing Agreement 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 2010-2, in which name the 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 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
Owner Trustee at the Corporate Trust Office or at such other address in Delaware as the 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 Receivables; 

(b) to issue the Notes pursuant to the Indenture and 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 and Servicing Agreement and any other Further Transfer and Servicing Agreements, 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 Owner Trust Estate pursuant to the terms of the Indenture and to hold, manage and distribute to the Certificateholders pursuant to the terms of this Agreement and the Trust Sale and Servicing Agreement any portion of the Trust Estate released
from the lien of, and remitted to the Trust pursuant to, the Indenture; 
 (e) to enter into and perform its obligations and
exercise its rights under the Basic Documents to which it is to be a party; 
 (f) to enter into interest rate swaps and caps
and forward contracts, only in connection with the Offered Notes on the Closing Date; 
 (g) [reserved]; 

(h) 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 
 (i) subject to compliance with the Basic Documents, to engage
in such other activities as may be required in connection with conservation of the 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 Basic Documents. 
 Section 2.4 Appointment of Owner Trustee. The Depositor hereby
appoints the 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 Owner Trust Estate. The Depositor sold, assigned, transferred, conveyed and set over to the Owner Trustee, as of April 14, 2010, the sum of one dollar. The Owner Trustee hereby acknowledges receipt in
trust from the Depositor, as of April 14, 2010, of the foregoing contribution which constituted the initial Owner Trust Estate. The Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the
Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 
 Section 2.6
Declaration of Trust. The Owner Trustee hereby declares that it shall hold the Owner Trust Estate (in the name of the Trust and not in the 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 Basic Documents. It is the intention of the parties hereto
that 
  

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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 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 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 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 Owner
Trustee, a co-trustee and/or a separate trustee, as the case may be. Any such trustee shall take such part of the Owner Trust Estate subject to the security interest of the Indenture Trustee therein established under the Indenture. Such
trustee’s acceptance of its appointment shall constitute acknowledgment of such security interest and shall constitute a Grant to the 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 and security interest of the 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 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 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 Owner Trustee in the State of Delaware. 

Section 2.10 Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the 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 and own the Receivables contemplated to be transferred to the Trust pursuant to the Trust Sale and Servicing Agreement. 
  

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 (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 Basic Documents to which the Depositor
is a party and to carry out its 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 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 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 Basic Documents to which the Depositor
is a party, and the fulfillment of the terms of this Agreement and any other Basic 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 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 Basic 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 is the sole owner of the
Certificates, the Depositor and Owner Trustee, by entering into this Agreement, (a) express their intention that the Trust will be disregarded for federal income tax purposes and will be treated as a division of the Depositor and (b) agree
that Section 5.5 will not be applicable. 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 Owner Trustee, by entering into this Agreement, and the Certificateholders, by acquiring any Certificates or interest therein, (i) express their intention that the Certificates will qualify as equity interests in either
(A) a division of the Depositor, or any other single Person, disregarded as a separate entity for federal income tax purposes if all Certificates are owned solely by the Depositor or by such single Person, or (B) a partnership or grantor
trust for federal income tax purposes if the Certificates are owned by more than one 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 receipts or 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.

  

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 ARTICLE III 

THE CERTIFICATES 

Section 3.1 Initial Certificate Ownership. As of the formation of the Trust by the contribution by the Depositor pursuant to
Section 2.5, the Depositor has been the sole Certificateholder. 
 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 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 officers executing such Certificates, as evidenced by their execution of such Certificates. The Certificates shall be fully registered. 

(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
Receivables to the Trust pursuant to the Trust Sale and Servicing Agreement, the 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 Owner Trustee or the 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 Owner Trustee shall provide for the registration
of Certificates and of transfers and exchanges of Certificates as provided herein. BNY Mellon 
  

 5 

 
Trust of Delaware shall be the initial Certificate Registrar. Upon any resignation of a Certificate Registrar, the 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 (including its right to distributions from the Reserve Account), provided that: (A)(i) such transfer, conveyance or assignment
is made to the Depositor or Domestic Asset Management LLC or either such entity pledges its rights and interests in the Certificates or (B) (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 Owner Trustee and the Indenture Trustee an opinion of independent counsel that such action will 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 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 transferee shall 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 the transferor and transferee. No Certificate (other than the Certificates issued to 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 treated as 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
the transferee shall have provided to the 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 the transferor and transferee, different interests may be used for distributions of proceeds and for purposes of
voting the Certificates. The transferor shall notify the 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 will promptly prepare amendments (subject
to the provisions regarding amendments in the applicable Basic Documents) to the Basic 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 Owner Trustee. The expense of the foregoing amendments shall be paid by the Administrator. 

(d) Upon surrender for registration of transfer of any Certificate at the office or agency maintained pursuant to
Section 3.8, the Owner Trustee shall execute on behalf of the Trust, authenticate and deliver (or shall cause 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 Owner Trustee or any authenticating agent. 
  

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 (e) At the option of a Holder, Certificates may be exchanged for other Certificates of a
like 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 Owner Trustee shall execute on behalf of the Trust, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver) one or more Certificates dated the date of authentication by the 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 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 Owner Trustee or Certificate Registrar in accordance with its customary practice. 
 (g) The 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 Owner Trustee in connection with any transfer or exchange of Certificates. 

(h) The Certificates may not be acquired by or for the account of (i) an “employee benefit plan,” as defined in
Section 3(3) of ERISA, that is subject to the provisions of Title I of ERISA, (ii) a “plan” subject to Section 4975 of 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. 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. 
 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 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 Owner Trustee that such Certificate has been acquired by a protected purchaser, the Owner Trustee shall execute on behalf of the Trust and the
Owner Trustee shall authenticate and deliver (or shall cause 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
percentage interest in the Trust, as shown on the Certificate; provided, however, that if any such destroyed, lost or stolen 

 

 7 

 
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 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 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 Owner Trustee in connection therewith. 

(c) In connection with the issuance of any replacement Certificate under this Section 3.5, the 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 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 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 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 Servicer and the Depositor, within fifteen (15) days after receipt by the Certificate Registrar of a request therefor from the Servicer 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 Servicer, the Depositor, the Certificate Registrar or the Owner Trustee accountable
by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
  

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 Section 3.8 Maintenance of Corporate Trust Office. The Owner Trustee shall maintain
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 Owner Trustee in respect of the Certificates and the Basic Documents may be
served. The Owner Trustee initially designates its office located at 100 White Clay Center, Suite 102, Newark, Delaware 19711, as its principal office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor, to the
Servicer 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 Owner Trustee and the Servicer; provided, however, that no such
reports shall 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 Owner Trustee may revoke such power and remove the Paying Agent if the 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 BNY Mellon Trust of Delaware, and any co-paying agent chosen by BNY Mellon Trust of Delaware. BNY Mellon Trust of Delaware shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice
to the Owner Trustee. If BNY Mellon Trust of Delaware shall no longer be the Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor
Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the 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 Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections
6.3, 6.6, 6.7 and 6.9 shall apply to the Owner Trustee also in its role as Paying Agent or Certificate Registrar for so long as the 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 Owner Trustee or its Affiliates as if it were not the Depositor. 
  

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 ARTICLE IV 

ACTIONS BY OWNER TRUSTEE 

Section 4.1 Prior Notice to Certificateholders with Respect to Certain Matters. The Owner Trustee shall not take action with
respect to the following matters, unless (i) the 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 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 Receivable or an action by the Indenture
Trustee pursuant to the Indenture) and the compromise of any action, claim or lawsuit brought by or against the Trust (other than an action to collect on a Receivable or an action by the Indenture Trustee pursuant to the Indenture); 

(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 Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is required; 
 (d) the amendment of the Indenture by a
supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Certificateholders; 

(e) the amendment, change or modification of the Administration 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 Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent,
Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable. 
 Section
4.2 Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, to remove the Administrator under the Administration Agreement pursuant
to Section 10 thereof, appoint a successor Administrator pursuant to Section 10 of the Administration Agreement, remove the Servicer under the Trust Sale and Servicing Agreement pursuant to Section 7.02 thereof or, except as expressly
provided in the Basic Documents, sell the Receivables or any interest therein after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the
Certificateholders. 
  

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 Section 4.3 Action by Certificateholders with Respect to Bankruptcy. Notwithstanding
any prior termination of this Agreement, the 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 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 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 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 Owner Trustee under this Agreement, including Section 2.3 of this Agreement, or any of the other Basic Documents, nor shall
the Owner Trustee be obligated to follow any such direction, if given. The Certificateholders shall not and shall not direct the Owner Trustee to take action that would violate the provisions of Section 6.1 and, if given, the Owner
Trustee shall not be obligated to follow any such direction. 
 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 Servicer, 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 2010-2 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 Indenture or in the Trust Sale and Servicing Agreement,
the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the
Owner Trustee (or the Servicer on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the 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. 
  

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 Section 5.2 Application of Trust Funds. 

(a) On each Distribution Date, the 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 Section 4.06 and Section 4.07 of the Trust Sale and Servicing Agreement on or prior to such Distribution Date. Notwithstanding the foregoing or
anything else to the contrary in this Agreement or the other Basic Documents, if and for so long as Certificates representing in the aggregate a 100% beneficial interest in the Trust are held by the Depositor, (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) hereof) required hereunder or under the Trust
Sale and Servicing Agreement shall be made directly to the Depositor by the Indenture Trustee (whether or not the Trust Sale and Servicing Agreement otherwise contemplates deposit into the Certificate Distribution Account) and the Owner Trustee
shall have no duty or liability to see to such distribution. 
 (b) On each Distribution Date, the Owner Trustee shall send to
each Certificateholder the statement provided to the Owner Trustee by the Servicer pursuant to Section 4.09(a) of the Trust Sale and Servicing Agreement on such Distribution Date; provided that no such statement shall be required to be
sent by the Owner Trustee if and for so long as the Depositor 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 that the 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 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 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 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 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 Owner Trustee or the Paying Agent for any out-of-pocket expenses incurred. 

(d) If the Indenture Trustee holds escheated funds for payment to the Trust pursuant to Section 3.3(e) of the Indenture, the
Owner Trustee shall, upon notice from the 
  

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Indenture Trustee that such funds exist, submit on behalf of the Trust an Issuing Entity Order to the Indenture Trustee pursuant to Section 3.3(e) of the Indenture instructing the
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. 

Section 5.4 Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others. The 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. In the event that 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 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 OWNER TRUSTEE 

Section 6.1 Duties of Owner Trustee. 

(a) The Owner Trustee undertakes to perform such duties, and only such duties, as are specifically set forth in this Agreement and the
other Basic Documents, including the administration of the Trust in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this Agreement. No implied covenants or obligations shall be read
into this Agreement. 
  

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 (b) Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its
duties and responsibilities hereunder and under the other Basic Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee hereunder or under any other Basic
Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement. 

(c) In the absence of bad faith on its part, the Owner Trustee may conclusively rely upon certificates or opinions furnished to the 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 Owner Trustee shall have examined such
certificates or opinions so as to determine compliance of the same with the requirements of this Agreement. 
 (d) The 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 6.1(b); 

(ii) the 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 Owner Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the 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. 

(e) Subject to Sections 5.1 and 5.2, monies received by the Owner Trustee hereunder need not be segregated in any manner
except to the extent required by law or the Trust Sale and Servicing Agreement and may be deposited under such general conditions as may be prescribed by law, and the Owner Trustee shall not be liable for any interest thereon. 

(f) The 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 Owner Trustee, result in the Trust’s becoming taxable as a corporation for federal income tax purposes. The Certificateholders shall not direct
the Owner Trustee to take action that would violate the provisions of this Section 6.1. 
 Section 6.2 Rights of
Owner Trustee. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party,
in such form as the Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust
pursuant to the Basic Documents. The 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 Basic Documents. 

 

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 Section 6.3 Acceptance of Trusts and Duties. Except as otherwise provided in this
Article VI, in accepting the trusts hereby created, BNY Mellon Trust of Delaware acts solely as Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Agreement or any other Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate upon the terms of the Basic Documents. The Owner Trustee
shall not be liable or accountable hereunder or under any other Basic 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 Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 

(a) the Owner Trustee shall at no time have any responsibility or liability for, or with respect to, the legality, validity and
enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for, or with respect to, the sufficiency of the
Owner Trust Estate or its ability to generate the payments to be distributed to Certificateholders under this Agreement or to Noteholders under the Indenture, including: the existence, condition and ownership of any Financed Vehicle; the existence
and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable to the Trust or of any intervening assignment; the completeness of
any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor or the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or
representation or any action of the Administrator, the Indenture Trustee or the Servicer or any sub-servicer taken in the name of the Owner Trustee; 

(b) the 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 Basic Document
shall require the 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 Basic Document, if the 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 Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents,
including the principal of and interest on the Notes; 
 (e) the 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,

  

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character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for, or in respect of, the validity or sufficiency of the Notes, the Certificates (other than the
certificate of authentication on the Certificates), the other Basic Documents, any Receivables or any related documents, and the 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 Basic Documents; 
 (f) the Owner Trustee shall
not be liable for the default or misconduct of the Administrator, the Indenture Trustee, the Depositor or the Servicer under any of the Basic Documents or otherwise and the Owner Trustee shall have no obligation or liability to perform the
obligations of the Trust under this Agreement or the Basic Documents that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer under the Pooling and Servicing
Agreement or the Trust Sale and Servicing Agreement; 
 (g) the Owner Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Basic Document, at the request, order or direction of any of the
Certificateholders, unless such Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the
Owner Trustee to perform any discretionary act enumerated in this Agreement or in any other Basic Document shall not be construed as a duty, and the 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 Basic
Document, and notwithstanding any Person’s right to instruct the Owner Trustee, neither the Owner Trustee nor any agent, employee, director or officer of the 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 Basic Document. In the event that the 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 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 Owner Trustee shall not be required to take any action hereunder or under any other Basic Document
if the 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 Owner Trustee or is contrary to the terms hereof or of any other Basic Document or is
otherwise contrary to law. 
  

 16 

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

Section 6.5 Furnishing of Documents. The 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 Owner Trustee under the Basic Documents. 

Section 6.6 Representations and Warranties of Owner Trustee. The 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 Owner Trustee or any order, writ, judgment or decree of any court, arbitrator or governmental authority applicable to
the Owner Trustee or any of its assets, (ii) shall not violate any provision of the corporate charter or by-laws of the 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 Owner Trustee’s performance or ability to perform its duties as Owner Trustee under this Agreement or on the transactions contemplated in this Agreement.

  

 17 

 (d) This Agreement has been duly executed and delivered by the Owner Trustee and constitutes
the legal, valid and binding agreement of the 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 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 Owner Trustee may
accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any
fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized
officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(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 Basic Documents, the Owner Trustee may act directly or through its agents, attorneys, custodians or nominees (including The Bank of New York Mellon Trust Company, N.A. who will perform administrative duties on behalf of the BNY Mellon
Trust of Delaware as Owner Trustee) pursuant to agreements entered into with any of them, and the 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 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 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 Basic Document. 

Section 6.8 Owner Trustee May Own Certificates and Notes. BNY Mellon Trust of Delaware or any successor 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 Administrator, the Indenture Trustee and the Servicer in transactions in the same manner as it would have if it were not
the Owner Trustee. 
 Section 6.9 Compensation and Indemnity. The Owner Trustee shall receive as compensation for its
services hereunder such fees as have been separately agreed upon before the date hereof between the Servicer and the Owner Trustee, and the Owner Trustee, any paying agent, registrar, authenticating agent or co-trustee shall be entitled to be
reimbursed by the Servicer for its other reasonable expenses hereunder, including the reasonable compensation, 
  

 18 

 
expenses and disbursements of such agents, custodians, nominees, representatives, experts and external counsel as the Owner Trustee may employ in connection with the exercise and performance of
its rights and its duties hereunder. The Servicer shall indemnify the 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 Trust Sale and Servicing Agreement. The indemnities contained in this Section 6.9 shall survive the resignation or removal of the Owner Trustee or the termination of this Agreement. Any amounts paid to the Owner
Trustee pursuant to this Article VI shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 

Section 6.10 Replacement of Owner Trustee. 

(a) The 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 that no such resignation shall become effective, and the Owner Trustee shall not resign, prior to the time set forth in Section 6.10(c). If no successor 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 Owner Trustee giving such notice may petition any court of competent jurisdiction for the appointment of a successor
Owner Trustee. The Administrator shall remove the Owner Trustee if: 
 (i) the 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 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 Owner Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation; or 
 (iv) the Owner Trustee shall otherwise be incapable of
acting. 
 (b) If the Owner Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of
Owner Trustee for any reason, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate (one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the
successor Owner Trustee) and shall pay all fees owed to the outgoing Owner Trustee. 
 (c) Any resignation or removal of the
Owner Trustee and appointment of a successor 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 Owner Trustee to the outgoing Owner Trustee and the Administrator and all fees and expenses due to the outgoing Owner Trustee are paid. Costs associated with the resignation of the Owner Trustee and the
appointment of a successor Owner Trustee will be borne by the Servicer. Any successor 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 preceding sentence, shall become fully vested with all the rights, 
  

 19 

 
powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The Administrator shall provide notice of such resignation or
removal of the Owner Trustee to each of the Rating Agencies. 
 (d) The predecessor Owner Trustee shall upon payment of its fees
and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement. The Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as
may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 

(e) Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section 6.10, the Administrator shall mail
notice of the successor of such Owner Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. 

Section 6.11 Merger or Consolidation of Owner Trustee. Any Person into which the 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 Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner
Trustee, shall be the successor of the 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; provided, however, that the Owner Trustee shall mail notice of such merger or consolidation to the Rating Agencies. 

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 Owner Trust Estate or any Financed Vehicle may at the time be located, the Administrator and the Owner Trustee acting jointly shall, at the expense of the Servicer, have the power and shall, at the expense of
the Servicer, execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or trustees, of all or any part of the 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 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 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. 

(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 Owner Trustee shall be
conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in
such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee;

  

 20 

 (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 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 Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this
Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner
Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the
Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator. 
 (d)
Any separate trustee or co-trustee may at any time appoint the 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 Owner Trustee, to the extent
permitted by law, without the appointment of a new or successor trustee. 
 Section 6.13 Eligibility Requirements for Owner
Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The 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 examination by federal or State authorities; and (d) have
(or have a parent which has) a long-term unsecured debt rating of at least Baa3 by Moody’s Investors Service, Inc. 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 Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in
Section 6.10. 
  

 21 

 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 Owner Trustee of all monies or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the Trust Sale and Servicing Agreement (including the exercise by the Servicer of its option to purchase the
Receivables pursuant to Section 8.01(a) of the Trust Sale and Servicing 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 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 Owner Trustee by letter to Certificateholders mailed within five (5) Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 8.01(c) of the Trust Sale and Servicing
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 Owner Trustee shall give such notice to the Certificate Registrar (if other than the 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. 

(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 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 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 
  

 22 

 
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 Owner Trustee to the
Depositor, and the 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 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 Owner Trustee without the consent of any of the Noteholders or any other Persons who may be Certificateholders (but with prior notice to each of the Rating Agencies), 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 Basic Document, (iii) add or supplement any credit enhancement for the benefit of the Noteholders or Certificateholders (provided
that if any such addition shall affect any class of Noteholders or Certificateholders differently from any other class of Noteholders or Certificateholders, then such addition shall not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interests of any class of the Noteholders or Certificateholders), (iv) add to the covenants, restrictions or obligations of the Depositor or the Owner Trustee, (v) evidence and provide for the acceptance of the
appointment of a successor trustee with respect to the 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 Unaffiliated
Certificateholders. 
 Section 8.2 Amendments With Consent of Certificateholders and Noteholders. This Agreement may be
amended from time to time by the Depositor and the 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 Interest 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

  

 23 

 
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) increase or reduce the amount of the required Specified Reserve Account Balance without the consent of all of the Noteholders or Certificateholders then
outstanding, (c) 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
affected Certificates, as appropriate, each as of the close of the preceding Distribution Date or (d) reduce the aforesaid percentage required to consent to any such amendment, without the consent of the holders of all Notes and Certificates
then outstanding. The Owner Trustee 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 Owner
Trustee shall furnish written notification of the substance of such amendment or consent to each Unaffiliated Certificateholder and the Indenture Trustee. 

(b) It shall not be necessary for the consent of Certificateholders, the Noteholders or the Indenture 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
Unaffiliated Certificateholders provided for in this Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof by Unaffiliated Certificateholders shall be subject to such reasonable requirements as the
Owner Trustee may prescribe. 
 (c) Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee
shall cause the filing of such amendment with the Secretary of State. 
 (d) Prior to the execution of any amendment to this
Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee may,
but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 

ARTICLE IX 

MISCELLANEOUS 

Section 9.1 No Legal Title to Owner Trust Estate. The Certificateholders shall not have legal title to any part of the 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 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 Owner Trust Estate. 
  

 24 

 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 Owner Trustee, the Depositor, the Certificateholders, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this
Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the 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 Certificate Owner 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 Servicer, the Administrator, the Indenture Trustee, the Owner Trustee or the Rating Agencies under this Agreement shall be delivered as specified in Appendix B to
the Trust Sale and Servicing 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. 

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 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 50% or more 
  

 25 

 
of the voting interests of which is owned, directly or indirectly, by General Motors or by Ally Financial, provided that such entity executes an agreement of assumption, as provided in
Section 3.03(a) of the Trust Sale and Servicing Agreement. 
 Section 9.8 No Petition. The 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. 
 Section 9.9 No Recourse. Each Certificateholder or 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 Servicer, the Administrator, the
Owner Trustee, the 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 Basic Documents. Except as expressly provided in the Basic Documents, none of the Depositor, the Servicer or the 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 Basic Documents, it being expressly understood that such 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 Basic 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 Certificate Owner is prohibited by, or declared illegal or otherwise unenforceable against any such
Certificateholder or Certificate Owner under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Certificateholder or Certificate Owner is deemed to have an interest in any assets of the Depositor or any
Affiliate of the Depositor other than the Trust, 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, 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. 
  

 26 

 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 Servicer. The Owner Trustee acknowledges and agrees to reimburse (i) the Servicer and its directors, officers, employees and agents in accordance with Section 6.03(b) of the Trust Sale and
Servicing Agreement and (ii) the Depositor and its directors, officers, employees and agents in accordance with Section 3.04 of the Trust Sale and Servicing Agreement. The Owner Trustee further acknowledges and accepts the conditions and
limitations with respect to the Servicer’s obligation to indemnify, defend and hold the Owner Trustee harmless as set forth in Section 6.01(a)(iv) of the Trust Sale and Servicing Agreement. 

Section 9.13 Effect of Amendment and Restatement. It is the intent of the parties hereto that this Trust Agreement shall, as of
June 25, 2010, replace in its entirety the Original Trust Agreement; provided, however, that with respect to the period of time from April 14, 2010 through June 25, 2010, the rights and obligations of the parties shall
be governed by the Original Trust Agreement; 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. 
 Section 9.14 Information to be Provided by the Owner Trustee. 

(a) The Owner Trustee agrees to cooperate in good faith with any reasonable request by the Depositor for information regarding the Owner
Trustee which is required in order to enable the Depositor to comply with the provisions of Items 1117 and 1119 of Regulation AB as it relates to the Owner Trustee or to the Owner Trustee’s obligations under this Agreement. 

(b) Except to the extent disclosed by the Owner Trustee in subsection (c) or (d) below, the Owner Trustee shall be deemed to
have represented to 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 BNY
Mellon Trust of Delaware or any property of BNY Mellon Trust of 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 Owner Trustee shall, as promptly as practicable following notice to or discovery by the Owner Trustee of any changes
to any information regarding the 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. 

 

 27 

 (d) The Owner Trustee shall deliver to 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, 2011, a report of a representative of the Owner Trustee with respect to the immediately preceding calendar year certifying, on behalf of the
Owner Trustee, that except to the extent otherwise disclosed in writing to Depositor, to the best of his or her knowledge there were no legal or governmental proceedings pending (or known to be contemplated) against BNY Mellon Trust of Delaware or
any property of BNY Mellon Trust of 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 Owner Trustee shall deliver to 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, 2011, a report of a representative of the Owner Trustee with respect to the immediately preceding calendar year providing to the Depositor such information regarding the 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 Owner Trustee and any of the following parties to this
securitization transaction, as such parties are identified to the Owner Trustee by the Depositor in writing in advance of this securitization transaction: 

(i) the Depositor; 

(ii) Ally Bank, as sponsor; 

(iii) the Trust; 

(iv) the Servicer; 

(v) the Indenture Trustee; and 

(vi) any other material transaction party. 

(f) In connection with the parties listed in clauses (i) through (vi) above, the 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. 

*    *    *    *    * 

 

 28 

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

			
	 BNY MELLON TRUST OF DELAWARE,

as Owner Trustee and Paying Agent

		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	Kristine K. Gullo
	Title:	 	Vice President
	
	ALLY AUTO ASSETS LLC, as Depositor
		
	By:	 	 /s/ R.C. Farris

	Name:	 	R.C. Farris
	Title:	 	President

  

 29 

 EXHIBIT A 

FORM OF CERTIFICATE 
  

			
	NO. R-	 	            %
	  
 SEE REVERSE FOR CERTAIN DEFINITIONS

	  
 THIS 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 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 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 CERTIFICATES IS ELIGIBLE
AND SATISFIES ALL CONDITIONS FOR RELIEF UNDER PTCE 95-60. THIS 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 CERTIFICATE, BY ACCEPTING THIS CERTIFICATE, WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT SUBJECT TO THE FOREGOING LIMITATIONS AND, IF REQUESTED TO DO SO BY THE DEPOSITOR,
SUCH PERSON SHALL EXECUTE AND DELIVER TO THE OWNER TRUSTEE AN UNDERTAKING LETTER TO SUCH EFFECT IN THE FORM SPECIFIED IN THE TRUST AGREEMENT.

  

 Ex. A-1 

 ALLY AUTO RECEIVABLES TRUST 2010-2 

ASSET BACKED CERTIFICATE 

evidencing a fractional undivided interest in the Trust, as defined below, the property of which includes a pool of retail instalment
sale contracts and direct purchase money loans secured by new or used automobiles and light trucks and sold to the Trust by Ally Auto Assets LLC. 

(This Certificate does not represent an interest in or obligation of Ally Bank, Ally Auto Assets LLC or Ally Financial Inc. or any of
their respective affiliates, except to the extent described in the Basic Documents.) 
 THIS CERTIFIES THAT
                                        
is the registered owner of a nonassessable, fully-paid fractional undivided interest in Ally Auto Receivables Trust 2010-2 (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 April 14, 2010, between
the Depositor and BNY Mellon Trust of Delaware, as owner trustee (the “Owner Trustee”), as amended and restated as of June 25, 2010 (the “Trust Agreement”), a summary of certain of the pertinent provisions of
which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in 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
15th day of each month, or if such
15th day is not a Business Day, the next Business Day,
commencing on July 15, 2010 (each, a “Distribution Date”), to the Person in whose name this Certificate is registered on the related Record Date, such amount as is provided in the Basic 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. 
 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 Trust Sale and Servicing Agreement. 

 

 Ex. A-2 

 It is the intent of the Depositor, the 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 the Depositor, or any other single
Person, and disregarded as a separate entity, if all Certificates are owned solely by the Depositor, the Trust or by such single Person, or (B) a partnership if the Certificates are owned by more than one 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 Owner Trustee or the Trust to invoke the process of any court or governmental authority for the
purpose of commencing or sustaining a case against the Depositor or the Owner Trustee under any federal or State bankruptcy, insolvency, reorganization 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 Owner Trustee by wire transfer or check mailed to the Certificateholder 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 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 Owner Trustee. 
 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 Owner Trustee by manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Trust Sale and
Servicing Agreement or be valid for any purpose. 
 THIS 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-3 

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

					
	Dated: June 25, 2010	 	ALLY AUTO RECEIVABLES TRUST 2010-2
		
		 	By: BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	 BNY MELLON TRUST OF DELAWARE,

not in its individual capacity but solely as Owner Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Ex. A-4 

 REVERSE OF CERTIFICATE 

The Certificate does not represent an obligation of, or an interest in, Ally Bank, the Depositor, the Servicer, Ally Financial Inc., the
Indenture Trustee, the 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 Basic
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 Receivables (and certain other amounts), all as
more specifically set forth herein and in the other Basic Documents. A copy of each of the other Basic 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 Basic Documents, the terms of the other Basic Documents shall govern. 

The Trust Agreement permits, with certain exceptions therein provided, 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 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 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 Owner Trustee, accompanied by a written instrument of transfer in form satisfactory
to the 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 aggregate percentage interest in the
Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is BNY Mellon Trust of Delaware. 

The Certificate is issuable only as a registered Certificate. As provided in the Trust Agreement and subject to certain limitations
therein set forth, the Certificate is exchangeable for a new Certificate. No service charge shall be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient
to cover any tax or governmental charge payable in connection therewith. 
 The Owner Trustee, the Certificate Registrar and any
agent of the 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 Owner Trustee, the Certificate Registrar or any such agent shall be
affected by any notice to the contrary. 
  

 Ex. A-5 

 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-6 

 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 whatsoever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. 

 

 Ex. A-7 

 EXHIBIT B 

CERTIFICATE OF TRUST 

OF ALLY AUTO RECEIVABLES TRUST 2010-2 

THIS Certificate of Trust of Ally Auto Receivables Trust 2010-2 (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 2010-2. 

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 BNY Mellon Trust of Delaware, 100 White Clay Center, Suite 102, Newark, DE 19711. 
 3. 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. 
  

			
	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

			
	Name:	 	
	Title:	 	

  

 Ex. B 

 EXHIBIT C 

UNDERTAKING LETTER 

Ally Auto Assets LLC 
 Corporation Trust Center

 1209 Orange Street 
 Wilmington, DE
19801 
 BNY Mellon Trust of Delaware, 

as Owner Trustee of Ally Auto Receivables Trust 2010-2 

100 White Clay Center, Suite 102 
 Newark, DE
19711 
 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 2010-2, 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; and

 (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. 

 

 Ex. C-1 

			
	  

	Name of Certificate Owner

			
		
	By:	 	  

			
		
	 Name:
	 	  

			
	Title:	 	  

			
	Date:	 	  

 

 Ex. C-2Pooling and Servicing Agreement

 Exhibit 4.3 

 
  

 
 POOLING AND SERVICING
AGREEMENT 
 AMONG 

ALLY AUTO ASSETS LLC 

ALLY BANK 

AND 

ALLY FINANCIAL INC. 

DATED AS OF JUNE 25, 2010 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	ARTICLE I DEFINITIONS	  	
			
	    SECTION 1.01	  	Definitions	  	2
	    SECTION 1.02	  	Owner of a Receivable	  	2
		
	ARTICLE II PURCHASE AND SALE OF RECEIVABLES	  	
			
	    SECTION 2.01	  	Purchase and Sale of Receivables	  	2
	    SECTION 2.02	  	Receivables Purchase Price	  	3
	    SECTION 2.03	  	The Closing	  	4
	    SECTION 2.04	  	Custody of Receivable Files	  	4
		
	ARTICLE III ADMINISTRATION AND SERVICING OF RECEIVABLES	  	
			
	    SECTION 3.01	  	Duties of the Servicer	  	4
	    SECTION 3.02	  	Collection of Receivable Payments	  	5
	    SECTION 3.03	  	[Reserved]	  	6
	    SECTION 3.04	  	Realization Upon Liquidating Receivables	  	6
	    SECTION 3.05	  	Maintenance of Insurance Policies	  	6
	    SECTION 3.06	  	Maintenance of Security Interests in Vehicles	  	6
	    SECTION 3.07	  	Covenants, Representations and Warranties of the Servicer	  	6
	    SECTION 3.08	  	Purchase of Receivables Upon Breach of Covenant	  	8
	    SECTION 3.09	  	Basic Servicing Fee; Payment of Certain Expenses by Servicer	  	8
	    SECTION 3.10	  	Servicer’s Accounting	  	9
	    SECTION 3.11	  	Application of Collections	  	9
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	  	
			
	    SECTION 4.01	  	Representations and Warranties as to the Receivables	  	10
	    SECTION 4.02	  	Additional Representations and Warranties of the Seller	  	12
	    SECTION 4.03	  	Representations and Warranties of Ally Auto	  	14
		
	ARTICLE V ADDITIONAL AGREEMENTS	  	
			
	    SECTION 5.01	  	Conflicts With Further Transfer and Servicing Agreements	  	15
	    SECTION 5.02	  	Protection of Title	  	15
	    SECTION 5.03	  	Other Liens or Interests	  	15
	    SECTION 5.04	  	Repurchase Events	  	16
	    SECTION 5.05	  	Indemnification	  	16
	    SECTION 5.06	  	Further Assignments	  	16
	    SECTION 5.07	  	Pre-Closing Collections	  	16
		
	ARTICLE VI CONDITIONS	  	
			
	    SECTION 6.01	  	Conditions to Obligation of Ally Auto	  	17
	    SECTION 6.02	  	Conditions to Obligation of the Seller	  	17

  

 i 

					
	ARTICLE VII MISCELLANEOUS PROVISIONS	  	
			
	    SECTION 7.01	  	Amendment	  	18
	    SECTION 7.02	  	Survival	  	18
	    SECTION 7.03	  	Notices	  	18
	    SECTION 7.04	  	Governing Law	  	18
	    SECTION 7.05	  	Waivers	  	18
	    SECTION 7.06	  	Costs and Expenses	  	18
	    SECTION 7.07	  	Confidential Information	  	19
	    SECTION 7.08	  	Headings	  	19
	    SECTION 7.09	  	Counterparts	  	19
	    SECTION 7.10	  	No Petition Covenant	  	19
	    SECTION 7.11	  	Limitations on Rights of Others	  	19
	    SECTION 7.12	  	Merger and Consolidation of the Seller, the Servicer or Ally Auto	  	19
	    SECTION 7.13	  	Assignment	  	20
			
	EXHIBIT A	  	Form of First Step Receivables Assignment	  	
			
	SCHEDULE A	  	Schedule of Receivables	  	
			
	APPENDIX A	  	Definitions, Rules of Construction and Notices	  	
			
	APPENDIX B	  	Additional Representations and Warranties	  	

  

 ii 

 THIS POOLING AND SERVICING AGREEMENT, dated as of June 25, 2010, among ALLY AUTO ASSETS
LLC, a Delaware limited liability company (“Ally Auto”), ALLY BANK, a Utah chartered bank (the “Seller”), and Ally Financial Inc., a Delaware corporation, as servicer (the “Servicer”). 

WHEREAS, Ally Auto desires to purchase on the date hereof a portfolio of automobile and light truck retail instalment sale contracts,
direct purchase money loans and related rights owned by the Seller; 
 WHEREAS, the Seller is willing to sell on the date hereof
such contracts and related rights to Ally Auto; 
 WHEREAS, Ally Auto may wish to sell or otherwise transfer on the date hereof
such contracts and related rights, or interests therein, to a trust, corporation, partnership or other entity (any such entity being the “Issuing Entity”); 

WHEREAS, the Issuing Entity may issue debentures, notes, participations, certificates of beneficial interest, partnership interests or
other interests or securities (collectively, any such issued interests or securities being “Securities”) to fund its acquisition of such contracts and related rights; 

WHEREAS, the Issuing Entity may wish to provide in the agreements pursuant to which it acquires its interest in such contracts and
related rights and issues the Securities (the Second Step Receivables Assignment, the Trust Agreement, the Notes, the Certificates, the Trust Sale and Servicing Agreement and the Indenture being collectively the “Further Transfer and
Servicing Agreements”) that the Servicer shall service such contracts; 
 WHEREAS, the Servicer is willing to service
such contracts in accordance with the terms hereof for the benefit of Ally Auto and, by its execution of the Further Transfer and Servicing Agreements, will be willing to service such contracts in accordance with the terms of such Further Transfer
and Servicing Agreements for the benefit of the Issuing Entity and each other party identified or described herein or in the Further Transfer and Servicing Agreements as having an interest as owner, trustee, secured party, or holder of Securities
(the Issuing Entity and all such parties under the Further Transfer and Servicing Agreements being “Interested Parties”) with respect to such contracts, and the proceeds thereof, as the interests of such parties may appear from time
to time. 

 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

SECTION 1.01 Definitions. Certain capitalized terms used in this Agreement are defined in and shall have the respective meanings
assigned to them in Part I of Appendix A to this Agreement. All references herein to “the Agreement” or “this Agreement” are to this Pooling and Servicing Agreement as it may be amended, supplemented or
modified from time to time, and all references herein to Articles and Sections are to Articles or Sections 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. 
 SECTION 1.02 Owner of a Receivable. For purposes of this Agreement, the “Owner” of a
Receivable shall mean Ally Auto until the sale, transfer, assignment or other conveyance of such Receivable by Ally Auto pursuant to the terms of the Further Transfer and Servicing Agreements, and thereafter shall mean the Issuing Entity;
provided, that the Seller, the Servicer or Ally Auto, as applicable, shall be the “Owner” of any Receivable from and after the time that such Person shall acquire such Receivable, whether pursuant to Section 3.08
or 5.04 of this Agreement, any provision of the Further Transfer and Servicing Agreements or otherwise. 
 ARTICLE
II 
 PURCHASE AND SALE OF RECEIVABLES 

SECTION 2.01 Purchase and Sale of Receivables. 

(a) Purchase. On the Closing Date, subject to satisfaction of the conditions specified in Article VI and the First Step
Receivables Assignment (and, in any event, immediately prior to consummation of the related transactions contemplated by the Further Transfer and Servicing Agreements, if any), the Seller shall sell, transfer, assign and otherwise convey to Ally
Auto, without recourse: 
 (i) all right, title and interest of the Seller in, to and under the Receivables listed on the
Schedule of Receivables and all monies received thereon on and after the Cutoff Date, exclusive of any amounts allocable to the premium for physical damage collateral protection insurance required by the Seller or the Servicer covering any related
Financed Vehicle; 
 (ii) the interest of the Seller in the security interests in the Financed Vehicles granted by Obligors
pursuant to the Receivables and, to the extent permitted by law, any accessions thereto; 
 (iii) the interest of the Seller in
any proceeds from claims on any physical damage, credit life, credit disability or other insurance policies covering Financed Vehicles or Obligors; 

(iv) the interest of the Seller in any proceeds from recourse against Dealers on the Receivables; 

 

 2 

 (v) all right, title and interest of the Seller in, to and under the First Step Receivables
Assignment; and 
 (vi) all present and future claims, demands, causes and choses in action in respect of any or all the
foregoing described in clauses (i) through (v) above and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or
all of the foregoing, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property,
payment intangibles, general intangibles, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the
proceeds of any of the foregoing. 
 The property described in clauses (i) through (vi) above is
referred to herein collectively as the “Purchased Property.” 
 (b) It is the intention of the Seller and Ally
Auto that the transfer and assignment of Receivables contemplated by this Agreement and the First Step Receivables Assignment shall constitute a sale of the Receivables from the Seller to Ally Auto and the beneficial interest in and title to the
Receivables shall not be part of the Seller’s estate in the event of the filing of a petition for insolvency, receivership or conservatorship by or against the Seller or placement into receivership or conservatorship of the Seller under any
relevant bankruptcy, insolvency, receivership or conservatorship law. 
 (c) The sale, transfer, assignment and other
conveyances of Receivables contemplated by this Agreement and the First Step Receivables Assignment do not constitute and are not intended to result in the creation of or an assumption by Ally Auto of any obligation of the Seller, the Servicer or
any other Person to the Obligors, Dealers, insurers or any other Person in connection with the Receivables, any Dealer Agreements, any insurance policies or any other agreement or instrument relating to any of them. 

SECTION 2.02 Receivables Purchase Price. In consideration for the Purchased Property, Ally Auto shall, on the Closing Date, pay to
the Seller an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Receivables and the Seller shall execute and deliver to Ally Auto an assignment in the form attached hereto as Exhibit A (the “First
Step Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,260,764,014.07. A portion of the Initial Aggregate Receivables Principal Balance shall be paid to the Seller in immediately available funds
and the balance of such purchase price shall be paid through one or both of (a) an increase in the amount owing from Ally Auto to Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from Seller to Ally
Auto) and (b) an increase in Seller’s capital account in Ally Auto (as a result of a deemed capital contribution from Seller to Ally Auto). The amount advanced under the Intercompany Advance Agreement and the amount of the deemed capital
contribution shall be duly recorded by the Seller and Ally Auto. 
  

 3 

 SECTION 2.03 The Closing. The sale and purchase of the Receivables shall take place
at the offices of Kirkland & Ellis LLP, 300 North LaSalle Street, Chicago, Illinois 60654, on the Closing Date at a time mutually agreeable to the Seller and Ally Auto, and will occur simultaneously with the closing of transactions
contemplated by the Further Transfer and Servicing Agreements. 
 SECTION 2.04 Custody of Receivable Files. In connection
with the sale, transfer and assignment of the Receivables to Ally Auto pursuant to this Agreement and the First Step Receivables Assignment, Ally Auto, simultaneously with the execution and delivery of this Agreement, shall enter into the Custodian
Agreement with the Custodian, pursuant to which Ally Auto shall revocably appoint the Custodian, and the Custodian shall accept such appointment, to act as the agent of Ally Auto as Custodian of the following documents or instruments which shall be
constructively delivered to Ally Auto with respect to each Receivable: 
 (a) the fully executed original of the instalment sale
contract or direct purchase money loan, as applicable, for such Receivable; 
 (b) documents evidencing or related to any
Insurance Policy; 
 (c) the original credit application of each Obligor, fully executed by each such Obligor on the
Seller’s customary form, or on a form approved by the Seller, for such application; 
 (d) where permitted by law, the
original certificate of title (when received) and otherwise such documents, if any, that the Seller keeps on file in accordance with its customary procedures indicating that the Financed Vehicle is owned by the Obligor and subject to the interest of
the Seller as first lienholder or secured party; and 
 (e) any and all other documents that the Seller keeps on file in
accordance with its customary procedures relating to the individual Receivable, Obligor or Financed Vehicle. 
 ARTICLE III

 ADMINISTRATION AND SERVICING OF RECEIVABLES 

SECTION 3.01 Duties of the Servicer. 

(a) The Servicer is hereby appointed and authorized to act as agent for the Owner of the Receivables and in such capacity shall manage,
service, administer and make collections on the Receivables with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to comparable motor vehicle related receivables that it services for itself or
others. The Servicer hereby accepts such appointment and authorization and agrees to perform the duties of Servicer with respect to the Receivables set forth herein and in the Further Transfer and Servicing Agreements. 

(b) The Servicer’s duties shall include collection and posting of all payments, responding to inquiries of Obligors, investigating
delinquencies, sending payment coupons to Obligors, reporting tax information to Obligors, policing the collateral, accounting for collections 

 

 4 

 
and furnishing monthly and annual statements to the Owner of any Receivables with respect to distributions, generating federal income tax information and performing the other duties specified
herein. Subject to the provisions of Section 3.02, the Servicer shall follow its customary standards, policies and procedures and shall have full power and authority, acting alone, to do any and all things in connection with such
managing, servicing, administration and collection that it may deem necessary or desirable. 
 (c) Without limiting the
generality of the foregoing, the Servicer is hereby authorized and empowered by the Owner of the Receivables, pursuant to this Section 3.01, to execute and deliver, on behalf of all Interested Parties, or any of them, any and all
instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and the Financed Vehicles. The Servicer is hereby authorized to commence, in its own name
or in the name of the Owner of such Receivable a legal proceeding, whether through judicial process or (with respect to repossession of a Financed Vehicle) non-judicial process, participate in a voluntary or involuntary liquidation proceeding to
enforce a Liquidating Receivable or Receivable as contemplated by Section 3.04, to enforce all obligations of the Seller, the Servicer, Ally Auto or the Issuing Entity under this Agreement and under the Further Transfer and Servicing
Agreements or to commence or participate in a legal proceeding (including a bankruptcy case) relating to or involving a Receivable or a Liquidating Receivable. If the Servicer commences or participates in such a legal proceeding in its own name, the
Servicer is hereby authorized and empowered by the Owner of the Receivables pursuant to this Section 3.01 to obtain possession of the related Financed Vehicle and immediately and without further action on the part of the Owner or the
Servicer, the Owner of such Receivable shall thereupon automatically assign in trust such Receivable and the security interest in the related Financed Vehicle to the Servicer for the benefit of the Interested Parties immediately prior to such legal
or liquidation proceeding for purposes of commencing or participating in any such proceeding as a party or claimant. Upon such automatic assignment, the Servicer will be, and will have all the rights and duties of, a secured party under the UCC and
other applicable law with respect to such Receivable and the related Financed Vehicle. At the Servicer’s request from time to time, the Owner of a Receivable assigned under this Section 3.01 shall provide the Servicer with evidence
of the assignment in trust for the benefit of the Interested Parties as may be reasonably necessary for the Servicer to take any of the actions set forth in the following sentence. 

(d) The Servicer is hereby authorized and empowered by the Owner of a Receivable to execute and deliver in the Servicer’s name any
notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such proceeding. Any Owner of Receivables shall furnish the Servicer with any powers of attorney and other documents and take any
other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement and the Further Transfer and Servicing Agreements. Except to the extent required by the
preceding two sentences, the authority and rights granted to the Servicer in this Section 3.01 shall be nonexclusive and shall not be construed to be in derogation of the retention by the Owner of a Receivable of equivalent authority and
rights. 
 SECTION 3.02 Collection of Receivable Payments. The Servicer shall make reasonable efforts to collect all
payments called for under the terms and provisions of the 
  

 5 

 
Receivables as and when the same shall become due, and shall follow such collection practices, policies and procedures as it follows with respect to comparable motor vehicle related receivables
that it services for itself or others in connection therewith. Except as provided in Section 3.07(a)(iii), the Servicer is hereby authorized to grant extensions, rebates or adjustments on a Receivable without the prior consent of the
Owner of such Receivable. The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing such Receivable. 

SECTION 3.03 [Reserved]. 

SECTION 3.04 Realization Upon Liquidating Receivables. The Servicer shall use reasonable efforts, consistent with its customary
practices, policies and procedures, to repossess or otherwise comparably convert the ownership of any Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the Receivable secured by
the Financed Vehicle. The Servicer is authorized to follow such customary practices, policies and procedures as it follows with respect to comparable motor vehicle related receivables that it services for itself or others, which customary practices,
policies and procedures may include reasonable efforts to realize upon any recourse to Dealers, selling the related Financed Vehicle at public or private sale and other actions by the Servicer in order to realize upon such a Receivable. The
foregoing is subject to the provision that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall
determine in its discretion that such repair and/or repossession shall increase the proceeds of liquidation of the related Receivable by an amount greater than the amount of such expenses. The Servicer shall be entitled to receive Liquidation
Expenses with respect to each Liquidating Receivable at such time as the Receivable becomes a Liquidating Receivable (or as may otherwise be provided in the Further Transfer and Servicing Agreements). 

SECTION 3.05 Maintenance of Insurance Policies. The Servicer shall, in accordance with its customary practices, policies and
procedures, require that each Obligor shall have obtained physical damage insurance covering the Financed Vehicle as of the execution of the related Receivable. The Servicer shall, in accordance with its customary practices, policies and procedures,
monitor such physical damage insurance with respect to each Receivable. 
 SECTION 3.06 Maintenance of Security Interests in
Vehicles. The Servicer shall, in accordance with its customary practices, policies and procedures and at its own expense, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related
Financed Vehicle. The Owner of each Receivable hereby authorizes the Servicer to re-perfect such security interest on behalf of such Owner, as necessary because of the relocation of a Financed Vehicle, or for any other reason. 

SECTION 3.07 Covenants, Representations and Warranties of the Servicer. As of the Closing Date, the Servicer hereby makes the
following representations, warranties and covenants on which Ally Auto relies in accepting the Receivables hereunder and pursuant to the related First Step Receivables Assignment, and on which the Issuing Entity shall rely in accepting such
Receivables and executing and delivering the Securities under the Further Transfer and Servicing Agreements. 
  

 6 

 (a) The Servicer covenants that from and after the closing hereunder: 

(i) Liens in Force. Except as contemplated in this Agreement or the Further Transfer and Servicing Agreements, the Servicer shall
not release in whole or in part any Financed Vehicle from the security interest securing the related Receivable; 
 (ii) No
Impairment. The Servicer shall do nothing to impair the rights or security interest of Ally Auto or any Interested Party in and to the Purchased Property; and 

(iii) No Modifications. The Servicer shall not amend or otherwise modify any Receivable such that the Amount Financed, the Annual
Percentage Rate, or the number of originally scheduled due dates is altered or such that the last scheduled due date occurs after the Final Scheduled Distribution Date. 

(b) Upon the execution of this Agreement and the Further Transfer and Servicing Agreements, the Servicer represents and warrants to the
Issuing Entity and Ally Auto that as of the Closing Date: 
 (i) Organization and Good Standing. The Servicer has been
duly formed and is validly existing and in good standing under the laws of its State of incorporation, 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; 
 (ii) Due Qualification. The Servicer 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 (including the servicing of the Receivables) requires or shall require such
qualification; 
 (iii) Power and Authority. The Servicer has the power and authority to execute and deliver this
Agreement and the Further Transfer and Servicing Agreements and to carry out the terms of such agreements; the Servicer has the power, authority and legal right to service the Receivables as provided herein and in the Further Transfer and Servicing
Agreements and the Servicer’s execution, delivery and performance of this Agreement and the Further Transfer and Servicing Agreements have been duly authorized by the Servicer by all necessary corporate action; 

(iv) Binding Obligation. The Further Transfer and Servicing Agreements and this Agreement, when duly executed and delivered,
shall constitute the legal, valid and binding obligations of the Servicer enforceable in accordance with their respective 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; 

 

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 (v) No Violation. The consummation by the Servicer of the transactions contemplated
by this Agreement and the Further Transfer and Servicing Agreements, and the fulfillment by the Servicer of the terms hereof and thereof, shall 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 articles of incorporation or bylaws (or similar organizational documents) of the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Servicer 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, mortgage, deed of trust or other instrument, other than this Agreement and the
Further Transfer and Servicing Agreements, or violate any law or, to the best of the Servicer’s knowledge, any order, rule or regulation applicable to the Servicer of any court or of any federal or State regulatory body, administrative agency
or other governmental instrumentality having jurisdiction over the Servicer or any of its properties; and 
 (vi) No
Proceedings. To the Servicer’s knowledge, there are no proceedings or investigations pending, or threatened, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over
the Servicer or its properties (A) asserting the invalidity of this Agreement and the Further Transfer and Servicing Agreements or any Securities issued thereunder, (B) seeking to prevent the issuance of such Securities or the consummation
of any of the transactions contemplated by the Further Transfer and Servicing Agreements, or (C) seeking any determination or ruling that might materially and adversely affect this Agreement, the performance by the Servicer of its obligations
under, or the validity or enforceability of, the Further Transfer and Servicing Agreements. 
 SECTION 3.08 Purchase of
Receivables Upon Breach of Covenant. Upon discovery by any of the Seller, the Servicer, Ally Auto or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 3.06 and
3.07(a), the party discovering such breach shall give prompt written notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s
election, the last day of the first Monthly Period so following), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as
determined by such Owner and, on the related Distribution Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a
breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to Ally Auto or any Interested Party. 

SECTION 3.09 Basic Servicing Fee; Payment of Certain Expenses by Servicer. The Servicer is entitled to receive the Basic Servicing
Fee out of collections in respect of the Receivables and other available funds, as and to the extent set forth in the Further Transfer and Servicing Agreements. The Servicer shall also be entitled to Investment Earnings as, and to the extent, set
forth in the Further Transfer and Servicing Agreements. Subject to any limitations on the Servicer’s liability under the Further Transfer and Servicing Agreements, the Servicer shall be required to pay all expenses incurred by it in connection
with its activities under this Agreement and under the Further Transfer and Servicing Agreements (including fees and 

 

 8 

 
disbursements of the Issuing Entity, any trustees and independent accountants, taxes imposed on the Servicer, expenses incurred in connection with distributions and reports to holders of
Securities and all other fees and expenses not expressly stated under this Agreement or the Further Transfer and Servicing Agreements to be for the account of the holders of Securities). 

SECTION 3.10 Servicer’s Accounting. On each Determination Date under a Further Transfer and Servicing Agreement, the Servicer
shall deliver to each of the trustees and other applicable parties under the Further Transfer and Servicing Agreements and to Ally Auto and the Rating Agencies a Servicer’s Accounting with respect to the immediately preceding Monthly Period
executed by any Authorized Officer of the Servicer containing all information necessary to each such party for making any distributions required by the Further Transfer and Servicing Agreements, and all information necessary to each such party for
sending any statements required under the Further Transfer and Servicing Agreements. Receivables to be purchased by the Servicer under Section 3.08 or 5.04 or to be repurchased by Ally Auto, the Seller or the Servicer under the
Further Transfer and Servicing Agreements as of the last day of any Monthly Period shall be identified by Receivable number (as set forth in the Schedule of Receivables). With respect to any Receivables for which Ally Auto is the Owner, the Servicer
shall deliver to Ally Auto such accountings relating to such Receivables and the actions of the Servicer with respect thereto as Ally Auto may reasonably request. 

SECTION 3.11 Application of Collections. For the purposes of this Agreement and the Further Transfer and Servicing Agreements, no
later than each Distribution Date all collections for the related Monthly Period shall be applied by the Servicer as follows: 

(a) With respect to all Simple Interest Receivables (other than Administrative Receivables and Warranty Receivables), payments by or on
behalf of the Obligors that are not Supplemental Servicing Fees shall be applied to principal and interest on all such Simple Interest Receivables. 

(b) With respect to a Simple Interest Receivable that is also an Administrative Receivable or Warranty Receivable, payments by or on
behalf of the Obligor shall be applied in the same manner as set forth in Section 3.11(a). A Warranty Payment or an Administrative Purchase Payment, as applicable, shall be applied to principal and interest on such Receivable.

  

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 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.01 Representations and Warranties as to the Receivables. The Seller makes the following representations and warranties
as to the Receivables, on which Ally Auto relies in accepting the Receivables. Such representations and warranties speak as of the Closing Date, and shall survive the sale, transfer and assignment of the Receivables to Ally Auto and the subsequent
assignment and transfer pursuant to the Further Transfer and Servicing Agreements: 
 (a) Characteristics of Receivables.

 (i) General. Each Receivable: 

(1) is secured by a Financed Vehicle, was originated in the United States by the Seller or one of its subsidiaries or a Dealer for the
retail sale of a Financed Vehicle in the ordinary course of business, was fully and properly executed by the parties thereto, if not originated by the Seller, was purchased by the Seller from one of its subsidiaries or from such Dealer under an
existing Dealer Agreement, and was validly assigned by such subsidiary or such Dealer to the Seller in accordance with its terms, 

(2) has created or shall create a valid, binding and enforceable first priority security interest in favor of the Seller in the Financed
Vehicle, which security interest is assignable by the Seller to Ally Auto, 
 (3) contains customary and enforceable provisions
such as to render the rights and remedies of the holder thereof adequate for realization against the collateral of the benefits of the security, 

(4) is a Simple Interest Receivable, 

(5) provides for level monthly payments which may vary from one another by no more than $5, which shall amortize the Amount Financed by
maturity and shall yield interest at the Annual Percentage Rate, 
 (6) has an original term of not less than twelve
(12) months and not greater than seventy-two (72) months and a remaining term of not less than seven (7) months, and 

(7) at least one monthly payment has been made. 

(ii) Receivables. In addition to the characteristics set forth in Section 4.01(a)(i) above, each Receivable
(1) has a first scheduled payment due date on or after January 30, 2009, (2) was originated on or after January 7, 2009, (3) as of the Cutoff Date, was not considered past due (that is, no payments due on that Receivable in
excess of $25 were more than thirty (30) days delinquent), and was not a Liquidating Receivable, and (4) has an Annual Percentage Rate not greater than 15.00%. 
  

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 (b) Creation, Perfection and Priority of Security Interests. The representations and
warranties regarding creation, perfection and priority of security interests in the Purchased Property, which are attached to this Agreement as Appendix B, are true and correct to the extent that they are applicable. 

(c) Schedule of Receivables. The information set forth in the Schedule of Receivables is true and correct in all material
respects, and no selection procedures believed to be adverse to Ally Auto or to holders of the Securities issued under the Further Transfer and Servicing Agreements were utilized in selecting the Receivables from those receivables of the Seller that
meet the selection criteria set forth in this Agreement. 
 (d) Compliance With Law. All requirements of applicable
federal, state and local laws, and regulations thereunder, including usury laws, Utah banking laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt
Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z,” the Servicemembers Civil Relief Act of 2003, the Texas Consumer Credit Code,
and state adaptations of the National Consumer Act and the Uniform Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure laws, in respect of any of the Receivables and other Purchased Property, have been
complied with in all material respects, and each Receivable and the sale of the Financed Vehicle evidenced thereby complied at the time it was originated or made and now complies in all material respects with all legal requirements of the
jurisdiction in which it was originated or made. 
 (e) Binding Obligation. Each Receivable represents the genuine,
legal, valid and binding payment obligation in writing of the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws
affecting the enforcement of creditors’ rights in general and by equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(f) Security Interest in Financed Vehicle. Immediately prior to the sale, transfer and assignment thereof pursuant hereto and the
First Step Receivables Assignment, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had been commenced that
would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party. 

(g) Receivables In Force. No Receivable has been satisfied, subordinated or rescinded, and the Financed Vehicle securing each such
Receivable has not been released from the lien of the related Receivable in whole or in part. 
 (h) No Waiver. Since the
Cutoff Date no provision of a Receivable has been waived, altered or modified in any respect. 
 (i) No Defenses. No
right of rescission, setoff, counterclaim or defense has been asserted or threatened with respect to any Receivable. 
  

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 (j) No Liens. To the best of the Seller’s knowledge: (1) there are no liens
or claims that have been filed for work, labor or materials affecting any Financed Vehicle securing any Receivable that are or may be liens prior to, or equal or coordinate with, the security interest in the Financed Vehicle granted by the
Receivable; (2) no contribution failure has occurred with respect to any Benefit Plan which is sufficient to give rise to a lien under Section 303 (k) of ERISA with respect to any Receivable; and (3) no tax lien has been filed
and no claim related thereto is being asserted with respect to any Receivable. 
 (k) Insurance. Each Obligor is required
to maintain a physical damage insurance policy of the type that the Seller requires in accordance with its customary underwriting standards for the purchase of motor vehicle related receivables. 

(l) Good Title. No Receivable has been sold, transferred, assigned or pledged by the Seller to any Person other than Ally Auto;
immediately prior to the conveyance of the Receivables pursuant to this Agreement and the First Step Receivables Assignment, the Seller had good and marketable title thereto, free of any Lien; and, upon execution and delivery of this Agreement by
the Seller, Ally Auto shall have all of the right, title and interest of the Seller in and to the Receivables, the unpaid indebtedness evidenced thereby and the collateral security therefor, free of any Lien. 

(m) Lawful Assignment. No Receivable was originated in, or is subject to the laws of, any jurisdiction the laws of which would
make unlawful the sale, transfer and assignment of such Receivable under this Agreement, the Trust Sale and Servicing Agreement or the Indenture, as applicable. 

(n) All Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give Ally Auto a first priority
perfected ownership interest in the Receivables shall have been made. 
 (o) One Original. There is only one original
executed copy of each Receivable. 
 (p) No Documents or Instruments. No Receivable, or constituent part thereof,
constitutes a “negotiable instrument” or “negotiable document of title” (as such terms are used in the UCC). 

(q) No Amendment. No Receivable has been amended or otherwise modified such that the number of originally scheduled due dates has
been increased or such that the Amount Financed has been increased. 
 SECTION 4.02 Additional Representations and Warranties
of the Seller. The Seller hereby represents and warrants to Ally Auto and the Servicer as of the Closing Date that: 
 (a)
Organization and Good Standing; FDIC. The Seller has been duly organized and is validly existing as a Utah chartered bank, 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 as of the date hereof, the Seller is insured by the Federal Deposit Insurance Corporation and is subject to the Federal Deposit Insurance Act; 

 

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 (b) Due Qualification. The Seller 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 or shall require such qualification; 

(c) Power and Authority. The Seller has the power and authority to execute and deliver this Agreement and the First Step
Receivables Assignment and to carry out its terms; the Seller has full power and authority to sell and assign the property to be sold and assigned to Ally Auto, and has duly authorized such sale and assignment to Ally Auto by all necessary corporate
action; and the execution, delivery and performance of this Agreement and the First Step Receivables Assignment have been duly authorized by the Seller by all necessary corporate action; 

(d) Valid Sale; Binding Obligation. This Agreement and the First Step Receivables Assignment, when duly executed and delivered,
shall constitute a valid sale, transfer and assignment of the Receivables, in each case, enforceable against creditors of and purchasers from the Seller; and this Agreement together with the First Step Receivables Assignment, when duly executed and
delivered, shall constitute a legal, valid and binding obligation of the Seller enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, 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; 

(e) No Violation. The consummation of the transactions contemplated by this Agreement and the First Step Receivables Assignment
and the fulfillment of the terms of this Agreement and the First Step Receivables Assignment shall 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 articles of incorporation or bylaws (or similar organizational documents) of the Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Seller 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, mortgage, deed of trust or other instrument, other than this Agreement and the First Step Receivables Assignment or violate any law
or, to the best of the Seller’s knowledge, any order, rule or regulation applicable to the Seller of any court or of any federal or State regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the
Seller or any of its properties; and 
 (f) No Proceedings. To the Seller’s knowledge, there are no proceedings or
investigations pending, or threatened, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its properties (A) asserting the invalidity of this
Agreement and the First Step Receivables Assignment, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement and the First Step Receivables Assignment, or (C) seeking any determination or ruling
that might materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement and the First Step Receivables Assignment. 

 

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 SECTION 4.03 Representations and Warranties of Ally Auto. Ally Auto hereby represents
and warrants to the Seller and the Servicer as of the Closing Date: 
 (a) Organization and Good Standing. Ally Auto 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 and own the Receivables; 

(b) Due Qualification. Ally Auto 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 qualification; 

(c) Power and Authority. Ally Auto has the power and authority to execute and deliver this Agreement and the First Step
Receivables Assignment and to carry out its terms and the execution, delivery and performance of this Agreement and the First Step Receivables Assignment have been duly authorized by Ally Auto by all necessary limited liability company action;

 (d) No Violation. The consummation of the transactions contemplated by this Agreement and the First Step Receivables
Assignment and the fulfillment of the terms of this Agreement and the First Step Receivables Assignment shall 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 of Ally Auto, or any indenture, agreement, mortgage, deed of trust or other instrument to which Ally Auto 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 any Further Transfer and Servicing Agreement or violate any law or, to the best of Ally Auto’s
knowledge, any order, rule or regulation applicable to Ally Auto of any court or of any federal or State regulatory body, administrative agency or other governmental instrumentality having jurisdiction over Ally Auto or any of its properties; and

 (e) No Proceedings. To Ally Auto’s knowledge, there are no proceedings or investigations pending, or threatened,
before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over Ally Auto or its properties (i) asserting the invalidity of this Agreement and the First Step Receivables
Assignment, or (ii) seeking any determination or ruling that might materially and adversely affect the performance by Ally Auto of its obligations under, or the validity or enforceability of, this Agreement and the First Step Receivables
Assignment. 
  

 14 

 ARTICLE V 

ADDITIONAL AGREEMENTS 

SECTION 5.01 Conflicts With Further Transfer and Servicing Agreements. To the extent that any provision of Sections 5.02
through 5.04 of this Agreement conflicts with any provision of the Further Transfer and Servicing Agreements, the Further Transfer and Servicing Agreements shall govern. 

SECTION 5.02 Protection of Title. 

(a) Filings. The Seller shall authorize and execute, as applicable, and file such financing statements or amendments to financing
statements and cause to be authorized and executed, as applicable, and filed such continuation and other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of Ally Auto
under this Agreement and the First Step Receivables Assignment in the Receivables and the other Purchased Property and in the proceeds thereof. The Seller shall deliver (or cause to be delivered) to Ally Auto file-stamped copies of, or filing
receipts for, any document filed as provided above, as soon as available following such filing, and the Seller hereby authorizes Ally Auto and its assigns to file all such financing statements without its signature. 

(b) Name Change. The Seller shall not change its State of incorporation or its name, identity or entity structure in any manner
that would, could or might make any financing statement or continuation statement filed by the Seller, Ally Auto or Ally Auto’s assigns in accordance with Section 5.02(a) seriously misleading within the meaning of the UCC, unless it
shall give Ally Auto written notice thereof within ten (10) days of such change. 
 (c) Executive Office; Maintenance of
Offices. The Seller shall give Ally Auto written notice within ten (10) days of any relocation of its principal executive office if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any
amendment of any previously filed financing or continuation statement or of any new financing statement. The Seller shall at all times maintain each office from which it originates Receivables and its principal executive office within the United
States of America. 
 (d) New Debtor. In the event that the Seller shall change the jurisdiction in which it is formed or
otherwise enter into any transaction which would result in a “new debtor” (as defined in the UCC) succeeding to the obligations of the Seller hereunder, the Seller shall comply fully with the obligations of Section 5.02(a).

 SECTION 5.03 Other Liens or Interests. Except for the conveyances hereunder and under the First Step Receivables
Assignment and as contemplated by the Further Transfer and Servicing Agreements, the Seller shall not sell, pledge, assign or transfer the Receivables or other Purchased Property to any other Person, or grant, create, incur, assume or suffer to
exist any Lien on any interest therein, and the Seller shall defend the right, title and interest of Ally Auto in, to and under such Receivables or other Purchased Property against all claims of third parties claiming through or under the Seller.

  

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 SECTION 5.04 Repurchase Events. By its execution of the Further Transfer and
Servicing Agreements to which it is a party, the Seller shall acknowledge the assignment by Ally Auto of such of its right, title and interest in, to and under this Agreement and the First Step Receivables Assignment to the Issuing Entity as shall
be provided in the Further Transfer and Servicing Agreements. The Seller hereby covenants and agrees with Ally Auto for the benefit of Ally Auto and the Interested Parties that in the event of a breach of any of the Seller’s representations and
warranties contained in Section 4.01 hereof with respect to any Receivable (a “Repurchase Event”), the Seller will repurchase such Receivable from the Issuing Entity (if the Issuing Entity is then the Owner of such
Receivable) on the date and for the amount specified in the Further Transfer and Servicing Agreements, without further notice from Ally Auto hereunder. Upon the occurrence of a Repurchase Event with respect to a Receivable for which Ally Auto is the
Owner, the Seller agrees to repurchase such Receivable from Ally Auto for an amount and upon the same terms as the Seller would be obligated to repurchase such Receivable from the Issuing Entity if the Issuing Entity was then the Owner thereof, and
upon payment of such amount, the Seller shall have such rights with respect to such Receivable as if the Seller had purchased such Receivable from the Issuing Entity as the Owner thereof. It is understood and agreed that the obligation of the Seller
to repurchase any Receivable as to which a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Seller for such breach available to Ally Auto or any Interested Party. 

SECTION 5.05 Indemnification. The Seller shall indemnify Ally Auto for any liability as a result of the failure of a Receivable to
be originated in compliance with all requirements of law. This indemnity obligation shall be in addition to any obligation that the Seller may otherwise have. 

SECTION 5.06 Further Assignments. The Seller acknowledges that Ally Auto may, pursuant to the Further Transfer and Servicing
Agreements, sell the Receivables to the Issuing Entity and assign its rights hereunder and under the First Step Receivables Assignment to the Issuing Entity, subject to the terms and conditions of the Further Transfer and Servicing Agreements, and
that the Issuing Entity may in turn further pledge, assign or transfer its rights in the Receivables and this Agreement and the First Step Receivables Assignment. The Seller further acknowledges that Ally Auto may assign its rights under the
Custodian Agreement to the Issuing Entity. 
 SECTION 5.07 Pre-Closing Collections. Within two (2) Business Days
after the Closing Date the Seller shall transfer to the account or accounts designated by Ally Auto (or by the Issuing Entity under the Further Transfer and Servicing Agreements) all collections on the Receivables held by the Seller on the Closing
Date, and conveyed to Ally Auto pursuant to Section 2.01; provided that so long as the Monthly Remittance Conditions are satisfied, such collections need not be transferred until the first Distribution Date. 

 

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 ARTICLE VI 

CONDITIONS 

SECTION 6.01 Conditions to Obligation of Ally Auto. The obligation of Ally Auto to purchase the Receivables hereunder and pursuant
to the First Step Receivables Assignment is subject to the satisfaction of the following conditions: 
 (a) Representations
and Warranties True. The representations and warranties of each of the Seller and the Servicer hereunder, shall be true and correct at the time of the Closing Date, and each of the Seller and the Servicer shall have performed all obligations to
be performed by it hereunder on or prior to the Closing Date. 
 (b) No Repurchase Event. No Repurchase Event shall have
occurred on or prior to the Closing Date. 
 (c) Computer Files Marked. The Seller shall have or shall have caused to have, at
its own expense, on or prior to the Closing Date, indicated in its computer files created in connection with the Receivables that the Receivables have been sold to Ally Auto pursuant to this Agreement and the First Step Receivables Assignment and
deliver to Ally Auto the Schedule of Receivables, certified by an officer of the Seller to be true, correct and complete. 
 (d)
Documents to be Delivered By the Seller. 
 (i) The Assignments. On the Closing Date, the Seller shall execute
and deliver the First Step Receivables Assignment. 
 (ii) Evidence of UCC Filing. On or prior to the Closing Date, the
Seller shall record and file, at its own expense, a UCC-1 financing statement in each jurisdiction in which required by applicable law, authorized by and naming the Seller as seller or debtor, naming Ally Auto as purchaser or secured party, naming
the Receivables and the other Purchased Property as collateral, meeting the requirements of the laws of each such jurisdiction and in such manner as is necessary to perfect the sale, transfer, assignment and conveyance of such Receivables to Ally
Auto. The Seller shall deliver a file-stamped copy, or other evidence satisfactory to Ally Auto of such filing, to Ally Auto on or prior to the Closing Date. 

(iii) Other Documents. On the Closing Date the Seller shall provide such other documents as Ally Auto may reasonably request.

 (e) Other Transactions. The transactions contemplated by the Further Transfer and Servicing Agreements shall be
consummated to the extent that such transactions are intended to be substantially contemporaneous with the transactions hereunder. 

SECTION 6.02 Conditions to Obligation of the Seller. The obligation of the Seller to sell the Receivables to Ally Auto hereunder
or pursuant to the First Step Receivables Assignment is subject to the satisfaction of the following conditions: 
 (a)
Representations and Warranties True. The representations and warranties of Ally Auto hereunder shall be true and correct as of the Closing Date with respect to the Receivables, and Ally Auto shall have performed all obligations to be
performed by it hereunder or pursuant to the First Step Receivables Assignment on or prior to the closing hereunder. 
  

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 (b) Receivables Purchase Price. On the Closing Date, Ally Auto shall pay to the
Seller that portion of the Initial Aggregate Receivables Principal Balance as provided in Section 2.02. 
 ARTICLE
VII 
 MISCELLANEOUS PROVISIONS 

SECTION 7.01 Amendment. This Agreement may be amended from time to time (subject to any expressly applicable amendment provision
of the Further Transfer and Servicing Agreements) by a written amendment duly executed and delivered by the Seller, the Servicer and Ally Auto. 

SECTION 7.02 Survival. The representations and warranties of the Seller and Servicer set forth in Articles IV and V
of this Agreement and of Servicer set forth in Section 3.07 of this Agreement shall remain in full force and effect and shall survive the Closing Date under Section 2.03 hereof and the closing under the Further Transfer and
Servicing Agreements. 
 SECTION 7.03 Notices. All demands, notices and communications upon or to the Seller, the
Servicer or Ally Auto under this Agreement shall be delivered as specified in Part III of Appendix A to this Agreement. 

SECTION 7.04 Governing Law. THIS AGREEMENT AND THE FIRST STEP RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 7.05 Waivers. No failure or delay on the part of Ally Auto in exercising any power, right or remedy under this Agreement
or the First Step Receivables Assignment shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or
remedy. 
 SECTION 7.06 Costs and Expenses. The Seller agrees to pay all reasonable out-of-pocket costs and expenses of
Ally Auto, including fees and expenses of counsel, in connection with the perfection as against third parties of Ally Auto’s right, title and interest in, to and under the Receivables and the enforcement of any obligation of the Seller
hereunder. 
  

 18 

 SECTION 7.07 Confidential Information. Ally Auto agrees that it shall neither use nor
disclose to any person the names and addresses of the Obligors, except in connection with the enforcement of Ally Auto’s rights hereunder, under the Receivables, under the Further Transfer and Servicing Agreements or as required by law.

 SECTION 7.08 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 7.09 Counterparts. This Agreement may be
executed in two or more counterparts and by different parties on separate counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. 

SECTION 7.10 No Petition Covenant. Notwithstanding any prior termination of this Agreement, the Seller shall not, prior to the
date which is one year and one day after the final distribution with respect to the Notes to the Note Distribution Account, acquiesce, petition or otherwise invoke or cause Ally Auto or the Issuing Entity to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against Ally Auto or the Issuing Entity under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of Ally Auto or the Issuing Entity or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of Ally Auto or the Issuing Entity under any federal or
State bankruptcy or insolvency proceeding. 
 SECTION 7.11 Limitations on Rights of Others. The provisions of this
Agreement and the First Step Receivables Assignment are solely for the benefit of the Seller, the Servicer and Ally Auto and, to the extent expressly provided herein, the Interested Parties, 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, under, or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

SECTION 7.12 Merger and Consolidation of the Seller, the Servicer or Ally Auto. Any corporation, limited liability company or
other entity (i) into which any of the Seller, the Servicer or Ally Auto may be merged or consolidated, (ii) resulting from any merger or consolidation to which any of the Seller, the Servicer or Ally Auto shall be a party,
(iii) succeeding to the business of any of the Seller, the Servicer or Ally Auto, (iv) more than 15% of the voting stock (or, if not a corporation, other voting interests) of which is owned directly or indirectly by General Motors and
Cerberus Capital Management, L.P., in the aggregate, or (v) 50% or more of the voting stock (or, if not a corporation, other voting interests) of which is owned, directly or indirectly, by General Motors or Ally Financial, which corporation,
limited liability company or other entity in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller, the Servicer or Ally Auto (as applicable) under this Agreement and the other Basic Documents,
shall be the successor to the Seller, the Servicer or Ally Auto (as applicable) 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. 

 

 19 

 SECTION 7.13 Assignment. Notwithstanding anything to the contrary contained in this
Agreement, this Agreement may be assigned by the Seller, the Servicer or Ally Auto without the consent of any other Person to a corporation, limited liability company or other entity that is a successor (by merger, consolidation or purchase of
assets) to the Seller, the Servicer or Ally Auto (as applicable), or 50% or more of the voting interests of which is owned, directly or indirectly, by General Motors or by Ally Financial or more than 15% of the voting stock (or, if not a
corporation, other voting interests) of which is owned directly or indirectly by General Motors and Cerberus Capital Management, L.P., in the aggregate, provided that such entity executes an agreement of assumption, as provided in
Section 3.03(a) or 6.02 of the Trust Sale and Servicing Agreement, as applicable. 
 SECTION 7.14 Official Record.
This Agreement is, and the Seller agrees to maintain this Agreement from and after the date hereof as, an official record (within the meaning of Section 13(e) of the Federal Deposit Insurance Act) of the Seller. 

*    *    *    *    * 

 

 20 

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

			
	ALLY BANK
		
	By:	 	 /s/ L.R. Gerner

	 Name:
	 	 L.R. Gerner

	 Title:
	 	 Chief Financial Officer

	
	ALLY AUTO ASSETS LLC
		
	By:	 	 /s/ R.C. Farris

	 Name:
	 	 R.C. Farris

	 Title:
	 	 President

	
	 ALLY FINANCIAL INC.

		
	By:	 	 /s/ P.M. Surhigh

	 Name:
	 	 P.M. Surhigh

	 Title:
	 	 Assistant Treasurer

  

 EXHIBIT A 

FORM OF 
 FIRST
STEP RECEIVABLES ASSIGNMENT 
 PURSUANT TO POOLING AND SERVICING AGREEMENT 

For value received, in accordance with the Pooling and Servicing Agreement, dated as of June 25, 2010 (the “Pooling and
Servicing Agreement”), among Ally Bank, a Utah chartered bank (the “Seller”), Ally Auto Assets LLC, a Delaware limited liability company (“Ally Auto”), and Ally Financial Inc., the Seller does hereby sell,
assign, transfer and otherwise convey unto Ally Auto, without recourse, as of June 25, 2010, (i) all right, title and interest of the Seller in, to and under the Receivables listed on the Schedule of Receivables attached as Schedule
A hereto and all monies received thereon on and after the Cutoff Date, exclusive of any amounts allocable to the premium for physical damage collateral protection insurance required by the Seller or the Servicer covering any related Financed
Vehicle; (ii) the interest of the Seller in the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions thereto; (iii) the interest of the Seller in
any proceeds from claims on any physical damage, credit life, credit disability or other insurance policies covering Financed Vehicles or Obligors; (iv) the interest of the Seller in any proceeds from recourse against Dealers on the
Receivables; and (v) all right, title and interest of the Seller in, to and under the First Step Receivables Assignment; and (vi) all present and future claims, demands, causes and choses in action in respect of any or all the foregoing
described in clauses (i), (ii), (iii), (iv), and (v) above and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or all of the
foregoing, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment
intangibles, general intangibles, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds
of any of the foregoing. 
 It is the intention of the Seller and Ally Auto that the transfer and assignment of Receivables
contemplated by the Pooling and Servicing Agreement and this First Step Receivables Assignment shall constitute a sale of the Receivables from the Seller to Ally Auto and the beneficial interest in and title to the Receivables shall not be part of
the Seller’s estate in the event of the filing of a petition for insolvency, receivership or conservatorship by or against the Seller or placement into receivership or conservatorship of the Seller under any relevant bankruptcy, insolvency,
receivership or conservatorship law. 
 The foregoing transfer and assignment of Receivables contemplated by the Pooling and
Servicing Agreement and this First Step Receivables Assignment does not constitute and is not intended to result in any assumption by Ally Auto of any obligation of the undersigned to the Obligors, Dealers, insurers or any other Person in connection
with the Receivables, any Dealer Agreements, any insurance policies or any agreement or instrument relating to any of them. 

This First Step Receivables Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the
undersigned contained in the Pooling and Servicing Agreement and is to be governed by the Pooling and Servicing Agreement. 
  

 Ex. A-1 

 Capitalized terms used herein and not otherwise defined herein shall have the meaning
assigned to them in the Pooling and Servicing Agreement. 

*    *    *    *    * 

 

 Ex. A-2 

 IN WITNESS WHEREOF, the undersigned has caused this First Step Receivables Assignment to be
duly executed as of the day and year first above written. 
  

			
	ALLY BANK

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	

  

 Ex. A-3 

 SCHEDULE A 

SCHEDULE OF RECEIVABLES 

The Schedule of Receivables is 

on file at the offices of: 
  

	1.	The Indenture Trustee 

  

	2.	The Owner Trustee 

  

	3.	The Servicer 

  

	4.	The Seller 

  

	5.	Ally Auto Assets LLC 

  

 Sch. A 

 APPENDIX A 

Part I 
 For ease
of reference, capitalized terms defined herein have been consolidated with and are contained in Part I of Appendix A to the Trust Sale and Servicing Agreement of even date herewith among Ally Financial Inc., Ally Auto and Ally Auto Receivables Trust
2010-2, as amended and supplemented from time to time. 
 Part II 

For ease of reference, the rules of construction have been consolidated with and are contained in Part II of Appendix A to the Trust Sale
and Servicing Agreement of even date herewith among Ally Financial Inc., Ally Auto and Ally Auto Receivables Trust 2010-2, as amended and supplemented from time to time. 

Part III 
 For
ease of reference, the notice addresses and procedures have been consolidated with and are contained in Appendix B to the Trust Sale and Servicing Agreement of even date herewith among Ally Financial Inc., Ally Auto and Ally Auto Receivables Trust
2010-2, as amended and supplemented from time to time. 
  

 App. A 

 APPENDIX B 

Additional Representations and Warranties 
  

	1.	While it is the intention of the Seller and Ally Auto that the transfer and assignment contemplated by this Agreement and the First Step Receivables Assignment shall
constitute sales of the Purchased Property from the Seller to Ally Auto, this Agreement, the Trust Sale and Servicing Agreement and the Indenture create a valid and continuing security interest (as defined in the applicable UCC) in the Purchased
Property in favor of Ally Auto, the Trust and the Indenture Trustee, as applicable, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller, Ally Auto and the Issuing
Entity, respectively. 

  

	2.	All steps necessary to perfect the Seller’s security interest against each Obligor in the property securing the Purchased Property have been taken.

  

	3.	Prior to the sale of the Purchased Property to Ally Auto under this Agreement, the Receivables constitute “tangible chattel paper” within the meaning of the
applicable UCC. 

  

	4.	The Seller owns and has good and marketable title to the Purchased Property free and clear of any Lien, claim or encumbrance of any Person. 

 

	5.	The Seller has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in the Purchased Property granted to Ally Auto hereunder, the Issuing Entity under the Trust Sale and Servicing Agreement and the Indenture Trustee under the Indenture.

  

	6.	Other than the security interest granted to Ally Auto pursuant to the Basic Documents, the Issuing Entity under the Trust Sale and Servicing Agreement and the Indenture
Trustee under the Indenture none of the Seller, Ally Auto or the Issuing Entity has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Purchased Property. None of the Seller, Ally Auto or the Issuing Entity has
authorized the filing of, nor is the Seller aware of, any financing statements against the Seller, Ally Auto or the Issuing Entity that include a description of collateral covering the Purchased Property other than the financing statements relating
to the security interests granted to Ally Auto, the Issuing Entity and the Indenture Trustee under the Basic Documents or any financing statement that has been terminated. The Seller is not aware of any judgment or tax lien filings against the
Seller, Ally Auto or the Issuing Entity. 

  

	7.	The Custodian has in its possession or with third party vendors all original copies of the Receivables Files and other documents that constitute or evidence the
Receivables and the Purchased Property. The Receivables Files and other documents that constitute or evidence the Purchased Property do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any
Person other than Ally Auto. 

  

 App. B

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