Document:

Second Amendment to Amended and Restated Credit Agreement

 Exhibit 10.1 
 SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 SECOND
AMENDMENT, dated as of September 17, 2012 (this “Agreement”), to the Amended and Restated Credit Agreement, dated as of September 1, 2011 (as amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the “Credit Agreement”), among COLONY FINANCIAL, INC., a Maryland corporation (the “REIT”), CFI MEZZ FUNDING, LLC, a Delaware limited liability company (“CFI Mezz Funding”), CFI RE
HOLDCO, LLC, a Delaware limited liability company (“CFI RE Holdco”), COLFIN ESH FUNDING, LLC, a Delaware limited liability company (“ColFin ESH Funding”), COLFIN 2100 FUNDING, LLC, a Delaware limited liability
company (“ColFin 2100”), CFI CORAMERICA 2100 FUNDING, LLC, a Delaware limited liability company (“CorAmerica 2100”), CFI RE MASTERCO, LLC, a Delaware limited liability company (“CFI RE Masterco”;
and together with the REIT, CFI Mezz Funding, CFI RE Holdco, ColFin ESH Funding, ColFin 2100, CorAmerica 2100 and any Operating Partnership (as defined in the Credit Agreement) that is formed after the Restatement Effective Date and becomes a
co-borrower thereunder in accordance with Section 6.12(c), each a “Borrower” and collectively, the “Borrowers”), the lenders from time to time party thereto (the “Lenders”), and BANK OF
AMERICA, N.A., as Administrative Agent (in such capacity, together with any successor administrative agent, the “Administrative Agent”) Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such
terms in the Credit Agreement. 
 WHEREAS, the Borrower has requested that the Required Lenders agree to amend various
provisions of the Credit Agreement. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Amendments to Credit Agreement. Subject
to all of the terms and conditions set forth in this Agreement: 
 1.1 New Definitions. Section 1.01 of the
Credit Agreement is hereby amended by inserting the following new definitions in the appropriate alphabetical order: 
 “Commercial Real Estate Debt Investment” means a commercial mortgage loan or other commercial real estate-related debt investment. 

“Commercial Real Estate Ownership Investment” means a fee simple interest in real property that is
located in the United States or Europe. 
 “Contribution Limitations” has the meaning specified
in the definition of “Consolidated Cash Income”. 
 “Hunt Portfolio Investment Asset”
means, collectively, the Investment Assets owned by Col Hunt A (Lux), S.a.r.l. and Col Hunt B (Lux), S.a.r.l. on the 

 
Second Amendment Effective Date which consist of commercial mortgage loans that were made to Joos & Joos secured by certain real properties in Germany. 

“Maximum Permitted Outstanding Amount” means, at any time, an amount equal to the lesser of
(i) Annualized Consolidated Cash Income determined as of the last day of the then most recently ended fiscal quarter of the REIT for which financial statements have been delivered to the Administrative Agent and the Lenders pursuant to
Section 6.01(a) or (b), multiplied by 3.5 and (ii) 40% of the aggregate book value (determined in accordance with GAAP) of all Investment Assets that at such time contribute positive Cash Income to the calculation of the
Annualized Consolidated Cash Income. 
 “Non Wholly-Owned Consolidated Affiliate” means, either
a Consolidated Minority-Owned Subsidiary or a Consolidated Majority-Owned Subsidiary, as the context requires. 

“Preferred Equity Investment” means a preferred equity investment held by an Affiliated Investor in a
Person that (x) is not (except by virtue of such investment) an Affiliate of any Loan Party, (y) is organized under the laws of the United States of America, any State thereof or the District of Columbia and (z) owns one or more
Commercial Real Estate Debt Investments and/or Commercial Real Estate Ownership Investments, so long as the documents governing the terms of such preferred equity investment include the following provisions: 

(i)    (A) defined requirements for fixed, periodic cash distributions to be paid to the Affiliated
Investor that owns such preferred equity investment in order to provide a fixed return to such Affiliated Investor on the then unreturned amount of its investment related thereto, with such distributions being required to be paid prior to any
distribution, redemption and/or payments being made on or in respect of any other Equity Interests of the issuer of such preferred equity investment, (B) a requirement that proceeds derived from or in connection with (1) any liquidation or
dissolution of the issuer of such preferred equity investment, (2) any direct or indirect sale, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the assets of the issuer of
such preferred equity investment or (3) any loss, damage to or any destruction of, or any condemnation or other taking of, all or substantially all of the assets of the issuer of such preferred equity investment, including any proceeds received
from insurance policies or condemnation awards in connection therewith, shall, in the case of each of subclauses (1) through (3) of this clause (B), be paid to such Affiliated Investor until such Affiliated Investor has received an amount
equal to the then unreturned amount of its investment related to such preferred equity investment (plus the accrued and unpaid return due and payable thereon) prior to any distribution, redemption and/or payments being made from any such proceeds on
or in respect of any other Equity Interests of the issuer of such preferred equity investment and (C) upon the failure of the 

  
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issuer of such preferred equity investment to comply with the provisions described above in this clause (i) it shall be a default and such Affiliated Investor shall be entitled to exercise
any or all of the remedies described in clauses (ii) and (iii) below; 
 (ii) a defined maturity date
or mandatory redemption date for such preferred equity investment (excluding any maturity resulting from an optional redemption by the issuer thereof), upon which it is a default if the then unreturned amount of the investment made by such
Affiliated Investor in respect thereof (plus the accrued and unpaid return due and payable thereon) is not immediately repaid to the applicable Affiliated Investor (and upon such default, in addition to the other remedies enumerated below in clause
(iii), the holder of such preferred equity investment is entitled to take control of the issuer thereof and, thereafter, all dividends and distributions by such issuer shall be paid to the holders of the preferred equity investment until the entire
unreturned amount of the investment made by such Affiliated Investor in respect thereof plus all accrued and unpaid return due and payable thereon has been paid to the holders of the preferred equity investment and no distribution, redemption and/or
payments shall be made on or in respect of any other capital stock or Equity Interests of the issuer of such preferred equity investment); and 
 (iii) default remedies that (A) permit the holders of the preferred equity investment to make any and all decisions formerly reserved to (1) holders of the capital stock or Equity Interests
(other than such preferred equity investment), or (2) the board of directors or managers (or a similar governing body) of the issuer of such preferred equity investment, including with respect to the sale of all or any part of the Equity
Interests or assets of the issuer of such preferred equity investment, and (B) provide for the elimination of all material consent, veto or similar decision making rights afforded to (1) any holders of the capital stock or Equity Interests
(other than such preferred equity investment), or (2) the board of directors or managers (or a similar governing body), of such issuer, if and provided that such decisions (in the case of clause (A) above) and such consent, veto or similar
decision making rights (in the case of clause (B) above) could reasonably be expected to restrict the ability of, compromise or delay the holders of the preferred equity investment from realizing upon and paying from the Equity Interests or the
assets of the issuer of the preferred equity investment all amounts due and payable with respect to the preferred equity investment. 
 “Preferred Equity Issuer” means a Person in which an Affiliated Investor makes a Preferred Equity Investment. 

  
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 “Second Amendment” means the Second Amendment to this
Agreement, dated as of September 17, 2012, among Borrowers, the Administrative Agent and the Lenders party thereto. 
 “Second Amendment Effective Date” has the meaning set forth in Section 2 of the Second Amendment. 

“Triggering Event” means, at any time with respect to any Investment Asset, any event or circumstance
that occurs with respect to such Investment Asset (including, for this purpose, in respect of any direct or indirect owner thereof) that could reasonably be expected to result in a reduction in the Maximum Permitted Outstanding Amount during the
then current fiscal quarter of the REIT (including any default or restructuring in respect of such Investment Asset, or any modification, waiver, termination or expiration of any applicable loan agreement, lease agreement or joint venture or other
equityholder documentation relating to such Investment Asset, or any bankruptcy or insolvency event relating to any real property manager, tenant or any other obligor in respect of such Investment Asset, or any liabilities (environmental, tax or
otherwise) incurred by any Affiliated Investor in respect of such Investment Asset, or any casualty or condemnation event with respect to such Investment Asset, in each case not constituting a Contributing Investment Asset Material Default).

 “Unrestricted Cash” means at any time (i) the aggregate amount of cash and Cash
Equivalents of the Loan Parties at such time that are not subject to any Lien (excluding Liens arising under a Loan Document and statutory Liens in favor of any depositary bank where such cash and Cash Equivalents are maintained), minus
(ii) amounts included in the foregoing clause (i) that are held by a Person other than a Loan Party as a deposit or security for Contractual Obligations. 
 1.2 Definition of Affiliated Investor. The definition of “Affiliated Investor” contained in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety
to read as follows: 
 “Affiliated Investor” means a Pledged Affiliate or any other Person that
owns directly or indirectly an Investment Asset and in which a Loan Party owns directly or indirectly Equity Interests. 

1.3 Definition of Cash Income. The definition of “Cash Income” contained in Section 1.01 of the Credit
Agreement is hereby amended and restated in its entirety to read as follows: 
 “Cash Income”
means, for any fiscal quarter of the REIT with respect to any Investment Asset, the income (without duplication) received in cash or accrued under GAAP by one or more Wholly-Owned Loan Parties from such Investment Asset (whether received directly or
received indirectly via payments or distributions from an Affiliated Investor that holds, directly or indirectly, an 

  
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ownership interest in such Investment Asset) during such fiscal quarter in the form of, as applicable, (i) cash interest, (ii) cash dividends, (iii) the portion of principal
amortization included as taxable income (on performing loans acquired at a discount to par), (iv) reported GAAP net income (adjusted to add back depreciation and amortization expense) resulting from the ownership of real property, but only to
the extent received in cash and (v) other recurring investment distributions received in cash or accrued under GAAP, in each case in respect of such Investment Asset and excluding in any event gains from asset sales. The items referred to in
this definition with respect to any Investment Asset owned by a Wholly-Owned Loan Party or an Affiliated Investor during any fiscal quarter will be calculated on a pro forma or “grossed-up” basis to include a full quarter’s
Cash Income from such Investment Asset for such fiscal quarter. Notwithstanding the foregoing, and for the avoidance of doubt, Cash Income from any Preferred Equity Investment shall exclude all amounts constituting Cash Income or proceeds of Cash
Income (whether received directly or received indirectly from payments or distributions) from an Investment Asset owned by the applicable Preferred Equity Issuer. 
 1.4 Definition of Certified Contributing Investment Asset. The definition of “Certified Contributing Investment Asset” contained in Section 1.01 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows: 
 “Certified Contributing Investment
Asset” means any Investment Asset (whether acquired by an Affiliated Investor during the then current fiscal quarter of the REIT or otherwise) with respect to which the REIT has delivered to the Administrative Agent (a) a certificate,
executed by a Responsible Officer of the REIT, (i) certifying to the Administrative Agent and the Lenders (x) that the REIT reasonably expects such Investment Asset to contribute positive Cash Income to the calculation of the Annualized
Consolidated Cash Income for the then current fiscal quarter of the REIT and (y) the book value (determined in accordance with GAAP) of such Investment Asset as of the date of such certificate and (ii) containing a reasonably detailed
calculation of the Projected Cash Income of such Investment Asset and (b) a Facility Outstandings Compliance Certificate setting forth a pro forma calculation of the Maximum Permitted Outstanding Amount (immediately after giving effect to the
inclusion of (x) the Projected Cash Income of such Investment Asset in the calculation of Annualized Consolidated Cash Income and (y) the book value of such Investment Asset in the calculation of the aggregate book value of all Investment
Assets contributing positive cash income to such Annualized Consolidated Cash Income); provided, that at the time of delivery of such certificate to the Administrative Agent and the Lenders, such Investment Asset satisfies each of the
Qualifying Criteria. 
 1.5 Definition of Consolidated Cash Income. The definition of “Consolidated Cash
Income” contained in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

  
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 “Consolidated Cash Income” means, for any fiscal quarter of
the REIT, the aggregate Cash Income from all Investment Assets during such fiscal quarter; provided, that (a) in the case of any Certified Contributing Investment Asset, Consolidated Cash Income shall not include the Cash Income
generated from such Certified Contributing Investment Asset until the first day of the first fiscal quarter of the REIT to occur following the date such Certified Contributing Investment Asset became a Certified Contributing Investment Asset and
(b) Consolidated Cash Income shall not at any time include any Cash Income generated from any Investment Asset (i) that is not owned directly or indirectly by a Pledged Affiliate, (ii) if the Affiliated Investor that owns such
Investment Asset (or any Loan Party or Affiliated Investor that directly or indirectly owns any Equity Interests in such Affiliated Investor) (w) has any Indebtedness (other than the Obligations) outstanding at such time, (x) is not
Solvent at such time, (y) is subject to any proceedings under any Debtor Relief Law at such time or (z) is not Controlled by a Pledged Affiliate, (iii) to the extent that such Cash Income is attributable to Distributions with respect
to such Investment Asset that are payable to any Loan Party and not made or deposited into a Distribution Account, (iv) that is encumbered by any Lien (other than a Lien arising under a Loan Document) at such time or (v) that is the
subject of any proceedings under any Debtor Relief Law at such time (subclauses (i) - (v) of this clause (b) being referred to collectively as the “Qualifying Criteria”); provided, further, that (x) in the
case of any Investment Asset owned directly or indirectly by an FDIC Restricted Issuer, only the Pledged Percentage of the Cash Income generated by such Investment Asset shall be included in Consolidated Cash Income, (y) the amount of Cash
Income to be included in Consolidated Cash Income in respect of any Investment Asset that constitutes a Preferred Equity Investment shall be limited to such Investment Asset’s Cash Income multiplied by the percentage of the amount of such
Investment Asset that does not exceed a loan-to-value ratio (expressed as a percentage) of 85%, where the sum of (1) the outstanding amount of such Preferred Equity Investment at such time and (2) the aggregate outstanding amount of all
Indebtedness (other than the Obligations) of the applicable Preferred Equity Issuer at such time is the numerator in such loan-to-value ratio and the total asset value (as determined in accordance with GAAP) of such Preferred Equity Issuer at such
time is the denominator of such loan-to-value ratio, with any excess over such limit being excluded from Consolidated Cash Income and (z) not more than 40% of Consolidated Cash Income during such fiscal quarter may be generated from Investment
Assets that are not owned directly by a Pledged Affiliate, with any excess over such limit being excluded from Consolidated Cash Income (clauses (x), (y) and (z) of this proviso being referred to herein as the “Contribution
Limitations”). Notwithstanding the provisions of clause (b) of the first proviso to this definition, the Hunt Portfolio Investment Asset shall be deemed to satisfy the Qualifying Criteria so long as the only matters relating to the
Hunt Portfolio Investment Asset that otherwise would have resulted in its failure to satisfy the Qualifying Criteria are those set forth on Schedule I to the Second Amendment. 

  
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 1.6 Definition of Consolidated Cash Interest Expense. The definition of
“Consolidated Cash Interest Expense” contained in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Consolidated Cash Interest Expense” means, for any period, Consolidated Interest Expense for such
period, excluding any portion thereof not payable in cash in such period (provided, however, that any interest expense recognized in such period that is paid from a prefunded interest reserve shall be excluded from Consolidated Cash Interest Expense
for such period to the extent the amounts in such prefunded interest reserve were included in Consolidated Cash Interest Expense in a prior period). 
 1.7 Definition of Consolidated Group Pro Rata Share. The definition of “Consolidated Group Pro Rata Share” contained in Section 1.01 of the Credit Agreement is hereby amended
and restated in its entirety to read as follows: 
 “Consolidated Group Pro Rata Share” means,
(i) with respect to any Unconsolidated Affiliate, the percentage interest held by the REIT and its Consolidated Subsidiaries, in the aggregate, in such Unconsolidated Affiliate determined by calculating the percentage of Equity Interests of
such Unconsolidated Affiliate owned by the REIT and its Consolidated Subsidiaries and (ii) with respect to any Non Wholly-Owned Consolidated Affiliate, the percentage interest held by the REIT and its Wholly-Owned Subsidiaries, in the
aggregate, in such Non Wholly-Owned Consolidated Affiliate determined by calculating the percentage of Equity Interests of such Non Wholly-Owned Consolidated Affiliate owned by the REIT and its Wholly-Owned Subsidiaries. 

1.8 Definition of Consolidated Interest Expense. The definition of “Consolidated Interest Expense” contained in
Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Consolidated Interest Expense” means, for any period, total interest expense of the REIT and its
Consolidated Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided, that solely for purposes of calculating the Consolidated Fixed Charge Coverage Ratio, Consolidated Interest Expense shall, with respect
to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of the total interest expense (determined in accordance with GAAP) of such Non Wholly-Owned Consolidated Affiliate for such period. 

1.9 Definition of Consolidated Total Debt. The definition of “Consolidated Total Debt” contained in
Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Consolidated Total Debt” means, as at any date of determination, the aggregate amount of all
Indebtedness of the REIT and its Consolidated Subsidiaries that would be reflected on a consolidated balance sheet of the REIT 

  
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and its Consolidated Subsidiaries as of such date prepared in accordance with GAAP; provided, that Consolidated Total Debt shall (i) also include the Consolidated Group Pro Rata Share
of the aggregate amount of all Indebtedness of each Unconsolidated Affiliate that would be reflected on a balance sheet of such Unconsolidated Affiliate prepared in accordance with GAAP, net of the Consolidated Group Pro Rata Share of uncommitted
cash on hand at and available to Unconsolidated Affiliates to pay down such Indebtedness, (ii) exclude any Indebtedness attributable to a Specified GAAP Reportable B Loan Transaction and (iii) solely with respect to the Indebtedness of any
Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of such Indebtedness. 
 1.10
Definition of Contributing Investment Asset. The definition of “Contributing Investment Asset” contained in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Contributing Investment Asset” means, collectively, (i) the Initial Contributing Investment Assets,
(ii) any Investment Asset that has contributed positive Cash Income to the calculation of Annualized Consolidated Cash Income during the then most recently ended fiscal quarter of the REIT (with Consolidated Cash Income being calculated solely
for purposes of this definition without giving effect to the Contribution Limitations) and (iii) any Certified Contributing Investment Asset; provided, however, that if at any time a Disqualifying Event occurs with respect to an
Investment Asset that is a Contributing Investment Asset at such time, such Investment Asset shall no longer constitute a Contributing Investment Asset unless and until such time subsequent to such Disqualifying Event as such Investment Asset
satisfies clause (ii) or (iii) of this definition. 
 1.11 Definition of Contributing Investment Asset Material
Default. The definition of “Contributing Investment Asset Material Default” contained in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Contributing Investment Asset Material Default” means (a) with respect to any Commercial Real
Estate Debt Investment, the occurrence of (i) a payment default (irrespective of whether such default is waived) with respect to such Commercial Real Estate Debt Investment that is unremedied prior to the earlier of (x) five (5) days
following the occurrence thereof or (y) the date on which such payment default becomes an “Event of Default” (or other similar term) under the loan documentation or other applicable written agreements governing such Commercial Real
Estate Debt Investment, (ii) a bankruptcy default (irrespective of whether such default is waived) with respect to such Commercial Real Estate Debt Investment, (iii) any default (irrespective of whether such default is waived) with respect
to such Commercial Real Estate Debt Investment (other than those referenced in clauses (i) and (ii) above) or restructuring with respect to such Commercial Real Estate Debt Investment that results in such Commercial Real Estate Debt
Investment failing to contribute positive Cash Income to the calculation of Annualized Consolidated Cash Income during the then current 

  
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fiscal quarter of the REIT or (iv) an acceleration of the obligations of any obligor in respect of such Commercial Real Estate Debt Investment and (b) with respect to any Preferred
Equity Investment, the occurrence of (i) the failure of the applicable Preferred Equity Issuer to pay, when due, a scheduled or other mandatory cash distribution in cash (irrespective of whether such failure to pay such distribution is waived)
to the Affiliated Investor that holds such Preferred Equity Investment, (ii) the applicable Preferred Equity Issuer becoming subject to any voluntary proceeding under any Debtor Relief Law or (iii) the applicable Preferred Equity Issuer
becoming subject to any involuntary proceeding under any Debtor Relief Law, which proceeding is not dismissed within 90 days after the commencement thereof or in which an order for relief is entered in such proceeding. 

1.12 Definition of Control. The definition of “Control” contained in Section 1.01 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows: 
 “Control” means the
possession, directly or indirectly, of the power to veto, direct or cause the direction of the management or fundamental policies of a Person, whether through the ability to exercise voting power, by contract or otherwise which for purposes of this
definition shall include ownership of Equity Interests having at least 50% of the voting interests of a Person or having majority control of a board of directors or equivalent governing body of a Person. 

1.13 Definition of Core Earnings. The definition of “Core Earnings” contained in Section 1.01 of the Credit
Agreement is hereby amended and restated in its entirety to read as follows: 
 “Core Earnings”
means, for any period, the consolidated net income (loss) of the REIT, computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) real estate depreciation and amortization expense, (iii) any unrealized
gains or losses from mark to market valuation changes (other than permanent impairment) that are included in net income and (iv) extraordinary or non-recurring non-cash gains or losses; provided, that Core Earnings shall, solely with respect to
the Core Earnings attributable to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of such attributable amount. 
 1.14 Definition of Disqualifying Event. The definition of “Disqualifying Event” contained in Section 1.01 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows: 
 “Disqualifying Event” means, at any time with respect to any
Investment Asset that is a Contributing Investment Asset at such time, the occurrence of any of the following: (i) such Investment Asset failing to contribute positive Cash Income to the calculation of Annualized Consolidated Cash Income for
any fiscal quarter of the REIT ending subsequent to such Investment Asset becoming a Contributing Investment Asset, (ii) the Cash Income generated by such 

  
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Investment Asset being required to be removed from the calculation of Annualized Consolidated Cash Income in any pro forma Facility Outstandings Compliance Certificate delivered pursuant to
Section 2.15(c) or (d), (iii) a Disposition of such Investment Asset, (iv) such Investment Asset failing to satisfy any of the Qualifying Criteria or (v) the removal by the REIT of such Investment Asset from the
pool of Contributing Investment Assets pursuant to, and in accordance with the requirements set forth in, Section 2.15(e). 
 1.15 Definition of EBITDA. The definition of “EBITDA” contained in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 “EBITDA” means, for any period, Core Earnings for such period excluding (i) Consolidated
Interest Expense, (ii) provisions for taxes based on income of the REIT and its Consolidated Subsidiaries (limited, to the extent that such provisions are for taxes that are attributable to any Non Wholly-Owned Consolidated Affiliate, to the
Consolidated Group Pro Rata Share of such attributable amount) and (iii) reasonable and customary out-of-pocket expenses incurred by the REIT and its Consolidated Subsidiaries in connection with the issuance of any debt or Equity Interests
permitted to be issued hereunder (limited, to the extent that such expenses are incurred by any Non Wholly-Owned Consolidated Affiliate, to the Consolidated Group Pro Rata Share of such expenses). 

1.16 Definition of Facility Outstandings Compliance Certificate. The definition of “Facility Outstandings Compliance
Certificate” contained in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “Facility Outstandings Compliance Certificate” means, on any date of determination, a certificate executed by a Responsible Officer of the REIT setting forth a reasonably detailed
calculation of the Maximum Permitted Outstanding Amount on such date. 
 1.17 Definition of Investment Asset. The
definition of “Investment Asset” contained in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Investment Asset” means a Commercial Real Estate Debt Investment, a Commercial Real Estate Ownership
Investment or a Preferred Equity Investment, in each case to the extent owned by a Loan Party or any other Person in which a Loan Party, directly or indirectly, owns an Equity Interest. 

1.18 Definition of Investment Asset Payment. The definition of “Investment Asset Payment” contained in
Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Investment Asset Payment” means (i) with respect to any Commercial Real Estate Debt Investment, any
payment made, directly or indirectly, to a Loan 

  
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Party (whether as a direct or indirect payment, dividend or other distribution from the Affiliated Investor that owns such Commercial Real Estate Debt Investment, or otherwise) representing
proceeds of an amortization payment made in respect of such Commercial Real Estate Debt Investment, but excluding any scheduled, recurring amortization payments (or any balloon payment payable upon maturity) in respect of such Commercial Real Estate
Debt Investment and (ii) with respect to any Preferred Equity Investment, any payment made, directly or indirectly, to a Loan Party (whether as a direct or indirect payment, dividend or other distribution from the Affiliated Investor that owns
such Preferred Equity Investment, or otherwise) representing proceeds of (x) a redemption of all or any portion of the preferred equity interests issued by the applicable Preferred Equity Issuer in respect of such Preferred Equity Investment,
but excluding any scheduled, recurring redemption payments in respect of such Preferred Equity Investment or (y) a liquidating or similar dividend or distribution made by the applicable Preferred Equity Issuer. 

1.19 Definition of Investment Asset Report. The definition of “Investment Asset Report” contained in
Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Investment Asset Report” means, for any fiscal quarter of the REIT, a detailed written report, certified
by a Responsible Officer of the REIT, of the Contributing Investment Assets during such fiscal quarter, including (as applicable) the loan loss results, loan loss reserves and adjustments with respect to such Contributing Investment Assets, all
material developments with respect to such Investment Assets, the amount of cash income received by the applicable Affiliated Investors and the amount of Cash Income received by the Loan Parties from such Contributing Investment Assets for each
month during such fiscal quarter, the book value (determined in accordance with GAAP) of such Contributing Investment Asset and such other information as reasonably requested by the Administrative Agent or any Lender, which report shall be in form,
scope and substance substantially similar to the “Borrowing Base Reports” with respect to “Eligible Investment Assets” (as such terms were defined in the Original Credit Agreement) that were delivered to the Administrative Agent
prior to the Restatement Effective Date pursuant to the Original Credit Agreement. 
 1.20 Definition of Joint Venture
Investment. The definition of “Joint Venture Investment” contained in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Joint Venture Investment” means, with respect to any Affiliated Investor that owns directly or
indirectly any Contributing Investment Asset, (a) any loan, advance, extension of credit (by way of guaranty or otherwise) or capital contribution made by any Person to such Affiliated Investor, (b) any purchase by, or issuance to, any
Person of any Equity Interests, bonds, notes, debentures or other debt securities of such Affiliated Investor or (c) any other investment made by any Person in such Affiliated Investor. 

  
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 1.21 Definition of Liquidity. The definition of “Liquidity”
contained in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “Liquidity” means, at any time, the sum of (a) the aggregate amount of Unrestricted Cash of the Loan Parties at such time, plus (b) an amount equal to the lesser of (i) the
Aggregate Commitments at such time, minus Total Outstandings at such time and (ii) the Maximum Permitted Outstanding Amount at such time, minus Total Outstandings at such time 

1.22 Definition of Pledged Affiliate. The definition of “Pledged Affiliate” contained in Section 1.01 of the
Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “Pledged
Affiliate” means a corporation, limited liability company, partnership or other legal entity in which a Wholly-Owned Loan Party directly owns all or a portion of its equity interests, in each case so long as (i) all of the equity
interests owned by such Wholly-Owned Loan Party in such Person are pledged as Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, pursuant to the Collateral Documents and (ii) such Wholly-Owned Loan Party
Controls such Person. 
 1.23 Definition of Qualifying Criteria. The definition of “Qualifying Criteria”
contained in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “Qualifying Criteria” has the meaning specified in clause (b) of the first proviso to the definition of “Consolidated Cash Income” (subject, solely with respect to the Hunt
Portfolio Investment Asset, to the last sentence of the definition of “Consolidated Cash Income”). 
 1.24
Definition of Specified Investment Asset. The definition of “Specified Investment Asset” contained in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Specified Investment Asset” means an Investment Asset that (i) has contributed more than 5% of the
positive Cash Income to the calculation of Annualized Consolidated Cash Income as of the then most recent Certificate Date or (ii) accounts for more than 5% of the aggregate book value (determined in accordance with GAAP) of all Investment
Assets as of the then most recent Certificate Date. 
 1.25 Definition of Total Asset Value. The definition of
“Total Asset Value” contained in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “Total Asset Value” means, as of any date, the book value of the total assets of the REIT and its Consolidated Subsidiaries on such date as determined

  
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in accordance with GAAP; provided, that Total Asset Value shall (i) also include the Consolidated Group Pro Rata Share of the book value of the total assets of each Unconsolidated Affiliate
on such date as determined in accordance with GAAP, but exclude the Consolidated Group Pro Rata Share of the book value of the total equity of each Unconsolidated Affiliate that is already accounted for in the total assets of the REIT and its
Consolidated Subsidiaries on such date as determined in accordance with GAAP, (ii) exclude any asset value attributable to a Specified GAAP Reportable B Loan Transaction and (iii) solely with respect to the book value of the total assets
of a Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of the book value of such Non Wholly-Owned Consolidated Affiliate’s total assets. 

1.26 Definition of Total Facility Outstandings to Consolidated Cash Income Ratio. The definition of “Total Facility
Outstandings to Consolidated Cash Income Ratio” contained in Section 1.01 of the Credit Agreement is hereby deleted. 

1.27 Definition of Weighted Average Maturity. The definition of “Weighted Average Maturity” contained in
Section 1.01 of the Credit Agreement is hereby deleted. 
 1.28 Section 2.15(b)(i).
Section 2.15(b)(i) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (i) The REIT shall irrevocably instruct each Affiliated Investor that owns directly or indirectly a Contributing Investment Asset, to make any and all Distributions from such Affiliated Investor that are
payable to any Loan Party into one or more deposit accounts or securities accounts, as applicable, that is subject to a Control Agreement and maintained by such Loan Party at Bank of America or an Affiliate thereof (each such deposit account and
securities account, a “Distribution Account”). If, despite such instructions, any Distribution is received by a Loan Party in contravention of the prior sentence, such Loan Party shall receive such Distribution in trust for the
benefit of the Administrative Agent, and the REIT shall cause such Loan Party to segregate such Distribution from all other funds of such Loan Party and shall within two (2) Business Days following receipt thereof cause such Distribution to be
deposited into a Distribution Account. 
 1.29 Section 2.15(b)(iv). Section 2.15(b)(iv) of the Credit
Agreement is hereby amended and restated in its entirety to read as follows: 
 (iv) Notwithstanding anything to
the contrary contained herein (and in any event subject to the Borrowers’ continuing compliance with the minimum Liquidity covenant set forth in Section 7.12(d)), if at any time (x) any one or more Investment Assets that
individually or in the aggregate contributed more than 5% of Cash Income to Annualized Consolidated Cash Income, or accounted for more than 5% of the aggregate book value (determined in accordance with GAAP) of all Investment Assets, as of the then
most recent Certificate Date cease to be Contributing Investment Assets and (y) the Total Outstandings exceed zero, the 

  
 13 

 
Wholly-Owned Loan Parties shall not be permitted to (i) remove any amounts on deposit in any Distribution Account relating to such Investment Asset(s) or (ii) direct any distributions
or other payments owing to any Wholly-Owned Loan Party in respect of such Investment Asset(s) to an account other than a Distribution Account, in each case except to the extent such amounts, distributions or other payments are utilized to repay
outstanding Loans, unless and until the Loan Parties have delivered to the Administrative Agent and the Lenders a Facility Outstandings Compliance Certificate showing that the Borrowers are in pro forma compliance with the covenant set forth in
Section 7.12(e) immediately after giving pro forma effect to the removal of such Investment Asset’s contribution to the Maximum Permitted Outstanding Amount. 
 1.30 Section 2.15(c). Section 2.15(c) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(c) Additional Joint Venture Investments. Each Borrower hereby agrees that, so long as any Investment Asset owned
directly or indirectly by an Affiliated Investor is a Contributing Investment Asset, it shall not suffer or permit any additional Joint Venture Investments to be made by any Person in such Affiliated Investor unless each of the following conditions
precedent are satisfied: 
 (i) Within ten (10) Business Days prior to any such additional Joint Venture
Investment being made, the Administrative Agent and the Lenders shall have received (x) a written notice, executed by a Responsible Officer of the REIT, describing such Joint Venture Investment in reasonable detail (including, without
limitation, the Person(s) making such Joint Venture Investment, the amount and form thereof and the intended use of the proceeds thereof) and (y) a Facility Outstandings Compliance Certificate executed by a Responsible Officer of the REIT
setting forth a pro forma calculation of the Maximum Permitted Outstanding Amount immediately after giving effect to such Joint Venture Investment (including, without limitation, (A) any adjustments resulting from the Loan Parties’
percentage ownership of the Equity Interests of such Affiliated Investor being increased or decreased in connection therewith and/or (B) the removal of all Investment Assets of such Affiliated Investor from the calculation of the Maximum
Permitted Outstanding Amount, to the extent such Joint Venture Investment is in the form of a loan to such Affiliated Investor or otherwise results in such Affiliated Investor owing any Indebtedness to any Person). 

(ii) The Administrative Agent and the Required Lenders shall have the right, in their reasonable discretion, to make
adjustments to the calculation of the Maximum Permitted Outstanding Amount set forth in the Facility Outstandings Compliance Certificate delivered pursuant to Section 2.15(c)(i) above to reflect (x) any actual or potential reduction
or dilution in the Loan Parties’ percentage ownership of such Affiliated Investor resulting from such Joint Venture Investment and/or (y) any other 

  
 14 

 
effects of such Joint Venture Investment that have, or could result in, a reduction or dilution of the Loan Parties right to receive Distributions from, or any of their other rights or interests
in, such Affiliated Investor (including, without limitation, the effects of any such Joint Venture Investment in the form of an equity investment with a liquidation preference or a preferred rate of return), in each case to the extent not otherwise
already reflected in such certificate. Any such adjustments to the calculation of the Maximum Permitted Outstanding Amount shall be provided by the Administrative Agent to the REIT within five (5) Business Days after the Administrative
Agent’s and Lenders’ receipt of the Facility Outstandings Compliance Certificate delivered pursuant to Section 2.15(c)(i) above (whereupon, the Borrowers shall, on or prior to the consummation of such Joint Venture Investment,
deliver an updated certificate reflecting such adjustments). 
 (iii) If, after giving effect to such Joint
Venture Investment, the Borrowers would not be in pro forma compliance with the covenant set forth in Section 7.12(e) (giving effect to any adjustments made by the Administrative Agent and/or the Required Lenders pursuant to
Section 2.15(c)(ii) above), the Borrowers shall, simultaneously with or prior to the consummation of such Joint Venture Investment, repay Loans in an amount necessary to eliminate such non-compliance. 

1.31 Section 2.15(d). Section 2.15(d) of the Credit Agreement is hereby amended and restated in its entirety to
read as follows: 
 (d) Notices of Certain Adverse Events Impacting Consolidated Cash Income. 

(i) If at any time any Contributing Investment Asset Material Default occurs in respect of any one or more Contributing
Investment Assets which have, individually or in the aggregate, contributed more than 5% of Cash Income to Annualized Consolidated Cash Income, or accounted for more than 5% of the aggregate book value (determined in accordance with GAAP) of all
Investment Assets, in each case as of the then most recent Certificate Date, then (a) the REIT shall promptly (and in any event within three (3) Business Days) upon the occurrence thereof (i) provide the Administrative Agent and the
Lenders written notice thereof and (ii) provide the Administrative Agent and the Lenders with a Facility Outstandings Compliance Certificate setting forth a pro forma calculation of the Maximum Permitted Outstanding Amount (with the Maximum
Permitted Outstanding Amount being calculated immediately after giving effect to the removal of the contribution from all Commercial Real Estate Debt Investments and/or Preferred Equity Investments subject to such Contributing Investment Asset
Material Defaults) and (b) to the extent such Facility Outstandings Compliance Certificate shows that the Borrowers would not be in pro forma compliance with the covenant set forth in Section 7.12(e) immediately after giving pro
forma effect to such 

  
 15 

 
Contributing Investment Asset Material Default, the Borrowers shall immediately repay Loans outstanding in an amount necessary for the Borrowers to be in pro forma compliance with such covenant
(and the REIT shall submit a new Facility Outstandings Compliance Certificate to the Administrative Agent and the Lenders containing a calculation of such covenant demonstrating such pro forma compliance therewith). 

(ii) If at any time any Triggering Event occurs in respect of any one or more Contributing Investment Assets which have,
individually or in the aggregate, contributed more than 5% of Cash Income to Annualized Consolidated Cash Income, or accounted for more than 5% of the aggregate book value (determined in accordance with GAAP) of all Investment Assets, in each case
as of the then most recent Certificate Date, then (a) the REIT shall promptly (and in any event within three (3) Business Days) upon the occurrence thereof (i) provide the Administrative Agent and the Lenders written notice thereof
and (ii) provide the Administrative Agent and the Lenders with a Facility Outstandings Compliance Certificate setting forth a pro forma calculation of the Maximum Permitted Outstanding Amount (immediately after giving effect to any reduction to
the Maximum Permitted Outstanding Amount resulting from such Triggering Event) and (b) to the extent such Facility Outstandings Compliance Certificate shows that the Borrowers would not be in pro forma compliance with the covenant set forth in
Section 7.12(e) immediately after giving pro forma effect to such Triggering Event, the Borrowers shall immediately repay Loans outstanding in an amount necessary for the Borrowers to be in pro forma compliance with such covenant (and
the REIT shall submit a new Facility Outstandings Compliance Certificate to the Administrative Agent and the Lenders containing a calculation of such covenant demonstrating such pro forma compliance therewith). 

(iii) The Administrative Agent or the Required Lenders (by notice to the Administrative Agent) shall have the right, in
their sole discretion, to require that the REIT provide a Facility Outstandings Compliance Certificate if at any time any event or circumstance occurs in respect of any one or more Contributing Investment Assets which have, individually or in the
aggregate, contributed more than 5% of Cash Income to the Annualized Consolidated Cash Income, or accounted for more than 5% of the aggregate book value (determined in accordance with GAAP) of all Investment Assets, in each case as of the then most
recent Certificate Date (or any of the obligors thereon) that the Administrative Agent or the Required Lenders reasonably determine to be materially adverse to such Contributing Investment Asset(s) or the applicable Affiliated Investor(s). To the
extent any Facility Outstandings Compliance Certificate delivered pursuant to the prior sentence shows that the Borrowers would not be in pro forma compliance with the covenant set forth in Section 7.12(e), the Borrowers shall
immediately repay Loans 

  
 16 

 
outstanding in an amount necessary for the Borrowers to be in pro forma compliance with such covenant (and the REIT shall submit a new Facility Outstandings Compliance Certificate to the
Administrative Agent and the Lenders containing a calculation of such covenant demonstrating such pro forma compliance therewith). 
 1.32 Section 2.15(e). Section 2.15(e) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(e) Removal by REIT of Investment Assets (or Portions thereof) from the Pool of Contributing Investment Assets. The
REIT may, by providing at least five (5) Business Days’ prior written notice to the Administrative Agent and the Lenders, elect (such election, a “Removal Election”) to (x) have any Investment Asset that is then a
Contributing Investment Asset cease to be a Contributing Investment Asset (whether in connection with a Disposition of such Contributing Investment Asset in its entirety or otherwise) or (y) Dispose of a portion (but not all) of a Contributing
Investment Asset; provided, that (i) in the case of any Removal Election that occurs prior to the Revolver Maturity Date, there are at least ten (10) Investment Assets remaining after giving effect to such Removal Election that have
contributed positive Cash Income to the calculation of the Annualized Consolidated Cash Income for the then most recently ended fiscal quarter of the REIT, with no single remaining Investment Asset contributing more than 25% of total Cash Income to
Annualized Consolidated Cash Income (such requirements being referred to herein as the “Removal Excess Cash Flow Requirements”), except in each case to the extent that either (A) there are no Revolving Loans outstanding at the
time of such Removal Election or (B) the Administrative Agent and the Required Lenders otherwise consent to such election in writing, (ii) on the date of such Removal Election, the Borrowers shall have submitted to the Administrative Agent
and the Lenders a certificate (a “Removal Election Compliance Certificate”) executed by a Responsible Officer of the REIT (A) certifying to the Administrative Agent and the Lenders that immediately before and after giving
effect to such Removal Election, no Default or Event of Default has occurred and is continuing and (B) setting forth a pro forma calculation of the Maximum Permitted Outstanding Amount (immediately after giving effect to such Removal Election)
and (iii) to the extent such Removal Election Compliance Certificate shows that the Borrowers would not be in pro forma compliance with the covenant set forth in Section 7.12(e) immediately after giving pro forma effect to the
Removal Election, the Borrowers shall, simultaneously with or prior to the consummation of such election, repay Loans in an amount necessary for the Borrowers to be in pro forma compliance with such covenant (and the REIT shall submit a new Removal
Election Compliance Certificate to the Administrative Agent and the Lenders demonstrating such pro forma compliance). 

  
 17 

 Notwithstanding anything to the contrary contained herein or otherwise, in
the event that any Removal Election made in compliance with Section 2.15(e) does not (and pursuant to clause (i)(A) of the proviso to Section 2.15(e) is not required to) satisfy the Removal Excess Cash Flow Requirements, then
following such Removal Election the Borrowers shall not request any Borrowings, and the Lenders shall not be required to make any Loans to the Borrowers, unless and until such time as the Borrowers have delivered a certificate to the Administrative
and the Required Lenders, executed by a Responsible Officer of the REIT, (a) certifying that one or more Affiliated Investors own at least ten (10) Investment Assets that have contributed positive Cash Income to the calculation of
Annualized Consolidated Cash Income for the then most recently ended fiscal quarter of the REIT, with no single Investment Asset contributing more than 25% of total Cash Income to such Annualized Consolidated Cash Income and (b) containing a
reasonably detailed calculation of same. 
 1.33 Section 6.19. Section 6.19 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows: 
 6.19 Organization Documents of Affiliated
Investors. Provide the Administrative Agent with a copy of the Organization Documents of each Affiliated Investor promptly following the effectiveness thereof. 
 1.34 Section 7.02(b). Section 7.02(b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(b) Investments of (i) a Borrower in any other Borrower or in any Guarantor, (ii) a Guarantor in any Borrower or
any other Guarantor or (iii) a Borrower or Guarantor, in an Affiliated Investor so long as the proceeds thereof are used by such Affiliated Investor solely for the purpose of acquiring an Investment Asset (either directly or via Investment of
such proceeds in another Affiliated Investor) and paying costs and expenses related thereto; and 
 1.35
Section 7.05(g). Section 7.05(g) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (g) the sale or other Disposition of (x) a Specified Investment Asset or (y) all, but not less than all, of the Equity Interests held, directly or indirectly, by the Loan Parties in any
Affiliated Investor that holds one or more Specified Investment Assets (any such Disposition specified in clause (x) or (y) being referred to herein as a “Specified Disposition”); provided, that (i) in the case
of any such Specified Disposition that occurs prior to the Revolver Maturity Date, there are at least ten (10) Investment Assets remaining after giving effect to such Specified Disposition that have contributed positive Cash Income to the
calculation of Annualized Consolidated Cash Income for the then most recently 

  
 18 

 
ended fiscal quarter of the REIT, with no single remaining Investment Asset contributing more than 25% of total Cash Income to such Annualized Consolidated Cash Income (such requirements being
referred to herein as the “Disposition Excess Cash Income Requirements”), except in each case to the extent that either (A) there are no Revolving Loans outstanding at the time of such Specified Disposition or (B) the
Administrative Agent and the Required Lenders otherwise consent to such Specified Disposition in writing, (ii) on or prior to the date that is three (3) Business Days prior to the date of the proposed Specified Disposition, the Borrowers
shall have submitted to the Administrative Agent and the Lenders a certificate (a “Disposition Compliance Certificate”) executed by a Responsible Officer of the REIT (A) certifying to the Administrative Agent and the Lenders
that immediately before and after giving effect to such Specified Disposition, no Default or Event of Default has occurred and is continuing and (B) setting forth a pro forma calculation of the Maximum Permitted Outstanding Amount (immediately
after giving effect to such Specified Disposition) and (iii) to the extent such Disposition Compliance Certificate shows that the Borrowers would not be in pro forma compliance with the covenant set forth in Section 7.12(e)
immediately after giving pro forma effect to the proposed Specified Disposition, the Borrowers shall, simultaneously with or prior to the consummation of such Specified Disposition, repay Loans in an amount necessary for the Borrowers to be in pro
forma compliance with such covenant (and the REIT shall submit a new Disposition Compliance Certificate to the Administrative Agent and the Lenders demonstrating such pro forma compliance). 

1.36 Section 7.05. The last paragraph of Section 7.05 of the Credit Agreement is hereby amended and restated in
its entirety to read as follows: 
 Notwithstanding anything to the contrary contained herein or otherwise, in
the event that any Specified Disposition made in compliance with Section 7.05(g) does not (and pursuant to clause (i)(A) of the proviso to Section 7.05(g) is not required to) satisfy the Disposition Excess Cash Income
Requirements, then following such Specified Disposition the Borrowers shall not request any Borrowings, and the Lenders shall not be required to make any Loans to the Borrowers, unless and until such time as the Borrowers have delivered a
certificate to the Administrative Agent and the Required Lenders, executed by a Responsible Officer of the REIT, (a) certifying that one or more Affiliated Investors own at least ten (10) Investment Assets that have contributed positive
Cash Income to the calculation of Annualized Consolidated Cash Income for the then most recently ended fiscal quarter of the REIT, with no single Investment Asset contributing more than 25% of total Cash Income to such Annualized Consolidated Cash
Income and (b) containing a reasonably detailed calculation of same. 
 1.37 Section 7.06(d).
Section 7.06(d) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

  
 19 

 (d)    (i) prior to the formation of the Operating
Partnership, so long as no Event of Default under Section 8.01(a), (f) or (g) shall have occurred and be continuing or would result therefrom, the REIT shall be permitted to declare and pay dividends on its Equity
Interests or make distributions with respect thereto in an amount for any fiscal year of the REIT equal to the greater of (x) 95% of the aggregate cumulative Adjusted Net Income of the REIT for such fiscal year and (y) such amount as may
be required to eliminate 110% of the REIT’s taxable income plus depreciation as a real estate investment trust or such other amount as is necessary for the REIT to maintain its status as a real estate investment trust under the Code and
(ii) on and after the formation of the Operating Partnership, so long as no Event of Default under Section 8.01(a), (f) or (g) shall have occurred and be continuing or would result therefrom, the Operating
Partnership shall be permitted to declare and pay dividends on its Equity Interests or make distributions with respect thereto in an amount for any fiscal year of the REIT equal to the greater of (x) 95% of the aggregate cumulative Adjusted Net
Income of the REIT for such fiscal year and (y) such amount that will result in the REIT receiving the necessary amount of funds required to be distributed to its equityholders in order for the REIT to (A) eliminate 110% of its taxable
income plus depreciation as a real estate investment trust or (B) maintain its status as a real estate investment trust under the Code; 
 1.38 Section 7.12(a). Section 7.12(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(a) Consolidated Tangible Net Worth. Permit Consolidated Tangible Net Worth at any time to be less than the sum of
(i) $682,000,000 and (ii) 80% of Net Cash Proceeds received by the REIT from issuances or sales of Equity Interests of the REIT occurring after June 30, 2012. 
 1.39 Section 7.12(b). Section 7.12(b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(b) Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio as of the end of
any fiscal quarter of the REIT to be less than 2.25 to 1.00. 
 1.40 Section 7.12(d). Section 7.12(d) of
the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (d) Minimum
Liquidity. Permit Liquidity at any time to be less than $5,000,000. 
 1.41 Section 7.12(e).
Section 7.12(e) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(e) Total Facility Outstandings. Permit the Total Facility Outstandings at any time to exceed the Maximum Permitted
Outstanding Amount at such time. 

  
 20 

 1.42 Section 7.12(f). Section 7.12(f) of the Credit Agreement is
hereby deleted. 
 1.43 Exhibit C (Form of Compliance Certificate). Exhibit C to the Credit Agreement is hereby
amended in its entirety by substituting the document attached as Exhibit C hereto in its place. 
 SECTION 2.
Conditions of Effectiveness. This Agreement shall not become effective until the date on which all of the following conditions precedent shall have been satisfied or waived in writing (such date being referred to herein as the
“Second Amendment Effective Date”): 
 (a) Counterparts. The Administrative Agent shall
have received counterparts of this Agreement duly executed by each the Loan Parties, the Administrative Agent and the Required Lenders. 
 (b) Representations and Warranties. All representations and warranties contained in Section 3 of this Agreement shall be true. 

(c) Fees. The Borrower shall have paid, by wire transfer of immediately available funds, to the Administrative
Agent (i) for the account of the Lenders that execute and deliver this Agreement, a fee of 0.15% of the Aggregate Commitments of such Lenders in effect on the Second Amendment Effective Date and (ii) all fees otherwise owed to the
Administrative Agent and/or any of its Affiliates. 
 SECTION 3. Representations and Warranties. After giving
effect to this Agreement, the Loan Parties, jointly and severally, reaffirm and restate the representations and warranties set forth in the Credit Agreement and in the other Loan Documents and all such representations and warranties shall be true
and correct on the date hereof with the same force and effect as if made on such date (except (i) to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be
true and correct as of such earlier date and (ii) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all
respects as of such date after giving effect to such qualification). Each of the Loan Parties represents and warrants (which representations and warranties shall survive the execution and delivery hereof) to the Administrative Agent and the Lenders
that: 
 (a) it has the power and authority to execute, deliver and carry out the terms and provisions of this
Agreement and the transactions contemplated hereby and has taken or caused to be taken all necessary action to authorize the execution, delivery and performance of this Agreement and the transactions contemplated hereby; 

(b) no consent of any Person (including, without limitation, any of its equity holders or creditors), and no action of, or
filing with, any governmental or public body or authority is required to authorize, or is otherwise required in connection with, the execution, delivery and performance of this Agreement; 

  
 21 

 (c) this Agreement has been duly executed and delivered on its behalf by a
duly authorized officer, and constitutes its legal, valid and binding obligation enforceable in accordance with its terms, subject to bankruptcy, reorganization, insolvency, moratorium and other similar laws affecting the enforcement of
creditors’ rights generally and the exercise of judicial discretion in accordance with general principles of equity; 
 (d) no Default or Event of Default has occurred and is continuing; 

(e) the execution, delivery and performance of this Agreement will not violate any law, statute or regulation, or any
order or decree of any court or governmental instrumentality, or conflict with, or result in the breach of, or constitute a default under, any contractual obligation of any Loan Party or any of its Subsidiaries; and 

(f) nothing contained in this Agreement, including the amendments to the Credit Agreement effected pursuant hereto,
(i) impairs the validity, effectiveness or priority of the Liens granted pursuant to any Loan Document, and such Liens continue unimpaired with the same priority to secure repayment of all Obligations, whether heretofore or hereafter incurred,
or (ii) requires that any new filings be made or other action taken to perfect or to maintain the perfection of such Liens. 
 SECTION 4. Affirmation of Guarantors. Each Guarantor hereby approves and consents to this Agreement and the transactions contemplated by this Agreement and agrees and affirms that its
guarantee of the Obligations continues to be in full force and effect and is hereby ratified and confirmed in all respects and shall apply to the Credit Agreement, as amended hereby, and all of the other Loan Documents, as such are amended,
restated, supplemented or otherwise modified from time to time in accordance with their terms. 
 SECTION 5. Costs and
Expenses. The Loan Parties acknowledge and agree that its payment obligations set forth in Section 10.04 of the Credit Agreement include the costs and expenses incurred by the Administrative Agent in connection with the preparation,
execution and delivery of this Agreement and any other documentation contemplated hereby (whether or not this Agreement becomes effective or the transactions contemplated hereby are consummated and whether or not a Default or Event of Default has
occurred or is continuing), including, but not limited to, the reasonable fees and disbursements of Kaye Scholer LLP, counsel to the Administrative Agent. 
 SECTION 6. Ratification. 
 (a) Except as herein agreed, the Credit
Agreement and the other Loan Documents remain in full force and effect and are hereby ratified and affirmed by the Loan Parties. Each of the Loan Parties hereby (i) confirms and agrees that the Borrowers are truly and justly indebted to the
Administrative Agent and the Lenders in the aggregate amount of the Obligations without defense, counterclaim or offset of any kind whatsoever, and (ii) reaffirms and admits the validity and enforceability of the Credit Agreement and the other
Loan Documents. 

  
 22 

 (b) This Agreement shall be limited precisely as written and, except as expressly provided
herein, shall not be deemed (i) to be a consent granted pursuant to, or a waiver, modification or forbearance of, any term or condition of the Credit Agreement or any of the instruments or agreements referred to therein or a waiver of any
Default or Event of Default under the Credit Agreement, whether or not known to the Administrative Agent or any of the Lenders, or (ii) to prejudice any right or remedy which the Administrative Agent or any of the Lenders may now have or have
in the future against any Person under or in connection with the Credit Agreement, any of the instruments or agreements referred to therein or any of the transactions contemplated thereby. 

SECTION 7. Modifications. Neither this Agreement, nor any provision hereof, may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the parties hereto. 
 SECTION 8. References.
The Loan Parties acknowledge and agree that this Agreement constitutes a Loan Document. Each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and
each reference in each other Loan Document (and the other documents and instruments delivered pursuant to or in connection therewith) to the “Credit Agreement”, “thereunder”, “thereof” or words of like import, shall
mean and be a reference to the Credit Agreement as modified hereby and as each may in the future be amended, restated, supplemented or modified from time to time. 
 SECTION 9. Counterparts. This Agreement may be executed by the parties hereto individually or in combination, in one or more counterparts, each of which shall be an original and all of which
shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page by telecopier or electronic mail (in a .pdf format) shall be effective as delivery of a manually executed counterpart. 

SECTION 10. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. 
 SECTION 11. Severability. If any provision of this
Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or enforceability without in any manner affecting the validity
or enforceability of such provision in any other jurisdiction or the remaining provisions of this Agreement in any jurisdiction. 
 SECTION 12. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

SECTION 13. Headings. Section headings in this Agreement are included for convenience of reference only and are not to
affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
 [The remainder of this page
left blank intentionally] 

  
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 IN WITNESS WHEREOF, the Loan Parties, the Administrative Agent and the Required
Lenders have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written. 
  

					
	BORROWERS:
	
	COLONY FINANCIAL, INC., a Maryland corporation
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	CFI RE MASTERCO, LLC, a Delaware limited liability company
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	CFI RE HOLDCO, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	CFI MEZZ FUNDING, LLC, a Delaware limited liability company
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer

 
					
	COLFIN ESH FUNDING, LLC, a Delaware limited liability company
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	COLFIN 2100 FUNDING, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Holdco, LLC, its managing member
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	CFI CORAMERICA 2100 FUNDING, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Mark M. Hedstrom

		 	Name:	 	Mark M. Hedstrom
		 	Title:	 	Vice President

 
					
	GUARANTORS:
	
	COLONY FINANCIAL HOLDCO, LLC, a Delaware limited liability company
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	COLONY FINANCIAL TRS, LLC, a Delaware limited liability company
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	CFI FRB FUNDING, LLC, a Delaware limited liability company
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	COLONY FINANCIAL AMC, LLC, a Delaware limited liability company
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer

 
					
	CFI DB HOLDING, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Holdco, LLC, its managing member
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	CFI MBS HOLDING, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Holdco, LLC, its managing member
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	COLFIN JIH FUNDING, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Holdco, LLC, its managing member
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer

 
					
	COLFIN 2011 ADC HOLDING, LLC, a Delaware limited liability company
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	COLONY AMC MILESTONE NORTH, LLC, a Delaware limited liability company
		
	By:	 	Colony Financial AMC, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	CFI 2011 CRE HOLDCO, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Holdco, LLC, its managing member
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer

 
					
	CFI GNE LOAN FUNDING, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Holdco, LLC, its managing member
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	CFI GNE WARRANT INVESTOR, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Holdco, LLC, its managing member
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	CFI INLAND INVESTOR, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Holdco, LLC, its managing member
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer

 
							
	CFI MILESTONE NORTH HOLDCO, LLC, a Delaware limited liability company
			
	By:	 		 	CFI RE Holdco, LLC, its managing member
			
	By:	 		 	CFI RE Masterco, LLC, its managing member
			
	By:	 		 	Colony Financial, Inc., its managing member
			
	By:	 		 	 /s/ Darren J. Tangen

		 		 	Name:	 	Darren J. Tangen
		 		 	Title:	 	Chief Financial Officer
	
	COLONY AMC MILESTONE WEST, LLC, a Delaware limited liability company
			
	By:	 		 	Colony Financial AMC, LLC, its managing member
			
	By:	 		 	Colony Financial, Inc., its managing member
			
	By:	 		 	 /s/ Darren J. Tangen

		 		 	Name:	 	Darren J. Tangen
		 		 	Title:	 	Chief Financial Officer
	
	CFI HUNT TRS INVESTOR, LLC, a Delaware limited liability company
			
	By:	 		 	CFI RE Holdco, LLC, its managing member
			
	By:	 		 	CFI RE Masterco, LLC, its managing member
			
	By:	 		 	Colony Financial, Inc., its managing member
			
	By:	 		 	 /s/ Darren J. Tangen

		 		 	Name:	 	Darren J. Tangen
		 		 	Title:	 	Chief Financial Officer

 
					
	CFI RS HOLDING, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Mark M. Hedstrom

		 	Name:	 	Mark M. Hedstrom
		 	Title:	 	Vice President
	
	CFI CENTCO FUNDING, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	CFI BULLS TRS INVESTOR, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer

 
					
	CFI EXR LOAN FUNDING, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Holdco, LLC, its managing member
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	CFI BOW TRS INVESTOR, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	CFI 2011-2 CRE HOLDCO, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Holdco, LLC, its managing member
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer

 
					
	CFI BMO II TRS INVESTOR, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer
	
	CFI FCDC HOLDCO, LLC, a Delaware limited liability company
		
	By:	 	CFI RE Holdco, LLC, its managing member
		
	By:	 	CFI RE Masterco, LLC, its managing member
		
	By:	 	Colony Financial, Inc., its managing member
		
	By:	 	 /s/ Darren J. Tangen

		 	Name:	 	Darren J. Tangen
		 	Title:	 	Chief Financial Officer

 
					
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	     /s/ Paley Chen

		 	Name:	 	Paley Chen
		 	Title:	 	Vice President

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

 
					
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ James P. Johnson

		 	Name:	 	James P. Johnson
		 	Title:	 	Senior Vice President

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

 
					
	JPMORGAN CHASE BANK, N.A., as a lender
		
	By:	 	 /s/ Matthew Griffith

		 	Name:	 	Matthew Griffith
		 	Title:	 	Executive Director

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

 
					
	MORGAN STANLEY SENIOR FUNDING, INC., as a Lender
		
	By:	 	 /s/ Harry Comninellis

		 	Name:	 	Harry Comninellis
		 	Title:	 	Vice President

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

 
					
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Frank Lambrinos

		 	Name:	 	Frank Lambrinos
		 	Title:	 	Authorized Signatory

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

 
					
	UBS LOAN FINANCE LLC, as a Lender
		
	By:	 	 /s/ Irja R. Otsa

		 	Name:	 	Irja R. Otsa
		 	Title:	 	Associate Director
		
	By:	 	 /s/ David Urban

		 	Name:	 	David Urban
		 	Title:	 	Associate Director

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

 
					
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
	By:	 	 /s/ Bill O’Daly

		 	Name:	 	Bill O’Daly
		 	Title:	 	Director
		
	By:	 	 /s/ Tyler R. Smith

		 	Name:	 	Tyler R. Smith
		 	Title:	 	Associate

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

 
					
	GRACE BAY HOLDINGS II, LLC, as a Lender
		
	By:	 	 /s/ John Bolduc

		 	Name:	 	John Bolduc
		 	Title:	 	Executive Managing Director

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

 
					
	ONEWEST BANK, FSB, as a Lender
		
	By:	 	 /s/ John Devereux

		 	Name:	 	John Devereux
		 	Title:	 	EVP

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

 SCHEDULE I 

HUNT PORTFOLIO INVESMENT ASSET 
 Qualifying Criteria not met by the Hunt Portfolio Investment Asset: 
  

	1)	the obligations secured by the Lien on the Investment Asset constitute prohibited Indebtedness under the Credit Agreement. 

 

	2)	the Investment Asset is encumbered by a Lien. 

  

	3)	a portion of the portfolio constituting the Investment Asset is subject to proceedings under a Debtor Relief Law. 

 EXHIBIT C 

FORM OF COMPLIANCE CERTIFICATE 
 Financial Statement Date:            , 
 To:    Bank of America, N.A., as Administrative Agent 
 Ladies and Gentlemen:

 Reference is made to that certain Amended and Restated Credit Agreement, dated as September 1, 2011 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among Colony Financial, Inc., a Delaware corporation (the “REIT”),
the Subsidiaries of the REIT party thereto as co-borrowers (together with the REIT, the “Borrowers”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent (the “Administrative
Agent”). 
 The undersigned Responsible Officer of the REIT hereby certifies as of the date hereof that he/she is the
                                         
    of the REIT, and that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the REIT, and that: 
 [Use following paragraph 1 for fiscal year-end financial statements] 

1. The Borrowers have delivered the year-end audited financial statements required by Section 6.01(a) of the Agreement for the fiscal year of
the Borrowers ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section. 
 [Use following paragraph 1 for fiscal quarter-end financial statements] 
 1. The Borrowers have delivered the unaudited financial statements required by Section 6.01(b) of the Agreement for the fiscal quarter of the Borrowers ended as of the above date. Such
financial statements fairly present the financial condition, results of operations and cash flows of the REIT and its Consolidated Subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal year-end audit
adjustments and the absence of footnotes. 
 2. The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or
has caused to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Loan Parties during the accounting period covered by such financial statements. 

3. A review of the activities of the Loan Parties during such fiscal period has been made under the supervision of the undersigned with a view to
determining whether during such fiscal period the Loan Parties performed and observed all their Obligations under the Loan Documents, and 

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

 [select one:] 
 [to the best knowledge of the undersigned, during such fiscal period each of the Loan Parties performed and observed each covenant and condition of the Loan Documents applicable to it, and no Default
has occurred and is continuing.] 
 —or— 

[to the best knowledge of the undersigned, during such fiscal period the following covenants or conditions have not been performed or
observed and the following is a list of each such Default and its nature and status:] 
 4. The representations and warranties of the
Borrowers contained in Article V of the Agreement, and any representations and warranties of any Loan Party that are contained in any document furnished at any time under or in connection with the Loan Documents, are true and correct on
and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Compliance
Certificate, the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b),
respectively, of Section 6.01 of the Agreement, including the statements in connection with which this Compliance Certificate is delivered. 
 5. The financial covenant analyses and information set forth on Schedule 1 attached hereto are true and accurate on and as of the date of this Certificate. 

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
                    ,             . 

 

			
	COLONY FINANCIAL, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

 For the Quarter/Year ended
                             (“Statement Date”) 

SCHEDULE 1 

to the Compliance Certificate 
 ($ in 000’s) 
  

											
	I.	  	Section 7.12 (a) – Consolidated Tangible Net Worth.
				
		  	A.	  	Actual Consolidated Tangible Net Worth at Statement Date:	  	
					
		  		  	1.	  	Shareholders’ Equity:	  	$                    
					
		  		  	2.	  	Intangible Assets:	  	$
					
		  		  	3.	  	Consolidated Tangible Net Worth (Line I.A1 less Line I.A.2)1 :	  	$
				
		  	B.	  	80% of Net Cash Proceeds received by the REIT after June 30, 2012 from issuances or sales of its Equity Interests:	  	$
				
		  	C.	  	Minimum required Consolidated Tangible Net Worth	  	
		  		  	(Lines I.B + $682,000,000):	  	$
				
		  	D.	  	Excess (deficient) for covenant compliance (Line I.A.– I.C):	  	$
		
	II.	  	Section 7.12 (b) – Consolidated Fixed Charge Coverage Ratio.
				
		  	A.	  	EBITDA for the fiscal quarter ending on above date (“Subject Period”):	  	
				
		  		  	Core Earnings for Subject
Period2	  	
						
		  		  		  	a.	  	The consolidated net income (loss) of the REIT, computed in accordance with GAAP for Subject Period, plus	  	$
						
		  		  		  	b.	  	Non-cash equity compensation expense for Subject Period, plus	  	$
						
		  		  		  	c.	  	Real estate depreciation and amortization expense for Subject Period, plus	  	$
						
		  		  		  	d.	  	Any unrealized losses from mark to market valuation changes (other than permanent impairment) that are included in net income for Subject Period, plus	  	$
						
		  		  		  	e.	  	Extraordinary or non-recurring non-cash losses for Subject Period, minus	  	$
						
		  		  		  	f.	  	Any unrealized gains from mark to market valuation changes (other than permanent impairment) that are included in net income for Subject Period, minus	  	$

  

 

	1 	There shall be excluded from the calculation of “Consolidated Tangible Net Worth” any effects resulting from the application of FASB ASC No. 715: Compensation
- Retirement Benefits. 

	2 	Core Earnings shall, solely with respect to the Core Earnings attributable to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata
Share of such attributable amount 

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

											
		  		  		  	g.	  	Extraordinary or non-recurring non-cash gains for	  	
		  		  		  		  	Subject Period	  	$
						
		  		  	1.	  		  	Core Earnings (Line II.A.a + b + c + d + e –f –g)	  	$
						
		  		  	2.	  		  	Consolidated Interest Expense for Subject Period:	  	$
						
		  		  	3.	  		  	Provisions for taxes based on income of the REIT and its Consolidated Subsidiaries for Subject Period (limited, to the extent that such provisions are for taxes that are
attributable to any Non Wholly-Owned Consolidated Affiliate, to the Consolidated Group Pro Rata Share of such attributable amount):	  	$
						
		  		  	4.	  		  	Reasonable and customary out-of-pocket expenses incurred by the REIT and its Consolidated Subsidiaries in connection with the issuance of any debt or Equity Interests permitted
to be issued under the Credit Agreement for Subject Period (limited, to the extent that such expenses are incurred by any Non Wholly-Owned Consolidated Affiliate, to the Consolidated Group Pro Rata Share of such expenses):	  	$
						
		  		  	5.	  		  	EBITDA (Lines II.A.1 + 2 +3+4):	  	$
				
		  	B.	  	Consolidated Fixed Charges for Subject Period:	  	
						
		  		  	1.	  		  	Consolidated Cash Interest Expense for Subject Period (including the Consolidated Group Pro Rata Share of Cash Interest Expense of Non Wholly-Owned Consolidated Affiliates for
Subject Period):	  	$
						
		  		  	2.	  		  	Scheduled payments of principal on Consolidated Total Debt for Subject Period3 :	  	$
						
		  		  	3.	  		  	The amount of dividends or distributions paid or required to be paid by the REIT during Subject Period in respect of any of its preferred Equity Interests:	  	$
						
		  		  	4.	  		  	Consolidated Fixed Charges (Lines II.B1 +2 +3):	  	$
				
		  	C.	  	Consolidated Fixed Charge Coverage Ratio (Line II.A.5 ÷ Line II.B.4):	  	            to 1.00
			
	Minimum required:	  	2.25 to 1.00	  	
			
	III.	  	Section 7.12 (c) – Consolidated Leverage Ratio.	  	
				
		  	A.	  	Consolidated Total Debt at Statement Date:	  	
		  		  	1.	  	Aggregate amount of all Indebtedness of the REIT and its Consolidated Subsidiaries (other than Non Wholly-Owned Consolidated Affiliates) that would be reflected on a
consolidated balance sheet of the REIT and its Consolidated Subsidiaries as of Statement Date	  	

  

 

	3 	Consolidated Total Debt to be calculated in accordance with Section III.A. below 

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

											
		  		  		  	prepared in accordance with GAAP:	  	$
					
		  		  	2.	  	Consolidated Group Pro Rata Share of aggregate amount of all Indebtedness of each Unconsolidated Affiliate that would be reflected on a consolidated balance sheet of
such Unconsolidated Affiliate as of Statement Date in accordance with GAAP, net of uncommitted cash on hand at and available to Unconsolidated Affiliates to pay down such Indebtedness:	  	$
					
		  		  	3.	  	Indebtedness, if any, attributable to any Specified GAAP Reportable B Loan Transaction:	  	$
					
		  		  	4.	  	Consolidated Group Pro Rata Share of the aggregate amount of all Indebtedness of each Non Wholly-Owned Consolidated Affiliate that would be reflected on a consolidated
balance sheet of the REIT and its Consolidated Subsidiaries as of the Statement Date prepared in accordance with GAAP	  	$
					
		  		  	5.	  	Consolidated Total Debt (Line III.A.1 + 2 - 3 + 4):	  	$
				
		  	B.	  	Total Asset Value at Statement Date:	  	
					
		  		  	1.	  	Book value of the total assets of the REIT and its Consolidated Subsidiaries (other than Non Wholly-Owned Consolidated Affiliates) on Statement Date as determined in
accordance with GAAP:	  	$
					
		  		  	2.	  	Consolidated Group Pro Rata Share of book value of the total assets of each Unconsolidated Affiliate on Statement Date as determined in accordance with
GAAP:	  	$
					
		  		  	3.	  	Asset value, if any, attributable to any Specified GAAP Reportable B Loan Transaction:	  	$
					
		  		  	4.	  	Consolidated Group Pro Rata Share of the book value of the total assets of each Non Wholly-Owned Consolidated Affiliate on the Statement Date as determined in accordance
with GAAP	  	$
					
		  		  	5.	  	Total Asset Value (Line III.B.1 + 2 - 3 + 4):	  	$
				
		  	C.	  	Consolidated Leverage Ratio (Line III.A.5 ( Line III.B.5):	  	            to 1.00
			
	Maximum permitted:	  	0.50 to 1.00	  	
			
	IV.	  	Section 7.12 (d) – Minimum Liquidity.	  	
				
		  	A.	  	Aggregate amount of cash and Cash Equivalents of the Loan Parties at Statement Date that are not subject to any Lien (excluding Liens arising under a Loan Document
and statutory Liens in favor of any depositary bank where such cash and Cash Equivalents are maintained):	  	$

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

											
		  	B.	  	Amounts included in Line IV.A. that are held by a Person other than a Loan Party as a deposit or security for Contractual Obligations:	  	$                    
				
		  	C.	  	Unrestricted Cash at Statement Date (Line IV.A. - Line IV. B.):	  	$
				
		  	D.	  	Aggregate Commitments at Statement Date:	  	$
				
		  	E.	  	Maximum Permitted Outstanding Amount at Statement Date (see calculation in Section V below):	  	$
				
		  	F.	  	Total Outstandings at Statement Date:	  	$
				
		  	G.	  	Aggregate Commitments minus Total Outstandings (Line IV.D. - IV.F.):	  	$
				
		  	H.	  	Maximum Permitted Outstanding Amount minus Total Outstandings (Line IV.E. - IV.F.):	  	$
				
		  	I.	  	Liquidity (Line IV.C. + lesser of (x) Line IV.G. or (y) Line IV.H.):	  	$
			
		  	Minimum required:     Line IV.G. must not be less than $5,000,000)	  	
			
	V.	  	Section 7.12 (e) – Total Facility Outstandings.	  	
				
		  	A.	  	Total Outstandings at Statement Date:	  	$
				
		  	B.	  	Annualized Consolidated Cash Income at Statement Date (see calculation attached as Annex I hereto):	  	$
				
		  	C.	  	Aggregate book value (determined in accordance with GAAP) of all Investment Assets that contribute positive Cash Income to the calculation of Annualized Consolidated
Cash Income at Statement Date (see calculation attached as Annex II hereto):	  	$
				
		  	D.	  	3.5 times Annualized Consolidated Cash Income at Statement Date	  	$
				
		  	E.	  	40% of aggregate book value (determined in accordance with GAAP) of all Investment Assets that contribute positive Cash Income to the calculation of Annualized
Consolidated Cash Income at Statement Date:	  	$
		
	Maximum Total Outstandings permitted: Lesser of Line V.D. and Line V.E.	  	

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

 Annex I 
 Annualized Consolidated Cash Income at Statement Date 

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement] 

 Annex II 
 Aggregate book value of Investment Assets 

  
 [Signature
page to Second Amendment to Colony Financial, Inc. Amended and Restated Credit Agreement]Trust Agreement

 EXHIBIT 4.1 

 
  

 
 ALLY AUTO RECEIVABLES TRUST
2012-SN1 
 TRUST AGREEMENT 
 BETWEEN 
 ALLY AUTO ASSETS LLC 

DEPOSITOR 

AND 

DEUTSCHE BANK TRUST COMPANY DELAWARE 
 AART OWNER TRUSTEE 
 DATED AS OF SEPTEMBER 19, 2012 

 
  

 

 TABLE OF CONTENTS 

 

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

  
 i 

							
	 Section 5.5
	    	Signature on Returns; Other Tax Matters	  	 	14	  
		
	ARTICLE VI THE AART OWNER TRUSTEE	  	 	14	  
	 Section 6.1
	    	Duties of AART Owner Trustee	  	 	14	  
	 Section 6.2
	    	Rights of AART Owner Trustee	  	 	15	  
	 Section 6.3
	    	Acceptance of Trusts and Duties	  	 	15	  
	 Section 6.4
	    	Action upon Instruction by Certificateholders	  	 	17	  
	 Section 6.5
	    	Furnishing of Documents	  	 	18	  
	 Section 6.6
	    	Representations and Warranties of AART Owner Trustee	  	 	18	  
	 Section 6.7
	    	Reliance; Advice of Counsel	  	 	19	  
	 Section 6.8
	    	AART Owner Trustee May Own Certificates and Notes	  	 	19	  
	 Section 6.9
	    	Compensation and Indemnity	  	 	19	  
	 Section 6.10
	    	Replacement of AART Owner Trustee	  	 	20	  
	 Section 6.11
	    	Merger or Consolidation of AART Owner Trustee	  	 	21	  
	 Section 6.12
	    	Appointment of Co-Trustee or Separate Trustee	  	 	21	  
	 Section 6.13
	    	Eligibility Requirements for AART Owner Trustee	  	 	22	  
	 Section 6.14
	    	Compliance with the FDIC Rule	  	 	23	  
		
	ARTICLE VII TERMINATION OF TRUST AGREEMENT	  	 	23	  
	 Section 7.1
	    	Termination of Trust Agreement	  	 	23	  
		
	ARTICLE VIII AMENDMENTS	  	 	24	  
	 Section 8.1
	    	Amendments Without Consent of Certificateholders or Noteholders	  	 	24	  
	 Section 8.2
	    	Amendments With Consent of Certificateholders and Noteholders	  	 	25	  
	 Section 8.3
	    	Form of Amendments	  	 	25	  
		
	ARTICLE IX MISCELLANEOUS	  	 	26	  
	 Section 9.1
	    	No Legal Title to AART Owner Trust Estate	  	 	26	  
	 Section 9.2
	    	Limitations on Rights of Others	  	 	26	  
	 Section 9.3
	    	Derivative Actions	  	 	26	  
	 Section 9.4
	    	Notices	  	 	26	  
	 Section 9.5
	    	Severability	  	 	26	  
	 Section 9.6
	    	Counterparts	  	 	27	  
	 Section 9.7
	    	Successors and Assigns	  	 	27	  
	 Section 9.8
	    	No Petition	  	 	27	  
	 Section 9.9
	    	No Recourse	  	 	27	  
	 Section 9.10
	    	Headings	  	 	28	  
	 Section 9.11
	    	Governing Law	  	 	28	  
	 Section 9.12
	    	Indemnification by and Reimbursement of the Administrator	  	 	28	  
	 Section 9.13
	    	Effect of Amendment and Restatement	  	 	28	  
	 Section 9.14
	    	Information to be Provided by the AART Owner Trustee	  	 	29	  

  
 ii 

 EXHIBITS 
  

			
	EXHIBIT A	  	Form of Certificate
	EXHIBIT B	  	Certificate of Trust of Ally Auto Receivables Trust 2012-SN1
	EXHIBIT C	  	Form of Undertaking Letter

  
 iii

 TRUST AGREEMENT, dated as of September 19, 2012, between ALLY AUTO ASSETS LLC, a
Delaware limited liability company, in its capacity as depositor (the “Depositor”), and DEUTSCHE BANK TRUST COMPANY DELAWARE, a Delaware banking corporation, as trustee and not in its individual capacity (the “AART Owner
Trustee”). 
 WHEREAS, the Depositor and the AART Owner Trustee previously entered into a certain trust agreement dated
August 30, 2012 (the “Original Trust Agreement”), which contemplated this Trust Agreement; and 
 WHEREAS,
the Depositor and the AART Owner Trustee desire hereby to amend and restate the Original Trust Agreement in its entirety. 

NOW, THEREFORE, the Depositor and the AART Owner Trustee hereby agree as follows: 

ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.1 Definitions. Certain capitalized terms used in this Agreement shall have the respective meanings assigned to them in Part I of Appendix A to the Administration Agreement, dated as of
the date hereof, among the Depositor, the Administrator and Ally Auto Receivables Trust 2012-SN1 (as amended, supplemented or modified from time to time, the “Administration Agreement”). All references herein to “the
Agreement” or “this Agreement” are to this Trust Agreement, and all references herein to Articles, Sections and subsections are to Articles, Sections and subsections of this Agreement unless otherwise specified. The rules of
construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 
 ARTICLE II 

ORGANIZATION 
 Section 2.1 Name. The Trust continued hereby shall be known as “Ally Auto Receivables Trust 2012-SN1” in which name the AART Owner Trustee may conduct the business of the Trust, make and
execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. The AART Owner Trustee has filed the Certificate of Trust on behalf of the Trust pursuant to Section 3810(a) of the Statutory Trust Act.

 Section 2.2 Office. The office of the Trust shall be in care of the AART Owner Trustee at the Corporate Trust Office
or at such other address in Delaware as the AART Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 
 Section 2.3 Purposes and Powers. The purpose of the Trust is, and the Trust shall have the power and authority, to engage in the following activities: 

(a) to acquire, manage and hold the Secured Notes and the other assets of the Trust; 

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

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

(g) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the
foregoing or are incidental thereto or connected therewith; and 
 (h) subject to compliance with the AART Transaction
Documents, to engage in such other activities as may be required in connection with conservation of the AART Owner Trust Estate and the making of distributions to the Securityholders. 

The Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the
terms of this Agreement or the other AART Transaction Documents. 
 Section 2.4 Appointment of AART Owner Trustee.
The Depositor hereby appoints the AART Owner Trustee as trustee of the Trust, to have all the rights, powers and duties set forth herein. 
 Section 2.5 Initial Capital Contribution of AART Owner Trust Estate. The Depositor has sold, assigned, transferred, conveyed and set over to the AART Owner Trustee, as of August 30, 2012,
the sum of $1. The AART Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of August 30, 2012, of the foregoing contribution, which constituted the initial AART Owner Trust Estate. The Depositor shall pay organizational
expenses of the Trust as they may arise or shall, upon the request of the AART Owner Trustee, promptly reimburse the AART Owner Trustee for any such expenses paid by the AART Owner Trustee. 

  
 2 

 Section 2.6 Declaration of Trust. The AART Owner Trustee hereby declares that it
shall hold the AART Owner Trust Estate (in the name of the Trust and not in the AART Owner Trustee’s name for the Trust, except as required by, and in accordance with, Section 2.8) in trust upon and subject to the conditions set
forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the AART Transaction Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory
Trust Act, that this Agreement constitute the governing instrument of such statutory trust and that the Certificates represent the beneficial interests therein. The rights of the Certificateholders shall be determined as set forth herein and in the
Statutory Trust Act and the relationship between the parties hereto created by this Agreement shall not constitute indebtedness for any purpose. Effective as of the date hereof, the AART Owner Trustee shall have all rights, powers and duties set
forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Trust. 
 Section 2.7
Liability of the Certificateholders. Certificateholders and holders of beneficial interests therein shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the
General Corporation Law of the State of Delaware. 
 Section 2.8 Title to Trust Property. Legal title to all the
AART Owner Trust Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the AART Owner Trust Estate to be vested in a trustee or trustees, in which
case title shall be deemed to be transferred to and vested in the AART Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. Any such trustee shall take such part of the AART Owner Trust Estate subject to the security interest
of the AART Indenture Trustee therein established under the AART Indenture. Such trustee’s acceptance of its appointment shall constitute acknowledgment of such security interest and shall constitute a Grant to the AART Indenture Trustee of a
security interest in all property held by such trustee. Any such trustee shall prepare and file all such financing statements naming such trustee as debtor that are necessary or advisable to perfect, make effective or continue the Lien of the AART
Indenture Trustee. 
 Section 2.9 Situs of Trust. The Trust shall be located and administered in the States of
Delaware or New York. All bank accounts maintained by the AART Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. The Trust shall not have any employees in any State other than the State of
Delaware; provided, however, that nothing herein shall restrict or prohibit the AART Owner Trustee from having employees within or without the State of Delaware. Payments shall be received by the Trust only in the State of Delaware or the State of
New York, and payments shall be made by the Trust only from the State of Delaware or the State of New York. The only office of the Trust shall be the Corporate Trust Office of the AART Owner Trustee in the State of Delaware. 

  
 3 

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

(b) The Depositor is duly qualified to do business as a foreign entity in good standing, and has obtained all necessary licenses and
approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications. 
 (c) The Depositor has the power and authority to execute and deliver this Agreement and any other AART Transaction Documents to which the Depositor is a party, and to carry out their respective terms, the
Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust as part of the AART Owner Trust Estate and the Depositor has duly authorized such sale and assignment to the Trust by all
necessary limited liability company action; and the execution, delivery and performance of this Agreement and any other AART Transaction Documents to which the Depositor is a party have been duly authorized by the Depositor by all necessary limited
liability company action. 
 (d) The consummation of the transactions contemplated by this Agreement and any other AART
Transaction Documents to which the Depositor is a party, and the fulfillment of the terms of this Agreement and any other AART Transaction Documents to which the Depositor is a party, do not conflict with, result in any breach of any of the terms
and provisions of or constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company agreement (or similar organizational documents) of the Depositor, or any indenture, agreement or
other instrument to which the Depositor is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than
pursuant to the AART Transaction Documents), or violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any federal or State regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Depositor or any of its properties. 

Section 2.11 Tax Treatment. As long as the Depositor or an Affiliate that is treated as the same Person as the Depositor for
federal income tax purposes is the sole owner of the Certificates, the Depositor and the AART Owner Trustee, by entering into this Agreement, express their intention that the Trust shall be disregarded for federal income tax purposes and shall be
treated as a division of the Depositor (or, if the Depositor is disregarded as a separate entity for federal income tax purposes, the Depositor’s first direct or indirect parent entity that is not disregarded as a separate entity for federal
income tax purposes). If the Depositor is not the sole owner of the Certificates, through sale of the Certificates, issuance by the Trust of additional Certificates to a Person other than the Depositor or otherwise, the Depositor and the AART Owner
Trustee, by entering into this Agreement, and the Certificateholders, by acquiring any 

  
 4 

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

Section 3.1 Initial Beneficial Ownership. Since the formation of the Trust by the contribution by the Depositor pursuant to
Section 2.5, the Depositor has been the sole beneficial owner of the Trust. 
 Section 3.2 Form of the
Certificates. 
 (a) The Certificates shall be substantially in the form of Exhibit A. The Certificates shall
represent the entire beneficial interest in the Trust. The Certificates shall be executed on behalf of the Trust by manual or facsimile signature of a Responsible Officer of the AART Owner Trustee. Certificates bearing the manual or facsimile
signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be duly issued, fully paid and non-assessable beneficial interests in the Trust, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. 

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

  
 5 

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

Section 3.4 Registration of Certificates; Registration of Transfer and Exchange of Certificates. 

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

  
 6 

 
amount as the Depositor may determine in order to prevent the Trust from being a “publicly traded partnership” under Section 7704 of the Code, but in no event less than a 1.00%
fractional undivided interest in the Trust. In addition, no transfer of a Certificate shall be registered unless the transferee shall have provided to the AART Owner Trustee and the Certificate Registrar an Opinion of Counsel that in connection with
such transfer no registration of the Certificates is required under the Securities Act or applicable State securities law or that such transfer is otherwise being made in accordance with all applicable federal and State securities laws. If agreed by
transferor and transferee, different interests may be used for distributions of proceeds and for purposes of voting the Certificates, and the transferor shall notify the AART Owner Trustee of any such agreement in connection with such transfer.

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

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

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

  
 7 

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

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

Section 3.5 Mutilated, Destroyed, Lost or Stolen Certificates. 

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

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

  
 8 

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

(e) The provisions of this Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Certificates. 
 Section 3.6 Persons
Deemed Certificateholders. Prior to due presentation of a Certificate for registration of transfer, the AART Owner Trustee or the Certificate Registrar may treat the Person in whose name any Certificate shall be registered in the Certificate
Register as the Certificateholder of such Certificate for the purpose of receiving distributions pursuant to Article V and for all other purposes whatsoever, and neither the AART Owner Trustee nor the Certificate Registrar shall be affected
by any notice to the contrary. 
 Section 3.7 Access to List of Certificateholders’ Names and Addresses. The
Certificate Registrar shall furnish or cause to be furnished to the Administrator and the Depositor, within fifteen (15) days after receipt by the Certificate Registrar of a request therefor from the Administrator or the Depositor, in writing,
a list of the names and addresses of the Certificateholders as of the most recent Record Date. Each Holder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Administrator, the Depositor, the Certificate
Registrar or the AART Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
 Section 3.8 Maintenance of Corporate Trust Office. The AART Owner Trustee shall maintain in the Borough of Manhattan, The City of New York, an office or offices or agency or agencies where
Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the AART Owner Trustee in respect of the Certificates and the other AART Transaction Documents may be served. The AART Owner Trustee
initially designates the offices of Deutsche Bank Trust Company Americas, 60 Wall Street, New York, New York 10005, as its principal office for such purposes. The AART Owner Trustee shall give prompt written notice to the Depositor, to the
Administrator, and to the Certificateholders of any change in the location of the Certificate Register or any such office or agency. 
 Section 3.9 Appointment of Paying Agent. Except as otherwise provided in Section 5.2, the Paying Agent shall make distributions to Certificateholders from the Certificate
Distribution Account pursuant to Section 5.2 and shall report the amounts of such distributions to the AART Owner Trustee and the Administrator; provided, however, that no such reports shall

  
 9 

 
be required so long as the Depositor is the sole Certificateholder. Any Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of
making the distributions referred to above. The AART Owner Trustee may revoke such power and remove the Paying Agent if the AART Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under
this Agreement in any material respect. The Paying Agent shall initially be Deutsche Bank Trust Company Americas, and any co-paying agent chosen by Deutsche Bank Trust Company Americas, and acceptable to the AART Owner Trustee. Deutsche Bank Trust
Company Americas shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the AART Owner Trustee. If Deutsche Bank Trust Company Americas shall no longer be the Paying Agent, the AART Owner Trustee shall
appoint a successor to act as Paying Agent (which shall be a bank or trust company). The AART Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the AART Owner Trustee to execute and deliver to the AART
Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the AART Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent shall hold all sums, if any, held by it
for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the AART Owner Trustee and upon
removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the AART Owner Trustee. The provisions of Sections 6.3, 6.6, 6.7 and 6.9 shall apply to the AART Owner Trustee also in its role
as Paying Agent or Certificate Registrar, for so long as the AART Owner Trustee shall act as Paying Agent or Certificate Registrar and, to the extent applicable, to any other paying agent, certificate registrar or authenticating agent appointed
hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
 Section 3.10 Depositor as Certificateholder. The Depositor in its individual or any other capacity may become the owner or pledgee of Certificates and may otherwise deal with the AART Owner
Trustee or its Affiliates as if it were not the Depositor. 
 ARTICLE IV 

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

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

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

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

Section 4.3 Action by Certificateholders with Respect to Bankruptcy. Notwithstanding any prior termination of this Agreement,
the AART Owner Trustee shall not have the power to commence a voluntary case under Title 11 of the United States Code or any successor provision relating to the Trust without the unanimous prior approval of all Certificateholders (including the
Depositor) and the delivery to the AART Owner Trustee by each such Certificateholder of a certificate certifying that such Certificateholder reasonably believes that the Trust is insolvent; provided, however, that under no
circumstances shall the AART Owner Trustee commence or join in commencing any such case prior to the date that is one year and one day after the termination of the Trust. 
 Section 4.4 Restrictions on Certificateholders’ Power. The Certificateholders shall not direct the AART Owner Trustee to take or refrain from taking any action if such action or inaction
would be contrary to any obligation of the Trust or the AART Owner Trustee under this Agreement, including Section 2.3 of this Agreement, or any of the other AART Transaction Documents, nor shall the AART Owner Trustee be obligated to
follow any such direction, if given. The Certificateholders shall not and shall not direct the AART Owner Trustee to take action that would violate the provisions of Section 6.1 and, if given, the AART Owner Trustee shall not be
obligated to follow any such direction. 

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

Section 5.1 Establishment of Certificate Distribution Account. 

(a) Except as otherwise provided in Section 5.2, the Administrator, for the benefit of the Certificateholders, shall
establish and maintain in the name of the Trust an Eligible Deposit Account known as the Ally Auto Receivables Trust 2012-SN1Certificate Distribution Account (the “Certificate Distribution Account”), bearing an additional
designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. 
 (b) The
Trust shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof. Except as otherwise provided herein, in the AART Indenture, or in the
Administration Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the AART Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an
Eligible Deposit Account, the AART Owner Trustee (or the Administrator on behalf of the AART Owner Trustee, if the Certificate Distribution Account is not then held by the AART Owner Trustee or an Affiliate thereof) shall within ten
(10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash
and/or any investments to such new Certificate Distribution Account. 
 Section 5.2 Application of Trust Funds.

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

  
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hereunder or under the Administration Agreement shall be made directly to the Certificateholder by the AART Indenture Trustee (whether or not the Administration Agreement otherwise contemplates
deposit into the Certificate Distribution Account) and the AART Owner Trustee shall have no duty or liability to see to such distribution. 
 (b) On each Distribution Date, the AART Owner Trustee shall send to each Certificateholder the statement provided to the AART Owner Trustee by the Administrator pursuant to Section 4.07(a) of the
Administration Agreement on such Distribution Date setting forth, among other things, the amount distributed on the Certificates and the Administration Fee with respect to such Distribution Date or Monthly Period, as applicable; provided,
however, that no such statement shall be required to be sent by the AART Owner Trustee if and for so long as the Depositor or another subsidiary of Ally Bank is the sole Certificateholder. 

(c) If any withholding tax is imposed on the Trust’s payment (or allocations of income) to a Certificateholder, such tax shall
reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.2; provided, however, that the AART Owner Trustee or the Paying Agent shall not have an obligation to withhold any such
amount if and for so long as the Depositor is the sole Certificateholder. The AART Owner Trustee or the Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the
payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the AART Owner Trustee or the Paying Agent from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by
law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Trust and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the AART Owner Trustee or the Paying Agent may in its sole discretion
withhold such amounts in accordance with this Section 5.2(c). If a Certificateholder wishes to apply for a refund of any such withholding tax, the AART Owner Trustee or the Paying Agent shall reasonably cooperate with such
Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the AART Owner Trustee or the Paying Agent for any out-of-pocket expenses incurred. 

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

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

Section 6.1 Duties of AART Owner Trustee. 
 (a) The AART Owner Trustee undertakes to perform such duties, and only such duties, as are specifically set forth in this Agreement and the other AART Transaction Documents, including the administration
of the Trust in the interest of the Certificateholders, subject to the AART Transaction Documents and in accordance with the provisions of this Agreement. No implied covenants or obligations shall be read into this Agreement. 

(b) Notwithstanding the foregoing, the AART Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder
and under the other AART Transaction Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Trust or AART Owner Trustee hereunder or under any other AART Transaction
Document, and the AART Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement. 
 (c) In the absence of bad faith on its part, the AART Owner Trustee may conclusively rely upon certificates or opinions furnished to the AART Owner Trustee and conforming to the requirements of this
Agreement in determining the truth of the statements and the correctness of the opinions contained therein; provided, however, that the AART Owner Trustee shall have examined such certificates or opinions so as to determine compliance
of the same with the requirements of this Agreement. 

  
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 (d) The AART Owner Trustee may not be relieved from liability for its own negligent action,
its own negligent failure to act or its own willful misconduct, except that: 
 (i) this Section 6.1(d) shall not
limit the effect of Section 6.1(a) or (b); 
 (ii) the AART Owner Trustee shall not be liable for any error
of judgment made in good faith by a Responsible Officer unless it is proved that the AART Owner Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the AART Owner Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 4.1,
4.2 or 6.4; and 
 (iv) the AART Owner Trustee shall not be personally liable for special, consequential or
punitive damages, however styled, including lost profits. 
 (e) Subject to Sections 5.1 and 5.2, monies received
by the AART Owner Trustee hereunder need not be segregated in any manner except to the extent required by law or the Administration Agreement and may be deposited under such general conditions as may be prescribed by law, and the AART Owner Trustee
shall not be liable for any interest thereon. 
 (f) The AART Owner Trustee shall not take any action that (i) is
inconsistent with the purposes of the Trust set forth in Section 2.3 or (ii) would, to the actual knowledge of a Responsible Officer of the AART Owner Trustee, result in the Trust’s becoming taxable as a corporation for federal
income tax purposes. The Certificateholders shall not direct the AART Owner Trustee to take any action or themselves take any action that would violate the provisions of this Section 6.1. 

Section 6.2 Rights of AART Owner Trustee. The AART Owner Trustee is authorized and directed to execute and deliver the AART
Transaction Documents and each certificate or other document attached as an exhibit to or contemplated by the AART Transaction Documents to which the Trust is to be a party, in such form as the Depositor shall approve as evidenced conclusively by
the AART Owner Trustee’s execution thereof. In addition to the foregoing, the AART Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the AART Transaction Documents. The AART Owner
Trustee is further authorized from time to time to take such action as the Administrator recommends and directs in writing with respect to the AART Transaction Documents. 
 Section 6.3 Acceptance of Trusts and Duties. Except as otherwise provided in this Article VI, in accepting the trusts hereby created, Deutsche Bank Trust Company Delaware acts solely as
AART Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the AART Owner Trustee by reason of the transactions contemplated by this Agreement or any other AART Transaction Document shall look only to
the AART Owner Trust Estate for payment or satisfaction thereof. The AART Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but

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

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

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

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

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

Section 6.4 Action upon Instruction by Certificateholders. 

(a) Subject to Section 4.4, the Certificateholders may by written instruction direct the AART Owner Trustee in the management
of the Trust. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Section 4.5. 
 (b) Notwithstanding the foregoing, the AART Owner Trustee shall not be required to take any action hereunder or under any other AART Transaction Document if the AART Owner Trustee shall have reasonably
determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the AART Owner Trustee or is contrary to the terms hereof or of any other AART Transaction Document or is otherwise contrary to law.

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

 Section 6.5 Furnishing of Documents. The AART Owner Trustee shall furnish to the Certificateholders, promptly
upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the AART Owner Trustee under the AART Transaction Documents.

 Section 6.6 Representations and Warranties of AART Owner Trustee. The AART Owner Trustee hereby represents and
warrants to the Depositor, for the benefit of the Certificateholders, that: 
 (a) It is a banking corporation duly organized,
validly existing and in good standing under the laws of the State of its incorporation. It has satisfied the eligibility requirements set forth in Section 6.13. 
 (b) It has full power, authority and legal right to execute, deliver and perform this Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it of this
Agreement. 
 (c) The execution, delivery and performance by it of this Agreement (i) shall not violate any provision of
any law or regulation governing the banking and trust powers of the AART Owner Trustee or any order, writ, judgment or decree of any court, arbitrator or governmental authority applicable to the AART Owner Trustee or any of its assets,
(ii) shall not violate any provision of the corporate charter or by-laws of the AART Owner Trustee or (iii) shall not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the
creation or imposition of any Lien on any properties included in the Trust pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation, default or Lien could reasonably be
expected to have a materially adverse effect on the AART Owner Trustee’s performance or ability to perform its duties as AART Owner Trustee under this Agreement or on the transactions contemplated in this Agreement. 

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

Section 6.7 Reliance; Advice of Counsel. 
 (a) The AART Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or
paper believed by it to be genuine and believed by it to be signed by the proper party or parties and need not investigate any fact or matter in any such document. The AART Owner Trustee may accept a certified copy of a resolution of the board of
directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of which
is not specifically prescribed herein, the AART Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officers of the relevant party, as to such fact or
matter, and such certificate shall constitute full protection to the AART Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
 (b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the other AART Transaction Documents, the AART Owner Trustee may
act directly or through its agents, attorneys, custodians or nominees (including the granting of a power of attorney to officers of Deutsche Bank Trust Company Americas to execute and deliver any AART Transaction Documents, Certificate, Note or
other documents related thereto on behalf of the AART Owner Trustee) pursuant to agreements entered into with any of them, and the AART Owner Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees
if such agents, attorneys, custodians or nominees shall have been selected by the AART Owner Trustee with reasonable care; and may consult with counsel, accountants and other skilled professionals to be selected with reasonable care and employed by
it. The AART Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountants or other such Persons and not contrary to this Agreement or any other
AART Transaction Document. 
 Section 6.8 AART Owner Trustee May Own Certificates and Notes. Deutsche Bank Trust
Company Delaware or any successor AART Owner Trustee in its individual or any other capacity may become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the AART Indenture Trustee and the Administrator in transactions
in the same manner as it would have if it were not the AART Owner Trustee. 
 Section 6.9 Compensation and
Indemnity. The AART Owner Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between the Administrator and the AART Owner Trustee, and the AART Owner Trustee, any
paying agent, registrar, authenticating agent or co-trustee shall be entitled to be 

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

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

(i) the AART Owner Trustee shall cease to be eligible in accordance with the provisions of Section 6.13 and shall fail to
resign after written request therefor by the Administrator; 
 (ii) the AART Owner Trustee shall be adjudged bankrupt or
insolvent; 
 (iii) a receiver or other public officer shall be appointed or take charge or control of the AART Owner Trustee
or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or 
 (iv) the AART Owner Trustee
shall otherwise be incapable of acting. 
 (b) If the AART Owner Trustee gives notice of its intent to resign or is removed or
if a vacancy exists in the office of AART Owner Trustee for any reason the Administrator shall promptly appoint a successor AART Owner Trustee by written instrument, in duplicate (one copy of which instrument shall be delivered to the outgoing AART
Owner Trustee so removed and one copy to the successor AART Owner Trustee) and shall pay all fees owed to the outgoing AART Owner Trustee. 
 (c) Any resignation or removal of the AART Owner Trustee and appointment of a successor AART Owner Trustee pursuant to any of the provisions of this Section 6.10 shall not become effective and
no such resignation shall be deemed to have occurred until a written acceptance of appointment is delivered by the successor AART Owner Trustee to the outgoing AART Owner Trustee and the Administrator and all fees and expenses due to the outgoing
AART Owner Trustee are paid. If any costs arise in connection with the resignation of the 

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

Section 6.12 Appointment of Co-Trustee or Separate Trustee. 

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

  
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 (b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed
and act subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or
imposed upon the AART Owner Trustee shall be conferred upon and exercised or performed by the AART Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act
separately without the AART Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the AART Owner Trustee shall be incompetent or unqualified to
perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or
co-trustee, but solely at the direction of the AART Owner Trustee; 
 (ii) no trustee under this Agreement shall be personally
liable by reason of any act or omission of any other trustee under this Agreement; and 
 (iii) the Administrator and the AART
Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any
notice, request or other writing given to the AART Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee
or co-trustee shall refer to this Agreement and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the AART Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the
liability of, or affording protection to, the AART Owner Trustee. Each such instrument shall be filed with the AART Owner Trustee and a copy thereof given to the Administrator. 

(d) Any separate trustee or co-trustee may at any time appoint the AART Owner Trustee as its agent or attorney-in-fact with full power
and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be exercised by the AART Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

Section 6.13 Eligibility Requirements for AART Owner Trustee. The AART Owner Trustee shall at all times satisfy the
requirement of Section 26(a)(1) of the Investment Company Act. The AART Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise
corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or 

  
 22 

 
examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least “BBB” by S&P and Fitch. If such corporation
shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the AART Owner Trustee shall cease to be eligible in accordance with the provisions of this
Section 6.13, the AART Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. 
 Section 6.14 Compliance with the FDIC Rule. The AART Owner Trustee agrees to use reasonable affects to comply with any request of the Depositor or the Administrator to facilitate compliance
with Article XII of the AART Indenture by the Ally Parties. 
 ARTICLE VII 

TERMINATION OF TRUST AGREEMENT 
 Section 7.1 Termination of Trust Agreement. 
 (a) The Trust shall
dissolve in accordance with Section 3808 of the Statutory Trust Act immediately prior to the final distribution by the AART Owner Trustee of all monies or other property or proceeds of the AART Owner Trust Estate in accordance with the terms of
the AART Indenture, the Administration Agreement (including the exercise by the Administrator of its option to purchase the Secured Notes pursuant to Section 8.01(a) of the Administration Agreement), and Article V. The bankruptcy,
liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or the Trust, (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or the AART Owner Trust Estate, or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 

(b) Neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate the Trust or this Agreement. 

(c) Subject to Section 5.2(a), notice of any dissolution of the Trust, specifying the Distribution Date upon which the
Certificateholders shall surrender their Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the AART Owner Trustee by letter to Certificateholders mailed within five (5) Business Days of
receipt of notice of such termination from the Administrator given pursuant to Section 8.01(c) of the Administration Agreement, stating: (i) the Distribution Date upon or with respect to which final payment of the Certificates shall be
made upon presentation and surrender of the Certificates at the office of the Paying Agent therein designated; (ii) the amount of any such final payment; and (iii) that the Record Date otherwise applicable to such Distribution Date is not
applicable, payments being made only upon presentation and surrender of the Certificates at the office of the Paying Agent therein specified. The AART Owner Trustee shall give such notice to the Certificate Registrar (if other than the AART Owner
Trustee) and the Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such
Distribution Date pursuant to Section 5.2. 

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

AMENDMENTS 

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

  
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 Section 8.2 Amendments With Consent of Certificateholders and Noteholders. This
Agreement may also be amended from time to time by the Depositor and the AART Owner Trustee with the consent of Noteholders whose Notes evidence not less than a majority of the Outstanding Amount of the Controlling Class as of the close of the
preceding Distribution Date and, if any Person other than the Depositor or an Affiliate of the Depositor holds any Certificates, the consent of Certificateholders whose Certificates evidence not less than a majority of the Voting Interests as of the
close of the preceding Distribution Date (which consent, whether given pursuant to this Section 8.2 or pursuant to any other provision of this Agreement, shall be conclusive and binding on such Person and on all future Holders of such
Notes or Certificates and of any Notes or Certificates issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon the Notes or Certificates) for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment shall
(a) without the consent of the holder of the affected Note, increase or reduce the interest rate or principal amount of any Note or change any Distribution Date or the Final Scheduled Distribution Date of any Note or distributions on the
Certificates (without the consent of the holders hereof), (b) adversely affect the rating of any Securities by any of the Rating Agencies without the consent of the holders of two-thirds of the Outstanding Amount of an affected class of Notes
or two-thirds of the Voting Interests of the Certificates as appropriate, each as of the close of the preceding Distribution Date or (c) reduce the aforesaid percentage required to consent to any such amendment, without the consent of the
holders of all Notes and all of the Voting Interests with respect to Certificates then outstanding. The Depositor shall furnish notice to each of the Rating Agencies prior to obtaining consent to any proposed amendment under this
Section 8.2. 
 Section 8.3 Form of Amendments. 

(a) Promptly after the execution of any amendment, supplement or consent pursuant to Section 8.1 or 8.2, the AART
Owner Trustee shall furnish written notification of the substance of such amendment or consent to each Unaffiliated Certificateholder and the AART Indenture Trustee. 
 (b) It shall not be necessary for the consent of Certificateholders, the Noteholders or the AART Owner Trustee pursuant to Section 8.2 to approve the particular form of any proposed amendment
or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of Certificateholders and Unaffiliated Certificateholders provided for in this Agreement or in
any other AART Transaction Document) and of evidencing the authorization of the execution thereof by Certificateholders and Unaffiliated Certificateholders shall be subject to such reasonable requirements as the AART Owner Trustee may prescribe.

 (c) Promptly after the execution of any amendment to the Certificate of Trust, the AART Owner Trustee shall cause the filing
of such amendment with the Secretary of State. 
 (d) Prior to the execution of any amendment to this Agreement or the
Certificate of Trust, the AART Owner Trustee shall be entitled to receive and conclusively rely 

  
 25 

 
upon an Opinion of Counsel stating that the execution of such amendment by it is authorized or permitted by this Agreement. The AART Owner Trustee may, but shall not be obligated to, enter into
any such amendment which affects the AART Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
 ARTICLE IX 
 MISCELLANEOUS 

Section 9.1 No Legal Title to AART Owner Trust Estate. The Certificateholders shall not have legal title to any part of the
AART Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein only in accordance with Articles V and VII. No transfer, by operation of law or
otherwise, of any right, title, and interest of the Certificateholders to and in their ownership interest in the AART Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or
to the transfer to it of legal title to any part of the AART Owner Trust Estate. 
 Section 9.2 Limitations on Rights of
Others. Except for Section 9.12, the provisions of this Agreement are solely for the benefit of the AART Owner Trustee, the Depositor, the Certificateholders, the Administrator and, to the extent expressly provided herein, the AART
Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the AART Owner Trust Estate or under or in respect of
this Agreement or any covenants, conditions or provisions contained herein. 
 Section 9.3 Derivative Actions. Any
provision contained herein to the contrary notwithstanding, the right of any Certificateholder to bring a derivative action in the right of the Trust is hereby made expressly subject to the following limitations and requirements: 

(a) such Certificateholder must meet all requirements set forth in the Statutory Trust Act; and 

(b) no Certificateholder may bring a derivative action in the right of the Trust without the prior written consent of Certificateholders
owning, in the aggregate, beneficial interests in Certificates representing at least 50% of the Voting Interests. 

Section 9.4 Notices. All demands, notices and communications upon or to the Depositor, the Administrator, the AART Indenture
Trustee, the AART Owner Trustee or the Rating Agencies under this Agreement shall be delivered as specified in Part III of Appendix A to the Administration Agreement. 
 Section 9.5 Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants,
agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the
Certificates or the rights of the Holders thereof. 

  
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 Section 9.6 Counterparts. This Agreement may be executed by the parties hereto
in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. 
 Section 9.7 Successors and Assigns. 
 (a) All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the Depositor, the AART Owner Trustee and each Certificateholder and their respective successors and permitted assigns, all as herein provided. Any request, notice, direction,
consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 
 (b) Notwithstanding anything to the contrary contained in this Agreement, this Trust Agreement may be assigned by the Depositor without the consent of any other Person, but with notice to the Rating
Agencies, to a corporation, limited liability company or other entity that is a successor (by merger, consolidation or purchase of assets) to the Depositor, or 25% or more of the voting interests of which is owned, directly or indirectly, by Ally
Financial or General Motors, provided that such entity executes an agreement of assumption as provided as provided in Section 3.03 of the Trust Sale Agreement. 
 Section 9.8 No Petition. The AART Owner Trustee by entering into this Trust Agreement and each Certificateholder or Certificate Owner by accepting a Certificate (or interest therein) issued
hereunder, hereby covenant and agree that they shall not (nor shall they join with or solicit another person to), prior to the day that is one year and one day after the termination of the Trust and of each other trust heretofore formed by the
Depositor, acquiesce, petition or otherwise invoke or cause the Depositor or the Trust to invoke in any court or government authority for the purpose of commencing or sustaining a case against the Depositor or the Trust under any federal or State
bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Trust or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Depositor or the Trust under a federal or State bankruptcy or insolvency proceeding. This Section 9.8 shall survive the termination of this Agreement. 

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

  
 27 

 
Certificateholder obligations have been made solely by the Trust. Each Certificateholder by the acceptance of a Certificate (or beneficial interest therein) agrees that except as expressly
provided in the AART Transaction Documents, in the event of nonpayment of any amounts with respect to the Certificates, it shall have no claim against any of the foregoing Persons for any deficiency, loss or claim therefrom. In the event that any of
the foregoing covenants of each Certificateholder and each Certificate Owner is prohibited by, or declared illegal or otherwise unenforceable against any such Certificateholder and Certificate Owner under applicable law by any court or other
authority of competent jurisdiction, and, as a result, a Certificateholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Trust (“other assets”), each Certificateholder and
Certificate Owner agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted
(“entitled Persons”), including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the
meaning of, and subject to, Section 510(a) of the Bankruptcy Code. This Section 9.9 shall survive the termination of this Agreement. 
 Section 9.10 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

 Section 9.11 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 Section 9.12 Indemnification by and Reimbursement of the Administrator. The AART Owner Trustee acknowledges and
agrees to reimburse (i) the Administrator and its directors, officers, employees and agents in accordance with Section 6.03(b) of the Administration Agreement and (ii) the Depositor and its directors, officers, employees and agents in
accordance with Section 3.04 of the Trust Sale Agreement. The AART Owner Trustee further acknowledges and accepts the conditions and limitations with respect to the Administrator’s obligation to indemnify, defend and hold the AART Owner
Trustee harmless as set forth in Section 6.01(a)(iii) of the Administration Agreement. 
 Section 9.13 Effect of
Amendment and Restatement. It is the intent of the parties hereto that this Trust Agreement shall as of the Closing Date, replace in its entirety the Original Trust Agreement; provided, however, that with respect to the period of
time from August 30, 2012 through September 19, 2012, the rights and obligations of the parties shall be governed by the Original Trust Agreement; and provided further, that the amendment and restatement of the Original Trust
Agreement shall not affect any of the grants, conveyances or transfers contemplated by the Original Trust Agreement to have occurred prior to the date hereof. 

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

(a) The AART Owner Trustee agrees to cooperate in good faith with any reasonable request by ACOLT or the Depositor for information
regarding the AART Owner Trustee which is required in order to enable ACOLT or the Depositor to comply with the provisions of Items 1104(e), 1121(c), 1117 and 1119 of Regulation AB and Rule 15Ga-1 under the Exchange Act as it relates to the AART
Owner Trustee or to the AART Owner Trustee’s obligations under this Agreement; provided that with respect to Rule 15Ga-1, and Items 1121(c) and 1104(e), the AART Owner Trustee shall not be deemed a “securitizer” under
Regulation AB or under the Exchange Act. 
 (b) Except to the extent disclosed by the AART Owner Trustee in subsection
(c) or (d) below, the AART Owner Trustee shall be deemed to have represented to ACOLT and the Depositor on the first day of each Monthly Period with respect to the prior Monthly Period that to the best of its knowledge there were no legal
or governmental proceedings pending (or known to be contemplated) against Deutsche Bank Trust Company Delaware or any property of Deutsche Bank Trust Company Delaware that would be material to any Noteholder or, to the extent that the Certificates
are registered under the Securities Act for public sale, any holder of such Certificates. 
 (c) The AART Owner Trustee shall,
as promptly as practicable following notice to or discovery by the AART Owner Trustee of any changes to any information regarding the AART Owner Trustee as is required for the purpose of compliance with Item 1117 of Regulation AB, provide to
the Depositor, in writing, such updated information. 
 (d) The AART Owner Trustee shall deliver to ACOLT and the Depositor on
or before March 15 (or, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning with March 15, 2013, a report of a representative of the AART Owner Trustee with respect to the immediately preceding
calendar year certifying, on behalf of the AART Owner Trustee, that except to the extent otherwise disclosed in writing to ACOLT and the Depositor, to the best of his or her knowledge there were no legal or governmental proceedings pending (or known
to be contemplated) against Deutsche Bank Trust Company Delaware or any property of Deutsche Bank Trust Company Delaware that would be material to any Noteholder or, to the extent that the Certificates are registered under the Securities Act for
public sale, any holder of such Certificates. 
 (e) The AART Owner Trustee shall deliver to ACOLT and the Depositor on or
before March 15 (or, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning with March 15, 2013, a report of a representative of the AART Owner Trustee with respect to the immediately preceding
calendar year providing to ACOLT and the Depositor such information regarding the AART Owner Trustee as is required for the purpose of compliance with Item 1119 of Regulation AB. Such information shall include, at a minimum, a description of
any affiliation between the AART Owner Trustee and any of the following parties to this securitization transaction, as such parties are identified to the AART Owner Trustee by ACOLT and the Depositor in writing in advance of this securitization
transaction: 
  

	 	(i)	the Depositor; 

  

	 	(ii)	Ally Bank, as sponsor; 

  
 29 

	 	(iii)	the Trust; 

  

	 	(iv)	the Administrator; 

  

	 	(v)	the AART Indenture Trustee; 

  

	 	(vi)	ACOLT; 

  

	 	(vii)	ACOL LLC; 

  

	 	(viii)	the ACOLT Indenture Trustee; 

  

	 	(ix)	the ACOLT Owner Trustee; 

  

	 	(x)	the Servicer; and 

  

	 	(xi)	any other material transaction party. 

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

  
 30 

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

			
	DEUTSCHE BANK TRUST COMPANY DELAWARE,
	as AART Owner Trustee
		
	By:	 	 /s/ Elizabeth B. Ferry

	Name:	 	Elizabeth B. Ferry
	Title:	 	 Vice President

		
	By:	 	 /s/ Susan T. Rodriguez

	Name:	 	 Susan T. Rodriguez

	Title:	 	 Assistant Vice President

	
	ALLY AUTO ASSETS LLC
		
	By:	 	 /s/ M. T. St. Charles

	Name:	 	M. T. St. Charles
	Title:	 	Vice President

 Acknowledged and Accepted: 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Paying Agent 
  

			
	By:	 	 /s/ Mark DiGiacomo

	Name:	 	 Mark DiGiacomo

	Title:	 	 Asst. Vice President

		
	By:	 	 /s/ Jennifer Freda

	Name:	 	 Jennifer Freda

	Title:	 	 Associate

 Trust Agreement (AART 2012-SN1) 

 EXHIBIT A 
 FORM OF AART CERTIFICATE 
  

			
	NO. R- [    ]	  	[            ]% Percentage
Interest            

 SEE REVERSE FOR CERTAIN DEFINITIONS 

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

  
 Ex. A-1

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

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

  
 Ex. A-2

 ALLY AUTO RECEIVABLES TRUST 2012-SN1 

ASSET BACKED CERTIFICATE 
 evidencing a fractional undivided interest in the Trust, as defined below, the property of which includes the Secured Notes sold to the Trust by Ally Auto Assets LLC. 

(This Certificate does not represent an interest in or obligation of Ally Auto Assets LLC or Ally Financial Inc. or any of their
respective affiliates, except to the extent described in the AART Transaction Documents.) 
 THIS CERTIFIES THAT
                             is the registered owner of a nonassessable, fully-paid, fractional undivided
interest in Ally Auto Receivables Trust 2012-SN1(the “Trust”) formed by Ally Auto Assets LLC, a Delaware limited liability company (the “Depositor”). 

The Trust was created pursuant to a trust agreement, dated as of August 30, 2012 (as amended and restated as of September 19,
2012 and as it may be amended from time to time, the “Trust Agreement”), between the Depositor and Deutsche Bank Trust Company Delaware, as owner trustee (the “AART Owner Trustee”), a summary of certain of the
pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them or incorporated by reference in the Trust Agreement. 

This Certificate is one of the duly authorized Certificates designated as Asset Backed Certificates (the
“Certificates”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, the terms of which are incorporated herein by reference and made a part hereof, to which Trust
Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. 
 Under the Trust Agreement, there shall be distributed on the
20th day of each month or, if such 20th day is not a Business Day, the next Business Day, commencing on
October 22, 2012 (each, a “Distribution Date”), to the Person in whose name this Certificate is registered on the related Record Date (as defined below), such amount as is provided in the AART Transaction Documents. The
“Record Date,” with respect to any Distribution Date, means the last day of the preceding Monthly Period. 

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

  
 Ex. A-3

 The holder of this Certificate acknowledges and agrees that its rights to receive
distributions in respect of this Certificate are subordinated to the rights of the Noteholders as and to the extent described in the Administration Agreement. 
 It is the intent of the Depositor, the AART Owner Trustee and the Certificateholders that, for purposes of federal income, State and local income and franchise taxes, and any other taxes imposed upon,
measured by or based upon gross or net income, the Trust shall be treated as either (A) a division of an entity that is not disregarded as a separate entity for federal income tax purposes, or (B) a partnership if the Certificates are
owned by more than one Person (as long as (1) such Persons are not disregarded as separate entities for federal income tax purposes and (2) if such Persons are disregarded as separate entities for federal income tax purposes, such Persons
are not treated as a division of the same Person). Except as otherwise required by appropriate taxing authorities, the Depositor and the other Certificateholders by acceptance of a Certificate agree to treat, and to take no action inconsistent with
the treatment of, the Certificates for such tax purposes as interests in such a disregarded entity or partnership as described in the previous sentence. 
 Each Certificateholder or Certificate Owner by its acceptance of a Certificate (or an interest therein) covenants and agrees that such Certificateholder or Certificate Owner shall not (nor shall it join
with or solicit another person to), prior to the date which is one year and one day after the termination of the Trust and of each other trust heretofore formed by the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor, the
AART Owner Trustee or the Trust to invoke in any court or governmental authority for the purpose of commencing or sustaining a case against the Depositor or the Trust under any federal or State bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Trust
under a federal or State bankruptcy or insolvency proceeding. 
 Except as otherwise provided in the Trust Agreement,
distributions on this Certificate shall be made as provided in the Trust Agreement by the AART Owner Trustee by wire transfer or check mailed to the Certificateholder of record in the Certificate Register without the presentation or surrender of
this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Certificate shall be made after due notice by the AART Owner Trustee of the
pendency of such distribution and only upon presentation and surrender of this Certificate at the office maintained for such purpose by the AART Owner Trustee in the Borough of Manhattan, The City of New York. 

Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon shall
have been executed by an authorized officer of the AART Owner Trustee by manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Administration Agreement or be valid for any purpose.

  
 Ex. A-4

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

  
 Ex. A-5

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

							
	Dated: September 19, 2012	 		 	 ALLY AUTO RECEIVABLES
             TRUST 2012-SN1

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

		 		 	Name:	 	  

		 		 	Title:	 	  

  
 Ex. A-6

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

					
	By:	 	  
	 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

	Title:	 	  
	 		 	Title:	 	  

  
 Ex. A-7

 REVERSE OF CERTIFICATE 

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

  
 Ex. A-8

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

  
 Ex. A-9

 ASSIGNMENT 
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL
SECURITY 
 NUMBER OR OTHER IDENTIFYING 

NUMBER OF ASSIGNEE 
  

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

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

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

 

							
	Dated:	 		 	  
	 	*
		 		 	Signature Guaranteed:	 	
				
		 		 	  
	 	*

  

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

  
 Ex. A-10

 EXHIBIT B 
 CERTIFICATE OF TRUST OF 
 ALLY AUTO RECEIVABLES TRUST 2012-SN1 

THIS Certificate of Trust of Ally Auto Receivables Trust 2012-SN1 (the “Trust”) is being duly executed and filed by the
undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”). 
 1. Name. The name of the statutory trust formed hereby is Ally Auto Receivables Trust 2012-SN1. 
 2. Delaware Trustee. The name and business address of the trustee of the Trust having its principal place of business in the State of Delaware are Deutsche Bank Trust Company Delaware, 1011 Centre
Road, Suite 200, Wilmington, Delaware 19805. 
 3. This Certificate of Trust shall be effective upon filing. 

IN WITNESS WHEREOF, the undersigned has executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

  

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

	Name:	 	  

	Title:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Ex. B

 EXHIBIT C 
 UNDERTAKING LETTER 
 Ally Auto Assets LLC 

Corporation Trust Center 
 1209 Orange Street

 Wilmington, DE 19801 
 Deutsche Bank
Trust Company Delaware, 
 as AART Owner Trustee of Ally Auto Receivables Trust 2012-SN1 
 1011 Centre Road, Suite 200, 
 Wilmington, Delaware 19805 

Ladies and Gentlemen: 
 In
connection with our purchase of record or beneficial ownership of the R-     Asset Backed Certificate (the “Certificate”) of Ally Auto Receivables Trust 2012-SN1, the undersigned purchaser, record owner or
beneficial owner hereby acknowledges, represents and warrants that such purchaser, record owner or beneficial owner: 
 (1) is
not, and has not acquired the Certificate by or for the benefit of, (a) (i) an “employee benefit plan,” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), that is subject to the provisions of Title I of ERISA, (ii) a “plan” subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or (iii) any entity
whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity other than an “insurance company general account,” as defined in Prohibited Transaction Class Exemption 95-60, whose
underlying assets include less than 25% plan assets and for which the purchase and holding of Certificates is eligible and satisfies all conditions for relief under Prohibited Transaction Class Exemption 95-60, or (b) an employee benefit plan
or plan that is not subject to the provisions of Title I of ERISA or Section 4975 of the Code (including, without limitation, foreign or governmental plans) if such acquisition would result in a non-exempt prohibited transaction under, or a
violation of, any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code; 
 (2)
acknowledges that you and others will rely on our acknowledgments, representations and warranties made in connection with our purchase of record or beneficial ownership of the Certificate and agrees to notify you promptly in writing if any of our
representations or warranties herein cease to be accurate and complete; and 
 (3) (A) is a United States Person
(within the meaning of Section 7701(a)(30) of the Code) and (B) is not acquiring the Certificate by or for the account of a Special Pass-Through Entity. For the purposes of this Section (3)(B), “Special Pass-Through
Entity” means a grantor trust, S corporation, or partnership where more than 50% of the value of a beneficial owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in the Certificates.

  
 Ex. C-1

 
			
	  

	Name of Certificate Owner
		
	By:	 	  

		
	Name:	 	  

	Title:	 	  

	Date:	 	  

  
 Ex. C-2

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