Document:

EX-10.4

 Exhibit 10.4 
 VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2012-2 
 AMENDED AND RESTATED

 TRUST AGREEMENT 
 between 
 VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC,

 as the Depositor 
 and 
 DEUTSCHE BANK TRUST COMPANY DELAWARE, 

as the Owner Trustee 
 Dated as of October 11, 2012 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
		
	 SECTION 1.1. Capitalized Terms
	  	 	1	  
	 SECTION 1.2. Other Interpretive Provisions
	  	 	1	  
		
	 ARTICLE II ORGANIZATION
	  	 	2	  
		
	 SECTION 2.1. Name
	  	 	2	  
	 SECTION 2.2. Office
	  	 	2	  
	 SECTION 2.3. Purposes and Powers
	  	 	2	  
	 SECTION 2.4. Appointment of the Owner Trustee
	  	 	3	  
	 SECTION 2.5. Initial Capital Contribution of Trust Estate
	  	 	3	  
	 SECTION 2.6. Declaration of Trust
	  	 	3	  
	 SECTION 2.7. Organizational Expenses; Liabilities of the Holders
	  	 	3	  
	 SECTION 2.8. Title to the Trust Estate
	  	 	3	  
	 SECTION 2.9. Representations and Warranties of the Seller
	  	 	4	  
	 SECTION 2.10. Situs of Issuer
	  	 	5	  
		
	 ARTICLE III CERTIFICATE AND TRANSFER OF CERTIFICATE
	  	 	5	  
		
	 SECTION 3.1. Initial Ownership
	  	 	5	  
	 SECTION 3.2. Authentication of Certificate
	  	 	5	  
	 SECTION 3.3. Form of the Certificate
	  	 	5	  
	 SECTION 3.4. Registration of Certificates
	  	 	5	  
	 SECTION 3.5. Transfer of Certificate
	  	 	5	  
	 SECTION 3.6. Lost, Stolen, Mutilated or Destroyed Certificates
	  	 	7	  
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	  	 	7	  
		
	 SECTION 4.1. Prior Notice to Certificateholder with Respect to Certain Matters
	  	 	7	  
	 SECTION 4.2. Action by Certificateholder with Respect to Certain Matters
	  	 	8	  
	 SECTION 4.3. Action by Certificateholder with Respect to Bankruptcy
	  	 	8	  
	 SECTION 4.4. Restrictions on Certificateholder’s Power
	  	 	8	  
	 SECTION 4.5. Majority Control
	  	 	8	  
		
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	8	  
		
	 SECTION 5.1. Application of Trust Funds
	  	 	8	  
	 SECTION 5.2. Method of Payment
	  	 	9	  
	 SECTION 5.3. Sarbanes-Oxley Act
	  	 	9	  
	 SECTION 5.4. Signature on Returns
	  	 	9	  
		
	 ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	9	  
		
	 SECTION 6.1. General Authority
	  	 	9	  

  

					
		  	-i-	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 TABLE OF CONTENTS 

(continued) 

					
	 	  	Page	 
		
	 SECTION 6.2. General Duties
	  	 	10	  
	 SECTION 6.3. Action upon Instruction
	  	 	10	  
	 SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions
	  	 	11	  
	 SECTION 6.5. No Action Except under Specified Documents or Instructions
	  	 	11	  
	 SECTION 6.6. Restrictions
	  	 	11	  
		
	 ARTICLE VII CONCERNING THE OWNER TRUSTEE
	  	 	12	  
		
	 SECTION 7.1. Acceptance of Trusts and Duties
	  	 	12	  
	 SECTION 7.2. Furnishing of Documents
	  	 	12	  
	 SECTION 7.3. Representations and Warranties
	  	 	12	  
	 SECTION 7.4. Reliance; Advice of Counsel
	  	 	13	  
	 SECTION 7.5. Not Acting in Individual Capacity
	  	 	14	  
	 SECTION 7.6. Owner Trustee May Own Notes
	  	 	14	  
		
	 ARTICLE VIII COMPENSATION AND INDEMNIFICATION OF THE OWNER TRUSTEE
	  	 	14	  
		
	 SECTION 8.1. The Owner Trustee’s Compensation
	  	 	14	  
	 SECTION 8.2. Indemnification
	  	 	14	  
	 SECTION 8.3. Payments to the Owner Trustee
	  	 	15	  
	 SECTION 8.4. Survival
	  	 	15	  
		
	 ARTICLE IX TERMINATION OF TRUST AGREEMENT
	  	 	15	  
		
	 SECTION 9.1. Termination of Trust Agreement
	  	 	15	  
	 SECTION 9.2. Dissolution of the Issuer
	  	 	15	  
	 SECTION 9.3. Limitations on Termination
	  	 	15	  
		
	 ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	 	16	  
		
	 SECTION 10.1. Eligibility Requirements for the Owner Trustee
	  	 	16	  
	 SECTION 10.2. Resignation or Removal of The Owner Trustee
	  	 	16	  
	 SECTION 10.3. Successor Owner Trustee
	  	 	17	  
	 SECTION 10.4. Merger or Consolidation of the Owner Trustee
	  	 	17	  
	 SECTION 10.5. Appointment of Co-Trustee or Separate Trustee
	  	 	17	  
		
	 ARTICLE XI MISCELLANEOUS
	  	 	19	  
		
	 SECTION 11.1. Amendments
	  	 	19	  
	 SECTION 11.2. No Legal Title to Trust Estate in Certificateholder
	  	 	20	  
	 SECTION 11.3. Limitations on Rights of Others
	  	 	20	  

  

					
		  	-ii-	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 11.4. Notices
	  	 	20	  
	 SECTION 11.5. Severability
	  	 	20	  
	 SECTION 11.6. Separate Counterparts
	  	 	21	  
	 SECTION 11.7. Successors and Assigns
	  	 	21	  
	 SECTION 11.8. No Petition
	  	 	21	  
	 SECTION 11.9. Headings
	  	 	22	  
	 SECTION 11.10. Governing Law
	  	 	22	  
	 SECTION 11.11. Waiver of Jury Trial
	  	 	22	  
	 SECTION 11.12. Information Requests
	  	 	22	  
	 SECTION 11.13. Form 10-D and Form 10-K Filings
	  	 	23	  
	 SECTION 11.14. Form 8-K Filings
	  	 	23	  
	 SECTION 11.15. Indemnification
	  	 	23	  
	 SECTION 11.16. Information to Be Provided by the Owner Trustee
	  	 	24	  
		
	 Exhibit A Form of Certificate
	  			

  

					
		  	-iii-	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 This AMENDED AND RESTATED TRUST AGREEMENT is made as of October 11, 2012
(as from time to time amended, supplemented or otherwise modified and in effect, this “Agreement”) between VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC, a Delaware limited liability company, as the depositor (the
“Seller”), and DEUTSCHE BANK TRUST COMPANY DELAWARE, a Delaware banking corporation (“Deutsche Bank”), as the owner trustee (in such capacity, the “Owner Trustee”). 

RECITALS 

WHEREAS, the Seller and the Owner Trustee entered into that certain Trust Agreement dated as of September 17, 2012 (the
“Original Trust Agreement”), and filed a certificate of trust with the Secretary of State of the State of Delaware pursuant to which the Issuer (as defined below) was created; and 

WHEREAS, in connection with the issuance of the Notes, the parties have agreed to amend and restate the Original Trust Agreement;

 NOW THEREFORE, IN CONSIDERATION of the mutual agreements herein contained, and of other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1. Capitalized Terms. Unless otherwise indicated, capitalized terms used in this Agreement are defined in Appendix A to the Sale and Servicing Agreement dated as of the date hereof
(as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”) among the Issuer, the Seller, VW Credit, Inc., as servicer, and Citibank, N.A., as indenture trustee, as the same
may be amended, modified or supplemented from time to time. 
 SECTION 1.2. Other Interpretive Provisions. All terms
defined in this Agreement shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, unless
the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP
(provided, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the State of Delaware and not otherwise
defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular provision of
this Agreement; (d) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to this Agreement, and references to any paragraph, subsection, clause or other subdivision within
any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all variations thereof means “including without limitation”;
(f) references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; and (g) references to any Person include that Person’s successors and assigns.

  

					
		  		  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 . 
 ARTICLE II 
 ORGANIZATION 

SECTION 2.1. Name. The trust created under the Original Trust Agreement and continued hereby shall be known as “Volkswagen
Auto Loan Enhanced Trust 2012-2” (the “Issuer”), in which name the Owner Trustee may conduct the business of such trust, make and execute contracts and other instruments on behalf of such trust and sue and be sued. 

SECTION 2.2. Office. The office of the Issuer shall be in care of the Owner Trustee at the Corporate Trust Office or at such other
address as the Owner Trustee may designate by written notice to the Certificateholder, the Seller and the Administrator. 

SECTION 2.3. Purposes and Powers. The purpose of the Issuer is, and the Issuer shall have the power and authority, to engage in
the following activities: 
 (a) to issue the Notes pursuant to the Indenture and the Certificate pursuant to
this Agreement, and to sell, transfer and exchange the Notes and the Certificate and to pay interest on and principal of the Notes and distributions on the Certificate; 

(b) to acquire the property and assets set forth in the Sale and Servicing Agreement from the Seller pursuant to the terms
thereof, to make deposits to and withdrawals from the Collection Account, the Principal Distribution Account and the Reserve Account and to pay the organizational, start-up and transactional expenses of the Issuer; 

(c) to assign, Grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to hold, manage
and distribute to the Certificateholder any portion of the Trust Estate released from the lien of, and remitted to the Issuer pursuant to, the Indenture; 
 (d) to enter into and perform its obligations under the Transaction Documents to which it is a party; 
 (e) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and

 (f) subject to compliance with the Transaction Documents, to engage in such other activities as may be
required in connection with conservation of the Trust Estate and the making of distributions to the Certificateholder and the Noteholders. 

The Owner Trustee is hereby authorized to engage in the foregoing activities on behalf of the Issuer. Neither the Issuer nor the Owner Trustee on behalf
of the Issuer shall engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the other Transaction Documents. 

  

					
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		  		  	(VALET 2012-2)

 SECTION 2.4. Appointment of the Owner Trustee. The Seller hereby appoints the Owner
Trustee as trustee of the Issuer effective as of the date hereof, to have all the rights, powers and duties set forth herein. 

SECTION 2.5. Initial Capital Contribution of Trust Estate. As of the date of the Original Trust Agreement, the Seller sold,
assigned, transferred, conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Seller, as of such date, of the foregoing contribution, which shall constitute the initial Trust Estate
and shall be deposited in the Collection Account. 
 SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholder, subject to the obligations of the Issuer under the Transaction Documents. It is the intention of the
parties hereto that the Issuer constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. It is the intention of the parties hereto that, solely for federal income
and state and local income, franchise and value added tax purposes, so long as there is a single beneficial owner of the Certificate, the Issuer will be disregarded as an entity separate from such beneficial owner and the Notes will be characterized
as debt. The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer will not file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Issuer as
an entity separate from its beneficial owner. In the event that the Issuer is deemed to have more than one beneficial owner for federal income tax purposes, the Issuer will file returns, reports and other forms consistent with the characterization
of the Issuer as a partnership, and this Agreement shall be amended to include such provisions as may be required under Subchapter K of the Internal Revenue Code of 1986, as amended. Effective as of the date hereof, the Owner Trustee shall have all
rights, powers and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Issuer. The Owner Trustee filed the Certificate of Trust with the Secretary of State of the State of Delaware as required by
Section 3810(a) of the Statutory Trust Act. Notwithstanding anything herein or in the Statutory Trust Act to the contrary, it is the intention of the parties hereto that the Issuer constitute a “business trust” within the meaning of
Section 101(9)(A)(v) of the Bankruptcy Code. 
 SECTION 2.7. Organizational Expenses; Liabilities of the Holders.

 (a) The Servicer shall pay organizational expenses of the Issuer as they may arise. 

(b) No Certificateholder (including the Seller) shall have any personal liability for any liability or obligation of the
Issuer. 
 SECTION 2.8. Title to the Trust Estate. Legal title to all the Trust Estate shall be vested at all times in
the Issuer as a separate legal entity. 

  

					
		  	3	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 SECTION 2.9. Representations and Warranties of the Seller. The Seller hereby
represents and warrants to the Owner Trustee that: 
 (a) Existence and Power. The Seller is a limited
liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, all power and authority required to carry on its business as now conducted. The Seller has obtained all necessary
licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Seller to perform its obligations under the Transaction Documents and the Underwriting Agreement. 

(b) Authorization and No Contravention. The execution, delivery and performance by the Seller of each Transaction
Document to which it is a party (i) have been duly authorized by all necessary action on the part of the Seller and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its
organizational instruments or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than violations of such laws, rules, regulations, indenture or agreements which do not affect
the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Seller’s ability to perform its obligations
under, the Transaction Documents to which it is a party). 
 (c) No Consent Required. No approval,
authorization or other action by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Seller of any Transaction Document other than (i) UCC filings, (ii) approvals and
authorizations that have previously been obtained and filings which have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of the Seller
to perform its obligations under the Transaction Documents to which it is a party. 
 (d) Binding Effect.
Each Transaction Document and the Underwriting Agreement to which the Seller is a party constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as such enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting creditors’ rights generally and, if applicable the rights of creditors of limited liability companies
from time to time in effect or by general principles of equity or other similar laws of general application relating to or affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 

(e) No Proceedings. There are no actions, suits or proceedings pending or, to the knowledge of the Seller,
threatened against the Seller before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the
consummation of any of the transactions contemplated 

  

					
		  	4	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 
by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by the Seller of its
obligations under this Agreement or any of the other Transaction Documents or the collectibility or enforceability of the Receivables, or (iv) relate to the Seller that would materially and adversely affect the federal or Applicable Tax State
income, excise, franchise or similar tax attributes of the Notes. 
 SECTION 2.10. Situs of Issuer. The Issuer shall be
located in the State of Delaware (it being understood that the Issuer may have bank accounts located and maintained outside of Delaware). 
 ARTICLE III 
 CERTIFICATE AND TRANSFER OF CERTIFICATE 

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

SECTION 3.2. Authentication of Certificate. Concurrently with the sale of the Transferred Assets to the Issuer pursuant to the
Sale and Servicing Agreement, the Owner Trustee shall cause the Certificate to be executed on behalf of the Issuer, authenticated and delivered to or upon the written order of the Seller, signed by its chairman of the board, its president, its chief
financial officer, its chief accounting officer, any vice president, its secretary, any assistant secretary, its treasurer or any assistant treasurer, without further corporate action by the Seller. The Certificate shall represent 100% of the
beneficial interest in the Issuer and shall be fully-paid and nonassessable. 
 SECTION 3.3. Form of the Certificate. The
Certificate, upon issuance, will be issued in the form of a typewritten Certificate, substantially in the form of Exhibit A hereto, representing a definitive Certificate and shall be registered in the name of “Volkswagen Public Auto Loan
Securitization, LLC” as the initial registered owner thereof. The Owner Trustee shall execute and authenticate, or cause to be authenticated, the definitive Certificate in accordance with the instructions of the Seller. 

SECTION 3.4. Registration of Certificates. The Owner Trustee shall maintain at its office referred to in Section 2.2,
or at the office of any agent appointed by it and approved in writing by the Certificateholder at the time of such appointment, a register for the registration and transfer of the Certificate. 

SECTION 3.5. Transfer of Certificate. (a) The Certificateholder may assign, convey or otherwise transfer all or any of its
right, title and interest in the Certificate; provided, that (i) the Owner Trustee and the Issuer receive an Opinion of Counsel stating that, in the opinion of such counsel, such transfer will not cause the Issuer to be treated as a
publicly traded partnership for federal income tax purposes and (ii) the Certificate may not be acquired by or for the account of or with the assets of a Benefit Plan or any governmental, non-U.S., or church plan or any other

  

					
		  	5	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 
employee benefit plan or retirement arrangement that is subject to a law that is substantially similar to the fiduciary responsibility provisions of ERISA or Section 4975 of the Code
(“Similar Law”). By accepting and holding a Certificate (or any interest therein), the holder thereof shall be deemed to have represented and warranted that it is not, and is not purchasing the Certificate (or any interest therein) on
behalf of, a Benefit Plan or any governmental, non-U.S., or church or any other employee benefit plan or retirement arrangement that is subject to Similar Law. The Owner Trustee shall have no duty to independently determine that the requirement in
(ii) above is met and shall incur no liability to any person in the event the holder of the Certificate does not comply with such restrictions. Subject to the transfer restrictions contained herein and in the Certificate, the
Certificateholder may transfer all or any portion of the beneficial interest in the Issuer evidenced by such Certificate upon surrender thereof to the Owner Trustee accompanied by the documents required by this Section. Such transfer may be made by
the registered Certificateholder in person or by his attorney duly authorized in writing upon surrender of the Certificate to the Owner Trustee accompanied by a written instrument of transfer and with such signature guarantees and evidence of
authority of the Persons signing the instrument of transfer as the Owner Trustee may reasonably require. Promptly upon the receipt of such documents and receipt by the Owner Trustee of the transferor’s Certificate, the Owner Trustee shall
record the name of such transferee as a Certificateholder and its percentage of beneficial interest in the Issuer in the Certificate register and issue, execute and deliver to such Certificateholder a Certificate evidencing such beneficial interest
in the Issuer. In the event a transferor transfers only a portion of its beneficial interest in the Issuer, the Owner Trustee shall register and issue to such transferor a new Certificate evidencing such transferor’s new percentage of
beneficial interest in the Issuer. Subsequent to a transfer and upon the issuance of the new Certificate or Certificates, the Owner Trustee shall cancel and destroy the Certificate surrendered to it in connection with such transfer. The Owner
Trustee may treat, for all purposes whatsoever, the Person in whose name any Certificate is registered as the sole owner of the beneficial interest in the Issuer evidenced by such Certificate, and neither the Owner Trustee, nor any agent of the
Owner Trustee shall be affected by notice to the contrary. 
 (b) As a condition precedent to any registration
of transfer under this Section 3.5, the Owner Trustee may require the payment of a sum sufficient to cover the payment of any tax or taxes or other governmental charges required to be paid in connection with such transfer. 

(c) The Owner Trustee shall not be obligated to register any transfer of a Certificate unless each of the transferor and
the transferee have certified to the Owner Trustee that such transfer does not violate any of the transfer restrictions stated herein including, but not limited to clauses (d) and (e) of this Section 3.5. The
Owner Trustee shall not be liable to any Person for registering any transfer based on such certifications. 
 (d)
No transfer (or purported transfer) of all or any part of a Certificateholder’s interest (or any economic interest therein), whether to another Certificateholder or to a person who is not a Certificateholder, shall be effective, and any such
transfer (or purported transfer) shall be void ab initio, and no person shall otherwise become a Certificateholder if, after such transfer (or purported transfer), the Issuer would have more than 95 direct or indirect holders of an
interest in the 

  

					
		  	6	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 
Certificates. For purposes of determining whether the Issuer will have more than 95 holders of an interest in the Certificates, each Person indirectly owning an interest through a partnership
(including any entity treated as a partnership for federal income tax purposes), a grantor trust or an S corporation (each such entity, a “flow-through entity”) shall be treated as a Certificateholder unless the Depositor determines
in its sole and absolute discretion, after consulting with qualified tax counsel, that less than substantially all of the value of the beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s
interest (direct or indirect) in the Issuer. 
 (e) No transfer shall be permitted if the same is effected
through an established securities market or secondary market (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code or would make the Issuer ineligible for “safe harbor” treatment under
Section 7704 of the Code. 
 SECTION 3.6. Lost, Stolen, Mutilated or Destroyed Certificates. If (i) any
mutilated Certificate is surrendered to the Owner Trustee, or (ii) the Owner Trustee receives evidence to its satisfaction that the Certificate has been destroyed, lost or stolen, and upon proof of ownership satisfactory to the Owner Trustee
together with such security or indemnity as may be requested by the Owner Trustee to save it harmless, the Owner Trustee shall execute and deliver a new Certificate for the same percentage of beneficial interest in the Issuer as the Certificate so
mutilated, destroyed, lost or stolen, of like tenor and bearing a different issue number, with such notations, if any, as the Owner Trustee shall determine. Upon the issuance of any new Certificate under this Section 3.6, the Issuer or
Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of the Certificate and any other reasonable expenses (including the reasonable
fees and expenses of the Issuer and the Owner Trustee) connected therewith. Any duplicate Certificate issued pursuant to this Section 3.6 shall constitute complete and indefeasible evidence of ownership in the Issuer, as if originally
issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 
 ARTICLE IV 

ACTIONS BY OWNER TRUSTEE 
 SECTION 4.1. Prior Notice to Certificateholder with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless at least 10 days before the
taking of such action (or such shorter notice acceptable to the Certificateholder), the Owner Trustee shall have notified the Certificateholder in writing of the proposed action and the Certificateholder shall not have notified the Owner Trustee in
writing prior to the 10th day (or such shorter notice acceptable to the Certificateholder) after such notice is given that the Certificateholder has withheld consent or provided alternative direction: 

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

  

					
		  	7	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 (b) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Certificateholder; 
 (c) the amendment, change or modification of the Sale and Servicing Agreement, or the Administration Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in a manner
that would not materially adversely affect the interests of the Certificateholder; or 
 (d) the appointment
pursuant to the Indenture of a successor Indenture Trustee or the consent to the assignment by the Note Registrar or the Indenture Trustee of its obligations under the Indenture or this Agreement, as applicable. 

SECTION 4.2. Action by Certificateholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon
the direction of the Certificateholder, to (a) except as expressly provided in the Transaction Documents, sell the Collateral after the termination of the Indenture in accordance with its terms, (b) remove the Administrator under the
Administration Agreement pursuant to Section 8 thereof or (c) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement. The Owner Trustee shall take the actions referred to in the preceding
sentence only upon written instructions signed by the Certificateholder. 
 SECTION 4.3. Action by Certificateholder with
Respect to Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Issuer until one year and one day after the Note Balance of all Notes has been reduced to zero without the prior
written approval of the Certificateholder and the delivery to the Owner Trustee by the Certificateholder of a certificate certifying that the Certificateholder reasonably believes that the Issuer is insolvent. 

SECTION 4.4. Restrictions on Certificateholder’s Power. The Certificateholder shall not direct the Owner Trustee to take or
refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee under this Agreement or any of the Transaction Documents or would be contrary to Section 2.3, nor shall the
Owner Trustee be obligated to follow any such direction, if given. 
 SECTION 4.5. Majority Control. To the extent that
there is more than one Certificateholder, any action which may be taken or consent or instructions which may be given by the Certificateholder under this Agreement may be taken by Certificateholders holding in the aggregate a percentage of the
beneficial interest in the Issuer equal to more than 50% of the beneficial interest in the Issuer at the time of such action. 

ARTICLE V 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
 SECTION 5.1. Application of Trust Funds. Distributions on the Certificate shall be made in accordance with the provisions of the Indenture and the Sale and Servicing Agreement.

  

					
		  	8	  	Amended & Restated Trust Agreement
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Subject to the lien of the Indenture, the Owner Trustee shall promptly distribute to the Certificateholder all other amounts (if any) received by the Issuer or the Owner Trustee in respect of the
Trust Estate. After the termination of the Indenture in accordance with its terms, the Owner Trustee shall distribute all amounts received (if any) by the Issuer and the Owner Trustee in respect of the Trust Estate at the direction of the
Certificateholder. 
 SECTION 5.2. Method of Payment. Subject to the Indenture, distributions required to be made to the
Certificateholder on any Payment Date and all amounts received by the Issuer or the Owner Trustee on any other date that are payable to the Certificateholder pursuant to this Agreement or any other Transaction Document shall be made to the
Certificateholder by wire transfer, in immediately available funds, to the account of the Certificateholder designated by the Certificateholder to the Owner Trustee and Indenture Trustee in writing. 

SECTION 5.3. Sarbanes-Oxley Act. Notwithstanding anything to the contrary herein or in any Transaction Document, the Owner Trustee
shall not be required to execute, deliver or certify in accordance with the provisions of the Sarbanes-Oxley Act on behalf of the Issuer or any other Person, any periodic reports filed pursuant to the Exchange Act, or any other documents pursuant to
the Sarbanes-Oxley Act. 
 SECTION 5.4. Signature on Returns. Subject to Section 2.6, the Certificateholder
shall sign on behalf of the Issuer the tax returns of the Issuer, unless applicable law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by the Owner Trustee at the written direction of the
Certificateholder. 
 ARTICLE VI 
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 SECTION 6.1. General
Authority. The Owner Trustee is authorized and directed to execute and deliver the Transaction Documents to which the Issuer is named as a party, and each certificate or other document attached as an exhibit to or contemplated by the Transaction
Documents to which the Issuer or the Owner Trustee is named as a party and any amendment thereto, in each case, in such form as the Seller shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof, and at the written
direction of the Seller, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $281,000,000, Class A-2 Notes in the aggregate principal amount of $381,000,000, Class A-3 Notes in
the aggregate principal amount of $376,000,000, and Class A-4 Notes in the aggregate principal amount of $212,000,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of
the Issuer pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as the Seller or the Administrator recommends or directs in writing with respect to the Transaction Documents, except to
the extent that this Agreement expressly requires the consent of the Certificateholder for such action, and the Owner Trustee shall not be liable to any Person for any action or inaction taken pursuant to such direction. 

  

					
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 SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee to discharge
(or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other Transaction Documents and to administer the Issuer in the interest of the Certificateholder, subject to the terms of the Transaction
Documents, and in accordance with the provisions of this Agreement and the other Transaction Documents. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the
Transaction Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Issuer or the Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee shall
not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement and shall have no duty to monitor the performance of the Administrator or any other Person under the Administration
Agreement or any other document. The Owner Trustee shall have no obligation to administer, service or collect the Receivables or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Receivables. The Owner
Trustee shall not be required to perform any of the obligations of the Issuer under any Transaction Document that are required to be performed by the Servicer, the Seller, the Administrator or the Indenture Trustee. 

SECTION 6.3. Action upon Instruction. (a) Subject to Article IV, and in accordance with the Transaction Documents, the
Certificateholder may, by written instruction, direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholder pursuant to Article IV. 

(b) Subject to Section 7.1, the Owner Trustee shall not be required to take any action hereunder or under any
Transaction Document if the Owner Trustee shall have reasonably determined or been advised by counsel that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Transaction
Document or is otherwise contrary to law. 
 (c) Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this Agreement or any Transaction Document or is unsure as to the application of any provision of this Agreement or any Transaction Document or any such provision is ambiguous as to
its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner
Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholder requesting instruction as to the course of
action to be adopted or application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any written instruction of the Certificateholder received, the Owner Trustee shall not be liable
on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Transaction Documents, as it shall deem to be in the best interests of the
Certificateholder, and shall have no liability to any Person for such action or inaction. 

  

					
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 (d) The Owner Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation, at the request, order or direction of the Certificateholder or any other Person, unless such Certificateholder or such Person has offered to the
Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee (including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby,
including such advances as the Owner Trustee shall reasonably request. 
 SECTION 6.4. No Duties Except as Specified in this
Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby to which the Issuer or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by
the Owner Trustee pursuant to Section 6.3; and no implied duties or obligations shall be read into this Agreement or any Transaction Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any
financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or Lien granted to it hereunder or to prepare or file any Commission filing (including any filings
required under the Sarbanes-Oxley Act) for the Issuer or to record this Agreement or any Transaction Document. To the extent that, at law or in equity, the Owner Trustee has duties (including fiduciary duties) and liabilities relating thereto to the
Issuer or the Certificateholder, it is hereby understood and agreed by the other parties hereto that all such duties and liabilities are replaced by the duties and liabilities of the Owner Trustee expressly set forth in this Agreement and the
Statutory Trust Act. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Trust Estate that result from actions by, or claims against,
the Owner Trustee that are not related to the ownership or the administration of the Trust Estate. The Owner Trustee shall have no responsibility or liability for or with respect to the genuineness, value, sufficiency or validity of the Trust
Estate. 
 SECTION 6.5. No Action Except under Specified Documents or Instructions. The Owner Trustee shall not manage,
control, use, sell, dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with
the Transaction Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. 
 SECTION 6.6. Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the
actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income and state and local income, franchise and value added tax purposes, (ii) be deemed to cause a
taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for federal
income, state and local income or franchise tax purposes. The Certificateholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section. 

  

					
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 ARTICLE VII 
 CONCERNING THE OWNER TRUSTEE 
 SECTION 7.1. Acceptance of Trusts and
Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received
by it constituting part of the Trust Estate upon the terms of the Transaction Documents and this Agreement. The Owner Trustee shall not be personally liable or accountable hereunder or under any Transaction Document under any circumstances
notwithstanding anything herein or in the Transaction Documents to the contrary, except (i) for its own willful misconduct, bad faith or negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in
Section 7.3 expressly made by Deutsche Bank Trust Company Delaware, in its individual capacity, (iii) for liabilities arising from the failure of the Owner Trustee to perform obligations expressly undertaken by it in the third
sentence of Section 6.4 or (iv) for taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. In particular, but not by way of limitation of the foregoing:

 (i) The Owner Trustee shall not be personally liable for any error of judgment made in good faith by any of
its officers or employees unless it is proved that such persons were negligent in ascertaining the pertinent facts; 
 (ii) No provision of this Agreement shall require the Owner Trustee to expend or risk its personal funds or otherwise incur any financial liability in the exercise of its rights or powers hereunder;

 (iii) Under no circumstances shall the Owner Trustee be personally liable for any representation, warranty,
covenant, obligation or indebtedness of the Issuer, and 
 (iv) The Owner Trustee shall not be personally
responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by any Person other than the Owner Trustee. 
 SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholder promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices,
requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction Documents. 
 SECTION 7.3. Representations and Warranties. Deutsche Bank Trust Company Delaware hereby represents and warrants to the Seller for the benefit of the Certificateholder, that: 

(i) It is a Delaware banking corporation validly existing under the laws of the State of Delaware and having an office
within the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 

  

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

(iii) This Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable against the Owner
Trustee in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement of the rights of creditors of banks
generally and to equitable limitations on the availability of specific remedies. 
 (iv) Neither the execution
nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation
governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws. 
 SECTION 7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no personal liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors
or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not
specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other Authorized Officers of the relevant party, as to such fact or
matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under
this Agreement or the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner Trustee shall not be personally liable for the conduct or
misconduct of such agents, custodians, nominees (including persons acting under a power of attorney) or attorneys selected with reasonable care and (ii) may consult with counsel, accountants and other skilled persons knowledgeable in the
relevant area to be selected with reasonable care and employed by it at the expense of the Issuer. The Owner Trustee shall not be personally liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or
advice of any such counsel, accountants or other such persons. 

  

					
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 SECTION 7.5. Not Acting in Individual Capacity. Except as provided in this Article
VII, in accepting the trusts hereby created, the Owner Trustee acts solely as the Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by
this Agreement or any Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof. 
 SECTION
7.6. Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Notes. The Owner Trustee may deal with the Seller, the Indenture Trustee, the Administrator and their respective
Affiliates in banking transactions with the same rights as it would have if it were not the Owner Trustee, and the Seller, the Indenture Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking relationships
with the Owner Trustee and its Affiliates. 
 ARTICLE VIII 

COMPENSATION AND INDEMNIFICATION OF THE OWNER TRUSTEE 
 SECTION 8.1. The Owner Trustee’s Compensation. The Issuer shall cause the Servicer to pay to the Owner Trustee pursuant to Section 3.11 of the Sale and Servicing Agreement from
time to time compensation for all services rendered by the Owner Trustee under this Agreement pursuant to a fee letter between the Servicer and the Owner Trustee (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust). The Servicer, pursuant to Section 3.11 of the Sale and Servicing Agreement and the fee letter between the Servicer and the Owner Trustee, shall reimburse the Owner Trustee upon its request
for all reasonable expenses, disbursements and advances incurred or made by the Owner Trustee in accordance with any provision of this Agreement (including the reasonable compensation, expenses and disbursements of such agents, experts and counsel
as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder), except any such expense may be attributable to its willful misconduct, gross negligence (other than an error in judgment) or bad
faith. To the extent not paid by the Servicer, such fees and reasonable expenses shall be paid by the Issuer in accordance with Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as
applicable. 
 SECTION 8.2. Indemnification. The Seller shall cause the Servicer to indemnify Deutsche Bank in its
individual capacity and as trustee and its successors, assigns, directors, officers, employees and agents (the “Indemnified Parties”) from and against, any and all loss, liability, expense, tax, penalty or claim (including
reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against Deutsche Bank, in its individual capacity and as trustee or any Indemnified Party in any way relating to or
arising out of this Agreement, the Transaction Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of Deutsche Bank hereunder; provided, however, that neither the Seller nor the Servicer shall be liable for
or required to indemnify Deutsche Bank from and against any of the foregoing expenses arising or resulting from (i) Deutsche Bank’s own willful misconduct, bad faith or gross negligence, (ii) the inaccuracy of any representation or
warranty contained in Section 7.3 expressly made by Deutsche Bank in its individual capacity, (iii) liabilities arising from the failure of Deutsche Bank to perform obligations expressly undertaken by it in the third sentence of
Section 6.4 or 

  

					
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(iv) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. To the extent not paid by the Servicer, such indemnification
shall be paid in accordance with Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. 
 SECTION 8.3. Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VIII and the Sale and Servicing Agreement shall be deemed not to be a part of the
Trust Estate immediately after such payment. 
 SECTION 8.4. Survival. The provisions of this Article VIII shall
survive termination of this Agreement. 
 ARTICLE IX 

TERMINATION OF TRUST AGREEMENT 
 SECTION 9.1. Termination of Trust Agreement. The Issuer shall wind up and dissolve and this Agreement shall terminate (other than provisions hereof which by their terms survive termination) upon
the later of (a) the final distribution by the Owner Trustee of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Sale and Servicing Agreement and Article V and (b) the
discharge of the Indenture in accordance with Article IV of the Indenture. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder shall not (x) operate to terminate this Agreement or the Issuer, nor
(y) entitle the Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate nor
(z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 SECTION 9.2. Dissolution of the
Issuer. Upon dissolution of the Issuer, the Owner Trustee shall, at the direction of the Administrator, wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Act. Upon the satisfaction and
discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and
the Notes, the Owner Trustee, in the absence of actual knowledge of any other claim against the Issuer and at the written direction of the Certificateholder, shall be deemed to have made reasonable provision to pay all claims and obligations
(including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Act. The Owner Trustee, upon surrender of the outstanding Certificates, shall distribute the remaining Trust Estate (if any) in
accordance with Article V hereof and, at the written direction and expense of the Certificateholder, shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State in
accordance with the provisions of Section 3810 of the Statutory Trust Act, at which time the Issuer shall terminate and this Agreement (other than Article VIII) shall be of no further force or effect. 

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

  

					
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 ARTICLE X 
 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL 
 OWNER TRUSTEES 

SECTION 10.1. Eligibility Requirements for the Owner Trustee. The Owner Trustee shall at all times be a bank (i) authorized
to exercise corporate trust powers, (ii) having a combined capital and surplus of at least $50,000,000 and (iii) subject to supervision or examination by Federal or state authorities. If such bank shall publish reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. The Owner Trustee shall at all times be an institution satisfying the provisions of Section 3807(a) of the Statutory Trust Act. In case at any time the Owner Trustee
shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. 

SECTION 10.2. Resignation or Removal of The Owner Trustee. The Owner Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice thereof to the Seller, the Administrator, the Servicer, the Indenture Trustee and the Certificateholder. Upon receiving such notice of resignation, the Seller and the Administrator, acting jointly,
shall promptly appoint a successor Owner Trustee which satisfies the eligibility requirements set forth in Section 10.1 by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee
and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court
of competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such right to appoint or to petition for the appointment of any such successor shall in no event relieve the resigning Owner Trustee from any
obligations otherwise imposed on it under the Transaction Documents until such successor has in fact assumed such appointment. 

If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and shall fail
to resign after written request therefor by the Seller or the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall
be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Seller or the Administrator may remove the Owner Trustee. If
the Seller or the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Seller and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and shall pay all fees owed to the outgoing Owner Trustee. 

  

					
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 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee
pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner Trustee.
The Seller shall provide (or shall cause to be provided) notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
 SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the Seller, the Administrator and to its
predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed
or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as the Owner Trustee. The predecessor Owner Trustee shall upon payment of
its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Seller and the predecessor Owner Trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
 No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.1.

 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Seller shall mail (or shall cause
to be mailed) notice of the successor of the Owner Trustee to the Certificateholder, Indenture Trustee, the Noteholders and each of the Rating Agencies. If the Seller shall fail to mail (or cause to be mailed) such notice within 10 days after
acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Seller. Any successor Owner Trustee appointed pursuant to this Section 10.3 shall promptly
file an amendment to the Certificate of Trust with the Secretary of State identifying the name and the principal place of business of such successor Owner Trustee in the State of Delaware. 

SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any Person into which the Owner Trustee may be merged or converted or
with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner
Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Owner Trustee hereunder; provided, that such
Person shall be eligible pursuant to Section 10.1; and provided, further that the Owner Trustee shall file an amendment to the Certificate of Trust of the Issuer, if required by applicable law, and mail notice of such merger or
consolidation to the Seller and the Administrator. 
 SECTION 10.5. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located,

  

					
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the Seller and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as
co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts as the Seller and the Owner Trustee may consider necessary or desirable. If the Seller shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to
Section 10.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.3. 
 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

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

(ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee
under this Agreement; and 
 (iii) the Seller and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the Owner Trustee
shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of
this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be
provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument
shall be filed with the Owner Trustee and copies thereof given to the Seller and the Administrator. 
 Any separate trustee or
co-trustee may at any time appoint the Owner Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any
separate 

  

					
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trustee or co-trustee shall become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to
the extent permitted by law, without the appointment of a new or successor trustee. The Owner Trustee shall have no obligation to determine whether a co-trustee or separate trustee is legally required in any jurisdiction in which any part of the
Trust Estate may be located. 
 ARTICLE XI 
 MISCELLANEOUS 
 SECTION 11.1. Amendments. 

(a) Any term or provision of this Agreement may be amended by the Seller and the Owner Trustee without the consent of the
Indenture Trustee, any Noteholder, the Issuer or any other Person subject to the satisfaction of one of the following conditions: 
 (i) the Seller delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; 

(ii) the Seller delivers an Officer’s Certificate of the Seller to the Indenture Trustee to the effect that such
amendment will not materially and adversely affect the interests of the Noteholders; or 
 (iii) the Rating
Agency Condition is satisfied with respect to such amendment and the Seller notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; 

provided, that no amendment shall be effective which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee
without the prior written consent of such Person. 
 (b) This Agreement may also be amended from time to time by
the Seller and the Owner Trustee, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate principal balance of the Outstanding Notes, for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders. It will not be necessary to obtain the consent of the Noteholders to approve the particular form of any proposed amendment or consent,
but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by
Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 

(c) Prior to the execution of any such amendment, the Seller shall provide written notification of the substance of such
amendment to each Rating Agency and 

  

					
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		  		  	(VALET 2012-2)

 
the Owner Trustee; and promptly after the execution of any such amendment or consent, the Seller (i) shall furnish a copy of such amendment or consent to each Rating Agency, the Owner
Trustee and the Indenture Trustee and (ii) if this Agreement is amended in accordance with clauses (i) or (ii) of Section 11.1(a), shall furnish a copy of such Opinion of Counsel or Officer’s
Certificate, as the case may be, to each of the Rating Agencies. 
 (d) Prior to the execution of any amendment
to this Agreement, the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the
execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement.

 SECTION 11.2. No Legal Title to Trust Estate in Certificateholder. The Certificateholder shall not have legal title to
any part of the Trust Estate. The Certificateholder shall be entitled to receive distributions with respect to its undivided beneficial interest therein only in accordance with Articles V and IX. No transfer, by operation of law or
otherwise, of any right, title or interest of the Certificateholder to and in its ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer
to it of legal title to any part of the Trust Estate. 
 SECTION 11.3. Limitations on Rights of Others. The provisions of
this Agreement are solely for the benefit of the Owner Trustee, the Seller, the Administrator, the Certificateholder and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether
express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

SECTION 11.4. Notices. (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in
writing and shall be deemed given by facsimile with receipt acknowledged by the recipient thereof or upon receipt personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested, if to the Owner Trustee,
addressed as specified on Schedule II to the Sale and Servicing Agreement; or, as to each party, at such other address as shall be designated by such party in a written notice to each other party. 

(b) Any notice required or permitted to be given to the Certificateholder shall be given by first-class mail, postage
prepaid, at the address of the Certificateholder as shall be designated by such party in a written notice to each other party. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given,
whether or not the Certificateholder receives such notice. 
 SECTION 11.5. Severability. Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  

					
		  	20	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 SECTION 11.6. Separate Counterparts. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 11.7. Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the
benefit of, the Seller, the Owner Trustee and its successors and the Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by the
Certificateholder shall bind the successors and assigns of the Certificateholder. 
 SECTION 11.8. No Petition.

 (a) Subject to Section 4.3, each of the Owner Trustee (in its individual capacity and as the Owner
Trustee), by entering into this Agreement, the Seller, the Certificateholder, by accepting the Certificate, and the Indenture Trustee and each Noteholder or Note Owner by accepting the benefits of this Agreement, hereby covenants and agrees that
prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of
its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the
benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join or institute against, with any other Person, any proceeding against such Bankruptcy Remote
Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 
 (b) The Seller’s obligations under this Agreement are obligations solely of the Seller and will not constitute a claim against the Seller to the extent that the Seller does not have funds sufficient
to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by entering into or accepting this agreement, each Certificateholder, by
accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this Agreement, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the
Seller. To the extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the 

  

					
		  	21	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 
Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner and the Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is
deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the
Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to
the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other
Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the
Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the
Owner Trustee (in its individual capacity and as the Owner Trustee), by entering into or accepting this agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the
benefits of this Agreement, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an action for specific performance. The provisions of this Section
will be for the third party benefit of those entitled to rely thereon and will survive the termination of this Agreement. 

SECTION 11.9. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof. 
 SECTION 11.10. Governing Law. THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 11.11. Waiver of Jury Trial. To the extent permitted by applicable law, each party hereto irrevocably waives all right
of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

SECTION 11.12. Information Requests. The parties hereto shall provide any information reasonably requested by the Servicer, the
Issuer, the Seller or any of their Affiliates at the expense of the Servicer, the Issuer, the Seller or any of their Affiliates, as applicable, in order to comply with or obtain more favorable treatment under any current or future law, rule,
regulation, accounting rule or principle. 

  

					
		  	22	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 SECTION 11.13. Form 10-D and Form 10-K Filings. So long as the Seller is filing
Exchange Act Reports with respect to the Issuer (i) no later than each Payment Date, the Owner Trustee shall notify the Seller of any Form 10-D Disclosure Item with respect to the Owner Trustee, together with a description of any such Form 10-D
Disclosure Item in form and substance reasonably acceptable to the Seller and (ii) no later than March 15 of each calendar year, commencing March 15, 2013, the Owner Trustee shall notify the Seller in writing of any affiliations or
relationships between the Owner Trustee and any Item 1119 Party; provided, that no such notification need be made if the affiliations or relationships are unchanged from those provided in the notification in the prior calendar year.

 SECTION 11.14. Form 8-K Filings. So long as the Seller is filing Exchange Act Reports with respect to the Issuer, the
Owner Trustee shall promptly notify the Seller, but in no event later than four (4) Business Days after its occurrence, of any Reportable Event described in clause (e) of the definition thereof with respect to the Owner Trustee of which a
Responsible Officer of the Owner Trustee has actual knowledge (other than a Reportable Event described in clause (e) of the definition thereof as to which the Seller or the Servicer has actual knowledge). The Owner Trustee shall be
deemed to have actual knowledge of any such event to the extent that it relates to the Owner Trustee in its individual capacity or any action by the Owner Trustee under this Agreement. 

SECTION 11.15. Indemnification. (a) Deutsche Bank Trust Company Delaware shall indemnify the Seller, each Affiliate of the
Seller or each Person who controls any of such parties (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) and the respective present and former directors, officers, employees and agents of each of
the foregoing, and shall hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain
arising out of or based upon: 
 (i) (A) any untrue statement of a material fact contained in any
information provided in writing by Deutsche Bank Trust Company Delaware to the Seller or its affiliates under Sections 11.12 or 11.13 (such information, the “Provided Information”), or (B) the omission to state in
the Provided Information a material fact required to be stated in the Provided Information, or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way
of clarification, that clause (B) of this paragraph shall be construed solely by reference to the related information and not to any other information communicated in connection with a sale or purchase of securities, without regard to
whether the Provided Information or any portion thereof is presented together with or separately from such other information; or 
 (ii) any failure by Deutsche Bank Trust Company Delaware to deliver any information, report, or other material when and as required under Sections 11.12, 11.13 or 11.14. 

  

					
		  	23	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

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

 (c) Notwithstanding anything to the contrary contained herein, in no event shall Deutsche Bank Trust Company Delaware be
liable under this Section 11.15 for special, indirect or consequential damages of any kind whatsoever, including but not limited to lost profits, even if Deutsche Bank Trust Company Delaware has been advised of the likelihood of such
loss or damage and regardless of the form of action. 
 SECTION 11.16. Information to Be Provided by the Owner Trustee.
The Owner Trustee shall provide the Seller and the Servicer (each, a “VW Party” and, collectively, the “VW Parties”) with (i) notification, as soon as practicable and in any event within five Business Days, of
all demands communicated to the Owner Trustee for the repurchase or replacement of any Receivable pursuant to Section 2.3 of the Sale and Servicing Agreement or Section 3.3 of the Purchase Agreement, as applicable and
(ii) promptly upon reasonable request by a VW Party, any other information reasonably requested by a VW Party to facilitate compliance by the VW Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. In
no event shall the Owner Trustee have (x) any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB or with any VW Parties’ compliance with the Exchange Act
or Regulation AB or (y) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities in respect of the Transaction Documents or the transactions
contemplated thereby. In no event shall the Owner Trustee be deemed to be a “securitizer” as defined in Section 15Ga of the Exchange Act, nor shall it have any responsibility for making any filing to be made by a securitizer under the
Exchange Act or Regulation AB. A demand does not include general inquiries, including investor inquiries, regarding asset performance or possible breaches of representations or warranties. 

[Remainder of Page Intentionally Left Blank] 

  

					
		  	24	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

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

			
	 DEUTSCHE BANK TRUST COMPANY
 DELAWARE, 
 Individually and as 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

  

					
		  	S-1	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 
			
	VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC 
		
	By:	 	/s/ Martin Luedtke
	Name:	 	Martin Luedtke
	Title:	 	Treasurer
		
	By:	 	/s/ Lawrence S. Tolep
	Name:	 	Lawrence S. Tolep
	Title:	 	Assistant Treasurer

  

					
		  	S-2	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 EXHIBIT A 
 FORM OF CERTIFICATE 
  

			
	 NUMBER
 R-1
	  	                              
          100% BENEFICIAL INTEREST

 VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2012-2 

CERTIFICATE 

Evidencing the 100% beneficial interest in all of the assets of the Issuer (as defined below), which consist primarily of motor vehicle
receivables, including motor vehicle retail installment sales contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks and minivans. 
 (This Certificate does not represent an interest in or obligation of Volkswagen Auto Lease/Loan Underwritten Funding, LLC, VW Credit, Inc. or any of their respective Affiliates, except to the extent
described below.) 
 THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR
“BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR
“BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. 
 NEITHER THIS
CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A TRANSFER) BY OR FOR THE ACCOUNT OF OR WITH ANY ASSETS OF (A) AN EMPLOYEE BENEFIT PLAN AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A PLAN DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS
SUBJECT TO SECTION 4975 OF THE CODE, (C) ANY ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN SUCH ENTITY OR (D) ANY GOVERNMENTAL, NON-U.S., OR CHURCH
PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR RETIREMENT ARRANGEMENT THAT IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”). 

THIS CERTIFIES THAT
[                        ] is the registered owner of a 100% nonassessable, fully-paid beneficial interest in the Trust Estate of
VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2012-2, a Delaware statutory trust (the “Issuer”) formed by Volkswagen Auto Lease/Loan Underwritten Funding, LLC, a Delaware limited liability company, as depositor (the
“Seller”). 

  

					
		  	A-1	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 The Issuer was created pursuant to a Trust Agreement dated as of September 17, 2012 (as
amended and restated as of October 11, 2012, the “Trust Agreement”), among the Seller, and Deutsche Bank Trust Company Delaware, as owner trustee (the “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 in Appendix A to the Sale and Servicing Agreement, dated as of October 11, 2012,
among the Seller, the Issuer, Citibank, N.A., as indenture trustee, and VW Credit, Inc., as servicer, as the same may be amended or supplemented from time to time. 
 This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof
assents and by which such holder is bound. The provisions and conditions of the Trust Agreement are hereby incorporated by reference as though set forth in their entirety herein. 

The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are
subordinated to the rights of the Noteholders as described in the Indenture, the Sale and Servicing Agreement and the Trust Agreement, as applicable. 
 THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 By accepting this Certificate, the Certificateholder hereby
covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties (i) such Person shall not
authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general
assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such Person shall not commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under
any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

  

					
		  	A-2	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 By accepting and holding this Certificate (or any interest herein), the holder hereof shall
be deemed to have represented and warranted that it is not, and is not purchasing on behalf of, a Benefit Plan or any governmental, non-U.S., or church plan or any other employee benefit plan or retirement arrangement that is subject to Similar Law.

 It is the intention of the parties to the Trust Agreement that, solely for income, franchise and value added tax purposes,
(i) so long as there is a single Certificateholder, the Issuer will be disregarded as an entity separate from such Certificateholder, and if there is more than one Certificateholder, the Issuer will be treated as a partnership and (ii) the
Notes will be characterized as debt. By accepting this Certificate, the Certificateholder agrees to take no action inconsistent with the foregoing intended tax treatment. 
 By accepting this Certificate, the Certificateholder acknowledges that this Certificate represents the entire beneficial interest in the Issuer only and does not represent interests in or obligations of
the Seller, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated in this
Certificate, the Trust Agreement or any other Transaction Document. 

  

					
		  	A-3	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

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

Dated:             , 2012 

 

			
	 VOLKSWAGEN AUTO LOAN ENHANCED
 TRUST 2012-2

	
	 By: Deutsche Bank Trust Company Delaware, not
 in its individual capacity, but solely as Owner
 Trustee

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

  

					
		  	A-4	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		
	By:	 	 
		 	Authenticating Agent

  

					
		  	A-5	  	Amended & Restated Trust Agreement
		  		  	(VALET 2012-2)SMART ABS Series 2012-4US Trust Trust Creation Deed

 Exhibit 4.2 
 EXECUTION VERSION 
  
 SMART ABS SERIES 2012-4US TRUST 
 TRUST CREATION DEED 

PERPETUAL TRUSTEE COMPANY LIMITED 
 ABN 42 000 001 007 
  
  

 
 

 

 CONTENTS 

 

							
	Clause	  	 	  	Page	 
			
	 1.
	  	 Definitions and Interpretation
	  	 	1	  
	 2.
	  	 Constitution of Series Trust
	  	 	2	  
	 3.
	  	 The Units
	  	 	2	  
	 4.
	  	 Governing Law
	  	 	4	  
			
	Schedule	  	 	  	 	 
			
	 1.
	  	 Form of Capital Unit Certificate
	  	 	5	  
	 2.
	  	 Form of Income Unit Certificate
	  	 	7	  
	 3.
	  	 Form of Unit Transfer
	  	 	9	  
		
	 Signatories
	  	 	13	  

 TRUST CREATION DEED made in Sydney on 25 September 2012 

PARTY: 
 PERPETUAL TRUSTEE
COMPANY LIMITED ABN 42 000 001 007 of Level 12, Angel Place, 123 Pitt Street, Sydney, NSW 2000 
 Operative Provisions 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Deed
Poll, unless the contrary intention appears: 
 Capital Unit means a Capital Unit in the Series Trust referred to in
Clause 3.1; 
 Capital Unitholder means a Unitholder of a Capital Unit; 

Code means the United States Internal Revenue Code of 1986, as amended; 

Deed of Assumption means the Deed of Assumption dated 27 February 2007 between Macquarie Securities Management Pty Limited ABN
26 003 435 443 and Perpetual Trustee Company Limited ABN 42 000 001 007; 
 ERISA means the United States Employee
Retirement Income Security Act of 1974, as amended; 
 Income Unit means the Income Unit in the Series Trust referred to
in Clause 3.1; 
 Income Unitholder means the Unitholder of the Income Unit; 

Macquarie Leasing means Macquarie Leasing Pty Limited ABN 38 002 674 982; 

Macquarie Bank Limited means Macquarie Bank Limited ABN 46 008 583 542; 

Master Trust Deed means the Master Trust Deed dated 11 March 2002 between Macquarie Securities Management Pty Limited ABN 26
003 435 443 and Permanent Custodians Limited ACN 001 426 384, the rights and obligations of which were assumed by Perpetual Trustee Company Limited ABN 42 000 001 007 pursuant to the Deed of Assumption, as amended and supplemented from time to time;
and 
 Series Trust means the trust known as the SMART ABS Series 2012-4US Trust established pursuant to the Master Trust
Deed and this Deed Poll. 
  

	1.2	Master Trust Deed Definitions 

 Unless defined in this Deed Poll, words and phrases as defined (including by incorporation from, or reference to, another document) in the Master Trust Deed have the same meaning in this Deed Poll.

  

	1.3	Interpretation 

 Clause
1.2 of the Master Trust Deed applies to this Deed Poll as if set out herein in full (provided that clause references within clause 1.2 of the Master Trust Deed are taken to be references to clauses within the Master Trust Deed and references to
“Deed” are to be taken to be references to “Deed Poll”). 

  
 1 

	2.	CONSTITUTION OF SERIES TRUST 

  

	2.1	Constitution of Series Trust 

 Pursuant to clause 3.3 of the Master Trust Deed, the Series Trust is constituted upon: 
  

	 	(a)	(Execution of this Deed): the execution of this Deed Poll by the Trustee; and 

 

	 	(b)	(Payment of $10): the payment of the sum of $10 by or on behalf of the Manager to the Trustee (the receipt of which the Trustee acknowledges by executing this
Deed Poll). 

  

	2.2	Declarations of Trust for the Series Trust 

 The Trustee declares that it will hold all the right, title and interest in, to and under the $10 referred to in clause 2.1(b) on trust in accordance with the Master Trust Deed and the Series Supplement
relating to the Series Trust and subject to the trusts, terms and conditions of the Master Trust Deed and the Series Supplement relating to the Series Trust. 
  

	2.3	Name of the Series Trust 

The Series Trust will be known as the “SMART ABS Series 2012-4US Trust” or such other name from time to time agreed between the
Trustee and the Manager (subject to any approvals required by law). 
  

	2.4	Master Trust Deed 

Immediately following the constitution of the Series Trust, Perpetual Trustee Company Limited will assume the rights and obligations of
Permanent Custodians Limited under, and will be bound by the terms of, the Master Trust Deed as trustee of the Series Trust (as if it were a party to the Master Trust Deed) as Trustee in place of Permanent Custodians Limited and all references to
Permanent Custodians Limited are references to Perpetual Trustee Company Limited mutatis mutandis. 
  

	3.	THE UNITS 

  

	3.1	Number of Units 

 The
beneficial interest in the Series Trust is divided into 11 Units: 10 Capital Units and 1 Income Unit. The Income Unit is a separate Class of Unit to the Capital Units. 
  

	3.2	Initial Unitholders 

  

	 	(a)	(Income Unit): The initial holder of the Income Unit is Macquarie Leasing. 

 

	 	(b)	(Capital Units): The initial holder of all 10 Capital Units is Macquarie Bank Limited. 

 

	3.3	Registration of Initial Unitholders 

 Immediately upon the execution of this Deed Poll, the Trustee must: 
  

	 	(a)	(Enter in Register): enter into the Register: 

  

	 	(i)	Macquarie Leasing as the initial Income Unitholder in the Series Trust; and 

 

	 	(ii)	Macquarie Bank Limited as the initial Capital Unitholder of 10 Capital Units in the Series Trust. 

  
 2 

	 	(b)	(Issue Unit Certificates): issue a Unit Certificate to: 

  

	 	(i)	Macquarie Leasing in respect of the Income Unit; and 

  

	 	(ii)	Macquarie Bank Limited in respect of 10 Capital Units. 

  

	3.4	Beneficial interest represented by the Income Unit and the Capital Units 

 The beneficial interest in the Series Trust represented by the Income Unit and the Capital Units will be contained in the Series Supplement relating to the Series Trust. 

 

	3.5	Right of Unitholders to payments 

 The rights of a Unitholder to receive payments in relation to their Unit will be contained in the Series Supplement relating to the Series Trust. 

 

	3.6	Capital and Income Units subject to the Series Supplement, the Master Trust Deed and this Deed Poll 

The rights, benefits and entitlements in respect of the Capital Units and the Income Unit are subject to the terms of this Deed Poll, the
Master Trust Deed and the Series Supplement relating to the Series Trust. 
  

	3.7	Restrictions on Transfer 

The Capital Units are non-transferable. The Income Unit may be transferred at any time subject to the prior written consent of the Trustee
(as directed by the Manager) and the Manager (which, in each case, must not be unreasonably withheld) and notification to each Rating Agency by the Manager; provided, however, that the Income Unit may not be transferred to any person that is, or is
acquiring the Income Unit with the assets of, (A) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (B) a “plan” (as defined in Section 4975(e)(1) of the
Code) that is subject to Section 4975 of the Code, (C) an entity deemed to hold “plan assets” of the foregoing under 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA, or (D) a non- U.S., governmental or
church plan that is subject to any non-U.S. or U.S. federal, state or local law that is similar to Section 406 of ERISA or Section 4975 of the Code. 
  

	3.8	Units Rank Equally Except for Special Rights 

 The Income Unit and the Capital Units enjoy the same rights, entitlements, benefits and restrictions, except as expressly provided in this Deed Poll, the Master Trust Deed and the Series Supplement
relating to the Series Trust. 
  

	3.9	Form of Transfers and Certificates 

 For the purposes of the Master Trust Deed insofar as it relates to the Series Trust: 
  

	 	(a)	(Unit Certificates): the form of the Unit Certificate is as specified in Schedule 1 in respect of the Capital Units and Schedule 2 in respect of the Income Unit;
and 

  

	 	(b)	(Unit Transfer): the form of the Unit Transfer in respect of the Income Unit only is as specified in Schedule 3. 

  
 3 

	3.10	No other relationship 

Nothing in this Deed Poll constitutes either the Trustee or the Manager as the agent of the Unitholders nor creates any relationship
between the Unitholders on the one hand and the Manager (other than as Manager) or the Trustee (other than as Trustee) on the other. 
  

	4.	GOVERNING LAW 

 This Deed
is to be governed by and construed in accordance with the laws of the Australian Capital Territory and the parties submit to the jurisdiction of the courts of that Territory. 
 EXECUTED as a DEED POLL in Sydney in favour and for the benefit of the holders of the Units and each party to the Series Supplement. 

  
 4 

 SCHEDULE 1 
 FORM OF CAPITAL UNIT CERTIFICATE 
 CAPITAL UNIT CERTIFICATE

 SMART ABS SERIES 2012-4US TRUST 
 Perpetual Trustee Company Limited 
 ABN 42 000 001 007 

(the Trustee) 
 Macquarie Securities Management Pty Limited 
 ABN 26 003 435 443

 (the Manager) 
 THIS IS TO CERTIFY THAT: 
 CAPITAL UNITHOLDER:
    [            ] 
  

			
		  	ABN [            ]
		  	(the Capital Unitholder)
		  	
	ADDRESS:	  	[            ]
		  	[            ]
		  	[            ]

 appears in the Register as the holder of [Insert number of Capital Units held] Capital Unit[s] issued by the Trustee as
trustee of the SMART ABS Series 2012-4US Trust (the Series Trust) as constituted by a Master Trust Deed as amended from time to time (the Master Trust Deed) dated 11 March 2002 between Macquarie Securities Management Pty Limited
ABN 26 003 435 443 and Permanent Custodians Limited ACN 001 426 384, the rights and obligations of which were assumed by Perpetual Trustee Company Limited ABN 42 000 001 007 pursuant to the Deed of Assumption, as amended and supplemented from time
to time and a Trust Creation Deed (the Trust Creation Deed) dated [—] executed by the Trustee. 
 Unless expressly defined in this Unit Certificate or a contrary intention appears, words and expressions used in this Unit Certificate have the same meaning as in the Master Trust Deed or the Trust
Creation Deed. 
 The Capital Unit[s] [is/are] issued and held by the Capital Unitholder subject to the provisions of the Master Trust Deed, the
Trust Creation Deed, the Series Supplement relating to the Series Trust (the Series Supplement) and the Security Trust Deed relating to the Series Trust. A copy of the Security Trust Deed, the Master Trust Deed, the Trust Creation Deed and
the Series Supplement will be available for inspection by the Capital Unitholder at the offices of the Trustee at Level 12, Angel Place, 123 Pitt Street, Sydney NSW 2000 shortly after their execution. 

Payments or distributions to be paid on the Capital Unit[s] will be determined in accordance with the Master Trust Deed, the Trust Creation Deed and the
Series Supplement. 

  
 5 

 Neither the Manager nor the Trustee is under any obligation at any time to repurchase or redeem the Capital
Unit[s]. 
 This Unit Certificate is not a certificate of title and the Register on which [this/these] Capital Unit[s] [is/are] registered is
the only conclusive evidence of the title of the Capital Unitholder to [this/these] Capital Unit[s]. 
 The Trustee issues the Capital Unit[s]
in its role as trustee of the Series Trust. Any obligation or liability of the Trustee arising under or in any way connected with the Series Trust under the Master Trust Deed, the Series Supplement or any other Transaction Document (including the
Capital Unit[s]) to which the Trustee is a party is limited to the extent to which it can be satisfied out of the Assets of the Series Trust out of which the Trustee is actually indemnified for the obligation or liability. This limitation will not
apply to any obligation or liability of the Trustee only to the extent that it is not so satisfied because of any fraud, negligence or wilful default on the part of the Trustee. The Trustee will have no liability for any act or omission of the
Manager or of any other person (other than a person whose acts or omissions the Trustee is liable for in accordance with any Transaction Document). 
 None of the Manager, Macquarie Leasing Pty Limited ABN 38 002 674 982 (as Seller and the Servicer), Macquarie Bank Limited ABN 46 008 583 542 (the Bank), Macquarie Group Limited ABN
94 122 169 279 (the Group) or any other member of the Group or the Trustee guarantees the payment of any Unitholder Entitlement in respect of the Capital Unit[s]. 
 The Capital Unit[s] [is/are] not transferable. 
 The Capital Unit[s] [does/do] not represent a
deposit or other liability of the Manager, the Seller, the Servicer, the Bank, the Group or any other member of the Group. The Capital Unit[s] [is/are] subject to investment risk, including possible delays in payment and loss of income and principal
invested. None of the Manager, the Seller, the Servicer, the Bank, the Group or any other member of the Group stand in any way behind the capital value and/or performance of the Capital Unit[s] or the Assets of the Series Trust. 

Dated: 
  

	
	For and on behalf of
	PERPETUAL TRUSTEE COMPANY LIMITED
	as trustee of the Series Trust
	
	  

	Authorised Officer

  
 6 

 SCHEDULE 2 
 FORM OF INCOME UNIT CERTIFICATE 
 INCOME UNIT CERTIFICATE 

SMART ABS SERIES 2012-4US TRUST 
 Perpetual Trustee Company Limited 
 ABN 42 000 001 007 

(the Trustee) 
 Macquarie Securities Management Pty Limited 
 ABN 26 003 435 443

 (the Manager) 
 THIS IS TO CERTIFY THAT: 
  

					
	INCOME UNIT HOLDER:	  	[                    ]	  	
			
		  		  	ABN [            ]
		  		  	(the Income Unitholder)
			
	ADDRESS:	  	[                    ]	  	

 appears in the Register as the holder of the Income Unit issued by the Trustee as trustee of the SMART ABS Series
2012-4US Trust (the Series Trust) as constituted by a Master Trust Deed as amended from time to time (the Master Trust Deed) dated 11 March 2002 between Macquarie Securities Management Pty Limited ABN 26 003 435 443 and Permanent
Custodians Limited ACN 001 426 384, the rights and obligations of which were assumed by Perpetual Trustee Company Limited ABN 42 000 001 007 pursuant to the Deed of Assumption, as amended and supplemented from time to time and a Trust Creation Deed
(the Trust Creation Deed) dated [—] executed by the Trustee. 
 [A tax file number
has/has not been obtained from the person named above.] 
 Unless expressly defined in this Unit Certificate or a contrary intention appears,
words and expressions used in this Unit Certificate have the same meaning as in the Master Trust Deed or the Trust Creation Deed. 
 The Income
Unit is issued and held subject to the provisions of the Master Trust Deed, the Trust Creation Deed, the Series Supplement relating to the Series Trust (the Series Supplement) and the Security Trust Deed relating to the Series Trust. A copy
of the Register, the Security Trust Deed, the Master Trust Deed, the Trust Creation Deed and the Series Supplement will be available for inspection by the Income Unitholder at the offices of the Trustee at Level 12, Angel Place, 123 Pitt Street,
Sydney NSW 2000 shortly after their execution. 
 Payments or distributions to be paid on the Income Unit will be determined in accordance with
the Master Trust Deed, the Trust Creation Deed and the Series Supplement. 
 Neither the Manager nor the Trustee is under any obligation at any
time to repurchase or redeem the Income Unit. 

  
 7 

 This Unit Certificate is not a certificate of title and the Register on which the Income Unit is registered
is the only conclusive evidence of the title of the abovementioned person to the Income Unit. 
 The Trustee issues the Income Unit in its role
as trustee of the Series Trust. Any obligation or liability of the Trustee arising under or in any way connected with the Series Trust under the Master Trust Deed, the Series Supplement or any other Transaction Document (including the Income Unit)
to which the Trustee is a party is limited to the extent to which it can be satisfied out of the Assets of the Series Trust out of which the Trustee is actually indemnified for the obligation or liability. This limitation will not apply to any
obligation or liability of the Trustee only to the extent that it is not so satisfied because of any fraud, negligence or wilful default on the part of the Trustee. The Trustee will have no liability for any act or omission of the Manager or of any
other person (other than a person whose acts or omissions the Trustee is liable for in accordance with any Transaction Document). 
 [Transfers
of the Income Unit must be pursuant to a Unit Transfer as set out in Schedule 3 to the Trust Creation Deed. Copies of Unit Transfers are available from the Trustee at the abovementioned address. Executed Unit Transfers must be lodged with the
Trustee accompanied by this Unit Certificate.] 
 The Income Unit does not represent a deposit or other liability of the Manager, Macquarie
Leasing Pty Limited ABN 38 002 674 982 (as Seller and the Servicer), Macquarie Bank Limited ABN 46 008 583 542 (the Bank), Macquarie Group Limited ABN 94 122 169 279 (the Group) or any other member of the Group. The
holding of the Income Unit is subject to investment risk, including possible delays in payment and loss of income and principal invested. None of the Bank, the Seller, the Servicer, the Manager, the Group or any other member of the Group stand in
any way behind the capital value and/or performance of the Income Unit or the Assets of the Series Trust. 
  

	
	Dated:
	
	For and on behalf of
	PERPETUAL TRUSTEE COMPANY LIMITED
	as trustee of the Series Trust
	
	  

	Authorised Officer

  
 8 

 SCHEDULE 3 
 FORM OF UNIT TRANSFER 
  

							
	TO:	  	Perpetual Trustee Company Limited,	  	Registry Use	 	Date Lodged
		  	ABN 42 000 001 007	  	Only	 	    /    /
		  	(the Trustee)	  		 	 

  

			
		 
	TRANSFEROR (the Transferor)	  	 
		 
	(Full Name, ABN (if applicable) and Address)	  	 
		 
	(Please Print)	  	 
		 
		  	 
		 
	HEREBY APPLIES TO ASSIGN AND TRANSFER TO	  	 
		 
	TRANSFEREE (the Transferee)	  	 
		 
	(Full Name, ABN (if applicable) and Address)	  	 
		 
	(Please Print)	  	 
		 
		  	 
		
		  	and its/their executors, administrators or assigns

 the Income Unit issued by the Trustee as trustee of the SMART ABS Series 2012-4US Trust (the Series Trust) and all
the Transferor’s property and interest in the same. 
  

			
		 	Settlement Amount
		 
		 	$            

 The Transferee acknowledges that: 
  

	(a)	the Income Unit does not represent a deposit or other liability of the Manager, Macquarie Leasing Pty Limited ABN 38 002 674 982 (as Seller and the
Servicer), Macquarie Bank Limited ABN 46 008 583 542 (the Bank), Macquarie Group Limited ABN 94 122 169 279 (the Group) or any other member of the Group; 

  
 9 

	(b)	the holding of the Income Unit is subject to investment risk, including possible delays in payment and loss of income and principal invested; and

  

	(c)	none of the Manager, the Seller, the Servicer, the Bank, the Group or any other member of the Group stand in any way behind the capital value and/or performance of the
Income Unit or the Assets of the Series Trust. 

  

							
	TRANSFEROR	  	  
	 	
	(See notes)	  	Authorised Signatory	  		 	
				
	Witness	  	Date     /    /	  		 	
			
	TRANSFEREE	  	  
	 	
	(See notes)	  	Authorised Signatory	  		 	
				
	Witness	  	Date     /    /	  		 	

 PAYMENTS 
 (tick
where appropriate) 
  

					
	 ̈	  	In accordance with existing instructions	 	(existing holders only)
	 ̈	  	By cheque posted to above address
	 ̈	  	 By crediting the following
account in Australia and in the name of the Trustee only
  

	 Name of Account

 
	 	 Account No.

 

	Name of Financial Institution	 	 Branch

	 ̈	  	Bank	 	 
	 ̈	  	 Building Society
  
	 	 
	Tax File Number (if applicable):	 	 

  

					
	Authorised signature of Transferee	  	Date     /    /	  	

 NOTES: 
  

	•	 	 The Transferor and the Transferee acknowledge that the transfer of the Income Unit specified in this Unit Transfer only takes effect on the entry of
the Transferee’s name in the Register as the registered owner of the Income Unit. 

  

	•	 	 The Transferee agrees to accept the Income Unit subject to the provisions of Master Trust Deed as amended from time to time (the Master Trust
Deed) dated 11 March 2002 between Macquarie Securities Management Pty Limited ABN 26 003 435 443 and Permanent Custodians Limited ACN 001 426 384 (the Manager) and the Trustee, the rights and obligations of which were assumed by
Perpetual Trustee Company Limited ABN 42 000 001 007 pursuant to the Deed of Assumption, as amended and supplemented from time to time, the Trust Creation Deed dated [—] executed by the Trustee, a
Series Supplement (the Series Supplement) dated [—], between Macquarie Leasing Pty 

  
 10 

	 	 
Limited ABN 38 002 674 982 (as Seller and the Servicer), Macquarie Bank Limited ABN 46 008 583 542 (the Bank), the Manager and the Trustee relating to the Series Trust and a Master Security Trust
Deed as amended from time to time (the Security Trust Deed) dated 27 February 2007, as amended, between the Trustee as trustee of the Series Trust, the Manager and P.T. Limited ABN 67 004 454 666 as Security Trustee.

  

	•	 	 The Transferee acknowledges that it has independently and without reliance on the Trustee, the Manager, the Seller, the Servicer, the Bank or any other
person (including without reliance on any materials prepared or distributed by any of the foregoing) made its own assessment and investigations regarding its investment in the Income Unit. 

 

	•	 	 The Transferee represents and warrants that: it is not, and is not acquiring the Income Unit with the assets of, (A) 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 Title I of ERISA, (B) a “plan” as defined in Section 4975(e)(1) of the United
States Internal Revenue Code of 1986, as amended (the Code), that is subject to Section 4975 of the Code, (C) an entity deemed to hold “plan assets” of the foregoing under 29 C.F.R. 2510.3-101, as modified by Section 3(42)
of ERISA (each such entity, or (D) a non-U.S., governmental or church plan that is subject to any non-U.S. or U.S. federal, state or local law that is similar to Section 406 of ERISA or Section 4975 of the Code.

  

	•	 	 Unless expressly defined in this Unit Transfer, words and expressions used in this Unit Transfer have the same meaning as in the Master Trust Deed or
the Trust Creation Deed. 

  

	•	 	 The Trustee issues the Income Unit in its role as trustee of the Series Trust. Any obligation or liability of the Trustee arising under or in any way
connected with the Series Trust under the Master Trust Deed, the Series Supplement or any other Transaction Document (including the Income Unit) to which the Trustee is a party is limited to the extent to which it can be satisfied out of the Assets
of the Series Trust out of which the Trustee is actually indemnified for the obligation or liability. This limitation will not apply to any obligation or liability of the Trustee only to the extent that it is not so satisfied because of any fraud,
negligence or wilful default on the part of the Trustee. The Trustee will have no liability for any act or omission of the Manager or of any other person (other than a person whose acts or omissions the Trustee is liable for in accordance with any
Transaction Document). 

  

	•	 	 Where the Transferor and/or the Transferee is a trustee, this Unit Transfer must be completed in the name of the trustee and signed by the trustee
without reference to the trust. 

  

	•	 	 Where this Unit Transfer is executed by a corporation, it must be executed either under common seal or under a power of attorney.

  

	•	 	 If this Unit Transfer is signed under a power of attorney, the attorney hereby certifies that it has not received notice of revocation of that power of
attorney. A certified copy of the power of attorney must be lodged with this Unit Transfer. 

  

	•	 	 This Unit Transfer must be lodged with the Trustee for registration, accompanied by the Income Unit Certificate to which the Income Unit relates.

  

	•	 	 The Register will be closed from 4.30 p.m. on the Business Day which is prior to, and will be re-opened at the commencement of business on the Business
Day immediately after, each Determination Date. The Trustee may with prior notice given in the manner specified in the Master Trust Deed, close the Register at other times. The total period put the Register may be closed will not exceed 35 Business
Days (or such other period agreed to by the Manager) in aggregate in any calendar year. No Unit Transfer received after 4.30 p.m. on the day of closure of the Register or while the Register is closed, will be registered until the Register is
re-opened. 

  
 11 

	•	 	 If the Transferee is a non-resident for Australian taxation purposes, withholding tax will be deducted from all interest payments unless an exemption
is provided to the Trustee. 

  

	•	 	 A holder of the Income Unit is only entitled to transfer the Income Unit if the offer of the Income Unit for sale, or the invitation to purchase the
Income Unit, to the proposed transferee by the holder of the Income Unit: 

  

	 	(a)	is not made to a person who is a “retail client” within the meaning of section 761G of the Corporations Act; and 

 

	 	(b)	complies with any applicable laws in all jurisdictions in which the offer or invitation is made. 

  
 12 

 SIGNATORIES 

 

					
	SIGNED for and on behalf of PERPETUAL	 		 	
	TRUSTEE COMPANY LIMITED ABN 42 000 001 007 by	 		 	
	and	 		 	
	its Attorneys under a Power of Attorney dated	 		 	 /s/ Hagbarth Strom
 Manager

	31 March 2009	 		 	Signature of Attorney
	and each Attorney declares that he or she has not received any notice of the revocation of such Power of Attorney, in the presence of:	 		 	
			
	 /s/ Jamie Taylor
	 		 	 /s/ Nora McDonnell
 Manager

	Signature of Witness	 		 	Signature of Attorney
			
	 Jamie Taylor
	 		 	
	Name of Witness in full	 		 	

  
 13

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