Copying straight from my 1993 alarm manual (geez, this is awfully wordy
-- I could've trimmed it down, but where's the fun in that?)......
VALET (Disable Automatic Arming feature)
The system will passive arm (automatically) every time you exit the vehicle. The valet deactivates the automatic (passive) arm feature, preventing the system from arming every time you exit the vehicle (i.e. at valet parking, a car wash, for vehicle servicing, etc.). When in valet mode the alarm can only be set with the remote transmitter.
NOTE: When the system is in the valet, the remote control must be used to operate the system.
TO TURN ON THE VALET--
1) Turn the ignition key OFF.
2) Turn the ignition key to the ACC position.
3) Press the valet switch down until the LED on the status monitor turns on.
-----The system is now in the valet (the system will not automatically
-----arm when the last door is closed).
4) Remove the ignition key, exit the vehicle and close all doors.
NOTE: The LED on the status monitor will start flashing. Although the security system is off, the LED will flash as a visual deterrent against theft or vandalism.
TO TURN OFF THE VALET--
1) Turn the ignition key OFF.
2) Turn the ignition key to the ACC position
3) Press the valet mode switch down until the LED on the status monitor turns off.
4) The valet is now off, passive arming is activated (the system WILL automatically arm when the last door is closed).