Document:

<PAGE>

                                                                     EXHIBIT 4.3

                         POOLING AND SERVICING AGREEMENT

                                     BETWEEN

                                    GMAC LLC

                               SELLER AND SERVICER

                                       AND

                         WHOLESALE AUTO RECEIVABLES LLC

                                    PURCHASER

                            DATED AS OF JUNE 20, 2007

                       SWIFT MASTER AUTO RECEIVABLES TRUST

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
ARTICLE I DEFINITIONS ...................................................     1
   Section 1.01 Definitions .............................................     1

ARTICLE II PURCHASE AND SALE OF ELIGIBLE RECEIVABLES ....................     2
   Section 2.01 Purchase and Sale of Eligible Receivables ...............     2
   Section 2.02 Purchase Price ..........................................     3
   Section 2.03 Addition of Accounts ....................................     3
   Section 2.04 Optional Removal of Accounts ............................     4
   Section 2.05 Removal of Ineligible Accounts ..........................     5
   Section 2.06 Custody of Documentation ................................     5

ARTICLE III ADMINISTRATION AND SERVICING OF RECEIVABLES SECTION .........     5
   Section 3.01 Appointment of the Servicer and Acceptance of
                Appointment .............................................     5
   Section 3.02 Rights and Duties of the Servicer .......................     6
   Section 3.03 Servicing Compensation; Payment of Certain Expenses by
                the Servicer ............................................     8
   Section 3.04 Representations, Warranties and Covenants of the
                Servicer ................................................     8
   Section 3.05 The Servicer's Accounting and Reports ...................    11
   Section 3.06 Pre-Closing Collections .................................    11
   Section 3.07 Collections Received by the Seller ......................    11

ARTICLE IV REPRESENTATIONS, WARRANTIES AND COVENANTS ....................    12
   Section 4.01 Representations and Warranties of the Seller Relating to
                the Accounts and the Receivables ........................    12
   Section 4.02 Representations and Warranties of the Seller Relating to
                the Seller and the Agreement ............................    13
   Section 4.03 Representations and Warranties of the Purchaser .........    15
   Section 4.04 Covenants of the Seller .................................    16

ARTICLE V CERTAIN MATTERS RELATING TO THE SELLER ........................    17
   Section 5.01 Merger or Consolidation of, or Assumption of the
                Obligations of, the Seller or the Servicer ..............    17
   Section 5.02 Seller Indemnification of the Purchaser .................    17
   Section 5.03 Seller Acknowledgment of Transfers to the Issuing
                Entity ..................................................    18

ARTICLE VI ADDITIONAL AGREEMENTS ........................................    18
   Section 6.01 Additional Obligations of the Seller and the Purchaser ..    18
   Section 6.02 Effect of Involuntary Case Involving the Seller .........    18
   Section 6.03 Intercreditor Agreements ................................    19

ARTICLE VII MISCELLANEOUS PROVISIONS ....................................    20
   Section 7.01 Amendment ...............................................    20
   Section 7.02 Protection of Right, Title and Interest in and to
                Receivables .............................................    20
</TABLE>

                                        i

<PAGE>

<TABLE>
<S>                                                                         <C>
   Section 7.03 Costs and Expenses ......................................    21
   Section 7.04 GOVERNING LAW ...........................................    21
   Section 7.05 Notices .................................................    21
   Section 7.06 Severability of Provisions ..............................    22
   Section 7.07 Assignment ..............................................    22
   Section 7.08 Further Assurances ......................................    22
   Section 7.09 No Waiver; Cumulative Remedies ..........................    22
   Section 7.10 Counterparts ............................................    22
   Section 7.11 Third-Party Beneficiaries ...............................    22
   Section 7.12 Merger and Integration ..................................    22
   Section 7.13 Confidential Information ................................    22
   Section 7.14 Headings ................................................    23
   Section 7.15 Termination .............................................    23
   Section 7.16 No Petition Covenants ...................................    23
   Section 7.17 Jurisdiction ............................................    23
</TABLE>

APPENDIX

     Appendix A - Definitions and Rules of Construction

     Appendix B - Demands, Communications and Notices

     Appendix C - Additional Representations and Warranties

EXHIBITS

     Exhibit A - List of Locations of the Schedule of Accounts

     Exhibit B - Form of Assignment for the Initial Closing Date

     Exhibit C - Form of Assignment for Each Addition Date

     Exhibit D - Form of Opinion of Counsel With Respect to Addition of Accounts

                                       ii

<PAGE>

          THIS POOLING AND SERVICING AGREEMENT is made as of June 20, 2007,
between GMAC LLC, a Delaware limited liability company ("GMAC," referred to
herein as the "Seller" in its capacity as seller of the Receivables specified
herein and as the "Servicer" in its capacity as servicer of the Receivables),
and WHOLESALE AUTO RECEIVABLES LLC, a Delaware limited liability company (the
"Purchaser").

          WHEREAS, the Seller, in the ordinary course of its business, generates
certain payment obligations by financing the floor plan inventory of motor
vehicle dealers;

          WHEREAS, the Seller desires to sell and assign to the Purchaser, and
the Purchaser desires to purchase from the Seller, certain of such existing and
future payment obligations arising or acquired from time to time;

          WHEREAS, the Purchaser desires to transfer and assign its interest in
such payment obligations to SWIFT Master Auto Receivables Trust (the "Issuing
Entity" or the "Trust") pursuant to the Trust Sale and Servicing Agreement;

          WHEREAS, pursuant to the Indenture and the Indenture Supplements, the
Issuing Entity will issue the Notes to fund its acquisition of such payment
obligations;

          WHEREAS, the Purchaser, the Issuing Entity and the Seller (as the
holder of such payment obligations not sold to the Purchaser hereunder) desire
that the Servicer shall service such payment obligations; and

          WHEREAS, the Servicer is willing to service such payment obligations
and related payment obligations in accordance with the terms hereof and of the
Trust Sale and Servicing Agreement for the benefit of the Purchaser, the Seller,
the Issuing Entity and each other party identified or described herein or in the
Trust Sale and Servicing Agreement as having an interest therein as owner,
trustee, secured party or holder of the Securities (all such parties being
collectively referred to herein as "Interested Parties").

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

                                    ARTICLE I
                                   DEFINITIONS

     Section 1.01 Definitions. Certain capitalized terms used in the above
recitals and in this Agreement are defined in and shall have the respective
meanings assigned them in Part I of Appendix A to this Agreement. All references
herein to "the Agreement" or "this Agreement" are to this Pooling and Servicing
Agreement as it may be amended, supplemented or modified from time to time, and
all references herein to Articles, Sections and subsections are to Articles,
Sections or subsections of this Agreement unless otherwise specified. The rules
of construction set forth in Part II of such Appendix A shall be applicable to
this Agreement.

<PAGE>

                                   ARTICLE II
                    PURCHASE AND SALE OF ELIGIBLE RECEIVABLES

     Section 2.01 Purchase and Sale of Eligible Receivables.

          (a) By execution of this Agreement, on the Initial Closing Date, the
Seller does hereby sell, transfer, assign and otherwise convey to the Purchaser,
without recourse, all of its right, title and interest in, to and under all of
the Eligible Receivables existing in the Scheduled Accounts (the schedule of
which is kept at locations listed in Exhibit A) as of the close of business on
the Initial Cut-Off Date, as well as all monies due or to become due thereon
after the Initial Cut-Off Date, subject to Section 6.03, all Collateral Security
with respect thereto and all amounts received with respect thereto (including
all Interest Collections received in the calendar month in which the Initial
Cut-Off Date occurs, whether or not received prior to the Initial Cut-Off Date)
and all proceeds thereof (including "proceeds" as defined in the UCC and
Recoveries).

          (b) Subject to Section 6.02, (i) as of each Receivables Transfer Date,
the Seller does hereby sell, transfer, assign and otherwise convey to the
Purchaser, without recourse, all of its right, title and interest in, to and
under all of the Eligible Receivables created or deemed created in the Scheduled
Accounts on such date and all monies due or to become due thereon after such
date, subject to Section 6.03, all Collateral Security with respect thereto and
all amounts received with respect thereto and (ii) as of each Addition Date, the
Seller does hereby sell, transfer, assign and otherwise convey to the Purchaser,
without recourse, all of its right, title and interest in, to and under all of
the Eligible Receivables existing in the Additional Accounts as of the close of
business on the applicable Additional Cut-Off Date and all monies due or to
become due thereon after such date, subject to Section 6.03, all Collateral
Security with respect thereto and all amounts received with respect thereto
(including all Interest Collections received in the calendar month in which the
applicable Additional Cut-Off Date occurs, whether or not received prior to the
applicable Additional Cut-Off Date), and, in each case of (i) and (ii) above,
all proceeds thereof (including "proceeds" as defined in the UCC and
Recoveries).

          (c) It is the intention of the Seller and the Purchaser that the
transfers and assignments contemplated by this Agreement shall constitute sales
of the property described in Section 2.01(a) and 2.01(b) from the Seller to the
Purchaser and that the beneficial interest in and title to such property shall
not be part of the Seller's estate in the event of the filing of a bankruptcy
petition by or against the Seller under any Insolvency Law. The foregoing sales,
transfers, assignments and conveyances and any subsequent sales, transfers,
assignments and conveyances contemplated hereby do not constitute, and are not
intended to result in, the creation or an assumption by the Purchaser of any
obligation of the Servicer, the Seller (if the Seller is not the Servicer),
General Motors or any other Person in connection with the Receivables described
above or under any agreement or instrument relating thereto, including any
obligation to any Dealers.

          (d) Subject to Section 2.06 and Article III hereof, the Seller shall
retain all right, title and interest in, to and under the Receivables in the
Scheduled Accounts that the Seller has not transferred to the Purchaser
hereunder, the Vehicle Collateral Security for such Receivables and, subject to
Section 6.03, shall retain rights in the other Collateral Security

                                       -2-

<PAGE>

related to such Receivables. Such Receivables, together with any Receivables
repurchased by the Seller or (so long as GMAC is the Servicer) the Servicer from
the Purchaser or the Issuing Entity pursuant to this Agreement or the Trust Sale
and Servicing Agreement, all monies due or to become due on such Receivables,
all amounts received with respect thereto, the Vehicle Collateral Security
related to those Receivables and all proceeds thereof (including "proceeds" as
defined in the UCC and Recoveries) and, if such purchase is made in connection
with the purchase of all other Receivables in the related Account, the other
related Collateral Security, are collectively referred to herein as the
"Retained Property."

     Section 2.02 Purchase Price. On the Initial Closing Date, in consideration
for the sale of the property described in Section 2.01(a) to the Purchaser, the
Purchaser shall pay to the Seller $5,320,966,462 (representing the aggregate
Eligible Principal Receivables as of the close of business on the Initial
Cut-Off Date so sold on the Initial Closing Date), and the Seller shall deliver
to the Purchaser an executed assignment substantially in the form of Exhibit B
hereto. The Purchaser shall pay, subject to Section 6.02, for property described
in Section 2.01(b)(ii) sold by the Seller to the Purchaser on each Addition Date
and property described in Section 2.01(b)(i) sold by the Seller to the Purchaser
on each Receivables Transfer Date, a price equal to the aggregate amount of
Eligible Principal Receivables to be purchased on each such date. Such purchase
price shall be payable by the Purchaser on each such date in immediately
available funds, or, at the election of the Seller, in the form of an advance
from the Seller to the Purchaser pursuant to the Intercompany Advance Agreement
or a capital contribution from the Seller to the Purchaser. The amount advanced
under the Intercompany Advance Agreement and the amount paid as a capital
contribution shall be duly recorded by the Seller and the Purchaser.

     Section 2.03 Addition of Accounts.

          (a) Offers to Designate Additional Accounts. From time to time, the
Seller may, at its option, offer to designate and the Purchaser may, at its
option, request the designation of, one or more Eligible Accounts (each, an
"Additional Account") to be included in the Schedule of Accounts, subject to the
conditions specified in Section 2.03(b) below. If the Purchaser, at its option,
elects to accept any such offer by the Seller or if the Seller, at its option,
agrees to any such request of the Purchaser, the Seller shall sell and assign to
the Purchaser, and the Purchaser shall purchase from the Seller, all of the
Seller's right, title and interest in, to and under all of the Eligible
Receivables in each such Additional Account, pursuant to Section 2.01(b)(ii),
effective as of the Addition Date specified in a written notice provided by the
Servicer, on behalf of the Seller, to the Purchaser (the "Seller Addition
Notice"). Effective as of each such Addition Date, such Additional Account shall
be deemed to be a Scheduled Account and Eligible Receivables arising therein
from and after the Additional Cut-Off Date shall be subject to purchase under
Section 2.01(b)(ii) above. Each Seller Addition Notice shall specify the related
Additional Cut-Off Date and shall be given (with a copy to the Rating Agencies)
on or before the fifth Business Day but not more than 30 days prior to the
related Addition Date.

          (b) Conditions. The Seller shall be permitted to designate, and the
Purchaser shall be permitted to accept the designation of, Additional Accounts,
in accordance with Section 2.03(a) only upon satisfaction of each of the
following conditions on or prior to the related Addition Date:

                                       -3-

<PAGE>

               (i) the Seller shall represent that as of the related Additional
     Cut-Off Date each such Additional Account is an Eligible Account and that
     each Receivable arising under such Additional Account identified as an
     Eligible Receivable and conveyed to the Purchaser on such Addition Date is
     an Eligible Receivable;

               (ii) the Seller shall have delivered to the Purchaser a duly
     executed written assignment in substantially the form of Exhibit C and the
     list required to be delivered pursuant to Section 7.02(d);

               (iii) the Seller shall have agreed to deliver to the Purchaser,
     for deposit in the Collection Account, to the extent required by the
     Indenture, all Collections with respect to the Eligible Receivables arising
     in such Additional Accounts since the Additional Cut-Off Date within two
     Business Days after such Addition Date;

               (iv) as of the Addition Date, neither the Seller nor the
     Purchaser is insolvent nor shall any of them have been made insolvent by
     such transfer nor is either of them aware of any pending insolvency;

               (v) the Schedule of Accounts shall have been amended to reflect
     such Additional Accounts and the Schedule of Accounts, as so amended, shall
     be true and correct as of the Addition Date;

               (vi) the Seller shall have delivered to the Purchaser a
     certificate of an Authorized Officer of the Seller confirming the items set
     forth in clauses (i) through (v) above;

               (vii) the conditions set forth in Section 2.7(b) of the Trust
     Sale and Servicing Agreement shall have been satisfied; and

               (viii) the Seller shall have delivered to the Purchaser an
     Opinion of Counsel of the Seller substantially in the form of Exhibit D.

     Section 2.04 Optional Removal of Accounts. From time to time, the Seller
may, at its option, request from the Purchaser, and the Purchaser may, at its
option, offer to the Seller, the right to designate a Scheduled Account for
removal from the Pool of Accounts. Subject to the satisfaction by the Purchaser
of the conditions set forth in Section 2.8 of the Trust Sale and Servicing
Agreement, the Seller, at its option, may accept offers to designate an Account
for removal or request from the Purchaser the right to designate an Account for
removal by furnishing a written notice (the "Seller Removal Notice") to the
Purchaser not less than five Business Days but not more than 30 days prior to
the Removal Commencement Date. On and after the Removal Commencement Date with
respect to a Selected Account, the Seller shall not transfer Receivables with
respect to such Selected Account to the Purchaser. The Schedule of Accounts
shall be amended to reflect such designation as of the Removal Commencement Date
and to reflect such Account becoming a Removed Account as of the Removal Date.
At any time after the Removal Date, at the written request of the Seller, the
Purchaser shall assign to the Seller, without recourse, representation or
warranty, effective as of the Removal Date, all of the Purchaser's right, title
and interest in, to and under the Receivables arising in such Account and
related Collateral Security. Notwithstanding anything in this Agreement to the
contrary, in the

                                       -4-

<PAGE>

event the Purchaser shall exercise its right to remove Receivables from the
Issuing Entity pursuant to Section 2.8(c) of the Trust Sale and Servicing
Agreement, the Purchaser may, at its option, offer to the Seller the right to
purchase such removed Receivables with regard to some or all of the Selected
Accounts without recourse, representation or warranty. In the event the Seller
shall accept such offer, the Seller shall pay for such Receivables by
transferring to the Purchaser, in exchange for the Receivables to be purchased,
cash or Eligible Receivables (including as an offset to the Purchase Price)
equal to the Removal Balance related to such Selected Accounts as of the Removal
Date. On the date of such transfer, all of the Purchaser's right, title and
interest in, to and under the Receivables to be removed and the related
Collateral Security shall be deemed to be transferred and released by the
Purchaser to the Seller.

     Section 2.05 Removal of Ineligible Accounts. If at any time an Account
shall be deemed a Selected Account as described in Section 2.9 of the Trust Sale
and Servicing Agreement, the Purchaser shall give notice thereof to the Seller
at the time it gives notice to the parties identified in such Section 2.9. From
and after the Removal Commencement Date with respect to a deemed Selected
Account pursuant to such Section 2.9, the Seller shall not transfer Receivables
with respect to such deemed Selected Account to the Purchaser. The Schedule of
Accounts shall be amended to reflect such designation as of the Removal
Commencement Date and to reflect such Account becoming a Removed Account as of
the Removal Date. At any time after such removal, at the written request of the
Seller, the Purchaser shall assign to the Seller, without recourse,
representation or warranty, effective as of the Removal Date, all of the
Purchaser's right, title and interest in, to and under the Receivables in such
Account and related Collateral Security.

     Section 2.06 Custody of Documentation. In connection with the sale,
transfer, assignment and conveyance of the Receivables and related Collateral
Security in the Scheduled Accounts to the Purchaser hereunder, the Purchaser is
executing simultaneously herewith the Custodian Agreement with the Custodian,
pursuant to which the Purchaser shall revocably appoint the Custodian to act as
agent of the Purchaser to maintain custody of the documents and instruments (as
more fully described in the Custodian Agreement) associated with such
Receivables, which shall be constructively delivered to the Purchaser. The
Seller, as the holder of the Retained Property, hereby consents to the
appointment of the Custodian to act as agent of the Seller to maintain custody
of the documents and contracts (as more fully described in the Custodian
Agreement) associated with the Receivables included therein and is
simultaneously herewith executing the Custodian Agreement. The Custodian has
accepted such appointment by the Purchaser and the Seller under the Custodian
Agreement.

                                   ARTICLE III
               ADMINISTRATION AND SERVICING OF RECEIVABLES SECTION

     Section 3.01 Appointment of the Servicer and Acceptance of Appointment. The
Purchaser and the Seller hereby appoint the Servicer to act as the Servicer with
respect to the Eligible Receivables and the Receivables included in the Retained
Property, existing in or arising under the Scheduled Accounts from time to time
and authorize the Servicer to perform the duties of the Servicer under this
Agreement, under the Trust Sale and Servicing Agreement and under the Indenture.
The Servicer by execution of this Agreement and by execution of the Trust Sale
and Servicing Agreement hereby accepts such appointment and the terms hereof and
thereof.

                                       -5-

<PAGE>

     Section 3.02 Rights and Duties of the Servicer.

          (a) The Servicer shall manage, service and administer the Receivables
described in Section 3.01, including collecting payments due under the
Receivables and providing for charge-offs of uncollectible Receivables, with
reasonable care and all in accordance with the Servicer's customary and usual
servicing procedures for servicing wholesale receivables comparable to the
Receivables which the Servicer services for its own account, including the Floor
Plan Financing Guidelines, except insofar as any failure to do so would not have
a material adverse effect on the interests of Securityholders. The Servicer
shall have full power and authority, acting alone or through any party properly
designated by it hereunder or under the Trust Sale and Servicing Agreement, to
do any and all things in connection with such servicing and administration which
it may deem necessary or desirable, including monitoring the insurance
maintained by Dealers. The Servicer is hereby authorized to exercise its
discretion, consistent with its customary servicing procedures and the terms of
the Basic Documents, in servicing Defaulted Receivables so as to maximize the
net collection of those Defaulted Receivables; further, the Servicer shall have
broad discretion to choose to sell, or not to sell, any Defaulted Receivable.
The Servicer shall not be liable for any such exercise of its discretion made in
good faith and in accordance with such servicing procedures. The Servicer is
hereby authorized to commence, in its own name or in the name of any Interested
Party, a proceeding, whether through judicial process or (with respect to
repossession of a Financial Vehicle) non-judicial process, to enforce any
Receivable subject hereto, to enforce all obligations of the Seller and the
Purchaser under this Agreement and under the Trust Sale and Servicing Agreement
or to commence or participate in a Proceeding (including a bankruptcy case)
relating to or involving any such Receivable. If in any Proceeding it is held
that the Servicer may not enforce a Receivable arising under a Scheduled Account
on the ground that it is not a real party in interest or a holder entitled to
enforce such Receivable, the Purchaser, the Seller and each other Interested
Party shall, at the Servicer's expense, take such steps as the Servicer
reasonably deems necessary or appropriate to enforce the Receivable, including
bringing suit in the name of such Person. If the Servicer commences or
participates in such a Proceeding in its own name, each Interested Party shall
thereupon be deemed to have automatically assigned such Receivable to the
Servicer for purposes of commencing or participating in any such Proceeding as a
party or claimant, and the Servicer is hereby authorized and empowered to
execute and deliver in the Servicer's name any notices, demands, claims,
complaints, responses, affidavits or other documents or instruments in
connection with any such Proceeding. Each Interested Party shall furnish the
Servicer with any powers of attorney and other documents and take any other
steps which the Servicer may reasonably deem necessary or appropriate to enable
the Servicer to carry out its servicing and administrative duties under this
Agreement and the Trust Sale and Servicing Agreement. Except to the extent
required by the preceding two sentences, the authority and rights granted to the
Servicer in this Section 3.02 shall be nonexclusive and shall not be construed
to be in derogation of the retention by any Interested Party (to the extent of
its rights in a Receivable) of equivalent authority and rights. Without limiting
the generality of the foregoing and subject to any Servicing Default, the
Servicer is hereby authorized and empowered, unless such power and authority is
revoked by any Interested Party on account of the occurrence of such a Servicing
Default, to:

                                       -6-

<PAGE>

               (i) instruct the Issuing Entity to make allocations, withdrawals
     and payments to or from the Designated Accounts and any other related bank
     accounts or funds as set forth in the Basic Documents;

               (ii) instruct the Issuing Entity or any Interested Party to take
     any action required or permitted under any Series Enhancement Agreement;

               (iii) execute and deliver, on behalf of the Issuing Entity for
     the benefit of any related Securityholders, any and all instruments of
     satisfaction or cancellation, or of partial or full release or discharge,
     and all other comparable instruments, with respect to the Receivables and,
     after the delinquency of any Receivable and to the extent permitted under
     and in compliance with applicable requirements of law, to commence
     enforcement proceedings with respect to any such Receivable; and

               (iv) make any filings, reports, notices, applications,
     registrations with, and seek any consents or authorizations from, the U.S.
     Securities and Exchange Commission and any State securities authority on
     behalf of the Issuing Entity as may be necessary or advisable to comply
     with any U.S. Federal or State securities law or reporting requirement.

          (b) The Servicer shall not be obligated to use separate servicing
procedures, offices, employees or accounts for servicing the Receivables in the
Scheduled Accounts from the procedures, offices, employees and accounts used by
the Servicer in connection with servicing other receivables. The Servicer shall,
at its own expense, on or prior to the Initial Closing Date, in the case of the
Initial Accounts, and on or prior to the applicable Addition Date, in the case
of Additional Accounts, indicate in its computer files that the Eligible
Receivables in the Scheduled Accounts have been sold and transferred by the
Seller to the Purchaser hereunder and by the Purchaser to the Issuing Entity
under the Trust Sale and Servicing Agreement.

          (c) Except as otherwise required to comply with all Requirements of
Law, the Servicer may change the terms and provisions of the Floor Plan
Financing Agreements or the Floor Plan Financing Guidelines in any respect
(including the calculation of the amount or the timing of charge-offs and the
rate of the finance charge assessed thereon), only if:

               (i) in the reasonable belief of the Servicer, no Early
     Amortization Event shall occur as a result of such change;

               (ii) such change is made applicable to the comparable segment of
     any similar portfolio of accounts serviced by the Servicer and not only to
     the Scheduled Accounts; and

               (iii) in the case of a reduction in the rate of such finance
     charges, the Servicer (and, if the Seller is not then the Servicer, the
     Seller) does not reasonably expect any such reduction, after considering
     amounts due and amounts payable under any Series Enhancement Agreements and
     Investment Proceeds for the related period, to result in the Net
     Receivables Rate for any Collection Period being less than the sum of (A)
     the weighted average of the rates of interest payable to all holders of
     Securities and (B) the Monthly Servicing Fee for the related period;

                                       -7-

<PAGE>

provided, however, that nothing herein shall prevent the Servicer from modifying
the terms of the Floor Plan Financing Agreement with any dealer on a
case-by-case basis in a manner consistent with the Floor Plan Financing
Guidelines.

     Section 3.03 Servicing Compensation; Payment of Certain Expenses by the
Servicer.

          (a) As full compensation for its servicing activities hereunder and
reimbursement for its expenses as set forth in the immediately following
paragraph, the Servicer is entitled to receive the Servicing Fee on each
Distribution Date on or before the Trust Termination Date, payable in arrears.
The "Servicing Fee" is the aggregate of the Monthly Servicing Fees specified in
the Indenture Supplements and the Trust Agreement. The Servicing Fee is payable
to the Servicer solely to the extent amounts are available for payment in
accordance with the terms of the Indenture Supplements and the Trust Agreement.

          (b) Subject to any limitations on the Servicer's liability under the
Trust Sale and Servicing Agreement, the Servicer shall be required to pay all
expenses incurred by it in connection with its activities under this Agreement,
the Trust Sale and Servicing Agreement, and the Indenture Supplements (including
disbursements of the Issuing Entity, fees and disbursements of any trustees,
accountants and outside auditors, taxes imposed on the Servicer, expenses
incurred in connection with distributions and reports to Securityholders and all
other fees and expenses not expressly stated under this Agreement, the Trust
Sale and Servicing Agreement or the Indenture Supplements to be for the account
of the Securityholders, but in no event including federal, state and local
income and franchise taxes, if any, of the Issuing Entity or any holder of the
Securities).

     Section 3.04 Representations, Warranties and Covenants of the Servicer.

          (a) The Servicer hereby makes, and any successor to the Servicer by
its appointment under this Agreement and under the Trust Sale and Servicing
Agreement shall make, on each Closing Date (and on the date of any such
appointment) the following representations, warranties and covenants on which
the Purchaser relies in accepting and holding the Receivables and the related
Collateral Security hereunder and the Issuing Entity shall rely in acquiring and
holding such Receivables and the related Collateral Security under the Trust
Sale and Servicing Agreement and in issuing the Securities:

               (i) Organization and Good Standing. The Servicer has been duly
     organized and is validly existing as a limited liability company in good
     standing under the laws of the State of Delaware (or, in the case of a
     Servicer other than GMAC, other applicable law of its jurisdiction of
     incorporation or formation, as applicable), with power and authority to own
     its properties and to conduct its businesses as such properties are
     presently owned and such businesses are presently conducted.

               (ii) Due Qualification. The Servicer is duly qualified to do
     business and, where necessary, is in good standing as a foreign limited
     liability company (or is exempt from such requirement) and has obtained all
     necessary licenses and approvals in each jurisdiction in which the conduct
     of its businesses requires such qualification, except

                                       -8-

<PAGE>

     where the failure to so qualify or obtain licenses or approvals would not
     have material adverse effect on its ability to perform its obligations
     under this Agreement.

               (iii) Power and Authority. The Servicer has the power and
     authority to execute and deliver this Agreement and the Trust Sale and
     Servicing Agreement, to carry out the terms of each such agreement and to
     service the Scheduled Accounts and the Receivables arising therein as
     provided herein and in the Trust Sale and Servicing Agreement, and the
     execution, delivery and performance of this Agreement and the Trust Sale
     and Servicing Agreement have been duly authorized by the Servicer by all
     necessary corporate action on the part of the Servicer.

               (iv) Binding Obligation. This Agreement constitutes, and the
     Trust Sale and Servicing Agreement, when duly executed and delivered by the
     Servicer, shall constitute, the legal, valid and binding obligation of the
     Servicer enforceable in accordance with their respective terms, except as
     enforceability may be limited by bankruptcy, insolvency, reorganization,
     moratorium or other similar laws now or hereinafter in effect, affecting
     the enforcement of creditors' rights in general and by general principles
     of equity, regardless of whether such enforceability is considered in a
     proceeding in equity or at law.

               (v) No Violation. The execution of this Agreement and the
     consummation of the transactions contemplated by this Agreement and the
     Trust Sale and Servicing Agreement by the Servicer and the fulfillment of
     the terms of this Agreement and the Trust Sale and Servicing Agreement by
     the Servicer, shall not conflict with, result in any breach of any of the
     terms and provisions of or constitute (with or without notice or lapse of
     time) a default under, the articles of incorporation, by-laws, certificate
     of formation, or limited liability company agreement, as applicable, of the
     Servicer, or any indenture, agreement, mortgage, deed of trust or other
     instrument to which the Servicer is a party or by which it is bound, or
     result in the creation or imposition of any Lien upon any of its properties
     pursuant to the terms of any such indenture, agreement, mortgage, deed of
     trust or other instrument (other than pursuant to the Basic Documents), or
     violate any law or, to the best of the Servicer's knowledge, any order,
     rule or regulation applicable to the Servicer of any Governmental Authority
     having jurisdiction over the Servicer or any of its properties, except
     where any such conflict or violation would not have a material adverse
     effect on its ability to perform its obligations under this Agreement or
     the Trust Sale and Servicing Agreement.

               (vi) No Proceedings. To the Servicer's knowledge, there are no
     Proceedings or investigations pending, or threatened, against the Servicer
     before any Governmental Authority having jurisdiction over the Servicer or
     its properties (A) asserting the invalidity of this Agreement or the Trust
     Sale and Servicing Agreement or any Securities issued thereunder, (B)
     seeking to prevent the issuance of the such Securities, the execution of
     this Agreement or the consummation of any of the transactions contemplated
     by this Agreement or the Trust Sale and Servicing Agreement or (C) seeking
     any determination or ruling that might materially and adversely affect the
     performance by the Servicer of its obligations under, or the validity and
     enforceability of, this Agreement or the Trust Sale and Servicing
     Agreement.

                                       -9-

<PAGE>

               (vii) Compliance with Requirements of Law. The Servicer shall
     duly satisfy all obligations on its part to be fulfilled under or in
     connection with the Receivables and the Accounts to be serviced under this
     Agreement and the Trust Sale and Servicing Agreement, shall maintain in
     effect all qualifications required under Requirements of Law in order to
     service properly such Receivables and such Accounts and shall comply in all
     material respects with all Requirements of Law in connection with servicing
     such Receivables and such Accounts, except, in each case, where a failure
     to do so would not have a material adverse effect on the interests of the
     Securityholders.

               (viii) No Rescission or Cancellation. The Servicer shall not
     permit any rescission or cancellation of any Receivable sold and assigned
     to the Purchaser hereunder that the Servicer services under this Agreement
     and the Trust Sale and Servicing Agreement, except as ordered by a court of
     competent jurisdiction or other Governmental Authority.

               (ix) Protection of Interested Party Rights. The Servicer shall
     take no action, nor omit to take any action, which would impair the rights
     or interests of Interested Parties in the Receivables sold and assigned to
     the Purchaser hereunder that the Servicer services under this Agreement and
     the Trust Sale and Servicing Agreement or in the related Vehicle Collateral
     Security nor shall it reschedule, revise or defer payments due on any such
     Receivable except, in each case, in a manner consistent with the Floor Plan
     Financing Guidelines or as otherwise contemplated herein or in the Trust
     Sale and Servicing Agreement. The Servicer shall not permit any such
     Receivable to become subject to any right of set-off or any offsetting
     balance.

               (x) Negative Pledge. Except for the conveyances hereunder to the
     Issuing Entity pursuant to the Trust Sale and Servicing Agreement and the
     pledge of the Trust Estate to the Indenture Trustee pursuant to the
     Indenture, and as provided in Section 6.03, the Servicer shall not sell,
     pledge, assign or transfer to any other Person, or grant, create, incur,
     assume or suffer to exist, any Lien on any Receivable sold and assigned to
     the Purchaser hereunder (and any related Vehicle Collateral Security),
     whether now existing or hereafter created, or any interest therein, and the
     Servicer shall defend the right, title and interest of the Purchaser, the
     Issuing Entity and any Interested Party in, to and under such property,
     whether now existing or hereafter created, against all claims of third
     parties claiming through or under the Purchaser or the Servicer. The
     Servicer shall notify the Purchaser promptly after becoming aware of any
     Lien on such property other than the conveyances hereunder or under the
     Trust Sale and Servicing Agreement or the Indenture.

          (b) Notice of Breach. Upon discovery by the Purchaser or the Servicer
of a breach of any of the representations, warranties and covenants set forth in
this Section 3.04, the party discovering such breach shall give prompt written
notice to the other party.

          (c) Purchase of Receivables. If any covenants of the Servicer under
Sections 3.04(a)(vii), (viii), (ix) or (x) has not been complied with in all
material respects with respect to any Eligible Receivable or Scheduled Account
and such noncompliance has a material adverse effect on the interests of
Securityholders or any other Interested Parties in such Receivable or

                                      -10-

<PAGE>

such Account, the Servicer shall purchase such Receivable (or, in the case of a
breach affecting less than the entire principal amount of a Receivable, to the
extent of the breach) or all Eligible Receivables under such Account (each, an
"Administrative Receivable") from the Issuing Entity, on the terms and
conditions set forth in this Section 3.04.

          (d) Payment of Purchase Price. The Servicer shall purchase each
Administrative Receivable no later than two Business Days (or such other period
as may be agreed by the Applicable Trustee) following discovery by the Servicer
(including through the receipt of notice thereof) of the event giving rise to
such Administrative Receivable by depositing in the Collection Account, on the
date on which such purchase is deemed to occur, an amount (in immediately
available funds) equal to the principal amount of such Receivable plus accrued
and unpaid interest thereon through the date of purchase. The amount so
deposited with respect to a Receivable (an "Administrative Purchase Payment")
shall be included in Principal Collections (to the extent of the principal
amount of such Receivable) and Interest Collections (as to the remainder of such
amount) on such date and shall be applied in accordance with the terms of this
Agreement, the Trust Sale and Servicing Agreement, the Indenture and the
applicable Indenture Supplement.

          (e) Sole Remedy. The obligation of the Servicer to purchase
Receivables as described in this Section 3.04, and to make the deposits required
to be made to the Collection Account as provided in the preceding paragraph,
shall constitute the sole remedy respecting the event giving rise to such
obligation available to any Securityholders, the Purchaser, the Owner Trustee,
the Indenture Trustee or the Issuing Entity.

     Section 3.05 The Servicer's Accounting and Reports. On or before each
Determination Date, the Servicer shall deliver to the Purchaser, the Owner
Trustee, the Indenture Trustee and the Rating Agencies the Servicer's Accounting
with respect to the immediately preceding Collection Period executed by an
Authorized Officer of the Servicer containing all information necessary for
making the allocations, deposits and distributions required by the Indenture
Supplement, the Trust Agreement and the Indenture on the related Distribution
Date, and all information necessary to each such party for sending any
statements required to be sent to Securityholders with respect to such
Distribution Date under the Indenture or the Trust Agreement.

     Section 3.06 Pre-Closing Collections. Within two Business Days after the
Initial Closing Date, the Servicer shall deliver to the Purchaser all
collections on the Receivables in the Scheduled Accounts held by the Seller on
the Initial Closing Date to the extent such collections would be required to be
on deposit on such date if this Agreement and the Indenture had been in effect
from and after the Initial Cut-Off Date and the Revolving Period had commenced
on such date. The Purchaser hereby directs the Seller to deposit such amount on
its behalf into the Collection Account.

     Section 3.07 Collections Received by the Seller. The Seller hereby agrees
to deliver all Collections on the Receivables in the Scheduled Accounts received
by the Seller from or on behalf of Dealers to the Servicer and consents to the
application, allocation and distribution thereof in accordance with the terms
and provisions of this Agreement and the Trust Sale and Servicing Agreement.

                                      -11-

<PAGE>

                                   ARTICLE IV
                    REPRESENTATIONS, WARRANTIES AND COVENANTS

     Section 4.01 Representations and Warranties of the Seller Relating to the
Accounts and the Receivables.

          (a) Representations and Warranties. As of the dates set forth below,
the Seller makes the following representations and warranties to the Purchaser
as to the Scheduled Accounts and the Receivables sold to the Purchaser
hereunder, on which the Purchaser relies in accepting such Receivables:

               (i) as of the Initial Cut-Off Date, each Scheduled Account is an
     Eligible Account;

               (ii) as of the Initial Cut-Off Date, each Receivable that is
     identified as an Eligible Receivable and conveyed to the Purchaser on the
     Initial Closing Date is an Eligible Receivable;

               (iii) as of each Additional Cut-Off Date, each related Additional
     Account is an Eligible Account and each Receivable arising thereunder that
     is identified as an Eligible Receivable and conveyed to the Purchaser on
     the related Addition Date is an Eligible Receivable;

               (iv) as of each Receivables Transfer Date, each Receivable that
     is identified as an Eligible Receivable and conveyed to the Purchaser on
     such date is an Eligible Receivable; and

               (v) the representations and warranties regarding creation,
     perfection and priority of security interests in the Receivables, which are
     attached to this Agreement as Appendix C, are true and correct to the
     extent that they are applicable.

          (b) Survival; Notice of Breach. The representations and warranties set
forth in this Section 4.01 shall survive the transfer and assignment of the
Eligible Receivables in the Scheduled Accounts and related items to the
Purchaser from time to time and the subsequent assignment and transfer of its
interests therein to the Issuing Entity pursuant to the Trust Sale and Servicing
Agreement. Upon discovery by the Seller or the Purchaser of a breach of any of
the representations and warranties set forth in this Section 4.01, the party
discovering such breach shall give prompt written notice to the other party.

          (c) Repurchase. The Seller acknowledges that the Purchaser shall
assign its rights and remedies hereunder with respect to the Eligible
Receivables arising in the Scheduled Accounts to the Issuing Entity under the
Trust Sale and Servicing Agreement. The Seller hereby covenants and agrees with
the Purchaser that (i) in the event of a breach of any of the Seller's
representations and warranties contained in Section 4.01(a) with respect to any
Receivable or with respect to any Account that materially and adversely affects
the interests of the Purchaser or the Issuing Entity in any Receivable or (ii)
in the event that the payment of all or a portion of the principal amount of any
Receivable held by the Purchaser or the Issuing Entity is deferred pursuant to
DPP or any other installment sales program or similar arrangement, unless and to
the

                                      -12-

<PAGE>

extent such breach or deferral shall have been cured in all material respects,
the Seller shall repurchase the interest of the Issuing Entity in such
Receivable (to the extent of such breach or deferral) on the date and for the
amount specified in Section 2.5 of the Trust Sale and Servicing Agreement,
without further notice from the Purchaser hereunder and without any
representation, warranty or recourse from the Purchaser or the Issuing Entity.
Without limiting the generality of the foregoing, a Receivable shall not be an
Eligible Receivable, and thus shall be subject to repurchase, if and to the
extent that, (A) the Servicer adjusts downward the principal amount of such
Receivable because of a rebate, refund, credit adjustment or billing error to
the related Dealer or (B) such Receivable was created in respect of a Vehicle
which was refused or returned by the related Dealer.

          (d) Sole Remedy. The obligation of the Seller to repurchase any
Receivable shall constitute the sole remedy respecting the event giving rise to
such obligation available to the Purchaser and to any Interested Party.

     Section 4.02 Representations and Warranties of the Seller Relating to the
Seller and the Agreement.

          (a) Representations and Warranties. The Seller, in its capacity as
Seller, hereby makes as of each Closing Date the following representations and
warranties on which the Purchaser relies. The following representations and
warranties shall survive the sale, transfer and assignment of the Receivables
hereunder:

               (i) Organization and Good Standing. The Seller has been duly
     organized and is validly existing as a limited liability company in good
     standing under the laws of the State of Delaware, with power and authority
     to own its properties and to conduct its businesses as such properties are
     presently owned and such businesses are presently conducted;

               (ii) Due Qualification. The Seller is duly qualified to do
     business and, where necessary, is in good standing as a foreign limited
     liability company (or is exempt from such requirement) and has obtained all
     necessary licenses and approvals in each jurisdiction in which the conduct
     of its businesses requires such qualification, except where the failure to
     so qualify or obtain licenses or approvals would not have a material
     adverse effect on its ability to perform its obligations under this
     Agreement;

               (iii) Power and Authority. The Seller has the power and authority
     to execute and deliver this Agreement, to carry out its terms, and to
     consummate the transactions contemplated herein, and the execution,
     delivery and performance of this Agreement and the consummation of the
     transactions contemplated herein have been duly authorized by the Seller by
     all necessary organizational action on the part of the Seller;

               (iv) No Violation. The execution of this Agreement and the
     consummation of the transactions contemplated by this Agreement and the
     fulfillment of the terms of this Agreement by the Seller shall not conflict
     with, result in any breach of any of the terms and provisions of, or
     constitute (with or without notice or lapse of time)

                                      -13-

<PAGE>

     a default under, the certificate of formation or limited liability company
     agreement of the Seller, or any indenture, agreement, mortgage, deed of
     trust or other instrument to which the Seller is a party or by which it is
     bound, or result in the creation or imposition of any Lien upon any of its
     properties pursuant to the terms of any such indenture, agreement,
     mortgage, deed of trust or other instrument (other than pursuant to the
     Basic Documents) or violate any law or, to the best of the Seller's
     knowledge, any order, rule or regulation applicable to the Seller of any
     Governmental Authority having jurisdiction over the Seller or any of its
     properties, except where any such conflict or violation would not have a
     material adverse effect on its ability to perform its obligations with
     respect to the Purchaser or any Interested Party under this Agreement or
     the Trust Sale and Servicing Agreement;

               (v) No Proceedings. To the Seller's knowledge, there are no
     Proceedings or investigations pending, or threatened, against the Seller
     before any Governmental Authority having jurisdiction over the Seller or
     its properties (A) asserting the invalidity of this Agreement, the Trust
     Sale and Servicing Agreement, the Custodian Agreement or the Administration
     Agreement, (B) seeking to prevent the execution of this Agreement or the
     consummation of any of the transactions contemplated by this Agreement, the
     Trust Sale and Servicing Agreement, the Custodian Agreement or the
     Administration Agreement or (C) seeking any determination or ruling that
     might materially and adversely affect the performance by the Seller of its
     obligations under, or the validity or enforceability of, this Agreement,
     the Trust Sale and Servicing Agreement, the Custodian Agreement or the
     Administration Agreement;

               (vi) Binding Obligation. This Agreement constitutes a 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 or other
     similar laws now or hereafter in effect affecting the enforcement of
     creditors' rights in general and by general principles of equity,
     regardless of whether such enforceability is considered in a proceeding in
     equity or at law;

               (vii) Record of Accounts. The Schedule of Accounts is an accurate
     and complete listing in all material respects of all of the Scheduled
     Accounts as of the Initial Cut-Off Date or the applicable Additional
     Cut-Off Date, as the case may be, and the information contained therein
     with respect to the identity of such Accounts is true and correct in all
     material respects; and

               (viii) Valid Sale. With respect to the Initial Accounts, this
     Agreement and the related assignment to be delivered on the Initial Closing
     Date or, in the case of Additional Accounts, the related assignment as
     described in Section 2.03(b), when duly executed and delivered, shall
     constitute a valid sale, transfer and assignment to the Purchaser of all
     right, title and interest of the Seller in, to and under the Eligible
     Receivables thereunder and the related Vehicle Collateral Security, whether
     then existing or thereafter created, and the proceeds thereof, enforceable
     against creditors of and purchasers from the Seller. To the extent such
     filings are required therefor, upon the filing of the financing statements
     described in Section 7.02(a) (and, in the case of Eligible Receivables
     hereafter created in the Scheduled Accounts and the proceeds thereof, upon

                                      -14-

<PAGE>

     the creation thereof) the Purchaser shall have a first priority perfected
     ownership interest in such property, except for Liens permitted under
     Section 4.04(a). Except as otherwise provided in the Trust Sale and
     Servicing Agreement or this Agreement, neither the Seller nor any Person
     claiming through or under the Seller has any claim to or interest in the
     Trust Estate.

          (b) Survival; Notice of Breach. The representations and warranties set
forth in this Section 4.02 shall survive the transfer and assignment of the
Receivables and related items to the Purchaser hereunder and the subsequent
assignment and transfer of its interests therein to the Issuing Entity pursuant
to the Trust Sale and Servicing Agreement. Upon discovery by the Seller or the
Purchaser of a breach of any of the foregoing representations and warranties,
the party discovering such breach shall give prompt written notice to the other
party.

          (c) Repurchase. If (i) the Purchaser is required to purchase
Receivables and related Collateral Security pursuant to Section 3.1(c) of the
Trust Sale and Servicing Agreement and (ii) the condition giving rise to such
purchase obligation shall also constitute a breach of a representation or
warranty pursuant to Section 4.02(a), the Seller shall repurchase such
Receivables and such Collateral Security and shall pay to the Purchaser, prior
to the time the Purchaser is required to pay such amount pursuant to the Trust
Sale and Servicing Agreement, an amount equal to the Reassignment Amount.

          (d) Sole Remedy. The obligation of the Seller to purchase such
Receivables and such Collateral Security pursuant to this Section 4.02 shall
constitute the sole remedy available to the Purchaser and to any Interested
Party against the Seller respecting the event giving rise to such obligation.

     Section 4.03 Representations and Warranties of the Purchaser. The Purchaser
hereby represents and warrants to the Seller as of each Closing Date that:

          (a) Organization and Good Standing. The Purchaser has been duly
organized and is validly existing as a limited liability company in good
standing under the laws of the State of Delaware, with power and authority to
own its properties and to conduct its business as such properties are presently
owned and such business is presently conducted, and had at all relevant times,
and now has, power, authority and legal right to acquire and own the Eligible
Receivables arising in the Scheduled Accounts and the Collateral Security
related thereto;

          (b) Due Qualification. The Purchaser is duly qualified to do business
and, where necessary, is in good standing as a foreign limited liability company
(or is exempt from such requirement) and has obtained all necessary licenses and
approvals in all jurisdictions in which the ownership or lease of property or
the conduct of its business requires such qualification, except where the
failure to so qualify or obtain licenses or approvals would not have a material
adverse effect on its ability to perform its obligations under this Agreement;

          (c) Power and Authority. The Purchaser has the power and authority to
execute and deliver this Agreement, to carry out its terms and to consummate the
transactions contemplated herein, and the execution, delivery and performance of
this Agreement and the

                                      -15-

<PAGE>

consummation of the transactions contemplated herein have been duly authorized
by the Purchaser by all necessary organizational action on the part of the
Purchaser;

          (d) No Violation. The execution of this Agreement and the consummation
of the transactions contemplated by this Agreement by the Purchaser and the
fulfillment of the terms of this Agreement by the Purchaser shall not conflict
with, result in any breach of any of the terms and provisions of or constitute
(with or without notice or lapse of time) a default under, the certificate of
formation or limited liability company agreement of the Purchaser, or any
indenture, agreement, mortgage, deed of trust or other instrument to which the
Purchaser is a party or by which it is bound, or result in the creation or
imposition of any Lien upon any of its properties pursuant to the terms of any
such indenture, agreement, mortgage, deed of trust or other instrument (other
than pursuant to the Basic Documents), or violate any law or, to the best of the
Purchaser's knowledge, any order, rule or regulation applicable to the Purchaser
of any Governmental Authority having jurisdiction over the Purchaser or any of
its properties, except where any such conflict or violation would not have a
material adverse effect on its ability to perform its obligations with respect
to the Seller or any Interested Party under this Agreement or the Trust Sale and
Servicing Agreement;

          (e) No Proceedings. To the Purchaser's knowledge, there are no
Proceedings or investigations pending, or threatened, against the Purchaser
before any Governmental Authority having jurisdiction over the Purchaser or its
properties (i) asserting the invalidity of this Agreement, (ii) seeking to
prevent the execution of this Agreement or the consummation of any of the
transactions contemplated by this Agreement or (iii) seeking any determination
or ruling that might materially and adversely affect the performance by the
Purchaser of its obligations under, or the validity or enforceability of, this
Agreement; and

          (f) Binding Obligation. This Agreement constitutes a legal, valid and
binding obligation of the Purchaser, enforceable against the Purchaser in
accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws now or hereafter in effect affecting the enforcement of creditors' rights
in general and by general principles or equity, regardless of whether such
enforceability is considered in a proceeding in equity or at law.

     Section 4.04 Covenants of the Seller. The Seller hereby covenants that:

          (a) Negative Pledge. Except for the conveyances hereunder and under
the Trust Sale and Servicing Agreement and the pledge of the Trust Estate to the
Indenture Trustee under the Indenture and as provided in Section 6.03, the
Seller shall not sell, pledge, assign or transfer to any other Person, or grant,
create, incur, assume or suffer to exist, any Lien on any Eligible Receivable in
any Scheduled Account (and any related Vehicle Collateral Security), whether now
existing or hereafter created, or any interest therein, and the Seller shall
defend the right, title and interest of the Purchaser and any Interested Party
in, to and under such property, whether now existing or hereafter created,
against all claims of third parties claiming through or under the Seller. The
Seller shall notify the Purchaser and the Issuing Entity promptly after becoming
aware of any Lien on any such property other than the conveyances hereunder or
under the Trust Sale and Servicing Agreement or the Indenture. Nothing herein
shall prohibit the

                                      -16-

<PAGE>

Seller from selling, transferring, assigning, or granting, creating, incurring
or suffering to exist any Lien on, all or any portion of the Retained Property.

          (b) Delivery of Collections. All payments received by the Seller from
or on behalf of a Dealer in respect of Receivables in any Scheduled Accounts or
any Collateral Security (except as contemplated in Section 6.03 with respect to
any property constituting Common Collateral (other than Vehicle Collateral
Security related to the Receivables purchased by the Purchaser) in connection
with any Other Indebtedness) shall be received by the Seller in its capacity as
the Servicer, unless the Seller is no longer the Servicer, in which case the
Seller shall deliver all such payments to the Servicer as soon as practicable
after receipt thereof, but in no event later than two Business Days after
receipt thereof.

          (c) Compliance with Requirements of Law. The Seller shall comply in
all material respects with all Requirements of Law applicable to the Seller,
except where any such failure to comply would not have a material adverse effect
on its ability to perform its obligations under this Agreement.

          (d) No Petition. Neither the Servicer nor the Seller shall at any time
institute against the Purchaser any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States Federal or state bankruptcy or similar law.

                                    ARTICLE V
                     CERTAIN MATTERS RELATING TO THE SELLER

     Section 5.01 Merger or Consolidation of, or Assumption of the Obligations
of, the Seller or the Servicer.

          (a) Notwithstanding anything to the contrary in this Agreement, any
Person (i) into which the Seller or the Servicer may be merged or consolidated,
(ii) resulting from any merger, conversion or consolidation to which the Seller
or the Servicer shall be a party, (iii) succeeding to the business of the Seller
or the Servicer or (iv) more than 50% of the voting interests of which is owned,
directly or indirectly, by General Motors, the Seller or the Servicer and which
is otherwise originating receivables, which Person in any of the foregoing cases
(other than the Seller or the Servicer as the surviving entity of such merger or
consolidation) executes an agreement of assumption to perform every obligation
of the Seller or the Servicer, as applicable, under this Agreement and the Trust
Sale and Servicing Agreement, shall be the successor to the Seller or the
Servicer, as applicable, under this Agreement without the execution or filing of
any document or any further act on the part of any of the parties to this
Agreement or the Trust Sale and Servicing Agreement, anything in this Agreement
to the contrary notwithstanding.

          (b) The Seller or the Servicer, as applicable, shall provide notice of
any merger, consolidation or succession pursuant to this Section 5.01 to the
Rating Agencies.

     Section 5.02 Seller Indemnification of the Purchaser. The Seller shall
indemnify the Purchaser for any liability as a result of the failure of an
Eligible Receivable sold hereunder to be

                                      -17-

<PAGE>

originated in compliance with all Requirements of Law. This indemnity obligation
shall be in addition to any obligation that the Seller may otherwise have.

     Section 5.03 Seller Acknowledgment of Transfers to the Issuing Entity. By
its execution of the Trust Sale and Servicing Agreement, the Seller acknowledges
that the Purchaser shall, pursuant to the Trust Sale and Servicing Agreement,
transfer the Receivables purchased hereunder and related Collateral Security to
the Issuing Entity and assign its rights associated therewith under this
Agreement to the Issuing Entity, subject to the terms and conditions of the
Trust Sale and Servicing Agreement, and that the Issuing Entity shall in turn
further pledge, assign or transfer its rights in such property and this
Agreement to the Indenture Trustee under the Indenture. The Seller further
acknowledges that the Purchaser shall assign its rights under the Custodian
Agreement to the Issuing Entity.

                                   ARTICLE VI
                              ADDITIONAL AGREEMENTS

     Section 6.01 Additional Obligations of the Seller and the Purchaser. With
respect to each Removed Account, if and to the extent that any related
Receivable held by the Issuing Entity on the related Removal Commencement Date
(determined without giving effect to the special allocation of Principal
Collections pursuant to Section 2.8(c) or Section 2.9(b), as applicable, of the
Trust Sale and Servicing Agreement) is charged-off as uncollectible at any time
following the related Removal Date, the Purchaser shall pay the amount so
charged-off to the Seller.

     Section 6.02 Effect of Involuntary Case Involving the Seller.

          (a) Suspension of Purchases. The Purchaser shall suspend the purchase
(and the Seller shall suspend the sale) of Receivables hereunder if either party
shall receive notice at its principal corporate office that the Seller has
become an involuntary party to (or has been made the subject of) any proceeding
provided for by any insolvency, readjustment of debt, marshaling of assets and
liabilities or similar proceedings of or relating to the Seller or relating to
all or substantially all of its property (an "Involuntary Case").

          (b) Resumption of Purchases. Notwithstanding any cessation or
suspension of purchases pursuant to Section 6.02(a), if the Seller or the
Purchaser has obtained an order from the court having jurisdiction over an
Involuntary Case approving the continuation of the sale of Receivables by the
Seller to the Purchaser and/or approving the sale of Receivables originating in
the Scheduled Accounts since the date of the suspension of such sales on the
same terms (including Section 6.03 hereof) as, or on terms that do not have a
material adverse effect on Securityholders as compared to, the terms in effect
prior to the commencement of such Involuntary Case, and further providing that
the Purchaser and any of its transferees (including the Issuing Entity) may rely
on such order for the validity and nonavoidance of such transfer (the "Order"),
the Purchaser may resume the purchase (and the Seller may resume the sale) of
Receivables pursuant to the terms hereof; provided, however, that so long as
such Involuntary Case shall continue, notwithstanding anything in this Agreement
to the contrary, the purchase price of such Receivables (which shall not be less
than reasonably equivalent value therefor or greater than the principal balance
thereof) shall be paid by the Purchaser to the Seller in cash not

                                      -18-

<PAGE>

later than the same Business Day of any such sale, and such Receivables shall be
considered transferred to the Purchaser only to the extent that the purchase
price therefor has been paid in cash on the same Business Day.

          (c) Cessation of Purchases. If an Order is obtained but subsequently
is reversed or rescinded or expires, the Purchaser shall immediately cease to
purchase (and the Seller shall immediately cease to sell) Receivables hereunder.
Notwithstanding anything contained in Section 6.02(b), if an Involuntary Case
has not been dismissed by the first Business Day following the 60 day period
beginning on the day on which notice of an Involuntary Case was received by
either party, whether or not an Order was obtained, the Purchaser shall not
thereafter purchase Receivables from the Seller hereunder and the Seller shall
not thereafter designate Additional Accounts for transfer to the Purchaser or
sell Receivables hereunder.

     Section 6.03 Intercreditor Agreements.

          (a) Common Collateral. In connection with loans or advances made or
held or to be made or held by the Seller to a Dealer from time to time, other
than pursuant to a Receivable transferred to the Purchaser hereunder and not
reacquired by the Seller (collectively, "Other Indebtedness"), the Seller may
have a security interest in property constituting Collateral Security (the
"Common Collateral").

          (b) Agreements of the Seller with respect to Common Collateral. The
Seller agrees that with respect to the Common Collateral:

               (i) the Seller's security interest in any Common Collateral that
     is Vehicle Collateral Security (and the proceeds thereof) with respect to
     any Receivable transferred to the Purchaser hereunder and not reacquired by
     the Seller is subordinate to the security interest therein in connection
     with such Receivables and assigned to the Purchaser hereunder;

               (ii) the Seller shall not apply the proceeds of any such Common
     Collateral that is Vehicle Collateral Security with respect to any such
     Receivable in any manner that is materially adverse to the Purchaser or the
     Issuing Entity and the Securityholders until all required payments in
     respect of such Receivable have been made; and

               (iii) in realizing upon any such Common Collateral that is
     Vehicle Collateral Security with respect to any such Receivable, neither
     the Purchaser nor the Issuing Entity (nor the Servicer on behalf of either)
     shall be obligated to protect or preserve the rights of the Seller in such
     Common Collateral.

          (c) Agreements of the Purchaser with respect to Common Collateral. The
Purchaser agrees that with respect to the Common Collateral:

               (i) the Purchaser's security interest in any Common Collateral
     that is not Vehicle Collateral Security (and the proceeds thereof) with
     respect to any Receivable transferred to the Purchaser hereunder and not
     reacquired by the Seller is subordinate to the security interest therein in
     connection with any Other Indebtedness;

                                      -19-

<PAGE>

               (ii) the Purchaser (or the Servicer on its behalf) shall not
     apply the proceeds of any such Common Collateral that is not Vehicle
     Collateral Security with respect to any such Receivables in any manner that
     is materially adverse to the Seller until all required payments in respect
     of such Other Indebtedness have been made; and

               (iii) in realizing upon any such Common Collateral that is not
     Vehicle Collateral Security with respect to any such Receivables, the
     Seller shall not be obligated to protect or preserve the rights of the
     Purchaser or the Issuing Entity in such Collateral Security.

          (d) Obligations of Issuing Entity. The Trust Sale and Servicing
Agreement shall provide that the Issuing Entity is subject to this Section 6.03.

          (e) Obligations of Assignees and Transferees. If, other than pursuant
hereto, the Seller in any manner assigns or transfers any right or obligation
with respect to any Other Indebtedness or any property constituting Common
Collateral, the Seller shall make such assignment or transfer subject to the
provisions of this Section 6.03 and shall require such assignee or transferee to
acknowledge that it takes such assignment or transfer subject to the provisions
of this Section 6.03 and to agree that it shall require the same acknowledgment
from any subsequent assignee or transferee.

                                   ARTICLE VII
                            MISCELLANEOUS PROVISIONS

     Section 7.01 Amendment. This Agreement may be amended from time to time
(subject to Section 10.1(h) of the Trust Sale and Servicing Agreement) by a
written amendment duly executed and delivered by the Seller, the Servicer and
the Purchaser. Notwithstanding the foregoing, this Agreement may be amended from
time to time and additional provisions may be added with respect to Other Assets
by the Seller and the Purchaser upon satisfaction of the Rating Agency Condition
with respect thereto, but without the consent of the Holders of any Notes or any
other Person.

     Section 7.02 Protection of Right, Title and Interest in and to Receivables.

          (a) The Seller or the Purchaser or both shall execute and file such
financing statements and cause to be executed and filed such continuation
statements or other statements, all in such manner and in such places as may be
required by law fully to evidence, preserve, maintain and protect the interest
of the Purchaser hereunder in the Eligible Receivables arising in the Scheduled
Accounts, the related Collateral Security and in the proceeds thereof
(including, without limitation, UCC-1 financing statements on or prior to the
Closing Date). The Seller shall deliver (or cause to be delivered) to the
Purchaser file-stamped copies of, or filing receipts for, any document filed as
provided above, as soon as available following such filing.

          (b) Within 60 days after the Seller makes any change in its name,
identity or corporate structure that would make any financing statement or
continuation statement filed in accordance with Section 7.02(a) seriously
misleading within the meaning of the UCC, the Seller shall give the Purchaser
notice of any such change.

                                      -20-

<PAGE>

          (c) The Seller shall give the Purchaser at least 60 days prior written
notice of any relocation of its principal executive office or change in its
jurisdiction of organization if, as a result of such relocation or change, the
applicable provisions of the UCC would require the filing of any amendment of
any previously filed financing or continuation statement or of any new financing
statement. The Seller shall at all times maintain its principal executive office
and its jurisdiction of organization within the United States of America.

          (d) In connection with the sale and transfer hereunder of the
Receivables in the Scheduled Accounts and the related Collateral Security from
the Seller to the Purchaser, the Seller shall, at its own expense, on or prior
to the Initial Closing Date, in the case of the Initial Accounts, and on or
prior to the applicable Addition Date, in the case of Additional Accounts, (i)
indicate in its computer files that the Eligible Receivables in the Scheduled
Accounts have been sold and transferred, and the Collateral Security assigned,
to the Purchaser pursuant to this Agreement and that such property has been
transferred to the Issuing Entity pursuant to the Trust Sale and Servicing
Agreement and (ii) deliver to the Purchaser a true and complete list of all such
Accounts specifying for each such Account, as of the Initial Cut-Off Date, in
the case of the Initial Accounts, and as of the applicable Additional Cut-Off
Date, in the case of Additional Accounts, its account number and the outstanding
principal balance of Eligible Receivables in such Account. Such list, as
supplemented from time to time to reflect Additional Accounts, Selected Accounts
and Removed Accounts (including Accounts removed as described in Section 2.05),
shall be the Schedule of Accounts and is hereby incorporated into and made a
part of this Agreement.

          (e) The Servicer shall furnish to the Purchaser at any time upon
request a list of all Scheduled Accounts, together with a reconciliation of such
list to the Schedule of Accounts as initially furnished pursuant to the Trust
Sale and Servicing Agreement and to each notice furnished before such request
indicating removal from or addition to the Schedule of Accounts.

     Section 7.03 Costs and Expenses. The Seller agrees to pay all reasonable
out-of-pocket costs and expenses of the Purchaser, including fees and expenses
of counsel, in connection with the perfection as against third parties of the
Purchaser's right, title and interest in, to and under the Receivables sold
hereunder and the enforcement of any obligation of the Seller hereunder.

     Section 7.04 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO THE CONFLICT OF LAW PROVISIONS THEREOF OR OF ANY OTHER
JURISDICTION, OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK
GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 7.05 Notices. All demands, notices and communications upon or to
the Seller, the Servicer, the Purchaser, or any other Person identified in
Section 10.3 of the Trust Sale and Servicing Agreement under this Agreement
shall be delivered as specified in Appendix B to the Trust Sale and Servicing
Agreement.

                                      -21-

<PAGE>

     Section 7.06 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall for any
reason whatsoever be held invalid, then such covenants, agreements, provisions
or terms shall be deemed enforceable to the fullest extent permitted, and if not
so permitted, shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Agreement and shall in no way affect the
validity or enforceability of the other provisions of this Agreement or of any
Securities or rights of any Interested Parties.

     Section 7.07 Assignment. Notwithstanding anything to the contrary contained
herein, except as provided in Section 5.01, this Agreement may not be assigned
by the Seller without the prior written consent of the Purchaser and the Issuing
Entity. The Purchaser may assign all or a portion of its rights, remedies,
powers and privileges under this Agreement to the Issuing Entity pursuant to the
Trust Sale and Servicing Agreement.

     Section 7.08 Further Assurances. The Seller and the Purchaser agree to do
and perform, from time to time, any and all acts and to execute any and all
further instruments required or reasonably requested by the other party to more
fully effect the purposes of this Agreement, including the execution of any
financing statements or continuation statements relating to the Receivables for
filing under the provisions of the Uniform Commercial Code of any applicable
jurisdiction and to evidence the repurchase of any interest in any Receivable by
the Seller or the Servicer, and each of the parties hereto is authorized to file
such statements on behalf of the other parties hereto.

     Section 7.09 No Waiver; Cumulative Remedies. No failure or delay on the
part of the Purchaser in exercising any right, remedy, power or privilege under
this Agreement shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege under this Agreement
preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. The rights, remedies, powers and privileges
herein provided are cumulative and not exhaustive of any rights, remedies,
powers and privileges provided by law.

     Section 7.10 Counterparts. This Agreement may be executed in two or more
counterparts (and by different parties on separate counterparts), each of which
shall be an original, but all of which together shall constitute one and the
same instrument.

     Section 7.11 Third-Party Beneficiaries. This Agreement shall inure to the
benefit of and be binding upon the parties hereto, the Interested Parties and
their respective successors and permitted assigns. Except as otherwise expressly
provided in this Agreement, no other Person shall have any right or obligation
hereunder.

     Section 7.12 Merger and Integration. Except as specifically stated
otherwise herein, this Agreement sets forth the entire understanding of the
parties relating to the subject matter hereof, and all prior understandings,
written or oral, are superseded by this Agreement. This Agreement may not be
modified, amended, waived, or supplemented except as provided herein.

     Section 7.13 Confidential Information. The Purchaser agrees that it shall
neither use nor disclose to any Person the names and addresses of Dealers,
except in connection with the

                                      -22-

<PAGE>

enforcement of the Purchaser's rights hereunder, under the Trust Sale and
Servicing Agreement, under the Receivables or as required by law.

     Section 7.14 Headings. The headings herein are for purposes of reference
only and shall not otherwise affect the meaning or interpretation of any
provision hereof.

     Section 7.15 Termination. This Agreement (except for Section 5.02) shall
terminate immediately after the termination of the Trust Sale and Servicing
Agreement; provided, that if at the time of the termination of the Trust Sale
and Servicing Agreement, the Purchaser has not made all payments to the Seller
required to be made under Section 6.01, this Agreement (except for Section 5.02)
shall not terminate until immediately after all such payments have been made.

     Section 7.16 No Petition Covenants. Notwithstanding any prior termination
of this Agreement, the Seller shall not, prior to the date which is one year and
one day after the final distribution with respect to the Securities, acquiesce,
petition or otherwise invoke or cause the Purchaser to invoke the process of any
court or governmental authority for the purpose of commencing or sustaining a
case against the Purchaser under any federal or state bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Purchaser or any substantial part
of its property, or ordering the winding up or liquidation of the affairs of the
Purchaser.

     Section 7.17 Jurisdiction. Any action or proceeding arising out of or
relating to this Agreement shall be submitted to the exclusive jurisdiction of
any United States Federal or New York State Court sitting in the Borough of
Manhattan, New York, New York.

                                      ****

                                      -23-

<PAGE>

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

                                        GMAC LLC,
                                        Seller and Servicer

                                        By: /s/ Carl J. Vannatter
                                            ------------------------------------
                                        Name: Carl J. Vannatter
                                        Title: Director- Global Securitization

                                        WHOLESALE AUTO RECEIVABLES LLC,
                                        Purchaser

                                        By: /s/ Pamela M. Surhigh
                                            ------------------------------------
                                        Name:  Pamela M. Surhigh
                                        Title: Vice President

<PAGE>

                                                                       EXHIBIT A

                            LIST OF LOCATIONS OF THE
                              SCHEDULE OF ACCOUNTS

                           The Schedule of Accounts is
                           on file at the offices of:

          1.   The Indenture Trustee

          2.   The Owner Trustee

          3.   GMAC LLC

          4.   Wholesale Auto Receivables LLC

<PAGE>

                                                                       EXHIBIT B

                   FORM OF ASSIGNMENT FOR INITIAL CLOSING DATE

          As of June 20, 2007, for value received, in accordance with the
Pooling and Servicing Agreement, dated as of June 20, 2007 (the "Pooling and
Servicing Agreement"), between GMAC LLC, a Delaware limited liability company
(the "Seller"), and Wholesale Auto Receivables LLC, a Delaware limited liability
company (the "Purchaser"), the Seller does hereby sell, assign, transfer and
otherwise convey unto the Purchaser, without recourse, all of its right, title
and interest in, to and under all of the Eligible Receivables existing in the
Accounts listed in the Schedule of Accounts as of the close of business on the
Initial Cut-Off Date and, so long as each such Account is a Scheduled Account,
all Eligible Receivables created or deemed created thereunder on each
Receivables Transfer Date and all monies due or to become due thereon after the
Initial Cut-Off Date or such Receivables Transfer Date, as appropriate, subject
to Section 6.03 of the Pooling and Servicing Agreement, all Collateral Security
with respect thereto and all amounts received with respect thereto and all
proceeds thereof (including "proceeds" as defined in the UCC and Recoveries).

          The foregoing sale, transfer, assignment and conveyance and any sales,
transfers, assignments and conveyances subsequent to the date hereof do not
constitute, and are not intended to result in, the creation or an assumption by
the Purchaser of any obligation of the Servicer, the Seller (if the Seller is
not the Servicer), General Motors or any other Person in connection with the
Accounts, the Receivables or under any agreement or instrument relating thereto,
including any obligation to any Dealers.

          It is the intention of the Seller and the Purchaser that the transfers
and assignments contemplated by this Assignment, including transfers and
assignments subsequent to the date hereof, shall constitute a sale of the
property described herein and in the Pooling and Servicing Agreement from the
Seller to the Purchaser and the beneficial interest in and title to such
property shall not be part of the Seller's estate in the event of the filing of
a bankruptcy petition by or against the Seller under any bankruptcy law.

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

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

                                      *****

<PAGE>

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

                                        GMAC LLC

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

                                       -2-

<PAGE>

                                                                       EXHIBIT C

                    FORM OF ASSIGNMENT FOR EACH ADDITION DATE

          As of ___________, 20__, for value received, in accordance with the
Pooling and Servicing Agreement, dated as of June 20, 2007 (the "Pooling and
Servicing Agreement"), between GMAC LLC, a Delaware limited liability company
(the "Seller"), and Wholesale Auto Receivables LLC, a Delaware limited liability
company (the "Purchaser"), the Seller does hereby sell, assign, transfer and
otherwise convey unto the Purchaser, without recourse, with respect to the
Additional Accounts to which this Assignment relates, all of its right, title
and interest in, to and under all of the Eligible Receivables as of the close of
business on the related Additional Cut-Off Date in such Additional Accounts and,
so long as each such Account is a Scheduled Account, all Eligible Receivables
created or deemed created thereunder on each Receivables Transfer Date and all
monies due or to become due thereon after such Additional Cut-Off Date or such
Receivables Transfer Date, as appropriate, subject to Section 6.03 of the
Pooling and Servicing Agreement, all Collateral Security with respect thereto
and all amounts received with respect thereto and all proceeds thereof
(including "proceeds" as defined in the UCC and Recoveries).

          The foregoing sale, transfer, assignment and conveyance and any sales,
transfers, assignments and conveyances subsequent to the date hereof do not
constitute, and are not intended to result in, the creation or an assumption by
the Purchaser of any obligation of the Servicer, the Seller (if the Seller is
not the Servicer), General Motors or any other Person in connection with the
Accounts, the Receivables or under any agreement or instrument relating thereto,
including any obligation to any Dealers.

          It is the intention of the Seller and the Purchaser that the transfers
and assignments contemplated by this Assignment, including transfers and
assignments subsequent to the date hereof, shall constitute a sale of the
property described herein and in the Pooling and Servicing Agreement from the
Seller to the Purchaser and the beneficial interest in and title to such
property shall not be part of the Seller's estate in the event of the filing of
a bankruptcy petition by or against the Seller under any bankruptcy law.

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

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

                                      *****

<PAGE>

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

                                        GMAC LLC

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

                                       -2-

<PAGE>

                                                                       EXHIBIT D

                           FORM OF OPINION OF COUNSEL
                      WITH RESPECT TO ADDITION OF ACCOUNTS

                 Provision to be Included in Opinion of Counsel
                   Delivered Pursuant to Section 2.03(b)(viii)
                     of the Pooling and Servicing Agreement

          The opinion set forth below may be subject to standard qualifications,
assumptions, limitations and exceptions.

          The Assignment delivered on the Addition Date has been duly
authorized, executed and delivered by the Seller, and constitutes the valid and
legally binding obligation of the Seller, enforceable against the Seller in
accordance with its terms.

<PAGE>

                                   APPENDIX A

                      DEFINITIONS AND RULES OF CONSTRUCTION

PART I

          For ease of reference, capitalized terms defined herein have been
consolidated with and are contained in Appendix A to the Trust Sale and
Servicing Agreement of even date herewith among GMAC LLC, Wholesale Auto
Receivables LLC and SWIFT Master Auto Receivables Trust.

PART II

          For ease of reference, the rules of construction have been
consolidated with and are contained in Part II of Appendix A to the Trust Sale
and Servicing Agreement of even date herewith among GMAC LLC, Wholesale Auto
Receivables LLC and SWIFT Master Auto Receivables Trust.

<PAGE>

                                   APPENDIX B

                       DEMANDS, COMMUNICATIONS AND NOTICES

          For ease of reference, the notice address and procedures have been
consolidated with and are contained in Part II of Appendix B to the Trust Sale
and Servicing Agreement of even date herewith among GMAC LLC, Wholesale Auto
Receivables LLC and SWIFT Master Auto Receivables Trust.

<PAGE>

                                   APPENDIX C

                    ADDITIONAL REPRESENTATIONS AND WARRANTIES

     1. While it is the intention of GMAC LLC (the "Seller") and Wholesale Auto
Receivables LLC (the "Purchaser") that the transfers and assignments
contemplated by this Agreement and the First Step Assignment shall constitute
sales of the Trust Assets (as defined herein) from the Seller to the Purchaser,
this Agreement creates a valid and continuing security interest (as defined in
the applicable UCC) in the Receivables and the related Vehicle Collateral
Security described in clauses (a) and (b) of Section 2.01 of this Agreement (the
"Trust Assets") in favor of the Purchaser, which security interest is prior to
all other Liens, and is enforceable as such against creditors and purchasers
from the Seller.

     2. All steps necessary to perfect the Seller's security interest against
each Obligor in the property securing the Trust Assets have been taken.

     3. The Trust Assets constitute "accounts," "chattel paper" or "payment
intangibles" within the meaning of the applicable UCC.

     4. The Seller owns and has good and marketable title to the Trust Assets,
subject to Section 6.03 of this Agreement, free and clear of any Liens, claim or
encumbrance of any Person. The Seller has received all consents and approvals
required by the terms of the Trust Assets as to the sale of the Trust Assets
hereunder to the Purchaser.

     5. The Seller has caused or will have caused, within ten days, the filing
of all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the security
interest in the Trust Assets granted to the Purchaser hereunder.

     6. The Custodian has in its possession the Eligible Receivables Files and
holds them in accordance with its customary procedures and any and all other
documents that the Servicer or the Seller shall keep on file, in accordance with
its customary procedures, relating to the Eligible Receivables. All financing
statements filed or to be filed against the Seller in favor of the Purchaser in
connection herewith describing the Trust Assets contain a statement to the
following effect: "A purchase of or security interest in any collateral
described in this financing statement will violate the rights of the Secured
Party."

     7. Other than the security interest granted to the Purchaser pursuant to
the Basic Documents or as contemplated by Section 6.03 of this Agreement, the
Seller has not pledged, assigned, sold, granted a security interest in, or
otherwise conveyed any of the Trust Assets, and has not authorized the filing of
and is not aware of any financing statements that include a description of
collateral covering the Trust Assets other than any financing statement (i)
relating to the security interest granted to the Purchaser, the Issuing Entity
and Indenture Trustee under the Basic Documents, (ii) that has been terminated,
or (iii) that names the Issuing Entity as secured party. The Seller is not aware
of any judgment or tax lien filings against it.

     8. The representations, warranties and certifications contained in
paragraphs 1-7 above shall survive the sales, transfers and assignments to the
Purchaser. No failure or delay on

<PAGE>

the part of the Purchaser in exercising any right, remedy, power or privilege
with respect to this Agreement shall operate as a waiver thereof nor shall any
single or partial exercise of any right, remedy, power or privilege with respect
to this Agreement preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege.

                                       -2-<PAGE>

                                                                     EXHIBIT 4.4

                                  SERIES 2007-1

                              INDENTURE SUPPLEMENT

                                     BETWEEN

                       SWIFT MASTER AUTO RECEIVABLES TRUST

                                 ISSUING ENTITY

                                       AND

                    THE BANK OF NEW YORK TRUST COMPANY, N.A.

                                INDENTURE TRUSTEE

                            DATED AS OF JUNE 20, 2007

                 SERIES 2007-1 FLOATING RATE ASSET BACKED NOTES,

                 CLASS A, CLASS B, CLASS C, CLASS D AND CLASS E

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                           -----
<S>                                                                        <C>
ARTICLE I CREATION OF SERIES 2007-1 NOTES...............................       2
   SECTION 1.01. Designation. ..........................................       2
   SECTION 1.02. Re-Opening of Class or Tranche of Notes................       3
ARTICLE II DEFINITIONS..................................................       3
   SECTION 2.01. Definitions............................................       3
   SECTION 2.02. Other Definitional Provisions..........................      17
ARTICLE III SERVICING FEE...............................................      17
   SECTION 3.01. Servicing Compensation.................................      17
ARTICLE IV RIGHTS OF SERIES 2007-1 NOTEHOLDERS AND ALLOCATION AND
APPLICATION OF COLLECTIONS..............................................      18
   SECTION 4.01. Collections and Allocations............................      18
   SECTION 4.02. Determination of Monthly Interest......................      18
   SECTION 4.03. Determination of Monthly Principal Amount..............      20
   SECTION 4.04. Application of Available Funds on Deposit in Collection
                 Account and Other Sources..............................      20
   SECTION 4.05. Investor Charge-Offs...................................      25
   SECTION 4.06. Reallocated Principal Collections......................      26
   SECTION 4.07. Excess Interest Collections............................      27
   SECTION 4.08. Shared Principal Collections...........................      27
   SECTION 4.09. Reinstatement of Invested Amount.......................      28
   SECTION 4.10. Note Distribution Account..............................      29
   SECTION 4.11. Reserve Fund...........................................      29
   SECTION 4.12. Determination of LIBOR.................................      31
   SECTION 4.13. Accumulation Period Reserve Account....................      31
   SECTION 4.14. Transfer Restrictions..................................      33
ARTICLE V DELIVERY OF SERIES 2007-1 NOTES; DISTRIBUTIONS; REPORTS TO
SERIES 2007-1 NOTEHOLDERS...............................................      35
   SECTION 5.01. Delivery and Payment for Series 2007-1 Notes...........      35
   SECTION 5.02. Distributions..........................................      35
   SECTION 5.03. Reports and Statements to Series 2007-1 Noteholders....      37
ARTICLE VI SERIES 2007-1 EARLY AMORTIZATION EVENTS AND SERIES 2007-1
EVENTS OF DEFAULT.......................................................      37
   SECTION 6.01. Series 2007-1 Early Amortization Events................      37
   SECTION 6.02. Series 2007-1 Events of Default........................      39
</TABLE>

                                        i

<PAGE>

<TABLE>
<S>                                                                        <C>
ARTICLE VII REDEMPTION OF SERIES 2007-1 NOTES; SERIES LEGAL MATURITY;
FINAL DISTRIBUTIONS.....................................................      41
   SECTION 7.01. Optional Redemption of Series 2007-1 Notes.............      41
   SECTION 7.02. Series Legal Maturity..................................      41
ARTICLE VIII MISCELLANEOUS PROVISIONS...................................      43
   SECTION 8.01. Ratification of Agreement..............................      43
   SECTION 8.02. Form of Delivery of Series 2007-1 Notes................      43
   SECTION 8.03. Counterparts...........................................      43
   SECTION 8.04. Governing Law..........................................      43
   SECTION 8.05. Effect of Headings and Table of Contents...............      43

EXHIBIT A Form of Note..................................................   A-1-1
EXHIBIT B Form of Monthly Statement.....................................     B-1
</TABLE>

                                       ii
<PAGE>

     SERIES 2007-1 INDENTURE SUPPLEMENT, dated as of June 20, 2007, by and
between SWIFT MASTER AUTO RECEIVABLES TRUST, a Delaware statutory trust, as
Issuing Entity, and THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking
association, as Indenture Trustee.

                                    RECITALS

     A. Section 2.1 of the Indenture provides, among other things, that the
Issuing Entity and the Indenture Trustee may at any time and from time to time
enter into an Indenture Supplement to authorize the issuance by the Issuing
Entity of Notes in one or more Series.

     B. The parties to this Indenture Supplement, by executing and delivering
this Indenture Supplement, are providing for the creation of the Series 2007-1
Notes and specifying the Principal Terms thereof.

     In consideration of the mutual covenants and agreements contained in this
Indenture Supplement, and other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:

                                GRANTING CLAUSES

     In addition to the grant of the Indenture, the Issuing Entity hereby grants
to the Indenture Trustee, for the exclusive benefit of the Holders of the Series
2007-1 Notes, all of the Issuing Entity's right, title and interest (whether now
owned or hereafter acquired) in, to and under the following (collectively, the
"Series Collateral"):

          (i) all Collections on the Receivables allocated to the Series 2007-1
     Notes;

          (ii) all Eligible Investments and all monies, instruments, securities,
     security entitlements, documents, certificates of deposit and other
     property from time to time on deposit in or credited to the Series Accounts
     (including any subaccount thereof) and in all interest, proceeds,
     Recoveries, earnings, income, revenue, dividends and other distributions
     thereof (including any accrued discount realized on liquidation of any
     investment purchased at a discount); and

          (iii) all present and future claims, demands, causes of action and
     choses in action regarding any of the foregoing and all payments on any of
     the foregoing and all proceeds of any nature whatsoever regarding any of
     the foregoing, including all proceeds of the voluntary or involuntary
     conversion thereof into cash or other liquid property and all cash
     proceeds, accounts, accounts receivable, notes, drafts, acceptances,
     chattel paper, checks, deposit accounts, insurance proceeds, condemnation
     awards, rights to payment of any kind and other forms of obligations and
     receivables, instruments and other property that at any time constitute any
     part of or are included in the proceeds of any of the foregoing.

<PAGE>

     The foregoing grants are made in trust to secure (a) the Issuing Entity's
obligations under the Series 2007-1 Notes equally and ratably without prejudice,
priority or distinction between any Series 2007-1 Note and any other Series
2007-1 Notes, other than as expressly provided in this Indenture Supplement, (b)
the payment of all other sums payable under the 2007-1 Notes, the Indenture and
this Indenture Supplement and (c) the compliance with the terms and conditions
of the Series 2007-1 Notes, the Indenture and this Indenture Supplement, all as
provided herein or therein.

     The Indenture Trustee, as indenture trustee on behalf of the Noteholders,
hereby acknowledges the foregoing grants, accepts the trusts under this
Indenture Supplement in accordance with the provisions of this Indenture
Supplement, and agrees to perform the duties herein required to the end that the
interests of the Noteholders may be adequately protected.

                                    ARTICLE I
                         CREATION OF SERIES 2007-1 NOTES

     SECTION 1.01. Designation.

     (a) There is hereby created a Series of Notes to be issued by the Issuing
Entity on the Closing Date pursuant to the Indenture and this Indenture
Supplement to be known as the "Series 2007-1 Floating Rate Asset Backed Notes"
or the "Series 2007-1 Notes." The Series 2007-1 Notes shall be issued in five
Classes, the first shall be known as the "Series 2007-1 Floating Rate Asset
Backed Notes, Class A," the second shall be known as the "Series 2007-1 Floating
Rate Asset Backed Notes, Class B," the third shall be known as the "Series
2007-1 Floating Rate Asset Backed Notes, Class C," the fourth shall be known as
the "Series 2007-1 Floating Rate Asset Backed Notes, Class D," and the fifth
shall be known as the "Series 2007-1 Floating Rate Asset Backed Equity Notes,
Class E." The Series 2007-1 Notes shall be due and payable on the Series 2007-1
Legal Maturity Date.

     (b) Series 2007-1 shall be a Nonoverconentration Series. Series 2007-1
shall be in Excess Interest Sharing Group One and in Principal Sharing Group
One. Series 2007-1 shall not be a Shared Enhancement Series or in an Interest
Reallocation Group. Series 2007-1 shall not be subordinated to any other Series.

     (c) The Series 2007-1 Notes are "Notes" and this Indenture Supplement is an
"Indenture Supplement" for all purposes under the Indenture. If any provision of
the Series 2007-1 Notes or this Indenture Supplement conflicts with or is
inconsistent with any provision of the Indenture, the provisions of the Series
2007-1 Notes or this Indenture Supplement, as the case may be, control.

     (d) Each term defined in Section 2.01 of this Indenture Supplement relates
only to Series 2007-1 and this Indenture Supplement and to no other Series or
Indenture Supplements.

     (e) Notwithstanding anything to the contrary in the Indenture, the Series
2007-1 Notes, other than the Class D Notes and the Class E Note, shall be issued
in fully registered form

                                        2

<PAGE>

in minimum amounts of $100,000 and in integral multiples of $1,000 in excess
thereof (except that one Note from each such class may be issued in a different
amount so long as such amount exceeds $1,000); the Class D Notes shall be issued
in fully registered form in minimum amounts of $4,700,000 and in integral
multiples of $1,000 in excess thereof; and the Class E Note in an aggregate
principal amount equal to $305,500,000.

     SECTION 1.02. Re-Opening of Class or Tranche of Notes.

     The Depositor may from time to time, with notice to the Rating Agencies but
without notice to, or the consent of, the holders of a Class or Tranche of
Series 2007-1 Notes, create and issue additional Series 2007-1 Notes equal in
rank to any Class or Tranche of Series 2007-1 Notes previously offered in all
respects or in all respects, except for the payment of interest accruing prior
to the Issuance Date of such additional Series 2007-1 Notes in a Class or
Tranche of Series 2007-1 Notes or except for the first payment of interest
following the Issuance Date of such additional Series 2007-1 Notes in a Class or
Tranche of Series 2007-1 Notes. This is called a "reopening." When issued, the
additional Series 2007-1 Notes of a Class or Tranche shall be equally and
ratably entitled to the benefits of the Indenture and this Indenture Supplement
applicable to those Series 2007-1 Notes with the other Outstanding Notes of that
Class or Tranche without preference, priority or distinction. These additional
Series 2007-1 Notes may be consolidated and form a single Class or Tranche with
the previously issued Series 2007-1 Notes and shall have the same terms as to
status, redemption or otherwise as the previously issued Series 2007-1 Notes.

                                   ARTICLE II
                                   DEFINITIONS

     SECTION 2.01. Definitions.

     Whenever used in this Indenture Supplement, the following words and phrases
have the following meanings, and the definitions of such terms are applicable to
the singular as well as the plural forms of such terms and to the masculine as
well as to the feminine and neuter genders of such terms.

     Accumulation Period Factor: With respect to any Collection Period, a
fraction:

          (a) the numerator of which is equal to the sum of the invested amounts
     of all outstanding Series in Principal Sharing Group One (including the
     Invested Amount for Series 2007-1) as of the last day of the Revolving
     Period; and

          (b) the denominator of which is equal to the sum of (i) the Invested
     Amount as of the last day of the Revolving Period, plus (ii) the invested
     amounts as of the last day of the Revolving Period of all outstanding
     Series in Principal Sharing Group One (other than the Invested Amount for
     Series 2007-1) that are not expected to be in their revolving periods from
     the date of such calculation to the Series 2007-1 Expected Maturity Date;

                                        3

<PAGE>

     provided, however, that this definition may be changed at any time upon
receipt by the Indenture Trustee of an Officer's Certificate from the Servicer
that such change shall not have an Adverse Effect.

     Accumulation Period Length: Has the meaning specified in Section 4.04(f).

     Accumulation Period Reserve Account: Has the meaning specified in Section
4.13(a).

     Accumulation Period Reserve Account Available Amount: With respect to each
Distribution Date beginning on the Accumulation Period Reserve Account Funding
Date and until termination of the Accumulation Period Reserve Account pursuant
to Section 4.13(e), the lesser of:

          (a) the amounts on deposit in the Accumulation Period Reserve Account
     on such Distribution Date (before giving effect to any (i) deposits made or
     to be made therein pursuant to Section 4.04(a)(xiii) and Section 4.04(b)(i)
     on such Distribution Date or (ii) any withdrawals made or to be made
     therefrom pursuant to Section 4.13(c) on such Distribution Date); and

          (b) the Accumulation Period Reserve Account Required Amount for such
     Distribution Date.

     Accumulation Period Reserve Account Deposit Amount: With respect to each
Distribution Date beginning on the Accumulation Period Reserve Account Funding
Date and until termination of the Accumulation Period Reserve Account pursuant
to Section 4.13(e), the excess of (a) the Accumulation Period Reserve Account
Required Amount for such Distribution Date, over (b) the Accumulation Period
Reserve Account Available Amount for such Distribution Date.

     Accumulation Period Reserve Account Funding Date: The Distribution Date
occurring in the third Collection Period preceding the scheduled commencement of
the Controlled Accumulation Period (or such earlier or later date as may be
directed by the Servicer; provided, however, that, if the Accumulation Period
Reserve Account Funding Date occurs on a later date, the Servicer expects the
Accumulation Period Reserve Account to be fully funded by the commencement of
the Controlled Accumulation Period).

     Accumulation Period Reserve Account Required Amount: With respect to each
Distribution Date beginning on the Accumulation Period Reserve Account Funding
Date and until the Accumulation Period Reserve Account is terminated pursuant to
Section 4.13(e), an amount equal to 0.25% of the Initial Note Principal Balance,
or $5,875,000.

     Accumulation Period Reserve Draw Amount: With respect to any Distribution
Date relating to the Controlled Accumulation Period or the first Distribution
Date relating to the Early Amortization Period, the excess, if any, of (a) the
Covered Amount determined as of such Distribution Date, over (b) the portion of
the Available Investor Interest Collections for such

                                        4

<PAGE>

Distribution Date constituting net investment earnings from the Note
Distribution Account and the Accumulation Period Reserve Account.

     Available Investor Interest Collections: With respect to any Distribution
Date, an amount equal to the sum of (a) the Investor Interest Collections with
respect to such Distribution Date, plus (b) all interest and investment earnings
on Eligible Investments credited to the Reserve Fund, the Note Distribution
Account and the Accumulation Period Reserve Account (net of losses and
investment expenses) during the related Collection Period, plus (c) all
withdrawals from the Accumulation Period Reserve Account pursuant to Section
4.13(c), plus (d) on the termination of the Accumulation Period Reserve Account
pursuant to Section 4.13(e), all remaining amounts on deposit in the
Accumulation Period Reserve Account (excluding amounts relating to investment
earnings and after giving effect to Section 4.13(c)) plus (e) the net amount, if
any, paid by a Basis Swap Counterparty to the Issuing Entity pursuant to any
Basis Swap.

     Available Investor Principal Collections: With respect to any Distribution
Date, an amount equal to the excess of (a) the sum of (i) the Investor Principal
Collections for such Distribution Date, plus (ii) any Shared Principal
Collections with respect to other Series in Principal Sharing Group One
(including any amounts on deposit in the Excess Funding Account that are
allocated to Series 2007-1 pursuant to the Indenture for application as Shared
Principal Collections), plus (iii) upon the termination of the Reserve Fund
pursuant to Section 4.11(e), all remaining amounts on deposit in the Reserve
Fund (excluding amounts relating to investment earnings and after giving effect
to Section 4.04(b)(ii)), plus (iv) any Available Investor Interest Collections,
Reserve Fund Available Amounts and Excess Interest Collections from other Series
in the same Excess Interest Sharing Group as the Series 2007-1 Notes that, as
provided in Sections 4.04(a) and (b), are to be treated as Available Investor
Principal Collections with respect to that Distribution Date over (b) any
Reallocated Principal Collections for such Distribution Date.

     Basis Swap: Each of the Class A Note Basis Swap, the Class B Note Basis
Swap, the Class C Note Basis Swap and any other basis swap for the Series 2007-1
Notes entered into between the Issuing Entity and the Swap Counterparty, as each
of the same may be amended, supplemented, renewed, extended or replaced from
time to time. From and after the date, if any, on which any Contingent Basis
Swaps become effective as provided in the Triparty Agreement, each shall
constitute an "Basis Swap" for all purposes under the Series 2007-1 Enhancement
Agreements.

     Basis Swap Counterparty: With respect to any of the Basis Swaps, the party
to the swap other than the Issuing Entity, which shall for the Class A Note
Basis Swap, the Class B Note Basis Swap and the Class C Note Basis Swap
initially be Lehman Brothers Special Financing Inc.

     Class A Interest Shortfall: Has the meaning specified in Section 4.02(a).

                                        5

<PAGE>

     Class A Invested Amount: As of any date, an amount equal to (a) the Class A
Note Principal Balance as of such date, minus (b) the cumulative amount of
unreimbursed Reallocated Principal Collections allocable to the Class A Notes
immediately before such date, but limited to an amount that would reduce the
Class A Invested Amount to zero, minus (c) the cumulative amount of unreimbursed
Investor Charge-Offs allocable to the Class A Notes immediately before such
date, but limited to an amount that would reduce the Class A Invested Amount to
zero.

     Class A Monthly Interest: Has the meaning specified in Section 4.02(a).

     Class A Note Basis Swap: The Class A Note Basis Swap, dated as of the June
20, 2007, between the Issuing Entity and Lehman Brothers Special Financing Inc.,
as the Basis Swap Counterparty, including all schedules, credit support annexes
and confirmations related thereto.

     Class A Note Initial Principal Balance: $1,786,000,000.00.

     Class A Note Interest Rate: A per annum rate of 0.10% in excess of LIBOR,
as determined (a) on June 18, 2007, for the period from and including the
Closing Date through and excluding July 16, 2007, and (b) on the related LIBOR
Determination Date with respect to each Interest Period thereafter.

     Class A Note Principal Balance: As of any date, the Class A Note Initial
Principal Balance, minus the aggregate amount of any principal payments made to
the Class A Noteholders before such date.

     Class A Noteholder: The Person in whose name a Class A Note is registered
in the Note Register.

     Class A Notes: Any one of the Series 2007-1 Notes executed by the Issuing
Entity and authenticated by or on behalf of the Indenture Trustee, substantially
in the form of Exhibit A.

     Class B Interest Shortfall: Has the meaning specified in Section 4.02(b).

     Class B Invested Amount: As of any date, an amount equal to (a) the Class B
Note Principal Balance, minus (b) the cumulative amount of unreimbursed
Reallocated Principal Collections allocable to the Class B Notes immediately
before such date, but limited to an amount that would reduce the Class B
Invested Amount to zero, minus (c) the cumulative amount of unreimbursed
Investor Charge-Offs allocable to the Class B Notes immediately before such
date, but limited to an amount that would reduce the Class B Invested Amount to
zero.

     Class B Monthly Interest: Has the meaning specified in Section 4.02(b).

     Class B Note Basis Swap: The Class B Note Basis Swap, dated as of the June
20, 2007, between the Issuing Entity and Lehman Brothers Special Financing Inc.,
as the Basis Swap Counterparty, including all schedules, credit support annexes
and confirmations related thereto.

                                        6

<PAGE>

     Class B Note Initial Principal Balance: $164,500,000.00.

     Class B Note Interest Rate: A per annum rate of 0.22% in excess of LIBOR,
as determined (a) on June 18, 2007, for the period from and including the
Closing Date through and excluding July 16, 2007, and (b) on the related LIBOR
Determination Date with respect to each Interest Period thereafter.

     Class B Note Principal Balance: As of any date, the Class B Note Initial
Principal Balance, minus the aggregate amount of any principal payments made to
the Class B Noteholders before such date.

     Class B Noteholder: The Person in whose name a Class B Note is registered
in the Note Register.

     Class B Notes: Any one of the Series 2007-1 Notes executed by the Issuing
Entity and authenticated by or on behalf of the Indenture Trustee, substantially
in the form of Exhibit A.

     Class C Interest Shortfall: Has the meaning specified in Section 4.02(c).

     Class C Invested Amount: As of any date, an amount equal to (a) the Class C
Note Principal Balance as of such date, minus (b) the cumulative amount of
unreimbursed Reallocated Principal Collections allocable to the Class C Notes
immediately before such date, but limited to an amount that would reduce the
Class C Invested Amount to zero, minus (c) the cumulative amount of unreimbursed
Investor Charge-Offs allocable to the Class C Notes immediately before such
date, but limited to an amount that would reduce the Class C Invested Amount to
zero.

     Class C Monthly Interest: Has the meaning specified in Section 4.02(c).

     Class C Note Basis Swap: The Class C Note Basis Swap, dated as of the June
20, 2007, between the Issuing Entity and Lehman Brothers Special Financing Inc.,
as the Basis Swap Counterparty, including all schedules, credit support annexes
and confirmations related thereto.

     Class C Note Initial Principal Balance: $70,500,000.00.

     Class C Note Interest Rate: A per annum rate of 0.50% in excess of LIBOR,
as determined (a) on June 18, 2007, for the period from and including the
Closing Date through and excluding July 16, 2007, and (b) on the related LIBOR
Determination Date with respect to each Interest Period thereafter.

     Class C Note Principal Balance: As of any date, the Class C Note Initial
Principal Balance, minus the aggregate amount of any principal payments made to
the Class C Noteholders before such date.

     Class C Noteholder: The Person in whose name a Class C Note is registered
in the Note Register.

                                        7

<PAGE>

     Class C Notes: Any one of the Series 2007-1 Notes executed by the Issuing
Entity and authenticated by or on behalf of the Indenture Trustee, substantially
in the form of Exhibit A.

     Class D Interest Shortfall: Has the meaning specified in Section 4.02(d).

     Class D Invested Amount: As of any date, an amount equal to (a) the Class D
Note Principal Balance as of such date, minus (b) the cumulative amount of
unreimbursed Reallocated Principal Collections allocable to the Class D Notes
immediately before such date, but limited to an amount that would reduce the
Class D Invested Amount to zero, minus (c) the cumulative amount of unreimbursed
Investor Charge-Offs allocable to the Class D Notes immediately before such
date, but limited to an amount that would reduce the Class D Invested Amount to
zero.

     Class D Monthly Interest: Has the meaning specified in Section 4.02(d).

     Class D Note Initial Principal Balance: $23,500,000.00.

     Class D Note Interest Rate: A per annum rate of 0.75% in excess of LIBOR,
as determined (a) on June 18, 2007, for the period from and including the
Closing Date through and excluding July 16, 2007, and (b) on the related LIBOR
Determination Date with respect to each Interest Period thereafter.

     Class D Note Principal Balance: As of any date, the Class D Note Initial
Principal Balance, minus the aggregate amount of any principal payments made to
the Class D Noteholders before such date.

     Class D Noteholder: The Person in whose name a Class D Note is registered
in the Note Register.

     Class D Notes: Any one of the Series 2007-1 Notes executed by the Issuing
Entity and authenticated by or on behalf of the Indenture Trustee, substantially
in the form of Exhibit A.

     Class E Note: Any one of the Series 2007-1 Notes executed by the Issuing
Entity and authenticated by or on behalf of the Indenture Trustee, substantially
in the form of Exhibit A.

     Class E Interest Shortfall: Has the meaning specified in Section 4.02(e).

     Class E Invested Amount: As of any date, an amount equal to (a) the Class E
Note Principal Balance as of such date, minus (b) the cumulative amount of
unreimbursed Reallocated Principal Collections allocable to the Class E Note
immediately before such date, but limited to an amount that would reduce the
Class E Invested Amount to zero, minus (c) the cumulative amount of unreimbursed
Investor Charge-Offs allocable to the Class E Note immediately before such date,
but limited to an amount that would reduce the Class E Invested Amount to zero.

     Class E Monthly Interest: Has the meaning specified in Section 4.02(e).

                                        8

<PAGE>

     Class E Note Initial Principal Balance: $305,500,000.00.

     Class E Note Interest Rate: A per annum rate of 2.50% in excess of LIBOR,
as determined (a) on June 18, 2007, for the period from and including the
Closing Date through and excluding July 16, 2007, and (b) on the related LIBOR
Determination Date with respect to each Interest Period thereafter.

     Class E Note Principal Balance: As of any, the Class E Note Initial
Principal Balance, minus the aggregate amount of any principal payments made to
the Class E Noteholders before such date; provided, however, that
notwithstanding any other provision hereof, the Depositor, at any time and from
time to time, may (A) allocate a portion of the Nonoverconcentration Certificate
Amount to, and increase, the Class E Note Principal Balance, provided that such
allocation shall not cause the Nonoverconcentration Pool Balance (determined
without giving effect to the provisos in the definitions of Maximum Dealer
Exposure Percentage and Maximum Used Vehicle Percentage) to be less than the
Required Nonoverconcentration Pool Balance or cause the Nonoverconcentration
Certificate Interest to be less than the Required Nonoverconcentration
Certificate Interest or (B) decrease the Class E Note Principal Balance upon
satisfaction of the Rating Agency Condition and obtaining written consent of all
of the Class E Noteholders.

     Class E Noteholder: The Person in whose name a Class E Note is registered
in the Note Register.

     Closing Date: June 20, 2007.

     Contingent Basis Swap: Each basis swap agreement, including the schedule
and confirmation related thereto, between GMAC and the Issuing Entity, as
executed and delivered on the Closing Date, as the same may become effective as
provided in the Triparty Agreement or be amended, supplemented, renewed,
extended or replaced from time to time.

     Controlled Accumulation Amount: For any Collection Period with respect to
the Controlled Accumulation Period, $391,666,666.67; provided, however, that if
the Accumulation Period Length is determined to be less than six months pursuant
to Section 4.04(f), the Controlled Accumulation Amount for each Distribution
Date with respect to the Controlled Accumulation Period shall be equal to (a)
the Note Principal Balance as of the last day of the Revolving Period, divided
by (ii) the number of months in the Controlled Accumulation Period.

     Controlled Accumulation Period: Unless an Early Amortization Event has
occurred prior thereto, the period beginning on the first day of the December
2009 Collection Period or such later date as is determined in accordance with
Section 4.04(f) and ending on the earlier to occur of (a) the close of business
on the day immediately preceding the commencement of the Early Amortization
Period and (b) the end of the Collection Period immediately preceding the
Distribution Date on which the Note Principal Balance shall be paid in full.

                                        9

<PAGE>

     Controlled Deposit Amount: For any Collection Period with respect to the
Controlled Accumulation Period, an amount equal to the sum of (a) the Controlled
Accumulation Amount for such Distribution Date and (b) any Deficit Controlled
Accumulation Amount for the immediately preceding Distribution Date.

     Covered Amount: As of any Distribution Date on which the Servicer
calculates the Accumulation Period Reserve Draw Amount pursuant to Section
4.13(c), an amount equal to the actual number of days in the related Collection
Period divided by 360 times the product of (a) the amounts on deposit in the
Note Distribution Account as of the immediately preceding Distribution Date
(excluding amounts relating to investment earnings and after giving effect to
any deposit therein on such preceding Distribution Date), times (b) LIBOR plus
0.13% for the related Interest Period.

     Deficit Controlled Accumulation Amount: (a) for the first Distribution Date
with respect to the Controlled Accumulation Period, the excess, if any, of the
Controlled Accumulation Amount for such first Distribution Date, over the amount
deposited into the Note Distribution Account on such first Distribution Date and
(b) for each subsequent Distribution Date with respect to the Controlled
Accumulation Period, the excess, if any, of the Controlled Deposit Amount for
such subsequent Distribution Date, over the amount deposited into the Note
Distribution Account on such subsequent Distribution Date.

     Determination Date: The tenth day of each calendar month, or if such tenth
day is not a Business Day, the next succeeding Business Day.

     Distribution Date: July 16, 2007, and the 15th day of each calendar month
thereafter, or if such 15th day is not a Business Day, the next succeeding
Business Day.

     Early Amortization Period: The period beginning on the first day on which
an Early Amortization Event with respect to Series 2007-1 occurs and ending on
the earlier to occur of (a) the end of the Collection Period immediately
preceding the Distribution Date on which the Note Principal Balance shall be
paid in full and (b) the Series 2007-1 Legal Maturity Date.

     Excess Interest Collections: With respect to Series 2007-1, the meaning
specified in Section 4.07.

     Fixed Investor Percentage: With respect to any Collection Period (or
portion thereof occurring after the end of the Revolving Period), the percentage
equivalent (not to exceed 100%) of a fraction (a) the numerator of which is the
Net Invested Amount as of the close of business on the last day of the Revolving
Period and (b) the denominator of which is the greater of (i) the Adjusted
Nonoverconcentration Pool Balance as of the close of business on the last day of
the immediately preceding Collection Period and (ii) the sum of the numerators
used to calculate the applicable fixed investor percentages for allocating
Nonoverconcentration Principal Collections to all outstanding Series (including
Series 2007-1) with respect to such Collection Period.

                                       10

<PAGE>

     Floating Investor Percentage: With respect to any Collection Period, the
percentage equivalent (not to exceed 100%) of a fraction (a) the numerator of
which is the Net Invested Amount as of the close of business on the last day of
the immediately preceding Collection Period (or with respect to the first
Collection Period, the Initial Invested Amount) and (b) the denominator of which
is the greater of (i) the Adjusted Nonoverconcentration Pool Balance as of the
close of business on the last day of the immediately preceding Collection Period
(or with respect to the first Collection Period, the Adjusted
Nonoverconcentration Pool Balance as of the Series Cut-Off Date) and (ii) the
sum of the numerators used to calculate the applicable floating investor
percentages for allocating Nonoverconcentration Interest Collections to all
outstanding Series (including Series 2007-1) with respect to such Collection
Period.

     Indenture: The Indenture, dated as of June 20, 2007, between the Issuing
Entity and the Indenture Trustee, as the same may be amended, supplemented or
otherwise modified from time to time.

     Indenture Supplement: This Series 2007-1 Indenture Supplement, as the same
may be amended, supplemented or otherwise modified from time to time.

     Initial Invested Amount: With respect to the Series 2007-1 Notes,
$2,350,000,000.00.

     Initial Note Principal Balance: The sum of (a) the Class A Note Initial
Principal Balance, plus (b) the Class B Note Initial Principal Balance, plus (c)
the Class C Note Initial Principal Balance, plus (d) the Class D Note Initial
Principal Balance, plus (e) the Class E Note Initial Principal Balance.

     Interest Collections Shortfall: Has, with respect to Series 2007-1, the
meaning specified in Section 4.07.

     Interest Period: With respect to any Distribution Date, the period from and
including the Distribution Date immediately preceding such Distribution Date
(or, in the case of the first Distribution Date, from and including the Closing
Date) to but excluding such Distribution Date.

     Invested Amount: The sum of the Class A Invested Amount, the Class B
Invested Amount, the Class C Invested Amount, the Class D Invested Amount and
the Class E Invested Amount.

     Investor Charge-Offs: Has the meaning specified in Section 4.05.

     Investor Defaulted Amount: With respect to any Distribution Date, the
amount of the Nonoverconcentration Defaulted Amount for the related Collection
Period allocated to the Series 2007-1 pursuant to Section 4.01(d).

     Investor Defaulted Percentage: With respect to any Collection Period, the
Floating Investor Percentage.

                                       11

<PAGE>

     Investor Interest Collections: With respect to any Distribution Date, the
amount of Nonoverconcentration Interest Collections for the related Collection
Period allocated to the Series 2007-1 pursuant to Section 4.01(b).

     Investor Interest Percentage: With respect to any Collection Period, the
Floating Investor Percentage.

     Investor Principal Collections: With respect to any date, the amount of the
Nonoverconcentration Principal Collections for that date allocated to the Series
2007-1 pursuant to Section 4.01(c).

     Investor Principal Percentage: For any date, (a) during the Revolving
Period, the Floating Investor Percentage and (b) during the Controlled
Accumulation Period or the Early Amortization Period, the Fixed Investor
Percentage.

     LIBOR: With respect to any Interest Period, the London interbank offered
rate for one-month United States dollar deposits determined by the Indenture
Trustee for such Interest Period pursuant to Section 4.12.

     LIBOR Determination Date: (a) June 18, 2007, for the period from and
including the Closing Date through but excluding July 16, 2007, and (b) the
second London Business Day before the commencement of each subsequent Interest
Period.

     London Business Day: Any day other than a Saturday, Sunday or any other day
on which banks in London are required or authorized to be closed for business.

     Monthly Interest: With respect to any Distribution Date, the sum of (a) the
Class A Monthly Interest for such Distribution Date, plus (b) the Class B
Monthly Interest for such Distribution Date, plus (c) the Class C Monthly
Interest for such Distribution Date, plus (d) the Class D Monthly Interest for
such Distribution Date, plus (e) the Class E Monthly Interest for such
Distribution Date.

     Monthly Nonoverconcentration Defaulted Amount: With respect to any
Collection Period, the aggregate of Nonoverconcentration Defaulted Amounts for
each day in that Collection Period.

     Monthly Payment Rate: For any Collection Period, the percentage equivalent
of a fraction (a) the numerator of which is the Principal Collections for such
Collection Period with respect to Principal Receivables arising under the
Scheduled Accounts and (b) the denominator of which is the average daily
aggregate principal balance of all Principal Receivables arising under the
Scheduled Accounts during such Collection Period.

     Monthly Principal Amount: With respect to any Collection Period, the amount
required to be deposited into the Note Distribution Account with respect to that
Collection Period in respect of the Series 2007-1 Notes as determined pursuant
to Section 4.03.

                                       12

<PAGE>

     Monthly Servicing Fee: With respect to any Distribution Date, an amount
equal to one-twelfth of the product of (a) the Servicing Fee Rate, (b) the
Floating Investor Percentage for the related Collection Period and (c) the
Nonoverconcentration Pool Balance as of the close of business on the last day of
the immediately preceding Collection Period; provided, however, that with
respect to the first Distribution Date, the Monthly Servicing Fee shall equal
the product of (a) 32/360 of the Servicing Fee Rate, (b) the Floating Investor
Percentage for the related Collection Period and (c) the Nonoverconcentration
Pool Balance as of the Series Cut-Off Date.

     Net Invested Amount: With respect to the Series 2007-1 Notes as of any date
of determination, the excess of (a) the Invested Amount as of such date, over
(b) the Note Distribution Account Amount on such date.

     Note Distribution Account: Has the meaning specified in Section 4.10(a).

     Note Distribution Account Amount: On any date, an amount equal to the sum
of (a) the amount on deposit in the Note Distribution Account (excluding amounts
related to investment earnings) on that date and (b) the aggregate amount of
outstanding Permitted Delayed Remittances with respect to the Note Distribution
Account.

     Note Principal Balance: As of any date of determination, the sum of (a) the
Class A Note Principal Balance on such date, plus (b) the Class B Note Principal
Balance on such date, plus (c) the Class C Note Principal Balance on such date,
plus (d) the Class D Note Principal Balance on such date, plus (e) the Class E
Note Principal Balance on such date.

     Principal Sharing Group One: Series 2007-1 and each other Series specified
in the related Indenture Supplements to be included in Principal Sharing Group
One.

     Principal Shortfall: With respect to Series 2007-1, the meaning specified
in Section 4.08(a).

     Rating Agency: Each of Standard & Poor's and Moody's.

     Rating Agency Condition: The condition that each of the Rating Agencies
with respect to the Notes shall have notified the Depositor, the Servicer and
the Issuing Entity in writing that such action shall not result in a downgrade,
suspension or withdrawal of the then current rating of the Notes, and with
respect to Fitch, it shall be sufficient that Fitch shall have been given ten
Business Days prior notice thereof.

     Reallocated Principal Collections: With respect to any Distribution Date,
the amount of Investor Principal Collections applied in accordance with Section
4.06 in an amount not to exceed:

          (a) with respect to the Class A notes, the sum of the Class A Invested
     Amount, the Class B Invested Amount, Class C Invested Amount, Class D
     Invested

                                       13

<PAGE>

     Amount and Class E Invested Amount for that Distribution Date (in each case
     after giving effect to any change in that amount on that date);

          (b) with respect to the Class B notes, the sum of the Class B Invested
     Amount, the Class C Invested Amount, the Class D Invested Amount and the
     Class E Invested Amount (after giving effect to any change in that amount
     on that date);

          (c) with respect to the Class C notes, the sum of the Class C Invested
     Amount, the Class D Invested Amount and the Class E Invested Amount (after
     giving effect to any change in that amount on that date);

          (d) with respect to the Class D notes, the sum of the Class D Invested
     Amount and the Class E Invested Amount (after giving effect to any change
     in that amount on that date); and

          (e) with respect to the Class E Note, the Class E Invested Amount
     (after giving effect to any change in that amount on that date).

     Reassignment Amount: With respect to any Distribution Date, after giving
effect to any deposits and distributions otherwise to be made on such
Distribution Date, the sum of (a) the Note Principal Balance on such
Distribution Date, plus (b) the Monthly Interest for such Distribution Date,
together with any Monthly Interest previously due but not paid to the Series
2007-1 Noteholders on prior Distribution Dates.

     Required Accumulation Factor Number: A fraction, rounded upwards to the
nearest whole number, the numerator of which is one and the denominator of which
is equal to the lowest Monthly Payment Rate on the Accounts, expressed as a
decimal, for the 12 months preceding the date of such calculation; provided,
however, that this definition may be changed at any time upon receipt by the
Indenture Trustee of an Officer's Certificate from the Servicer that such change
shall not have an Adverse Effect.

     Required Pool Percentage: 102%, except that the Depositor may reduce this
percentage so long as the Rating Agency Condition is satisfied with respect to
the Series 2007-1 Notes but without the consent of any Noteholder or any other
Person.

     Reserve Fund: Has the meaning specified in Section 4.11(a).

     Reserve Fund Available Amount: With respect to any Distribution Date, the
lesser of (a) the amount on deposit in the Reserve Fund on such date (excluding
any net investment earnings on amounts on deposit therein and before giving
effect to any (i) deposit made or to be made therein pursuant to Section 4.04(a)
on such date or (ii) any withdrawal made or to be made therefrom pursuant to
Section 4.04(b)(ii) on such date) and (b) the Reserve Fund Required Amount for
such Distribution Date.

                                       14

<PAGE>

     Reserve Fund Deposit Amount: With respect to any Distribution Date, the
excess, if any, of (a) the Reserve Fund Required Amount for such Distribution
Date, over (b) the Reserve Fund Available Amount for such Distribution Date.

     Reserve Fund Initial Amount: $35,250,000.00.

     Reserve Fund Required Amount: With respect to any Distribution Date, an
amount equal to the product of 1.50%, times the Invested Amount on such
Distribution Date (after giving effect to any changes therein on such
Distribution Date); provided, however, that the Reserve Fund Required Amount for
the Closing Date is the Reserve Fund Initial Amount; and so long as the Rating
Agency Condition is satisfied with respect to the Series 2007-1 Notes, the
Depositor may increase or decrease the Reserve Fund Required Amount; and
provided, further, that (i) if on any Distribution Date, the average Monthly
Payment Rate for the three preceding months is below 25.00% but greater than or
equal to 22.50%, then on the next Distribution Date, the Reserve Fund Required
Amount shall be equal to the product of 2.25% times the Invested Amount on such
Distribution Date (after giving effect to any changes therein on such
Distribution Date) and (ii) if on any Distribution Date, the average Monthly
Payment Rate for the three preceding months is below 22.50%, then on the next
Distribution Date, the Reserve Fund Required Amount shall be equal to the
product of 3.50% times the Invested Amount on such Distribution Date (after
giving effect to any changes therein on such Distribution Date). Notwithstanding
the foregoing, the percentage for calculation of the Reserve Fund Required
Amount shall be reduced to either 1.50% or 2.25%, as the case may be, if on any
Distribution Date the average Monthly Payment Rates for the three preceding
Collection Periods and the average Monthly Payment Rates for the three
Collection Periods preceding each of the two prior Distribution Dates was
greater than or equal to 25.00% or 22.50%, respectively.

     Reserve Fund Trigger Amount: $35,250,000.00; provided, however, if the
Reserve Fund Required Amount has been increased solely as a result of the
decrease in the Monthly Payment Rate, then with respect to that Distribution
Date and each Distribution Date thereafter until the amount in the Reserve Fund
equals the Reserve Fund Required Amount, the Reserve Fund Trigger Amount shall
be $0.

     Reuters Telerate Page 3750: The display page currently so designated on the
Reuters Telerate Report (or such other page as may replace such page in that
service for the purpose of displaying comparable rates or prices).

     Revolving Period: The period beginning on the Closing Date and ending on
the earlier of the close of business on the day immediately preceding the date
on which the Controlled Accumulation Period or the Early Amortization Period
commences.

     Series 2007-1:The Series of Notes, the Principal Terms of which are
specified in this Indenture Supplement.

     Series 2007-1 Early Amortization Event: Has the meaning specified in
Section 6.01.

                                       15
<PAGE>

     Series 2007-1 Enhancement Agreements: the Triparty Agreement, any Basis
Swaps and the Swap Counterparty Rights Agreement

     Series 2007-1 Excess Funding Amount: As of any date of determination, the
product of (a) the amount on deposit in the Excess Funding Account (excluding
amounts relating to investment earnings) on such date, times (b) a fraction (i)
the numerator of which is the Net Invested Amount as of such date and (ii) the
denominator of which is the sum of the net invested amounts of each outstanding
Nonoverconcentration Series (including Series 2007-1) being allocated a portion
of the funds on deposit in the Excess Funding Account.

     Series 2007-1 Event of Default: Has the meaning specified in Section 6.02.

     Series 2007-1 Expected Maturity Date: The June 2010 Distribution Date.

     Series 2007-1 Insolvency Event of Default: The Series 2007-1 Events of
Default set forth in clauses (e) or (f) of Section 6.02.

     Series 2007-1 Issuing Entity Insolvency Event of Default: The Series 2007-1
Event of Default set forth in clause (f) of Section 6.02.

     Series 2007-1 Legal Maturity Date: The June 2012 Distribution Date.

     Series 2007-1 Note: A Class A Note, a Class B Note, a Class C Note, a Class
D Note or a Class E Note.

     Series 2007-1 Noteholder: A Class A Noteholder, a Class B Noteholder, a
Class C Noteholder, a Class D Noteholder or a Class E Noteholder.

     Series 2007-1 Noteholders' Collateral: The Noteholders' Collateral for
Series 2007-1.

     Series Accounts: With respect to Series 2007-1, the Note Distribution
Account, the Reserve Fund and the Accumulation Period Reserve Account.

     Series Collateral: Has the meaning specified in the granting clauses of
this Indenture Supplement.

     Series Cut-Off Date: The close of business on May 29, 2007.

     Series Required Certificate Amount: On any date, the product of (a) the
excess, if any, of (i) the Required Pool Percentage over (ii) 100% and (b) the
Net Invested Amount on that date.

     Servicing Fee Rate: 1% per annum or such lesser percentage as may be
specified by the Servicer in an Officer's Certificate delivered to the Indenture
Trustee stating that, in the reasonable belief of the Servicer, such change in
percentage shall not result in an Adverse Effect.

                                       16

<PAGE>

     Shared Principal Collections: With respect to Series 2007-1, has the
meaning specified in Section 4.08.

     Swap Counterparty Rights Agreement: The Swap Counterparty Rights Agreement,
dated as of the Closing Date, by and among the initial Basis Swap Counterparty,
the Issuing Entity, GMAC, the Depositor, the Indenture Trustee and the Owner
Trustee, as amended and supplemented from time to time.

     Triparty Agreement: The Triparty Contingent Assignment Agreement, dated as
of the Closing Date, among the Issuing Entity, GMAC and the initial Basis Swap
Counterparty, as amended and supplemented from time to time.

     SECTION 2.02. Other Definitional Provisions.

     (a) Certain capitalized terms used in this Indenture Supplement shall have
the respective meanings assigned to them in Part I of the Appendix A to the
Trust Sale and Servicing Agreement.

     (b) All references herein to "this Indenture Supplement" are to this
Indenture Supplement as it may be amended, supplemented or modified from time to
time, and all references herein to Articles, Sections, subsections and exhibits
are to Articles, Sections, subsections and exhibits of this Indenture Supplement
unless otherwise specified.

     (c) All terms defined in this Indenture Supplement shall have the defined
meanings when used in any certificate, notice, Note or other document made or
delivered pursuant hereto unless otherwise defined therein.

     (d) The rules of construction set forth in Part II of Appendix A to the
Trust Sale and Servicing Agreement shall be applicable to this Indenture
Supplement.

                                   ARTICLE III
                                  SERVICING FEE

     SECTION 3.01. Servicing Compensation.

     The share of the Servicing Fee allocable to the Series 2007-1 Noteholders
with respect to any Distribution Date is equal to the Monthly Servicing Fee. The
portion of the Servicing Fee that is not allocable to the Series 2007-1
Noteholders shall be paid by the holders of the Certificate Interest or the
Noteholders of other Series (as provided in the related Indenture Supplements)
and in no event shall the Issuing Entity, the Indenture Trustee or the Series
2007-1 Noteholders be liable for the share of the Servicing Fee to be paid by
the holders of the Certificate Interest or the Noteholders of any other Series.

                                       17

<PAGE>

                                   ARTICLE IV
                       RIGHTS OF SERIES 2007-1 NOTEHOLDERS
                  AND ALLOCATION AND APPLICATION OF COLLECTIONS

     SECTION 4.01. Collections and Allocations.

     (a) Allocations to Series 2007-1. As provided in Section 8.4(a) of the
Indenture, Nonoverconcentration Interest Collections, Nonoverconcentration
Principal Collections and Nonoverconcentration Defaulted Amounts shall be
allocated to Series 2007-1 and then applied in accordance with this Article IV.
No Overconcentration Interest Collections, Overconcentration Principal
Collections or Overconcentration Defaulted Amounts shall be allocated to the
Series 2007-1.

     (b) On each Determination Date, the Servicer shall allocate to the Series
2007-1 an amount of Nonoverconcentration Interest Collections for the related
Collection Period equal to the product of (i) the Investor Interest Percentage
for the related Collection Period and (ii) the Nonoverconcentration Interest
Collections for such Collection Period.

     (c) On each Business Day, the Servicer shall allocate to the Series 2007-1
an amount of Nonoverconcentration Principal Collections for that date equal to
the product of (i) the Investor Principal Percentage for that date and (ii) the
Nonoverconcentration Principal Collections for such that date.

     (d) On each Determination Date, the Servicer shall allocate to the Series
2007-1 an amount of the Nonoverconcentration Defaulted Amount equal to the
product of (i) the Investor Defaulted Percentage for the related Collection
Period and (ii) the Monthly Nonoverconcentration Defaulted Amount for the
related Collection Period.

     SECTION 4.02. Determination of Monthly Interest.

     (a) The amount of monthly interest (the "Class A Monthly Interest")
distributable from the Collection Account with respect to the Class A Notes on
any Distribution Date shall be calculated by the Servicer and shall be an amount
equal to the product of (i) a fraction, the numerator of which is the actual
number of days in the related Interest Period and the denominator of which is
360, times (ii) the Class A Note Interest Rate in effect with respect to the
related Interest Period, times (iii) the Class A Note Principal Balance as of
the close of business on the last day of the related Collection Period.

     On the Determination Date relating to each Distribution Date, the Servicer
shall determine the excess, if any (such excess, the "Class A Interest
Shortfall"), of (1) the Class A Monthly Interest for such Distribution Date,
over (2) the aggregate amount of funds allocated and available to pay such Class
A Monthly Interest on such Distribution Date.

     (b) The amount of monthly interest (the "Class B Monthly Interest")
distributable from the Collection Account with respect to the Class B Notes on
any Distribution Date shall be

                                       18

<PAGE>

calculated by the Servicer and shall be an amount equal to the product of (i) a
fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, times (ii) the Class B Note
Interest Rate in effect with respect to the related Interest Period, times (iii)
the Class B Note Principal Balance as of the close of business on the last day
of the related Collection Period.

     On the Determination Date relating to each Distribution Date, the Servicer
shall determine the excess, if any (such excess, the "Class B Interest
Shortfall"), of (1) the Class B Monthly Interest for such Distribution Date,
over (2) the aggregate amount of funds allocated and available to pay such Class
B Monthly Interest on such Distribution Date.

     (c) The amount of monthly interest (the "Class C Monthly Interest")
distributable from the Collection Account with respect to the Class C Notes on
any Distribution Date shall be calculated by the Servicer and shall be an amount
equal to the product of (i) a fraction, the numerator of which is the actual
number of days in the related Interest Period and the denominator of which is
360, times (ii) the Class C Note Interest Rate in effect with respect to the
related Interest Period, times (iii) the Class C Note Principal Balance as of
the close of business on the last day of the related Collection Period.

     On the Determination Date relating to each Distribution Date, the Servicer
shall determine the excess, if any (such excess, the "Class C Interest
Shortfall"), of (1) the Class C Monthly Interest for such Distribution Date,
over (2) the aggregate amount of funds allocated and available to pay such Class
C Monthly Interest on such Distribution Date.

     (d) The amount of monthly interest (the "Class D Monthly Interest")
distributable from the Collection Account with respect to the Class D Notes on
any Distribution Date shall be calculated by the Servicer and shall be an amount
equal to the product of (i) a fraction, the numerator of which is the actual
number of days in the related Interest Period and the denominator of which is
360, times (ii) the Class D Note Interest Rate in effect with respect to the
related Interest Period, times (iii) the Class D Note Principal Balance as of
the close of business on the last day of the related Collection Period.

     On the Determination Date relating to each Distribution Date, the Servicer
shall determine the excess, if any (such excess, the "Class D Interest
Shortfall"), of (1) the Class D Monthly Interest for such Distribution Date,
over (2) the aggregate amount of funds allocated and available to pay such Class
D Monthly Interest on such Distribution Date.

     (e) The amount of monthly interest (the "Class E Monthly Interest")
distributable from the Collection Account with respect to the Class E Note on
any Distribution Date shall be calculated by the Servicer and shall be an amount
equal to the product of (i) a fraction, the numerator of which is the actual
number of days in the related Interest Period and the denominator of which is
360, times (ii) the Class E Note Interest Rate in effect with respect to the
related Interest Period, times (iii) the Class E Note Principal Balance as of
the close of business on the last day of the related Collection Period.

                                       19

<PAGE>

     On the Determination Date relating to each Distribution Date, the Servicer
shall determine the excess, if any (such excess, the "Class E Interest
Shortfall"), of (1) the Class E Monthly Interest for such Distribution Date,
over (2) the aggregate amount of funds allocated and available to pay such Class
E Monthly Interest on such Distribution Date.

     SECTION 4.03. Determination of Monthly Principal Amount.

     The amount of monthly principal to be deposited into the Note Distribution
Account with respect to any Collection Period (the "Monthly Principal Amount"),
beginning with the Collection Period in the month following the month in which
the Controlled Accumulation Period or, if earlier, the Early Amortization
Period, begins, shall be equal to the least of (i) the Available Investor
Principal Collections on deposit in the Collection Account, together with any
Series 2007-1 Excess Funding Amount, with respect to such Collection Period,
(ii) for each Collection Period with respect to the Controlled Accumulation
Period, the Controlled Deposit Amount for such Collection Period and (iii) the
Net Invested Amount as of such Distribution Date (after taking into account any
adjustments to be made on such Distribution Date pursuant to Sections 4.05 and
4.06).

     SECTION 4.04. Application of Available Funds on Deposit in Collection
Account and Other Sources.

     (a) On each Distribution Date, the Servicer shall apply, or direct the
Indenture Trustee to apply by written instruction to the Indenture Trustee,
Available Investor Interest Collections with respect to such Distribution Date
on deposit in the Collection Account to make the following distributions or
deposits in the following priority:

          (i) an amount equal to the Monthly Servicing Fee for such Distribution
     Date, together with any Monthly Servicing Fees previously due but not paid
     to the Servicer on prior Distribution Dates, shall be distributed to the
     Servicer (unless such amount has been netted against deposits into the
     Collection Account in accordance with Section 8.4 of the Indenture);

          (ii) an amount equal to the net payment (other than termination
     payments), if any, due from the Issuing Entity under the Class A Note Basis
     Swap, shall be paid to the related Basis Swap Counterparty;

          (iii) an amount equal to the sum of (1) the Class A Monthly Interest
     for such Distribution Date, together with any Class A Monthly Interest
     previously due but not paid to the Class A Noteholders on prior
     Distribution Dates, and (2) any basis swap termination payments due from
     the Issuing Entity by reason of a default by the Issuing Entity under the
     Class A Note Basis Swap, shall be allocated ratably between such Class A
     Monthly Interest and any such termination payments due in proportion to
     their respective amounts, and that portion allocated to such Class A
     Monthly Interest shall be distributed to the Indenture Trustee for payment
     to the Class A Noteholders, and that

                                       20

<PAGE>

     portion allocated to such termination payments shall be paid to the related
     Basis Swap Counterparty;

          (iv) an amount equal to the net payment (other than termination
     payments), if any, due from the Issuing Entity under the Class B Note Basis
     Swap, shall be paid to the related Basis Swap Counterparty;

          (v) an amount equal to the sum of (1) the Class B Monthly Interest for
     such Distribution Date, together with any Class B Monthly Interest
     previously due but not paid to the Class B Noteholders on prior
     Distribution Dates, and (2) any basis swap termination payments due from
     the Issuing Entity by reason of a default by the Issuing Entity under the
     Class B Note Basis Swap, shall be allocated ratably between such Class B
     Monthly Interest and any such termination payments due in proportion to
     their respective amounts, and that portion allocated to such Class B
     Monthly Interest shall be distributed to the Indenture Trustee for payment
     to the Class B Noteholders, and that portion allocated to such termination
     payments shall be paid to the related Basis Swap Counterparty;

          (vi) an amount equal to the net payment (other than termination
     payments), if any, due from the Issuing Entity under the Class C Note Basis
     Swap, shall be paid to the related Basis Swap Counterparty;

          (vii) an amount equal to the sum of (1) the Class C Monthly Interest
     for such Distribution Date, together with any Class C Monthly Interest
     previously due but not paid to the Class C Noteholders on prior
     Distribution Dates, and (2) any basis swap termination payments due from
     the Issuing Entity by reason of a default by the Issuing Entity under the
     Class C Note Basis Swap, shall be allocated ratably between such Class C
     Monthly Interest and any such termination payments due in proportion to
     their respective amounts, and that portion allocated to such Class C
     Monthly Interest shall be distributed to the Indenture Trustee for payment
     to the Class C Noteholders, and that portion allocated to such termination
     payments shall be paid to the related Basis Swap Counterparty;

          (viii) an amount equal to the Class D Monthly Interest for such
     Distribution Date, together with any Class D Monthly Interest previously
     due but not paid to the Class D Noteholders on prior Distribution Dates,
     shall be distributed to the Indenture Trustee for payment to the Class D
     Noteholders;

          (ix) an amount equal to the Investor Defaulted Amount for such
     Distribution Date shall be treated as Available Investor Principal
     Collections for such Distribution Date;

                                       21

<PAGE>

          (x) an amount equal to the sum of Investor Charge-Offs that have not
     been previously reimbursed shall be treated as Available Investor Principal
     Collections for such Distribution Date;

          (xi) an amount equal to the sum of Reallocated Principal Collections
     that have not been previously reimbursed shall be treated as Available
     Investor Principal Collections for such Distribution Date;

          (xii) an amount equal to the Reserve Fund Deposit Amount for such
     Distribution Date shall be deposited into the Reserve Fund;

          (xiii) beginning on the Accumulation Period Reserve Account Funding
     Date, an amount equal to the Accumulation Period Reserve Account Deposit
     Amount for such Distribution Date shall be deposited into the Accumulation
     Period Reserve Account;

          (xiv) in the following priority, (A) an amount equal to any basis swap
     termination amounts to be paid to the related Basis Swap Counterparty on
     the Class A Note Basis Swap due to a default by such Basis Swap
     Counterparty, (B) an amount equal to any basis swap termination amounts to
     be paid to the related Basis Swap Counterparty on the Class B Note Basis
     Swap due to a default by such Basis Swap Counterparty, and (C) an amount
     equal to any basis swap termination amounts to be paid to the related Basis
     Swap Counterparty on the Class C Note Basis Swap due to a default by such
     Basis Swap Counterparty;

          (xv) an amount equal to the Class E Monthly Interest for such
     Distribution Date, together with any Class E Monthly Interest previously
     due but not paid to the Class E Noteholders on prior Distribution Dates,
     shall be distributed to the Indenture Trustee for payment to the Class E
     Noteholders;

          (xvi) an amount equal to the Interest Collections Shortfalls for other
     outstanding Series in Excess Interest Sharing Group One shall be treated as
     Excess Interest Collections available from Series 2007-1 and applied to
     cover the Interest Collections Shortfalls for other outstanding Series in
     Excess Interest Sharing Group One; and

          (xvii) all remaining Available Investor Interest Collections for such
     Distribution Date shall be distributed to the Owner Trustee for
     distribution to the holders of the Certificate Interest in accordance with
     the Trust Agreement (unless such amount has been netted against deposits
     into the Collection Account in accordance with Section 8.4 of the
     Indenture), but only to the extent that such balance is not otherwise
     required to be deposited into the Excess Funding Account or the Cash
     Collateral Account pursuant to Section 8.3 of the Indenture.

     (b) If Available Investor Interest Collections with respect to any
Distribution Date are insufficient to distribute or deposit the full amounts
required under Section 4.04(a), the Servicer

                                       22

<PAGE>

shall apply, or direct the Indenture Trustee to apply by written instructions to
the Indenture Trustee, on such Distribution Date available funds from the
following sources in the following order to make up any such shortfalls to the
extent provided below:

          (i) from Excess Interest Collections available from other outstanding
     Series in Excess Interest Sharing Group One, but only to cover shortfalls
     in the distributions and deposits required under clauses (i) through (xv)
     of Section 4.04(a) in that order;

          (ii) from the Reserve Fund Available Amount, but only to cover
     shortfalls in the distributions and deposits required under clauses (i)
     through (xi) of Section 4.04(a) in that order;

          (iii) from the Reallocated Principal Collections for such Distribution
     Date, but only to cover shortfalls in the distributions required under
     clauses (i) through (viii) of Section 4.04(a); and

          (iv) from the Servicer to the extent that the Servicer, in its sole
     discretion, decides to make a Servicer Advance, but only to cover
     shortfalls in the distributions and deposits required under clauses (i)
     through (xv) of Section 4.04(a) in that order, and only to the extent that
     the Servicer expects to recover such Servicer Advances from Excess Interest
     Collections, as described in Section 4.07 on subsequent Distribution Dates.

     (c) On each Business Day with respect to the Revolving Period, the Servicer
shall apply, or direct the Indenture Trustee to apply by written instruction to
the Indenture Trustee, Available Investor Principal Collections for such date to
make the following distributions or deposits in the following priority:

          (i) such Available Investor Principal Collections shall be treated as
     Shared Principal Collections with respect to Principal Sharing Group One
     and applied in accordance with Section 4.08 hereof and Section 8.5(c) of
     the Indenture; and

          (ii) the balance of such Available Investor Principal Collections not
     applied pursuant to clause (i) above shall be distributed to the Owner
     Trustee for distribution to the holders of the Certificate Interest in
     accordance with the Trust Agreement (unless such amount has been netted
     against deposits into the Collection Account in accordance with Section 8.4
     of the Indenture), but only to the extent that such balance is not
     otherwise required to be deposited into the Excess Funding Account or the
     Cash Collateral Account pursuant to Section 8.3 of the Indenture.

     (d) With respect to the Controlled Accumulation Period or the Early
Amortization Period, the Servicer shall apply, or direct the Indenture Trustee
to apply by written instruction to the Indenture Trustee, Investor Principal
Collections for such date to make the following distributions or deposits in the
following priority:

                                       23

<PAGE>

          (i) during the Controlled Accumulation Period and before the payment
     in full of the Class A Notes, the Class B Notes, the Class C Notes, the
     Class D Notes and the Class E Note, (A) on each Business Day, an amount
     equal to the excess, if any, of the Monthly Principal Amount for the
     related Collection Period, over the amount during that Collection Period so
     deposited shall be deposited into the Note Distribution Account and (B) on
     the first Business Day of the Controlled Accumulation Period and on each
     Distribution Date related to the Controlled Accumulation Period, the Series
     2007-1 Excess Funding Amount (up to an amount to satisfy the Controlled
     Deposit Amount for the related Collection Period) shall be withdrawn from
     the Excess Funding Account and deposited into the Note Distribution
     Account;

          (ii) so long as the Early Amortization Period has not commenced, on
     the Series 2007-1 Expected Maturity Date, all Available Investor Principal
     Collections for that date, together with all available amounts then on
     deposit in the Note Distribution Account (including any Series 2007-1
     Excess Funding Amount deposited therein during the related Collection
     Period), shall be distributed to the Indenture Trustee for payment first to
     the Class A Noteholders until the Principal Balance of the Class A Notes is
     reduced to zero and then for payment to the Class B Noteholders until the
     Principal Balance of the Class B Notes is reduced to zero and then for
     payment to the Class C Noteholders until the Principal Balance of the Class
     C Notes is reduced to zero and then for payment to the Class D Noteholders
     until the Principal Balance of the Class D Notes is reduced to zero and
     then for payment to the Class E Noteholders until the Principal Balance of
     the Class E Note is reduced to zero;

          (iii) during the Early Amortization Period, (A) on each Business Day
     other than the Distribution Dates, all Investor Principal Collections up to
     the Monthly Principal Amount shall be deposited into the Note Distribution
     Account and (B) on each Distribution Date, all Available Investor Principal
     Collections for such Distribution Date, together with all available
     amounts, if any, then on deposit in the Note Distribution Account
     (including any Series 2007-1 Excess Funding Amount deposited therein during
     the related Collection Period or on such Distribution Date), shall be
     distributed to the Indenture Trustee first for payment to the Class A
     Noteholders until the Principal Balance of the Class A Notes is reduced to
     zero and then for payment to the Class B Noteholders until the Principal
     Balance of the Class B Notes is reduced to zero and then for payment to the
     Class C Noteholders until the Principal Balance of the Class C Notes is
     reduced to zero and then for payment to the Class D Noteholders until the
     Principal Balance of the Class D Notes is reduced to zero and then for
     payment to the Class E Noteholders until the Principal Balance of the Class
     E Note is reduced to zero; and

          (iv) the balance of such Available Investor Principal Collections
     shall be treated as Shared Principal Collections with respect to Principal
     Sharing Group One and applied in accordance with Section 4.08 hereof and
     Section 8.5(c) of the Indenture.

                                       24

<PAGE>

     (e) On the first Business Day of the Controlled Accumulation Period and on
each Distribution Date with respect to the Controlled Accumulation Period, the
Indenture Trustee, acting in accordance with written instructions from the
Servicer, shall withdraw from the Excess Funding Account and deposit into the
Note Distribution Account the Series 2007-1 Excess Funding Amount (up to the
Controlled Deposit Amount for such Distribution Date) pursuant to Section
4.04(d)(i). On the first Distribution Date with respect to the Early
Amortization Period, the Indenture Trustee, acting in accordance with the
written instructions from the Servicer, shall withdraw from the Excess Funding
Account and distribute to the Indenture Trustee for payment to the Series 2007-1
Noteholders the Series 2007-1 Excess Funding Amount pursuant to Section
4.04(d)(iii).

     (f) The Controlled Accumulation Period is scheduled to commence on the
first day of the December 2009 Collection Period; provided, however, that, if
the Accumulation Period Length (determined as described below) is less than six
Collection Periods, the date on which the Controlled Accumulation Period
actually commences shall be delayed to the first day of the Collection Period
that is the number of whole Collection Periods before the Series 2007-1 Expected
Maturity Date at least equal to the Accumulation Period Length and, as a result,
the number of Collection Periods in the Controlled Accumulation Period shall at
least equal the Accumulation Period Length. On or before each Determination Date
beginning with the Determination Date in the November 2009 Collection Period and
ending when the Controlled Accumulation Period begins, the Servicer shall
determine the "Accumulation Period Length," which shall equal the number of
whole Collection Periods such that the sum of the Accumulation Period Factors
for each Collection Period during such period shall be equal to or greater than
the Required Accumulation Factor Number; provided, however, that the
Accumulation Period Length shall not be determined to be less than one
Collection Period.

     (g) The amount of all distributions and deposits that are required to be
made by the Indenture Trustee pursuant to Sections 4.04, 4.06, 4.09, 4.10, 4.13
and 4.14 shall be set forth in written instructions (which may be in the form of
the Monthly Statement) provided by the Servicer to the Indenture Trustee no
later than the second Business Day prior to the related Distribution Date or
other date on which the related distribution or deposit is required to be made
by the Indenture Trustee.

     (h) All distributions that are made by the Indenture Trustee to the Owner
Trustee for distribution to the holders of the Certificate Interest pursuant to
this Indenture Supplement shall be made in accordance with such written
remittance instructions as may be provided to the Indenture Trustee by the
Depositor from time to time.

     SECTION 4.05. Investor Charge-Offs.

     (a) On each Determination Date, the Servicer shall calculate the Investor
Defaulted Amount, if any, for the related Distribution Date. If the Investor
Defaulted Amount for any Distribution Date exceeds the sum of:

                                       25

<PAGE>

          (i) the Available Investor Interest Collections for such Distribution
     Date applied to fund such Investor Defaulted Amount pursuant to Section
     4.04(a)(ix);

          (ii) the Excess Interest Collections available from other outstanding
     Series in Excess Interest Sharing Group One for such Distribution Date
     applied to fund such Investor Defaulted Amount pursuant to Section
     4.04(a)(ix) in accordance with Section 4.04(b)(i); and

          (iii) the Reserve Fund Available Amount for such Distribution Date
     applied to fund such Investor Defaulted Amount pursuant to Section
     4.04(a)(ix) in accordance with Section 4.04(b)(ii);

     then, an "Investor Charge-Off" shall exist for such Distribution Date and
shall reduce the Invested Amount.

     (b) The reduction in the Invested Amount for such Distribution Date due to
such Investor Charge-Off shall be allocated as follows:

          (i) the Class E Invested Amount shall be reduced by the amount of such
     reduction until the Class E Invested Amount is reduced to zero; then

          (ii) The Class D Invested Amount shall be reduced by any remaining
     amount until the Class D Invested Amount is reduced to zero; then

          (iii) The Class C Invested Amount shall be reduced by any remaining
     amount until the Class C Invested Amount is reduced to zero; then

          (iv) The Class B Invested Amount shall be reduced by any remaining
     amount until the Class B Invested Amount is reduced to zero; and then

          (v) The Class A Invested Amount shall be reduced by any remaining
     amount until the Class A Invested Amount is reduced to zero.

     SECTION 4.06. Reallocated Principal Collections.

     On each Distribution Date, the Servicer shall apply, or direct the
Indenture Trustee by written instruction to the Indenture Trustee to withdraw
from the Collection Account and apply, Reallocated Principal Collections up to
the Invested Amount on such date with respect to such Distribution Date and
apply such amounts on such Distribution Date in accordance with Section
4.04(b)(iii). If, on any Distribution Date, Reallocated Principal Collections
for such Distribution Date are so applied, then, the Invested Amount shall be
reduced by the amount of such application. The reduction in the Invested Amount
for such Distribution Date due to such Reallocated Principal Collections shall
be allocated as follows:

                                       26

<PAGE>

     (a) the Class E Invested Amount shall be reduced by the amount of such
reduction until the Class E Invested Amount is reduced to zero; then

     (b) the Class D Invested Amount shall be reduced by any remaining amount
until the Class D Invested Amount is reduced to zero; then

     (c) the Class C Invested Amount shall be reduced by any remaining amount
until the Class C Invested Amount is reduced to zero; then

     (d) the Class B Invested Amount shall be reduced by any remaining amount
until the Class B Invested Amount is reduced to zero; and then

     (e) the Class A Invested Amount shall be reduced by any remaining amount
until the Class A Invested Amount is reduced to zero.

     SECTION 4.07. Excess Interest Collections.

     Subject to Section 8.05(b) of the Indenture, Excess Interest Collections
with respect to the Excess Interest Sharing Series in Excess Interest Sharing
Group One for any Distribution Date shall be allocated to Series 2007-1 in an
amount equal to the product of (i) the aggregate amount of Excess Interest
Collections with respect to all the Excess Interest Sharing Series in Excess
Interest Sharing Group One for such Distribution Date and (ii) a fraction, the
numerator of which is the Interest Collections Shortfall for Series 2007-1 for
such Distribution Date and the denominator of which is the aggregate amount of
Interest Collections Shortfalls for all the Excess Interest Sharing Series in
Excess Interest Sharing Group One for such Distribution Date. The "Interest
Collections Shortfall" for Series 2007-1 for any Distribution Date shall equal
the excess, if any, of (a) the full amount required to be paid, without
duplication, pursuant to clauses (i) through (xiii) and clause (xv) of Section
4.04(a) on such Distribution Date, over (b) the Available Investor Interest
Collections for such Distribution Date. The "Excess Interest Collections" with
respect to Series 2007-1 for any Distribution Date shall equal the excess, if
any, of (a) the Available Investor Interest Collections for such Distribution
Date, over (b) the full amount required to be distributed, without duplication,
pursuant to clauses (i) through (xiii) and clause (xv) of Section 4.04(a) on
such Distribution Date and the amount required to pay the Servicer for Servicer
Advances not previously reimbursed.

     SECTION 4.08. Shared Principal Collections.

     Subject to Section 8.5(c) of the Indenture, the aggregate amount of Shared
Principal Collections with respect to the Principal Sharing Series in Principal
Sharing Group One for any Distribution Date shall be allocated to Series 2007-1
in an amount equal to the product of (i) such aggregate amount, times (ii) a
fraction, the numerator of which is the Principal Shortfall for Series 2007-1
for such Distribution Date and the denominator of which is the aggregate amount
of Principal Shortfalls for all the Principal Sharing Series in Principal
Sharing Group One for such Distribution Date. The "Principal Shortfall" for
Series 2007-1 for any Distribution Date

                                       27

<PAGE>

shall equal (a) for any Distribution Date with respect to the Revolving Period,
zero, (b) for any Distribution Date with respect to the Controlled Accumulation
Period, the excess, if any, of the Controlled Deposit Amount with respect to
such Distribution Date, over the amount of Available Investor Principal
Collections for such Distribution Date (excluding any portion thereof
attributable to Shared Principal Collections) and (c) for any Distribution Date
with respect to the Early Amortization Period, the excess, if any, of the Net
Invested Amount, over the amount of Available Investor Principal Collections for
such Distribution Date (excluding any portion thereof attributable to Shared
Principal Collections). The "Shared Principal Collections" with respect to
Series 2007-1 for any Distribution Date shall equal the excess, if any, of (a)
the Available Investor Principal Collections for such Distribution Date (without
giving effect to clause (a)(ii) of the definition thereof), over (b) the full
amount required to be deposited or distributed, without duplication, pursuant to
Sections 4.04(c) and (d) on such Distribution Date.

     SECTION 4.09. Reinstatement of Invested Amount.

     (a) The Invested Amount shall be reinstated on any Distribution Date by the
amount of any Available Investor Interest Collections that are applied pursuant
to Section 4.04(a)(ix), (x) and (xi). This amount shall be applied as follows:

          (i) if the Class A Invested Amount has been reduced pursuant to
     Sections 4.05 or 4.06, to the Class A Invested Amount until it equals the
     Class A Note Principal Balance minus the amount on deposit in the Note
     Distribution Account (excluding amounts relating to investment earnings)
     allocated to it; then

          (ii) if the Class B Invested Amount has been reduced pursuant to
     Sections 4.05 or 4.06, to the Class B Invested Amount until it equals the
     Class B Note Principal Balance minus the amount on deposit in the Note
     Distribution Account (excluding amounts relating to investment earnings)
     allocated to it; then

          (iii) if the Class C Invested Amount has been reduced pursuant to
     Sections 4.05 or 4.06, to the Class C Invested Amount until it equals the
     Class C Note Principal Balance minus the amount on deposit in the Note
     Distribution Account (excluding amounts relating to investment earnings)
     allocated to it; then

          (iv) if the Class D Invested Amount has been reduced pursuant to
     Sections 4.05 or 4.06, to the Class D Invested Amount until it equals the
     Class D Note Principal Balance minus the amount on deposit in the Note
     Distribution Account (excluding amounts relating to investment earnings)
     allocated to it; and then

          (v) if the Class E Invested Amount has been reduced pursuant to
     Sections 4.05 or 4.06, to the Class E Invested Amount until it equals the
     Class E Note Principal Balance minus the amount on deposit in the Note
     Distribution Account (excluding amounts relating to investment earnings)
     allocated to it.

                                       28

<PAGE>

     SECTION 4.10. Note Distribution Account.

     (a) The Servicer, for the benefit of the Noteholders, shall establish and
maintain with the Indenture Trustee in the name of the Indenture Trustee, on
behalf of the Issuing Entity, an Eligible Deposit Account (including any
subaccounts thereof) bearing a designation clearly indicating that the funds and
other property credited thereto are held for the benefit of the Noteholders (the
"Note Distribution Account"). The Indenture Trustee shall possess all right,
title and interest in all Eligible Investments and all monies, cash,
instruments, securities, securities entitlements, documents, certificates of
deposit and other property from time to time on deposit in or credited to the
Note Distribution Account and in all interest, proceeds, earnings, income,
revenue, dividends and other distributions thereof (including any accrued
discount realized on liquidation of any investment purchased at a discount) for
the benefit of the Noteholders. Except as expressly provided in this Indenture
Supplement and the Trust Sale and Servicing Agreement, the Servicer agrees that
it has no right of setoff or banker's lien against, and no right to otherwise
deduct from, any funds and other property held in the Note Distribution Account
for any amount owed to it by the Indenture Trustee, the Issuing Entity, any
Noteholder or any Series Enhancer. The Indenture Trustee, at the written
direction of the Servicer, shall (i) make withdrawals from the Note Distribution
Account from time to time, in the amounts and for the purposes set forth in this
Indenture Supplement and (ii) on each Distribution Date (from and after the
commencement of the Controlled Accumulation Period) before the earlier of
payment in full of the Series 2007-1 Notes and the Series 2007-1 Legal Maturity
Date, make deposits into the Note Distribution Account in the amounts specified
in, and in accordance with, Section 4.04(d)(i).

     (b) Funds on deposit in the Note Distribution Account shall, at the written
direction of the Servicer, be invested by the Indenture Trustee (including the
Securities Intermediary) in Eligible Investments selected by the Servicer. All
such Eligible Investments shall be held by the Indenture Trustee or its nominee
for the benefit of the Noteholders. The Indenture Trustee shall cause each
Eligible Investment to be delivered to it (including a securities intermediary)
and shall be credited to the Note Distribution Account. Funds on deposit in the
Note Distribution Account shall be invested in Eligible Investments. On each
Distribution Date, all interest and other investment earnings (net of losses and
investment expenses) on funds on deposit in the Note Distribution Account shall
be treated as Available Investor Interest Collections with respect to the
related Collection Period. The Indenture Trustee shall bear no responsibility or
liability for any losses resulting from investment or reinvestment of any funds
in accordance with this Section 4.10(b) nor for the selection of Eligible
Investments in accordance with the provisions of this Indenture Supplement, the
Indenture or the Trust Sale and Servicing Agreement.

     SECTION 4.11. Reserve Fund.

     (a) The Servicer, for the benefit of the Series 2007-1 Noteholders, shall
establish and maintain with the Indenture Trustee or its nominee in the name of
the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit
Account (including any subaccounts thereof) bearing a designation clearly
indicating that the funds and other property credited thereto are held for the
benefit of the Series 2007-1 Noteholders (the "Reserve Fund"). The Indenture

                                       29

<PAGE>

Trustee shall possess all right, title and interest in all Eligible Investments
and all monies, cash, instruments, securities, securities entitlements,
documents, certificates of deposit and other property from time to time on
deposit in or credited to the Reserve Fund and in all interest, proceeds,
earnings, income, revenue, dividends and other distributions thereof (including
any accrued discount realized on liquidation of any investment purchased at a
discount) for the benefit of the Series 2007-1 Noteholders. Except as expressly
provided in this Indenture Supplement and the Trust Sale and Servicing
Agreement, the Servicer agrees that it has no right of setoff or banker's lien
against, and no right to otherwise deduct from, any funds and other property
held in the Reserve Fund for any amount owed to it by the Indenture Trustee, the
Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at
the written direction of the Servicer, shall make deposits to and withdrawals
from the Reserve Fund from time to time, in the amounts and for the purposes set
forth in this Indenture Supplement.

     (b) Funds on deposit in the Reserve Fund shall, at the written direction of
the Servicer, be invested by the Indenture Trustee or its nominee (including the
Securities Intermediary) in Eligible Investments. All such Eligible Investments
shall be held by the Indenture Trustee or its nominee for the benefit of the
Series 2007-1 Noteholders. The Indenture Trustee shall cause each Eligible
Investment to be delivered to it or its nominee (including a securities
intermediary) and shall be credited to the Reserve Fund. Funds on deposit in the
Reserve Fund shall be invested in Eligible Investments. On each Distribution
Date, all interest and other investment earnings (net of losses and investment
expenses) on funds on deposit in the Reserve Fund shall be treated as Available
Investor Interest Collections for such Distribution Date. The Indenture Trustee
shall bear no responsibility or liability for any losses resulting from
investment or reinvestment of any funds in accordance with this Section 4.11(b)
nor for the selection of Eligible Investments in accordance with the provisions
of this Indenture Supplement, the Indenture or the Trust Sale and Servicing
Agreement.

     (c) The Reserve Fund shall be funded by the Depositor on the Closing Date
in the amount of the Reserve Fund Initial Amount, and shall be increased and
decreased thereafter as described herein.

     (d) If on any Distribution Date, after giving effect to all withdrawals
from and deposits to the Reserve Fund, the amount on deposit in the Reserve Fund
(excluding amounts relating to investment earnings) exceeds the Reserve Fund
Required Amount then in effect, the Indenture Trustee shall, at the written
direction of the Servicer, distribute such excess to the Owner Trustee for
distribution to the holders of the Certificate Interest in accordance with the
Trust Agreement.

     (e) Upon the earlier to occur of the date on which the Series 2007-1 Notes
are paid in full and the Series Legal Maturity Date, any funds remaining in the
Reserve Fund, after giving effect to any deposits and withdrawals made therefrom
on such date, shall be treated as Available Investor Principal Collections. The
Reserve Fund shall thereafter be deemed to have terminated for purposes of this
Indenture Supplement.

                                       30

<PAGE>

     SECTION 4.12. Determination of LIBOR.

     (a) On each LIBOR Determination Date, the Indenture Trustee shall determine
LIBOR on the basis of the rate for deposits in United States dollars for a
one-month period which appears on Reuters Telerate Page 3750 as of 11:00 a.m.,
London time, on such date. If such rate does not appear on such page (or such
other page as may replace that page on that service, or if such service is no
longer offered, such other service for displaying LIBOR or comparable rates as
may be selected by the Indenture Trustee after consultation with the Depositor),
the rate shall be the One Month Reference Bank Rate. The "One Month Reference
Bank Rate" shall be determined on the basis of the rates at which deposits in
U.S. dollars are offered by the reference banks (which shall be four major banks
that are engaged in transactions in the London interbank market, selected by the
Indenture Trustee after consultation with the Depositor) as of 11:00 a.m.,
London time, on the applicable LIBOR Determination Date to prime banks in the
London interbank market for a period of one month commencing on such preceding
Distribution Date in amounts approximately equal to the principal balance of the
Notes. The Indenture Trustee shall request the principal London office of each
of the reference banks to provide a quotation of its rate. If at least two such
quotations are provided, the rate shall be the arithmetic mean of the
quotations, rounded upwards to the nearest one-sixteenth of one percent. If on
any such date fewer than two quotations are provided as requested, the rate
shall be the arithmetic mean, rounded upwards to the nearest one-sixteenth of
one percent, of the rates quoted by one or more major banks in New York,
selected by the Indenture Trustee after consultation with the Depositor, as of
11:00 a.m., New York time, on such date to leading European banks for U.S.
dollar deposits for a period of one month commencing on such applicable date in
amounts approximately equal to the then outstanding principal balance of the
Notes. If no such quotation can be obtained, the rate shall be LIBOR for the
prior Distribution Date.

     (b) On each LIBOR Determination Date, the Indenture Trustee shall send to
the Servicer, the Issuing Entity and the Administrator by facsimile or email
transmission, notification of LIBOR for the following Interest Period.

     (c) The Servicer shall provide on the Monthly Statement the Class A Note
Interest Rate, the Class B Note Interest Rate, the Class C Note Interest Rate,
the Class D Note Interest Rate and the Class E Note Interest Rate applicable to
each Distribution Date.

     (d) Other than the determination of LIBOR as provided for herein, all other
determinations and calculations provided for in this Indenture Supplement shall
be made by the Servicer.

     SECTION 4.13. Accumulation Period Reserve Account.

     (a) The Servicer, for the benefit of the Noteholders, shall establish and
maintain with the Indenture Trustee or its nominee in the name of the Indenture
Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including
any subaccounts thereof) bearing a designation clearly indicating that the funds
and other property credited thereto are held for the

                                       31

<PAGE>

benefit of the Noteholders (the "Accumulation Period Reserve Account"). The
Indenture Trustee shall possess all right, title and interest in all Eligible
Investments and all monies, cash, instruments, securities, securities
entitlements, documents, certificates of deposit and other property from time to
time on deposit in or credited to the Accumulation Period Reserve Account and in
all interest, proceeds, earnings, income, revenue, dividends and other
distributions thereof (including any accrued discount realized on liquidation of
any investment purchased at a discount) for the benefit of the Noteholders.
Except as expressly provided in this Indenture Supplement and the Trust Sale and
Servicing Agreement, the Servicer agrees that it has no right of setoff or
banker's lien against, and no right to otherwise deduct from, any funds and
other property held in the Accumulation Period Reserve Account for any amount
owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any
Series Enhancer. The Indenture Trustee, at the direction of the Servicer, shall
(i) make withdrawals from the Accumulation Period Reserve Account from time to
time, in the amounts and for the purposes set forth in this Indenture
Supplement, and (ii) on each Distribution Date beginning on the Accumulation
Period Reserve Account Funding Date and before the termination of the
Accumulation Period Reserve Account as provided below, make deposits into the
Accumulation Period Reserve Account in the amount of the Accumulation Period
Reserve Account Deposit Amount for such Distribution Date from: (1) Available
Investor Interest Collections for such Distribution Date as applied in
accordance with Section 4.04(a)(xiii) and (2) Excess Interest Collections
available from other outstanding Series in Excess Interest Sharing Group One for
such Distribution Date as applied in accordance with Section 4.04(b)(i).

     (b) Funds on deposit in the Accumulation Period Reserve Account shall, at
the written direction of the Servicer, be invested by the Indenture Trustee
(including the Securities Intermediary) in Eligible Investments selected by the
Servicer. All such Eligible Investments shall be held by the Indenture Trustee
or its nominee for the benefit of the Noteholders. The Indenture Trustee shall
cause each Eligible Investment to be delivered to it (including a securities
intermediary) and shall be credited to the Accumulation Period Reserve Account.
Funds on deposit in the Accumulation Period Reserve Account shall be invested in
Eligible Investments. On each Distribution Date, all interest and other
investment earnings (net of losses and investment expenses) on funds on deposit
in the Accumulation Period Reserve Account shall be treated as Available
Investor Interest Collections with respect to the related Collection Period. The
Indenture Trustee shall bear no responsibility or liability for any losses
resulting from investment or reinvestment of any funds in accordance with this
Section 4.13(b) nor for the selection of Eligible Investments in accordance with
the provisions of this Indenture Supplement, the Indenture or the Trust Sale and
Servicing Agreement.

     (c) On or before each Distribution Date with respect to the Controlled
Accumulation Period and on or before the first Distribution Date with respect to
the Early Amortization Period beginning after the commencement of the Controlled
Accumulation Period, the Servicer shall calculate the Accumulation Period
Reserve Draw Amount; provided, however, that such amount shall be reduced to the
extent that funds otherwise would be available for deposit into the Accumulation
Period Reserve Account pursuant to Sections 4.04(a)(xiii) and Section 4.04(b)(i)

                                       32

<PAGE>

on such Distribution Date. If for any Distribution Date, the Accumulation Period
Reserve Draw Amount is greater than zero, the Accumulation Period Reserve Draw
Amount, up to the Available Accumulation Period Reserve Account Amount, shall be
withdrawn from the Accumulation Period Reserve Account on such Distribution Date
by the Indenture Trustee (acting in accordance with the written instructions of
the Servicer) and deposited into the Collection Account for application as
Available Investor Interest Collections.

     (d) If on any Distribution Date, after giving effect to all withdrawals
from and deposits to the Accumulation Period Reserve Account, the amount on
deposit in the Accumulation Period Reserve Account exceeds the Accumulation
Period Reserve Account Required Amount then in effect, the Indenture Trustee
shall, at the written direction of the Servicer, distribute such excess to the
Owner Trustee for distribution to the holders of the Certificate Interest in
accordance with the Trust Agreement.

     (e) Upon the earliest to occur of (i) the payment in full of the Series
2007-1 Notes, (ii) the first Distribution Date relating to the Early
Amortization Period and (iii) the Legal Maturity Date, any funds remaining in
the Accumulation Period Reserve Account, after withdrawal of funds therefrom on
such date in accordance with Section 4.13(c), shall be treated as Available
Investor Interest Collections. The Accumulation Period Reserve Account shall
thereafter be deemed to have terminated for purposes of this Indenture
Supplement.

     SECTION 4.14. Transfer Restrictions.

     (a) The Class D Notes and the Class E Note (or interests therein) may not
be acquired by or for the account of (i) a Benefit Plan or (ii) an employee
benefit plan or plan that is not subject to the provisions of Title I of ERISA
or Section 4975 of the Code (including foreign or governmental plans) if such
acquisition would result in a non-exempt prohibited transaction under, or a
violation of, any applicable law that is substantially similar to ERISA or
Section 4975 of the Code. By accepting and holding a Class D Note or the Class E
Note (or interest therein), the Holder thereof and any related Note Owner shall
each be deemed to have represented and warranted that it is not, nor is it
acquiring the Note for the account of either, (i) a Benefit Plan or (ii) an
employee benefit plan or plan that is not subject to the provisions of Title I
of ERISA or Section 4975 of the Code (including foreign or governmental plans)
if such acquisition would result in a non-exempt prohibited transaction under,
or a violation of, any applicable law that is substantially similar to ERISA or
Section 4975 of the Code. The Class D Notes and the Class E Note are also
subject to the minimum denomination specified in Section 1.01(e).

     (b) The Class D Notes and the Class E Note will not be registered under the
Securities Act or the securities or blue sky laws of any other jurisdiction.
Consequently, the Class D Notes and the Class E Note are not transferable other
than pursuant to an exemption from the registration requirements of the
Securities Act and satisfaction of certain other provisions specified herein. No
sale, pledge or other transfer of the Class D Notes or the Class E Note (or
interest therein) may be made by any Person unless either (i) such sale, pledge
or other transfer is made to the Depositor, (ii) so long as the Class D Notes or
the Class E Note are

                                       33

<PAGE>

eligible for resale pursuant to Rule 144A under the Securities Act, such sale,
pledge or other transfer is made to a person whom the transferor reasonably
believes after due inquiry is a "qualified institutional buyer" within the
meaning of Rule 144A under the Securities Act (a "Qualified Institutional
Buyer") acting for its own account (and not for the account of others) or as a
fiduciary or agent for others (which others also are Qualified Institutional
Buyers) to whom notice is given that the sale, pledge or transfer is being made
in reliance on Rule 144A under the Securities Act, or (iii) such sale, pledge or
other transfer is otherwise made in a transaction exempt from the registration
requirements of the Securities Act, in which case (A) the Indenture Trustee
shall require that both the prospective transferor and the prospective
transferee certify to the Indenture Trustee and the Depositor in writing the
facts surrounding such transfer, which certification shall be in form and
substance satisfactory to the Indenture Trustee and the Depositor, and (B) the
Indenture Trustee shall require a written opinion of counsel (which will not be
at the expense of the Depositor or the Indenture Trustee) satisfactory to the
Depositor and the Indenture Trustee to the effect that such transfer will not
violate the Securities Act. No sale, pledge or other transfer may be made to any
one person of Class D Notes or the Class E Note with a face amount of less than
the amount determined in accordance with Section 1.01(e) hereof in order to
prevent the Trust from being treated as a "publicly traded partnership" under
Section 7704 of the Code, and, in the case of any Person acting on behalf of one
or more third parties (other than a bank (as defined in Section 3(a)(2) of the
Securities Act) acting in its fiduciary capacity), for Class D Notes or the
Class E Note with a face amount of less than such amount for each such third
party. Any attempted transfer in contravention of the immediately preceding
restriction will be void ab initio and the purported transferor will continue to
be treated as the owner of the Class D Notes or the Class E Note for all
purposes. Neither the Depositor nor the Indenture Trustee shall be obligated to
register the Class D Notes or the Class E Note under the Securities Act, qualify
the Class D Notes or the Class E Note under the securities laws of any state or
provide registration rights to any purchaser or holder thereof. Transfer of a
Class D Note or a Class E Note may only be made to a Person who is a United
States Person (within the meaning of Section 7701(a)(30) of the Internal Revenue
Code). Any Person other than the Depositor acquiring a Class D Note or a Class E
Note or an interest therein shall be deemed to have made the representations set
forth in Section 2.14 of the Indenture.

     (c) [Reserved].

     (d) No Class D Note or Class E Note may be transferred unless the
transferor provides to the Indenture Trustee an opinion of independent counsel
that the transfer will not cause the Trust to be treated as an association (or
publicly traded partnership) taxable as a corporation for federal income tax
purposes.

     (e) The Class A Notes, Class B Notes and Class C Notes (or interests
therein) may not be acquired by or for the account of a Benefit Plan or any
other plan that is subject to any law that is substantially similar to ERISA or
Section 4975 of the Code if such acquisition and holding would give rise to a
non-exempt prohibited transaction under Section 406(a) of ERISA or Section 4975
of the Code, or a violation of any substantially similar applicable law.

                                       34

<PAGE>

                                    ARTICLE V
                        DELIVERY OF SERIES 2007-1 NOTES;
               DISTRIBUTIONS; REPORTS TO SERIES 2007-1 NOTEHOLDERS

     SECTION 5.01. Delivery and Payment for Series 2007-1 Notes.

     The Indenture Trustee shall authenticate the Series 2007-1 Notes in
accordance with Section 2.2 of the Indenture. The Indenture Trustee shall
deliver the Series 2007-1 Notes to the Issuing Entity when so authenticated.

     SECTION 5.02. Distributions.

     (a) On each Distribution Date, based solely on the information contained in
the Monthly Statement, the Indenture Trustee shall distribute to each Class A
Noteholder of record on the related Record Date (other than as provided in
Section 11.2 of the Indenture) such Class A Noteholder's pro rata share of the
amounts held by the Indenture Trustee that are allocated and available on such
Distribution Date to pay interest on the Class A Notes pursuant to this
Indenture Supplement.

     (b) On each Distribution Date, based solely on the information contained in
the Monthly Statement, the Indenture Trustee shall distribute to each Class A
Noteholder of record on the related Record Date (other than as provided in
Section 11.2 of the Indenture) such Class A Noteholder's pro rata share of the
amounts held by the Indenture Trustee that are allocated and available on such
Distribution Date to pay principal of the Class A Notes pursuant to this
Indenture Supplement.

     (c) On each Distribution Date, the Indenture Trustee shall distribute to
each Class B Noteholder of record on the related Record Date (other than as
provided in Section 11.2 of the Indenture) such Class B Noteholder's pro rata
share of the amounts held by the Indenture Trustee that are allocated and
available on such Distribution Date to pay interest on the Class B Notes
pursuant to this Indenture Supplement.

     (d) On each Distribution Date, the Indenture Trustee shall distribute to
each Class B Noteholder of record on the related Record Date (other than as
provided in Section 11.2 of the Indenture) such Class B Noteholder's pro rata
share of the amounts held by the Indenture Trustee that are allocated and
available on such Distribution Date to pay principal of the Class B Notes
pursuant to this Indenture Supplement.

     (e) On each Distribution Date, the Indenture Trustee shall distribute to
each Class C Noteholder of record on the related Record Date (other than as
provided in Section 11.2 of the Indenture) such Class C Noteholder's pro rata
share of the amounts held by the Indenture Trustee that are allocated and
available on such Distribution Date to pay interest on the Class C Notes
pursuant to this Indenture Supplement.

                                       35

<PAGE>

     (f) On each Distribution Date, the Indenture Trustee shall distribute to
each Class C Noteholder of record on the related Record Date (other than as
provided in Section 11.2 of the Indenture) such Class C Noteholder's pro rata
share of the amounts held by the Indenture Trustee that are allocated and
available on such Distribution Date to pay principal of the Class C Notes
pursuant to this Indenture Supplement.

     (g) On each Distribution Date, the Indenture Trustee shall distribute to
each Class D Noteholder of record on the related Record Date (other than as
provided in Section 11.2 of the Indenture) such Class D Noteholder's pro rata
share of the amounts held by the Indenture Trustee that are allocated and
available on such Distribution Date to pay interest on the Class D Notes
pursuant to this Indenture Supplement.

     (h) On each Distribution Date, the Indenture Trustee shall distribute to
each Class D Noteholder of record on the related Record Date (other than as
provided in Section 11.2 of the Indenture) such Class D Noteholder's pro rata
share of the amounts held by the Indenture Trustee that are allocated and
available on such Distribution Date to pay principal of the Class D Notes
pursuant to this Indenture Supplement.

     (i) On each Distribution Date, the Indenture Trustee shall distribute to
the Class E Noteholder of record on the related Record Date (other than as
provided in Section 11.2 of the Indenture) such Class E Noteholder's pro rata
share of the amounts held by the Indenture Trustee that are allocated and
available on such Distribution Date to pay interest on the Class E Note pursuant
to this Indenture Supplement.

     (j) On each Distribution Date, the Indenture Trustee shall distribute to
the Class E Noteholder of record on the related Record Date (other than as
provided in Section 11.2 of the Indenture) such Class E Noteholder's pro rata
share of the amounts held by the Indenture Trustee that are allocated and
available on such Distribution Date to pay principal of the Class E Note
pursuant to this Indenture Supplement.

     (k) The distributions to be made pursuant to this Section are subject to
the provisions of Sections 2.5 of the Trust Sale and Servicing Agreement,
Section 11.2 of the Indenture and Section 7.01 of this Indenture Supplement.

     (l) Except as provided in Section 11.2 of the Indenture with respect to a
final distribution, distributions to Series 2007-1 Noteholders hereunder shall
be made by (i) wire transfer or check mailed first class, postage prepaid to
each Series 2007-1 Noteholder (at such Noteholder's address as it appears in the
Note Register), except that with respect to any Series 2007-1 Notes registered
in the name of the nominee of a Clearing Agency, such distribution shall be made
in immediately available funds and (ii) without presentation or surrender of any
Series 2007-1 Note or the making of any notation thereon.

     (m) On each Distribution Date, based solely on the information contained in
the Monthly Statement, the Indenture Trustee shall distribute to the Servicer
the amount required to

                                       36

<PAGE>

pay the Servicer for Servicer Advances not previously reimbursed to the extent
of the excess, if any, of (i) the Available Investor Interest Collections for
such Distribution Date, over (ii) the full amount required to be distributed,
without duplication, pursuant to clauses (i) through (xiii) and clause (xv) of
Section 4.04(a) on such Distribution Date.

     (n) The Indenture Trustee shall have no duty to make any deposits or
distributions or any other payments under this Indenture Supplement unless and
until it has sufficient cash to make such payments and it has received written
instructions from the Servicer as to such deposits, distributions and payments.

     SECTION 5.03. Reports and Statements to Series 2007-1 Noteholders.

     (a) On each Distribution Date, the Indenture Trustee shall mail or deliver
to each Series 2007-1 Noteholder a statement substantially in the form of
Exhibit B prepared by the Servicer.

     (b) No later than the second Business Day preceding each Distribution Date,
the Servicer shall deliver to the Owner Trustee, the Indenture Trustee and each
Rating Agency a statement substantially in the form of Exhibit B prepared by the
Servicer; provided that the Servicer may amend the form of Exhibit B from time
to time.

     (c) A copy of each statement or certificate provided pursuant to Section
5.03(a) or (b) may be obtained by any Series 2007-1 Noteholder by a request in
writing to the Servicer.

     (d) Within the prescribed period of time for tax reporting purposes after
the end of each calendar year during the term of this Indenture Supplement, the
Indenture Trustee and the Administrator shall furnish (or cause to be
furnished), to each Person who at any time during such calendar year shall have
been a holder of record of Notes, and received any payment thereon, a statement
containing such information as may be required by the Code and applicable
Treasury Regulations to enable such Noteholder to prepare its federal income tax
returns.

                                   ARTICLE VI
            SERIES 2007-1 EARLY AMORTIZATION EVENTS AND SERIES 2007-1
                                EVENTS OF DEFAULT

     SECTION 6.01. Series 2007-1 Early Amortization Events.

     If any one of the following events occurs with respect to the Series 2007-1
Notes:

     (a) failure on the part of the Depositor, the Servicer or the Seller, as
applicable, to duly observe or perform in any material respect any other
covenants or agreements of the Depositor, the Servicer or the Seller, as the
case may be, set forth in the Trust Sale and Servicing Agreement or the Pooling
and Servicing Agreement, which failure continues unremedied for a period of 60
days after the date on which written notice of such failure, requiring the same
to be remedied, shall have been given by the Indenture Trustee or the Owner
Trustee to the Depositor,

                                       37

<PAGE>

provided, however, that no Early Amortization Event shall be deemed to occur if
the Receivables affected by such failure are repurchased by the Depositor or the
Servicer or GMAC (if GMAC is not the Servicer), as applicable, in accordance
with the Basic Documents;

     (b) any representation or warranty made by the Seller in the Pooling and
Servicing Agreement or the Depositor in the Trust Sale and Servicing Agreement
or any information contained on the Schedule of Accounts, (i) shall prove to
have been incorrect in any material respect when made or when delivered, and
shall continue to be incorrect in any material respect for a period of 60 days
after the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Depositor by the Indenture Trustee or the
Owner Trustee and (ii) as a result of such incorrectness the interests of the
Noteholders are materially and adversely affected, provided, however, that no
Early Amortization Event shall be deemed to occur if the Receivables relating to
such representation or warranty are repurchased by the Seller or the Depositor,
as applicable, in accordance with the Basic Documents;

     (c) failure on the part of the Depositor, the Servicer or the Seller, as
applicable, to pay (or set aside for payment) all amounts required to be paid as
principal on any Notes on the Series 2007-1 Expected Maturity Date;

     (d) on any Distribution Date, the average of the Monthly Payment Rates for
the three preceding Collection Periods is less than 20.0%;

     (e) on any three consecutive Distribution Dates, the amount on deposit in
the Reserve Fund is less than the Reserve Fund Required Amount;

     (f) on any Distribution Date, the Reserve Fund Required Amount for such
Distribution Date exceeds the amount on deposit in the Reserve Fund by more than
the Reserve Fund Trigger Amount;

     (g) a notice setting forth one or more Events of Default under this
Indenture Supplement and declaring the unpaid principal amount of Outstanding
Notes (together with accrued and unpaid interest thereon) immediately due and
payable has been given pursuant to Section 5.2(a) of the Indenture;

     (h) an Insolvency Event with respect to the Depositor or the Servicer (or
GMAC, if it is not the Servicer);

     (i) on any Distribution Date, the amount on deposit in the Excess Funding
Account exceed 30.0% of the sum of the Net Invested Amounts of all outstanding
Series (including Series 2007-1), being determined as the average over the six
Collection Periods immediately preceding the Distribution Date, or, if shorter,
the period from the initial issuance date through and including the last day of
the immediately preceding Collection Period);

     (j) the Issuing Entity or the Depositor is required to register under the
Investment Company Act;

                                       38

<PAGE>

     (k) (i)(1)General Motors files a petition, or (2) a person other than
General Motors files a petition that remains undismissed after 90 days, or (3) a
court enters an order for relief against General Motors, in each case, under
Chapter 7 of the U.S. Bankruptcy Code or a similar provision of state or federal
law that would result in the liquidation of General Motors; or (ii) General
Motors ceases to operate as an automobile manufacturer or undertakes to sell or
liquidate all or substantially all of its automobile manufacturing assets or
business (or files a motion or other pleading requesting approval of any such
actions), in either case, after a petition has been filed under Chapter 11 of
the U.S. Bankruptcy Code or a similar provision of state or federal law;

     (l) a Basis Swap related to the Series 2007-1 Notes is terminated, revoked,
withdrawn, rescinded or found by a court of competent jurisdiction to be
unenforceable for any reason other than (i) in connection with the issuance of
additional Series 2007-1 Notes and the replacement of such Basis Swap in
connection therewith; (ii) the payment in full or defeasance of such series of
Notes; or (iii) the replacement of the Basis Swap Counterparty pursuant to the
terms of such Basis Swap;

     (m) a failure by the Depositor to transfer to the Issuing Entity
Receivables arising in connection with Additional Accounts within 15 Business
Days after the date on which the Depositor is required to convey such
Receivables pursuant to Section 2.7(a) of the Trust Sale and Servicing
Agreement; or

     (n) (i) on the first Distribution Date related to the Controlled
Accumulation Period, the amount on deposit in the Accumulation Period Reserve
Account is less than the Accumulation Period Reserve Account Required Amount or
(ii) on any subsequent Distribution Date related to the Controlled Accumulation
Period, the amount on deposit in the Accumulation Period Reserve Account is less
than an amount equal to 0.10% of the Initial Note Principal Balance;

     then, in the case of any event described in the clauses (c) through (n)
above, immediately, and in the case of any event described in clauses (a) or (b)
above, after any applicable grace period, either the Indenture Trustee or the
Holders of at least a majority of the Outstanding Amount of Series 2007-1 Notes
by notice then given in writing to the Depositor and the Servicer (and to the
Indenture Trustee if given by the Series 2007-1 Noteholders) may declare that an
Early Amortization Event with respect to the Series 2007-1 Notes (a "Series
2007-1 Early Amortization Event") has occurred as of the date of such notice,
and, in the case of any event described in clauses (c) through (n) above, a
Series 2007-1 Early Amortization Event, shall occur without any notice or other
action on the part of the Indenture Trustee or the Series 2007-1 Noteholders
immediately upon the occurrence of the event.

     SECTION 6.02. Series 2007-1 Events of Default.

     For the purposes of this Indenture Supplement, "Event of Default" wherever
used herein, means any one of the following events:

                                       39

<PAGE>

     (a) failure to pay any interest on any Note (other than the Class E Note)
as and when the same becomes due and payable, and such default shall continue
unremedied for a period of thirty-five (35) days; or

     (b) except as set forth in Section 6.02(c) below, failure to pay any
instalment of the principal of any Note as and when the same becomes due and
payable, and such default continues unremedied for a period of thirty (30) days
after there shall have been given, by registered or certified mail, written
notice thereof to the Servicer by the Indenture Trustee or to the Servicer and
the Indenture Trustee by the Holders of not less than 25% of the Outstanding
Amount of such Notes, a written notice specifying such default and demanding
that it be remedied and stating that such notice is a "Notice of Default"
hereunder; or

     (c) failure to pay in full the Outstanding Amount attributable to the Notes
on or prior to the Series 2007-1 Legal Maturity Date for such Notes;

     (d) default in the observance or performance in any material respect of any
covenant or agreement of the Issuing Entity made in the Indenture or this
Indenture Supplement in respect of the Notes (other than a covenant or agreement
in respect of the Notes a default in the observance or performance which is
specifically dealt with elsewhere in this Section 6.02), which failure
materially and adversely affects the rights of the Noteholders, and such default
shall continue or not be cured for a period of 30 days after there shall have
been given, by registered or certified mail, to the Issuing Entity and the
Depositor (or the Servicer, as applicable) by the Indenture Trustee or to the
Issuing Entity and the Depositor (or the Servicer, as applicable) and the
Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of
the Notes, a written notice specifying such default and requiring it to be
remedied and stating that such notice is a "Notice of Default" hereunder;

     (e) the filing of an order for relief by a court having jurisdiction in the
premises in respect of the Issuing Entity or any substantial part of the Trust
Estate in an involuntary case under the Bankruptcy Code, and such order shall
have continued undischarged or unstayed for a period of 90 days; or the filing
of a decree or order by a court having jurisdiction in the premises approving as
properly filed a petition seeking reorganization, arrangement, adjustment or
composition of the Issuing Entity under any other Insolvency Law, and such
decree or order shall have continued undischarged or unstayed for a period of 90
days; or the filing of a decree or order of a court having jurisdiction in the
premises appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Issuing Entity or for any substantial
part of the Trust Estate, or ordering the winding-up or liquidation of the
Issuing Entity's affairs, and such decree or order shall have continued
undischarged and unstayed for a period of 90 consecutive days; or

     (f) the commencement by the Issuing Entity of a voluntary case under the
Bankruptcy Code; or the filing of a petition or answer or consent by the Issuing
Entity seeking reorganization, arrangement, adjustment or composition under any
other Insolvency Law, or consent to the filing of any such petition, answer or
consent; or the consent by the Issuing Entity

                                       40

<PAGE>

to the appointment or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuing Entity or
for any substantial part of the Trust Estate, or the making by the Issuing
Entity of an assignment for the benefit of creditors, or the admission in
writing of its inability to pay its debts generally as such debts become due.

     The Issuing Entity shall deliver to the Indenture Trustee within five
Business Days after learning of the occurrence thereof, written notice in the
form of an Officer's Certificate of any event which with the giving of notice
and the lapse of time would become an Event of Default under Section 6.2(d), its
status and what action the Issuing Entity is taking or proposes to take with
respect thereto.

                                   ARTICLE VII
                       REDEMPTION OF SERIES 2007-1 NOTES;
                   SERIES LEGAL MATURITY; FINAL DISTRIBUTIONS

     SECTION 7.01. Optional Redemption of Series 2007-1 Notes.

     (a) On any day occurring on or after the date on which the Note Principal
Balance is reduced to 10% or less of the Initial Note Principal Balance, the
Servicer shall have the option to purchase the Series 2007-1 Noteholders'
Collateral and thereby cause a redemption of the Series 2007-1 Notes, at a
purchase price equal to (i) if such day is a Distribution Date, the Reassignment
Amount for such Distribution Date or (ii) if such day is not a Distribution
Date, the Reassignment Amount for the Distribution Date following such day.

     (b) Upon any such election, the Servicer shall give the Depositor, the
Indenture Trustee, the Issuing Entity and, if applicable, other holders of the
Certificate Interest at least 30 days prior written notice of the date on which
the Servicer intends to exercise such optional redemption as well as the
Reassignment Amount and the Indenture Trustee shall provide notice to Holders of
the Series 2007-1 Notes that it has received such notice from the Servicer. No
later than 11:00 a.m. (New York City time) on such day the Servicer shall
deposit the Reassignment Amount into the Collection Account in immediately
available funds. Such redemption option is subject to payment in full of the
Reassignment Amount. Following such deposit into the Collection Amount in
accordance with the foregoing, the Invested Amount of the Series 2007-1 Notes
shall be deemed reduced to zero and the Series 2007-1 Noteholders shall be
deemed to have no further interest in the Receivables. The Reassignment Amount
shall be distributed as set forth in Section 7.02.

     SECTION 7.02. Series Legal Maturity.

     (a) The amount to be paid by the Depositor with respect to Series 2007-1 in
connection with a reassignment of the Noteholders' Collateral pursuant to
Section 2.5 of the Trust Sale and Servicing Agreement shall be the Reassignment
Amount for the first Distribution Date following the Collection Period in which
the reassignment obligation arises under the Trust Sale and Servicing Agreement.
With respect to the Reassignment Amount deposited into the

                                       41

<PAGE>

Collection Account pursuant to Section 2.5 of the Trust Sale and Servicing
Agreement or pursuant to Section 7.01 of this Indenture Supplement or the
proceeds from any Foreclosure Remedy pursuant to Section 5.4 of the Indenture,
the Indenture Trustee shall, in accordance with the written direction of the
Servicer, no later than 11:00 a.m. (New York City time) on the related
Distribution Date, make deposits or distributions of the following amounts (in
the priority set forth below and, in each case after giving effect to any
deposits and distributions otherwise to be made on such date) in immediately
available funds:

          (i) (A) the Class A Note Principal Balance on such Distribution Date
     shall be distributed to the Indenture Trustee for payment to the Class A
     Noteholders and (B) an amount equal to the sum of (1) the Class A Monthly
     Interest for such Distribution Date and (2) any Class A Monthly Interest
     previously due but not paid to the Class A Noteholders on prior
     Distribution Dates, shall be distributed to the Indenture Trustee for
     payment to the Class A Noteholders on such Distribution Date;

          (ii) (A) the Class B Note Principal Balance on such Distribution Date
     shall be distributed to the Indenture Trustee for payment to the Class B
     Noteholders and (B) an amount equal to the sum of (1) the Class B Monthly
     Interest for such Distribution Date and (2) any Class B Monthly Interest
     previously due but not paid to the Class B Noteholders on prior
     Distribution Dates, shall be distributed to the Indenture Trustee for
     payment to the Class B Noteholders on such Distribution Date;

          (iii) (A) the Class C Note Principal Balance on such Distribution Date
     shall be distributed to the Indenture Trustee for payment to the Class C
     Noteholders and (B) an amount equal to the sum of (1) the Class C Monthly
     Interest for such Distribution Date and (2) any Class C Monthly Interest
     previously due but not paid to the Class C Noteholders on prior
     Distribution Dates, shall be distributed to the Indenture Trustee for
     payment to the Class C Noteholders on such Distribution Date;

          (iv) (A) the Class D Note Principal Balance on such Distribution Date
     shall be distributed to the Indenture Trustee for payment to the Class D
     Noteholders and (B) an amount equal to the sum of (1) the Class D Monthly
     Interest for such Distribution Date and (2) any Class D Monthly Interest
     previously due but not paid to the Class D Noteholders on prior
     Distribution Dates, shall be distributed to the Indenture Trustee for
     payment to the Class D Noteholders on such Distribution Date; and

          (v)  (A) the Class E Note Principal Balance on such Distribution Date
     shall be distributed to the Indenture Trustee for payment to the Class E
     Noteholders and (B) an amount equal to the sum of (1) the Class E Monthly
     Interest for such Distribution Date and (2) any Class E Monthly Interest
     previously due but not paid to the Class E Noteholders on prior
     Distribution Dates, shall be distributed to the Indenture Trustee for
     payment to the Class E Noteholders on such Distribution Date.

                                       42

<PAGE>

     (b) Notwithstanding anything to the contrary in this Indenture Supplement,
the Indenture or the Trust Sale and Servicing Agreement, (i) all amounts
distributed to the Indenture Trustee pursuant to Section 7.02(a) for payment to
the Series 2007-1 Noteholders shall be deemed distributed in full to the Series
2007-1 Noteholders on the date on which such funds are distributed to the
Indenture Trustee pursuant to this Section and shall be deemed to be a final
distribution pursuant to Section 11.2 of the Indenture and (ii) in the event
that the amounts available for final distribution to the Series 2007-1
Noteholders and to the Noteholders of any other Series on any Distribution Date
are less than the full amount required to be so distributed, the available
amounts shall be allocated to each Series based on the respective amounts
required to be distributed to each such Series (including Series 2007-1) on such
Distribution Date.

                                  ARTICLE VIII
                            MISCELLANEOUS PROVISIONS

     SECTION 8.01. Ratification of Agreement.

     As supplemented by this Indenture Supplement, the Indenture is in all
respects ratified and confirmed and the Indenture as so supplemented by this
Indenture Supplement is to be read, taken and construed as one and the same
instrument.

     SECTION 8.02. Form of Delivery of Series 2007-1 Notes.

     The Series 2007-1 Notes shall be delivered as Registered Notes as provided
in Section 2.2 of the Indenture.

     SECTION 8.03. Counterparts.

     This Indenture Supplement may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all
counterparts shall together constitute one and the same instrument.

     SECTION 8.04. Governing Law.

     THIS INDENTURE SUPPLEMENT AND EACH SERIES 2007-1 NOTE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK,
WITHOUT REFERENCE TO THE CONFLICT OF LAW PROVISIONS THEREOF OR OF ANY OTHER
JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK
GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     SECTION 8.05. Effect of Headings and Table of Contents.

     The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.

                                       43

<PAGE>

     IN WITNESS WHEREOF, the Issuing Entity and the Indenture Trustee have
caused this Indenture Supplement to be duly executed by their respective duly
authorized officers, all as of the day and year first above written.

                                        SWIFT MASTER AUTO RECEIVABLES TRUST,
                                        as Issuing Entity

                                        By HSBC Bank USA, National Association,
                                        not in its individual capacity, but
                                        solely as Owner Trustee

                                        By: /s/ Elena Zheng
                                            -----------------------------------
                                        Name: Elena Zheng
                                        Title: Assistant Vice President

                                        THE BANK OF NEW YORK TRUST COMPANY,
                                        N.A., not in its individual capacity,
                                        but solely as Indenture Trustee,
                                        Securities Intermediary

                                        By: /s/ Keith R. Richardson
                                            ------------------------------------
                                        Name: Keith R. Richardson
                                        Title: Vice President

                                       44

<PAGE>

                                                                       EXHIBIT A

                             FORM OF CLASS [_] NOTE

     Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuing Entity
or its agent for registration of transfer, exchange or payment, and any Note
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

     The holder of this Class [_] Note, by its acceptance hereof, and the owner
of a beneficial interest in this Class [_] Note, by its acceptance of such
beneficial interest, covenant and agree that (a) they shall not, prior to the
date which is one year and one day after the termination of the Trust Agreement,
at any time institute against the Issuing Entity or the Depositor, or join in
instituting against the Issuing Entity or the Depositor, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law
or appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Depositor or the Issuing Entity, or any
substantial part of its property, or order the winding up or liquidation of the
affairs of the Depositor or the Issuing Entity, the Indenture, the Indenture
Supplement or any of the other related transaction documents and (b) if the
Depositor becomes a debtor or debtor in possession in a case under any
applicable United States federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect or otherwise subject to any insolvency,
reorganization, liquidation, rehabilitation or other similar proceedings, any
claim that the holders of the Notes of any Series may have at any time against
the Issuing Entity's assets allocated in accordance with the Indenture to any
Series unrelated to such Notes, and any claim that the holders of such Notes
have at any time against the Depositor that they may seek to enforce against
such Issuing Entity's assets allocated to any unrelated Series, shall be
subordinate to the payment in full (including post-petition interest) of the
claims of the holders of any Notes of such unrelated Series and of the holders
of any other notes, bonds, contracts or other obligations relating to such
unrelated Series.

     The holder of this Class [_] Note, by acceptance of this Class [_] Note,
and each holder of a beneficial interest therein, unless otherwise required by
the appropriate taxing authorities, agree to treat the Class [_] Notes as
indebtedness of the Issuing Entity for applicable United States federal, state
and local income and franchise tax purposes, Michigan single business tax and
any other taxes imposed upon, measured by or based upon gross or net income.

                                      A-1-1

<PAGE>

     Any holder of this Class [_] Note, by its acceptance of this Class [_]
Note, shall be deemed to have represented that either (a) it is not acquiring
the Class [_] Note with the plan assets of (i) an employee benefit plan (as
defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
as amended ("ERISA")) that is subject to the provisions of Title I of ERISA,
(ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code of
1986, as amended (the "Code"), (iii) any entity whose underlying assets include
plan assets by reason of an employee benefit plan's or a plan's investment in
such entity or (iv) any other plan that is subject to any law that is
substantially similar to ERISA or Section 4975 of the Code; or (b) the
acquisition and holding of the Class [ ] Note will not give rise to a non-exempt
prohibited transaction under Section 406(a) of ERISA or Section 4975 of the Code
or a violation of any substantially similar applicable law.

                                      A-1-2

<PAGE>

Registered                                                     $_____________(1)
No. R- ____                                               CUSIP No._____________
                                                            ISIN No. ___________
                                                         Common Code ___________

                       SWIFT MASTER AUTO RECEIVABLES TRUST

           SERIES 20007-1 FLOATING RATE ASSET BACKED NOTES, CLASS [_]

     SWIFT Master Auto Receivables Trust (herein referred to as the "Issuing
Entity"), a Delaware statutory trust governed by the Trust Agreement, dated as
of June 20, 2007, for value received, hereby promises to pay to
___________________________, or registered assigns, subject to the following
provisions, the principal sum of _______________________________________________
DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture and the Indenture Supplement (each referred to herein), on the June
2012 Distribution Date (the "Series 2007-1 Legal Maturity Date"), except as
otherwise provided below or in the Indenture or the Indenture Supplement.
Beginning on July 16, 2007 and on each Distribution Date thereafter until the
principal amount of this Class [_] Note is paid in full, the Issuing Entity
shall pay interest on the unpaid principal amount of this Class [_] Note at an
annual rate equal to the Class [_] Note Interest Rate, as determined pursuant to
the Indenture Supplement. Interest on this Class [_] Note shall begin accruing
from June 20, 2007 (the "Closing Date") and shall be payable in arrears on each
Distribution Date, computed on the basis of a 360-day year and the actual number
of days elapsed. The principal of this Class [_] Note shall be paid in the
manner specified on the reverse hereof.

     The principal of and interest on this Class [_] Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts.

     Reference is made to the further provisions of this Class [_] Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Class [_] Note.

     Unless the certificate of authentication hereon has been executed by or on
behalf of the Indenture Trustee, by manual signature, this Class [_] Note shall
not be entitled to any benefit under the Indenture or the Indenture Supplement
referred to on the reverse hereof, or be valid for any purpose.

----------
(1)  Denominations of $[100,000] and integral multiples of $1,000 in excess
     thereof.

                                      A-1-3

<PAGE>

     IN WITNESS WHEREOF, the Issuing Entity has caused this Class [_] Note to be
duly executed.

                                        SWIFT MASTER AUTO RECEIVABLES TRUST,
                                        as Issuing Entity

                                        By HSBC Bank USA, National Association,
                                        not in its individual capacity, but
                                        solely as Owner Trustee

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

     Dated: June 20, 2007

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Class [_] Notes described in the within-mentioned
Indenture.

                                        THE BANK OF NEW YORK, N.A., not in its
                                        individual capacity, but solely as
                                        Indenture Trustee

                                        By
                                           -------------------------------------
                                           Authorized Officer

                                      A-1-4

<PAGE>

                       SWIFT MASTER AUTO RECEIVABLES TRUST
            SERIES 2007-1 FLOATING RATE ASSET BACKED NOTES, CLASS [_]

                         Summary of Terms and Conditions

     This Class [_] Note is one of a duly authorized issue of Notes of the
Issuing Entity, designated as the Series 2007-1 Floating Rate Asset Backed Notes
(the "Notes"), issued under the Indenture, dated as of June 20, 2007 (the
"Indenture"), between the Issuing Entity and The Bank of New York Trust Company,
N.A., as indenture trustee (the "Indenture Trustee"), as supplemented by the
Series 2007-1 Indenture Supplement, dated as of [__________, 20__] (the
"Indenture Supplement" and, together with the Indenture, the "Series
Agreement"), and representing the right to receive certain payments from the
Issuing Entity. The Notes are subject to all of the terms of the Series
Agreement. All terms used in this Class [_] Note that are defined in the Series
Agreement have the meanings assigned to them in or pursuant to the Series
Agreement. In the event of any conflict or inconsistency between the Series
Agreement and this Class [_] Note, the Series Agreement controls.

     The [Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes
and the Class E Note] with and initial aggregate principal amount of
$[______________], $[______________], $[______________], $[______________], and
$[______________], shall also be issued under the Series Agreement. [The rights
of the holders of the [Class A Note, Class B Notes, Class C Notes, and Class D
Notes] to receive payments on the Class [_] Notes are senior to the rights of
the holders of the Class [_] Notes to receive payments as specified in the
Series Agreement.] [The rights of the holders of the [Class B Notes, Class C
Notes, Class D Notes, and Class E Note] to receive payments on the Class [_]
Notes are subordinate to the rights of the holders of the Class [_] Notes to
receive payments as specified in the Series Agreement.]

     The Noteholder, by its acceptance of this Class [_] Note, agrees that it
shall look solely to the property of the Issuing Entity allocated to the payment
of the Notes for payment hereunder and under the Series Agreement and that the
Indenture Trustee is not liable to the Noteholders for any amount payable under
the Notes or the Series Agreement or, except as expressly provided in the Series
Agreement, subject to any liability under the Series Agreement.

     This Class [_] Note does not purport to summarize the Series Agreement and
reference is made to the Series Agreement for the interests, rights and
limitations of rights, benefits, obligations and duties evidenced thereby, and
the rights, duties and immunities of the Indenture Trustee.

     The Class [_] Note Initial Principal Balance is $[______________]. The
Class [_] Note Principal Balance on any date of determination shall be an amount
equal to (a)

                                      A-1-5

<PAGE>

the Class [_] Note Initial Principal Balance, minus (b) the aggregate amount of
principal payments made to the Class [_] Noteholders on or before such date.

     The Series 2007-1 Expected Maturity Date is the [__________] Distribution
Date, but principal with respect to the Class [_] Notes may be paid earlier or
later under certain circumstances described in the Series Agreement. If for one
or more months during the Controlled Accumulation Period there are not
sufficient funds to deposit the Controlled Deposit Amount into the Note
Distribution Account, then to the extent that excess funds are not available on
subsequent Distribution Dates with respect to the Controlled Accumulation Period
to make up for such shortfalls, the final payment of principal of the Notes
shall occur later than the Series 2007-1 Expected Maturity Date. Payments of
principal of the Notes shall be payable in accordance with the provisions of the
Series Agreement.

     Subject to the terms and conditions of the Series Agreement, the Depositor
may, from time to time, direct the Owner Trustee, on behalf of the Issuing
Entity, to issue one or more new Series of notes.

     On each Distribution Date, the Indenture Trustee shall distribute to each
Class [_] Noteholder of record on the related Record Date (except for the final
distribution in respect of this Class [_] Note) such Class [_] Noteholder's pro
rata share of the amounts held by the Indenture Trustee that are allocated and
available on such Distribution Date to pay interest and principal on the Class
[_] Notes pursuant to the Indenture Supplement. Except as provided in the Series
Agreement with respect to a final distribution, distributions to the Noteholders
shall be made by (a) check mailed to each Noteholder (at such Noteholder's
address as it appears in the Note Register), except that with respect to any
Notes registered in the name of the nominee of a Clearing Agency, such
distribution shall be made in immediately available funds and (b) without
presentation or surrender of any Note or the making of any notation thereon.
Final payment of this Class [_] Note shall be made only upon presentation and
surrender of this Class [_] Note at the office or agency specified in the notice
of final distribution delivered by the Indenture Trustee to the Noteholders in
accordance with the Series Agreement.

     On any day occurring on or after the date on which the outstanding
principal balance of the Notes is reduced to 10% or less of the Initial Note
Principal Balance, the Servicer shall have the option to redeem the Notes, at a
purchase price equal to (a) if such day is a Distribution Date, the Reassignment
Amount for such Distribution Date or (b) if such day is not a Distribution Date,
the Reassignment Amount for the Distribution Date following such day.

     This Class [_] Note does not represent an obligation of, or an interest in,
the Depositor, GMAC LLC or any Affiliate of any of them and is not insured or
guaranteed by any governmental agency or instrumentality.

                                      A-1-6

<PAGE>

     Each Noteholder, by accepting a Note, hereby covenants and agrees that it
shall not at any time institute against the Issuing Entity or the Depositor, or
join in instituting against the Issuing Entity or the Depositor, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law.

     The Issuing Entity is permitted by the Indenture, under certain
circumstances, to merge or consolidate subject to the rights of the Indenture
Trustee and the Noteholders.

     Except as otherwise provided in the Indenture Supplement, the Class [_]
Notes are issuable only in minimum denominations of $[100,000] and integral
multiples of $1,000. The transfer of this Class [_] Note shall be registered in
the Note Register upon surrender of this Class [_] Note for registration of
transfer at any office or agency maintained by the Transfer Agent and Registrar
accompanied by a written instrument of transfer, in a form satisfactory to the
Indenture Trustee or the Transfer Agent and Registrar, duly executed by the
Class [_] Noteholder or such Class [_] Noteholder's attorney, and duly
authorized in writing with such signature guaranteed, and thereupon one or more
new Class [_] Notes in any authorized denominations of like aggregate principal
amount shall be issued to the designated transferee or transferees.

     As provided in the Series Agreement and subject to certain limitations
therein set forth, Class [_] Notes are exchangeable for new Class [_] Notes in
any authorized denominations and of like aggregate principal amount, upon
surrender of such Notes to be exchanged at the office or agency of the Transfer
Agent and Registrar. No service charge may be imposed for any such exchange but
the Issuing Entity or Transfer Agent and Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith.

     The Issuing Entity, the Depositor, the Indenture Trustee and any agent of
the Issuing Entity, the Depositor or the Indenture Trustee shall treat the
person in whose name this Class [_] Note is registered as the owner hereof for
all purposes, and none of the Issuing Entity, the Depositor, the Indenture
Trustee or any agent of the Issuing Entity, the Depositor or the Indenture
Trustee shall be affected by notice to the contrary.

     This Class [_] Note is to be construed in accordance with the laws of the
State of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder are to be determined
in accordance with such laws.

                                      A-1-7

<PAGE>

                                   ASSIGNMENT

Social Security or other identifying number of assignee________________________

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto

                        _________________________________

                        _________________________________

                        _________________________________

                        _________________________________
                         (name and address of assignee)

the within note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________________________________,
attorney, to transfer said note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:                                                                       (2)
       ------------------               -------------------------------------
                                        Signature Guaranteed:

                                        ----------------------------------------

----------
(2)  NOTE: The signature to this assignment must correspond with the name of the
     registered owner as it appears on the face of the within Note in every
     particular, without alteration, enlargement or any change whatsoever.

                                     A-1-8

<PAGE>

                                                                       EXHIBIT B

                          FORM OF MONTHLY STATEMENT(1)

                                   ----------

                       SWIFT MASTER AUTO RECEIVABLES TRUST
                 SERIES 2007-1 FLOATING RATE ASSET BACKED NOTES

                                   ----------

                                 [See Attached.]

----------
(1)  Under review by GMAC.

                                       B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]