Document:

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                                                                     EXHIBIT 4.2

                         POOLING AND SERVICING AGREEMENT

                                     BETWEEN

                                    GMAC LLC

                               SELLER AND SERVICER

                                       AND

                         WHOLESALE AUTO RECEIVABLES LLC

                                    PURCHASER

                          DATED AS OF __________, 20__

                       SWIFT MASTER AUTO RECEIVABLES TRUST

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                                TABLE OF CONTENTS

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                                                                            PAGE
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<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
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                                        i

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<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
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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

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          THIS POOLING AND SERVICING AGREEMENT is made as of _______, 20__,
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.

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                                   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

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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 $[_____] (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:

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               (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 Randomly Selected Account, the Seller shall not transfer
Receivables with respect to such Randomly 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

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Agreement to the contrary, in the 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 Randomly 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
Randomly 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 Randomly 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
Randomly Selected Account pursuant to such Section 2.9, the Seller shall not
transfer Receivables with respect to such deemed Randomly 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

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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.

     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. 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:

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               (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-

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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 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, Randomly 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:
                                            ------------------------------------
                                        Name: [                                ]
                                               --------------------------------
                                        Title: [                               ]
                                                -------------------------------

                                        WHOLESALE AUTO RECEIVABLES LLC,
                                        Purchaser

                                        By:
                                            ------------------------------------
                                        Name: [                                ]
                                               --------------------------------
                                        Title: [                               ]
                                                -------------------------------

<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 _______, 20__, for value received, in accordance with the
Pooling and Servicing Agreement, dated as of _______, 20__ (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: [GMAC signatory]
                                        Title: [                               ]
                                                -------------------------------

                                       -2-

<PAGE>

                                                                       EXHIBIT C

                    FORM OF ASSIGNMENT FOR EACH ADDITION DATE

          As of ___________, 200__, for value received, in accordance with the
Pooling and Servicing Agreement, dated as of ___________, 200__ (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 and Wholesale Auto Receivables LLC
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 GMAC LLC to Wholesale Auto Receivables LLC, 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
Wholesale Auto Receivables LLC, which security interest is prior to all other
Liens, and is enforceable as such against creditors and purchasers from GMAC
LLC.

     2. All steps necessary to perfect GMAC LLC'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. GMAC LLC 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. GMAC LLC has received all consents and approvals
required by the terms of the Trust Assets as to the sale of the Trust Assets
hereunder to Wholesale Auto Receivables LLC.

     5. GMAC LLC 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 Wholesale Auto Receivables LLC
hereunder.

     6. GMAC LLC, as 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 GMAC LLC in favor of
Wholesale Auto Receivables LLC 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 Wholesale Auto Receivables
LLC pursuant to the Basic Documents or as contemplated by Section 6.03 of this
Agreement, GMAC LLC 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 Wholesale Auto
Receivables LLC, 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. GMAC LLC is not aware of any judgment or tax lien filings
against GMAC LLC.

<PAGE>

     8. The representations, warranties and certifications contained in
paragraphs 1-7 above shall survive the sales, transfers and assignments to
Wholesale Auto Receivables LLC. No failure or delay on the part of Wholesale
Auto Receivables LLC 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 4.3

                                 TRUST AGREEMENT

                                     BETWEEN

                         WHOLESALE AUTO RECEIVABLES LLC
                                    DEPOSITOR

                                       AND

                       HSBC BANK USA, NATIONAL ASSOCIATION
                                  OWNER TRUSTEE

                         DATED AS OF ____________, 20___

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE ....................     1
   SECTION 1.1  Definitions .............................................     1

ARTICLE II ORGANIZATION .................................................     1
   SECTION 2.1  Name ....................................................     1
   SECTION 2.2  Office ..................................................     1
   SECTION 2.3  Purposes and Powers .....................................     1
   SECTION 2.4  Appointment of Owner Trustee ............................     2
   SECTION 2.5  Initial Capital Contribution of Owner Trust Estate ......     2
   SECTION 2.6  Declaration of Trust ....................................     2
   SECTION 2.7  Liability of the Certificateholder ......................     3
   SECTION 2.8  Title to Trust Property .................................     3
   SECTION 2.9  Situs of Trust ..........................................     3
   SECTION 2.10 Representations and Warranties of the Depositor .........     3
   SECTION 2.11 Tax Treatment ...........................................     4

ARTICLE III THE CERTIFICATE .............................................     4
   SECTION 3.1  [Intentionally Omitted] .................................     4
   SECTION 3.2  Form of the Certificate .................................     4
   SECTION 3.3  Execution, Authentication and Delivery ..................     5
   SECTION 3.4  Registration; Registration of Transfer and Exchange
                   of the Certificate ...................................     5
   SECTION 3.5  Mutilated, Destroyed, Lost or Stolen Certificate ........     7
   SECTION 3.6  Persons Deemed Certificateholder ........................     8
   SECTION 3.7  Access to List of Certificateholder's Name and Address ..     8
   SECTION 3.8  Maintenance of Corporate Trust Office ...................     8
   SECTION 3.9  Appointment of Paying Agent .............................     8
   SECTION 3.10 Certificate Issued to Depositor .........................     9
   SECTION 3.11 Depositor as Certificateholder ..........................     9

ARTICLE IV ACTIONS BY OWNER TRUSTEE .....................................     9
   SECTION 4.1  Prior Notice to Certificateholder with Respect to
                   Certain Matters ......................................     9
   SECTION 4.2  Action by Certificateholder with Respect to Certain
                   Matters ..............................................    10
   SECTION 4.3  Action by Certificateholder with Respect to Bankruptcy ..    10
   SECTION 4.4  Restrictions on Certificateholder's Power ...............    10
   SECTION 4.5  Majority Control ........................................    10

ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES ....................    11
   SECTION 5.1  Establishment of Certificate Distribution Account .......    11
   SECTION 5.2  Application of Trust Funds ..............................    11
   SECTION 5.3  Method of Payment .......................................    12
</TABLE>

                                        i

<PAGE>

<TABLE>
<S>                                                                         <C>
   SECTION 5.4  Accounting and Reports to the Certificateholder, the
                   Internal Revenue Service and Others ..................    13
   SECTION 5.5  Signature on Returns; Tax Matters Partner ...............    13

ARTICLE VI THE OWNER TRUSTEE ............................................    13
   SECTION 6.1  Duties of Owner Trustee .................................    13
   SECTION 6.2  Rights of Owner Trustee .................................    14
   SECTION 6.3  Acceptance of Trusts and Duties .........................    14
   SECTION 6.4  Action upon Instruction by the Certificateholder ........    16
   SECTION 6.5  Furnishing of Documents .................................    17
   SECTION 6.6  Representations and Warranties of Owner Trustee .........    17
   SECTION 6.7  Reliance; Advice of Counsel .............................    18
   SECTION 6.8  Owner Trustee May Own Certificate and Notes .............    18
   SECTION 6.9  Compensation and Indemnity ..............................    18
   SECTION 6.10 Replacement of Owner Trustee ............................    19
   SECTION 6.11 Merger or Consolidation of Owner Trustee ................    20
   SECTION 6.12 Appointment of Co-Trustee or Separate Trustee ...........    20
   SECTION 6.13 Eligibility Requirements for Owner Trustee ..............    21

ARTICLE VII TERMINATION OF TRUST AGREEMENT ..............................    21
   SECTION 7.1  Termination of Trust Agreement ..........................    21

ARTICLE VIII AMENDMENTS .................................................    23
   SECTION 8.1  Amendments Without Consent of Securityholders ...........    23
   SECTION 8.2  Amendments With Consent of the Certificateholder and
                   Noteholders ..........................................    24
   SECTION 8.3  [Reserved] ..............................................    24
   SECTION 8.4  Form of Amendments ......................................    25

ARTICLE IX MISCELLANEOUS ................................................    25
   SECTION 9.1  No Legal Title to Owner Trust Estate ....................    25
   SECTION 9.2  Limitations on Rights of Others .........................    25
   SECTION 9.3  Derivative Actions ......................................    25
   SECTION 9.4  Notices .................................................    25
   SECTION 9.5  Severability of Provisions ..............................    26
   SECTION 9.6  Counterparts ............................................    26
   SECTION 9.7  Successors and Assigns ..................................    26
   SECTION 9.8  No Petition Covenants ...................................    26
   SECTION 9.9  No Recourse .............................................    26
   SECTION 9.10 Headings ................................................    27
   SECTION 9.11 Governing Law ...........................................    27
   SECTION 9.12 [Reserved] ..............................................    27
   SECTION 9.13 Indemnification by and Reimbursement of the Servicer ....    27

ARTICLE X COMPLIANCE WITH REGULATION AB .................................    28
   SECTION 10.1 Intent of the Parties; Reasonableness ...................    28
   SECTION 10.2 Information to be Provided by the Owner Trustee .........    28
</TABLE>

                                       ii

<PAGE>

                                    EXHIBITS

Exhibit A   Form of Certificate of Trust
Exhibit B   Form of Certificate
Exhibit C   Form of Undertaking Letter

                                       iii
<PAGE>

     THIS TRUST AGREEMENT, dated as of _____________, 20__, between WHOLESALE
AUTO RECEIVABLES LLC, a Delaware limited liability company, as Depositor, and
HSBC BANK USA, NATIONAL ASSOCIATION, as Owner Trustee.

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

                                    ARTICLE I
                   DEFINITIONS AND INCORPORATION BY REFERENCE

     SECTION 1.1 Definitions. Certain capitalized terms used in this Agreement
shall have the respective meanings assigned to them in Part I of Appendix A to
the Trust Sale and Servicing Agreement of even date herewith, among the
Depositor, the Servicer and the Trust (the "Trust Sale and Servicing
Agreement"). All references herein to "the Agreement" or "this Agreement" are to
the Trust Agreement as it may be amended and supplemented from time to time, and
all references herein to Articles, Sections and subsections are to Articles,
Sections and subsections of this Agreement unless otherwise specified. The rules
of construction set forth in Part II of such Appendix shall be applicable to
this Agreement.

                                   ARTICLE II
                                  ORGANIZATION

     SECTION 2.1 Name. The Trust created hereby shall be known as "SWIFT Master
Auto Receivables Trust" in which name the Owner Trustee may conduct the business
of the Trust, make and execute contracts and other instruments on behalf of the
Trust and sue and be sued on behalf of the Trust.

     SECTION 2.2 Office. The office of the Trust shall be in care of the Owner
Trustee at the Corporate Trust Office or at such other address in Delaware as
the Owner Trustee may designate by written notice to the Certificate Owners and
the Depositor.

     SECTION 2.3 Purposes and Powers

     (a) The purpose of the Trust is, and the Trust shall have the power and
authority, to engage in the following activities:

          (i) to acquire, manage and hold the Receivables and Other Assets to be
     transferred to the Trust from time to time pursuant to the Trust Sale and
     Servicing Agreement;

          (ii) to issue and sell the Notes pursuant to the Indenture and the
     related Indenture Supplement or pursuant to another indenture, note
     purchase agreement or similar agreement and the Certificate pursuant to
     this Agreement, and to sell, transfer or exchange the Notes and the
     Certificate;

          (iii) to acquire property and assets from the Depositor pursuant to
     the Trust Sale and Servicing Agreement, to make payments or distributions
     on the Securities, to
<PAGE>

     make withdrawals from the accounts established pursuant to the Basic
     Documents and to pay the organizational, start-up and transactional
     expenses of the Trust;

          (iv) to establish, acquire, hold and terminate liquidity, credit and
     other enhancement arrangements, including any Series Enhancement Agreement
     existing from time to time, and perform its obligations thereunder;

          (v) to assign, grant, transfer, pledge, mortgage and convey the Trust
     Estate pursuant to the terms of the Indenture and to hold, manage and
     distribute to the Certificateholder pursuant to the terms of this
     Agreement, the Trust Sale and Servicing Agreement, the Indenture
     Supplements and any portion of the Trust Estate released from the lien of,
     and remitted to the Trust pursuant to, the Indenture;

          (vi) to enter into and perform its obligations and exercise its rights
     under the Basic Documents to which it is to be a party;

          (vii) to engage in those activities, including entering into
     agreements, that are necessary, suitable or convenient to accomplish the
     foregoing or are incidental thereto or connected therewith; and

          (viii) subject to compliance with the Basic Documents, to engage in
     such other activities as may be required in connection with conservation of
     the Owner Trust Estate and the making of distributions to the
     Securityholders.

The Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this Agreement
or the other Basic Documents.

     SECTION 2.4 Appointment of Owner Trustee. The Depositor hereby appoints the
Owner Trustee as trustee of the Trust to have all the rights, powers and duties
set forth herein.

     SECTION 2.5 Initial Capital Contribution of Owner Trust Estate. The
Depositor sold, assigned, transferred, conveyed and set over to the Owner
Trustee, as of ________, 20__, the sum of $1. The Owner Trustee hereby
acknowledges receipt in trust from the Depositor, as of such date, of the
foregoing contribution, which shall constitute the initial Owner Trust Estate
and shall be deposited in the Certificate Distribution Account. The Depositor
shall pay organizational expenses of the Trust as they may arise or shall, upon
the request of the Owner Trustee, promptly reimburse the Owner Trustee for any
such expenses paid by the Owner Trustee.

     SECTION 2.6 Declaration of Trust. The Owner Trustee hereby declares that it
shall hold the Owner Trust Estate in trust upon and subject to the conditions
and obligations set forth herein, in the Trust Sale and Servicing Agreement and
in the Indenture for the use and benefit of the Certificateholder, subject to
the obligations of the Trust under the Basic Documents. It is the intention of
the parties hereto that the Trust constitute a statutory trust under the
Statutory Trust Statute, that this Agreement constitute the governing instrument
of such statutory trust and that the Certificate represent the equity interests
therein. The rights of the Certificateholder shall be determined as set forth
herein and in the Statutory Trust Statute and the relationship between the
parties created by this Agreement shall not constitute indebtedness. Effective
as of the date hereof, the Owner Trustee shall have all rights, powers and
duties set forth in this Agreement, the

                                       2

<PAGE>

Trust Sale and Servicing Agreement, the Indenture and the Statutory Trust
Statute with respect to accomplishing the purposes of the Trust. The Owner
Trustee has filed the certificate required under Section 3810 et seq. of the
Statutory Trust Statute in connection with the formation of the Trust as a
statutory trust under the Statutory Trust Statute.

     SECTION 2.7 Liability of the Certificateholder. The Certificateholder and
holders of beneficial interests in the Certificate shall be entitled to the same
limitation of personal liability extended to stockholders of private
corporations for profit organized under the General Corporation Law of the State
of Delaware.

     SECTION 2.8 Title to Trust Property. Legal title to all the Owner Trust
Estate shall be vested at all times in the Trust as a separate legal entity
except where applicable law in any jurisdiction requires title to any part of
the Owner Trust Estate to be vested in a trustee or trustees, in which case
title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a
separate trustee, as the case may be.

     SECTION 2.9 Situs of Trust. The Trust shall be located and administered in
the State of Delaware. All bank accounts maintained by the Owner Trustee on
behalf of the Trust shall be located in the State of Delaware or the State of
New York. The Trust shall not have any employees in any state other than
Delaware; provided, however, that nothing herein shall restrict or prohibit the
Owner Trustee from having employees within or without the State of Delaware.
Payments shall be received by the Trust only in Delaware or New York, payments
and distributions shall be made by the Trust only from Delaware or New York. The
only office of the Trust shall be the Corporate Trust Office in Delaware.

     SECTION 2.10 Representations and Warranties of the Depositor. The Depositor
hereby represents and warrants to the Owner Trustee that:

     (a) The Depositor has been duly organized and is validly existing as an
entity in good standing under the laws of the State of Delaware, with power and
authority to own its properties and to conduct its business as such properties
are presently owned and such business is presently conducted, and had at all
relevant times, and now has, power, authority and legal right to acquire and own
the Receivables contemplated to be transferred to the Trust pursuant to the
Trust Sale and Servicing Agreement.

     (b) The Depositor is duly qualified to do business and, where necessary is
in good standing (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 qualifications,
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
the Basic Documents to which it is a party.

     (c) The Depositor 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 Depositor by all necessary corporate action.

                                       3

<PAGE>

     (d) The execution of this Agreement and the consummation of the
transactions contemplated herein by the Depositor and the fulfillment of the
terms of this Agreement by the Depositor 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 the
limited liability company agreement of the Depositor, or any indenture,
agreement, mortgage, deed of trust or other instrument to which the Depositor is
a party or by which it is bound, or result in the creation or imposition of any
Lien upon any of its properties pursuant to the terms of any such indenture,
agreement, mortgage, deed of trust or other instrument (other than pursuant to
the Basic Documents), or violate any law or, to the best of the Depositor's
knowledge, any order, rule or regulation applicable to the Depositor of any
Governmental Authority having jurisdiction over the Depositor or any of its
properties.

     SECTION 2.11 Tax Treatment. The Depositor and the Owner Trustee, by
entering into this Agreement, and the Certificateholder, by acquiring the
Certificate, (i) express their intention that the Certificate will qualify as an
equity interest in either (A) if the Trust is beneficially-owned solely by a
single Person, a division of such single Person, disregarded as a separate
entity for federal income tax purposes, or (B) a partnership for applicable
income tax purposes and (ii) unless otherwise required by the appropriate taxing
authorities, agree to treat the Certificate as an equity interest in an entity
as described in clause (i) of this Section 2.11 for the purposes of federal
income taxes, state and local income and franchise taxes, Michigan single
business tax, and any other taxes imposed upon, measured by, or based upon gross
or net income. The parties agree that, unless otherwise required by appropriate
tax authorities, the Trust shall file or cause to be filed annual or other
necessary returns, reports and other forms consistent with such characterization
of the Trust for such tax purposes. As long as the Depositor is the sole owner
of the Certificate, the Depositor and Owner Trustee agree that Section 5.5 of
this Agreement will not be applicable.

                                   ARTICLE III
                                 THE CERTIFICATE

     SECTION 3.1 [Intentionally Omitted]

     SECTION 3.2 Form of the Certificate

     (a) The Certificate shall represent the entire beneficial interest in the
Trust. The Certificate shall be executed on behalf of the Trust by manual or
facsimile signature of a Responsible Officer of the Owner Trustee. Provided the
Certificate bears the manual or facsimile signatures of individuals who were, at
the time when such signatures shall have been affixed, authorized to sign on
behalf of the Trust, the Certificate shall be a duly issued, fully paid and
non-assessable beneficial interest in the Trust, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of the Certificate or did not hold such offices at
the date of authentication and delivery of the Certificate.

     (b) The Definitive Certificates, if and when issued in accordance with the
terms applicable to the relevant class of Certificates, shall be typewritten,
printed, lithographed or engraved or produced by any combination of these
methods (with or without steel engraved

                                       4

<PAGE>

borders) all as determined by the officers executing such Certificates, as
evidenced by their execution of such Certificates.

     (c) The Certificate shall be issued in fully-registered form and will be
substantially in the form set forth in Exhibit B. The terms of the Certificate
as set forth in Exhibit B shall form part of this Agreement.

     SECTION 3.3 Execution, Authentication and Delivery

     (a) On the Initial Closing Date, concurrently with the initial sale,
transfer and assignment of Receivables to the Trust pursuant to the Trust Sale
and Servicing Agreement, the Owner Trustee shall cause a Certificate
representing the entire beneficial interest in the Trust to be executed on
behalf of the Trust, authenticated and delivered to or upon the written order of
the Depositor, signed by its chairman of the board, its president or any vice
president, without further corporate action by the Depositor.

     (b) The Certificate shall neither entitle its holder to any benefit under
this Agreement, nor be valid for any purpose, unless there shall appear on such
Certificate a certificate of authentication substantially in the form set forth
in Exhibit B, executed by the Owner Trustee or the Owner Trustee's
authenticating agent, by manual signature. Such authentication shall constitute
conclusive evidence that the Certificate shall have been duly authenticated and
delivered hereunder. The Certificate shall be dated the date of its
authentication. [Authenticating Agent] is hereby appointed as the Owner
Trustee's authenticating agent.

     SECTION 3.4 Registration; Registration of Transfer and Exchange of the
Certificate

     (a) The Certificate Registrar shall keep or cause to be kept, at the office
or agency maintained pursuant to Section 3.8, a Certificate Register in which,
subject to such reasonable regulations as it may prescribe, the Owner Trustee
shall provide for the registration of the Certificate and of transfers and
exchanges of the Certificate as provided herein. [Certificate Registrar] shall
be the initial Certificate Registrar. Upon any resignation of a Certificate
Registrar, the Owner Trustee shall promptly appoint a successor or, if it elects
not to make such an appointment, assume the duties of Certificate Registrar.

     (b) Upon surrender for registration of transfer of the Certificate at the
office or agency maintained pursuant to Section 3.8, the Owner Trustee shall
execute on behalf of the Trust, authenticate and deliver (or shall cause
[Authenticating Agent], as its authenticating agent to authenticate and
deliver), in the name of the designated transferee, the new Certificate dated
the date of authentication by the Owner Trustee or any authenticating agent.

     (c) At the option of a Holder, the Certificate may be exchanged for another
Certificate of a like aggregate percentage interest upon surrender of the
Certificate to be exchanged at the Corporate Trust Office maintained pursuant to
Section 3.8. Whenever any Certificate is so surrendered for exchange, the Owner
Trustee shall execute on behalf of the Trust, authenticate and deliver (or shall
cause [Authenticating Agent], as its authenticating agent to authenticate and
deliver) one Certificate dated the date of authentication by the Owner Trustee
or any authenticating agent. Such Certificate shall be delivered to the Holder
making the exchange.

                                       5

<PAGE>

     (d) If presented or surrendered for registration of transfer or exchange,
the Certificate shall be accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by
the Holder or his attorney duly authorized in writing and such other documents
and instruments as may be required by this Section 3.4. If surrendered for
registration of transfer or exchange, the Certificate shall be canceled and
subsequently destroyed by the Owner Trustee or Certificate Registrar in
accordance with its customary practice. The Owner Trustee shall certify to the
Depositor that the surrendered Certificate has been duly canceled and retained
or destroyed, as the case may be.

     (e) No service charge shall be made for any registration of transfer or
exchange of the Certificate, but the Owner Trustee or the Certificate Registrar
may require payment of a sum sufficient to cover any tax or governmental charge
that may be imposed in connection with any transfer or exchange of the
Certificate.

     (f) The Certificate (or interests therein) may not be acquired by or for
the account of a Benefit Plan. By accepting and holding a Certificate (or
interest therein), the Holder thereof and any related Certificate Owner shall
each be deemed to have represented and warranted that it is not, nor is it
acquiring the Certificate 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, without limitation, foreign or
governmental plans) if such acquisition would result in a non-exempt prohibited
transaction under, or a violation of, any applicable law that is substantially
similar to ERISA or Section 4975 of the Code. If requested to do so by the
Depositor pursuant to Section 3.4(b), the Certificateholder shall execute and
deliver to the Owner Trustee an Undertaking Letter in the form set forth on
Exhibit C to this Trust Agreement.

     (g) The Certificate will not be registered under the Securities Act or the
securities or blue sky laws of any other jurisdiction. Consequently, the
Certificate is 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
Certificate (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 Certificate is 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 Owner
Trustee shall require that both the prospective transferor and the prospective
transferee certify to the Owner Trustee and the Depositor in writing the facts
surrounding such transfer, which certification shall be in form and substance
satisfactory to the Owner Trustee and the Depositor, and (B) the Owner Trustee
shall require a written opinion of counsel (which will not be at the expense of
the Depositor or the Owner Trustee) satisfactory to the Depositor and the Owner
Trustee to the effect that such transfer will not violate the Securities Act.
Neither the Depositor nor the Owner Trustee shall be obligated to register the
Certificate under the Securities Act, qualify the Certificate under the
securities laws of any state or provide registration rights to any purchaser or
holder thereof.

                                       6

<PAGE>

     (h) No sale, pledge or other transfer of the Certificate (or interest
therein) may be made by any Person unless the Certificateholder provides to the
Owner Trustee, the Indenture Trustee and the Depositor an opinion of independent
counsel reasonably acceptable to the Depositor that such action will not cause
the Trust to be treated as an association (or publicly traded partnership)
taxable as a corporation for federal income tax purposes, and such transferee or
assignee agrees to take positions for tax purposes consistent with the tax
positions agreed to be taken by the Certificateholder. In addition, the
Certificate may not be subdivided upon transfer or exchange and any attempted
transfer (or subdivision) of a Certificate in contravention of this restriction
shall be void ab initio and the purported transferor shall continue to be
treated as the owner of the Certificate for all purposes.

     (i) Each Certificate shall bear a legend to the effect set forth in
subsections (f), (g) and (h) above.

     (j) The Depositor shall be responsible for determining compliance with the
restrictions set forth in this Section 3.4.

     SECTION 3.5 Mutilated, Destroyed, Lost or Stolen Certificate

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

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

     (c) In connection with the issuance of any replacement Certificate under
this Section 3.5, the Owner Trustee may require the payment by the Holder of
such Certificate of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto

                                       7

<PAGE>

and any other reasonable expenses (including the fees and expenses of the Owner
Trustee and the Certificate Registrar) connected therewith.

     (d) Any duplicate Certificate issued pursuant to this Section 3.5 in
replacement of any mutilated, destroyed, lost or stolen Certificate shall
constitute an original additional beneficial interest in the Trust, whether or
not the mutilated, destroyed, lost or stolen Certificate shall be found at any
time or be enforced by anyone, and shall be entitled to all the benefits of this
Agreement equally and proportionately with any Certificate duly issued
hereunder.

     (e) The provisions of this Section 3.5 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
or payment of a mutilated, destroyed, lost or stolen Certificate.

     SECTION 3.6 Persons Deemed Certificateholder. Prior to due presentation of
a Certificate for registration of transfer, the Owner Trustee or the Certificate
Registrar may treat the Person in whose name a Certificate shall be registered
in the Certificate Register as the Certificateholder of such Certificate for the
purpose of receiving distributions pursuant to Article V and for all other
purposes whatsoever, and neither the Owner Trustee nor the Certificate Registrar
shall be affected by any notice to the contrary.

     SECTION 3.7 Access to List of Certificateholder's Name and Address. The
Owner Trustee shall furnish or cause to be furnished to the Servicer and the
Depositor, within 15 days after receipt by the Owner Trustee of a request
therefor from the Servicer or the Depositor in writing, a list, in such form as
the Servicer or the Depositor may reasonably require, of the name and address of
the Certificateholder as of the most recent Record Date. Each Holder, by
receiving and holding a Certificate, shall be deemed to have agreed not to hold
any of the Servicer, the Depositor or the Owner Trustee accountable by reason of
the disclosure of its name and address, regardless of the source from which such
information was derived.

     SECTION 3.8 Maintenance of Corporate Trust Office. The Owner Trustee shall
maintain in the City of New York an office or offices or agency or agencies
where the Certificate may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Owner Trustee in respect
of the Certificate and the Basic Documents may be served. The Owner Trustee
initially designates the offices of HSBC Bank USA, National Association, at 2
Hanson Place, 14th Floor, Brooklyn, New York, 11217, as its principal office for
such purposes. The Owner Trustee shall give prompt written notice to the
Depositor and to the Certificateholder of any change in the location of the
Certificate Register or any such office or agency.

     SECTION 3.9 Appointment of Paying Agent. The Paying Agent shall make
distributions to Certificateholder from the Certificate Distribution Account
pursuant to Section 5.2 and shall report the amounts of such distributions to
the Owner Trustee and the Servicer; provided that no such reports shall be
required so long as the Depositor is the sole Certificateholder. Any Paying
Agent shall have the revocable power to withdraw funds from the Certificate
Distribution Account for the purpose of making the distributions referred to
above. The Owner Trustee may revoke such power and remove the Paying Agent if
the Owner Trustee determines in its sole discretion that the Paying Agent shall
have failed to perform its obligations under this Agreement

                                       8

<PAGE>

in any material respect. The Paying Agent shall initially be the Owner Trustee.
If the Owner Trustee shall no longer be the Paying Agent, the Paying Agent shall
be permitted to resign as Paying Agent upon 30 days' written notice to the Owner
Trustee, and the Owner Trustee shall appoint a successor to act as Paying Agent
(which shall be a bank or trust company). The Owner Trustee shall cause such
successor Paying Agent or any additional Paying Agent appointed by the Owner
Trustee to execute and deliver to the Owner Trustee an instrument in which such
successor Paying Agent or additional Paying Agent shall agree with the Owner
Trustee that as Paying Agent, such successor Paying Agent or additional Paying
Agent shall hold all sums, if any, held by it for distribution to the
Certificateholder in trust for the benefit of the Certificateholder entitled
thereto until such sums shall be paid to such Certificateholder. The Paying
Agent shall return all unclaimed funds to the Owner Trustee and upon removal of
a Paying Agent such Paying Agent shall also return all funds in its possession
to the Owner Trustee. The provisions of Sections 6.3, 6.6, 6.7 and 6.9 shall
apply to the Owner Trustee also in its role as Paying Agent, for so long as the
Owner Trustee shall act as Paying Agent and, to the extent applicable, to any
other paying agent appointed hereunder. Any reference in this Agreement to the
Paying Agent shall include any co-paying agent unless the context requires
otherwise.

     SECTION 3.10 Certificate Issued to Depositor. On and after the Initial
Closing Date, the Depositor initially shall retain beneficial and record
ownership of a Certificate representing 100% of the beneficial interest in the
Trust until the Depositor transfers such Certificate in accordance with the
Basic Documents.

     SECTION 3.11 Depositor as Certificateholder. The Depositor in its
individual or any other capacity may become the owner or pledgee of the
Certificate and may otherwise deal with the Owner Trustee or its Affiliates as
if it were not the Depositor.

                                   ARTICLE IV
                            ACTIONS BY OWNER TRUSTEE

     SECTION 4.1 Prior Notice to Certificateholder with Respect to Certain
Matters. The Owner Trustee shall not take action with respect to the following
matters, unless (i) the Owner Trustee shall have notified the Certificateholder
in writing of the proposed action at least 30 days (or such lesser period as to
which the Certificateholder shall consent) before the taking of such action, and
(ii) the Certificateholder shall not have notified the Owner Trustee in writing
prior to the end of such period that such Certificateholder have withheld
consent or provided alternative direction:

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

     (b) the election by the Trust to file an amendment to the Certificate of
Trust, a conformed copy of which is attached hereto as Exhibit A, unless such
amendment is required to be filed under the Statutory Trust Statute;

                                       9

<PAGE>

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

     (d) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interest of the Certificateholder
taken as a whole;

     (e) the amendment, change or modification of the Administration Agreement,
except to cure any ambiguity or to amend or supplement any provision in a manner
that would not materially adversely affect the interests of the
Certificateholder taken as a whole; or

     (f) the appointment pursuant to the Indenture of a successor Note
Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement of a
successor Certificate Registrar, or the consent to the assignment by the Note
Registrar, Paying Agent, Indenture Trustee or Certificate Registrar of its
obligations under the Indenture or this Agreement, as applicable.

     SECTION 4.2 Action by Certificateholder with Respect to Certain Matters.
The Owner Trustee shall not have the power, except upon the written direction of
the Certificateholder, to (a) remove the Administrator under the Administration
Agreement pursuant to Section 10 thereof, (b) appoint a successor Administrator
pursuant to Section 10 of the Administration Agreement, (c) remove the Servicer
under the Trust Sale and Servicing Agreement pursuant to Section 8.2 thereof or
(d) except as expressly provided in the Basic Documents, sell the Receivables
transferred to the Trust pursuant to the Trust Sale and Servicing Agreement or
any interest therein after the termination of the Indenture. The Owner Trustee
shall take the actions referred to in the preceding sentence only upon the
affirmative vote of, or a written consent signed by, the holders of a majority
of the Voting Interests upon at least 30 days (or such shorter period as shall
be consented to by the Certificateholder) prior notice thereof.

     SECTION 4.3 Action by Certificateholder with Respect to Bankruptcy. The
Owner Trustee shall not have the power to commence a voluntary case under the
Bankruptcy Code or any successor provision relating to the Trust without the
prior approval of the Certificateholder (including the Depositor) and the
delivery to the Owner Trustee by such Certificateholder of a certificate
certifying that such Certificateholder reasonably believes that the Trust is
insolvent. By its acceptance of the Certificate issued to it on any Closing
Date, the Depositor agrees that it, at any time that it is the holder thereof,
shall not approve or be deemed to have approved the commencement of any such
voluntary case relating to the Trust for purposes of this Section 4.3 unless
such commencement is approved by the affirmative vote of all of the members of
the Depositor's board of directors.

     SECTION 4.4 Restrictions on Certificateholder's Power. The
Certificateholder shall not direct the Owner Trustee to take or refrain from
taking any action if such action or inaction would be contrary to any obligation
of the Trust or the Owner Trustee under this Agreement or any of the other Basic
Documents or would be contrary to Section 2.3, nor shall the Owner Trustee be
obligated to follow any such direction, if given.

     SECTION 4.5 Majority Control. Except as expressly provided herein, any
action that may be taken or consent that may be given or withheld by the
Certificateholders under this

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<PAGE>

Agreement shall be effective if such action is taken or such consent is given or
withheld by the Holders of Certificates evidencing not less than a majority of
the Voting Interests thereof. Except as expressly provided herein, any written
notice of the Certificateholders delivered pursuant to this Agreement shall be
effective if signed by Holders of Certificates evidencing not less than a
majority of the Voting Interests at the time of the delivery of such notice.

                                    ARTICLE V
                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

     SECTION 5.1 Establishment of Certificate Distribution Account

     (a) The Servicer, for the benefit of the Certificateholder, shall establish
and maintain in the name of the Owner Trustee an Eligible Deposit Account known
as the SWIFT Master Auto Receivables Trust Certificate Distribution Account (the
"Certificate Distribution Account"), bearing an additional designation clearly
indicating that the funds deposited therein are held for the benefit of the
Certificateholder. The Certificate Distribution Account shall initially be
established with Owner Trustee.

     (b) The Owner Trustee shall possess all right, title and interest in and to
all funds on deposit from time to time in the Certificate Distribution Account
and in all proceeds thereof (except Investment Proceeds therefrom as set forth
in the Indenture and the Indenture Supplements) for the benefit of the
Certificateholder. Except as otherwise provided herein or in the Indenture and
Indenture Supplements, the Certificate Distribution Account shall be under the
sole dominion and control of the Owner Trustee for the benefit of the
Certificateholder. If, at any time, the Certificate Distribution Account ceases
to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf
of the Owner Trustee, if the Certificate Distribution Account is not then held
by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or
such longer period, not to exceed 30 calendar days, as to which each Rating
Agency may consent) establish a new Certificate Distribution Account as an
Eligible Deposit Account and shall transfer any cash and/or any investments to
such new Certificate Distribution Account.

     (c) All amounts held in the Certificate Distribution Account shall, to the
extent permitted by applicable laws, rules and regulations, be invested, at the
written direction of the Servicer in Eligible Investments (in the name of the
Owner Trustee or its nominee). Such written direction shall constitute
certification by the Servicer (or such other Person) that any such investment is
authorized by this Section 5.1. In the absence of such direction all amounts in
the Certificate Distribution Account shall be invested in Federated Prime
Obligations Fund Number 396, provided that such fund is an Eligible Investment.

     SECTION 5.2 Application of Trust Funds

     (a) On each Business Day, based upon the information contained in the
Servicer's Accounting for such Business Day, the Owner Trustee (or the Paying
Agent on its behalf) shall distribute to the Certificateholder, the amounts
deposited in the Certificate Distribution Account that are allocable and
available on such Business Day with respect to such Certificate.

     (b) On each Business Day, the Owner Trustee (or the Paying Agent on its
behalf) shall include with each distribution to the Certificateholder the
statement provided to the Owner

                                       11

<PAGE>

Trustee (or the Paying Agent on its behalf) by the Servicer for such Certificate
in respect of such Business Day setting forth, among other things, the amount of
the payments allocable to the Certificate after giving effect to such
distribution, and the Monthly Servicing Fee with respect to the Distribution
Date or the related Collection Period, as applicable, each since the last
statement so provided to such Certificateholder; provided that no such statement
shall be required to be sent by the Owner Trustee so long as the Depositor is
the sole Certificateholder.

          (i) The "Monthly Servicing Fee" means for the Certificateholder, with
     respect to any Distribution Date, an amount equal to one-twelfth of the
     product of (a) 1% (or such lesser percentage as may be specified by the
     Servicer in an Officer's Certificate delivered to the Owner Trustee
     stating, that in the reasonable belief of the Servicer, such change in
     percentage will not result in an Adverse Effect) (such percentage, the
     "Servicing Fee Rate"), and (b) the Certificate Amount 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 will equal the product of (a) [__]/360 of the
     Servicing Fee Rate and (b) the Certificate Amount as of the Initial Cut-Off
     Date.

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

     (d) If the Indenture Trustee holds escheated funds for payment to the Trust
pursuant to Section 3.3(e) of the Indenture, the Owner Trustee shall, upon
notice from the Indenture Trustee that such funds exist, submit on behalf of the
Trust an Issuing Entity Order to the Indenture Trustee pursuant to Section
3.3(e) of the Indenture instructing the Indenture Trustee to pay such funds to
or at the order of the Depositor.

     SECTION 5.3 Method of Payment. Subject to Section 7.1(c), distributions
required to be made to the Certificateholder on any Business Day shall be made
to the Certificateholder of record on the related Record Date either by wire
transfer, in immediately available funds, to the account of such Holder at a
bank or other entity having appropriate facilities therefor, if such

                                       12

<PAGE>

Certificateholder shall have provided to the Certificate Registrar appropriate
written instructions at least five Business Days prior to such Record Date, or,
if not, by check mailed to such Certificateholder at the address of such Holder
appearing in the Certificate Register.

     SECTION 5.4 Accounting and Reports to the Certificateholder, the Internal
Revenue Service and Others. The Administrator shall maintain (or cause to be
maintained) the books of the Trust on a calendar year basis on the accrual
method of accounting, deliver to each Certificateholder, as may be required by
the Code and applicable Treasury Regulations or otherwise, such information as
may be required to enable each Certificateholder to prepare its federal income
tax return, file such tax returns relating to the Trust and make such elections
as may from time to time be required or appropriate under any applicable state
or federal statute or rule or regulation thereunder so as to maintain the
Trust's characterization in accordance with Section 2.11 for applicable income
tax purposes, cause such tax returns to be signed in the manner required by law
and collect or cause to be collected any withholding tax as described in and in
accordance with Section 5.2(c) with respect to income or distributions to the
Certificateholder. Unless otherwise permitted or required by any applicable law
or regulation, the Administrator shall allocate amounts of taxable income of the
Trust for a particular Collection Period to the Certificateholder according to
the interest owned by it as of the Record Date for the related Distribution
Date.

     SECTION 5.5 Signature on Returns; Tax Matters Partner. Subject to Section
2.11, the Administrator shall sign on behalf of the Trust any and all tax
returns of the Trust, unless applicable law requires a Certificateholder to sign
such documents, in which case such documents shall be signed by the Depositor.
The Depositor shall be the "tax matters partner" of the Trust pursuant to the
Code.

                                   ARTICLE VI
                                THE OWNER TRUSTEE

     SECTION 6.1 Duties of Owner Trustee

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

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

     (c) In the absence of bad faith on its part, the Owner Trustee may
conclusively rely upon certificates or opinions furnished to the Owner Trustee
and conforming to the requirements of this Agreement in determining the truth of
the statements and the correctness of the opinions

                                       13

<PAGE>

contained therein; provided, however, that the Owner Trustee shall have examined
such certificates or opinions so as to determine compliance of the same with the
requirements of this Agreement.

     (d) The Owner Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful
misconduct, except that:

          (i) this subsection 6.1(d) shall not limit the effect of subsection
     6.1(a) or (b);

          (ii) the Owner Trustee shall not be liable for any error of judgment
     made in good faith by a Responsible Officer unless it is proved that the
     Owner Trustee was negligent in ascertaining the pertinent facts;

          (iii) the Owner Trustee shall not be liable with respect to any action
     it takes or omits to take in good faith in accordance with a direction
     received by it pursuant to Section 4.1, 4.2 or 6.4; and

          (iv) in no event shall the Owner Trustee be liable for any damages in
     the name of special, indirect or consequential damages, however styled,
     including lost profits.

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

     (f) The Owner Trustee shall not take any action that (i) is inconsistent
with the purposes of the Trust set forth in Section 2.3 or (ii) would, to the
actual knowledge of a Responsible Officer of the Owner Trustee, result in the
Trust's becoming taxable as a corporation for federal income tax purposes.

     (g) The Certificateholder shall not direct the Owner Trustee to take action
that would violate the provisions of this Section 6.1.

     SECTION 6.2 Rights of Owner Trustee. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents and each certificate or
other document attached as an exhibit to or contemplated by the Basic Documents
to which the Trust is to be a party, in such form as the Depositor shall approve
as evidenced conclusively by the Owner Trustee's execution thereof. In addition
to the foregoing, the Owner Trustee is authorized, but shall not be obligated,
to take all actions required of the Trust pursuant to the Basic Documents. The
Owner Trustee is further authorized from time to time to take such action as the
Administrator recommends with respect to the Basic Documents.

     SECTION 6.3 Acceptance of Trusts and Duties. Except as otherwise provided
in this Article VI, in accepting the trusts hereby created, HSBC Bank USA,
National Association acts solely as Owner Trustee hereunder and not in its
individual capacity and all Persons having any claim against the Owner Trustee
by reason of the transactions contemplated by this Agreement or any Basic
Document shall look only to the Owner Trust Estate for payment or satisfaction
thereof. The Owner Trustee accepts the trusts hereby created and agrees to
perform its duties

                                       14

<PAGE>

hereunder with respect to such trusts but only upon the terms of this Agreement.
The Owner Trustee also agrees to disburse all monies actually received by it
constituting part of the Owner Trust Estate upon the terms of the other Basic
Documents and this Agreement. The Owner Trustee shall not be liable or
accountable hereunder or under any other Basic Document under any circumstances,
except (i) for its own negligent action, its own negligent failure to act or its
own willful misconduct or (ii) in the case of the inaccuracy of any
representation or warranty contained in Section 6.6 and expressly made by the
Owner Trustee. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

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

     (b) the Owner Trustee shall not be liable with respect to any action taken
or omitted to be taken by it in accordance with the instructions of the
Administrator or any Certificateholder;

     (c) no provision of this Agreement or any other Basic Document shall
require the Owner Trustee to expend or risk funds or otherwise incur any
financial liability in the performance of any of its rights or powers hereunder
or under any other Basic Document, if the Owner Trustee shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured or provided to it;

     (d) under no circumstances shall the Owner Trustee be liable for
indebtedness evidenced by or arising under any of the Basic Documents, including
the principal of and interest on the Notes or the payments with respect to the
Certificate;

     (e) the Owner Trustee shall not be responsible for or in respect of and
makes no representation as to the validity or sufficiency of any provision of
this Agreement or for the due execution hereof by the Depositor or for the form,
character, genuineness, sufficiency, value or validity of any of the Owner Trust
Estate or for or in respect of the validity or sufficiency of the Notes, the
Certificate (other than the certificate of authentication on the Certificate),
the other Basic Documents, or of any Receivables held by the Trust or any
related documents, and the Owner Trustee shall in no event assume or incur any
liability, duty or obligation to any Noteholder or to any Certificateholder,
other than as expressly provided for herein and in the other Basic Documents;

                                       15

<PAGE>

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

     (g) the Owner Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or
defend any litigation under this Agreement or otherwise or in relation to this
Agreement or any Basic Document, at the request, order or direction of the
Certificateholder, unless such Certificateholder has offered to the Owner
Trustee security or indemnity satisfactory to it against the costs, expenses and
liabilities that may be incurred by the Owner Trustee therein or thereby. The
right of the Owner Trustee to perform any discretionary act enumerated in this
Agreement or in any Basic Document shall not be construed as a duty, and the
Owner Trustee shall not be answerable for other than its negligence or willful
misconduct in the performance of any such act.

     SECTION 6.4 Action upon Instruction by the Certificateholder

     (a) Subject to Section 4.4, the Certificateholder may by written
instruction direct the Owner Trustee in the management of the Trust. Such
direction may be exercised at any time by written instruction of the
Certificateholder pursuant to Section 4.5.

     (b) Notwithstanding the foregoing, the Owner Trustee shall not be required
to take any action hereunder or under any other Basic Document if the Owner
Trustee shall have reasonably determined, or shall have been advised by counsel,
that such action is likely to result in liability on the part of the Owner
Trustee or is contrary to the terms hereof or of any other Basic Document or is
otherwise contrary to law.

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

     (d) Notwithstanding any Person's right to instruct the Owner Trustee,
except as set forth in Section 10.2, neither the Owner Trustee nor any agent,
employee, director or officer of

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<PAGE>

the Owner Trustee shall have any obligation to execute any certificates or other
documents required pursuant to the Sarbanes-Oxley Act of 2002 or the rules and
regulations promulgated thereunder, and the refusal to comply with any such
instructions shall not constitute a default or breach under any Basic Document.

     SECTION 6.5 Furnishing of Documents. The Owner Trustee shall furnish (a) to
the Certificateholder, promptly upon receipt of a written request therefor,
duplicates or copies of all reports, notices, requests, demands, certificates,
financial statements and any other instruments furnished to the Owner Trustee
under the Basic Documents and (b) to the Noteholders and the Certificateholder,
promptly upon receipt of a written request therefor, copies of the Pooling and
Servicing Agreement, the Trust Sale and Servicing Agreement, the Administration
Agreement, the Custodian Agreement, the Indenture and this Agreement.

     SECTION 6.6 Representations and Warranties of Owner Trustee. The Owner
Trustee hereby represents and warrants to the Depositor, for the benefit of the
Certificateholder, that:

     (a) It is a national banking association duly organized, validly existing
and in good standing under the laws of the United States of America.

     (b) It has full power, authority and legal right to execute, deliver and
perform this Agreement, and has taken all necessary action to authorize the
execution, delivery and performance by it of this Agreement. The eligibility
requirements set forth in Section 6.13 are satisfied with respect to it.

     (c) The execution, delivery and performance by it of this Agreement (i)
shall not violate any provision of any law or regulation governing the banking
and trust powers of the Owner Trustee or any order, writ, judgment or decree of
any court, arbitrator or governmental authority applicable to the Owner Trustee
or any of its assets, (ii) shall not violate any provision of the corporate
charter or by-laws of the Owner Trustee or (iii) shall not violate any provision
of, or constitute, with or without notice or lapse of time, a default under, or
result in the creation or imposition of any lien on any properties included in
the Trust pursuant to the provisions of any mortgage, indenture, contract,
agreement or other undertaking to which it is a party, which violation, default
or lien could reasonably be expected to have a materially adverse effect on the
Owner Trustee's performance or ability to perform its duties as Owner Trustee
under this Agreement or on the transactions contemplated in this Agreement.

     (d) The execution, delivery and performance by the Owner Trustee of this
Agreement shall not require the authorization, consent or approval of, the
giving of notice to, the filing or registration with, or the taking of any other
action in respect of, any Governmental Authority regulating the banking and
corporate trust activities of banks or trust companies in the jurisdiction in
which the Trust was formed.

     (e) This Agreement has been duly executed and delivered by the Owner
Trustee and constitutes the legal, valid and binding agreement of the Owner
Trustee, enforceable in accordance with its terms, except as enforceability may
be limited by bankruptcy, insolvency, reorganization, or other similar laws
affecting the enforcement of creditors' rights in general and

                                       17

<PAGE>

by general principles of equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law.

     SECTION 6.7 Reliance; Advice of Counsel

     (a) The Owner Trustee shall incur no liability to anyone in acting upon any
signature, instrument, notice, resolution, request, consent, order, certificate,
report, opinion, bond or other document or paper believed by it to be genuine
and believed by it to be signed by the proper party or parties and need not
investigate any fact or matter in any such document. The Owner Trustee may
accept a certified copy of a resolution of the board of directors or other
governing body of any corporate party as conclusive evidence that such
resolution has been duly adopted by such body and that the same is in full force
and effect. As to any fact or matter the method of the determination of which is
not specifically prescribed herein, the Owner Trustee may for all purposes
hereof rely on a certificate, signed by the president or any vice president or
by the treasurer or other authorized officers of the relevant party, as to such
fact or matter, and such certificate shall constitute full protection to the
Owner Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon.

     (b) In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under this Agreement or the other
Basic Documents, the Owner Trustee: (i) may act directly or through its agents,
attorneys, custodians or nominees pursuant to agreements entered into with any
of them, and the Owner Trustee shall not be liable for the conduct or misconduct
of such agents, attorneys, custodians or nominees if such agents, attorneys,
custodians or nominees shall have been selected by the Owner Trustee with
reasonable care; and (ii) may consult with counsel, accountants and other
skilled professionals to be selected with reasonable care and employed by it.
The Owner Trustee shall not be liable for anything done, suffered or omitted in
good faith by it in accordance with the opinion or advice of any such counsel,
accountants or other such Persons and not contrary to this Agreement or any
other Basic Document.

     SECTION 6.8 Owner Trustee May Own Certificate and Notes. The Owner Trustee
in its individual or any other capacity may become the owner or pledgee of the
Certificate or Notes and may deal with the Depositor, the Administrator, the
Indenture Trustee and the Servicer in transactions in the same manner as it
would have if it were not the Owner Trustee.

     SECTION 6.9 Compensation and Indemnity. The Owner Trustee shall receive as
compensation for its services hereunder such fees as have been separately agreed
upon before the date hereof between the Depositor and the Owner Trustee, and the
Owner Trustee shall be entitled to be reimbursed by the Servicer for its other
reasonable expenses hereunder, including the reasonable compensation, expenses
and disbursements of such agents, custodians, nominees, representatives, experts
and counsel as the Owner Trustee may employ in connection with the exercise and
performance of its rights and its duties hereunder. The Servicer shall indemnify
the Owner Trustee and its successors, assigns, agents and servants in accordance
with the provisions of Section 7.1 of the Trust Sale and Servicing Agreement.
The indemnities contained in this Section 6.9 shall survive the resignation or
termination of the Owner Trustee or the termination of this Agreement. Any
amounts paid to the Owner Trustee pursuant to this Article VI shall be deemed
not to be a part of the Owner Trust Estate immediately after such payment.

                                       18

<PAGE>

     SECTION 6.10 Replacement of Owner Trustee

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

          (i) the Owner Trustee shall cease to be eligible in accordance with
     the provisions of Section 6.13 and shall fail to resign after written
     request therefor by the Administrator;

          (ii) the Owner Trustee shall be adjudged bankrupt or insolvent;

          (iii) a receiver or other public officer shall be appointed or take
     charge or control of the Owner Trustee or of its property or affairs for
     the purpose of rehabilitation, conservation or liquidation; or

          (iv) the Owner Trustee shall otherwise be incapable of acting.

     (b) If the Owner Trustee resigns or is removed or if a vacancy exists in
the office of Owner Trustee for any reason the Administrator shall promptly
appoint a successor Owner Trustee by written instrument, in duplicate (one copy
of which instrument shall be delivered to the outgoing Owner Trustee so removed
and one copy to the successor Owner Trustee) and shall pay all fees owed to the
outgoing Owner Trustee.

     (c) Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section 6.10
shall not become effective, and no such resignation shall be deemed to have
occurred, until a written acceptance of appointment is delivered by the
successor Owner Trustee to the outgoing Owner Trustee and the Administrator, and
all fees and expenses due to the outgoing Owner Trustee are paid. Any successor
Owner Trustee appointed pursuant to this Section 6.10 shall be eligible to act
in such capacity in accordance with Section 6.13 and, following compliance with
the preceding sentence, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor under this Agreement, with like effect
as if originally named as Owner Trustee. The Administrator shall provide notice
of such resignation or removal of the Owner Trustee to each of the Rating
Agencies.

     (d) The predecessor Owner Trustee shall upon payment of its fees and
expenses deliver to the successor Owner Trustee all documents and statements and
monies held by it under this Agreement. The Administrator and the predecessor
Owner Trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for fully and certainly vesting and
confirming in the successor Owner Trustee all such rights, powers, duties and
obligations.

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<PAGE>

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

     SECTION 6.11 Merger or Consolidation of Owner Trustee. Any Person into
which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided
such Person shall be eligible pursuant to Section 6.13, and without the
execution or filing of any instrument or any further act on the part of any of
the parties hereto; provided, however, that the Owner Trustee shall mail notice
of such merger or consolidation to the Rating Agencies.

     SECTION 6.12 Appointment of Co-Trustee or Separate Trustee

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

     (b) Each separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:

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

          (ii) no trustee under this Agreement shall be personally liable by
     reason of any act or omission of any other trustee under this Agreement;
     and

                                       20
<PAGE>

          (iii) the Administrator and the Owner Trustee acting jointly may at
     any time accept the resignation of or remove any separate trustee or
     co-trustee.

     (c) Any notice, request or other writing given to the Owner Trustee shall
be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement and
the conditions of this Article. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Owner
Trustee or separately, as may be provided therein, subject to all the provisions
of this Agreement, specifically including every provision of this Agreement
relating to the conduct of, affecting the liability of, or affording protection
to, the Owner Trustee. Each such instrument shall be filed with the Owner
Trustee and a copy thereof given to the Administrator.

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

     SECTION 6.13 Eligibility Requirements for Owner Trustee. The Owner Trustee
shall at all times satisfy the requirements of Section 26(a)(1) of the
Investment Company Act. The Owner Trustee shall at all times: (a) be a
corporation satisfying the provisions of Section 3807(a) of the Statutory Trust
Statute; (b) be authorized to exercise corporate trust powers; (c) have an
aggregate capital, surplus and undivided profits of at least $50,000,000 and be
subject to supervision or examination by federal or state authorities; and (d)
have (or have a parent which has) a long-term unsecured debt rating of at least
BBB- by Standard & Poor's, at least Baa3 by Moody's and at least BBB- by Fitch,
if rated by Fitch. If such corporation shall publish reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purpose of this Section 6.13,
the aggregate capital, surplus and undivided profits of such corporation shall
be deemed to be its aggregate capital, surplus and undivided profits as set
forth in its most recent report of condition so published. If at any time the
Owner Trustee shall cease to be eligible in accordance with the provisions of
this Section 6.13, the Owner Trustee shall resign immediately in the manner and
with the effect specified in Section 6.10.

                                   ARTICLE VII
                         TERMINATION OF TRUST AGREEMENT

     SECTION 7.1 Termination of Trust Agreement

     (a) The Trust shall terminate in accordance with Section 3808 of the
Statutory Trust Statute on the date (the "Trust Termination Date") on which the
first of the following occurs: (i) if the Depositor so elects, the day following
the Distribution Date on which all amounts required to be paid to the
Securityholders pursuant to the Basic Documents have been paid (or deposited in
the related Distribution Account) and (ii) the Specified Trust Termination Date.
This

                                       21

<PAGE>

Agreement and the obligations of the parties hereunder (other than Section 6.9
hereof and as otherwise expressly provided herein) shall terminate and be of no
further force or effect (x) if the Trust Termination Date is determined pursuant
to clause (i) above, on the Trust Termination Date and (y) if the Trust
Termination Date is determined pursuant to clause (ii) above on the date
following the Distribution Date on which the final payments to be made to the
Securityholders pursuant to the Basic Documents have been paid (or deposited in
the appropriate Distribution Accounts).

     (b) The bankruptcy, liquidation, dissolution, death or incapacity of the
Certificateholder shall not (x) operate to terminate this Agreement or the
Trust, nor (y) entitle such Certificateholder's legal representatives or heirs
to claim an accounting or to take any action or proceeding in any court for a
partition or winding-up of all or any part of the Trust or the Owner Trust
Estate nor (z) otherwise affect the rights, obligations and liabilities of the
parties hereto. Except as provided in Section 7.1(a), neither the Depositor nor
the Certificateholder shall be entitled to revoke or terminate the Trust or this
Agreement.

     (c) Notice of any termination of the Trust specifying the Distribution Date
upon which the Certificateholder shall surrender its Certificate to the Paying
Agent for distribution of the final distribution and cancellation, shall be
given by the Owner Trustee by letter to the Certificateholder mailed within five
Business Days of receipt of notice of such termination from the Servicer given
pursuant to Section 9.4 of the Trust Sale and Servicing Agreement, stating: (i)
the Distribution Date upon or with respect to which the final distribution in
respect of the Certificate shall be made upon presentation and surrender of the
Certificate at the office of the Paying Agent therein designated; (ii) the
amount of any such final distributions; and (iii) that the Record Date otherwise
applicable to such Distribution Date is not applicable, distributions being made
only upon presentation and surrender of the Certificate at the office of the
Paying Agent therein specified. The Owner Trustee shall give such notice to the
Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at
the time such notice is given to the Certificateholder. Upon presentation and
surrender of the Certificate, the Paying Agent shall cause to be distributed to
the Certificateholder amounts distributable on such Distribution Date pursuant
to Section 5.2. The Depositor shall have the beneficial interest in any assets
remaining in the Trust following final payment of the Certificate.

     (d) If the Certificateholder shall not surrender its Certificate for
cancellation within six months after the date specified in the written notice
specified in subsection 7.1(c), the Owner Trustee shall give a second written
notice to the Certificateholder to surrender its Certificate for cancellation
and receive the final distribution with respect thereto. If within one year
after the second notice the Certificate shall not have been surrendered for
cancellation, the Owner Trustee may take appropriate steps, or may appoint an
agent to take appropriate steps, to contact the Certificateholder concerning
surrender of its Certificate and the cost thereof shall be paid out of the funds
and other assets that shall remain subject to this Agreement. Subject to
applicable laws with respect to escheat of funds, any funds remaining in the
Trust after exhaustion of such remedies in the preceding sentence shall be
deemed property of the Depositor and distributed by the Owner Trustee to the
Depositor and the Owner Trustee shall have no further liability to the
Certificateholder with respect thereto.

                                       22

<PAGE>

     (e) Upon the winding up of the Trust and its termination, the Owner Trustee
shall cause the Certificate of Trust to be canceled by filing a certificate of
cancellation with the Secretary of State in accordance with the provisions of
Section 3810 of the Statutory Trust Statute.

                                  ARTICLE VIII
                                   AMENDMENTS

     SECTION 8.1 Amendments Without Consent of Securityholders. This Agreement
may be amended by the Depositor and the Owner Trustee without the consent of any
of the Securityholders (but with prior notice to the Rating Agencies) to:

          (i) cure any ambiguity,

          (ii) correct or supplement any provision in this Agreement that may be
     defective or inconsistent with any other provision in this Agreement,

          (iii) add or supplement any credit, liquidity or other enhancement
     arrangement for the benefit of any Securityholders (provided that if any
     such addition shall affect any series or class of Securityholders
     differently than any other series or class of Securityholders, then such
     addition shall not, as evidenced by an Opinion of Counsel, adversely affect
     in any material respect the interests of any series or class of
     Securityholders),

          (iv) add to the covenants, restrictions or obligations of the
     Depositor or the Owner Trustee for the benefit of the Securityholders,

          (v) evidence and provide for the acceptance of the appointment of a
     successor trustee with respect to the Owner Trust Estate and add to or
     change any provisions as shall be necessary to facilitate the
     administration of the trusts hereunder by more than one trustee pursuant to
     Article VI,

          (vi) restrict transfers of Certificate (or interests therein) or as
     otherwise required to prevent the Trust from being treated as a "publicly
     traded partnership" under Section 7704 of the Code,

          (vii) to add provisions to or delete or modify the existing provisions
     of this Agreement as appropriate to allow the Trust to issue foreign
     currency-denominated Notes,

          (viii) to add provisions to or delete or modify the existing
     provisions of this Agreement as appropriate to allow the Trust to acquire
     and issue securities backed by Other Assets, subject to satisfaction of the
     Rating Agency Condition with respect thereto, or

          (ix) add, change or eliminate any other provision of this Agreement in
     any manner that shall not, as evidenced by an Opinion of Counsel,
     materially and adversely affect the interests of the Securityholders.

                                       23

<PAGE>

     SECTION 8.2 Amendments With Consent of the Certificateholder and
Noteholders. This Agreement may be amended from time to time by the Depositor
and the Owner Trustee with the consent of Noteholders whose Notes evidence not
less than a majority of the Outstanding Amount of the Notes as of the close of
business on the preceding Distribution Date (unless, as evidenced by an Opinion
of Counsel, such amendment shall not materially and adversely affect the
interests of the Noteholders), and the consent of the Certificateholder (unless,
as evidenced by an Opinion of Counsel, such amendment shall not materially and
adversely affect the interests of the the Certificateholder) (which consent,
whether given pursuant to this Section 8.2 or pursuant to any other provision of
this Agreement, shall be conclusive and binding on such Person and on all future
Holders of such Notes, such Certificate and of any Notes or Certificate issued
upon the transfer thereof or in exchange thereof or in lieu thereof whether or
not notation of such consent is made upon the Notes or Certificate for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement, or of modifying in any manner the rights of
the Noteholders or the Certificateholder; provided, however, that no such
amendment shall

     (i) change the due date of any instalment of principal of or interest on
any Security, or reduce the principal amount thereof, the interest rate
applicable thereto, or the Redemption Price with respect thereto, change any
place of payment where, or the coin or currency in which, any Security or any
distribution thereon is payable, or impair the right to institute suit as
provided in Article V of the Indenture for the enforcement of the provisions of
the Indenture requiring the application of funds available therefor to the
payment of any such amount due on the Notes on or after the respective due dates
thereof (or, in the case of redemption, on or after the Redemption Date) (it
being understood that the issuance of any Notes after the Initial Closing Date
as contemplated by the Trust Sale and Servicing Agreement and the Indenture and
the specification of the terms and provisions thereof pursuant to an Indenture
Supplement (with respect to any Notes) shall not be deemed to have such effect
for purposes hereof), without the consent of the holders of all of the affected
Securities,

     (b) adversely effect the rating of any series or class of Securities
without the consent of the Holders of two-thirds of the Outstanding Amount of
such series of Notes or the Voting Interests with respect to the Certificate, as
appropriate or

     (c) reduce the aforesaid percentage required to consent to any such
amendment, without the consent of the Holders of all of the Notes and all of the
Voting Interests with respect to the Certificate then outstanding. Prior to the
execution of any such amendment, supplement or consent, the Owner Trustee shall
furnish written notification of the substance of such amendment, supplement or
consent to the Rating Agencies.

     SECTION 8.3 [Reserved].

                                       24

<PAGE>

     SECTION 8.4 Form of Amendments

     (a) Promptly after the execution of any amendment, supplement or consent
pursuant to Section 8.1 or 8.2, the Owner Trustee shall furnish written
notification of the substance of such amendment or consent to each
Certificateholder and the Indenture Trustee.

     (b) It shall not be necessary for the consent of Securityholders or the
Indenture Trustee pursuant to Section 8.2 to approve the particular form of any
proposed amendment or consent, but it shall be sufficient if such consent shall
approve the substance thereof. The manner of obtaining such consents (and any
other consents of Securityholders provided for in this Agreement or in any other
Basic Document) and of evidencing the authorization of the execution thereof by
Securityholders shall be subject to such reasonable requirements as the Owner
Trustee may prescribe.

     (c) Promptly after the execution of any amendment to the Certificate of
Trust, the Owner Trustee shall cause the filing of such amendment with the
Secretary of State.

     (d) Prior to the execution of any amendment to this Agreement or the
Certificate of Trust, the Owner Trustee shall be entitled to receive and rely
upon an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement. The Owner Trustee may, but shall not
be obligated to, enter into any such amendment which affects the Owner Trustee's
own rights, duties or immunities under this Agreement or otherwise.

                                   ARTICLE IX
                                  MISCELLANEOUS

     SECTION 9.1 No Legal Title to Owner Trust Estate. The Certificateholder
shall not have legal title to any part of the Owner Trust Estate. The
Certificateholder shall be entitled to receive distributions with respect to
their undivided ownership interest therein only in accordance with Articles V
and VII. No transfer, by operation of law or otherwise, of any right, title, and
interest of the Certificateholder to and in their ownership interest in the
Owner Trust Estate shall operate to terminate this Agreement or the trusts
hereunder or entitle any transferee to an accounting or to the transfer to it of
legal title to any part of the Owner Trust Estate.

     SECTION 9.2 Limitations on Rights of Others. Except for Section 2.7,
Section 7.1(c) and Section 9.13, the provisions of this Agreement are solely for
the benefit of the Owner Trustee, the Depositor, the Certificateholder, the
Administrator and, to the extent expressly provided herein, the Indenture
Trustee and the Noteholders, and nothing in this Agreement, whether express or
implied, shall be construed to give to any other Person any legal or equitable
right, remedy or claim in the Owner Trust Estate or under or in respect of this
Agreement or any covenants, conditions or provisions contained herein.

     SECTION 9.3 Derivative Actions. Any provision contained herein to the
contrary notwithstanding, the right of the Certificateholder to bring a
derivative action in the right of the Trust is hereby made expressly subject to
such Certificateholder meeting all requirements set forth in the Statutory Trust
Statute.

     SECTION 9.4 Notices

                                       25

<PAGE>

     (a) All demands, notices and communications upon or to the Depositor, the
Servicer, the Administrator, the Indenture Trustee, the Owner Trustee or the
Rating Agencies under this Agreement shall be delivered as specified in Appendix
B to the Trust Sale and Servicing Agreement.

     (b) Any notice required or permitted to be given to a Certificateholder
shall be given by first-class mail, postage prepaid, at the address of such
Holder as shown in the Certificate Register. Any notice so mailed within the
time prescribed in this Agreement shall be conclusively presumed to have been
duly given, whether or not the Certificateholder receives such notice.

     SECTION 9.5 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed 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 the Certificate
or the rights of the Holders thereof.

     SECTION 9.6 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 9.7 Successors and Assigns. All covenants and agreements contained
herein shall be binding upon, and inure to the benefit of, the Depositor, the
Owner Trustee and each Certificateholder and their respective successors and
permitted assigns, all as herein provided. Any request, notice, direction,
consent, waiver or other instrument or action by a Certificateholder shall bind
the successors and assigns of such Certificateholder.

     SECTION 9.8 No Petition Covenants. The Owner Trustee by entering this Trust
Agreement, and each Certificateholder by accepting a Certificate (or interest
therein) issued hereunder, hereby covenants and agrees that it shall not (nor
shall it join with or solicit another person to), prior to the day that is one
year and one day after the termination of the Trust and with respect to the
Depositor, of each other such trust formed by the Depositor, acquiesce, petition
or otherwise invoke or cause the Depositor or the Trust to invoke in any court
or government authority for the purpose of commencing or sustaining a case
against the Depositor or the Trust under any federal or state bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Depositor or
the Trust or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Depositor or the Trust.

     SECTION 9.9 No Recourse. Each Certificateholder, by accepting a Certificate
(or interest therein) shall agree that such Person's Certificate (or interest
therein) represent beneficial interests in the Trust only and do not represent
interests in or obligations of the Depositor, the Servicer, the Administrator,
the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no
recourse, either directly or indirectly, may be had against such parties or
their assets, except as may be expressly set forth or contemplated in this
Agreement, the Certificate or the

                                       26

<PAGE>

other Basic Documents. Except as expressly provided in the Basic Documents,
neither the Depositor, the Servicer nor the Owner Trustee in their respective
individual capacities, nor any of their respective partners, beneficiaries,
agents, officers, directors, employees or successors or assigns, shall be
personally liable for, nor shall recourse be had to any of them for, the
distribution of any amount with respect to, or performance of, or omission to
perform, any of the covenants, obligations or indemnifications contained in the
Certificate or this Agreement, it being expressly understood that said
covenants, obligations and indemnifications have been made by the Owner Trustee
solely as the Owner Trustee in the assets of the Trust. Each Certificateholder
by the acceptance of a Certificate (or beneficial interest therein) shall agree
that, except as expressly provided in the Basic Documents, in the case of
nonpayment of any amounts with respect to the Certificate, it shall have no
claim against any of the foregoing for any deficiency, loss or claim therefrom.
In the event that any of the foregoing covenants of each Certificateholder is
prohibited by, or declared illegal or otherwise unenforceable against any such
Certificateholder under applicable law by any court or other authority of
competent jurisdiction, and, as a result, a Certificateholder is deemed to have
an interest in any assets of the Depositor or any Affiliate of the Depositor
other than the Trust ("other assets"), each Certificateholder agrees that (i)
its claim against any such other assets shall be, and hereby is, subject and
subordinate in all respects to the rights of other Persons to whom rights in the
other assets have been expressly granted ("entitled Persons"), including to the
payment in full of all amounts owing to such entitled Persons, and (ii) the
covenant set forth in the preceding clause (i) constitutes a "subordination
agreement" within the meaning of, and subject to, Section 510(a) of the
Bankruptcy Code.

     SECTION 9.10 Headings. The headings herein are for purposes of reference
only and shall not affect the meaning or interpretation of any provision hereof.

     SECTION 9.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT
REFERENCE TO THE CONFLICT OF LAW PROVISIONS THEREOF OR OF ANY OTHER
JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     SECTION 9.12 [Reserved].

     SECTION 9.13 Indemnification by and Reimbursement of the Servicer. The
Owner Trustee acknowledges and agrees to reimburse (i) the Servicer and its
directors, officers, employees and agents in accordance with Section 7.3(b) of
the Trust Sale and Servicing Agreement and (ii) the Depositor and its directors,
officers, employees and agents in accordance with Section 3.4 of the Trust Sale
and Servicing Agreement. The Owner Trustee further acknowledges and accepts the
conditions and limitations with respect to the Servicer's obligation to
indemnify, defend and hold the Owner Trustee harmless as set forth in Section
7.1(a) of the Trust Sale and Servicing Agreement.

                                       27

<PAGE>

                                    ARTICLE X
                          COMPLIANCE WITH REGULATION AB

     SECTION 10.1 Intent of the Parties; Reasonableness. The Depositor and the
Owner Trustee acknowledge and agree that the purpose of this Article X is to
facilitate compliance by the Depositor with the provisions of Regulation AB and
the related rules and regulations of the Commission. The Depositor shall not
exercise its right to request delivery of information or other performance under
these provisions other than in good faith, or for purposes other than the
Depositor's compliance with the Securities Act, the Exchange Act and the rules
and regulations of the Commission thereunder (or the provision in a private
offering of disclosure comparable to that required under the Securities Act).
The Owner Trustee agrees to cooperate in good faith with the Depositor and shall
deliver (and cause each of its Reporting Subcontractors, if any, to deliver) to
the Depositor any information reasonably requested by the Depositor regarding
the Owner Trustee which is required in order to enable the Depositor to comply
with the provisions of Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB or
any of its other Exchange Act reporting obligations as it relates to the Owner
Trustee or to the Owner Trustee's obligations under this Agreement (including
with respect to any of its successors or predecessors; provided, however, that
this parenthetical shall apply only to the successors or predecessors of the
Owner Trustee contemplated by Section 6.11 hereof). The obligations of the Owner
Trustee to provide such information shall survive the removal or termination of
the Owner Trustee hereunder.

     SECTION 10.2 Information to be Provided by the Owner Trustee. The Owner
Trustee shall as promptly as practicable following notice to or discovery by the
Owner Trustee of any information required to be disclosed and not previously
disclosed, and updates of information required to be disclosed, provide to the
Depositor, in writing, updated information necessary for compliance with Item
1117 of Regulation AB. The Owner Trustee shall, as promptly as practicable
following notice to or discovery by the Owner Trustee, provide to the Depositor,
in writing, any information required to be disclosed and not previously
disclosed, and updates of information required to be disclosed, necessary for
compliance with Items 1109(a), 1109(b) and 1119 of Regulation AB.

                                     *****

                                       28

<PAGE>

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

                                        HSBC BANK USA, NATIONAL ASSOCIATION,
                                        as Owner Trustee

                                        By:
                                            ------------------------------------
                                        Name: [                                ]
                                               --------------------------------
                                        Title: [                               ]
                                                -------------------------------

                                        WHOLESALE AUTO RECEIVABLES LLC,
                                        as Depositor

                                        By:
                                            ------------------------------------
                                        Name: [                                ]
                                               --------------------------------
                                        Title: [                               ]
                                                -------------------------------

<PAGE>

                                                                       EXHIBIT A

                             CERTIFICATE OF TRUST OF
                       SWIFT MASTER AUTO RECEIVABLES TRUST

     THIS Certificate of Trust of SWIFT Master Auto Receivables Trust (the
"Trust"), dated as of _________, 20__, is being duly executed and filed by HSBC
BANK USA, NATIONAL ASSOCIATION, a national banking association, as trustee, to
form a statutory trust under the Delaware Statutory Trust Act (12 Del. C.
Section 3801 et seq.).

          1. Name. The name of the statutory trust formed hereby is SWIFT Master
Auto Receivables Trust.

          2. Delaware Trustee. The name and business address of the trustee of
the Trust in the State of Delaware is HSBC Bank USA, National Association, 1201
Market Street, Suite 1001, Wilmington, DE 19801.

          3. This Certificate of Trust shall be effective on [_________, 20__].

     IN WITNESS WHEREOF, the undersigned, being the sole trustee of the Trust,
has executed this Certificate of Trust as of the date first-above written.

                                        HSBC Bank USA, National Association, not
                                        in its individual capacity but solely as
                                        Owner Trustee under a Trust Agreement
                                        dated as of [__________, 20__].

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

<PAGE>

                                                                       EXHIBIT B

                              [FORM OF CERTIFICATE]

No. R-________                                                    _____________%

                       SEE REVERSE FOR CERTAIN DEFINITIONS

          THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
     UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR
     UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OF
     AMERICA OR ANY FOREIGN SECURITIES LAWS.

          NO SALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE (OR INTEREST
     HEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR
     OTHER TRANSFER IS MADE BY THE ISSUING ENTITY TO THE DEPOSITOR, (ii) SO LONG
     AS THIS CERTIFICATE IS 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" (AS DEFINED IN RULE 144A), 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 OTHER TRANSFER IS BEING MADE IN RELIANCE ON
     RULE 144A, 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 OWNER TRUSTEE SHALL REQUIRE THAT BOTH
     THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE
     OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH
     TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY
     TO THE OWNER TRUSTEE AND THE DEPOSITOR, AND (B) THE OWNER TRUSTEE SHALL
     REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF
     THE DEPOSITOR OR THE OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE
     OWNER TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE
     SECURITIES ACT.

<PAGE>

          THIS CERTIFICATE (OR AN INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR FOR
     THE ACCOUNT OF (i) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3)
     OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
     AMENDED ("ERISA")), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA
     (ii) A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE CODE, OR (iii) ANY
     ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT
     BY AN EMPLOYEE BENEFIT PLAN IN SUCH ENTITY. THIS CERTIFICATE (OR AN
     INTEREST HEREIN) ALSO MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF AN
     EMPLOYEE BENEFIT PLAN OR PLAN THAT IS NOT SUBJECT TO THE PROVISIONS OF
     TITLE I OF ERISA OR SECTION 4975 OF THE CODE (INCLUDING, WITHOUT
     LIMITATION, FOREIGN OR GOVERNMENTAL PLANS) IF SUCH ACQUISITION WOULD
     RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER, OR A VIOLATION OF,
     ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR SECTION 4975
     OF THE CODE. EACH HOLDER OF THIS CERTIFICATE, BY ACCEPTING THIS
     CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT
     SUBJECT TO THE FOREGOING LIMITATIONS, AND, IF REQUESTED TO DO SO BY THE
     DEPOSITOR, SUCH PERSON SHALL EXECUTE AND DELIVER TO THE OWNER TRUSTEE AN
     UNDERTAKING LETTER TO SUCH EFFECT IN THE FORM SPECIFIED IN THE TRUST
     AGREEMENT.

          NO SALE, PLEDGE OR OTHER TRANSFER OF THE CERTIFICATE (OR INTEREST
     THEREIN) MAY BE MADE BY ANY PERSON UNLESS THE CERTIFICATEHOLDER PROVIDES TO
     THE OWNER TRUSTEE, THE INDENTURE TRUSTEE AND THE DEPOSITOR AN OPINION OF
     INDEPENDENT COUNSEL REASONABLY ACCEPTABLE TO THE DEPOSITOR THAT SUCH ACTION
     WILL NOT CAUSE THE TRUST TO BE TREATED AS AN ASSOCIATION (OR PUBLICLY
     TRADED PARTNERSHIP) TAXABLE AS A CORPORATION FOR FEDERAL INCOME TAX
     PURPOSES, AND SUCH TRANSFEREE OR ASSIGNEE AGREES TO TAKE POSITIONS FOR TAX
     PURPOSES CONSISTENT WITH THE TAX POSITIONS AGREED TO BE TAKEN BY THE
     CERTIFICATEHOLDER. IN ADDITION, THE CERTIFICATE MAY NOT BE SUBDIVIDED UPON
     TRANSFER OR EXCHANGE AND ANY ATTEMPTED TRANSFER (OR SUBDIVISION) OF A
     CERTIFICATE IN CONTRAVENTION OF THIS RESTRICTION SHALL BE VOID AB INITIO
     AND THE PURPORTED TRANSFEROR SHALL CONTINUE TO BE TREATED AS THE OWNER OF
     THE CERTIFICATE FOR ALL PURPOSES.

          THE CERTIFICATEHOLDER, BY ITS ACCEPTANCE OF THIS CERTIFICATE (OR
     INTEREST HEREIN), COVENANTS AND AGREES THAT SUCH CERTIFICATEHOLDER SHALL
     NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION
     OF THE TRUST AGREEMENT AND WITH RESPECT TO THE DEPOSITOR, OF EACH OTHER
     SUCH TRUST FORMED BY THE DEPOSITOR, ACQUIESCE, PETITION OR OTHERWISE INVOKE
     OR CAUSE THE DEPOSITOR TO INVOKE THE PROCESS OF ANY COURT OR

                                        3

<PAGE>

     GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE
     AGAINST THE DEPOSITOR UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY,
     REORGANIZATION OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR,
     ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE
     DEPOSITOR OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE
     WINDING-UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR.

                       SWIFT MASTER AUTO RECEIVABLES TRUST

                                   CERTIFICATE

     evidencing a fractional undivided interest in the Trust, as defined below,
     the property of which includes a pool of wholesale auto receivables
     generated from time to time in a portfolio of revolving financing
     arrangements with dealers to finance automobile and other vehicle
     inventories and collections thereon and certain other property.

     (This Certificate does not represent an interest in or obligation of
     Wholesale Auto Receivables LLC, GMAC LLC, General Motors Corporation, the
     Owner Trustee or any of their respective affiliates, except to the extent
     described in the Basic Documents.)

     THIS CERTIFIES THAT __________ is the registered owner of a nonassessable,
fully-paid, fractional undivided interest in SWIFT Master Auto Receivables Trust
(the "Trust") formed by Wholesale Auto Receivables LLC, a Delaware limited
liability company (the "Depositor").

     The Trust was created pursuant to a Trust Agreement, dated as of _______,
20__ (as amended and supplemented from time to time, the "Trust Agreement"),
between the Depositor and HSBC Bank USA, National Association, as owner trustee
(the "Owner Trustee"), a summary of certain of the pertinent provisions of which
is set forth below. To the extent not otherwise defined herein, the capitalized
terms used herein have the meanings assigned to them in the Trust Agreement.

     This Certificate is issued under and is subject to the terms, provisions
and conditions of the Trust Agreement, the terms of which are incorporated
herein by reference and made a part hereof, to which Trust Agreement the Holder
of this Certificate by virtue of the acceptance hereof assents and by which such
holder is bound.

     The Holder of this Certificate acknowledges and agrees that its rights to
receive payments in respect of this Certificate are subordinated to the rights
of the Noteholders as and to the extent described in the Trust Sale and
Servicing Agreement, the Indenture and the Indenture Supplements.

                                        4

<PAGE>

     The Certificateholder by accepting this Certificate (or interest therein)
issued hereunder, hereby covenants and agrees that it shall not (nor shall it
join with or solicit another person to), prior to the day that is one year and
one day after the termination of the Trust and with respect to the Depositor of
each other such trust formed by the Depositor, acquiesce, petition or otherwise
invoke or cause the Depositor or the Trust to invoke in any court or government
authority for the purpose of commencing or sustaining a case against the
Depositor or the Trust under any federal or state bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Depositor or the Trust or any
substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Depositor or the Trust.

     Distributions on this Certificate shall be made as provided in the Trust
Agreement without the presentation or surrender of this Certificate or the
making of any notation hereon, to the Certificateholder of record on the
immediately preceding Record Date either by wire transfer, in immediately
available funds, to the account of such Holder at a bank or other entity having
appropriate facilities therefor, if such Certificateholder shall have provided
to the Certificate Registrar appropriate written instructions at least five
Business Days prior to such Record Date, or, if not, by check mailed to such
Certificateholder at the address of such Holder appearing in the Certificate
Register. Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on this Certificate shall be
made after due notice by the Owner Trustee of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office
maintained for such purpose by the Owner Trustee in the Borough of Manhattan,
the City of New York.

     Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     Unless the certificate of authentication hereon shall have been executed by
an authorized officer of the Owner Trustee by manual signature, this Certificate
shall not entitle the holder hereof to any benefit under the Trust Agreement,
the Trust Sale and Servicing Agreement or the Indenture or be valid for any
purpose.

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

                                        5

<PAGE>

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

Dated: ______, 20__

                                        SWIFT MASTER AUTO RECEIVABLES TRUST

                                        By: HSBC BANK USA, NATIONAL ASSOCIATION,
                                            not in its individual capacity but
                                            solely as Owner Trustee

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

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

HSBC BANK USA,  NATIONAL              OR  HSBC BANK USA, NATIONAL ASSOCIATION,
ASSOCIATION, not in its individual        not in its individual capacity but
capacity but solely as Owner Trustee      solely as Owner Trustee by
                                          [Authenticating Agent] as
                                          Authentication Agent

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

                                        6

<PAGE>

                             REVERSE OF CERTIFICATE

     The Certificate does not represent an obligation of, or an interest in, the
Depositor, the Servicer, GMAC LLC, General Motors Corporation, the Indenture
Trustee, the Owner Trustee or any affiliates of any of them and no recourse may
be had against such parties or their assets, except as may be expressly set
forth or contemplated herein or in the Trust Agreement or the other Basic
Documents. In addition, this Certificate is not guaranteed by any governmental
agency or instrumentality and is limited in right of payment to certain
collections and recoveries with respect to the Receivables held by the Trust
(and certain other amounts), all as more specifically set forth herein, in the
Trust Agreement and in the other Basic Documents. A copy of each of the Trust
Agreement and the other Basic Documents may be examined during normal business
hours at the principal office of the Depositor, and at such other places, if
any, designated by the Depositor, by the Certificateholder upon written request.

     The Trust Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor and the rights of the Certificateholder under the Trust Agreement at
any time by the Depositor and the Owner Trustee with the consent of the
Noteholders whose Notes evidence not less than a majority of the Outstanding
Amount of the Notes as of the close of business on the preceding Distribution
Date and the consent of the Certificateholder. Any such consent by the Holder of
this Certificate shall be conclusive and binding on such Holder and on all
future Holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon this Certificate. The Trust Agreement also permits
the amendment thereof, in certain circumstances, without the consent of the
Holders of any of the Certificate or the Notes.

     As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registerable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies of the Certificate Registrar maintained by
the Owner Trustee in the City of New York, accompanied by (i) a written
instrument of transfer in form satisfactory to the Owner Trustee and the
Certificate Registrar duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, (ii) any certificate and/or Opinion of
Counsel required by Sections 3.4(g) and (h) of the Trust Agreement, and (iii) if
requested by the Depositor, the Undertaking Letter required by Section 3.4(f) of
the Trust Agreement, and thereupon one new Certificate evidencing the same
aggregate percentage interest in the Trust shall be issued to the designated
transferee.

     The initial Certificate Registrar appointed under the Trust Agreement is
HSBC Bank USA, New York, New York.

     The Certificate (other than the Certificate issued to the Depositor or its
affiliates) is issuable only as a registered Certificate. As provided in the
Trust Agreement and subject to certain limitations therein set forth, the
Certificate is exchangeable for a new Certificate evidencing the same aggregate
percentage interest, as requested by the Holder surrendering the same; provided,
however, that the Certificate may not be subdivided upon transfer or exchange.
No service charge shall be made for any such registration of transfer or
exchange, but the Owner

                                        7

<PAGE>

Trustee or the Certificate Registrar may require payment of a sum sufficient to
cover any tax or governmental charge payable in connection therewith.

     The Owner Trustee, the Certificate Registrar and any agent of the Owner
Trustee or the Certificate Registrar may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and none of the
Owner Trustee, the Certificate Registrar or any such agent shall be affected by
any notice to the contrary.

     The obligations and responsibilities created by the Trust Agreement and the
Trust created thereby shall terminate upon the distribution to the
Certificateholder of all amounts required to be paid to it pursuant to the Trust
Agreement, the Trust Sale and Servicing Agreement and the Indenture Supplements
and the disposition of all property held as part of the Trust.

                                        8

<PAGE>

                             CERTIFICATE OF TRANSFER

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE _________________________________________________________________
_____________________________________________________________________________
(Please print or type name and address, including postal zip code, of assignee)

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

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

                                        ---------------------------------------
                                                                               *
Dated:
       ---------------                  ---------------------------------------
                                        Signature Guaranteed:                  *

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

                                        9

<PAGE>

                                                                       EXHIBIT C

                                 INVESTOR LETTER

Wholesale Auto Receivables LLC
Corporation Trust Center
1209 Orange Street
Wilmington, Delaware 19801

HSBC BANK USA, NATIONAL ASSOCIATION
c/o [Authenticating Agent]
[Authenticating Agent address]

Ladies and Gentlemen:

     In connection with our proposed purchase of a Certificate (the
"Certificate"), representing a fractional undivided interest in the SWIFT Master
Auto Receivables Trust, issued under a trust agreement, to be dated as of
_______, 20__ (the "Trust Agreement"), between Wholesale Auto Receivables LLC, a
Delaware limited liability company (the "Depositor") and HSBC Bank USA, National
Association, as owner trustee, acting thereunder not in its individual capacity
but solely as owner trustee of the Trust (the "Owner Trustee"), we confirm that:

          1. We understand that the Certificate has not been registered under
     the United States Securities Act of 1933, as amended (the "Securities
     Act"), or the securities laws of any jurisdiction and may not be sold
     except as permitted in the following sentence. We agree, on our own behalf
     and on behalf of any accounts for which we are acting as hereinafter
     stated, that such Certificate (or an interest therein) may be resold,
     pledged or transferred only (i) to the Depositor, (ii) so long as such
     Certificate is eligible for resale pursuant to Rule 144A under the
     Securities Act ("Rule 144A"), to a person whom the transferor reasonably
     believes after due inquiry to be a "qualified institutional buyer" as
     defined in Rule 144A 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 resale,
     pledge or transfer is being made in reliance on Rule 144A, or (iii) in a
     sale, pledge or other transfer made in a transaction otherwise exempt from
     the registration requirements of the Securities Act, in which case (A) the
     Owner Trustee shall require that both the prospective transferor and the
     prospective transferee certify to the Owner Trustee and the Depositor in
     writing the facts surrounding such transfer, which certification shall be
     in form and substance satisfactory to the Owner Trustee and the Depositor,
     and (B) the Owner Trustee shall require a written opinion of counsel (which
     will not be at the expense of the Depositor or the Owner Trustee)
     satisfactory to the Depositor and the Owner Trustee to the effect that such
     transfer will not violate the Securities Act, in each case in accordance
     with any applicable securities laws of any state of the United States. We
     will notify any purchaser of the Certificate (or an interest therein) from
     us of the above resale restrictions, if then

<PAGE>

     applicable. We further understand that in connection with any transfer of
     the Certificate (or interest therein) by us that the Depositor and the
     Owner Trustee may request, and if so requested we will furnish, such
     certification and other information as they may reasonably require to
     confirm that any such transfer complies with the foregoing restrictions. We
     understand that no sale, pledge or other transfer may be made to any Person
     unless the Certificateholder provides to the Owner Trustee, the Indenture
     Trustee and the Depositor an opinion of independent counsel reasonably
     acceptable to the Depositor that such action will not cause the Trust to be
     treated as an association (or publicly traded partnership) taxable as a
     corporation for federal income tax purposes, and such transferee or
     assignee agrees to take positions for tax purposes consistent with the tax
     positions agreed to be taken by the Certificateholder. We further
     understand that the Certificate may not be subdivided upon transfer or
     exchange. Any attempted transfer or subdivision in contravention of this
     restriction will be void ab initio and the purported transferor will
     continue to be treated as the owner of the Certificate for all purposes. We
     understand that no sale, pledge or other transfer of the Certificate may be
     made to (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 investment by an employee benefit plan or plan in such entity or
     (iv) an employee benefit plan or plan that is not subject to the provisions
     of Title I of ERISA or Section 4975 of the Code (including, without
     limitation, foreign or governmental plans) if such sale, pledge or other
     transfer 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.

          2. You are entitled to rely upon this letter and you are irrevocably
     authorized to produce this letter or a copy hereof to any interested party
     in any administrative or legal proceeding or official inquiry with respect
     to the matters covered hereby.

                                        Very truly yours,

                                        (Name of Purchaser)

                                        By:
                                            ------------------------------------

                                        Date:
                                              ----------------------------------

                                       11

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