Document:

Certificate Issuance Order for Series 2005-A Floating Rate Asset Backed Certs.

 Exhibit 4.6 
  

EXECUTION COPY 
  
 CERTIFICATE ISSUANCE ORDER 
  
 Floating Rate Asset Backed Certificates, Class 2005-A 
  
 The undersigned hereby certifies, pursuant to the Trust Agreement dated as of June 23, 2005 (the “Trust
Agreement”), between Wholesale Auto Receivables Corporation, a Delaware corporation (the “Seller”), and Chase Bank USA, National Association, a national banking association, as Owner Trustee (the “Owner
Trustee”), that there has been established pursuant to and in conformity with resolutions duly adopted by the Board of Directors of the Seller, a class of Certificates to be issued under and in conformity with the Trust Agreement, which
class of Certificates shall have the terms specified herein. Capitalized terms used and not otherwise defined herein shall have the meanings specified in Appendix 1 hereto or, if not defined therein, then shall have the meanings set forth in
Part 1 of Appendix A to the Trust Sale and Servicing Agreement, dated as of June 23, 2005, among Superior Wholesale Inventory Financing Trust XII (the “Issuer” or the “Trust”), the Seller and General Motors
Acceptance Corporation (the “Trust Sale and Servicing Agreement”). 
  

	1.	Designation and Certificate Balance. 

  

	1.1	The designation of the class of Certificates is the Floating Rate Asset Backed Certificates, Class 2005-A (the “2005-A Certificates”). The 2005-A Certificates shall
be in the form set forth in Exhibit A hereto. For the purposes of the Trust Agreement and the other Basic Documents, the 2005-A Certificates shall be a separate class of Certificates. 

  

	1.2	The Certificate Balance of the 2005-A Certificates to be authenticated and delivered pursuant to the Trust Agreement on the 2005-A Certificate Closing Date is $148,844,117.

  

	1.3	The 2005-A Certificates shall be issued on the “2005-A Certificate Closing Date.” 

  

	2.	Denomination, Form, Book Entry Registration and Transfer Restrictions. 

  

	2.1	Denominations. The 2005-A Certificates (other than those initially issued to the Seller) will be issued and authorized in minimum denominations of $2,500,000 (or such other
amount as the Seller may determine in order to prevent the Trust from being treated as a “publicly-traded partnership” under Section 7704 of the Code, but in no event less than $250,000). 

  

	2.2	2005-A Certificates. The 2005-A Certificates to be issued on the 2005-A Certificate Closing Date to the Seller shall be issued as Definitive Certificates.

  

	2.3	Clearing Agency. For the 2005-A Certificates, there shall be no Clearing Agency. 

	2.4	Definitive Certificates. The Seller shall receive a Definitive Certificate representing the Certificateholder’s interest in a 2005-A Certificate

  

	2.4.1	The Definitive Certificates shall become void in their entirety unless presented for payment within a period of 10 years from the relevant date in respect thereof. After the date on
which the Certificates becomes void in their entirety, no claim may be made in respect thereof. In this Section 2.4.2, the “relevant date” is the date on which a payment first becomes due or (if the full amount of the moneys payable
has not been duly received by the Owner Trustee on or prior to such date) the date on which the full amount of such moneys having been so received, notice to that effect is duly given to the Holders of the 2005-A Certificates.

  

	2.5	Authentication Agent; Certificates Registrar. 

  

	2.5.1	The initial Authentication Agent for the 2005-A Certificates will be JPMorgan Chase Bank, N.A. 

  

	2.5.2	The initial Certificates Registrar for the 2005-A Certificates will be JPMorgan Chase Bank, N.A. 

  

	2.6	Transfer Restrictions 

  

	2.6.1	The 2005-A Certificates (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 and is not acquiring the 2005-A Certificate for the account of a Benefit Plan. The 2005-A Certificates are also subject to the minimum
denomination specified in Section 2.1. 

  

	2.6.2	 The 2005-A Certificates will not be registered under the Securities Act or the securities or blue sky laws of any other jurisdiction. Consequently, the 2005-A
Certificates are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other provisions specified herein. No sale, pledge or other transfer of the 2005-A
Certificates (or interest therein) may be made by any Person unless either (i) such sale, pledge or other transfer is made to the Seller, (ii) so long as the 2005-A Certificates are 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 Seller in writing the facts surrounding 

  

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such transfer, which certification shall be in form and substance satisfactory to the Owner Trustee and the Seller, and (B) the Owner Trustee shall require a
written opinion of counsel (which will not be at the expense of the Seller or the Owner Trustee) satisfactory to the Seller and the Owner Trustee to the effect that such transfer will not violate the Securities Act. No sale, pledge or other transfer
may be made to any one person for 2005-A Certificates with a face amount of less than $2,500,000 (or such other amount as the Seller may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under
Section 7704 of the Code, but in no event less than $250,000) and, in the case of any Person acting on behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act) acting in its fiduciary capacity),
for 2005-A Certificates with a face amount of less than such amount for each such third party. Any attempted transfer in contravention of the immediately preceding restriction will be void ab initio and the purported transferor will continue to be
treated as the owner of the 2005-A Certificates for all purposes. Neither the Seller nor the Owner Trustee shall be obligated to register the 2005-A Certificates under the Securities Act, qualify the 2005-A Certificates under the securities laws of
any state or provide registration rights to any purchaser or holder thereof. 

  

	3.	Specified Support Arrangements. 

  
 With respect to the 2005-A Certificates, there shall be no Specified Support Arrangements. 
  

	4.	Allocation and Payment of Interest. 

  

	4.1	Payment of Interest. 

  

	4.1.1	Interest on the Certificate Balance (without reduction for unreimbursed Trust Charge-Offs or Reallocated Principal Amounts) of the 2005-A Certificates will be payable in arrears by
the Trust. Interest will accrue from and including the 2005-A Certificate Closing Date, or from and including the most recent Monthly Distribution Date on which interest has been paid, to but excluding the current Monthly Distribution Date. Interest
accrued as of any Monthly Distribution Date, but not paid on such Monthly Distribution Date, will be due on the next Monthly Distribution Date. 

  

	4.1.2	Interest on the 2005-A Certificates will accrue at a rate equal to One-Month LIBOR plus 3.00% per annum and will be payable on each Monthly Distribution Date, and will be calculated
on the basis of the Actual/360 Day Count. 

  

	4.1.3	Notwithstanding the foregoing Sections 4.1.1 through 4.1.2, interest will be payable from, and only to the extent of, amounts paid by the Trust to the 2005-A Certificate
Distribution Account with respect to the 2005-A Certificates pursuant to Section 4.5(c)(i)(Clause(3))(K) of the Trust Sale and Servicing Agreement. 

  

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	5.	Allocations and Distributions in Respect of Certificate Balance. 

  

	5.1	General. 

  

	5.1.1	During the Revolving Period, until the commencement of either the Payment Period for the 2005-A Certificates or a Rapid Amortization Period for the 2005-A Certificates which is not
an Early Amortization Period for the Trust, no distributions of Certificate Balance on the 2005-A Certificates shall be required or distributed and Available Trust Principal shall not be set aside for such purpose. 

  

	5.1.2	For the 2005-A Certificates, there shall be no Required Payments or Servicer Liquidity Advances as contemplated by Section 4.5(e) of the Trust Sale and Servicing Agreement,
and the term “Priority Payment Amount” shall have no effect. 

  

	5.1.3	For purposes of Section 6.2(b)(iv) of the Trust Sale and Servicing Agreement, the period of time which begins upon the commencement of a Payment Period, Cash Accumulation
Period or Rapid Amortization Period for the 2005-A Certificates and which ends upon the Certificate Balance of the 2005-A Certificates being paid or provided for in full shall constitute a “Daily Remittance Period.”

  

	5.1.4	During any period in which funds are being set aside or distributed in respect of the Certificate Balance of the 2005-A Certificates, no amount shall be set aside or distributed to
the extent that it would cause the total amount so set aside or distributed to exceed the Certificate Balance of the 2005-A Certificates. 

  

	5.2	Deposits of Principal Collections. 

  

	5.2.1	During Payment Period. On each day during the Payment Period for the 2005-A Certificates until the Certificate Balance of the 2005-A Certificates have been distributed or
provided for in full, after the Fully Funded Date for all outstanding series of Term Notes and Revolving Notes has occurred, the Servicer will instruct the Indenture Trustee to withdraw from the Collection Account and transfer to the Trust for
deposit in the Certificate Distribution Account for the 2005-A Certificates all Available Trust Principal allocated to the Certificates on such day pursuant to the applicable clause of Section 4.5(d) of the Trust Sale and Servicing Agreement.

  

	5.2.2	 During Cash Accumulation Period. On each day during the Cash Accumulation Period until the Certificate Balance of the 2005-A Certificates has been
distributed or provided for in full, after the Fully Funded Date for all outstanding series of Term Notes and Revolving Notes has occurred, the Servicer will instruct the Indenture Trustee to withdraw from the Collection Account and deposit in the
2005-A Certificate Cash Accumulation Account all Available Trust Principal allocated to the Certificates on such day pursuant to the applicable clause of Section 4.5(d) of the Trust Sale and Servicing Agreement until the amount on deposit in
the 2005-A Certificate Cash Accumulation Account equals the Certificate Balance of the 2005-A Certificates. Immediately upon the earliest of (i) the 2005-A Certificate Targeted Final Distribution Date, (ii) the occurrence of a Rapid Amortization
Event, and (iii) the date on which the Revolving Period cannot recommence and the Rating Agency 

  

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Condition shall have been satisfied, the Indenture Trustee shall withdraw any amounts held in the 2005-A Certificate Cash Accumulation Account (other than
Investment Proceeds thereon) and transfer such amounts to the Trust for deposit into the Certificate Distribution Account. The Trust will use amounts in the 2005-A Certificate Cash Accumulation Account only to make payments as provided in this
Certificate Issuance Order. 

  

	5.2.3	During Rapid Amortization Period. Immediately upon the commencement of a Rapid Amortization Period for the 2005-A Certificates, the Indenture Trustee shall withdraw any
amounts held in the 2005-A Certificate Cash Accumulation Account (other than Investment Proceeds thereon) and transfer such amounts to the Trust for deposit into the Certificate Distribution Account; and on each day during the Rapid Amortization
Period for the 2005-A Certificates, after the Fully Funded Date for all outstanding series of Term Notes and Revolving Notes has occurred, all Available Trust Principal allocated to the Certificates on such day pursuant to the applicable clause of
Section 4.5(d) of the Trust Sale and Servicing Agreement will be deposited in the Certificate Distribution Account with respect to the 2005-A Certificates. All amounts so allocated during a Rapid Amortization Period will be distributed to the
Holders of the 2005-A Certificates on the related Monthly Distribution Date. 

  

	5.3	Distributions in Respect of Certificate Balance. 

  

	5.3.1	2005-A Certificate Targeted Final Distribution Date. On the 2005-A Certificate Targeted Final Distribution Date, unless a Rapid Amortization Period has earlier commenced, the
Owner Trustee shall withdraw from the Certificate Distribution Account (and, if a Cash Accumulation Period is then in effect, the Indenture Trustee shall transfer all amounts on deposit in the 2005-A Certificate Cash Accumulation Account to the
Certificate Distribution Account with respect to the 2005-A Certificates) and distribute to the Holders of the 2005-A Certificates the lesser of: 

  

	 	  (a)	the Certificate Balance of the 2005-A Certificates and 

  

	 	  (b)	the amount of funds available in the Certificate Distribution Account for that purpose on such Monthly Distribution Date. 

  

	5.3.2	Following the 2005-A Certificate Targeted Final Distribution Date. If the amount distributed to the Holders of the 2005-A Certificates on the 2005-A Certificate Targeted
Final Distribution Date was less than the Certificate Balance of the 2005-A Certificates on the 2005-A Certificate Targeted Final Distribution Date and if a Rapid Amortization Period is not then in effect, then on each Monthly Distribution Date
thereafter, the Servicer shall instruct the Owner Trustee to withdraw from the 2005-A Certificate Distribution Account for payment to the Holders of the 2005-A Certificates the funds deposited in the Certificate Distribution Account with respect to
the 2005-A Certificates. 

  

	5.3.3	 During Rapid Amortization Period. On each Monthly Distribution Date related to a Rapid Amortization Payment Date, the Owner Trustee (based on the
Servicer’s 

  

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Accounting for such Monthly Distribution Date) shall distribute to the Holders of the 2005-A Certificates the lesser of the amount of Available Principal
Funds for such Monthly Distribution Date and the Certificate Balance of the 2005-A Certificates on the last day of the related Collection Period. 

  

	6.	Payment Period, Rapid Amortization Period and Cash Accumulation Period. 

  

	6.1	Payment Period. 

  

	6.1.1	Unless a Cash Accumulation Period or a Rapid Amortization Period for the 2005-A Certificates has commenced and is continuing, the Payment Period for the 2005-A Certificates will
commence upon a date that is no earlier than January 1, 2008 and no later than May 1, 2008 (the “Latest Commencement Date”). On the Determination Date in December 2007 and on each Determination Date thereafter before the
commencement of the Payment Period, the Servicer will determine the date, if any, on which the Payment Period shall commence prior to the Latest Commencement Date, by calculating the Required Payment Period Length. The Payment Period will commence
with the first day of the Collection Period which follows the first Determination Date on which the Required Payment Period Length is equal to or greater than the number of full Collection Periods remaining between such Determination Date and the
2005-A Certificate Targeted Final Distribution Date. 

  
 The “Required Payment Period Length” as of a Determination Date, is calculated as follows (rounded up in all cases to the nearest whole integer): 
  

					
	Required Payment Period Length	  	=	  	 Outstanding Balance

 Recent Minimum Daily Trust Balance x Minimum Monthly Payment Rate

  
 where, for purposes of this equation only: 
  
 “Outstanding Balance” is the Certificate Balance of all 2005-A Certificates and the outstanding principal balance of all Notes with scheduled Payment Periods during the Payment Period for the 2005-A Certificates;

  
 “Recent Minimum Daily Trust Balance” is the
minimum expected Daily Trust Balance during the period between such Determination Date and May 31, 2008 as determined by the Servicer; and 
  
 “Minimum Monthly Payment Rate” is the minimum Monthly Payment Rate during the twelve Collection Periods preceding such Determination
Date. 
  

	6.1.2	The Payment Period for the 2005-A Certificates will terminate upon the earliest of (1) the occurrence of a Cash Accumulation Event, (2) the Certificate Balance of the 2005-A
Certificates is paid or provided for in full, and (3) the occurrence of a Rapid Amortization Event. 

  

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	6.1.3	If the Payment Period for the 2005-A Certificates shall be terminated upon the occurrence of an Early Amortization Event described in clauses (i) or (k) of Section 9.1
of the Trust Sale and Servicing Agreement and no other Early Amortization Event has occurred, such Payment Period shall be recommenced if the Seller elects to recommence the Revolving Period as described in Section 9.5(a) of the Trust Sale
and Servicing Agreement. If the Payment Period for the 2005-A Certificates shall be terminated upon the commencement of the Wind Down Period prior to the Final Revolving Period Termination Date, such Payment Period shall be recommenced, if the
Seller elects to recommence the Revolving Period as described in Section 9.5(b) of the Trust Sale and Servicing Agreement. 

  

	6.2	Rapid Amortization Period. 

  

	6.2.1	“Rapid Amortization Period” for the 2005-A Certificates will commence upon the occurrence of a Rapid Amortization Event and will end upon the earliest to occur of
(i) the date on which the Certificate Balance of the 2005-A Certificates is paid in full and (ii) the Trust Termination Date. 

  

	6.2.2	“Rapid Amortization Event” for the 2005-A Certificates means any of the following events: 

  

	 	(a)	the occurrence of any of the Early Amortization Events set forth in Sections 9.1(a), (b) and (c) of the Trust Sale and Servicing Agreement, 

  

	 	(b)	either the Trust or the Seller becomes required to register as an “investment company” within the meaning of the Investment Company Act, and 

  

	 	(c)	any Rapid Amortization Event for the Term Notes. 

  

	6.3	Cash Accumulation Period. 

  

	6.3.1	A “Cash Accumulation Period” for the 2005-A Certificates will commence upon the occurrence of a Cash Accumulation Event and will terminate on the earliest to occur
of: 

  

	 	(a)	the date on which the Certificate Balance of the 2005-A Certificates is paid in full, 

  

	 	(b)	the occurrence of a Rapid Amortization Event for the 2005-A Certificates, 

  

	 	(c)	the Trust Termination Date, and 

  

	 	(d)	the date on which, pursuant to Section 9.5(a) of the Trust Sale and Servicing Agreement, the Revolving Period recommences. 

  

	6.3.2	“Cash Accumulation Event” for the 2005-A Certificates means any of the following events: 

  

	 	(a)	any of the Early Amortization Events other than the Early Amortization Events specified in Sections 9.1(a), (b) and (c) of the Trust Sale and Servicing Agreement, and

  
  

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	 	(b)	the commencement of the Wind Down Period. 

  

	6.3.3	If a Cash Accumulation Period commences as a result of the occurrence of an Early Amortization Event described in clauses (i) or (k) of Section 9.1 of the Trust Sale
and Servicing Agreement and no other Early Amortization Event has occurred, such Cash Accumulation Period may be terminated, and the Revolving Period may be recommenced, if the Seller elects to recommence the Revolving Period as described in
Section 9.5(a) of the Trust Sale and Servicing Agreement. 

  

	7.	Optional Purchase by the Servicer. 

  

	7.1	At any time from and after the time that: 

  

	 	(a)	the Daily Trust Balance is equal to or less than 10% of the highest sum, at any time since the Initial Closing Date, of the Daily Trust Balance plus the Cash Collateral
Amount plus the total of all amounts on deposit in the Accumulation Accounts and Distribution Accounts; and 

  

	 	(b)	either no Term Notes are outstanding or the Wind Down Period is in effect, 

  
 the Servicer may, at its option, purchase from the Trust, as of the last day of any Collection Period, all remaining receivables and other
assets then held by the Trust, at a price equal to the aggregate Administrative Purchase Payments for such receivables plus the appraised value of such other assets (which price will not be less than the outstanding principal balance and unpaid
interest on all notes and Certificates). Such amount will be treated as Trust Principal Collections received during such Collection Period to the extent of the principal portion of the aggregate Administrative Purchase Payments so paid, with the
remainder being Trust Interest Collections. 
  

	8.	2005-A Certificate Cash Accumulation Reserve Fund. 

  
 For the 2005-A Certificates, there shall be no Cash Accumulation Reserve Fund. 
  

	9.	2005-A Certificate Cash Accumulation Account. 

  

	9.1	The Servicer, for the benefit of the Holders of the 2005-A Certificates, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
“2005-A Certificate Cash Accumulation Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Holders of the 2005-A Certificates. The 2005-A Certificate Cash Accumulation
Account shall be a Designated Account. 

  

	9.2	2005-A Certificate Cash Accumulation Account Earnings shall constitute Shared Investment Proceeds. 

  

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	10.	[Reserved]. 

  

	11.	Pledge of the 2005-A Certificate Account Property. 

  
 In order to provide for timely payments in accordance with Section 4.5 of the Trust Sale and Servicing Agreement and the terms of the 2005-A
Certificates, to assure the availability for the benefit of the 2005-A Certificateholders, of the amounts maintained in the 2005-A Certificate Cash Accumulation Account and the 2005-A Certificate Distribution Account, the Trust hereby pledges to the
Indenture Trustee and its successors and assigns, all its right, title and interest in and to the 2005-A Certificate Cash Accumulation Account and all proceeds of the foregoing, including, without limitation, all other amounts and investments held
from time to time in the 2005-A Certificate Cash Accumulation Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), (collectively, the “2005-A Certificate Account
Property”), to have and to hold all the aforesaid property, rights and privileges unto the Indenture Trustee, its successors and assigns, in trust for the uses and purposes, and subject to the terms and provisions, set forth in this
Certificate Issuance Order and in Section 4.6 of the Trust Sale and Servicing Agreement. The Indenture Trustee shall hold and distribute the 2005-A Certificate Account Property in accordance with the terms and provisions of the Trust Sale and
Servicing Agreement. By its acknowledgment of this Certificate Issuance Order of the 2005-A Certificates, the Indenture Trustee acknowledges and accepts such trusts as are specified herein with respect to the 2005-A Certificate Account Property.

  
 * * * * 
  
 The undersigned has read or has caused to be read the Trust Agreement,
including the provisions of Section 3.3 and the definitions relating thereto, and the resolutions adopted by the Board of Directors referred to above. Based on such examination, the undersigned has, in the undersigned’s opinion, made
such examination or investigation as is necessary to enable the undersigned to express an informed opinion as to whether all conditions precedent set forth in the Trust Agreement and the other Basic Documents relating to the establishment of the
form and terms of a class of Certificates under the Trust Agreement have been complied with. In the opinion of the undersigned, all such conditions precedent have been complied with in respect of the 2005-A Certificates. 
  
 * * * * 
  

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 IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate Issuance Order as of June 23,
2005. 
  

			
	 WHOLESALE AUTO RECEIVABLES CORPORATION

		
	 By:
	 	 /s/ C. J. Vannatter

	 Name:
	 	 C. J. Vannatter

	 Title:
	 	 Vice President

  

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	 Acknowledged and Accepted:

	
	 THE BANK OF NEW YORK,

	 not in its individual capacity, but solely as Indenture Trustee

		
	 By:
	 	 /s/ Jonathan Farber

	 Name:
	 	 Jonathan Farber

	 Title:
	 	 Assistant Vice President

	
	 CHASE BANK USA, NATIONAL ASSOCIATION

	 not in its individual capacity, but solely as Owner Trustee

		
	 By:
	 	 /s/ John J. Cashin

	 Name:
	 	 John J. Cashin

	 Title:
	 	 Vice President

  

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 APPENDIX 1 
 to 
 CERTIFICATE ISSUANCE ORDER 
 FOR THE 2005-A CERTIFICATES 
  
 Definitions. 
  

	1.	Reference to General Rule. 

  
 Capitalized terms used herein and not defined shall have the meanings assigned to such terms in the Trust Agreement and in Appendix A to the Trust Sale
and Servicing Agreement dated as of June 23, 2005 among General Motors Acceptance Corporation, as Servicer, Wholesale Auto Receivables Corporation, as Seller, and Superior Wholesale Inventory Financing Trust XII, as Issuer. All references herein to
“the Certificate Issuance Order” are to the Certificate Issuance Order with respect to the 2005-A Certificates, dated June 23, 2005. 
  

	2.	Definitions Specific to the 2005-A Certificates. 

  
 The following terms are defined with respect to the 2005-A Certificates only, are not defined in Appendix A to the Trust Sale and Servicing Agreement and,
when used in the Basic Documents, shall have the defined meanings set forth below: 
  
 2005-A Certificate Closing Date: June 23, 2005. 
  
 2005-A Certificate Rate: The interest rate specified in Section 4.1 of the Certificate Issuance Order. 
  

	3.	Specification for 2005-A Certificates of Terms Defined in Appendix A to the Trust Sale and Servicing Agreement. 

  
 The following terms, when used in the Trust Agreement, the Trust Sale and
Servicing Agreement and/or other Basic Documents, with respect to the 2005-A Certificates, shall have the meanings set forth below (and, if used in the Certificate Issuance Order, shall be used with respect to the 2005-A Certificates only, except
where expressly indicated otherwise): 
  
 2005-A Certificate
Cash Accumulation Account: The account established as provided in Section 9.1 of the Certificate Issuance Order. 
  
 2005-A Certificate Cash Accumulation Account Earnings: On a Monthly Distribution Date, the investment earnings during the related Collection Period
on funds deposited in the 2005-A Certificate Cash Accumulation Account, net of losses and investment expenses with respect to such funds. 
  
 2005-A Certificate Stated Final Distribution Date: The Monthly Distribution Date in June 2010. 
  
 2005-A Certificate Targeted Final Distribution Date: The Monthly
Distribution Date in June 2008. 
  

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 Actual/360 Day Count: For the computation of accrued interest, means using the actual number of
days elapsed during the period from and including the preceding Monthly Distribution Date (or, in the case of the initial Monthly Distribution Date, from and including the 2005-A Certificate Closing Date), to but excluding the current Monthly
Distribution Date, and a year of 360 days. 
  
 Cash
Accumulation Event: Any of the events set forth as such in Section 6.3.2 of the Certificate Issuance Order. 
  
 Cash Accumulation Period: A period described as such in Section 6.3.1 of the Certificate Issuance Order. 
  
 Daily Remittance Period: Has the meaning set forth in Section 5.1.3 of
the Certificate Issuance Order. 
  
 Fully Funded Date: The
day on which: 
  

	 	(a)	the sum of the amount on deposit in the 2005-A Certificate Cash Accumulation Account and in the Certificate Distribution Account for the Certificate Balance of the 2005-A
Certificates equals the Certificate Balance of the 2005-A Certificates, or 

  

	 	(b)	the 2005-A Certificates have been paid in full. 

  
 Payment Period: The period described as such in Section 6.1 of the Certificate Issuance Order. 
  
 Rapid Amortization Event: Any of the events set forth as such in
Section 6.2.2 of the Certificate Issuance Order. 
  
 Rapid Amortization Payment Date: Each Monthly Distribution Date, commencing with the Monthly Distribution Date related to the first full calendar month following the commencement of the Rapid Amortization Period and continuing until
the earlier of the date that the Certificate Balance of the 2005-A Certificates is distributed in full or the Trust Termination Date. 
  
 Rapid Amortization Period: The period described as such in Section 6.2.1 of the Certificate Issuance Order. 
  
 Required Payment Period Length: With respect to the Payment Period,
the period of time described in Sections 6.1.1 and 6.1.2 of the Certificate Issuance Order. 

 EXHIBIT A 
  

[FORM OF CLASS 2005-A CERTIFICATE] 
  

			
	 NUMBER
	  	$                            
		
	 R            
	  	CUSIP NO.         

  
 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. BY ITS ACCEPTANCE OF
THIS CERTIFICATE (OR INTEREST HEREIN) THE HOLDER (OR OWNER) OF THIS CERTIFICATE (OR SUCH INTEREST) IS DEEMED TO REPRESENT TO WHOLESALE AUTO RECEIVABLES CORPORATION OR ITS ASSIGNEE OR SUCCESSOR (THE “SELLER”) AND THE OWNER TRUSTEE
THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THIS CERTIFICATE (OR INTEREST HEREIN) 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). NEITHER THE SELLER NOR THE OWNER TRUSTEE SHALL BE OBLIGATED TO REGISTER THE CERTIFICATES UNDER THE SECURITIES ACT, QUALIFY THE CERTIFICATES UNDER THE SECURITIES LAWS OF ANY STATE OR
PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER OR HOLDER THEREOF. 
  
 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 TO THE SELLER, (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 SELLER IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE SELLER, AND (B) THE OWNER TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL
(WHICH SHALL NOT BE AT THE EXPENSE OF THE SELLER OR THE OWNER TRUSTEE) SATISFACTORY TO THE SELLER AND THE OWNER TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT. NO SALE, PLEDGE OR OTHER TRANSFER MAY BE MADE TO ANY ONE
PERSON FOR CERTIFICATES WITH A FACE AMOUNT OF LESS THAN $2,500,000 (OR SUCH OTHER AMOUNT AS THE SELLER MAY DETERMINE IN ORDER TO PREVENT THE TRUST FROM BEING TREATED AS A “PUBLICLY TRADED PARTNERSHIP” UNDER SECTION 7704 OF THE UNITED
STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), BUT IN NO EVENT LESS THAN $250,000) AND, IN THE CASE OF ANY PERSON ACTING ON BEHALF OF ONE OR MORE THIRD PARTIES (OTHER THAN A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE
SECURITIES ACT) ACTING IN ITS FIDUCIARY CAPACITY), FOR CERTIFICATES WITH A FACE AMOUNT OF LESS THAN SUCH AMOUNT FOR EACH SUCH THIRD PARTY. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTION WILL BE VOID AB INITIO AND
THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE 2005-A CERTIFICATES FOR ALL PURPOSES. 
  
 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 OR PLAN IN SUCH ENTITY. BY ACCEPTING AND HOLDING THIS CERTIFICATE (OR AN INTEREST HEREIN), THE HOLDER HEREOF AND ANY RELATED CERTIFICATE OWNER SHALL EACH BE
DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT AND IS NOT ACQUIRING THIS CERTIFICATE FOR THE ACCOUNT OF A BENEFIT PLAN AND, IF REQUESTED TO DO SO BY THE SELLER, SUCH PERSON SHALL EXECUTE AND DELIVER TO THE OWNER TRUSTEE AN UNDERTAKING
LETTER TO SUCH EFFECT IN THE FORM SPECIFIED IN THE TRUST AGREEMENT. 

 IF THERE IS MORE THAN ONE OWNER OF THE 2005-A CERTIFICATES, EACH CERTIFICATEHOLDER OR CERTIFICATE OWNER,
BY ACCEPTING THIS CERTIFICATE (OR INTEREST HEREIN), (i) EXPRESSES ITS INTENTION THAT THE 2005-A CERTIFICATES WILL QUALIFY UNDER APPLICABLE TAX LAW AS PARTNERSHIP INTERESTS IN A PARTNERSHIP, WITH THE ASSETS OF THE PARTNERSHIP BEING THE ASSETS HELD BY
THE TRUST, AND (ii) UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE 2005-A CERTIFICATES AS INTERESTS IN SUCH A PARTNERSHIP FOR PURPOSES OF FEDERAL INCOME, 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. 
  
 EACH CERTIFICATEHOLDER OR CERTIFICATE OWNER, BY ITS ACCEPTANCE OF THIS CERTIFICATE (OR INTEREST HEREIN), COVENANTS AND AGREES THAT SUCH CERTIFICATEHOLDER OR CERTIFICATE OWNER, AS THE CASE MAY BE, SHALL NOT, PRIOR TO
THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE TRUST AGREEMENT, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE SELLER TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING
A CASE AGAINST THE SELLER 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 SELLER OR ANY SUBSTANTIAL
PART OF ITS PROPERTY, OR ORDERING THE WINDING-UP OR LIQUIDATION OF THE AFFAIRS OF THE SELLER. 
  
 Superior Wholesale Inventory Financing Trust XII 
  
 FLOATING RATE ASSET BACKED CERTIFICATES, CLASS 2005-A 
  
 evidencing a fractional undivided interest in the Trust, as defined below, the property of which includes a pool of wholesale 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 Corporation, General Motors Acceptance Corporation, 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 Superior
Wholesale Inventory Financing Trust XII (the “Trust”) formed by Wholesale Auto Receivables Corporation, a Delaware corporation. 
  
 The Trust was created pursuant to a Trust Agreement, dated as of June 23, 2005 (as amended and supplemented from time to time, the “Trust
Agreement”), between the Seller and Chase 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 one of the duly authorized Certificates designated as “Floating Rate Asset Backed Certificates, Class 2005-A” (the
“Certificates”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, the terms of which are incorporated herein by reference and made a part hereof, to which Trust
Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. 
  
 Under the Trust Agreement, there shall be distributed on the 15th day of each month or, if such 15th day is not a Business Day, the next succeeding
Business Day, commencing on August 15, 2005 (each, a “Monthly Distribution Date”), to the person in whose name this Certificate is registered on the related Record Date (as defined below), interest accrued hereon to the extent of
funds available therefor and such Certificateholder’s fractional undivided interest in the amount of distributions in respect of Certificate Balance to be distributed to Certificateholders on such Monthly Distribution Date. Interest shall
accrue on this Certificate at the applicable Certificate Rate (as set forth on the reverse hereof) on the Certificate Balance represented by this Certificate (without reduction for any unreimbursed Trust Charge-Offs or Reallocated Principal
Amounts), and interest accrued hereon as of any Monthly Distribution Date but not distributed on such Monthly Distribution Date shall be due on the next Monthly Distribution Date. No distributions of Certificate Balance shall be made on any
Certificate until all Notes have been paid (or provided for) in full. The entire unpaid Certificate Balance on this Certificate shall be due and payable on the Monthly Distribution Date in June 2010 (the “Stated Final Distribution
Date”). However, the actual distribution in full of the Certificate could occur sooner or later than such date. The “Record Date,” with respect to any Monthly Distribution Date, means the last day of the preceding
Collection Period. 
  
 The distributions in respect of Certificate
Balance and interest on this Certificate are payable in such coin or currency of the United States of America as at the time of distribution is legal tender for payment of public and private debts. All distributions made by the Trust with respect to
this Certificate shall be applied first to interest due and payable on this Certificate as provided above and then to the unpaid distributions in respect of Certificate Balance of this Certificate. 
  
 The Holder of this Certificate acknowledges and agrees that its rights to
receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders as and to the extent described in the Trust Sale and Servicing Agreement and the Indenture. 

 Each Certificateholder or Certificate Owner, by its acceptance of a Certificate (or interest therein),
covenants and agrees that such Certificateholder or Certificate Owner, as the case may be, shall not, prior to the date which is one year and one day after the termination of the Trust Agreement, acquiesce, petition or otherwise invoke or cause the
Seller to invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against the Seller 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 Seller or any substantial part of its property, or ordering the winding-up or liquidation of the affairs of the Seller. By its acceptance of this Certificate,
the Seller agrees that it shall not be deemed to have approved the commencement of a voluntary proceeding in bankruptcy relating to the Trust for purposes of Section 4.3 of the Trust Agreement unless such commencement was approved by the
affirmative vote of all of the members of the Seller’s board of directors. 
  
 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 each 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 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 or the Trust Sale and
Servicing Agreement 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 PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

 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: June 23, 2005 

 

			
	SUPERIOR WHOLESALE INVENTORY FINANCING TRUST XII
		
	 By:
	 	Chase Bank USA, National Association, not in its individual capacity but solely as Owner Trustee
		
	 By:
	 	 /s/ John J. Cashin

	 Name:
	 	 John J. Cashin

	 Title:
	 	 Vice President

  
 OWNER
TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the
Certificates referred to in the within-mentioned Trust Agreement. 
  

									
	CHASE BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee	 	OR	  	CHASE BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee by JPMorgan Chase Bank, N.A. as Authentication Agent
					
	 By:
	  	 /s/ John J. Cashin

	 	 	  	 By:
	 	  

	 Name:
	  	 John J. Cashin
	 	 	  	 Name:
	 	  

	 Title:
	  	 Vice President
	 	 	  	 Title:
	 	  

 REVERSE OF CERTIFICATE 
  
 The Certificates do not represent an obligation of, or an interest in, the Seller, the Servicer, General Motors Acceptance
Corporation, 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 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 the Trust Sale and Servicing Agreement. A copy of each of the Trust Sale and Servicing Agreement and the Trust Agreement may be examined
during normal business hours at the principal office of the Seller, and at such other places, if any, designated by the Seller, by any 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 Seller and the rights of the Certificateholders under the Trust Agreement at any time by the Seller 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 Monthly Distribution Date and the consent of Certificateholders whose Certificates evidence not less than a majority of the Voting Interests as of the close of business on
the preceding Monthly Distribution Date. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and on all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Trust Agreement also permits the amendment thereof, in certain circumstances, without the consent of the Holders of any of the Certificates
or the Notes. 
  
 The term “Certificate Rate” as
used in this Certificate means, with respect to any Monthly Distribution Date, One-Month LIBOR plus 3.00%. 
  
 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 Section 9.12(b)
of the Trust Agreement, and (iii) if requested by the Seller, the Undertaking Letter required by Section 9.12(a) of the Trust Agreement, and thereupon one or more new Certificates of the same class of authorized denominations evidencing the
same aggregate interest in the Trust shall be issued to the designated transferee. 
  
 The initial Certificate Registrar appointed under the Trust Agreement is JPMorgan Chase Bank, N.A. 

 The Certificates (other than those issued to the Seller or its affiliates) are issuable only as
registered Certificates without coupons in denominations of $2,500,000 or greater (or such other amount as the Seller may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under Section 7704 of
the Code, but in no event less than $250,000). As provided in the Trust Agreement and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of the same class of authorized denominations evidencing the
same aggregate denomination, as requested by the Holder surrendering the same; provided, however, that no Certificate (other than those issued to the Seller or its affiliates) may be subdivided upon transfer or exchange in a manner
such that the resulting Certificate if it had been sold in the original offering would have had an initial offering price of less than $2,500,000 (or such other amount as the Seller may determine in order to prevent the Trust from being treated as a
“publicly traded partnership” under Section 7704 of the Code, but in no event less than $250,000). No service charge shall be made for any such registration of transfer or exchange, but the Owner 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 Certificateholders of all amounts required to be paid to them pursuant to the Trust Agreement and the Trust Sale and Servicing Agreement and the disposition of all property held as part of the Trust. 

 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. 
  
 In connection with any sale, pledge or transfer of this Certificate the undersigned hereby represents to the Owner Trustee
and the Seller that such sale, pledge or transfer is being made to a person whom the undersigned reasonably believes after due inquiry is a “qualified institutional buyer” (as defined in Rule 144A under the United States Securities Act of
1933, as amended) 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. 
  
 If such sale, pledge or other transfer is being made
pursuant to (a) above, the undersigned acknowledges that such institutional investor must execute a certificate substantially in the form specified in the Trust Agreement. 
  

					
	 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 whatever. Such signature must be guaranteed by a member firm of the New York Stock
Exchange or a commercial bank or trust company. 

 EXHIBIT B 
  

INVESTOR LETTER 
  
 Wholesale Auto Receivables Corporation 
 Corporation Trust Center 

1209 Orange Street 
 Wilmington, Delaware 19801 
  
 Chase Bank USA, National Association 
 c/o JPMorgan Chase, N.A. 
 500 Stanton Christiana Road, 3rd Floor/OPS4 
 Newark, DE 19713

 Attention: Worldwide Securities Services 
  
 Ladies and Gentlemen: 
  
 In connection with our proposed purchase of a one or more Floating Rate Asset-Backed Certificates, Class 2005-A (the “Certificates”),
representing a fractional undivided interest in the Superior Wholesale Inventory Financing Trust XII, issued under a trust agreement, to be dated as of June 23, 2005 (the “Trust Agreement”), between Wholesale Auto Receivables
Corporation, a Delaware corporation (the “Seller”) and Chase 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 Certificates (or an interest therein) may be resold, pledged or transferred only (i) to the Seller, (ii) so long
as such Certificates are 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 Seller in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Owner Trustee and the Seller,
and (B) the Owner Trustee shall require a written opinion of counsel (which will not be at the expense of the Seller or the Owner Trustee) satisfactory to the Seller 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 Certificates (or an interest therein) from us of the above resale restrictions, if
then applicable. We further understand that in connection with any transfer of the Certificates (or interest therein) by us that the Seller 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 one person for Certificates (or an interest therein) with
a face amount of less than $2,500,000 (or such other amount as the Seller may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under Section 7704 of the United States Internal Revenue Code of
1986, as amended, but in no event less than $250,000) and, in the case of any person acting on behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act) acting in its fiduciary capacity), for
Certificates with a face amount of less than such amount for each such third party. Any attempted transfer will be void ab initio and the purported transferor will continue to be treated as the owner of the Certificates for all purposes. We
understand that no sale, pledge or other transfer of the Certificates 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”) or (iii) any entity whose underlying assets include plan assets by reason of
investment by an employee benefit plan or plan in such entity. 
  
 2. We are a “qualified institutional buyer” as defined under Rule 144A under the Securities Act and are acquiring the Certificates (or an interest therein) for our own account (and not for the account of
others) or as a fiduciary or agent for others (which others also are “qualified institutional buyers”). We are familiar with Rule 144A under the Securities Act and are aware that the transferor of the Certificates (or an interest therein)
and other parties intend to rely on the statements made herein and the exemption from the registration requirements of the Securities Act provided by Rule 144A. We are aware that we (or any account for which we are purchasing) may be required to
bear the economic risk of an investment in the Certificate until such time as the trust terminates, and that we (or such account) are able to bear such risk for such period. 
  
 3. 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:Employment Agreement, by and between the Company and Katie Fung

 EXHIBIT 10.15 
  
 EMPLOYMENT AGREEMENT 
  
 between 
  
 PEAK INTERNATIONAL LIMITED 
  
 and 
  
 KATIE FUNG 
  
 Term: April 12, 2005 to December 31, 2005 

 Employment Agreement– Katie Fung 
 April 12, 2005 
  Page
 2
 
  

 THIS AGREEMENT is made this 12th day of April 2005 between PEAK INTERNATIONAL LIMITED, a company incorporated in
Bermuda, with its principal office at 38507 Cherry Street, Unit G, Newark, CA, USA 94560 (the “Company”); and Katie Fung, residing at
                                        
                                        
                                        
                                        
                                
                                        
                                        
                                        
                                        
                     (the “Employee”). 
  
 The parties agree as follows: 
  

	1.	EMPLOYMENT 

  

	 	1.1.	Employee shall be employed as Vice President, Chief Financial Officer. 

  

	2.	PAYMENT UPON TERMINATION OF EMPLOYMENT 

  

	 	2.1.	The term (“Term”) of this Agreement shall commence on April 12, 2005 and shall remain in effect until the earlier of (a) December 31, 2005 or (b) until terminated as
hereinafter provided. 

  

	 	2.2.	Employee shall be paid a monthly salary of HK$117,000.00 per month. 

  

	 	2.3.	Employee shall be responsible for and shall pay all income, sales, real estate, vat, duties, and other taxes of every nature whatsoever without any form of assistance or
contribution from the Company. 

  

	 	2.4.	Employee shall be entitled to participate in all Company benefit plans in effect in its Hong Kong subsidiary, Peak Plastics and Metal Products (International) Limited, during the
term of her employment with the Company or any subsidiary of the Company. 

  

	 	2.5.	Subject to clauses 2.7 and 4, the Employee shall be entitled to a lump-sum payment in an amount equal to the greater of (a)US$90,000 or (b) 6 months base salary at the rate in
effect at the time of termination, and any accrued but unused vacation pay (the “Termination Payment”) within 15 days of receipt of the general release attached hereto as Appendix I; and all of Employee’s stock options which would
have vested within 18 months of the date of termination of employment shall immediately vest in full and be fully exercisable for a period of six months from such date of termination of employment. 

  

	 	2.6.	The Termination Payment shall be in full and final settlement of any rights, payments or benefits to which the Employee is entitled under any other agreement or arrangement pursuant
to which she is employed by the Company or any of its subsidiaries or affiliates other than: 

  

	 	2.6.1.	benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company or any of its subsidiaries to which Employee was a beneficiary
on the date of termination of Employee’s employment; and 

  

 2 

 Employment Agreement– Katie Fung 
 April 12, 2005 
  Page
 3
 
  

	 	2.6.2.	stock options issued to Employee pursuant to any stock option plan of the Company. 

  

	 	2.7.	The Employee shall not be entitled to the Termination Payment when employment is terminated in any of the following circumstances (the Employee being entitled, in such
circumstances, only to payment for accrued and unused vacation, any payments to which she is otherwise entitled pursuant to life, disability, health or other insurance plan, and to exercise any stock option to the extent otherwise vested and
exercisable under the terms of such plan and stock option agreements): 

  

	 	2.7.1.	the conviction of the Employee of a felony involving dishonesty; 

  

	 	2.7.2.	termination of the Employee for Good Cause. “Good Cause” shall mean (i) Employee’s conviction of or guilty plea to the commission of an act or acts constituting a
felony under the laws of the United States or any state thereof, (ii) action by the Employee involving personal dishonesty (including without limitation any failure to declare or pay income taxes in any jurisdiction in which Employee shall be
obligated to report income and/or to pay such taxes), theft or fraud in connection with the Employee’s duties as an officer of the Company, or (iii) a breach of any one or more material terms of this Agreement (including but not limited to the
confidentiality and non-solicitation provisions contained herein.) 

  

	 	2.7.3.	any material breach by the Employee of the terms of this Agreement that the Employee has failed to cure within 10 days of receipt of written notice of such breach from the Company;

  

	 	2.7.4.	the death of the Employee; 

  

	 	2.7.5.	the inability of the Employee due to ill health or physical or mental condition to perform his duties and responsibilities in the ordinary and usual manner required of a person in
the Employee’s position for 90 days in any six month period; 

  

	 	2.7.6.	the resignation by the Employee, except if such resignation is the result of a reduction by the Company of the Employee’s base salary to less than $180,000 per year.

  

 3 

 Employment Agreement– Katie Fung 
 April 12, 2005 
  Page
 4
 
  

	3.	CHANGE IN CONTROL 

  

	 	3.1.	“Change in Control” of the Company means any transaction or series of transactions in which any of the following occurs: 

  

	 	3.1.1.	the acquisition by any “person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or by
the Company or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of the “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities, 

  

	 	3.1.2.	the consummation of a merger or consolidation of the Company with or into any other corporation, other than a merger or consolidation that would result in the voting securities of
the Company outstanding prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting
securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or 

  

	 	3.1.3.	the consummation of a plan of complete liquidation of the Company or of the sale or disposition by the Company of all or substantially all of the Company’s assets.

  

	 	3.2.	In the event Employee’s employment with the Company is terminated in anticipation of or within two years following a Change of Control (i) by the Company without Good Cause or
(ii) by Employee with good reason, then, in addition to the payments in Paragraph 2.5, above, all of Employee’s stock options shall immediately vest in full and be fully exercisable for a period of six months from the date of Employee’s
termination of employment. 

  

	4.	LIMITATION ON PAYMENTS 

  
 In the event that the payments to Employee under this Agreement (i) constitute “parachute payments” within the meaning of Section 280G of the
Code, and (ii) but for this Section 3, would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code or any similar or successor provision, then the payments shall be reduced to such lesser amount that would result in no
portion of the payments being subject to excise tax under Section 4999 of the Internal Revenue Code. Any determination required under this Section 3 shall be made by the Company’s independent accountants (the “Accountants”), whose
determination shall be conclusive and binding upon Employee and the Company for all purposes. For purposes of making the calculations required by this Section 3, the Accountants may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Employee shall furnish to the Accountants such information and documents as the Accountants may
reasonably request in order to make a determination under this Section 4. 
  

 4 

 Employment Agreement– Katie Fung 
 April 12, 2005 
  Page
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	5.	CONFIDENTIALITY 

  

	 	5.1.	The Employee understands that by virtue of the Employment, the Employee has been and will be exposed to confidential information, including all ideas, information and materials,
tangible or intangible, relating to the business of the Company and its subsidiaries, their personnel (including their officers, directors, shareholders, trustees, agents, employees and contractors), their customers, clients, vendors, suppliers,
distributors, consultants, and others with whom the Company and its subsidiaries do business (“Confidential Information”). 

  

	 	5.2.	The Employee agrees not to disclose any Confidential Information obtained during the Employment for a period of 12 months after the termination of the Employment and thereafter not
to disclose the same unless the proposed recipient of the Confidential Information has entered into an undertaking with the Companyto keep the same confidential on terms no less exacting than those set out herein; and provided always that the
Employee shall not be obliged to keep confidential any Confidential Information required to be disclosed as a matter of law or to the extent that it becomes generally known to the public other than as a result of any breach by the Employee of the
terms herein. 

  

	 	5.3.	The Employee covenants and undertakes that after the termination of the Employment, the Employee 

  

	 	5.3.1.	shall not for a period of 12 months after the termination of the Employment use any Confidential Information for any purpose; 

  

	 	5.3.2.	shall not destroy, retain or take with the Employee any Confidential Information in a tangible form, which includes ideas, information or materials in written or graphic form, on a
computer disc or other medium, or otherwise stored in or available through electronic or other form (“Tangible Form”); and 

  

	 	5.3.3.	shall immediately deliver to the Company any Confidential Information in a Tangible Form that the Employee may then or thereafter hold or control, as well as all other property,
equipment, documents or things that the Employee was issued or otherwise received or obtained during the Employment. 

  

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	6.	RESTRICTIVE COVENANTS 

  

	 	6.1.	The Employee covenants and undertakes that for a period of 12 months following the termination of the Employment for any reason, the Employee shall not: 

  

	 	6.2.	directly or indirectly induce any person who is an employee of the Company (or any of its subsidiaries) to terminate his or her employment with the Company (or any of its
subsidiaries), whether or not such termination constitutes a breach of that person’s employment contract; 

  

	 	6.3.	directly or indirectly solicit the customer or business of any person who, as at the date of termination of the Employment, is (or, within the preceding period of 12 months, was) a
client or customer of the Company or its subsidiaries, with the intention or for the purpose of supplying (or procuring the supply of) precision engineered packing materials; or 

  

	 	6.4.	directly or indirectly and whether on his own account or on account of any future employer, partner or associate, compete with the Company or otherwise engage in or provide services
related to the precision engineered semiconductor packing business (including, without limitation, the business of collecting and recycling semiconductor packing material) in Hong Kong, Singapore, Malaysia or the United States of America.

  

	7.	RELEASE 

  

	 	7.1.	In consideration of, and as an express condition precedent to, the Company’s obligation to make the Termination Payment, the Employee shall sign and deliver to the Company a
General Release in the form attached hereto as Appendix 1. 

  

	 	7.2.	The Company shall not be obliged to make the Termination Payment in the event that the General Release is not signed and delivered to the Company following termination of the
Employment. If the Employee shall fail to sign and to deliver the General Release to the Company within 15 days of receipt of notice from the Company requesting it, then, in such event, the Company shall be released of its duties and obligations
under this Agreement and the Employee shall waive or cause to be waived any claims that the Employee may have under this Agreement. 

  

	8.	ASSIGNMENT 

  

	 	8.1.	The rights and obligations under this Agreement shall inure to and be binding upon the parties hereto and their respective heirs, successors and assigns. 

 

	9.	NOTICES 

  

	 	9.1.	All notices and other communications provided for hereunder must be in writing and must be sent by courier to the party’s address indicated above or to such other address as
may be designated by a party by notice. 

  

	 	9.2.	Notices hereunder shall be effective when delivered. 

  

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	10.	MISCELLANEOUS 

  

	 	10.1.	This Agreement shall supersede any and all prior written or oral agreements and discussions between the Employee and the Company regarding the subject matter hereof and this
Agreement contains the entire understanding of the parties in respect of the subject matter hereof. 

  

	 	10.2.	If any of the restrictions contained in this Agreement shall be void or unenforceable, then the remainder of this Agreement shall be enforced to the fullest extent permitted by law.

  

	 	10.3.	This Agreement is made in and shall be governed by and construed in accordance with the laws of the state of California. 

  

	11.	DISPUTES 

  
 Any dispute hereunder shall be settled by binding arbitration in Alameda County, CA in the English language before a single arbitrator
pursuant to the rules of the American Arbitration Association. The cost of arbitration shall be paid by the Company. 
  

	12.	CODE OF ETHICS 

  
 The Code of Ethics of the Company is attached hereto as Appendix II. Employee agrees to abide by the Code of Ethics, as presently in force and as amended
from time to time hereafter, during his employment with the Company. 
  

	13.	Survival 

  

	 	13.1.	Sections 2, 3, 4, 5, 6, 7, 9, 10, and 11 shall survive the termination of this Agreement. 

  

	14.	This Agreement supersedes all prior agreements between the Company and the Employee regarding the subject matter hereof. 

  
 IN WITNESS WHEREOF the parties hereto have duly executed this Agreement the day and year
first above written. 
  

	
	 /s/ Katie Fung

	Katie Fung
	
	 /s/ Jack Menache

	By Jack Menache, V.P.
	duly authorized for and on behalf of
	PEAK INTERNATIONAL LIMITED

  

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 APPENDIX I 
  
 GENERAL RELEASE 
  
 [Insert Date] 
  
 I, Katie Fung, hereby release
Peak International Limited (the “Company”) of certain duties and obligations and waive any rights or remedies that I may have against the Company as provided in this letter. This letter is delivered pursuant to the Employment Agreement
entered into between the Company and me dated April 12, 2005 (the “Employment Agreement”). 
  
 In consideration of the promises and mutual covenants contained in the Employment Agreement, and for good and valuable consideration, the receipt and sufficiency of which is expressly acknowledged, I hereby:

  

	 	1.	release and discharge the Company and its subsidiaries, and each of their respective past and present officers, directors, shareholders, managers, employees and agents, and their
respective successors and assigns (collectively the “Released Parties”), from any and all claims or demands, that I may have, whether past, present or future, against the Released Parties, statutory or otherwise, to the fullest extent
permissible by law; and 

  

	 	2.	waive the obligations, duties and liabilities that the Company may have, whether past, present or future, statutory or otherwise, to the fullest extent permissible by law; arising
out of or relating in any way to my employment with or termination of my employment with the Company. 

  
 This letter shall be governed by, subject to and construed and enforced pursuant to the terms and conditions of the Employment Agreement. 
  
  

 Katie Fung 
  

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 APPENDIX II 
 CODE OF ETHICS 
  

	1.	Responsibility To Our People 

  

	 	1.1.	We are all responsible for upholding the values, principles and standards we share as members of the Peak International Limited staff. We must: 

  

	 	1.2.	Commit ourselves to creating an environment that encourages and fosters open communication. 

  

	 	1.3.	Respect the privacy and dignity of all individuals. 

  

	 	1.4.	Maintain the highest standard of business conduct and ethics when using electronic resources, such as the computer, phone and fax. 

  

	 	1.5.	Report family and personal relationships that may result in a conflict of interest. 

  

	 	1.6.	Dedicate ourselves to maintaining a healthy, safe and secure workplace. 

  

	 	1.7.	Except as authorized herein on a de minimus basis, not accept personal gratuities or give any customer or supplier the impression that we would do so. Business meals or events where
the supplier attends the meal or event may be accepted if the value of the meal or event does not exceed $100 in any one case or $1000 in the aggregate in any single calendar year. If a gratuity is offered that exceeds the guidelines, then the Peak
employee will politely refuse, explaining that it is against company policy to accept the gratuity. 

  

	 	1.8.	Follow all company policies governing day-to-day performance of our jobs, including the standards set forth in this Code of Ethics. 

  

	 	1.9.	Not engage in improper or illegal behavior even if directed to do so by someone in higher authority. No one, regardless of position, has the authority to direct any of us to commit
a wrongful act. 

  

	2.	Open Communication 

  

	 	2.1.	The company is committed to providing an environment that encourages and fosters open communication. This means that we encourage and provide the means for all company employees to
express their ideas, opinions, attitudes and concerns without fear of reprisal. 

  

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	 	2.2.	Any employee or other person may report, without fear of reprisal, any actual or suspected wrong-doing of any nature whatsoever related to the company or its business or customers,
including matters related to accounting issues, internal controls, or auditing issues, to Jack Menache, the company’s Compliance Officer, or in the discretion of the reporting employee, to Cal Reed, the company’s CEO, or to William Snyder,
Vice President and Chief Financial Officer. In addition, any employee may report any matter to the Chairman of the Audit Committee of the Board of Directors, Christine Russell. Contact information is set forth below. 

  

	 	2.2.1.	Any employee or other person may send a report anonymously if he or she so chooses. Each report will be reviewed and acted upon, whether or not the writer identifies himself or
herself. While any method selected by the individual may be used, we encourage the following methods: 

  

	 	2.2.1.1.	Mail. Send the report by mail to any one or more of the following people addressed to the individuals at PO Box 276, Newark, CA. 94538 

  

	 	2.2.1.1.1.	Christine Russell, Chairman of the Audit Committee, Peak International Limited (email:russell@ceva-dsp.com) 

  

	 	2.2.1.1.2.	Calvin Reed, Chairman and Chief Executive Officer, Peak International Limited (email: cal_reed@peakf.com) 

  

	 	2.2.1.1.3.	Jack Menache, Vice President, General Counsel, Peak International Limited (email: jack_menache@peakf.com) 

  

	 	2.2.1.2.	Fax. Send the report by FAX to any one or more of the foregoing people addressed to the individuals at (510) 449-0102. 

  

	 	2.2.1.3.	Email. Send the report by email to any two of the above listed people at their indicated email address. It is more difficult to send a report anonymously by email since the sender
leaves an electronic trail. Thus, this method should not be used if the sender wishes to remain anonymous. 

  

	3.	Employee Privacy 

  

	 	3.1.	We respect the privacy and dignity of all individuals. We limit access to personal information to authorized personnel who need it for business or legal purposes, and we will comply
with all applicable laws regarding disclosure of personal information. 

  

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	 	3.2.	The company does not routinely monitor personal communications and computer use of its employees, nor search their work spaces. You should not, however, expect that these
communications and work spaces will be private and the company may elect to monitor such communications and/or search work spaces. There may be times when appropriate company personnel may access employee work spaces and monitor electronic and other
communications for the safety or protection of other people, company property or other reasons. Employees are not permitted to access the electronic communications of other employees or third parties unless directed to do so by the president or a
vice president of the company. 

  

	 	3.3.	The Company uses various forms of electronic communications including, but not limited to computers, e-mail, telephones, voicemail, fax machines, and software. All electronic
communications, including all software and hardware, are the sole property of the company and are to be used only for company business. 

  

	 	3.4.	Electronic communication/media may not be used in any manner that would be discriminatory, harassing or obscene, or for any other purpose which is illegal, against company policy or
not in the best interest of the company. 

  

	 	3.5.	Employees who misuse electronic communications and engage in defamation, copyright or trademark infringement, misappropriation of trade secrets, discrimination, harassment or
related actions will be subject to immediate termination. 

  

	 	3.6.	Employees may not install personal software in company computer systems. All electronic information created by any employee using any means of electronic communication is the
property of the company. Personal passwords may be used for purposes of security, but the use of a personal password does not affect the company’s ownership of the electronic information. The company may override a personal password if, in the
judgment of the company, it becomes necessary to do so. 

  

	 	3.7.	Any information about the company, its products or services, or other types of information that will appear in the electronic media about the company must be approved by a vice
president or president before the information is placed on an electronic information source. 

  

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	4.	Responsibility To Our Organization 

  

	 	4.1.	Prohibition on Advances and Loans 

  

	 	4.1.1.	The company may not advance or lend money to officers or directors of the company. Section 402 of the Sarbanes-Oxley Act of 2002 prohibits public companies from making or arranging
personal loans to their executive officers or directors. Furthermore, any loan or advance of money is subject to Section 96 of the Bermuda Companies Act. 

  

	 	4.2.	Company Time 

  

	 	4.2.1.	Company time includes all of the time during the period when we are assigned to work. We will make the best use of our time, and that of our colleagues, while meeting our
obligations to our customers and owners. We will be on the job when scheduled and conform to the company’s rules governing our day-to-day performance. We also must truthfully and accurately report our work hours. 

  

	 	4.2.2.	Company employees who work full time for the company may not seek or accept other employment without the express written consent of a vice president, the chief executive officer, or
the board of directors. 

  

	 	4.3.	Company Property 

  

	 	4.3.1.	Company employees must protect all tangible and intangible company property, including equipment and vehicles, tools, supplies, keys, records and reports, computer software and
data, including e-mail and voice mail, company proprietary information, intellectual property, and all services that the company provides. That means: 

  

	 	4.3.2.	without specific authorization, no employees may take, loan, donate, sell, receive, intentionally damage, sabotage, destroy, or otherwise dispose of any type of company property,
regardless of condition or value, or use such property for non-company purposes; 

  

	 	4.3.3.	Company employees must take measures to ensure against theft, damage, sabotage and misuse of company property and must report any actual or suspected theft or misuse of company
property to management, who in turn must report such event to a vice president of the company. 

  

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	 	4.4.	Company Funds 

  

	 	4.4.1.	All employees must properly use and protect company cash and its equivalents, including currency, checks, money orders, postage, charge cards, bills, vouchers, benefits enrollment
forms and reimbursement claims. This means making sure that all claims, vouchers, bills, estimates and invoices are accurate and proper. 

  

	 	4.4.2.	When and if employees use company charge cards, such as credit cards, gasoline cards and calling cards, they will do so for company business only. When approving or certifying any
voucher or bill, employees will have reasonable knowledge that the expense and amounts involved are appropriate and proper. 

  

	 	4.5.	Company Reports 

  

	 	4.5.1.	Employees must ensure that all company reports, including all time sheets, vouchers, bills, payroll and service records, measurement and performance records, and other essential
data, whether computerized or on paper, are accurate and proper. 

  

	 	4.5.2.	Employees must follow all laws, regulations and company procedures for carrying out and reporting business transactions. Employees must also obtain appropriate authorizations and
comply with all internal and external accounting controls. 

  

	 	4.5.3.	Employees may never create a false or misleading report or record involving vouchers, financial information, measurement data, work time reporting, benefits enrollment forms or
reimbursement claims, or other records pertaining to company funds or property. 

  

	 	4.5.4.	Employees must not create or submit false or misleading reports of operating statistics and measurements (sales or any other reports); nor suppress, alter or destroy operating data
and reports. 

  

	 	4.5.5.	Employees must not willfully destroy or alter any corporate accounts, records or other official company documents without proper authorization. Employees must not willfully make
false entries or conversely, willfully fail to make correct entries. 

  

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	 	4.5.6.	Employees will advise all customers and suppliers of any clerical or accounting errors, as they become known, and effect prompt correction of errors through credits, refunds or
other mutually acceptable means. 

  

	5.	Use of Property Owned by Directors, Officers and Employees 

  

	 	5.1.	Directors, officers, and other employees may not charge the company for the use of assets they own or rent except as specifically authorized by written policies and procedures, such
as reimbursement for personal use of one’s automobile. 

  

	6.	Conflicts Of Interest—Outside Employment And Other Activities 

  

	 	6.1.	A conflict of interest may arise if you engage in any activities or advance your personal interests at the expense of the company’s interests. It is your responsibility to
avoid situations in which your loyalty may become divided. Each individual’s situation is different, and, in evaluating your own, you will have to consider many factors. 

  

	 	6.2.	The rules applicable to the most common conflict of interest situations are provided below. Whenever you have doubts about a possible conflict, you should review the company policy
stated in this Manual. You should also candidly discuss the matter with the CEO or the company’s General Counsel. Each situation will be evaluated on a case-by-case basis. 

  

	7.	Assisting a Competitor 

  

	 	7.1.	An obvious conflict of interest is assisting an organization that markets products in competition with the company’s current or proposed product offerings. Without company
consent you may not: (a) work for such an organization as an employee, consultant or member of its board of directors; or (b) have any ownership interest in any enterprise which competes with any business of the company, except as a holder of less
than 1 % of publicly traded stock in a company. Such activities are prohibited because they divide your loyalty between the company and the other organization. 

  

	8.	Competing Against the Company 

  
 8.1. You may not market products in competition with the company’s current or proposed product offerings. 
  

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	 	8.2.	It is your responsibility to consult with the CEO or the General Counsel of the company if you are uncertain whether your planned activity will compete with any of the
company’s actual or proposed product lines. You should obtain the written approval of the CEO or the General Counsel of the company before pursuing the activity. 

  

	9.	Supplying the Company 

  

	 	9.1.	You may not work for or represent a supplier or vendor to the company, or be a member of a supplier’s or vendor’s board of directors while you work for the company. In
addition, you may not accept money or benefits of any kind for any advice or services you may provide to a supplier in connection with its business with the company. 

  

	10.	Someone Close to You Working in the Industry 

  

	 	10.1.	You may find yourself in a situation where your spouse, another member of your immediate family, or someone else you are close to is a competitor or supplier of the company or is
employed by one. Such situations call for particular attention to security, confidentiality and conflicts of interest. The closeness of the relationship might lead you to inadvertently compromise the company’s interests.

  

	 	10.2.	There are several factors to consider in assessing such a situation. Among them: the relationship between Peak and the other company; the nature of your responsibilities as a Peak
employee and those of the person close to you; and the access each of you has to your respective employer’s confidential information. 

  

	 	10.3.	You should also be aware that the situation, however harmless it may appear to you, could arouse suspicions among your co-workers that might affect your working relationships. The
very appearance of a conflict of interest can create problems, regardless of the behavior of the employee involved. 

  

	 	10.4.	To remove any such doubts or suspicions, you should review your specific situation with the CEO or the General Counsel of the company, to assess the nature and extent of any concern
and how it can be resolved. Frequently, any risk to the 

  

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 company’s interest is sufficiently remote that you need only be reminded to guard against
inadvertently disclosing the company’s confidential information. However, in some instances, a change in the job responsibilities of one of the people involved may be necessary. 
  

	11.	Transactions With Affiliated Companies 

  

	 	11.1.	When dealing with companies affiliated with Peak, either through common ownership or through subsidiary relationships, we must avoid even the appearance of impropriety.

  

	12.	Transactions with Interested Parties 

  

	 	12.1.	Any director, officer, or other employee with an interest in any company transaction shall fully disclose that interest before the company undertakes the transaction. Should a
director, officer or employee discover their interest in a company transaction after it begins, the director, officer or employee shall disclose their interest immediately in writing to the Board of Directors. 

  

	 	12.2.	A director, officer, or employee is “interested” in a transaction when he/she: 

  

	 	12.2.1.	is a director, officer, or employee of an entity that transacts business or proposes to transact business with the company; 

  

	 	12.2.2.	is closely related to any director, officer, or employee of a company that transacts business or proposes to transact business with the company; or 

  

	 	12.2.3.	has an ownership interest in any entity transacting business with the company. 

  

	 	12.3.	The Audit Committee of the Board of Directors shall review these transactions. In order for the company to undertake the transaction, the Audit Committee must approve it.

  

	13.	Monitoring of Sales to Affiliates 

  

	 	13.1.	In addition to its standard comprehensive accounting procedures, the company shall monitor sales to affiliates. The CFO shall monitor sales to affiliates and report such sales to
the CEO and to the Board of Directors at each board meeting. 

  

	14.	Insider Trading 

  

	 	14.1.	General Rules 

  

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	 	14.2.	Under United States Securities Laws and Company Policy you may not: 

  

	 	14.2.1.	buy or sell Peak’s securities (or in some cases the securities of other companies) while in possession of material non-public information (“inside information”).

  

	 	14.2.2.	disclose inside information to outsiders, including family members, who then trade in the Peak’s securities or the securities of another company on the basis of that
information. This is called “tipping” and can lead to civil and criminal liability for both the “tipper” and “tippee;” 

  

	 	14.2.3.	sell Peak’s securities without complying with all the requirements of Rule 144 of the 1933 Securities Act. Rule 144 is described in detail later in this section.

  

	 	14.2.4.	answer questions or provide company outsiders with information about the company and its affairs unless you are specifically authorized to do so. 

  

	15.	Who Is An “Insider” And What Is “Material Inside Information?” 

  

	 	15.1.	The term “insider” includes not only corporate directors, officers and employees, but also persons who learn of material non-public information through their job duties or
special relationships with corporate insiders. For example, secretaries, mail room clerks and messengers can discover material non-public information while performing their duties. Anyone who discovers material non-public information in this way is
an “insider” under federal securities laws. 

  

	16.	Materiality 

  

	 	16.1.	Under federal securities laws, inside information is “material” if a reasonable investor would consider it important in deciding whether to buy or sell securities.

  

	 	16.2.	“Material” inside information includes: 

  

	 	16.2.1.	Company financial results, earnings, possible dividend increases or decreases, stock splits, stock dividends and other financial information; 

  

	 	16.2.2.	anticipated public or private offerings of company securities; 

  

	 	16.2.3.	Company evaluation of an acquisition candidate, business unit divestiture, joint venture, tender offer or other restructuring activity; 

  

	 	16.2.4.	mergers, acquisitions, divestitures, or other restructuring activity in progress or under discussion or negotiation; 

  

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	 	16.2.5.	any significant litigation, actual or threatened disputes or governmental investigations; 

  

	 	16.2.6.	changes in management or control of the company. 

  

	 	16.3.	This list is not exhaustive. Depending on the circumstances, other types of information can be “material.” 

  

	 	16.4.	Until material non-public information does become public, any director, officer, or employee with knowledge of it may not trade in Peak’s securities. In addition, if directors,
officers or employees obtain inside information concerning another company in the course of performing their duties, they may not trade in that company’s securities or tip others. 

  

	17.	Window Period 

  

	 	17.1.	After material information is disclosed to the public, a director, officer, or employee must not trade in the Peak’s securities until the market has had sufficient time to
consider the information. All directors and officers, and employees with inside information, must therefore refrain from trading in Peak’s securities for at least 3 business days after the disclosure of material information.

  

	 	17.2.	Officers and directors of the company, and employees with inside information, may not purchase or sell Peak shares during the period beginning two weeks before the end of each
fiscal quarter until 3 days after publication of the company’s disclosure of material information. 

  

	 	17.3.	All officers and directors and other insiders should obtain the approval of the company’s General Counsel, Jack Menache, before undertaking any transaction in company
securities. 

  

	18.	Rule 144: Resale Restrictions on Company Securities 

  

	 	18.1.	Under the Securities Act of 1933, an “affiliate” of the company who owns Peak’s securities must comply with Rule 144 of the Securities Act of 1933 in order to resell
them. Unless directors and executive officers comply with Rule 144, they may not be able to sell Peak’s shares in the open market without registering the shares under 

  

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 the Securities Act of 1933. Rule 144 applies to common and preferred stock, bonds, debentures and any
other form of security, even those that were once registered under the Securities Act of 1933 but are not registered at the time of proposed resale. 
  

	 	18.2.	The following provisions of Rule 144 apply to resale of Peak’s securities by affiliates: 

  

	 	18.2.1.	Current public information 

  

	 	18.2.2.	Investors must have access to sufficient current information about the company. The company meets this requirement only if it has filed all reports required by the 1934 Securities
Exchange Act during the 12 months prior to the proposed resale. 

  

	 	18.2.3.	Manner of sale 

  

	 	18.2.3.1.	The director or officer or employee must sell the company’s shares: in an open market transaction; 

  

	 	18.2.3.2.	through a broker; 

  

	 	18.2.3.3.	at the prevailing market price for no more than the usual and customary brokerage commission. The broker may not solicit nor arrange for the solicitation of customers to purchase
the shares. 

  

	 	18.3.	Number of shares which may be sold in any three month period 

  

	 	18.3.1.	A director, officer or employee may sell no more than the greater of: 

  

	 	18.3.2.	one percent of the outstanding shares of the company; or 

  

	 	18.3.3.	the average weekly reported trading volume in the four calendar weeks preceding the transactions. 

  

	19.	Notice of proposed sale  

  

	 	19.1.	If a director, officer or affiliate proposes to sell more than 500 shares or $10,000 worth of shares during any three-month period, then the officer, director or affiliate must file
a notice of sale with the SEC on Form 144 prior to, or concurrently with, placing the order to sell shares. 

  

	20.	Holding Periods  

  

	 	20.1.	Anyone acquiring company securities directly or indirectly from the company in a transaction that was not registered with the SEC under the 1933 Act must hold these securities for
at least one year before reselling them. There is no statutory minimum holding period for securities previously registered under the 1933 Act. 

  

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	 	20.2.	Penalties for Violating Securities Law and Company Policy 

  

	 	20.3.	Securities law violations can carry severe and expensive civil penalties for both the company and any individual directors, officers and employees who willfully violate securities
laws. Individuals may also be liable for criminal penalties up to a maximum of $1 million and ten years in prison. A director may be forced to resign. Officers and employees may be subject to disciplinary action, including termination.

  

	21.	You Are Responsible for Knowing Your Obligations Under This Policy 

  

	 	21.1.	All directors, officers and employees should review this material carefully and contact the company’s General Counsel prior to engaging in any transaction in Peak’s
securities which might violate securities laws and/or this company policy. Contact the company’s General Counsel for guidance on the rules about responding to questions or requests for information from outsiders. Contact the company’s
General Counsel regarding any SEC mandated reporting or form-filing requirements. 

  

	22.	Compliance 

  

	 	22.1.	In order to facilitate compliance with legal requirements, the company is adopting the following policy to govern transactions by directors, officers, and employees in Peak’s
securities. 

  

	 	22.2.	Before trading in Peak’s securities, directors, officers and employees must obtain advance approval of the transaction from a “Compliance Officer,” who will initially
be Jack Menache, the company’s General Counsel. To approve the transaction, the Compliance Officer must (a) determine that no circumstances exist which might subject the director, officer or employee to a charge of trading on the basis of
material non-public information, (b) determine whether the securities may be properly transferred under the Securities Act of 1933, as amended, and (c) ensure that the records of the Compliance Officer with respect to the director, officer, or
employee’s ownership of Peak’s securities are up to date. 

  

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	23.	Disclosure Controls And Procedures 

  

	 	23.1.	Confidentiality of Company Information 

  

	 	23.2.	As a general matter, all information relating to the company’s business that has not been publicly disclosed is confidential, subject to the exceptions listed below.

  

	 	23.3.	Directors, officers, and employees may disclose information about the company to company outsiders only if specifically authorized to do so in accordance with the procedures set
forth in this Code. After the company authorizes or commences disclosure; Rule l0b-5 of the 1934 Securities Exchange Act governs statements by the company or its agents. Directors, officers and employees may not make any untrue statement of material
fact. Rule l0b-5 also prohibits the omission of material facts during disclosure if such omission would make the disclosure misleading. 

  

	 	23.4.	All employees must adhere to the following company procedures when responding to inquiries about the company: 

  

	 	23.5.	The company’s designated spokespersons are Cal Reed, William Snyder and Jack Menache; 

  

	 	23.6.	Any inquiries from outsiders regarding the company should be referred directly to the spokespersons identified above; 

  

	 	23.7.	When responding to inquiries concerning corporate activities, directors, officers and employees must not deny the existence of those activities. Such statements may subject the
company to an affirmative disclosure obligation if the facts change. Instead, refer inquiries to the company spokespersons; 

  

	 	23.8.	You should direct any questions about this policy and these procedures to the company’s designated spokespersons. 

  

	24.	Sarbanes-Oxley Certifications  

  

	 	24.1.	The CEO and CFO, pursuant to §906 of the Act, must certify that to the best of their knowledge the periodic report containing financial statements filed by Peak with the SEC
fully complies with the requirements of the Securities Exchange Act of 1934 and that information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the company.

  

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	 	24.2.	In addition, the CEO and CFO, pursuant to §302 of the Act, must each certify that: 

  

	 	24.2.1.	he has reviewed the report; 

  

	 	24.2.2.	based on his knowledge, the quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report; 

  

	 	24.2.3.	based on his knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition,
results of operations and cash flows of the company as of, and for, the periods presented in the report; 

  

	 	24.2.4.	that he is responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for Peak and the CEO and CFO have:

  

	 	24.2.5.	he has designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to the
CEO and CFO by others within those entities, particularly during the period in which this report is being prepared; 

  

	 	24.2.6.	he has evaluated the effectiveness of Peak’s disclosure controls and procedures as of a date within 90 days prior to the filing date of the report (the “Evaluation
Date”); and 

  

	 	24.2.7.	presented in the report his conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

  

	 	24.2.8.	that he has disclosed, based on his most recent evaluation, to Peak’s auditors and to the audit committee: 

  

	 	24.2.8.1.	all significant deficiencies in the design or operation of internal controls which could adversely affect Peak’s ability to record, process, summarize and report financial data
and has identified for Peak’s auditors any material weaknesses in internal controls; and 

  

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	 	24.2.8.2.	any fraud, whether or not material, that involves management or other employees who have a significant role in Peak’s internal controls; and 

  

	 	24.2.8.3.	has indicated in the report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to
the date of their most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. 

  

	25.	Due Diligence Procedures 

  

	 	25.1.	In order to facilitate the certifications and disclosures described above, the company has established the following procedures to ensure that the CFO and CEO are knowledgeable
regarding the financial and operational affairs of the company and with the content of periodic reports to be filed with any governmental agency: 

  

	 	25.1.1.	The vice president, manufacturing operations, shall maintain and or establish practices to assure the accurate and timely collection of information and report weekly in writing to
the CEO, CFO and such other executive officers and employees as such vice president shall determine regarding the status of manufacturing operations, costs, quality, inventories, backlog, capital equipment, personnel, and other information relative
to such vice president’s area of responsibility. 

  

	 	25.1.2.	The vice president, CFO shall maintain written policies and procedures relating to such officer’s area of responsibility, including procedures and controls to assure the
accurate and timely collection of financial data and information from all operating entities of the company. In addition, the CFO shall provide written reports to the CEO and such other executive officers and employees as such vice president shall
determine, not less frequently than monthly regarding the results of operations, cash flows and financial affairs of the company. The CFO shall report any material events to the CEO and such other executive officers of the company as shall be
affected by such event as promptly as practicable. 

  

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	 	25.1.3.	The vice president, General Counsel, shall provide written reports to the CEO and CFO regarding the status of litigation not less frequently than quarterly and shall report all
material events as promptly as practicable. 

  

	 	25.1.4.	The vice presidents, sales and marketing, shall report to the CEO not less frequently than monthly regarding trends, competition, and other matters related to sales and marketing of
the company’s products. 

  

	 	25.2.	The CFO and CEO shall review the system of internal controls as of a date within 90 days prior to the issuance of any report to be filed with the Securities and Exchange Commission
and include in each such report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date. 

  

	 	25.3.	The CEO and CFO shall disclose to the company’s outside auditors and to the audit committee of the board of directors: 

  

	 	25.3.1.	all significant deficiencies in the design or operation of internal controls which could adversely affect the company’s ability to record, process, summarize, and report
financial data and have identified for the company’s auditors any material weaknesses in internal controls; 

  

	 	25.3.2.	any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal controls; and 

  

	 	25.3.3.	whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of their evaluation,
including any corrective actions with regard to significant deficiencies and material weaknesses. 

  

	26.	Temporary Investment Of Corporate Funds And Diversification Of Risk 

  

	 	26.1.	Temporary Investment of Corporate Funds 

  

	 	26.2.	The company shall invest its excess cash not required for operations only with financial institutions having the highest credit rating available at such time, in Hong Kong,
Singapore, or the United States. This provision shall not be applicable to cash required for operations in other jurisdictions. The company shall also limit its cash investment risk exposure by investing with several unrelated financial
institutions. The 

  

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 company shall invest no more than $10 million with any one financial institution. Any deviation of
this policy may only be made in unusual circumstances on a temporary basis with the approval of the CEO and CFO, provided that the Audit Committee is notified at the earliest possible time and in no event more then 15 days from the date of such
deviation. 
  

	 	26.3.	The CFO shall issue reports to the Audit Committee of the Board of Directors at the end of each quarter and from time to time upon request. 

  

	 	26.4.	We recognize the risks involved in limiting company investments to a small number of industries and investments. Therefore we will attempt to reduce investment risk through
diversification of the company’s investment portfolio. We will maintain a diversified portfolio and will periodically review the portfolio to ensure that it is properly diversified to reduce risk. 

  

	27.	Credit And Collections Policies 

  

	 	27.1.	The company recognizes that the extension of trade credit and the terms on which it is extended can be sensitive matters of business judgment. From time to time management will
review the company’s trade credit arrangements to determine whether the arrangements work to the benefit of the company. 

  

	 	27.2.	Any account receivable unpaid longer than 90 days from the end of the approved credit period shall be designated a “delinquent account.” The company will refer all
delinquent accounts to its internal collections department for collection. While any customer’s account is delinquent, the company shall make new shipments to that company only on a prepaid, cash on delivery, or other suitable basis
specifically approved by the CFO. 

  

	 	27.3.	Should the customer bring a delinquent account back to good standing, the company shall review the customer’s trade credit terms and take appropriate action.

  

	 	27.4.	If any account remains unpaid 150 days from the end of the approved credit period, the company shall refer the account for collection and report such delinquency to the Audit
Committee. In such event, the company shall establish a bad debt reserve in accordance with procedures to be established by the CFO. Except in unusual 

  

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 circumstances, the company shall make no further shipments to any such customer until that
customer’s account is no longer delinquent. Any unusual circumstances shall be documented in writing and provided to the Audit Committee. 
  
 I acknowledge receipt of a copy of the Code of Ethics of Peak International and its subsidiaries and agree to abide by both the letter and spirit of its
terms. I acknowledge receipt of the company’s instructions regarding the procedure for making anonymous complaints or reports set forth in Section 2, above. 
  
 DATE: April 12, 2005 
  

			
	Employee’s Name	 	  

		
	Employee’s Signature	 	  

  

 26

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