Document:

Trust Agreement

 Exhibit 4.3 
 TRUST AGREEMENT 
 BETWEEN 
 WHOLESALE AUTO RECEIVABLES CORPORATION 
 DEPOSITOR 
 AND 
 [•] 
 OWNER TRUSTEE 
  
 DATED AS OF [•] 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page
		
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	  	1
		  	SECTION 1.1	  	Definitions	  	1
		
	ARTICLE II ORGANIZATION	  	1
		  	SECTION 2.1	  	Name	  	1
		  	SECTION 2.2	  	Office	  	1
		  	SECTION 2.3	  	Purposes and Powers	  	1
		  	SECTION 2.4	  	Appointment of Owner Trustee	  	2
		  	SECTION 2.5	  	Initial Capital Contribution of Owner Trust Estate	  	2
		  	SECTION 2.6	  	Declaration of Trust	  	2
		  	SECTION 2.7	  	Liability of the Certificate Owners	  	3
		  	SECTION 2.8	  	Title to Trust Property	  	3
		  	SECTION 2.9	  	Situs of Trust	  	3
		  	SECTION 2.10	  	Representations and Warranties of the Depositor	  	3
		  	SECTION 2.11	  	Tax Treatment	  	4
		
	ARTICLE III THE CERTIFICATES	  	4
		  	SECTION 3.1	  	[Intentionally Omitted]	  	4
		  	SECTION 3.2	  	Form of the Certificates	  	4
		  	SECTION 3.3	  	Execution, Authentication and Delivery	  	5
		  	SECTION 3.4	  	Registration; Registration of Transfer and Exchange of Certificates	  	5
		  	SECTION 3.5	  	Mutilated, Destroyed, Lost or Stolen Certificates	  	6
		  	SECTION 3.6	  	Persons Deemed Certificateholders	  	7
		  	SECTION 3.7	  	Access to List of Certificateholders’ Names and Addresses	  	7
		  	SECTION 3.8	  	Maintenance of Corporate Trust Office	  	8
		  	SECTION 3.9	  	Appointment of Paying Agent	  	8
		  	SECTION 3.10	  	Certificates Issued to Depositor	  	8
		  	SECTION 3.11	  	Book-Entry Certificates	  	8
		  	SECTION 3.12	  	Notices to Clearing Agency	  	9
		  	SECTION 3.13	  	Termination of Book Entry Registration	  	9
		  	SECTION 3.14	  	Depositor as Certificateholder	  	10
		
	ARTICLE IV ACTIONS BY OWNER TRUSTEE	  	10
		  	SECTION 4.1	  	Prior Notice to Certificateholders with Respect to Certain Matters	  	10
		  	SECTION 4.2	  	Action by Certificateholders with Respect to Certain Matters	  	11
		  	SECTION 4.3	  	Action by Certificateholders with Respect to Bankruptcy	  	11
		  	SECTION 4.4	  	Restrictions on Certificateholders’ Power	  	11
		  	SECTION 4.5	  	Majority Control	  	11

  

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	ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	12
		  	SECTION 5.1	  	 Establishment of Certificate Distribution Account
	  	12
		  	SECTION 5.2	  	 Application of Trust Funds
	  	12
		  	SECTION 5.3	  	 Method of Payment
	  	13
		  	SECTION 5.4	  	 Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others
	  	13
		  	SECTION 5.5	  	 Signature on Returns; Tax Matters Partner
	  	14
		
	ARTICLE VI THE OWNER TRUSTEE	  	14
		  	SECTION 6.1	  	 Duties of Owner Trustee
	  	14
		  	SECTION 6.2	  	 Rights of Owner Trustee
	  	15
		  	SECTION 6.3	  	 Acceptance of Trusts and Duties
	  	15
		  	SECTION 6.4	  	 Action upon Instruction by Certificateholders
	  	17
		  	SECTION 6.5	  	 Furnishing of Documents
	  	18
		  	SECTION 6.6	  	 Representations and Warranties of Owner Trustee
	  	18
		  	SECTION 6.7	  	 Reliance; Advice of Counsel
	  	18
		  	SECTION 6.8	  	 Owner Trustee May Own Certificates and Notes
	  	19
		  	SECTION 6.9	  	 Compensation and Indemnity
	  	19
		  	SECTION 6.10	  	 Replacement of Owner Trustee
	  	19
		  	SECTION 6.11	  	 Merger or Consolidation of Owner Trustee
	  	21
		  	SECTION 6.12	  	 Appointment of Co-Trustee or Separate Trustee
	  	21
		  	SECTION 6.13	  	 Eligibility Requirements for Owner Trustee
	  	22
		
	ARTICLE VII TERMINATION OF TRUST AGREEMENT	  	23
		  	SECTION 7.1	  	 Termination of Trust Agreement
	  	23
		  	SECTION 7.2	  	 [Reserved]
	  	24
		
	ARTICLE VIII AMENDMENTS	  	24
		  	SECTION 8.1	  	 Amendments Without Consent of Securityholders
	  	24
		  	SECTION 8.2	  	 Amendments With Consent of Certificateholders and Noteholders
	  	25
		  	SECTION 8.3	  	 Form of Amendments
	  	26
		
	ARTICLE IX MISCELLANEOUS	  	26
		  	SECTION 9.1	  	 No Legal Title to Owner Trust Estate
	  	26
		  	SECTION 9.2	  	 Limitations on Rights of Others
	  	26
		  	SECTION 9.3	  	 Derivative Actions
	  	26
		  	SECTION 9.4	  	 Notices
	  	27
		  	SECTION 9.5	  	 Severability of Provisions
	  	27
		  	SECTION 9.6	  	 Counterparts
	  	27
		  	SECTION 9.7	  	 Successors and Assigns
	  	27
		  	SECTION 9.8	  	 No Petition Covenants
	  	27
		  	SECTION 9.9	  	 No Recourse
	  	28
		  	SECTION 9.10	  	 Headings
	  	28
		  	SECTION 9.11	  	 Governing Law
	  	28
		  	SECTION 9.12	  	 Certificate Transfer Restrictions
	  	28
		  	SECTION 9.13	  	 Indemnification by and Reimbursement of the Servicer
	  	29

  

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 EXHIBITS 
 Exhibit A            Form of Certificate of Authentication 
 Exhibit
B            Form of Certificate of Trust 
  

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 THIS TRUST AGREEMENT, dated as of [•], between WHOLESALE AUTO RECEIVABLES CORPORATION, a Delaware
corporation, as Depositor, and [•] as Owner Trustee. 
 In consideration of the premises and the mutual covenants herein contained, the
parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.1 Definitions. Certain capitalized
terms used in this Agreement shall have the respective meanings assigned to them in Part I of Appendix A to the Trust Sale and Servicing Agreement of even date herewith, among the Depositor, the Servicer and the Trust (the
“Trust Sale and Servicing Agreement”). All references herein to “the Agreement” or “this Agreement” are to the Trust Agreement as it may be amended and supplemented from time to time, and all references herein to
Articles, Sections and subsections are to Articles, Sections and subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix shall be applicable to this Agreement.

 ARTICLE II 
 ORGANIZATION 
 SECTION 2.1 Name. The Trust created hereby shall be known as “Superior Wholesale Inventory
Financing Trust [•]” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. 
 SECTION 2.2 Office. The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address in
Delaware as the Owner Trustee may designate by written notice to the Certificate Owners and the Depositor. 
 SECTION 2.3 Purposes and
Powers 
 (a) The purpose of the Trust is, and the Trust shall have the power and authority, to engage in the following activities:

 (i) to acquire, manage and hold the Receivables to be transferred to the Trust from time to time pursuant to the Trust Sale
and Servicing Agreement; 
 (ii) to issue and sell the Notes pursuant to the Indenture or pursuant to another indenture, note
purchase agreement or similar agreement and the Certificates pursuant to this Agreement, and to sell, transfer or exchange the Notes and the Certificates; 
 (iii) to acquire property and assets from the Depositor pursuant to the Trust Sale and Servicing Agreement, to make payments or distributions on the Securities, to make withdrawals from the Reserve Fund and other
accounts established pursuant to the Basic Documents and to pay the organizational, start-up and transactional expenses of the Trust; 

 (iv) to establish, acquire, hold and terminate liquidity, credit and other enhancement
arrangements, including any Specified Support Arrangement existing from time to time, and perform its obligations thereunder; 
 (v) to assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the terms of the Indenture and to hold, manage and distribute to the Certificate Owners pursuant to the terms of this Agreement and the Trust Sale and
Servicing Agreement any portion of the Trust Estate released from the lien of, and remitted to the Trust pursuant to, the Indenture; 
 (vi) to enter into and perform its obligations and exercise its rights under the Basic Documents to which it is to be a party; 
 (vii) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 
 (viii) subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with
conservation of the Owner Trust Estate and the making of distributions to the Securityholders. 
 The Trust shall not engage in any activity other than in
connection with the foregoing or other than as required or authorized by the terms of this Agreement or the Basic Documents. 
 SECTION 2.4
Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein. 
 SECTION 2.5 Initial Capital Contribution of Owner Trust Estate. The Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee, as of the date hereof, the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of the date hereof, of the foregoing contribution, which shall constitute the initial Owner Trust Estate and shall be
deposited in the Certificate Distribution Account. The Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the
Owner Trustee. 
 SECTION 2.6 Declaration of Trust. The Owner Trustee hereby declares that it shall hold the Owner Trust Estate in
trust upon and subject to the conditions and obligations set forth herein and in the Trust Sale and Servicing Agreement for the use and benefit of the Certificate Owners, subject to the obligations of the Trust under the Basic Documents. It is the
intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Statute, that this Agreement constitute the governing instrument of such statutory trust and that the Certificates represent the equity interests
therein. The rights of the Certificateholders shall be determined as set forth herein and in the Statutory Trust Statute and the relationship between the parties created by this Agreement shall not constitute indebtedness. Effective as of the date
hereof, the Owner Trustee shall have all rights, powers and duties set forth in this Agreement, the Trust Sale and Servicing Agreement and the Statutory Trust Statute with respect to accomplishing the purposes 
  

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 of the Trust. The Owner Trustee agrees to file the certificate required under § 3810 et seq. of the Statutory Trust
Statute in connection with the formation of the Trust as a statutory trust under the Statutory Trust Statute. 
 SECTION 2.7 Liability of
the Certificate Owners. Certificateholders and holders of beneficial interests in Certificates shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the
Delaware General Corporation Law. 
 SECTION 2.8 Title to Trust Property. Legal title to all the Owner Trust Estate shall be vested at
all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the
Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. 
 SECTION 2.9 Situs of Trust. The Trust shall be located
and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. The Trust shall not have any employees in any state other than
Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments shall be received by the Trust only in Delaware or New York, payments
and distributions shall be made by the Trust only from Delaware or New York. The only office of the Trust shall be the Corporate Trust Office in Delaware. 
 SECTION 2.10 Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee that: 
 (a) The Depositor has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Delaware, with power
and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted, and had at all relevant times, and now has, power, authority and legal right to acquire and own the
Receivables contemplated to be transferred to the Trust pursuant to the Trust Sale and Servicing Agreement. 
 (b) The Depositor is duly
qualified to do business and, where necessary is in good standing (or is exempt from such requirement), and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its
business requires such qualifications, except where the failure to so qualify or obtain licenses or approvals would not have a material adverse effect on its ability to perform its obligations under the Basic Documents to which it is a party.

 (c) The Depositor has the power and authority to execute and deliver this Agreement, to carry out its terms and to consummate the
transactions contemplated herein; and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein have been duly authorized by the Depositor by all necessary corporate action. 
  

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 (d) The execution of this Agreement and the consummation of the transactions contemplated herein by the
Depositor and the fulfillment of the terms of this Agreement by the Depositor shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without notice or lapse of time) a default under, the
certificate of incorporation or by-laws of the Depositor, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Depositor is a party or by which it is bound, or result in the creation or imposition of any Lien upon
any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than pursuant to the Basic Documents), or violate any law or, to the best of the Depositor’s knowledge, any order,
rule or regulation applicable to the Depositor of any Governmental Authority having jurisdiction over the Depositor or any of its properties. 
 SECTION 2.11 Tax Treatment. As long as the Depositor is the sole owner of the Certificates, the Depositor and Owner Trustee, by entering into this Agreement, (i) express their intention that the Trust will be disregarded for
federal income tax purposes and will be treated as a division of the Depositor and (ii) agree that Section 5.5 of this Agreement will not be applicable. If the Trust has two or more beneficial owners, through sale of the
Certificates or otherwise, the Depositor and the Owner Trustee, by entering into this Agreement, and the Certificateholders, by acquiring any Certificates or interest therein, (i) express their intention that the Certificates will qualify as
equity interests in either (A) if the Trust is beneficially-owned solely by a single Person, a division of such single Person, disregarded as a separate entity for federal income tax purposes, or (B) a partnership for applicable income tax
purposes and (ii) unless otherwise required by the appropriate taxing authorities, agree to treat the Certificates as equity interests in an entity as described in clause (i) of this Section 2.11 for the purposes of federal
income taxes, state and local income and franchise taxes, Michigan single business tax, and any other taxes imposed upon, measured by, or based upon gross or net income. The parties agree that, unless otherwise required by appropriate tax
authorities, the Trust shall file or cause to be filed annual or other necessary returns, reports and other forms consistent with such characterization of the Trust for such tax purposes. 
 ARTICLE III 
 THE CERTIFICATES 
 SECTION 3.1 [Intentionally Omitted] 
 SECTION 3.2 Form of the Certificates 
 (a) The Certificates (other than the Certificates issued pursuant to
Section 3.10 to and held by the Depositor or its affiliates) shall be issued in denominations of at least $2,500,000 (or such other amount as the Depositor 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). The Certificates shall represent the entire beneficial interest in the Trust. The Certificates shall be executed on behalf of the Trust
by manual or facsimile signature of a Responsible Officer of the Owner Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf
of the Trust, shall be duly issued, fully paid and non-assessable beneficial interests in the Trust, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. 
  

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 (b) The Definitive Certificates, if and when issued in accordance with the terms applicable to the
relevant class of Certificates, shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders) all as determined by the officers executing such Certificates, as
evidenced by their execution of such Certificates. 
 (c) The Certificates shall be issued in fully-registered form. The Certificates of any
class will be substantially in the form attached to the Certificate Issuance Order pursuant to which Certificates of such class are issued for the first time. The terms of any Certificates as set forth in a Certificate Issuance Order shall form part
of this Agreement. 
 SECTION 3.3 Execution, Authentication and Delivery 
 (a) On the Initial Closing Date, concurrently with the initial sale, transfer and assignment of Receivables to the Trust pursuant to the Trust Sale and
Servicing Agreement, the Owner Trustee shall cause Certificates with an aggregate initial Certificate Balance equal to $[•] to be executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor, signed
by its chairman of the board, its president or any vice president, without further corporate action by the Depositor, in authorized denominations (a “Certificate Issuance Order”). Such Certificates shall have the terms, provisions
and rights specified in the related Certificate Issuance Order for such Certificates to be dated the Closing Date. Such Certificate Issuance Order shall be considered a part of this Agreement. 
 (b) No Certificate of any class shall entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall
appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or the Owner Trustee’s authenticating agent, by manual signature. Such authentication shall
constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. [•] is hereby appointed as the Owner Trustee’s
authenticating agent. 
 SECTION 3.4 Registration; Registration of Transfer and Exchange of Certificates 
 (a) The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.8, a Certificate
Register in which, subject to such reasonable regulations as it may prescribe, the Owner Trustee shall provide for the registration of Certificates and of transfers and exchanges of Certificates as provided herein; provided, however,
that no Certificate (other than the Certificates issued pursuant to Section 3.10 to and held by the Depositor 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 Depositor 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 any attempted transfer of a Certificate in contravention of this restriction shall be void ab initio and the purported 
  

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 transferor shall continue to be treated as the owner of such Certificate for all purposes. [•] shall be the initial
Certificate Registrar. Upon any resignation of a Certificate Registrar, the Owner Trustee shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Certificate Registrar. 
 (b) Upon surrender for registration of transfer of any Certificate at the office or agency maintained pursuant to Section 3.8, the Owner
Trustee shall execute on behalf of the Trust, authenticate and deliver (or shall cause [•], as its authenticating agent to authenticate and deliver), in the name of the designated transferee or transferees, one or more new Certificates in
authorized denominations of a like aggregate amount dated the date of authentication by the Owner Trustee or any authenticating agent. 
 (c)
At the option of a Holder, Certificates may be exchanged for other Certificates in authorized denominations of a like amount upon surrender of the Certificates to be exchanged at the Corporate Trust Office maintained pursuant to
Section 3.8. Whenever any Certificates are so surrendered for exchange, the Owner Trustee shall execute on behalf of the Trust, authenticate and deliver (or shall cause [•], as its authenticating agent, to authenticate and deliver)
one or more Certificates dated the date of authentication by the Owner Trustee or any authenticating agent. Such Certificates shall be delivered to the Holder making the exchange. 
 (d) Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder or his attorney duly authorized in writing and such other documents and instruments as may be required by Section 9.12. Each Certificate
surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed by the Owner Trustee or Certificate Registrar in accordance with its customary practice. The Owner Trustee shall certify to the Depositor that
surrendered Certificates have been duly canceled and retained or destroyed, as the case may be. 
 (e) No service charge shall be made for
any registration of transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or
exchange of Certificates. 
 SECTION 3.5 Mutilated, Destroyed, Lost or Stolen Certificates 
 (a) If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its satisfaction
of the destruction, loss or theft of any Certificate and (ii) there is delivered to the Certificate Registrar, the Owner Trustee and the Trust such security or indemnity as may be required by them to hold each of them harmless, then, in the
absence of notice to the Certificate Registrar or the Owner Trustee that such Certificate has been acquired by a protected purchaser, the Owner Trustee shall execute on behalf of the Trust and the Owner Trustee shall authenticate and deliver (or
shall cause [•], as its authenticating agent, to authenticate and deliver), in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a replacement Certificate in authorized denominations of a like amount;
provided, however, that if any such destroyed, lost or stolen Certificate, but not a mutilated Certificate, shall have become or within seven days shall be due and payable, then instead of issuing a replacement Certificate the Owner
Trustee may pay distributions to such destroyed, lost or stolen Certificate when so due or payable. 
  

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 (b) If, after the delivery of a replacement Certificate or distribution in respect of a destroyed, lost
or stolen Certificate pursuant to subsection 3.5(a), a protected bona fide purchaser of the original Certificate in lieu of which such replacement Certificate was issued presents for payment such original Certificate, the Owner Trustee shall
be entitled to recover such replacement Certificate (and any distributions or payments made with respect thereto) from the Person to whom it was delivered or any Person taking such replacement Certificate from such Person to whom such replacement
Certificate was delivered or any assignee of such Person, except a protected bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the
Owner Trustee in connection therewith. 
 (c) In connection with the issuance of any replacement Certificate under this
Section 3.5, the Owner Trustee may require the payment by the Holder of such Certificate of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses
(including the fees and expenses of the Owner Trustee and the Certificate Registrar) connected therewith. 
 (d) Any duplicate Certificate
issued pursuant to this Section 3.5 in replacement of any mutilated, destroyed, lost or stolen Certificate shall constitute an original additional beneficial interest in the Trust, whether or not the mutilated, destroyed, lost or stolen
Certificate shall be found at any time or be enforced by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Certificates duly issued hereunder. 
 (e) The provisions of this Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Certificates. 
 SECTION 3.6 Persons Deemed Certificateholders.
Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee or the Certificate Registrar may treat the Person in whose name any Certificate shall be registered in the Certificate Register as the Certificateholder of
such Certificate for the purpose of receiving distributions pursuant to Article V and for all other purposes whatsoever, and neither the Owner Trustee nor the Certificate Registrar shall be affected by any notice to the contrary. 

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

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 SECTION 3.8 Maintenance of Corporate Trust Office. The Owner Trustee shall maintain in the City of
New York an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Certificates and the Basic Documents may
be served. The Owner Trustee initially designates the offices of [•], as its principal office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor and to the Certificateholders of any change in the location of
the Certificate Register or any such office or agency. 
 SECTION 3.9 Appointment of Paying Agent. The Paying Agent shall make
distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.2 and shall report the amounts of such distributions to the Owner Trustee and the Servicer; provided that no such reports shall be
required so long as the Depositor is the sole Certificateholder. Any Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. The Owner
Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall
initially be [•] [•] shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Owner Trustee. If [•] shall no longer be the Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent
(which shall be a bank or trust company). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor
Paying Agent or additional Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor Paying Agent or additional Paying Agent shall hold all sums, if any, held by it for distribution to the Certificateholders in trust for
the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also
return all funds in its possession to the Owner Trustee. The provisions of Sections 6.3, 6.6, 6.7 and 6.9 shall apply to the Owner Trustee also in its role as Paying Agent, for so long as the Owner Trustee shall act as Paying Agent and, to
the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
 SECTION 3.10 Certificates Issued to Depositor. On and after the Initial Closing Date, the Depositor initially shall retain beneficial and record
ownership of Certificates representing 100% of the Certificate Balance of the Certificates until the Depositor transfers such Certificates in accordance with the Basic Documents. Certificates issued to the Depositor shall be Definitive Certificates.

 SECTION 3.11 Book-Entry Certificates. If, and to the extent, so provided in the related Certificate Issuance Order, Certificates
(other than those described in Section 3.10) may be issued in the form of a typewritten certificate or certificates representing Book-Entry Certificates. Any such Book-Entry Certificate shall be delivered to the Clearing Agency by or on
behalf of the Trust and shall be registered on the Certificate Register in the name of the Clearing Agency (or its nominee) and no Certificate Owner shall receive a Definitive Certificate. If and to 
  

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 the extent Book-Entry Certificates have been issued pursuant to this
Section 3.11 with respect to any Certificates: 
 (a) the provisions of this Section 3.11 shall be in full force and
effect; 
 (b) the Certificate Registrar and the Owner Trustee shall be entitled to deal with the Clearing Agency for all purposes of this
Agreement (including the distribution of Certificate Balance and interest on such Certificates and the giving of instructions or directions hereunder) as the sole Holder of such Certificates, and shall have no obligation to the Certificate Owners;

 (c) to the extent that the provisions of this Section 3.11 conflict with any other provisions of this Agreement, the
provisions of this Section 3.11 shall control; 
 (d) the rights of the Certificate Owners shall be exercised only through the
Clearing Agency and shall be limited to those established by law and agreements between such Certificate Owners and the Clearing Agency and/or the Clearing Agency Participants and, unless and until Definitive Certificates are issued pursuant to
Section 3.13, the initial Clearing Agency shall make book entry transfers among the Clearing Agency Participants and receive and transmit distributions of Certificate Balance and interest on such Certificates to such Clearing Agency
Participants; and 
 (e) whenever this Agreement requires or permits actions to be taken based upon instructions or directions of Holders of
Certificates evidencing a specified percentage of the Voting Interests, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received written instructions to such effect from Certificate Owners and/or
Clearing Agency Participants owning or representing, respectively, such required percentage of Voting Interests and has delivered such instructions to the Owner Trustee. 
 The Depositor or the Owner Trustee may set a record date for the purpose of determining the identity of Holders of Certificates entitled to vote or to consent to any action by vote as provided in this Agreement.

 SECTION 3.12 Notices to Clearing Agency. With respect to any Certificates issued as Book-Entry Certificates, whenever a notice or
other communication to the Certificateholders is required under this Agreement, unless and until Definitive Certificates representing such Certificates shall have been issued to the related Certificate Owners pursuant to Section 3.13,
the Owner Trustee shall give all such notices and communications specified herein to be given to the related Certificateholders to the Clearing Agency and shall have no further obligation to such Certificate Owners. 
 SECTION 3.13 Termination of Book-Entry Registration. If for any Certificates issued as Book-Entry Certificates (i) the Administrator advises
the Owner Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Certificates, and the Administrator is unable to locate a qualified successor, (ii) the
Administrator at its option advises the Owner Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (iii) after the occurrence of an Event of Default or a Servicing Default, Certificate Owners
representing beneficial interests aggregating at least a majority of the then outstanding Voting Interests advise the Clearing Agency in writing 
  

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 that the continuation of a book-entry system through the Clearing Agency is no longer in the best interest of the
Certificate Owners, then the Clearing Agency shall notify all Certificate Owners and the Owner Trustee of the occurrence of any such event and of the availability of Definitive Certificates to Certificate Owners requesting the same. Upon surrender
to the Owner Trustee of the typewritten Certificate or Certificates representing Book-Entry Certificates by the Clearing Agency, accompanied by registration instructions, the Owner Trustee shall execute and authenticate the related Definitive
Certificates in accordance with the instructions of the Clearing Agency. Neither the Certificate Registrar nor the Owner Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in
relying on, such instructions. No Certificate Owner shall have the right to request that Definitive Certificates be issued to such Certificate Owner (or its nominee) or request that its interest be exchanged for a Definitive Certificate or
Definitive Certificates other than in accordance with the foregoing provisions of this Section 3.13, unless, in respect of a class of Certificates other than the Class [•] Certificates, the relevant Certificate Issuance Order
provides otherwise. Upon the issuance of Definitive Certificates, the Owner Trustee shall recognize the Holders of such Definitive Certificates as Certificateholders. 
 SECTION 3.14 Depositor as Certificateholder. The Depositor in its individual or any other capacity may become the owner or pledgee of Certificates and may otherwise deal with the Owner Trustee or its Affiliates
as if it were not the Depositor. 
 ARTICLE IV 
 ACTIONS BY OWNER TRUSTEE 
 SECTION 4.1 Prior Notice to Certificateholders with Respect to Certain
Matters. The Owner Trustee shall not take action with respect to the following matters, unless (i) the Owner Trustee shall have notified the Certificateholders in writing of the proposed action at least 30 days before the taking of such
action, and (ii) the Certificateholders shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such Certificateholders have withheld consent or provided alternative direction: 
 (a) the initiation of any claim or lawsuit by the Trust (other than an action to collect on a Receivable or an action by the Indenture Trustee pursuant to
the Indenture) and the compromise of any action, claim or lawsuit brought by or against the Trust (other than an action to collect on a Receivable or an action by the Indenture Trustee pursuant to the Indenture); 
 (b) the election by the Trust to file an amendment to the Certificate of Trust, a conformed copy of which is attached hereto as Exhibit B;

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

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

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 (e) the amendment, change or modification of the Administration Agreement, except to cure any ambiguity
or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the Certificateholders; or 
 (f) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar,
Paying Agent or Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable. 
 SECTION 4.2 Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, to (a) remove the Administrator under the
Administration Agreement pursuant to Section 10 thereof, (b) appoint a successor Administrator pursuant to Section 10 of the Administration Agreement, (c) remove the Servicer under the Trust Sale and Servicing
Agreement pursuant to Section 8.2 thereof or (d) except as expressly provided in the Basic Documents, sell the Receivables transferred to the Trust pursuant to the Trust Sale and Servicing Agreement or any interest therein after the
termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon the affirmative vote of, or a written consent signed by, the holders of a majority of the Voting Interests upon at least 30 days
prior notice thereof. 
 SECTION 4.3 Action by Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not have the
power to commence a voluntary proceeding in bankruptcy relating to the Trust without the unanimous prior approval of all Holders of Certificates (including the Depositor) and the delivery to the Owner Trustee by each such Certificateholder of a
certificate certifying that such Certificateholder reasonably believes that the Trust is insolvent. By its acceptance of any Certificate issued to it on any Closing Date, the Depositor agrees that it, at any time that it is the holder thereof, shall
not approve or be deemed to have approved the commencement of a voluntary proceeding in bankruptcy relating to the Trust for purposes of this Section 4.3 unless such commencement is approved by the affirmative vote of all of the members
of the Depositor’s board of directors. 
 SECTION 4.4 Restrictions on Certificateholders’ Power. The Certificateholders
shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to
Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
 SECTION 4.5 Majority
Control. Except as expressly provided herein, any action that may be taken or consent that may be given or withheld by the Certificateholders under this Agreement shall be effective if such action is taken or such consent is given or withheld by
the Holders of Certificates evidencing not less than a majority of the Voting Interests thereof. Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by
Holders of Certificates evidencing not less than a majority of the Voting Interests at the time of the delivery of such notice. 
  

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 ARTICLE V 
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
 SECTION 5.1 Establishment of Certificate Distribution
Account 
 (a) The Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Owner Trustee an
Eligible Deposit Account known as the Superior Wholesale Inventory Financing Trust [•] Certificate Distribution Account (the “Certificate Distribution Account”), bearing an additional designation clearly indicating that the
funds deposited therein are held for the benefit of the Certificateholders. The Certificate Distribution Account shall initially be established with [•] 
 (b) The Owner Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof (except Investment Proceeds
therefrom as set forth in the Trust Sale and Servicing Agreement) for the benefit of the Certificateholders. Except as otherwise provided herein or in the Trust Sale and Servicing Agreement, the Certificate Distribution Account shall be under the
sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Owner Trustee (or the Servicer on behalf of the Owner
Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent)
establish a new Certificate Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account. 
 (c) All amounts held in the Certificate Distribution Account shall, to the extent permitted by applicable laws, rules and regulations, be invested, at
the written direction of the Servicer in Eligible Investments (in the name of the Owner Trustee or its nominee). Such written direction shall constitute certification by the Servicer (or such other Person) that any such investment is authorized by
this Section 5.1. 
 SECTION 5.2 Application of Trust Funds 
 (a) On each Monthly Distribution Date, based upon the Servicer’s Accounting for such Monthly Distribution Date, the Owner Trustee (or the Paying
Agent on its behalf) shall distribute to the Certificateholders of each class of Certificates the amounts deposited in the Certificate Distribution Account with respect to such class of Certificates pursuant to Section 4.5 of the Trust
Sale and Servicing Agreement with respect to such Monthly Distribution Date pro rata to the Certificates of such class. 
 (b) On each
Monthly Distribution Date, the Owner Trustee (or the Paying Agent on its behalf) shall include with each distribution to each Certificateholder the statement provided to the Owner Trustee (or the Paying Agent on its behalf) by the Servicer pursuant
to Section 4.8 of the Trust Sale and Servicing Agreement for such class of Certificates in respect of such Monthly Distribution Date setting forth, among other things, the amount of the distribution allocable to Certificate Balance and
to interest, the Certificate Balance after giving effect to such distribution, and the Monthly Servicing Fee with respect to the Monthly Distribution Date or the related 
  

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 Collection Period, as applicable, each since the last statement so provided to such Certificateholders; provided
that no such statement shall be required to be sent by the Owner Trustee so long as the Depositor is the sole Certificateholder. 
 (c) If
any withholding tax is imposed on the Trust’s distribution (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.2;
provided that the Owner Trustee (or the Paying Agent on its behalf) shall not have an obligation to withhold any such amount so long as the Depositor is the sole Certificateholder. The Owner Trustee (or the Paying Agent on its behalf) is
hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from
contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as
cash distributed to such Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to
a non-U.S. Certificateholder), the Owner Trustee (or the Paying Agent on its behalf) may in its sole discretion withhold such amounts in accordance with this subsection 5.2(c). If a Certificateholder wishes to apply for a refund of any such
withholding tax, the Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred. 
 (d) If the Indenture Trustee holds escheated funds for payment to the Trust pursuant to Section 3.3(e) of the Indenture, the Owner Trustee
shall, upon notice from the Indenture Trustee that such funds exist, submit on behalf of the Trust an Issuing Entity Order to the Indenture Trustee pursuant to Section 3.3(e) of the Indenture instructing the Indenture Trustee to pay such
funds to or at the order of the Depositor. 
 SECTION 5.3 Method of Payment. Subject to Section 7.1(c) and subject to the
right of the Owner Trustee and the Clearing Agency to agree otherwise in the case of Book-Entry Certificates, distributions required to be made to Certificateholders of any class on any Monthly Distribution Date shall be made to each
Certificateholder of record of such class on the related Record Date either by wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefor, if such Certificateholder
shall have provided to the Certificate Registrar appropriate written instructions at least five Business Days prior to such Record Date, or, if not, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate
Register. 
 SECTION 5.4 Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others. The Administrator
shall maintain (or cause to be maintained) the books of the Trust on a calendar year basis on the accrual method of accounting, deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations or otherwise, such
information as may be required to enable each Certificateholder to prepare its federal income tax return, file such tax returns relating to the Trust and make such elections as may from time to time be required or appropriate under any applicable
state or federal statute or rule or regulation thereunder so as to maintain the Trust’s characterization in accordance with 
  

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 Section 2.11 for applicable income tax purposes, cause such tax returns to be signed in the manner required
by law and collect or cause to be collected any withholding tax as described in and in accordance with Section 5.2(c) with respect to income or distributions to Certificateholders. In the event that Trust is characterized as a
partnership for federal income tax purposes, the Administrator shall allocate taxable income of the Trust for each Collection Period in the following manner in preparing and filing tax returns for the Trust: (A) to the Certificateholders, an
amount equal to the sum of (1) interest distributable on the Certificates on the Monthly Distribution Date related to such Collection Period and (2) any Trust income attributable to discount on the Receivables that corresponds to any
excess of the Certificate Balance of the Certificates over their initial issue price; and (B) to the Depositor, if and to the extent that the taxable income of the Trust for such Collection Period exceeds the amount computed under
(A) above. Unless otherwise permitted or required by any applicable law or regulation, the Administrator shall allocate amounts of taxable income of the Trust for a particular Collection Period among the Certificateholders in proportion to the
Certificate Balance owned by them as of the Record Date for the related Monthly Distribution Date. 
 SECTION 5.5 Signature on Returns;
Tax Matters Partner. Subject to Section 2.11, the Administrator shall sign on behalf of the Trust any and all tax returns of the Trust, unless applicable law requires a Certificateholder to sign such documents, in which case such
documents shall be signed by the Depositor. The Depositor shall be the “tax matters partner” of the Trust pursuant to the Code. 
 ARTICLE VI 
 THE OWNER TRUSTEE 
 SECTION 6.1 Duties of Owner Trustee 
 (a) The Owner Trustee undertakes to perform such duties, and
only such duties, as are specifically set forth in this Agreement and the other Basic Documents, including the administration of the Trust in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the
provisions of this Agreement. No implied covenants or obligations shall be read into this Agreement. 
 (b) Notwithstanding the foregoing,
the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of
the Owner Trustee hereunder or under any Basic Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement. 
 (c) In the absence of bad faith on its part, the Owner Trustee may conclusively rely upon certificates or opinions furnished to the Owner Trustee and
conforming to the requirements of this Agreement in determining the truth of the statements and the correctness of the opinions contained therein; provided, however, that the Owner Trustee shall have examined such certificates or
opinions so as to determine compliance of the same with the requirements of this Agreement. 
  

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 (d) The Owner Trustee may not be relieved from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct, except that: 
 (i) this subsection 6.1(d) shall not limit the effect of
subsection 6.1(a) or (b); 
 (ii) the Owner Trustee shall not be liable for any error of judgment made in good faith by
a Responsible Officer unless it is proved that the Owner Trustee was negligent in ascertaining the pertinent facts; 
 (iii)
the Owner Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 4.1, 4.2 or 6.4; and 
 (iv) in no event shall the Owner Trustee be liable for any damages in the name of special, indirect or consequential damages, however
styled, including, without limitation, lost profits. 
 (e) Subject to Sections 5.1 and 5.2, monies received by the Owner Trustee
hereunder need not be segregated in any manner except to the extent required by law or the Trust Sale and Servicing Agreement and may be deposited under such general conditions as may be prescribed by law, and the Owner Trustee shall not be liable
for any interest thereon. 
 (f) The Owner Trustee shall not take any action that (i) is inconsistent with the purposes of the Trust set
forth in Section 2.3 or (ii) would, to the actual knowledge of a Responsible Officer of the Owner Trustee, result in the Trust’s becoming taxable as a corporation for federal income tax purposes. 
 (g) The Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section 6.1.

 SECTION 6.2 Rights of Owner Trustee. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents and
each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party, in such form as the Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution
thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take such
action as the Administrator recommends with respect to the Basic Documents. 
 SECTION 6.3 Acceptance of Trusts and Duties. Except as
otherwise provided in this Article VI, in accepting the trusts hereby created, [•] acts solely as Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with
respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate upon the terms of the Basic Documents and this Agreement. The
Owner Trustee shall not be liable or accountable hereunder 
  

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 or under any Basic Document under any circumstances, except (i) for its own negligent action, its own negligent
failure to act or its own wilful misconduct or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 6.6 and expressly made by the Owner Trustee. In particular, but not by way of limitation (and
subject to the exceptions set forth in the preceding sentence): 
 (a) the Owner Trustee shall at no time have any responsibility or liability
for or with respect to the legality, validity and enforceability of any Receivable held by the Trust, or the perfection and priority of any security interest created by any such Receivable in any Vehicle or the maintenance of any such perfection and
priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the distributions and payments to be made to Certificateholders under this Agreement or to Noteholders under the Indenture, including, without
limitation: the existence and contents of any such Receivable on any computer or other record thereof; the validity of the assignment of any such Receivable to the Trust or of any intervening assignment; the completeness of any such Receivable; the
performance or enforcement of any such Receivable; the compliance by the Depositor or the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation or
any action of the Administrator, the Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee; 
 (b) the Owner
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Administrator or any Certificateholder; 
 (c) no provision of this Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial
liability in the performance of any of its rights or powers hereunder or under any Basic Document, if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured or provided to it; 
 (d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or
arising under any of the Basic Documents, including the principal of and interest on the Notes or the Certificate Balance of and interest on the Certificates; 
 (e) the Owner Trustee shall not be responsible for or in respect of and makes no representation as to the validity or sufficiency of any provision of this Agreement or for the due execution hereof by the Depositor or
for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency of the Basic Documents, the Notes, the Certificates (other than the certificate of
authentication on the Certificates) or of any Receivables held by the Trust or any related documents, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to any Noteholder or to any Certificateholder, other than
as expressly provided for herein and in the Basic Documents; 
 (f) the Owner Trustee shall not be liable for the default or misconduct of
the Administrator, the Indenture Trustee, the Depositor or the Servicer under any of the Basic Documents or otherwise and the Owner Trustee shall have no obligation or liability to perform the obligations of the Trust under this Agreement or the
Basic Documents that are required to be 
  

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 performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the
Servicer under the Pooling and Servicing Agreement or the Trust Sale and Servicing Agreement; and 
 (g) the Owner Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at the request, order or
direction of any of the Certificateholders, unless such Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or
thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence or wilful
misconduct in the performance of any such act. 
 SECTION 6.4 Action upon Instruction by Certificateholders 
 (a) Subject to Section 4.4, the Certificateholders may by written instruction direct the Owner Trustee in the management of the Trust. Such
direction may be exercised at any time by written instruction of the Certificateholders pursuant to Section 4.5. 
 (b)
Notwithstanding the foregoing, the Owner Trustee shall not be required to take any action hereunder or under any Basic Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely
to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Basic Document or is otherwise contrary to law. 
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any Basic Document, or is unsure as to the application, intent,
interpretation or meaning of any provision of this Agreement or the Basic Documents, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction as to
the course of action to be adopted, and, to the extent the Owner Trustee acts in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall
not have received appropriate instructions within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action which is consistent, in its view, with this Agreement or the Basic Documents, and as it shall deem to be in the best interests of the Certificateholders, and the Owner Trustee shall have no liability to any Person
for any such action or inaction. 
 (d) Notwithstanding any Person’s right to instruct the Owner Trustee, neither the Owner Trustee nor
any agent, employee, director or officer of the Owner Trustee shall have any obligation to execute any certificates or other documents required pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated thereunder, and the
refusal to comply with any such instructions shall not constitute a default or breach under any Basic Document. 
  

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 SECTION 6.5 Furnishing of Documents. The Owner Trustee shall furnish (a) to the
Certificateholders, promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic
Documents and (b) to the Noteholders and the Certificateholders, promptly upon receipt of a written request therefor, copies of the Pooling and Servicing Agreement, the Trust Sale and Servicing Agreement, the Administration Agreement, the
Custodian Agreement and this Agreement. 
 SECTION 6.6 Representations and Warranties of Owner Trustee. The Owner Trustee hereby
represents and warrants to the Depositor, for the benefit of the Certificateholders, that: 
 (a) It is a national banking association duly
organized, validly existing and in good standing under the laws of the United States of America. 
 (b) It has full power, authority and
legal right to execute, deliver and perform this Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement. The eligibility requirements set forth in Section 6.13 are
satisfied with respect to it. 
 (c) The execution, delivery and performance by it of this Agreement (i) shall not violate any provision
of any law or regulation governing the banking and trust powers of the Owner Trustee or any order, writ, judgment or decree of any court, arbitrator or governmental authority applicable to the Owner Trustee or any of its assets, (ii) shall not
violate any provision of the corporate charter or by-laws of the Owner Trustee or (iii) shall not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any
lien on any properties included in the Trust pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation, default or lien could reasonably be expected to have a materially
adverse effect on the Owner Trustee’s performance or ability to perform its duties as Owner Trustee under this Agreement or on the transactions contemplated in this Agreement. 
 (d) The execution, delivery and performance by the Owner Trustee of this Agreement shall not require the authorization, consent or approval of, the
giving of notice to, the filing or registration with, or the taking of any other action in respect of, any Governmental Authority regulating the banking and corporate trust activities of banks or trust companies in the jurisdiction in which the
Trust was formed. 
 (e) This Agreement has been duly executed and delivered by the Owner Trustee and constitutes the legal, valid and
binding agreement of the Owner Trustee, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights in general
and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 SECTION
6.7 Reliance; Advice of Counsel 
 (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument,
notice, resolution, request, consent, order, certificate, report, opinion, bond or other 
  

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 document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties and need
not investigate any fact or matter in any such document. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly
adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed
by the president or any vice president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to
be taken by it in good faith in reliance thereon. 
 (b) In the exercise or administration of the trusts hereunder and in the performance of
its duties and obligations under this Agreement or the Basic Documents, the Owner Trustee: (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Owner Trustee
shall not be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Owner Trustee with reasonable care; and (ii) may consult with
counsel, accountants and other skilled professionals to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of
any such counsel, accountants or other such Persons and not contrary to this Agreement or any Basic Document. 
 SECTION 6.8 Owner Trustee
May Own Certificates and Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the Administrator, the Indenture Trustee and the Servicer in
transactions in the same manner as it would have if it were not the Owner Trustee. 
 SECTION 6.9 Compensation and Indemnity. The
Owner Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between the Depositor and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the
Servicer for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, custodians, nominees, representatives, experts and counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and its duties hereunder. The Servicer shall indemnify the Owner Trustee and its successors, assigns, agents and servants in accordance with the provisions of Section 7.1 of the Trust Sale and
Servicing Agreement. The indemnities contained in this Section 6.9 shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. Any amounts paid to the Owner Trustee pursuant to this Article
VI shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 
 SECTION 6.10 Replacement of Owner
Trustee 
 (a) The Owner Trustee may at any time give notice of its intent to resign and be discharged from the trusts hereby created by
giving written notice thereof to the Administrator; provided that no such resignation shall become effective, and the Owner Trustee shall not resign, prior to the time set forth in Section 6.10(c). The Administrator may appoint a
successor Owner 
  

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 Trustee by delivering written instrument, in duplicate, to the resigning Owner Trustee and the successor Owner Trustee.
If no successor Owner Trustee shall have been appointed and have accepted appointment within 30 days after the giving of such notice, the resigning Owner Trustee giving such notice may petition any court of competent jurisdiction for the appointment
of a successor Owner Trustee. The Administrator shall remove the Owner Trustee if: 
 (i) the Owner Trustee shall cease to be
eligible in accordance with the provisions of Section 6.13 and shall fail to resign after written request therefor by the Administrator; 
 (ii) the Owner Trustee shall be adjudged bankrupt or insolvent; 
 (iii) a receiver or other
public officer shall be appointed or take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or 
 (iv) the Owner Trustee shall otherwise be incapable of acting. 
 (b) If the Owner Trustee resigns or is removed or if a vacancy exists in the office of Owner Trustee for any reason the Administrator shall promptly
appoint a successor Owner Trustee by written instrument, in duplicate (one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee) and shall pay all fees owed to the outgoing
Owner Trustee. 
 (c) Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the
provisions of this Section 6.10 shall not become effective, and no such resignation shall be deemed to have occurred, until a written acceptance of appointment is delivered by the successor Owner Trustee to the outgoing Owner Trustee and
the Administrator, and all fees and expenses due to the outgoing Owner Trustee are paid. Any successor Owner Trustee appointed pursuant to this Section 6.10 shall be eligible to act in such capacity in accordance with
Section 6.13 and, following compliance with the preceding sentence, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner
Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
 (d)
The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement. The Administrator and the predecessor Owner Trustee shall
execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
 (e) Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section 6.10, the Administrator shall mail notice of the successor
of such Owner Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. 
  

 20 

 SECTION 6.11 Merger or Consolidation of Owner Trustee. Any Person into which the Owner Trustee may
be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate
trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided such Person shall be eligible pursuant to Section 6.13, and without the execution or filing of any instrument or any further act on the
part of any of the parties hereto; provided, however, that the Owner Trustee shall mail notice of such merger or consolidation to the Rating Agencies. 
 SECTION 6.12 Appointment of Co-Trustee or Separate Trustee 
 (a) Notwithstanding any other provisions
of this Agreement, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Owner Trust Estate or any of the Dealers may at the time be located, the Administrator and the Owner Trustee acting jointly
shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or trustees, of all or any part of the Owner
Trust Estate, and to vest in such Person, in such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section 6.12, such powers, duties, obligations, rights and trusts as the Administrator
and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 6.13 and no notice of the appointment of any co-trustee or separate trustee
shall be required pursuant to Section 6.10. 
 (b) Each separate trustee and co-trustee shall, to the extent permitted by law, be
appointed and act subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations
conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to
act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such
act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but
solely at the direction of the Owner Trustee; 
 (ii) no trustee under this Agreement shall be personally liable by reason of
any act or omission of any other trustee under this Agreement; and 
 (iii) the Administrator and the Owner Trustee acting
jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 
  

 21 

 (c) Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to
each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee
and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the
provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee
and a copy thereof given to the Administrator. 
 (d) Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its
agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable
of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
 SECTION 6.13 Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirements of Section 26(a)(1) of
the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; (b) be authorized to exercise corporate trust powers; (c) have an
aggregate capital, surplus and undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB-
by Standard & Poor’s and at least Baa3 by Moody’s. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section 6.13, the aggregate capital, surplus and undivided profits of such corporation shall be deemed to be its aggregate capital, surplus and undivided profits as set forth in its most recent report of condition so
published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in
Section 6.10. 
 SECTION 6.14 Legal Proceedings. As required by Regulation AB, the Owner Trustee will promptly notify the
Servicer, the Depositor and the Issuing Entity of the commencement or, if applicable, the termination of any and all legal proceedings of which any property of the Owner Trustee is the subject, that is material to the Class A Noteholders (as
defined in the Indenture) and any such proceedings known to be contemplated by governmental authorities. In addition, the Owner Trustee will furnish to the Servicer, the Depositor and the Issuing Entity, in writing, the necessary disclosure
describing such proceedings required to be disclosed under Item 1117 of Regulation AB, for inclusion in reports filed pursuant to the Exchange Act. 
  

 22 

 ARTICLE VII 
 TERMINATION OF TRUST AGREEMENT 
 SECTION 7.1 Termination of Trust Agreement 
 (a) The Trust shall terminate in accordance with Section 3808 of the Statutory Trust Statute on the date (the “Trust Termination
Date”) on which the first of the following occurs: (i) if the Depositor so elects, the day following the Monthly Distribution Date on which all amounts required to be paid to the Securityholders pursuant to the Basic Documents have
been paid (or deposited in the related Distribution Account and the aggregate Outstanding Amount of the Revolving Notes is zero and (ii) the Specified Trust Termination Date. This Agreement and the obligations of the parties hereunder (other
than Section 6.9 hereof and as otherwise expressly provided herein) shall terminate and be of no further force or effect (x) if the Trust Termination Date is determined pursuant to clause (i) above, on the Trust Termination
Date and (y) if the Trust Termination Date is determined pursuant to clause (ii) above on the date following the Monthly Distribution Date on which the final payments to be made to the Securityholders pursuant to the Basic Documents have
been paid (or deposited in the appropriate Distribution Accounts). 
 (b) The bankruptcy, liquidation, dissolution, death or incapacity of
any Certificateholder shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for
a partition or winding-up of all or any part of the Trust or the Owner Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. Except as provided in Section 7.1(a), neither the Depositor
nor any Certificateholder shall be entitled to revoke or terminate the Trust or this Agreement. 
 (c) Notice of any termination of the Trust
specifying the Monthly Distribution Date upon which the Certificateholders shall surrender their Certificates to the Paying Agent for distribution of the final distribution and cancellation, shall be given by the Owner Trustee by letter to
Certificateholders mailed within five Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 9.4 of the Trust Sale and Servicing Agreement, stating: (i) the Monthly Distribution Date upon
or with respect to which the final distribution in respect of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Paying Agent therein designated; (ii) the amount of any such final
distribution; and (iii) that the Record Date otherwise applicable to such Monthly Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office of the Paying Agent therein
specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the
Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such Monthly Distribution Date pursuant to Section 5.2. 
 (d) Notice of any termination of the Trust specifying the Monthly Distribution Date upon which the Certificateholders shall surrender their Certificates to the Paying Agent for distribution of the final distribution
and cancellation, shall be given by the Owner Trustee by letter to Certificateholders mailed within five Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 9.4 of the Trust Sale and
Servicing Agreement, stating: (i) the Monthly Distribution Date upon or with respect to which the final distribution of the Certificate Balance of the Certificates shall be made upon presentation and surrender of the Certificates at the office
of the Paying Agent therein designated; (ii) the amount of any such final distribution of the Certificate Balance; and (iii) that the Record Date otherwise 
  

 23 

 applicable to such Monthly Distribution Date is not applicable, distributions being made only upon presentation and
surrender of the Certificates at the office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to
Certificateholders. Upon presentation and surrender of the Certificates, the Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such Monthly Distribution Date pursuant to Section 5.2. The Depositor
shall have the beneficial interest in any assets remaining in the Trust following final payment of the Certificates. 
 (e) If all of the
Certificateholders shall not surrender their Certificates for cancellation within six months after the date specified in the written notice specified in subsection 7.1(c), the Owner Trustee shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner
Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that
shall remain subject to this Agreement. Subject to applicable laws with respect to escheat of funds, any funds remaining in the Trust after exhaustion of such remedies in the preceding sentence shall be deemed property of the Depositor and
distributed by the Owner Trustee to the Depositor and the Owner Trustee shall have no further liability to the Certificateholders with respect thereto. 
 (f) Upon the winding up of the Trust and its termination, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with
the provisions of Section 3810 of the Statutory Trust Statute. 
 SECTION 7.2 [Reserved] 
 ARTICLE VIII 
 AMENDMENTS

 SECTION 8.1 Amendments Without Consent of Securityholders. This Agreement may be amended by the Depositor and the Owner Trustee
without the consent of any of the Securityholders (but with prior notice to the Rating Agencies) to: 
 (i) cure any
ambiguity, 
 (ii) correct or supplement any provision in this Agreement that may be defective or inconsistent with any other
provision in this Agreement, 
 (iii) add or supplement any credit, liquidity or other enhancement arrangement for the benefit
of any Securityholders (provided that if any such addition shall affect any series or class of Securityholders differently than any other series or class of Securityholders, then such addition shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any series or class of Securityholders), 
  

 24 

 (iv) add to the covenants, restrictions or obligations of the Depositor or the Owner
Trustee for the benefit of the Securityholders, 
 (v) evidence and provide for the acceptance of the appointment of a
successor trustee with respect to the Owner Trust Estate and add to or change any provisions as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee pursuant to Article VI, 
 (vi) restrict transfers of Certificates (or interests therein) or as otherwise required to prevent the Trust from being treated as a
“publicly traded partnership” under Section 7704 of the Code, 
 (vii) to add provisions to or delete or modify
the existing provisions of this Agreement as appropriate to allow the Trust to issue foreign currency-denominated Notes, or 
 (viii) add, change or eliminate any other provision of this Agreement in any manner that shall not, as evidenced by an Opinion of Counsel, materially and adversely affect the interests of the Securityholders. 
 SECTION 8.2 Amendments With Consent of Certificateholders and Noteholders. This Agreement may be amended from time to time by the Depositor and
the Owner Trustee with the consent of Noteholders whose Notes evidence not less than a majority of the Outstanding Amount of the Notes as of the close of business on the preceding 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 (which consent, whether given pursuant to this Section 8.2 or pursuant to any other provision
of this Agreement, shall be conclusive and binding on such Person and on all future Holders of such Notes or Certificates and of any Notes or Certificates issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not
notation of such consent is made upon the Notes or Certificates for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Noteholders
or the Certificateholders; provided, however, that no such amendment shall 
 (a) increase or reduce in any manner the amount
of, or accelerate or delay the timing of, distributions that shall be required to be made on any Security without the consent of the Holder thereof (it being understood that the issuance of any Notes after the Initial Closing Date as contemplated by
the Trust Sale and Servicing Agreement and the Indenture and the specification of the terms and provisions thereof pursuant to an Officer’s Issuance Certificate (with respect to any Notes) shall not be deemed to have such effect for purposes
hereof), 
 (b) adversely effect the rating of any series or class of Securities without the consent of the Holders of two-thirds of the
Outstanding Amount of such series of Notes or the Voting Interests with respect to such class of Certificates, as appropriate or 
 (c)
reduce the aforesaid percentage required to consent to any such amendment, without the consent of the Holders of all of the Notes and all of the Voting Interests with respect to Certificates then outstanding. Prior to the execution of any such
amendment, supplement or consent, the Owner Trustee shall furnish written notification of the substance of such amendment, supplement or consent to the Rating Agencies. 
  

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 SECTION 8.3 Form of Amendments 
 (a) Promptly after the execution of any amendment, supplement or consent pursuant to Section 8.1 or 8.2, the Owner Trustee shall furnish
written notification of the substance of such amendment or consent to each Certificateholder and the Indenture Trustee. 
 (b) It shall not
be necessary for the consent of Securityholders or the Indenture Trustee pursuant to Section 8.2 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents (and any other consents of Securityholders provided for in this Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof by Securityholders shall be subject
to such reasonable requirements as the Owner Trustee may prescribe. 
 (c) Promptly after the execution of any amendment to the Certificate
of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State. 
 (d) Prior to the execution of any
amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee
may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
 ARTICLE IX 
 MISCELLANEOUS 
 SECTION 9.1 No Legal Title to Owner Trust Estate. The Certificateholders shall not have legal title to any part of the Owner Trust Estate. The
Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein only in accordance with Articles V and VII. No transfer, by operation of law or otherwise, of any right, title, and
interest of the Certificateholders to and in their ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to
any part of the Owner Trust Estate. 
 SECTION 9.2 Limitations on Rights of Others. Except for Section 2.7,
Section 7.1(c) and Section 9.13, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholders, the Administrator and, to the extent expressly provided herein, the Indenture
Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement
or any covenants, conditions or provisions contained herein. 
 SECTION 9.3 Derivative Actions. Any provision contained herein to the
contrary notwithstanding, the right of any Certificate Owner to bring a derivative action in the right of the Trust is hereby made expressly subject to the following limitations and requirements: 
 (a) such Certificate Owner must meet all requirements set forth in the Statutory Trust Statute; and 
  

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 (b) no Certificate Owner may bring a derivative action in the right of the Trust without the prior
written consent of Certificate Owners owning, in the aggregate, a beneficial interest in Certificates representing 50% of the then outstanding Certificate Balance. 
 SECTION 9.4 Notices 
 (a) All demands, notices and communications upon or to the Depositor, the
Servicer, the Administrator, the Indenture Trustee, the Owner Trustee or the Rating Agencies under this Agreement shall be delivered as specified in Appendix B to the Trust Sale and Servicing Agreement. 
 (b) Any notice required or permitted to be given to a Certificateholder shall be given by first-class mail, postage prepaid, at the address of such
Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice. 
 SECTION 9.5 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed enforceable to the fullest extent permitted, and if not so permitted, shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof. 
 SECTION 9.6 Counterparts. This Agreement may be executed in two or more counterparts (and by different parties on separate counterparts), each of
which shall be an original, but all of which together shall constitute one and the same instrument. 
 SECTION 9.7 Successors and
Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and each Certificateholder and their respective successors and permitted assigns, all as herein provided.
Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 
 SECTION 9.8 No Petition Covenants. The Owner Trustee by entering this Trust Agreement and each Certificateholder, by accepting a Certificate (or interest therein) issued hereunder, hereby covenants and agrees
that they shall not, prior to the day that is one year and one day after the termination of the Trust, acquiesce, petition or otherwise invoke or cause the Depositor or the Trust to invoke in any court or government authority for the purpose of
commencing or sustaining a case against the Depositor or the Trust under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Depositor or the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Trust. 
  

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 SECTION 9.9 No Recourse. Each Certificateholder and Certificate Owner, by accepting a Certificate
(or interest therein), shall agree that such Person’s Certificates (or interest therein) represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the
Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificates
or the Basic Documents. Except as expressly provided in the Basic Documents, neither the Depositor, the Servicer nor the Owner Trustee in their respective individual capacities, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the distribution of Certificate Balance with respect to or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in the Certificates or this Agreement, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in
the assets of the Issuing Entity. Each Certificateholder or Certificate Owner by the acceptance of a Certificate (or beneficial interest therein) shall agree that, except as expressly provided in the Basic Documents, in the case of nonpayment of any
amounts with respect to the Certificates, it shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom. 
 SECTION 9.10 Headings. The headings herein are for purposes of reference only and shall not affect the meaning or interpretation of any provision hereof. 
 SECTION 9.11 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO THE 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. 
 SECTION 9.12 Certificate Transfer Restrictions 
 (a) Unless specified otherwise in the Certificate Issuance Order with
respect to a class of Certificates, the 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 a Benefit Plan and, if requested to do so by the Depositor pursuant to Section 3.4(b), the Certificateholder and the Certificate Owner shall execute and deliver
to the Owner Trustee an Undertaking Letter in the form set forth in the Certificate Issuance Order for such class. The Certificates are also subject to the minimum denomination specified in Section 3.4(a). 
 (b) The Certificates will not be registered under the Securities Act or the securities or blue sky laws of any other jurisdiction. Consequently, the
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 Certificates (or
interest therein) may be made by any Person unless either (i) such sale, pledge or 
  

 28 

 other transfer is made to the Depositor, (ii) so long as the 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 Depositor in writing the facts surrounding such transfer, which certification shall be in form and
substance satisfactory to the Owner Trustee and the Depositor, and (B) the Owner Trustee shall require a written opinion of counsel (which will not be at the expense of the Depositor or the Owner Trustee) satisfactory to the Depositor and the
Owner Trustee to the effect that such transfer will not violate the Securities Act. 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 Depositor
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 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 Certificates for all purposes. Neither the Depositor 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. 
 (c) Each Certificate shall bear a legend to the effect set forth in subsections (a) and (b) above. 
 (d) The Depositor shall be responsible for determining compliance with the restrictions set forth in this Section 9.12. 
 SECTION 9.13 Indemnification by and Reimbursement of the Servicer. The Owner Trustee acknowledges and agrees to reimburse (i) the Servicer
and its directors, officers, employees and agents in accordance with Section 7.3(b) of the Trust Sale and Servicing Agreement and (ii) the Depositor and its directors, officers, employees and agents in accordance with
Section 3.4 of the Trust Sale and Servicing Agreement. The Owner Trustee further acknowledges and accepts the conditions and limitations with respect to the Servicer’s obligation to indemnify, defend and hold the Owner Trustee
harmless as set forth in Section 7.1(a) of the Trust Sale and Servicing Agreement. 
  

 29 

 ARTICLE X 
 COMPLIANCE WITH REGULATION AB 
 SECTION 10.1 Intent of the Parties; Reasonableness. The
Depositor and the Owner Trustee acknowledge and agree that the purpose of this Article XII is to facilitate compliance by the Depositor with the provisions of Regulation AB and the related rules and regulations of the Commission. The Depositor shall
not exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than the Depositor’s compliance with the Securities Act, the Exchange Act and the rules and
regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act). The Owner Trustee agrees to cooperate in good faith with the Depositor and shall deliver (and cause
each of its Reporting Subcontractors, if any, to deliver) to the Depositor any information reasonably requested by the Depositor regarding the Owner Trustee which is required in order to enable the Depositor to comply with the provisions of Items
1109(a), 1109(b), 1117 and 1119 of Regulation AB or any of its other Exchange Act reporting obligations as it relates to the Owner Trustee or to the Owner Trustee’s obligations under this Agreement (including with respect to any of its
successors or predecessors; provided, however, that this parenthetical shall apply only to the successors or predecessors of the Owner Trustee contemplated by Section 6.11 hereof). The obligations of the Owner Trustee to provide such
information shall survive the removal or termination of the Owner Trustee hereunder 
 SECTION 10.2 Information to Be Provided by the
Owner Trustee. The Owner Trustee shall (i) on or before the fifth Business Day of each month, provide to the Depositor, in writing, such information regarding the Owner Trustee as is requested for the purpose of compliance with
Item 1117 of Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the Owner Trustee of any changes to such information, provide to the Depositor, in writing, updated information necessary for compliance
with Item 1117 of Regulation AB. 
 The Owner Trustee shall (i) on or before the fifth Business Day of each January, April, July
and October, provide to the Depositor such information regarding the Owner Trustee as is requested for the purpose of compliance with Items 1109(a), 1109(b) and 1119 of Regulation AB, and (ii) as promptly as practicable following notice to or
discovery by the Owner Trustee of any changes to such information, provide to the Depositor, in writing, updated information. Such information shall include, at a minimum: 
 (a) the Owner Trustee’s name and form of organization; 
 (b) a description of the extent to which the
Owner Trustee has had prior experience serving as a trustee for asset-backed securities transactions involving receivables of the same type as the Receivables; 
 (c) a description of any affiliation between the Owner Trustee and any of the following parties to a Securitization Transaction, as such parties are identified to the Owner Trustee by the Depositor in writing in
advance of such Securitization Transaction: 
 (i) the sponsor; 
 (ii) any depositor; 
  

 30 

 (iii) the issuing entity; 
 (iv) any servicer; 
 (v) any trustee; 
 (vi) any originator; 
 (vii) any significant obligor; 
 (viii) any enhancement or support provider; and 
 (ix) any other material transaction party.

 In connection with the above-listed parties, a description of whether there is, and if so the general character of, any business
relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from
the asset-backed securities transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the asset-backed securities. 
 * * * * * 
  

 31 

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

			
	 [•], as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	 [•]

	 Title:
	 	 [•]

	
	 WHOLESALE AUTO RECEIVABLES
 CORPORATION, as Depositor

		
	 By:
	 	  

	 Name:
	 	 [•]

	 Title:
	 	 [•]

	
	 [•], as Certificate Registrar, Paying Agent and
 Authenticating Agent

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

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

									
	 [•], not in its individual capacity but
 solely as Owner Trustee
	 	        OR    	 	 [•], not in its individual capacity but solely
 as Owner Trustee by [•], as Authenticating
 Agent

					
	 By:
	 	  
	 		 	By:	 	  

	 Name:
	 	  
	 		 	Name:	 	  

	 Title:
	 	  
	 		 	Title:	 	  

 EXHIBIT B 
 CERTIFICATE OF TRUST OF 
 SUPERIOR WHOLESALE INVENTORY FINANCING TRUST [•] 
 THIS Certificate of Trust of Superior Wholesale Inventory Financing Trust [•] (the “Trust”), dated as of [•], is being
duly executed and filed by [•], a Delaware banking corporation, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §3801 et seq.). 
 1. Name. The name of the statutory trust formed hereby is Superior Wholesale Inventory Financing Trust [•]. 
 2. Delaware Trustee. The name and business address of the trustee of the Trust in the State of Delaware is [•]. 
 3. This Certificate of Trust shall be effective on [•]. 
 IN WITNESS WHEREOF, the undersigned, being the sole trustee of the Trust, has executed this Certificate of Trust as of the date first-above written. 
  

			
	 [•], not in its individual capacity but solely as
 Owner Trustee under a Trust Agreement dated as of
 [•].

		
	By:	 	
	 Name:
	 	
	 Title:Officer's Issuance Certificate

 Exhibit 4.4 
 OFFICER’S ISSUANCE CERTIFICATE 
 Class A Floating Rate Asset Backed Term Notes,
Series [•] 
 Class B Floating Rate Asset Backed Term Notes, Series [•] 
 Class C Floating Rate Asset Backed Term Notes, Series [•] 
 Class D Floating Rate Asset Backed Term Notes, Series [•] 
 The undersigned hereby
certifies, pursuant to the Indenture dated as of [•] (the “Indenture”), between Superior Wholesale Inventory Financing Trust [•] (the “Issuing Entity” or the “Trust”) and [•], a
[•] banking corporation, as Indenture Trustee, that there has been established pursuant to and in conformity with resolutions duly adopted by the Board of Directors of Wholesale Auto Receivables Corporation, a Delaware corporation (the
“Depositor”), a series of Notes to be issued under and in conformity with the Indenture, which series of Notes 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 [•], among the Issuing Entity, the
Depositor and General Motors Acceptance Corporation (the “Trust Sale and Servicing Agreement”). 
  

	1.	Designation and Aggregate Principal Amount. 

  

	1.1	The designation of the series of Notes is the Floating Rate Asset Backed Term Notes, Series [•] (the “[•] Term Notes”). The [•] Term Notes consist of
the Class A Floating Rate Asset Backed Term Notes, Series [•] (the “[•] Class A Term Notes”), the Class B Floating Rate Asset Backed Term Notes, Series [•] (the “Class B Term Notes”), the
Class C Floating Rate Asset Backed Term Notes, Series [•] (the “Class C Term Notes”) and the Class D Floating Rate Asset Backed Term Notes, Series [•] (the “Class D Term Notes”), and shall be in the form
set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3 or Exhibit A-4, respectively, hereto. 

  

	1.2	The aggregate principal amount of the [•] Class A Term Notes which may be authenticated and delivered under the Indenture (except for [•] Class A Term Notes
authenticated and delivered upon registration and transfer of, or in exchange for, or in lieu of, other [•] Class A Term Notes pursuant to the Indenture) is $[•]. 

  

	1.3	The aggregate principal amount of the Class B Term Notes which may be authenticated and delivered under the Indenture (except for Class B Term Notes authenticated and delivered upon
registration and transfer of, or in exchange for, or in lieu of, other Class B Term Notes pursuant to the Indenture) is $[•]. 

  

	1.4	The aggregate principal amount of the Class C Term Notes which may be authenticated and delivered under the Indenture (except for Class C Term Notes authenticated and delivered upon
registration and transfer of, or in exchange for, or in lieu of, other Class C Term Notes pursuant to the Indenture) is $[•]. 

	1.5	The aggregate principal amount of the Class D Term Notes which may be authenticated and delivered under the Indenture (except for Class D Term Notes authenticated and delivered upon
registration and transfer of, or in exchange for, or in lieu of, other Class D Term Notes pursuant to the Indenture) is $[•]. 

  

	1.6	The [•] Term Notes shall be issued on the “[•] Term Notes Closing Date.” 

  

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

  

	2.1	Denominations. The [•] Offered Notes will be issued and authorized in minimum denominations of $1,000 and in integral multiples in excess thereof. The Class D Term
Notes (other than those initially issued to the Depositor) will be issued and authorized in minimum denominations of $[•] (or such other amount as the Depositor 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 $500,000). 

  

	2.2	[•] Offered Notes. The [•] Offered Notes shall initially be issued in book-entry form pursuant to Section 2.10 of the Indenture and subject to the
terms of the Note Depository Agreement attached hereto as Exhibit B. The [•] Offered Notes will not be Unregistered Notes under Section 2.15 of the Indenture. 

  

	2.3	Class D Term Notes. The Class D Term Notes shall initially be issued as Definitive Term Notes and not in book-entry form pursuant to Section 2.10 of the Indenture
and shall not be subject to the terms of the Note Depository Agreement attached hereto as Exhibit B. The Class D Term Notes will be Unregistered Notes under Section 2.15 of the Indenture. Such Definitive Term Notes 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 a Note becomes void in its entirety, no claim may be made in respect thereof. In this
Section 2.3, 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 Indenture 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 Class D Term Notes. 

  

	2.4	Clearing Agency. The initial Clearing Agency for the [•] Offered Notes shall be DTC. 

  

	2.5	Definitive Term Notes. 

  

	2.5.1	No Note Owner shall receive a Definitive Term Note representing such Note Owner’s interest in a [•] Offered Note, except as provided in Section 2.3 and
Section 2.12 of the Indenture. Unless and until Definitive Term Notes with respect to such [•] Offered Notes have been issued to such Note Owner pursuant to Section 2.12 of the Indenture, with respect to such [•]
Term Notes: 

  

	 	(a)	the provisions of this Section 2.5 shall be in full force and effect; 

  

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	 	(b)	the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of the Indenture (including this Officer’s Issuance
Certificate), including the payment of principal of and interest on the [•] Term Notes and the giving of instructions or directions hereunder), as the sole Holder of the [•] Term Notes and shall have no obligation to any Note Owner;

  

	 	(c)	to the extent that the provisions of this Section 2.5 conflict with any other part of the Indenture, the provisions of this Section 2.5 shall control;

  

	 	(d)	the rights of such Note Owner shall be exercised only through a Clearing Agency or a Clearing Agency Participant and unless and until Definitive Term Notes are issued for the
[•] Term Notes pursuant to Section 2.12 of the Indenture, the initial Clearing Agency shall make book-entry transfers between the Clearing Agency Participants and receive and transmit payments of principal of and interest on such
[•] Term Notes to such Clearing Agency Participants; and 

  

	 	(e)	whenever the Indenture (including this Officer’s Issuance Certificate) requires or permits actions to be taken based upon instructions or directions of Holders of Notes or
[•] Term Notes evidencing a specified percentage of the Outstanding Amount of the Notes or the [•] Term Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has (1) received written
instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the [•] Term Notes and (2) delivered such instructions to the
Indenture Trustee. 

  

	2.5.2	In the event that Definitive Term Notes are issued to the Holders of the [•] Term Notes, such Definitive Term Notes 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 a Note becomes void in its entirety, no claim may be made in respect thereof. In this Section 2.5.2, 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 Indenture 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 [•] Offered Notes. 

  

	2.6	Authentication Agent; Note Registrar. 

  

	2.6.1	The initial Authentication Agent for the [•] Term Notes will be the Indenture Trustee. 

  

	2.6.2	The initial Note Registrar for the [•] Term Notes will be the Indenture Trustee. 

  

	2.7	Transfer Restrictions 

  

	2.7.1	The Class D Term Notes (or interests therein) may not be acquired by or for the account of a Benefit Plan. By accepting and holding a Class D Term Note (or interest

  

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 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 Note for the account of a Benefit Plan. The Class D Term Notes are also subject to the minimum denomination specified in Section 2.1. 
  

	2.7.2	The Class D Term Notes will not be registered under the Securities Act or the securities or blue sky laws of any other jurisdiction. Consequently, the Class D Term Notes are not
transferable other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other provisions specified herein. No sale, pledge or other transfer of the Class D Term Notes (or interest
therein) may be made by any Person unless either (i) such sale, pledge or other transfer is made to the Depositor, (ii) so long as the Class D Term Notes 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 Depositor in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Owner
Trustee and the Depositor, and (B) the Owner Trustee shall require a written opinion of counsel (which will not be at the expense of the Depositor or the Owner Trustee) satisfactory to the Depositor and the Owner Trustee to the effect that such
transfer will not violate the Securities Act. No sale, pledge or other transfer may be made to any one person for Class D Term Notes with a face amount of less than $[•] (or such other amount as the Depositor 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 $500,000) 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 Class D Term Notes with a face amount of less than such amount for each such third party. Any attempted transfer in contravention of the immediately
preceding restriction will be void ab initio and the purported transferor will continue to be treated as the owner of the Class D Term Notes for all purposes. Neither the Depositor nor the Owner Trustee shall be obligated to register the Class D
Term Notes under the Securities Act, qualify the Class D Term Notes under the securities laws of any state or provide registration rights to any purchaser or holder thereof. Transfer of a Class D Note may only be made to a Person who is a United
States Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code). Any person other than the Depositor acquiring a Class D Term Note or an interest therein shall be deemed to have made the representations set forth in
Section 2.14 of the Indenture. 

  

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	3.	Specified Support Arrangements. 

 With respect to
the [•] Class A Term Notes, the Specified Support Arrangements consist of the [•] Class A Term Note Cash Accumulation Reserve Fund. With respect to the Class B Term Notes, the Specified Support Arrangements consist of the Class B
Term Note Cash Accumulation Reserve Fund. With respect to the Class C Term Notes, the Specified Support Arrangements consist of the Class C Term Note Cash Accumulation Reserve Fund. With respect to the Class D Term Notes, the Specified Support
Arrangements consist of the Class D Term Note Cash Accumulation Reserve Fund. 
  

	4.	Allocation and Payment of Interest. 

  

	4.1	Payment of Interest. 

  

	4.1.1	Interest on the outstanding principal balance of the [•] Class A Term Notes, Class B Term Notes, Class C Term Notes and Class D Term Notes will be payable in arrears by
the Trust. Interest will accrue from and including the [•] Term Notes Closing Date, or from and including the most recent Monthly Distribution Date, 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 [•] Class A Term Notes will accrue at a rate equal to One-Month LIBOR plus [•]% 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	Interest on the Class B Term Notes will accrue at a rate equal to One-Month LIBOR plus [•]% per annum and will be payable on each Monthly Distribution Date, and will be
calculated on the basis of the Actual/360 Day Count. 

  

	4.1.4	Interest on the Class C Term Notes will accrue at a rate equal to One-Month LIBOR plus [•]% per annum and will be payable on each Monthly Distribution Date, and will be
calculated on the basis of the Actual/360 Day Count. 

  

	4.1.5	Interest on the Class D Term Notes will accrue at a rate equal to One-Month LIBOR plus [•]% per annum and will be payable on each Monthly Distribution Date, and will be
calculated on the basis of the Actual/360 Day Count. 

  

	4.1.6	Notwithstanding the foregoing Sections 4.1.1 through 4.1.5, interest will be payable from, and only to the extent of, amounts paid by the Trust to the [•] Term Note
Distribution Account with respect to such class of [•] Term Notes pursuant to Section 4.2(b) of this Officer’s Issuance Certificate and Clause 3 of Section 4.5(c)(i) of the Trust Sale and Servicing Agreement.

  

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	4.2	Application of the [•] Class A Term Notes Monthly Available Amount. 

  

	 	(a)	Pursuant to Section 4.5(c)(i) of the Trust Sale and Servicing Agreement, on each Monthly Distribution Date the following funds (collectively, the “[•]
Class A Term Notes Monthly Available Amount”) will be withdrawn by the Indenture Trustee, based upon the Servicer’s Accounting for such Monthly Distribution Date, from the account in which such funds are held, for application
pursuant to Section 4.2(b) of this Officer’s Issuance Certificate: 

  

	 	(1)	the Trust Interest Allocation of the [•] Class A Term Notes; 

  

	 	(2)	all [•] Class A Term Notes Distribution Principal Subaccount Earnings; 

  

	 	(3)	all [•] Class A Term Note Cash Accumulation Account Earnings; and 

  

	 	(4)	if a Cash Accumulation Period has commenced and is continuing for the [•] Class A Term Notes and if the amounts specified in the foregoing subclauses (1)
through (3) are less than the [•] Class A Term Notes Noteholders’ Interest for such Monthly Distribution Date, then the lowest of the following amounts: 

  

	 	(x)	the [•] Class A Term Note Cash Accumulation Reserve Fund Release Amount; and 

  

	 	(y)	the amount of funds on deposit in the [•] Class A Term Note Cash Accumulation Reserve Fund. 

  

	 	(b)	The Indenture Trustee, based upon the Servicer’s Accounting for such Monthly Distribution Date, will apply the [•] Class A Term Notes Monthly Available Amount on such
Monthly Distribution Date as follows: 

  

	 	(1)	the lesser of 

  

	 	(x)	the [•] Class A Term Notes Monthly Available Amount; and 

  

	 	(y)	an amount equal to the [•] Class A Term Notes Noteholders’ Interest for the related Monthly Distribution Date 

 shall be transferred to the [•] Term Notes Distribution Account for payment of interest on the [•] Class A Term Notes. 
 Any shortfall of the [•] Class A Term Notes Monthly Available Amount below the [•] Class A Term Notes Noteholders’ Interest for
such Monthly Distribution Date shall constitute a “Series Shortfall” for the [•] Class A Term Notes. Any excess of the [•] Class A Term Notes Monthly Available Amount for a Monthly Distribution Date over the
[•] Class A Term Notes Noteholders’ Interest for such Monthly Distribution Date will constitute a “Remaining Interest Amount”. 
  

 -6- 

	5.	Allocations and Payments in Respect of Principal. 

  

	5.1	General. 

  

	5.1.1	During the Revolving Period, until the commencement of either the Payment Period for the [•] Term Notes or a Rapid Amortization Period for the [•] Term Notes which is not
an Early Amortization Period for the Trust, no payments of principal on the [•] Term Notes shall be required or made and Available Trust Principal shall not be set aside for such purpose. 

  

	5.1.2	For the [•] Term Notes, 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 [•] Term Notes and which ends upon the occurrence of the Fully Funded Date with respect to the [•] Term Notes shall constitute a “Daily Remittance Period.”

  

	5.1.4	During any period in which funds are being set aside or paid out in respect of the outstanding principal balance of the [•] Term Notes, no amount shall be set aside or paid to
the extent that it would cause the total amount so set aside or paid with respect to any class of the [•] Term Notes to exceed the outstanding principal balance of such class of [•] Term Notes. 

  

	5.2	Deposits of Principal Collections. 

  

	5.2.1	During Payment Period. On each day during the Payment Period until the Fully Funded Date for the [•] Class A Term Notes occurs, the Servicer will instruct the
Indenture Trustee to withdraw from the Collection Account and deposit in the [•] Term Notes Distribution Principal Subaccount for the [•] Class A Term Notes, the Principal Allocation Percentage of Available Trust Principal allocated
to the [•] Class A Term Notes on such day pursuant to the applicable clause of Section 4.5(d) of the Trust Sale and Servicing Agreement. After the Fully Funded Date for the Class A Term Notes and the fully funded date for
each outstanding series of Revolving Notes, on each day during the Payment Period until the Fully Funded Date for the Class B Term Notes occurs, the Servicer will instruct the Indenture Trustee to withdraw from the Collection Account and deposit in
the [•] Term Notes Distribution Principal Subaccount for the Class B Term Notes, all Available Trust Principal allocated to the Class B Term Notes on such day pursuant to the applicable clause of Section 4.5(d) of the Trust Sale and
Servicing Agreement. After the Fully Funded Date for the Class B Term Notes, on each day during the Payment Period until the Fully Funded Date for the Class C Term Notes occurs, the Servicer will instruct the Indenture Trustee to withdraw from the
Collection Account and deposit in the [•] Term Notes Distribution Principal Subaccount for the Class C Term Notes, all Available Trust Principal allocated to the Class C Term Notes on such day pursuant to the applicable clause of

  

 -7- 

 Section 4.5(d) of the Trust Sale and Servicing Agreement. After the Fully Funded Date for the
Class C Term Notes, on each day during the Payment Period until the Fully Funded Date for the Class D Term Notes occurs, the Servicer will instruct the Indenture Trustee to withdraw from the Collection Account and deposit in the [•] Term Notes
Distribution Principal Subaccount for the Class D Term Notes, all Available Trust Principal allocated to the Class D Term Notes 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 a Cash Accumulation Period until the Fully Funded Date for the [•] Class A Term Notes occurs, the Servicer
will instruct the Indenture Trustee to withdraw from the Collection Account and deposit in the [•] Class A Term Note Cash Accumulation Account the Principal Allocation Percentage of Available Trust Principal allocated to the [•]
Class A Term Notes 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 [•] Class A Term Note Cash Accumulation Account equals the
outstanding principal balance of the [•] Class A Term Notes. After the Fully Funded Date for the Class A Term Notes and the fully funded date for each outstanding series of Revolving Notes, on each day during a Cash Accumulation
Period until the Fully Funded Date for the Class B Term Notes occurs, the Servicer will instruct the Indenture Trustee to withdraw from the Collection Account and deposit in the Class B Term Note Cash Accumulation Account all Available Trust
Principal allocated to the Class B Term Notes 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 Class B Term Note Cash Accumulation Account equals
the outstanding principal balance of the Class B Term Notes. After the Fully Funded Date for the Class B Term Notes, on each day during a Cash Accumulation Period until the Fully Funded Date for the Class C Term Notes occurs, the Servicer will
instruct the Indenture Trustee to withdraw from the Collection Account and deposit in the Class C Term Note Cash Accumulation Account all Available Trust Principal allocated to the Class C Term Notes 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 Class C Term Note Cash Accumulation Account equals the outstanding principal balance of the Class C Term Notes. After the Fully Funded Date for
the Class C Term Notes, on each day during a Cash Accumulation Period until the Fully Funded Date for the Class D Term Notes occurs, the Servicer will instruct the Indenture Trustee to withdraw from the Collection Account and deposit in the Class D
Term Note Cash Accumulation Account all Available Trust Principal allocated to the Class D Term Notes 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 Class D Term Note Cash Accumulation Account equals the outstanding principal balance of the Class D Term Notes. The Trust will use amounts in the [•] Class A Term Note Cash Accumulation Account, Class B Term Note Cash Accumulation
Account, Class C Term Note Cash Accumulation Account and Class D Term Note Cash Accumulation Account only to make payments as provided in this Officer’s Issuance Certificate. 

  

 -8- 

	5.2.3	During Rapid Amortization Period. During a Rapid Amortization Period, the following will occur: 

  

	 	(a)	Immediately upon the commencement of a Rapid Amortization Period, the Indenture Trustee shall withdraw any amounts held in the [•] Class A Term Note Cash Accumulation
Account, Class B Term Note Cash Accumulation Account, Class C Term Note Cash Accumulation Account or Class D Term Note Cash Accumulation Account or the [•] Term Notes Distribution Principal Subaccount for a class of [•] Term Notes (other
than Investment Proceeds thereon) and deposit such amounts into the [•] Term Notes Distribution Account for distribution to such class of [•] Term Notes; and 

  

	 	(b)	On each day, the Servicer shall instruct the Indenture Trustee to withdraw from the Collection Account and deposit into the [•] Term Notes Distribution Account for the [•]
Class A Term Notes the Principal Allocation Percentage of Available Trust Principal allocated to the [•] Class A Term Notes pursuant to the applicable clause of Section 4.5(d) of the Trust Sale and Servicing Agreement.
After the Fully Funded Date for the Class A Term Notes and fully funded date for each outstanding series of Revolving Notes, on each day the Servicer shall instruct the Indenture Trustee to withdraw from the Collection Account and deposit into
the [•] Term Notes Distribution Account for the Class B Term Notes all Available Trust Principal allocated to the Class B Term Notes pursuant to the applicable clause of Section 4.5(d) of the Trust Sale and Servicing Agreement.
After the Fully Funded Date for the Class B Term Notes, on each day the Servicer shall instruct the Indenture Trustee to withdraw from the Collection Account and deposit into the [•] Term Notes Distribution Account for the Class C Term Notes
all Available Trust Principal allocated to the Class C Term Notes pursuant to the applicable clause of Section 4.5(d) of the Trust Sale and Servicing Agreement. After the Fully Funded Date for the Class C Term Notes, on each day the
Servicer shall instruct the Indenture Trustee to withdraw from the Collection Account and deposit into the [•] Term Notes Distribution Account for the Class D Term Notes all Available Trust Principal allocated to the Class D Term Notes pursuant
to the applicable clause of Section 4.5(d) of the Trust Sale and Servicing Agreement. 

 The amount of funds deposited into the
[•] Term Notes Distribution Account pursuant to the preceding clause (b) during a Collection Period or on the related Monthly Distribution Date occurring during a Rapid Amortization Period shall constitute the “Available
Principal Funds” with respect to such Monthly Distribution Date. 
  

	5.3	Distributions in Respect of Principal. 

  

	5.3.1	[•] Term Note Targeted Final Payment Date. On the [•] Term Note Targeted Final Payment Date, unless a Rapid Amortization Period for the [•] Term Notes has
earlier commenced, the Indenture Trustee shall withdraw from the [•] Term Notes Distribution Principal Subaccount (or, if a Cash Accumulation Period is then in 

  

 -9- 

 effect, from the [•] Class A Term Note Cash Accumulation Account, the Class B Term Note Cash
Accumulation Account, the Class C Term Note Cash Accumulation Account or the Class D Term Note Cash Accumulation Account, as applicable, for such class) and pay to the Holders of each class of the [•] Term Notes the lesser of: 
  

	 	(a)	the outstanding principal balance of such class of [•] Term Notes and 

  

	 	(b)	the amount of funds available in the [•] Term Notes Distribution Principal Subaccount for such class (or, if a Cash Accumulation Period is then in effect, the [•]
Class A Term Note Cash Accumulation Account, the Class B Term Note Cash Accumulation Account, the Class C Term Note Cash Accumulation Account or the Class D Term Note Cash Accumulation Account, as applicable, for such class) on such Monthly
Distribution Date. 

  

	5.3.2	Following the [•] Term Note Targeted Final Payment Date. If the amount paid to the Holders of a class of the [•] Term Notes on the [•] Term Note Targeted
Final Payment Date was less than the outstanding principal balance of such class of [•] Term Notes on the [•] Term Note Targeted Final Payment Date and if a Rapid Amortization Period is not then in effect, then on each Monthly Distribution
Date thereafter, the Servicer shall instruct the Indenture Trustee to withdraw from the [•] Term Notes Distribution Principal Subaccount for payment to the Holders of the [•] Term Notes the amount of the Available Trust Principal allocated
to the applicable class of [•] Term Notes and deposited in the [•] Term Notes Distribution Principal Subaccount for such class of [•] Term Notes pursuant to Section 5.2.1. 

  

	5.3.3	During Rapid Amortization Period. On each Monthly Distribution Date related to a Rapid Amortization Payment Date, the Indenture Trustee (based on the Servicer’s
Accounting for such Monthly Distribution Date) shall apply the lesser of the Available Principal Funds allocated to such class of [•] Term Notes for such Monthly Distribution Date and the outstanding principal balance of such class of [•]
Term Notes on the last day of the related Collection Period to the [•] Term Notes Distribution Account for such class of [•] Notes on such Monthly Distribution Date. 

  

	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 [•] Term Notes has commenced and is continuing, the Payment Period for the [•] Term Notes will
commence upon a date that is no earlier than [•] and no later than [•] (the “Latest Commencement Date”). On the Determination Date in [•] 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 [•] Term Note
Targeted Final Payment Date. 

  

 -10- 

 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 outstanding principal balance of all [•] Term Notes and the outstanding principal balance of all other
Notes and the Certificate Balance of all [•] Certificates with scheduled Payment Periods during the Payment Period for the [•] Term Notes; 
 “Recent Minimum Daily Trust Balance” is the minimum expected Daily Trust Balance during the period between such Determination Date and [•] as determined by the Servicer; and 
 “Minimum Monthly Payment Rate” is the lowest Monthly Payment Rate during the twelve Collection Periods preceding such Determination
Date. 
  

	6.1.2	The Payment Period for the [•] Term Notes will terminate upon the earliest of (1) the occurrence of a Cash Accumulation Event, (2) the occurrence of the Fully Funded
Date for all of the [•] Term Notes, and (3) the occurrence of a Rapid Amortization Event. 

  

	6.1.3	If the Payment Period for the [•] Term Notes 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 Depositor 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 [•] Term Notes 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 Depositor 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 [•] Term Notes 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 [•] Term Notes are paid in full and (ii) the Trust Termination Date. 

  

 -11- 

	6.2.2	“Rapid Amortization Event” for the [•] Term Notes means any of the following events: 

  

	 	(a)	the occurrence of the Early Amortization Event set forth in Sections 9.1(a) of the Trust Sale and Servicing Agreement, 

  

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

  

	 	(c)	on any Monthly Distribution Date, the balance in the [•] Class A Term Note Cash Accumulation Reserve Fund is less than $[•] (after giving effect to all withdrawals
and additions on such Monthly Distribution Date), 

  

	 	(d)	on any Monthly Distribution Date, the balance in the Class B Term Note Cash Accumulation Reserve Fund is less than $[•] (after giving effect to all withdrawals and additions on
such Monthly Distribution Date), 

  

	 	(e)	on any Monthly Distribution Date, the balance in the Class C Term Note Cash Accumulation Reserve Fund is less than $[•] (after giving effect to all withdrawals and additions on
such Monthly Distribution Date), 

  

	 	(f)	on any Monthly Distribution Date, the balance in the Class D Term Note Cash Accumulation Reserve Fund is less than $[•] (after giving effect to all withdrawals and additions on
such Monthly Distribution Date), and 

  

	 	(g)	any other event defined as a Rapid Amortization Event for any other series of Term Notes of the Trust. 

  

	6.3	Cash Accumulation Period. 

  

	6.3.1	A “Cash Accumulation Period” for the [•] Term Notes 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 [•] Term Notes are paid in full, 

  

	 	(b)	the occurrence of a Rapid Amortization Event for the [•] Term Notes, 

  

	 	(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 [•] Term Notes means any of the following events: 

  

	 	(a)	any of the Early Amortization Events that is not also a Rapid Amortization Event, and 

  

 -12- 

	 	(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 Depositor elects to recommence the Revolving Period as
described in Section 9.5(a) of the Trust Sale and Servicing Agreement. 

  

	7.	No Optional or Mandatory Purchase or Redemption. 

 The [•] Term Notes are not subject to optional or mandatory purchase or redemption by the Issuing Entity, and the terms “Redemption Price” and “Redemption Date” shall have no application to the
[•] Term Notes. 
  

	8.	[•] Term Note Cash Accumulation Reserve Funds. 

  

	8.1	The Depositor, for the benefit of the holders of the [•] Class A Term Notes, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account
(the “[•] Class A Term Note Cash Accumulation Reserve Fund”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Holders of the [•] Class A Term Notes. The
[•] Class A Term Note Cash Accumulation Reserve Fund shall be a Designated Account. 

  

	8.2	The Depositor, for the benefit of the Holders of the Class B Term Notes, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
“Class B Term Note Cash Accumulation Reserve Fund”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Holders of the Class B Term Notes. The Class B Term Note Cash
Accumulation Reserve Fund shall be a Designated Account. 

  

	8.3	The Depositor, for the benefit of the Holders of the Class C Term Notes, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
“Class C Term Note Cash Accumulation Reserve Fund”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Holders of the Class C Term Notes. The Class C Term Note Cash
Accumulation Reserve Fund shall be a Designated Account. 

  

	8.4	The Depositor, for the benefit of the Holders of the Class D Term Notes, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
“Class D Term Note Cash Accumulation Reserve Fund”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Holders of the Class D Term Notes. The Class D Term Note Cash
Accumulation Reserve Fund shall be a Designated Account. 

  

	8.5	On the [•] Term Notes Closing Date, the Depositor shall deposit the [•] Class A Term Note Cash Accumulation Reserve Fund Initial Deposit into the [•]
Class A Term Note Cash Accumulation Reserve Fund, the Class B Term Note Cash 

  

 -13- 

 Accumulation Reserve Fund Initial Deposit into the Class B Term Note Cash Accumulation Reserve Fund, the
Class C Term Note Cash Accumulation Reserve Fund Initial Deposit into the Class C Term Note Cash Accumulation Reserve Fund and the Class D Term Note Cash Accumulation Reserve Fund Initial Deposit into the Class D Term Note Cash Accumulation Reserve
Fund. The Depositor, in its sole discretion, may at any time make additional deposits into the [•] Class A Term Note Cash Accumulation Reserve Fund, the Class B Term Note Cash Accumulation Reserve Fund, the Class C Term Note Cash
Accumulation Reserve Fund or the Class D Term Note Cash Accumulation Reserve Fund. Upon the occurrence of a Rapid Amortization Event or the [•] Term Note Targeted Final Payment Date, amounts remaining in each of the [•] Class A Term
Note Cash Accumulation Reserve Fund, the Class B Term Note Cash Accumulation Reserve Fund, the Class C Term Note Cash Accumulation Reserve Fund and the Class D Term Note Cash Accumulation Fund shall be transferred to the Reserve Fund. 
  

	8.6	Investment Proceeds of the [•] Class A Term Note Cash Accumulation Reserve Fund, the Class B Term Note Cash Accumulation Reserve Fund, the Class C Term Note Cash
Accumulation Reserve Fund and the Class D Term Note Cash Accumulation Reserve Fund shall not constitute Shared Investment Proceeds. 

  

	8.7	On each Monthly Distribution Date, if (a) the funds in the [•] Class A Term Note Cash Accumulation Reserve Fund after giving effect to all other distributions or
allocations on that Monthly Distribution Date exceed the [•] Class A Term Note Cash Accumulation Reserve Fund Required Amount, (b) the funds in the Class B Term Note Cash Accumulation Reserve Fund after giving effect to all other
distributions or allocations on that Monthly Distribution Date exceed the Class B Term Note Cash Accumulation Reserve Fund Required Amount, (c) the funds in the Class C Term Note Cash Accumulation Reserve Fund after giving effect to all other
distributions or allocations on that Monthly Distribution Date exceed the Class C Term Note Cash Accumulation Reserve Fund Required Amount, or (d) the funds in the Class D Term Note Cash Accumulation Reserve Fund after giving effect to all
other distributions or allocations on that Monthly Distribution Date exceed the Class D Term Note Cash Accumulation Reserve Fund Required Amount, then such excess, in each case, shall be distributed first to the Servicer to reimburse any Servicer
Advances and second to the Depositor. 

  

	9.	[•] Term Note Cash Accumulation Accounts. 

  

	9.1	The Servicer, for the benefit of the Holders of the [•] Class A Term Notes, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account
(the “[•] Class A Term Note Cash Accumulation Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Holders of the [•] Class A Term Notes. The
[•] Class A Term Note Cash Accumulation Account shall be a Designated Account. 

  

	9.2	The Servicer, for the benefit of the Holders of the Class B Term Notes, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the

  

 -14- 

 “Class B Term Note Cash Accumulation Account”), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Holders of the Class B Term Notes. The Class B Term Note Cash Accumulation Account shall be a Designated Account. 
  

	9.3	The Servicer, for the benefit of the Holders of the Class C Term Notes, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
“Class C Term Note Cash Accumulation Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Holders of the Class C Term Notes. The Class C Term Note Cash Accumulation
Account shall be a Designated Account. 

  

	9.4	The Servicer, for the benefit of the Holders of the Class D Term Notes, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
“Class D Term Note Cash Accumulation Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Holders of the Class D Term Notes. The Class D Term Note Cash Accumulation
Account shall be a Designated Account. 

  

	9.5	[•] Class A Term Note Cash Accumulation Account Earnings, Class B Term Note Cash Accumulation Account Earnings, Class C Term Note Cash Accumulation Account Earnings and
Class D Term Note Cash Accumulation Account Earnings shall not constitute Shared Investment Proceeds. 

  

	10.	[•] Term Notes Distribution Account. 

  

	10.1	The Servicer, for the benefit of the holders of the [•] Term Notes, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
“[•] Term Notes Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the holders of the [•] Term Notes. The [•] Term Notes Distribution Account
shall be a Designated Account. 

  

	10.2	Upon the commencement of the Payment Period for the [•] Term Notes, the Servicer shall instruct the Indenture Trustee to establish a subaccount of the [•] Term Notes
Distribution Account, which subaccount shall be known as the “[•] Term Notes Distribution Principal Subaccount”. 

  

	10.3	Investment Proceeds from the [•] Term Notes Distribution Account and the [•] Term Notes Distribution Principal Subaccount shall not constitute Shared Investment Proceeds.

  

	11.	Pledge of the [•] Term Notes 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 [•] Term Notes, to assure the availability for the benefit of the [•] Term
Noteholders, of the amounts maintained in the [•] Class A Term Note Cash Accumulation Reserve Fund, the Class B Term Note Cash Accumulation Reserve Fund, the Class C Term Note Cash 
  

 -15- 

 Accumulation Reserve Fund, the Class D Term Note Cash Accumulation Reserve Fund, the [•]
Class A Term Note Cash Accumulation Account, the Class B Term Note Cash Accumulation Account, the Class C Term Note Cash Accumulation Account, the Class D Term Note Cash Accumulation Account and the [•] Term Notes Distribution Account, and
as security for the performance by the Depositor of its obligations hereunder, the Depositor on behalf of itself and its successors and assigns (with respect to the property described in clauses (a) and (b) below), and the Trust (with
respect to the property described in clauses (c) and (d) below), each hereby pledges to the Indenture Trustee and its successors and assigns, all its right, title and interest in and to: 
  

	 	(a)	the [•] Class A Term Note Cash Accumulation Reserve Fund, the Class B Term Note Cash Accumulation Reserve Fund, the Class C Term Note Cash Accumulation Reserve Fund and
the Class D Term Note Cash Accumulation Reserve Fund, the Cash Accumulation Reserve Funds (or other Specified Support Arrangements) for any other Series of Class A Term Notes and all proceeds of the foregoing, including, without limitation, all
other amounts and investments held from time to time in such accounts (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), 

  

	 	(b)	the [•] Class A Term Note Cash Accumulation Reserve Fund Initial Deposit, the Class B Term Note Cash Accumulation Reserve Fund Initial Deposit, the Class C Term Note Cash
Accumulation Reserve Fund Initial Deposit, the Class D Term Note Cash Accumulation Reserve Fund Initial Deposit and all proceeds thereof, 

  

	 	(c)	the [•] Class A Term Note Cash Accumulation Account, the Class B Term Note Cash Accumulation Account, the Class C Term Note Cash Accumulation Account, the Class D Term
Note Cash Accumulation Account and all proceeds of the foregoing, including, without limitation, all other amounts and investments held from time to time in such accounts (whether in the form of deposit accounts, Physical Property, book-entry
securities, uncertificated securities or otherwise), and 

  

	 	(d)	the [•] Term Notes Distribution Account and all proceeds of the foregoing, including, without limitation, all other amounts and investments held from time to time in the
[•] Term Notes Distribution Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), 

 (collectively, the “[•] Term Notes 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 Officer’s Issuance Certificate and in Section 4.6 of the Trust Sale
and Servicing Agreement. The Indenture Trustee shall hold and distribute the [•] Term Notes Account Property in accordance with the terms and provisions of 
  

 -16- 

 the Trust Sale and Servicing Agreement. By its authentication of the [•] Term Notes, the Indenture
Trustee acknowledges and accepts such trusts as are specified herein with respect to the [•] Term Notes Account Property. 
 * * * *

 The undersigned has read or has caused to be read the Indenture, including the provisions of Section 2.1 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 Indenture and the other Basic Documents relating to the establishment of the form and terms of a series of Notes under the Indenture have been
complied with. In the opinion of the undersigned, all such conditions precedent have been complied with in respect of the [•] Term Notes. 
 * * * * 
  

 -17- 

 IN WITNESS WHEREOF, the undersigned has hereunto executed this Officer’s Issuance Certificate as of
[•]. 
  

			
	WHOLESALE AUTO RECEIVABLES CORPORATION
		
	By:	 	  

	Name:	 	[•]
	Title:	 	[•]

  

 -18- 

 APPENDIX 1 
 to 
 OFFICER’S ISSUANCE CERTIFICATE 
 FOR THE [•] TERM NOTES 
 Definitions. 
  

	1.	Reference to General Rule. 

 Capitalized terms used
herein and not defined shall have the meanings assigned to such terms in the Indenture and in Appendix A to the Trust Sale and Servicing Agreement dated as of [•] among General Motors Acceptance Corporation, as Servicer, Wholesale Auto
Receivables Corporation, as Depositor, and Superior Wholesale Inventory Financing Trust [•], as Issuing Entity. All references herein to “the Officer’s Issuance Certificate” are to the Officer’s Issuance Certificate with
respect to the [•] Term Notes, dated [•]. 
  

	2.	Definitions Specific to the [•] Term Notes. 

 The following terms are defined with respect to the [•] Term Notes 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:

 [•] Class A Term Note Cash Accumulation Reserve Fund Initial Deposit: $[•]. 
 [•] Class A Term Notes Interest Rate: The interest rate specified in Section 4.1.2 of the Officer’s Issuance
Certificate. 
 [•] Class A Term Notes Monthly Available Amount: The funds collectively described as such in
Section 4.2(a) of the Officer’s Issuance Certificate. 
 [•] Class A Term Notes Noteholders’ Interest:
For any Monthly Distribution Date, the sum of: 
 (a) the product of (1) the outstanding principal balance (without reduction for
unreimbursed Trust Charge-Offs and Reallocated Principal Amounts) of the [•] Class A Term Notes on the last day of the related Collection Period (or, if there is no prior Monthly Distribution Date, the outstanding principal balance on the
[•] Term Notes Closing Date), (2) the [•] Class A Term Note Interest Rate for such Monthly Distribution Date, and (3) the Actual/360 Day Count, (or, in the case of the Initial Monthly Distribution Date, two LIBOR Business
Days prior to the Initial Closing Date for the period from the Initial Closing Date to but excluding [•] plus the Interpolated LIBOR Increment); and 
 (b) the excess of the [•] Class A Term Notes Noteholders’ Interest with respect to the [•] Class A Term Notes for the preceding Monthly Distribution Date over the amount that was actually
deposited in the [•] Term Notes Distribution Account on the preceding Monthly Distribution Date for the payment of interest on the [•] Class A Term Notes. 
 [•] Term Notes Closing Date: [•]. 

 [•] Term Notes Distribution Account: The account established as provided in
Section 10.1 of the Officer’s Issuance Certificate. 
 [•] Term Notes Distribution Principal Subaccount: The
subaccount of the [•] Term Notes Distribution Account established in Section 10.2 of the Officer’s Issuance Certificate. 
 [•] Term Notes Distribution Principal Subaccount Earnings: For a Monthly Distribution Date, any Investment Proceeds in respect of funds in the [•] Term Notes Distribution Principal Subaccount during the related Collection
Period. 
 Available Principal Funds: Has the meaning set forth in Section 5.2.3 of the Officer’s Issuance
Certificate. 
 Class B Term Note Cash Accumulation Reserve Fund Initial Deposit: $[•]. 
 Class B Term Notes Interest Rate: The interest rate specified in Section 4.1.3 of the Officer’s Issuance Certificate. 

Class B Term Notes Noteholders’ Interest: For any Monthly Distribution Date, the sum of: 
 (a) the product of (1) the outstanding principal balance (without reduction for unreimbursed Trust Charge-Offs and Reallocated Principal Amounts) of
the Class B Term Notes on the last day of the related Collection Period (or, if there is no prior Monthly Distribution Date, the outstanding principal balance on the [•] Term Notes Closing Date), (2) the Class B Term Note Interest Rate for
such Monthly Distribution Date, and (3) the Actual/360 Day Count; and 
 (b) the excess of the Class B Term Notes Noteholders’
Interest with respect to the Class B Term Notes for the preceding Monthly Distribution Date over the amount that was actually deposited in the [•] Term Notes Distribution Account on the preceding Monthly Distribution Date for the payment of
interest on the Class B Term Notes. 
 Class C Term Note Cash Accumulation Reserve Fund Initial Deposit: $[•]. 
 Class C Term Notes Interest Rate: The interest rate specified in Section 4.1.4 of the Officer’s Issuance Certificate. 

Class C Term Notes Noteholders’ Interest: For any Monthly Distribution Date, the sum of: 
 (a) the product of (1) the outstanding principal balance (without reduction for unreimbursed Trust Charge-Offs and Reallocated Principal Amounts) of
the Class C Term Notes on the last day of the related Collection Period (or, if there is no prior Monthly Distribution Date, the outstanding principal balance on the [•] Term Notes Closing Date), (2) the Class C Term Note Interest Rate for
such Monthly Distribution Date, and (3) the Actual/360 Day Count; and 
 (b) the excess of the Class C Term Notes Noteholders’
Interest with respect to the Class C Term Notes for the preceding Monthly Distribution Date over the amount that was actually deposited in the [•] Term Notes Distribution Account on the preceding Monthly Distribution Date for the payment of
interest on the Class C Term Notes. 
  

 -2- 

 Class D Term Note Cash Accumulation Reserve Fund Initial Deposit: $[•]. 
 Class D Term Notes Interest Rate: The interest rate specified in Section 4.1.5 of the Officer’s Issuance Certificate. 

Class D Term Notes Noteholders’ Interest: For any Monthly Distribution Date, the sum of: 
 (a) the product of (1) the outstanding principal balance (without reduction for unreimbursed Trust Charge-Offs and Reallocated Principal Amounts) of
the Class D Term Notes on the last day of the related Collection Period (or, if there is no prior Monthly Distribution Date, the outstanding principal balance on the [•] Term Notes Closing Date), (2) the Class D Term Note Interest Rate for
such Monthly Distribution Date, and (3) the Actual/360 Day Count; and 
 (b) the excess of the Class D Term Notes Noteholders’
Interest with respect to the Class D Term Notes for the preceding Monthly Distribution Date over the amount that was actually deposited in the [•] Term Notes Distribution Account on the preceding Monthly Distribution Date for the payment of
interest on the Class D Term Notes. 
  

	3.	Specification for [•] Term Notes of Terms Defined in Appendix A to the Trust Sale and Servicing Agreement. 

 The following terms, when used in the Indenture, the Trust Sale and Servicing Agreement and/or other Basic Documents, with respect to the [•] Term
Notes, shall have the meanings set forth below (and, if used in the Officer’s Issuance Certificate, shall be used with respect to the [•] Term Notes only, except where expressly indicated otherwise): 
 [•] Term Note Stated Final Payment Date: The Monthly Distribution Date in [•]. 
 [•] Term Note Targeted Final Payment Date: The Monthly Distribution Date in [•]. 
 Actual/360 Day Count: For the computation of accrued interest, means a fraction, the numerator of which is the actual number of days elapsed
during the period from and including the preceding Monthly Distribution Date (or, if there is no prior Monthly Distribution Date, from and including the [•] Term Notes Closing Date), to but excluding the current Monthly Distribution Date, and
the denominator of which is 360 
 Cash Accumulation Event: Any of the events set forth as such in Section 6.3.2 of the
Officer’s Issuance Certificate. 
 Cash Accumulation Period: A period described as such in Section 6.3.1 of the
Officer’s Issuance Certificate. 
 Daily Remittance Period: Has the meaning set forth in Section 5.1.3 of the
Officer’s Issuance Certificate. 
  

 -3- 

 Distribution Accounts: For the purpose of the Basic Documents, the [•] Term Notes
Distribution Account. 
 Fully Funded Date: The day on which: 
  

	 	(a)	for the [•] Class A Term Notes, 

  

	 	(1)	the sum of the amount on deposit in the [•] Class A Term Note Cash Accumulation Account and in the [•] Term Notes Distribution Principal Subaccount for the [•]
Class A Term Notes for the payment of principal equals the outstanding principal balance of the [•] Class A Term Notes, or 

  

	 	(2)	the [•] Class A Term Notes have been paid in full. 

  

	 	(b)	for the Class B Term Notes, 

  

	 	(1)	the sum of the amount on deposit in the Class B Term Note Cash Accumulation Account and in the [•] Term Notes Distribution Principal Subaccount for the Class B Term Notes for
the payment of principal equals the outstanding principal balance of the Class B Term Notes, or 

  

	 	(2)	the Class B Term Notes have been paid in full. 

  

	 	(c)	for the Class C Term Notes, 

  

	 	(1)	the sum of the amount on deposit in the Class C Term Note Cash Accumulation Account and in the [•] Term Notes Distribution Principal Subaccount for the Class C Term Notes for
the payment of principal equals the outstanding principal balance of the Class C Term Notes, or 

  

	 	(2)	the Class C Term Notes have been paid in full. 

  

	 	(d)	for the Class D Term Notes, 

  

	 	(1)	the sum of the amount on deposit in the Class D Term Note Cash Accumulation Account and in the [•] Term Notes Distribution Principal Subaccount for the Class D Term Notes for
the payment of principal equals the outstanding principal balance of the Class D Term Notes, or 

  

	 	(2)	the Class D Term Notes have been paid in full. 

 Noteholders’ Interest: For any Monthly Distribution Date: 
  

	 	(a)	With respect to the [•] Class A Term Notes, the [•] Class A Term Notes Noteholders’ Interest. 

  

 -4- 

	 	(b)	With respect to the Class B Term Notes, the Class B Term Notes Noteholders’ Interest. 

  

	 	(c)	With respect to the Class C Term Notes, the Class C Term Notes Noteholders’ Interest. 

  

	 	(d)	With respect to the Class D Term Notes, the Class D Term Notes Noteholders’ Interest. 

 Payment Period: The period described as such in Section 6.1 of the Officer’s Issuance Certificate. 
 Rapid Amortization Event: Any of the events set forth as such in Section 6.2.2 of the Officer’s Issuance Certificate. 

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 [•] Term Notes are paid in full or the Trust Termination Date. 
 Rapid Amortization Period: The period described as such in Section 6.2.1 of the Officer’s Issuance Certificate. 
 Remaining Interest Amount: The amount described as such in Section 4.2 of the Officer’s Issuance Certificate. 
 Required Payment Period Length: With respect to the Payment Period, the period of time described in Section 6.1.1 of the
Officer’s Issuance Certificate. 
 Series Shortfall: The amounts designated as such in Section 4.2 of the
Officer’s Issuance Certificate. 
 Term Note Distribution Account: The [•] Term Notes Distribution Account. 
  

 -5- 

 EXHIBIT A-1 
 [FORM OF [•] CLASS A TERM NOTE] 
  

			
	 REGISTERED
	  	[$            ]

 No. R- 
 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO.
[            ] 
 Unless this [•] Class A Term Note is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of
Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS [•] CLASS A TERM NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

SUPERIOR WHOLESALE INVENTORY FINANCING TRUST [•] 
 CLASS A FLOATING RATE ASSET BACKED TERM NOTE, SERIES [•] 
 SUPERIOR WHOLESALE INVENTORY FINANCING TRUST
[•], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns (the
“Noteholder”), the principal sum of
[                                
        ($                    )] at the times specified and in the amounts specified in the
Indenture (as defined on the reverse side of this [•] Class A Term Note); provided that the entire outstanding principal amount of this [•] Class A Term Note shall be due and payable on the Monthly Distribution Date (as defined
on the reverse side of this [•] Class A Term Note) in [•] (the “Stated Final Payment Date”). The Issuing Entity shall pay interest on this [•] Class A Term Note on the dates, in the amounts and in the manner
set forth in the Indenture. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of
America which, at the time of payment, is legal tender for payment of public and private debts. 
  

 A-1-1 

 Reference is made to the further provisions of this [•] Class A Term Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this [•] Class A Term Note. 
 Unless the
certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this [•] Class A Term Note shall not be entitled to any benefit under the Indenture referred to on the reverse
hereof or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer. 
 Date: [•] 
  

					
	 SUPERIOR WHOLESALE INVENTORY
 FINANCING TRUST [•]

		
	 By:
	 	[•], not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
 Date: [•] 
  

			
	 [•], not in its individual capacity but solely
 as Indenture Trustee

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 A-1-2 

 REVERSE OF NOTE 
 This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class A Floating Rate Asset Backed Term Notes, Series
[•] (herein called the “[•] Class A Term Note”), all issued under an Indenture, dated as of [•] (such Indenture, as supplemented or amended, including all Officer’s Issuance Certificates (as defined
therein), is herein called the “Indenture”), between the Issuing Entity and [•], a [•] banking corporation, as trustee (the “Indenture Trustee”, which term includes any successor trustee under the
Indenture), to which Indenture reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The [•] Class A Term Notes are one of the classes
of a duly authorized series of Notes of the Issuing Entity issued and to be issued from time to time pursuant to the Indenture (collectively, as to all Notes of all such classes and series, the “Notes”). The Notes are governed by
and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the Holder of this Note (and each related Note Owner) by virtue of acceptance hereof (or of any interest herein) assents and
by which such Person is bound. All capitalized terms used and not otherwise defined in this [•] Class A Term Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
 Equally and Ratably Secured. The Class A Term Notes, including the [•] Class A Term Notes, and the Revolving Notes issued pursuant
to the Indenture, except as otherwise provided under the Basic Documents, are and shall be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 
 No Recourse against Persons in Individual Capacity. Each Noteholder or Note Owner, by acceptance of a [•] Class A Term Note or, in the
case of a Note Owner, a beneficial interest in a [•] Class A Term Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a beneficial
interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual capacities, any holder of a beneficial interest in the Issuing
Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 No Petition Covenant. Each Noteholder or Note Owner, by acceptance of a [•] Class A Term Note or, in the case of a Note Owner, a
beneficial interest in a [•] Class A Term Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder 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 Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor or the Issuing Entity under any
federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity. 
  

 A-1-3 

 Tax Characterization. Each Noteholder, by acceptance of a [•] Class A Term Note or, in
the case of a Note Owner, a beneficial interest in a [•] Class A Term Note, unless otherwise required by appropriate taxing authorities, agrees to treat the [•] Class A Term Notes as indebtedness secured by the Collateral for the
purpose of federal income taxes, state and local income and franchise taxes, Michigan single business tax, and any other taxes imposed upon, measured by or based upon gross or net income. 
 ERISA. By acquiring a [•] Class A Term Note (or an interest herein), each Noteholder and Note Owner will be deemed to represent and
warrant that either (a) it is not acquiring a [•] Class A Term Note with the plan assets of an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), which is subject to the provisions of Title I of ERISA, a “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), or an entity whose underlying assets
include plan assets by reason of an employee benefit plan’s or a plan’s investment in such entity; or (b) the acquisition, disposition and holding of a [•] Class A Term Note will not give rise to a non-exempt prohibited
transaction under Section 406(a) of ERISA or Section 4975 of the Code. 
 Amendments to Indenture. The Indenture permits,
with certain exceptions as herein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of
the Holders of Notes representing a majority of the Outstanding Amount of all the Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of
the Holders of all the Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this [•]
Class A Term Note (or anyone of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this [•] Class A Term Note and of any [•] Class A Term Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this [•] Class A Term Note. The Indenture also permits the Indenture Trustee to amend certain terms and conditions
set forth in the Indenture without the consent of the Noteholders. 
 Miscellaneous. The term “Issuing Entity” as
used in this [•] Class A Term Note includes any successor to the Issuing Entity under the Indenture. 
 The term “Monthly
Distribution Date” means the fifteenth day of each month, or if such day is not a Business Day, then the next Business Day, commencing on [•]. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  

 A-1-4 

 The [•] Class A Term Notes are issuable only in registered form in denominations as provided in
the Indenture, subject to certain limitations therein set forth. 
 This [•] Class A Term Note and the Indenture shall be construed
in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither the Depositor, the Servicer, the
Indenture Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or
assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this
Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the assets of the Issuing Entity. Each Noteholder, by the acceptance of a
[•] Class A Term Note or, in the case of a Note Owner, a beneficial interest in the [•] Class A Term Note, agrees, that except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Noteholder or Note Owner shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of
the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this [•] Class A Term Note. 
  

 A-1-5 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto__________________________________________________________________________________________________________________________________________________ 
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (name and address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , as attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the
premises. 
  

					
	 Dated:
	 	  
	 	
		 	Signature Guaranteed:	 	        1

  
  

			
	  
	  	  

  

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

  

 A-1-6 

 EXHIBIT A-2 
 [FORM OF CLASS B TERM NOTE] 
  

			
	 REGISTERED
	  	[$                    ]

 No. R- 
 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO.
[                    ] 
 Unless this Class B Term Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of
transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity
as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 THE PRINCIPAL OF THIS CLASS B TERM NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 SUPERIOR WHOLESALE INVENTORY FINANCING TRUST [•] 
 CLASS B FLOATING RATE ASSET BACKED TERM NOTE, SERIES [•] 
 SUPERIOR WHOLESALE INVENTORY FINANCING TRUST [•], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value
received, hereby promises to pay to Cede & Co., or registered assigns (the “Noteholder”), the principal sum of
[                                
        ($                    )] at the times specified and in the amounts specified in the
Indenture (as defined on the reverse side of this Class B Term Note); provided that the entire outstanding principal amount of this Class B Term Note shall be due and payable on the Monthly Distribution Date (as defined on the reverse side of this
Class B Term Note) in [•] (the “Stated Final Payment Date”). The Issuing Entity shall pay interest on this Class B Term Note on the dates, in the amounts and in the manner set forth in the Indenture. 
 The principal of and interest on this Class B Term Note are payable in such coin or currency of the United States of America which, at the time of
payment, is legal tender for payment of public and private debts. 
  

 A-2-1 

 Reference is made to the further provisions of this Class B Term Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has
been executed by the Indenture Trustee whose name appears below by manual signature, this Class B Term Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

 Date: [•] 
  

					
	 SUPERIOR WHOLESALE INVENTORY
 FINANCING TRUST [•]

		
	 By:
	 	 [•], not in its individual capacity but solely
 as Owner Trustee under the Trust Agreement

			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
 Date: [•] 
  

			
	 [•], not in its individual capacity but solely
 as Indenture Trustee

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 A-2-2 

 REVERSE OF NOTE 
 This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class B Floating Rate Asset Backed Term Notes, Series
[•] (herein called the “Class B Term Note”), all issued under an Indenture, dated as of [•] (such Indenture, as supplemented or amended, including all Officer’s Issuance Certificates (as defined therein), is herein
called the “Indenture”), between the Issuing Entity and [•], a New York banking corporation, as trustee (the “Indenture Trustee”, which term includes any successor trustee under the Indenture), to which
Indenture reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class B Term Notes are one of the classes of a duly authorized series of
Notes of the Issuing Entity issued and to be issued from time to time pursuant to the Indenture (collectively, as to all Notes of all such classes and series, the “Notes”). The Notes are governed by and subject to all terms of the
Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the Holder of this Note (and each related Note Owner) by virtue of acceptance hereof (or of any interest herein) assents and by which such Person is bound.
All capitalized terms used and not otherwise defined in this Class B Term Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
 The Class B Term Notes are subordinate to the Class A Term Notes and the Revolving Notes issued pursuant to the Indenture to the extent provided in
the Basic Documents. The Class B Term Notes shall be secured by the Collateral pledged as security therefor as provided in the Indenture. 
 No Recourse against Persons in Individual Capacity. Each Noteholder or Note Owner, by acceptance of a Class B Term Note or, in the case of a Note Owner, a beneficial interest in a Class B Term Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee in their individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or
the Owner Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 No Petition
Covenant. Each Noteholder or Note Owner, by acceptance of a Class B Term Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder 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 Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose
of commencing or sustaining a case against the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Depositor or the Issuing Entity or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity. 
  

 A-2-3 

 Tax Characterization. Each Noteholder, by acceptance of a Class B Term Note or, in the case of a
Note Owner, a beneficial interest in a Class B Term Note, unless otherwise required by appropriate taxing authorities, agrees to treat the Class B Term Notes as indebtedness secured by the Collateral for the purpose of federal income taxes, state
and local income and franchise taxes, Michigan single business tax, and any other taxes imposed upon, measured by or based upon gross or net income. 
 ERISA. By acquiring a Class B Term Note (or an interest herein), each Noteholder and Note Owner will be deemed to represent and warrant that either (a) it is not acquiring a Class B Term Note with the plan
assets of an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the provisions of Title I of ERISA, a “plan”
described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), or an entity whose underlying assets include plan assets by reason of an employee benefit plan’s or a plan’s investment in such
entity; or (b) the acquisition, disposition and holding of a Class B Term Note will not give rise to a non-exempt prohibited transaction under Section 406(a) of ERISA or Section 4975 of the Code. 
 Amendments to Indenture. The Indenture permits, with certain exceptions as herein provided, the amendment thereof and the modification of the
rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of all the Notes. The
Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class B Term Note (or anyone of more Predecessor Notes) shall be conclusive and binding upon such
Holder and upon all future Holders of this Class B Term Note and of any Class B Term Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this
Class B Term Note. The Indenture also permits the Indenture Trustee to amend certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 
 Miscellaneous. The term “Issuing Entity” as used in this Class B Term Note includes any successor to the Issuing Entity under the
Indenture. 
 The term “Monthly Distribution Date” means the fifteenth day of each month, or if such day is not a Business
Day, then the next Business Day, commencing on [•]. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to
merge or consolidate subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  

 A-2-4 

 The Class B Term Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth. 
 This Class B Term Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither the Depositor, the Servicer, the Indenture
Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns,
shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the assets of the Issuing Entity. Each Noteholder, by the acceptance of a Class B Term
Note or, in the case of a Note Owner, a beneficial interest in the Class B Term Note, agrees, that except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder or Note Owner shall have
no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Class B Term Note. 
  

 A-2-5 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto__________________________________________________________________________________________________________________________________________________ 
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (name and address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , as attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the
premises 
  

					
	 Dated:
	 	  
	 	
		 	Signature Guaranteed:	 	        1

  
  

			
	  
	  	  

  

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

  

 A-2-6 

 EXHIBIT A-3 
 [FORM OF CLASS C TERM NOTE] 
  

			
	 REGISTERED
	  	[$            ]

 No. R- 
 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO.
[                    ] 
 Unless
this Class C Term Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note
issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS CLASS C TERM NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 SUPERIOR WHOLESALE INVENTORY FINANCING TRUST [•] 
 CLASS C FLOATING RATE ASSET BACKED TERM NOTE, SERIES [•] 
 SUPERIOR WHOLESALE INVENTORY FINANCING TRUST [•], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value
received, hereby promises to pay to Cede & Co., or registered assigns (the “Noteholder”), the principal sum of
[                                
        ($            )] at the times specified and in the amounts specified in the Indenture (as defined on the reverse side of this
Class C Term Note); provided that the entire outstanding principal amount of this Class C Term Note shall be due and payable on the Monthly Distribution Date (as defined on the reverse side of this Class C Term Note) in [•] (the “Stated
Final Payment Date”). The Issuing Entity shall pay interest on this Class C Term Note on the dates, in the amounts and in the manner set forth in the Indenture. 
 The principal of and interest on this Class C Term Note are payable in such coin or currency of the United States of America which, at the time of payment, is legal tender for payment of public and private debts.

  

 A-3-1 

 Reference is made to the further provisions of this Class C Term Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this Class C Term Note. 
 Unless the certificate of authentication
hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Class C Term Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any
purpose. 
 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized
Officer. 
 Date: [•] 
  

					
	 SUPERIOR WHOLESALE INVENTORY
 FINANCING TRUST [•]

		
	 By:
	 	 [•], not in its individual capacity but solely
 as Owner Trustee under the Trust
 Agreement

			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
 Date: [•] 
  

			
	 [•], not in its individual capacity but solely
 as Indenture Trustee

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 A-3-2 

 REVERSE OF NOTE 
 This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class C Floating Rate Asset Backed Term Notes, Series
[•] (herein called the “Class C Term Note”), all issued under an Indenture, dated as of [•] (such Indenture, as supplemented or amended, including all Officer’s Issuance Certificates (as defined therein), is herein
called the “Indenture”), between the Issuing Entity and [•], a [•] banking corporation, as trustee (the “Indenture Trustee”, which term includes any successor trustee under the Indenture), to which
Indenture reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class C Term Notes are one of the classes of a duly authorized series of
Notes of the Issuing Entity issued and to be issued from time to time pursuant to the Indenture (collectively, as to all Notes of all such classes and series, the “Notes”). The Notes are governed by and subject to all terms of the
Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the Holder of this Note (and each related Note Owner) by virtue of acceptance hereof (or of any interest herein) assents and by which such Person is bound.
All capitalized terms used and not otherwise defined in this Class C Term Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
 The Class C Term Notes are subordinate to the Class A Term Notes, the Revolving Notes and the Class B Term Notes issued pursuant to the Indenture to
the extent provided in the Basic Documents. The Class C Term Notes shall be secured by the Collateral pledged as security therefor as provided in the Indenture. 
 No Recourse against Persons in Individual Capacity. Each Noteholder or Note Owner, by acceptance of a Class C Term Note or, in the case of a Note Owner, a beneficial interest in a Class C Term Note, covenants
and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee or the Owner Trustee in their individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 No Petition
Covenant. Each Noteholder or Note Owner, by acceptance of a Class C Term Note or, in the case of a Note Owner, a beneficial interest in a Class C Term Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder
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 Depositor or the Issuing Entity to invoke the process of any court or government authority
for the purpose of commencing or sustaining a case against the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Depositor or the Issuing Entity or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity. 
  

 A-3-3 

 Tax Characterization. Each Noteholder, by acceptance of a Class C Term Note or, in the case of a
Note Owner, a beneficial interest in a Class C Term Note, unless otherwise required by appropriate taxing authorities, agrees to treat the Class C Term Notes as indebtedness secured by the Collateral for the purpose of federal income taxes, state
and local income and franchise taxes, Michigan single business tax, and any other taxes imposed upon, measured by or based upon gross or net income. 
 ERISA. By acquiring a Class C Term Note (or an interest herein), each Noteholder and Note Owner will be deemed to represent and warrant that either (a) it is not acquiring a Class C Term Note with the plan
assets of an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the provisions of Title I of ERISA, a “plan”
described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), or an entity whose underlying assets include plan assets by reason of an employee benefit plan’s or a plan’s investment in such
entity; or (b) the acquisition, disposition and holding of a Class C Term Note will not give rise to a non-exempt prohibited transaction under Section 406(a) of ERISA or Section 4975 of the Code. 
 Amendments to Indenture. The Indenture permits, with certain exceptions as herein provided, the amendment thereof and the modification of the
rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of all the Notes. The
Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class C Term Note (or anyone of more Predecessor Notes) shall be conclusive and binding upon such
Holder and upon all future Holders of this Class C Term Note and of any Class C Term Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this
Class C Term Note. The Indenture also permits the Indenture Trustee to amend certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 
 Miscellaneous. The term “Issuing Entity” as used in this Class C Term Note includes any successor to the Issuing Entity under the
Indenture. 
 The term “Monthly Distribution Date” means the fifteenth day of each month, or if such day is not a Business
Day, then the next Business Day, commencing on [•]. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to
merge or consolidate subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
  

 A-3-4 

 The Class C Term Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth. 
 This Class C Term Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither the Depositor, the Servicer, the Indenture
Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns,
shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Class C Term
Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the assets of the Issuing Entity. Each Noteholder, by the acceptance of a
Class C Term Note or, in the case of a Note Owner, a beneficial interest in the Class C Term Note, agrees, that except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder or Note Owner
shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Class C Term Note. 
  

 A-3-5 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto__________________________________________________________________________________________________________________________________________________ 
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (name and address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , as attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the
premises 
  

					
	 Dated:
	 	  
	 	
		 	Signature Guaranteed:	 	        1

  
  

			
	  
	  	  

  

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

  

 A-3-6 

 EXHIBIT A-4 
 [FORM OF CLASS D TERM NOTE] 
  

			
	 REGISTERED
	  	[$            ]

 No. R- 
 SEE REVERSE FOR CERTAIN DEFINITIONS 
 THIS CLASS D TERM NOTE 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 CLASS D TERM NOTE (OR INTEREST THEREIN) THE HOLDER (OR OWNER) OF THIS CLASS D TERM NOTE (OR SUCH INTEREST) IS DEEMED TO REPRESENT TO WHOLESALE AUTO RECEIVABLES CORPORATION OR ITS ASSIGNEE OR SUCCESSOR (THE
“DEPOSITOR”) AND THE INDENTURE TRUSTEE THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THIS CLASS D TERM NOTE (OR INTEREST THEREIN) 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). 
 NO SALE, PLEDGE OR OTHER TRANSFER OF THIS CLASS D TERM NOTE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE DEPOSITOR, (ii) SO LONG AS THIS CLASS D TERM NOTE 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 INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE
PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND 
  

 A-4-1 

 SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE
SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, THE SERVICER OR THE INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE
SECURITIES ACT. NO SALE, PLEDGE OR OTHER TRANSFER MAY BE MADE TO ANY ONE PERSON FOR NOTES WITH A FACE AMOUNT OF LESS THAN $750,000 (OR SUCH OTHER AMOUNT AS THE DEPOSITOR 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 $500,000) 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 NOTES WITH A FACE AMOUNT OF LESS THAN SUCH AMOUNT FOR EACH SUCH THIRD PARTY. ANY ATTEMPTED TRANSFER IN CONTRAVENTION
OF THE IMMEDIATELY PRECEDING RESTRICTION WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE CLASS D TERM NOTES FOR ALL PURPOSES. THE TRUST WILL WITHHOLD U.S. INCOME TAX AT A RATE OF 35% ON INTEREST
INCOME ALLOCABLE TO A NOTEHOLDER WHO IS NOT A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE AS IF SUCH INTEREST INCOME IS INCOME EFFECTIVELY CONNECTED WITH A TRADE OR BUSINESS IN THE UNITED
STATES. 
 THIS CLASS D TERM NOTE (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”)), WHETHER OR NOT IT 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 OTHER THAN AN INSURANCE COMPANY GENERAL
ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE LESS THAN 25% “PLAN ASSETS” AND FOR WHICH THE PURCHASE AND HOLDING OF THE CLASS D TERM NOTE IS EXEMPT UNDER PROHIBITED TRANSACTION CLASS EXEMPTION 95-60. BY ACCEPTING AND HOLDING THIS CLASS D TERM
NOTE (OR AN INTEREST HEREIN), THE HOLDER HEREOF AND ANY RELATED NOTE OWNER SHALL EACH BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT AND IS NOT ACQUIRING THIS NOTE FOR THE ACCOUNT OF A BENEFIT PLAN AND, 
  

 A-4-2 

 IF REQUESTED TO DO SO BY THE DEPOSITOR, SUCH PERSON SHALL EXECUTE AND DELIVER TO THE INDENTURE TRUSTEE AN
UNDERTAKING LETTER TO SUCH EFFECT IN THE FORM SPECIFIED IN THE TRUST AGREEMENT. 
 IF THERE IS MORE THAN ONE OWNER OF THE
CLASS D TERM NOTES, EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTING THIS CLASS D TERM NOTE (OR INTEREST THEREIN), UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE CLASS D NOTE AS INDEBTEDNESS SECURED BY THE COLLATERAL 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. 
 THE PRINCIPAL OF THIS CLASS D TERM NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 EACH NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF THIS CLASS D TERM NOTE (OR INTEREST THEREIN),
COVENANTS AND AGREES THAT SUCH NOTEHOLDER OR NOTE OWNER, AS THE CASE MAY BE, SHALL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR TO INVOKE
THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR,
ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING-UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR. 
 SUPERIOR WHOLESALE INVENTORY FINANCING TRUST [•] 
 CLASS D FLOATING RATE ASSET BACKED TERM NOTE, SERIES [•] 
 SUPERIOR WHOLESALE INVENTORY FINANCING TRUST [•], a statutory
trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to
[                    ], or registered assigns (the “Noteholder”), the principal sum of
[                        
        ($            )] at the times specified and in the amounts specified in the Indenture (as defined on the reverse side of this
Class D Term Note); provided that the entire outstanding principal amount of this Class D Term Note shall be due and payable on the Monthly Distribution Date (as defined on the 
  

 A-4-3 

 reverse side of this Class D Term Note) in [•] (the “Stated Final Payment Date”). The Issuing
Entity shall pay interest on this Class D Term Note on the dates, in the amounts and in the manner set forth in the Indenture. 
 The
principal of and interest on this Class D Term Note are payable in such coin or currency of the United States of America which, at the time of payment, is legal tender for payment of public and private debts. 
 Reference is made to the further provisions of this Class D Term Note set forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Class D Term Note. 
  

 A-4-4 

 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name
appears below by manual signature, this Class D Term Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer. 
 Date: [•] 
  

					
	 SUPERIOR WHOLESALE INVENTORY
 FINANCING TRUST [•]

		
	 By:
	 	[•], not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
 Date: [•] 
  

			
	 [•], not in its individual capacity but solely
 as Indenture Trustee

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 A-4-5 

 REVERSE OF NOTE 
 This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class D Floating Rate Asset Backed Term Notes, Series
[•] (herein called the “Class D Term Note”), all issued under an Indenture, dated as of [•] (such Indenture, as supplemented or amended, including all Officer’s Issuance Certificates (as defined therein), is herein
called the “Indenture”), between the Issuing Entity and [•], a [•] banking corporation, as trustee (the “Indenture Trustee”, which term includes any successor trustee under the Indenture), to which
Indenture reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class D Term Notes are one of the classes of a duly authorized series of
Notes of the Issuing Entity issued and to be issued from time to time pursuant to the Indenture (collectively, as to all Notes of all such classes and series, the “Notes”). The Notes are governed by and subject to all terms of the
Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the Holder of this Note (and each related Note Owner) by virtue of acceptance hereof (or of any interest herein) assents and by which such Person is bound.
All capitalized terms used and not otherwise defined in this Class D Term Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. 
 The Class D Term Notes are subordinate to the Class A Term Notes, the Revolving Notes, the Class B Term Notes and the Class C Term Notes issued
pursuant to the Indenture to the extent provided in the Basic Documents. The Class D Term Notes shall be secured by the Collateral pledged as security therefor as provided in the Indenture. 
 No Recourse against Persons in Individual Capacity. Each Noteholder or Note Owner, by acceptance of a Class D Term Note or, in the case of a Note
Owner, a beneficial interest in a Class D Term Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a beneficial interest in the Issuing Entity or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully
liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Amendments to Indenture. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the
rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of all the Notes. The
Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent 
  

 A-4-6 

 or waiver by the Holder of this Class D Term Note (or anyone of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Class D Term Note and of any Class D Term Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made
upon this Class D Term Note. The Indenture also permits the Indenture Trustee to amend certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 
 Miscellaneous. The term “Issuing Entity” as used in this Class D Term Note includes any successor to the Issuing Entity under the
Indenture. 
 The term “Monthly Distribution Date” means the fifteenth day of each month, or if such day is not a Business
Day, then the next Business Day, commencing on [•]. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to
merge or consolidate subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Class D Term Notes
are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 This
Class D Term Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Basic
Documents, neither the Depositor, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries,
agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Class D Term Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in
the assets of the Issuing Entity. Each Noteholder, by the acceptance of a Class D Term Note or, in the case of a Note Owner, a beneficial interest in the Class D Term Note, agrees, that except as expressly provided in the Basic Documents, in the
case of an Event of Default under the Indenture, the Noteholder or Note Owner shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class D Term Note. 
  

 A-4-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto__________________________________________________________________________________________________________________________________________________ 
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (name and address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , as attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the
premises 
  

					
	 Dated:
	 	  
	 	
		 	Signature Guaranteed:	 	        1

  
  

			
	  
	  	  

  

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

  

 A-4-8 

 EXHIBIT B 
 [FORM OF DEPOSITORY AGREEMENT] 
  

 B-1

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