Document:

exv4w1

 

Exhibit 4.1

EXECUTION COPY

SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1

Asset Backed Term Notes

Asset Backed Revolving Notes

 

INDENTURE

Dated as of February 13, 2007

 

The Bank of New York Trust Company, N.A.,

a National Banking Association,

Indenture Trustee

 

 

CROSS-REFERENCE TABLE

	 	 	 	 	 
	TIA	 	Indenture
	Section	 	Section
	310
	 	(a)(1)	 	6.11
	 
	 	(a)(2)	 	6.11
	 
	 	(a)(3)	 	6.10
	 
	 	(a)(4)	 	6.14
	 
	 	(b)	 	6.11
	 
	 	(c)	 	N.A.
	311
	 	(a)	 	6.12
	 
	 	(b)	 	6.12
	 
	 	(c)	 	N.A.
	312
	 	(a)	 	7.1, 7.2
	 
	 	(b)	 	7.2
	 
	 	(c)	 	7.2
	313
	 	(a)	 	7.4(a), 7.4(b)
	 
	 	(b)(1)	 	7.4(a)
	 
	 	(b)(2)	 	7.4(a)
	 
	 	(c)	 	7.4(a)
	 
	 	(d)	 	7.4(a)
	314
	 	(a)	 	7.3(a), 3.9
	 
	 	(b)	 	3.6
	 
	 	(c)(1)	 	2.1, 2.9, 4.1, 11.1(a)
	 
	 	(c)(2)	 	2.1, 2.9, 4.1, 11.1(a)
	 
	 	(c)(3)	 	2.9, 4.1, 11.1(a)
	 
	 	(d)	 	2.9, 11.1(b)
	 
	 	(e)	 	11.1(a)
	 
	 	(f)	 	11.1(a)
	315
	 	(a)	 	6.1(b)
	 
	 	(b)	 	6.5
	 
	 	(c)	 	6.1(a)
	 
	 	(d)	 	6.2, 6.1(c)
	 
	 	(e)	 	5.13
	316
	 	(a) last sentence	 	1.1
	 
	 	(a)(1)(A)	 	5.11
	 
	 	(a)(1)(B)	 	5.12
	 
	 	(a)(2)	 	Omitted
	316
	 	(b), (c)	 	5.7
	317
	 	(a)(1)	 	5.3(b)
	 
	 	(a)(2)	 	5.3(d)
	 
	 	(b)	 	3.3
	318
	 	(a)	 	11.7

N.A. means Not Applicable.

Note: This cross reference table shall not, for any purpose, be deemed
to be part of this Indenture.

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	 
	 	 	 	 	 	 	 	 
	ARTICLE I

	 	 	 	 	 	 
	 	 	DEFINITIONS AND INCORPORATION BY REFERENCE	 	 	2	 
	 

	 	SECTION 1.1
	 	Definitions
	 	 	2	 
	 

	 	SECTION 1.2
	 	Incorporation by Reference of Trust Indenture Act
	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE II

	 	 	 	 	 	 
	 	 	THE NOTES	 	 	2	 
	 

	 	SECTION 2.1
	 	Issuance of Notes; Execution, Authentication and Delivery
	 	 	2	 
	 

	 	SECTION 2.2
	 	Form of Notes and Authentication Agent’s Certificate of Authentication
	 	 	5	 
	 

	 	SECTION 2.3
	 	Temporary Notes
	 	 	6	 
	 

	 	SECTION 2.4
	 	Registration; Registration of Transfer and Exchange of Notes
	 	 	6	 
	 

	 	SECTION 2.5
	 	Mutilated, Destroyed, Lost or Stolen Notes
	 	 	8	 
	 

	 	SECTION 2.6
	 	Persons Deemed Noteholders
	 	 	9	 
	 

	 	SECTION 2.7
	 	Payment of Principal and Interest
	 	 	9	 
	 

	 	SECTION 2.8
	 	Cancellation of Notes
	 	 	10	 
	 

	 	SECTION 2.9
	 	Release of Collateral
	 	 	10	 
	 

	 	SECTION 2.10
	 	Book-Entry Notes
	 	 	11	 
	 

	 	SECTION 2.11
	 	Notices to Clearing Agency
	 	 	11	 
	 

	 	SECTION 2.12
	 	Definitive Term Notes
	 	 	11	 
	 

	 	SECTION 2.13
	 	Depositor as Noteholder
	 	 	12	 
	 

	 	SECTION 2.14
	 	Tax Treatment
	 	 	12	 
	 

	 	SECTION 2.15
	 	Special Terms Applicable to Subsequent Transfers of Certain Notes
	 	 	12	 
	 

	 	SECTION 2.16
	 	CUSIP Numbers
	 	 	14	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE III

	 	 	 	 	 	 
	 	 	COVENANTS	 	 	14	 
	 

	 	SECTION 3.1
	 	Payment of Principal and Interest
	 	 	14	 
	 

	 	SECTION 3.2
	 	Maintenance of Agency Office
	 	 	14	 
	 

	 	SECTION 3.3
	 	Money for Payments To Be Held in Trust
	 	 	15	 
	 

	 	SECTION 3.4
	 	Existence
	 	 	16	 
	 

	 	SECTION 3.5
	 	Protection of Trust Estate; Acknowledgment of Pledge
	 	 	16	 
	 

	 	SECTION 3.6
	 	Opinions as to Trust Estate
	 	 	17	 
	 

	 	SECTION 3.7
	 	Performance of Obligations; Servicing of Receivables
	 	 	18	 
	 

	 	SECTION 3.8
	 	Negative Covenants
	 	 	18	 
	 

	 	SECTION 3.9
	 	Annual Statement as to Compliance
	 	 	19	 
	 

	 	SECTION 3.10
	 	Consolidation, Merger, etc., of Issuing Entity; Disposition of Trust
Assets
	 	 	20	 
	 

	 	SECTION 3.11
	 	Successor or Transferee
	 	 	22	 
	 

	 	SECTION 3.12
	 	No Other Business
	 	 	22	 
	 

	 	SECTION 3.13
	 	No Borrowing
	 	 	22	 

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	 	 	 	 	 	 	Page
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 3.14
	 	Guarantees, Loans, Advances and Other Liabilities
	 	 	22	 
	 

	 	SECTION 3.15
	 	Servicer’s Obligations
	 	 	22	 
	 

	 	SECTION 3.16
	 	Capital Expenditures
	 	 	22	 
	 

	 	SECTION 3.17
	 	Removal of Administrator
	 	 	23	 
	 

	 	SECTION 3.18
	 	Restricted Payments
	 	 	23	 
	 

	 	SECTION 3.19
	 	Notice of Events of Default
	 	 	23	 
	 

	 	SECTION 3.20
	 	Further Instruments and Acts
	 	 	23	 
	 

	 	SECTION 3.21
	 	Trustee’s Assignment of Interests in Certain Receivables
	 	 	23	 
	 

	 	SECTION 3.22
	 	Representations and Warranties by the Issuing Entity to the Indenture
Trustee
	 	 	24	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE IV

	 	 	 	 	 	 	 	 
	 	 	SATISFACTION AND DISCHARGE	 	 	24	 
	 

	 	SECTION 4.1
	 	Satisfaction and Discharge of Indenture
	 	 	24	 
	 

	 	SECTION 4.2
	 	Application of Trust Money
	 	 	25	 
	 

	 	SECTION 4.3
	 	Repayment of Monies Held by Paying Agent
	 	 	26	 
	 

	 	SECTION 4.4
	 	Duration of Position of Indenture Trustee
	 	 	26	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE V
	 	 	 	 	 	 	 	 
	 	 	DEFAULT AND REMEDIES	 	 	26	 
	 

	 	SECTION 5.1
	 	Events of Default
	 	 	26	 
	 

	 	SECTION 5.2
	 	Acceleration of Maturity; Rescission and Annulment
	 	 	27	 
	 

	 	SECTION 5.3	 	Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee 	 	 	28	 
	 

	 	SECTION 5.4	 	Remedies; Priorities	 	 	30	 
	 

	 	SECTION 5.5
	 	Optional Preservation of the Trust Estate
	 	 	31	 
	 

	 	SECTION 5.6
	 	Limitation of Suits
	 	 	31	 
	 

	 	SECTION 5.7
	 	Rights of Noteholders To Receive Principal and Interest
	 	 	32	 
	 

	 	SECTION 5.8
	 	Restoration of Rights and Remedies
	 	 	32	 
	 

	 	SECTION 5.9
	 	Rights and Remedies Cumulative
	 	 	32	 
	 

	 	SECTION 5.10
	 	Delay or Omission Not a Waiver
	 	 	32	 
	 

	 	SECTION 5.11
	 	Control by Noteholders
	 	 	33	 
	 

	 	SECTION 5.12
	 	Waiver of Past Defaults
	 	 	33	 
	 

	 	SECTION 5.13
	 	Undertaking for Costs
	 	 	34	 
	 

	 	SECTION 5.14
	 	Waiver of Stay or Extension Laws
	 	 	34	 
	 

	 	SECTION 5.15
	 	Action on Notes
	 	 	34	 
	 

	 	SECTION 5.16
	 	Performance and Enforcement of Certain Obligations
	 	 	34	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VI

	 	 	 	 	 	 	 	 
	 	 	THE INDENTURE TRUSTEE	 	 	36	 
	 

	 	SECTION 6.1
	 	Duties of Indenture Trustee
	 	 	36	 
	 

	 	SECTION 6.2
	 	Rights of Indenture Trustee
	 	 	37	 
	 

	 	SECTION 6.3
	 	Indenture Trustee May Own Notes
	 	 	38	 
	 

	 	SECTION 6.4
	 	Indenture Trustee’s Disclaimer
	 	 	38	 
	 

	 	SECTION 6.5
	 	Notice of Defaults
	 	 	38	 
	 

	 	SECTION 6.6
	 	Reports by Indenture Trustee to Holders
	 	 	38	 
	 

	 	SECTION 6.7
	 	Compensation; Indemnity
	 	 	38	 

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	 	SECTION 6.8
	 	Replacement of Indenture Trustee
	 	 	39	 
	 

	 	SECTION 6.9
	 	Merger or Consolidation of Indenture Trustee
	 	 	40	 
	 

	 	SECTION 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	 	 	40	 
	 

	 	SECTION 6.11
	 	Eligibility; Disqualification
	 	 	41	 
	 

	 	SECTION 6.12
	 	Preferential Collection of Claims Against Issuing Entity
	 	 	42	 
	 

	 	SECTION 6.13
	 	Representations and Warranties of Indenture Trustee
	 	 	42	 
	 

	 	SECTION 6.14
	 	Indenture Trustee May Enforce Claims Without Possession of Notes
	 	 	42	 
	 

	 	SECTION 6.15
	 	Suit for Enforcement
	 	 	43	 
	 

	 	SECTION 6.16
	 	Rights of Noteholders to Direct Indenture Trustee
	 	 	43	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VII

	 	 	 	 	 	 	 	 
	 	 	NOTEHOLDERS’ LISTS AND REPORTS	 	 	43	 
	 

	 	SECTION 7.1
	 	Issuing Entity To Furnish Indenture Trustee Names and Addresses of
Noteholders
	 	 	43	 
	 

	 	SECTION 7.2
	 	Preservation of Information, Communications to Noteholders
	 	 	43	 
	 

	 	SECTION 7.3
	 	Reports by Issuing Entity
	 	 	44	 
	 

	 	SECTION 7.4
	 	Reports by Indenture Trustee
	 	 	44	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE VIII

	 	 	 	 	 	 	 	 
	 	 	ACCOUNTS, DISBURSEMENTS AND RELEASES	 	 	45	 
	 

	 	SECTION 8.1
	 	Collection of Money
	 	 	45	 
	 

	 	SECTION 8.2
	 	Designated Accounts
	 	 	45	 
	 

	 	SECTION 8.3
	 	General Provisions Regarding Designated Accounts
	 	 	45	 
	 

	 	SECTION 8.4
	 	Release of Trust Estate
	 	 	46	 
	 

	 	SECTION 8.5
	 	Opinion of Counsel
	 	 	46	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE IX

	 	 	 	 	 	 	 	 
	 	 	SUPPLEMENTAL INDENTURES	 	 	47	 
	 

	 	SECTION 9.1
	 	Supplemental Indentures Without Consent of Noteholders
	 	 	47	 
	 

	 	SECTION 9.2
	 	Supplemental Indentures With Consent of Noteholders
	 	 	48	 
	 

	 	SECTION 9.3
	 	Execution of Supplemental Indentures
	 	 	49	 
	 

	 	SECTION 9.4
	 	Effect of Supplemental Indenture
	 	 	50	 
	 

	 	SECTION 9.5
	 	Conformity with Trust Indenture Act
	 	 	50	 
	 

	 	SECTION 9.6
	 	Reference in Notes to Supplemental Indentures
	 	 	50	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE X

	 	 	 	 	 	 	 	 
	 	 	REDEMPTION OF TERM NOTES	 	 	50	 
	 

	 	SECTION 10.1
	 	Redemption
	 	 	50	 
	 

	 	SECTION 10.2
	 	Form of Redemption Notice
	 	 	51	 
	 

	 	SECTION 10.3
	 	Term Notes Payable on Redemption Date
	 	 	51	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE XI

	 	 	 	 	 	 	 	 
	 

	 	MISCELLANEOUS
	 	 	 	 	51	 
	 

	 	SECTION 11.1
	 	Compliance Certificates and Opinions, etc.
	 	 	51	 
	 

	 	SECTION 11.2
	 	Form of Documents Delivered to Indenture Trustee
	 	 	53	 

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	 	 	 	 	 	 	Page
	 
	 	 	 	 	 	 	 	 
	 

	 	SECTION 11.3
	 	Acts of Noteholders
	 	 	54	 
	 

	 	SECTION 11.4
	 	Notices, etc., to Indenture Trustee, Issuing Entity and Rating Agencies
	 	 	54	 
	 

	 	SECTION 11.5
	 	Notices to Noteholders; Waiver
	 	 	55	 
	 

	 	SECTION 11.6
	 	Alternate Payment and Notice Provisions
	 	 	55	 
	 

	 	SECTION 11.7
	 	Conflict with Trust Indenture Act
	 	 	56	 
	 

	 	SECTION 11.8
	 	Effect of Headings and Table of Contents
	 	 	56	 
	 

	 	SECTION 11.9
	 	Successors and Assigns
	 	 	56	 
	 

	 	SECTION 11.10
	 	Severability
	 	 	56	 
	 

	 	SECTION 11.11
	 	Benefits of Indenture
	 	 	56	 
	 

	 	SECTION 11.12
	 	Legal Holidays
	 	 	56	 
	 

	 	SECTION 11.13
	 	GOVERNING LAW
	 	 	57	 
	 

	 	SECTION 11.14
	 	Counterparts
	 	 	57	 
	 

	 	SECTION 11.15
	 	Recording of Indenture
	 	 	57	 
	 

	 	SECTION 11.16
	 	No Recourse
	 	 	57	 
	 

	 	SECTION 11.17
	 	No Petition
	 	 	58	 
	 

	 	SECTION 11.18
	 	Inspection
	 	 	58	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE XII

	 	 	 	 	 	 	 	 
	 	 	COMPLIANCE WITH REGULATION AB	 	 	58	 
	 

	 	SECTION 12.1
	 	Intent of the Parties; Reasonableness	 	 	58	 
	 

	 	SECTION 12.2
	 	Reporting Requirements	 	 	59	 
	 

	 	SECTION 12.3
	 	Additional Representations and Warranties of the Indenture Trustee	 	 	60	 
	 

	 	SECTION 12.4
	 	Information to be Provided by the Indenture Trustee	 	 	60	 

EXHIBIT A Form of Transfer Certificate

EXHIBIT B Form of Undertaking Letter

APPENDIX A Additional Representations and Warranties

iv

 

     INDENTURE, dated as of February 13, 2007, between SUPERIOR WHOLESALE INVENTORY FINANCING
TRUST 2007-AE-1, a Delaware statutory trust (the “Issuing Entity” or the “Trust”),
and THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking association, as trustee and not in
its individual capacity (the “Indenture Trustee”).

     Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of the Holders of the Notes and (only to the extent expressly provided herein) the
Certificates:

GRANTING CLAUSE

     The Issuing Entity hereby grants to the Indenture Trustee, as trustee for the benefit of the
Noteholders and (only to the extent expressly provided herein) the Certificateholders, all of the
Issuing Entity’s right, title and interest in, to and under (a) all Eligible Receivables, all
Collateral Security with respect thereto, all monies due or to become due thereon and all amounts
received with respect thereto and all proceeds thereof (including “proceeds” as defined in the UCC
and Recoveries), (b) all Cash Accumulation Accounts and all Distribution Accounts with respect to
Notes, (c) the Trust Sale and Servicing Agreement (including the rights of Wholesale Auto
Receivables LLC (the “Depositor”) under the Pooling and Servicing Agreement assigned to the
Issuing Entity pursuant to the Trust Sale and Servicing Agreement), (d) any Specified Support
Arrangement, including the right to receive payments thereunder and (e) any proceeds of any of the
foregoing (collectively with the items described in clauses (a), (b), (c) and (d), the “Issuing
Entity Collateral”).

     The Depositor has granted a security interest in each SWIFT 2007-AE-1 Reserve Fund to the
Indenture Trustee pursuant to the terms of the Trust Sale and Servicing Agreement (the
“Depositor Collateral,” and collectively with the Issuing Entity Collateral, the
“Collateral”).

     The foregoing grant is made in trust to secure the payment of principal of and interest on,
and any other amounts owing in respect of, the Notes, equally and ratably without prejudice,
priority or distinction (except as otherwise provided in any Officer’s Issuance Certificate or
supplement hereto), to secure (only to the extent expressly provided herein) distributions of
Certificate Balance with respect to and interest on the Certificates, and to secure compliance with
the provisions of this Indenture, all as provided in this Indenture. This Indenture constitutes a
security agreement under the UCC.

     The foregoing grant includes all rights, powers and options (but none of the obligations, if
any) of the Issuing Entity under any agreement or instrument included in the Collateral, including
the immediate and continuing right to claim for, collect, receive and give receipt for principal
and interest payments in respect of the Receivables included in the Collateral and all other monies
payable under the Collateral, to give and receive notices and other communications, to make waivers
or other agreements, to exercise all rights and options, to bring Proceedings in the name of the
Issuing Entity or otherwise and generally to do and receive anything that the Issuing Entity is or
may be entitled to do or receive under or with respect to the Collateral.

 

 

     The Indenture Trustee, as trustee on behalf of the Noteholders and (only to the extent
expressly provided herein) the Certificateholders, acknowledges such grant and accepts the trusts
under this Indenture in accordance with the provisions of this Indenture.

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

          SECTION 1.1 Definitions. Certain capitalized terms used in this Indenture shall have the respective meanings assigned
to them in Part I of Appendix A to the Trust Sale and Servicing Agreement dated as
of the date hereof (as amended from time to time, the “Trust Sale and Servicing Agreement”)
among the Issuing Entity, the Depositor and GMAC LLC (“GMAC”). All references herein to
“this Indenture” are to this Indenture as it may be amended, supplemented or modified from time to
time, and all references herein to Articles, Sections, subsections and exhibits are to Articles,
Sections, subsections and exhibits of this Indenture unless otherwise specified. All terms
defined in this Indenture shall have the defined meanings when used in any certificate, notice,
Note or other document made or delivered pursuant hereto unless otherwise defined therein. The
rules of construction set forth in Part II of such Appendix A shall be applicable to this
Indenture.

          SECTION 1.2 Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the TIA, such provision is incorporated by
reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings:

          “Commission” means the Securities and Exchange Commission.

          “indenture securities” means the Notes.

          “indenture trustee” means the Indenture Trustee.

          “obligor” on the indenture securities means the Issuing Entity and any other obligor on the
indenture securities.

          All other TIA terms used in this Indenture that are defined by the TIA, defined by reference
to another statute or defined by a Commission rule have the respective meanings assigned to them by
such definitions.

ARTICLE II

THE NOTES

          SECTION 2.1 Issuance of Notes; Execution, Authentication and Delivery.

          (a) Notes may be issued by the Issuing Entity upon execution of this Indenture and from time
to time thereafter, in each case, in accordance with the terms and conditions authorized by or
pursuant to an Officer’s Issuance Certificate. The Revolving Notes may be issued in one or more series, and new series of Revolving Notes may be issued after the
date hereof. No additional series of Term Notes may be issued after the date hereof. The

-2-

 

aggregate principal amount of the Revolving Notes and the Term Notes of all series that may be authenticated
and delivered and outstanding under this Indenture is not limited.

          (b) The Notes shall be executed on behalf of the Issuing Entity by any of its Authorized
Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile.
Notes bearing the manual or facsimile signature of individuals who were at any time Authorized
Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that such individuals
or any of them have ceased to hold such office prior to the authentication and delivery of such
Notes or did not hold such office at the date of such Notes.

          (c) Prior to or concurrently with the delivery of any Note to the Indenture Trustee for
authentication, the Depositor shall execute and deliver to the Indenture Trustee, or cause to be
executed and delivered to the Indenture Trustee, an Officer’s Issuance Certificate and an Opinion
of Counsel.

               (i) The Officer’s Issuance Certificate shall set forth, in addition to all other
requirements of such certificate:

          (A) the designation of the particular series (which shall distinguish such
series from all other series);

          (B) the aggregate principal amount of the series which may be authenticated and
delivered under this Indenture (except for Notes authenticated and delivered upon
registration and transfer of, or in exchange for, or in lieu of, other Notes of such
series pursuant to this Indenture);

          (C) the amount of or method for determining principal payments and the timing
of such payments, including the Targeted Final Payment Date, if any, and the Stated
Final Payment Date;

          (D) the rate or rates at which the Notes of such series shall bear interest, if
any, or the initial interest rate and the method for determining subsequent interest
rates, the date or dates from which such interest shall accrue, the date or dates on
which such interest shall be payable and the record date or dates for the interest
payable;

          (E) the obligations or rights, if any, of the Issuing Entity to redeem or
purchase Term Notes of such series or other redemption provisions and the price or
prices at which, and the terms and conditions upon which, Term Notes of such series
shall be redeemed or purchased;

          (F) if other than the principal amount thereof, the portion of the principal
amount of Notes of such series which shall be payable upon acceleration of the
maturity thereof;

          (G) without limiting the generality of the foregoing, and to the extent
applicable, the extent to which payments on the Notes are senior,

-3-

 

subordinate or pari passu in right of payment of principal and interest to other
Notes;

          (H) without limiting the generality of the foregoing, if the Notes of such
series are Revolving Notes, the Revolver Interest Rate and the Specified Maximum
Revolver Balance;

          (I) whether and the extent to which Section 2.15 shall apply and, if
the Notes of such series are Term Notes, whether such Notes will be issued as
Book-Entry Notes and whether such Notes will be issued in bearer or registered form;
and

          (J) any other terms or provisions of such series which may supersede the
provisions of this Indenture.

The terms of each series of Notes as provided for in an Officer’s Issuance Certificate are part of
the terms of this Indenture.

          (ii) The Opinion of Counsel shall provide, in addition to all other requirements of
such opinion:

          (A) that the form and terms of such Notes have been established by or pursuant
to an Officer’s Issuance Certificate in conformity with the terms of this Indenture;

          (B) that Notes in such form, when completed by appropriate insertions and
executed and delivered by the Issuing Entity to the Authentication Agent for
authentication in accordance with this Indenture, authenticated and delivered by the
Authentication Agent in accordance with this Indenture and sold in the manner
specified in such Opinion of Counsel, will be valid and legally binding obligations
of the Issuing Entity;

          (C) that no approval, authorization, consent or order of any court or
governmental agency or body which has not already been obtained or given is required
in connection with the valid and proper authorization, issuance and sale of such
series of Notes pursuant to this Indenture subject to certain exceptions, including
but not limited to, state securities and Blue Sky laws and routine renewals of
existing licenses and payments; and

          (D) for such other matters as the Authentication Agent may reasonably request.

          (d) Upon execution and delivery of an Officer’s Issuance Certificate and Opinion of Counsel to
the Indenture Trustee, the Indenture Trustee or, if provided in an Officer’s Issuance Certificate,
with respect to a series of Notes, an authentication agent for such series of Notes acting on
behalf of the Indenture Trustee (the Indenture Trustee or other person
authenticating such Notes, the “Authentication Agent”) shall thereupon authenticate and
deliver

-4-

 

the related Notes to or upon the written order of the Issuing Entity, signed by any
Authorized Officer.

          SECTION 2.2 Form of Notes and Authentication Agent’s Certificate of Authentication.

          (a) The Notes shall be in the forms provided from time to time by or pursuant to an Officer’s
Issuance Certificate in accordance with the terms of this Indenture and may have such letters,
numbers or other marks of identification or designation and such legends or endorsements printed,
lithographed or engraved thereon as the Issuing Entity may deem appropriate and as are not
inconsistent with the provisions of this Indenture, or as may be required to comply with any law or
with any rule or regulation made pursuant thereto or with any rule or regulation of any stock
exchange on which the Notes may be listed or to conform to usage. Any portion of the text of any
Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of
the Note. The Definitive Term Notes 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 Authorized Officer executing such Notes, as evidenced by such officer’s execution
of such Notes.

          (b) The Authentication Agent certificate of authentication shall be substantially in the
applicable following form:

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	 	The Bank of New York Trust Company, N.A., not in its individual

capacity but solely as Indenture Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Dated: ________________

Or

___________________, not in its individual capacity but
solely as Authentication Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Dated: ________________

 	 

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          (c) Each Note shall be dated the date of its authentication. Unless otherwise provided in
the related Officer’s Issuance Certificate, (i) each Term Note shall be issuable as a registered
Note in the minimum denomination of $1,000 and in integral multiples thereof, (ii) each Revolving
Note shall be issuable as a registered Note in the minimum denomination of $100,000 and in any
amount in excess thereof and (iii) Revolving Notes shall be issued as Definitive Notes and
Sections 2.10, 2.11 and 2.12 of this Indenture shall not apply to the
Revolving Notes.

          SECTION 2.3 Temporary Notes.

          (a) Pending the preparation of Definitive Term Notes, if any, to be issued in exchange for
Book-Entry Notes, the Issuing Entity may execute, and upon receipt of an Issuing Entity Order the
Authentication Agent shall authenticate and deliver, such Temporary Notes which are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Term
Notes in lieu of which they are issued and with such variations as are consistent with the terms of
this Indenture as the officers executing such Notes may determine, as evidenced by their execution
of such Notes.

          (b) If Temporary Notes are issued, the Issuing Entity shall cause Definitive Term Notes to be
prepared without unreasonable delay. After the preparation of Definitive Term Notes, the
Temporary Notes shall be exchangeable for Definitive Term Notes upon surrender of the Temporary
Notes at the Agency Office of the Issuing Entity or a Paying Agent, if so specified in the
applicable Officer’s Issuance Certificate, to be maintained as provided in Section 3.2,
without charge to the Noteholder. Upon surrender for cancellation of any one or more Temporary
Notes, the Issuing Entity shall execute and the Indenture Trustee shall authenticate and deliver in
exchange therefor a like principal amount of Definitive Term Notes of authorized denominations.
Until so delivered in exchange, the Temporary Notes shall in all respects be entitled to the same
benefits under this Indenture as Definitive Term Notes.

          SECTION 2.4 Registration; Registration of Transfer and Exchange of Notes.

          (a) The Issuing Entity shall cause to be kept a Note Register, for each series of Notes, in
which, subject to such reasonable regulations as the Issuing Entity may prescribe, the Issuing
Entity shall provide for the registration of the Notes and the registration of transfers and
exchanges of the Notes. The Indenture Trustee shall initially be the Note Registrar for the
purpose of registering the Notes and transfers of the Notes as herein provided, unless with respect
to a specific series of Notes, the Officer’s Issuance Certificate applicable to such series of
Notes provides otherwise. Upon any resignation of any Note Registrar, the Issuing Entity shall
promptly appoint a successor Note Registrar or, if it elects not to make such an appointment,
assume the duties of the Note Registrar.

          (b) If a Person other than the Indenture Trustee is appointed by the Issuing Entity as Note
Registrar, the Issuing Entity shall give the Indenture Trustee prompt written notice of the
appointment of such Note Registrar and of the location, and any change in the location, of the Note
Register. The Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof. The Indenture Trustee shall have
the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive

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Officer thereof as to the names and addresses of the Noteholders and the principal amounts and
number of such Notes.

          (c) Upon surrender for registration of transfer of any Note at the Corporate Trust Office of
the Indenture Trustee or the Agency Office of the Issuing Entity (and following the delivery, in
the former case, of such Notes to the Issuing Entity by the Indenture Trustee), the Issuing Entity
shall execute, the Authentication Agent shall authenticate and the Noteholder shall obtain from the
Authentication Agent, in the name of the designated transferee or transferees, one or more new
Notes of the same series in any authorized denominations of a like aggregate principal amount.

          (d) At the option of the Noteholder, Notes may be exchanged for other Notes of the same series
in any authorized denominations, of a like aggregate principal amount, upon surrender of such Notes
to be exchanged at the Corporate Trust Office of the Authentication Agent or the Agency Office of
the Issuing Entity (and following the delivery, in the former case, of such Notes to the Issuing
Entity by the Indenture Trustee), the Issuing Entity shall execute, and the Authentication Agent
shall upon receipt of a written order, authenticate and the Noteholder shall obtain from the
Indenture Trustee, such Notes which the Noteholder making the exchange is entitled to receive.

          (e) All Notes issued upon any registration of transfer or exchange of other Notes shall be the
valid obligations of the Issuing Entity, evidencing the same debt, and entitled to the same
benefits under this Indenture, as the Notes surrendered upon such registration of transfer or
exchange.

          (f) Every Note presented or surrendered for registration of transfer or exchange shall be duly
endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee and the Note Registrar, duly executed by the Holder thereof or such Holder’s
attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust
company located, or having a correspondent located, in the City of New York or the place or places
specified in the applicable Officer’s Issuance Certificate or the city in which the Corporate Trust
Office of the Indenture Trustee is located, or having a correspondent in another place or places
which is specified in the applicable Officer’s Issuance Certificate; and such other documents as
the Indenture Trustee may require.

          (g) No service charge shall be made to a Holder for any registration of transfer or exchange
of Notes, but the Issuing Entity or Indenture Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of Notes, other than exchanges pursuant to Sections 2.3 or 9.6 not
involving any transfer.

          (h) The preceding provisions of this Section 2.4 notwithstanding, the Issuing Entity
shall not be required to transfer or make exchanges, and the Note Registrar need not register
transfers or exchanges, (i) of Notes that have been selected for redemption pursuant to Article
X, if applicable; (ii) of Notes that are due for repayment within 15 days of submission to
the Corporate Trust Office or the Agency Office; or (iii) if Section 2.15 has not been
complied with in connection with such transfer.

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          (i) Unless otherwise specified in the applicable Officer’s Issuance Certificate, by acquiring
a Term Note, each purchaser and transferee will be deemed to represent and warrant that either (a)
it is not acquiring the Term Note with the plan assets of a Benefit Plan or any other plan that is
subject to any law that is substantially similar to ERISA or Section 4975 of the Code; or (b) the
acquisition, disposition and holding of the Term Note will not give rise to a non-exempt prohibited
transaction under Section 406(a) of ERISA, Section 4975 of the Code or any substantially similar
applicable law.

          SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes.

          (a) If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture
Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and
(ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by
it to hold the Issuing Entity and the Indenture Trustee harmless, then, in the absence of notice to
the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note has been acquired by
a bona fide purchaser, the Issuing Entity shall execute and upon the Issuing Entity’s written
request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any
such mutilated, destroyed, lost or stolen Note, a replacement Note of a like series and aggregate
principal amount; provided, however, that if any such destroyed, lost or stolen
Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or
shall have been called for redemption, instead of issuing a replacement Note, the Issuing Entity or
Paying Agent, as applicable, may make payment to the Holder of such destroyed, lost or stolen Note
when so due or payable or upon the Redemption Date, if applicable, without surrender thereof.

          (b) If, after the delivery of a replacement Note or payment in respect of a destroyed, lost or
stolen Note pursuant to subsection (a), a bona fide purchaser of the original Note in lieu of which
such replacement Note was issued presents for payment such original Note, the Issuing Entity and
the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from (i)
any Person to whom it was delivered, (ii) the Person taking such replacement Note from the Person
to whom such replacement Note was delivered or (iii) any assignee of such Person, except a bona
fide purchaser, and the Issuing Entity and the Indenture Trustee 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 Issuing Entity or the Indenture Trustee in connection therewith.

          (c) In connection with the issuance of any replacement Note under this Section 2.5,
the Issuing Entity may require the payment by the Holder of such Note 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 all fees and expenses of the Indenture Trustee) connected therewith.

          (d) Any duplicate Note issued pursuant to this Section 2.5 in replacement for any
mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual
obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note
shall be found at any time or be enforced by any Person, and shall be entitled to all the benefits
of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

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          (e) The provisions of this Section 2.5 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 Notes.

          SECTION 2.6 Persons Deemed Noteholders. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the
Indenture Trustee, the Paying Agent and any other agent of the Issuing Entity or the Indenture
Trustee may treat the Person in whose name any Note is registered (as of the day of determination)
as the Noteholder for the purpose of receiving payments of principal of and interest on such Note
and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuing
Entity, the Indenture Trustee, the Paying Agent nor any other agent of the Issuing Entity or the
Indenture Trustee shall be affected by notice to the contrary.

          SECTION 2.7 Payment of Principal and Interest.

          (a) Interest on each series of Notes shall accrue and be payable as provided in this
Section 2.7(a) and the applicable Officer’s Issuance Certificate. Unless otherwise
provided in the applicable Officer’s Issuance Certificate, any instalment of interest payable on
any Note shall be punctually paid or duly provided for by a deposit by or at the direction of the
Issuing Entity or Paying Agent, on behalf of the Issuing Entity if so directed by the applicable
Officer’s Issuance Certificate into the applicable Term Note Distribution Account or Revolver
Distribution Account, as applicable, on or before the applicable Payment Date and shall be paid to
the Person in whose name such Note (or one or more Predecessor Notes) is registered on the
applicable Record Date, by wire transfer or check mailed first-class, postage prepaid to such
Person’s address as it appears on the Note Register on such Record Date; provided, however, that,
with respect to Revolving Notes and with respect to Book-Entry Notes registered on the applicable
Record Date in the name of the Note Depository for which Definitive Term Notes have not been issued
pursuant to Section 2.12, payment shall be made by wire transfer in immediately available
funds to the account designated by such Holder.

          (b) The principal of each series of Notes shall be payable as provided in the applicable
Officer’s Issuance Certificate. All principal payments on each series of Notes shall be made pro
rata to the Noteholders of such series entitled thereto unless, with respect to any series of
Revolving Notes, otherwise provided in the related Officer’s Issuance Certificate or otherwise
agreed among the Depositor and the holders of such Revolving Notes. Unless otherwise provided in
the applicable Officer’s Issuance Certificate, any instalment of principal payable on any Note
shall be punctually paid or duly provided for by a deposit by or at the direction of the Issuing
Entity or Paying Agent on behalf of the Issuing Entity if so directed by the applicable Officer’s
Issuance Certificate into the applicable Term Note Distribution Account in the case of the Term
Notes or the Revolver Distribution Account in the case of the Revolving Notes on or before the
applicable Payment Date and shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the applicable Record Date, by wire transfer or
check mailed first-class, postage prepaid to such Person’s address as it appears on the Note
Register on such Record Date; provided, however, that, with respect to Revolving
Notes and with respect to Book-Entry Notes registered on the Record Date in the name of the Note
Depository for which Definitive Term Notes have not been issued pursuant to Section 2.12,
payment shall be made by wire transfer in immediately available funds to the account designated

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by such Holder, except for the final instalment of principal on any such Note and the Redemption Price
for any Term Notes, if so called, which, in each case, shall be payable as provided herein. The
funds represented by any such checks in respect of interest or principal returned undelivered shall
be held in accordance with Section 3.3.

          (c) With respect to any Payment Date on which the final instalment of principal and interest
on a series of Notes is to be paid, the Indenture Trustee shall notify each Noteholder of such
series of Notes as of the Record Date for such Payment Date of the fact that the final instalment
of principal of and interest on such Note is to be paid on such Payment Date. With respect to
Book-Entry Notes for which Definitive Term Notes have not been issued, such notice shall be sent on
the Business Day prior to such Payment Date by facsimile, and with respect to Definitive Term Notes
and Revolving Notes, such notice shall be sent not later than three Business Days after such Record
Date in accordance with Section 11.5(a), and, in each case, shall specify that such final
instalment shall be payable only upon presentation and surrender of such Note and shall specify the
place or places where such Note may be presented and surrendered for payment of such instalment.
Notices in connection with redemptions of Term Notes shall be mailed to Noteholders as provided in
Section 10.2.

          SECTION
2.8 Cancellation of Notes. All Notes surrendered for payment, redemption, exchange or registration of transfer shall, if
surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly canceled by the Indenture Trustee. Each of the Depositor and the Issuing
Entity may at any time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which it may have acquired in any manner whatsoever (other
than for deposit in the Reserve Fund), and all Notes so delivered shall be promptly canceled by the
Indenture Trustee. Upon such cancellation, the calculation of interest (and other calculations
under the Basic Documents) shall take into effect such cancellation. No Notes shall be
authenticated in lieu of or in exchange for any Notes canceled as provided in this Section
2.8, except as expressly permitted by this Indenture. All canceled Notes may be held or
disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy
as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity Order that
they be returned to it; provided, however, that such Issuing Entity Order is timely
and the Notes have not been previously disposed of by the Indenture Trustee. The Indenture
Trustee shall certify to the Issuing Entity that surrendered Notes have been duly canceled and
retained or destroyed, as the case may be.

          SECTION 2.9 Release of Collateral. The Indenture Trustee shall release property from the lien of this Indenture, other than as
permitted by Sections 3.21, 8.4 and 11.1, only upon receipt of an Issuing Entity
Request accompanied by an Officers’ Certificate, an Opinion of Counsel and (to the extent
required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1).

          SECTION 2.10 Book-Entry Notes. Unless otherwise provided in the applicable Officer’s Issuance Certificate, each series of
Term Notes, upon original issuance, shall be issued in the form of a typewritten Note or Notes
representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial
Clearing Agency, by or on behalf of the Issuing Entity and such Note or Notes shall be registered
on the Note Register in the name of the Note Depository (initially, Cede & Co.). No Note Owner
shall receive a Definitive Term Note

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representing such Note Owner’s interest in such Note, except
as provided in Section 2.12. Unless and until Definitive Term Notes with respect to such
Notes have been issued to such Note Owners pursuant to Section 2.12, with respect to such
Notes:

          (a) the provisions of this Section 2.10 shall be in full force and effect;

          (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing
Agency for all purposes of this Indenture (including the payment of principal of and interest on
such Notes and the giving of instructions or directions hereunder) as the sole Holder of such Notes
and shall have no obligation to the Note Owners;

          (c) to the extent that the provisions of this Section 2.10 conflict with any other
provisions of this Indenture, the provisions of this Section 2.10 shall control;

          (d) the rights of the Note Owners shall be exercised only through the Clearing Agency and
shall be limited to those rights established by law and agreements between such Note Owners and the
Clearing Agency and/or the Clearing Agency Participants, and unless and until Definitive Term Notes
are issued pursuant to Section 2.12, 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 Notes to such Clearing Agency Participants, pursuant to the Note Depository
Agreement; and

          (e) whenever this Indenture requires or permits actions to be taken based upon instructions or
directions of Holders of Notes evidencing a specified percentage of the Outstanding Amount of the
Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it
has (i) 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 Notes and (ii) delivered such instructions to the Indenture Trustee.

          SECTION 2.11 Notices to Clearing Agency. With respect to any Term Notes issued as Book-Entry Notes, whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and until Definitive Term
Notes representing such Term Notes shall have been issued to the related Note Owners pursuant to
Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be given to the related Noteholders to the Clearing Agency
and shall have no other obligation to such Note Owners.

          SECTION 2.12 Definitive Term Notes. If for any Term Notes issued as Book-Entry Notes (i) the Administrator advises the Indenture
Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its
responsibilities with respect to such Notes and the Issuing Entity is unable to locate a qualified
successor; (ii) the Administrator, at its option, advises the Indenture 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, Note Owners representing beneficial
interests aggregating at least a majority of the Outstanding Amount of such Notes advise the
Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency
is no longer in the best interests of such Note Owners, then the Clearing Agency shall notify all
Note Owners and the Indenture Trustee

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of the occurrence of any such event and of the availability
of Definitive Term Notes to such Note Owners requesting the same. Upon surrender to the Indenture
Trustee of the typewritten Note or Notes representing such Book-Entry Notes by the Clearing Agency,
accompanied by registration instructions, the Issuing Entity shall execute and the Authentication
Agent shall authenticate the related Definitive Term Notes in accordance with the instructions of
the Clearing Agency within 60 days of the occurrence of the relevant event. None of the Issuing
Entity, the Note Registrar or the Indenture 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. Upon the issuance of such Definitive Term Notes, the Indenture Trustee shall
recognize the Holders of such Definitive Term Notes as Noteholders. The terms and conditions of
the affected series of Notes, the Indenture, the related Officer’s Issuance Certificate and any
related paying agent agreement or related document shall be amended in such manner as the Indenture
Trustee reasonably requires to take account of the issue of such Definitive Term Notes. The manner
of the issuance of such Definitive Term Notes, for the series may be subject to such additional or
different provisions as are specified in the related Officer’s Issuance Certificate.

          SECTION 2.13 Depositor as Noteholder. The Depositor in its individual or any other capacity may become the owner or pledgee of Notes
of any series and may otherwise deal with the Issuing Entity or its affiliates with the same rights
it would have if it were not the Depositor.

          SECTION 2.14 Tax Treatment. The Issuing Entity and the Indenture Trustee, by entering into this Indenture, and the
Noteholders and the Note Owners, by acquiring any Note or interest therein, (i) express their
intention that the Notes qualify under applicable tax law as indebtedness secured by the Collateral
and (ii) unless otherwise required by appropriate taxing authorities or otherwise specified in an
Officer’s Issuance Certificate, agree to treat the Notes as indebtedness secured by the Collateral
for the purpose 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.

          SECTION 2.15 Special Terms Applicable to Subsequent Transfers of Certain Notes.

          (a) The Revolving Notes and the Class D Term Notes will not be registered under the Securities
Act, or the securities laws of any other jurisdiction. Consequently, such Notes (the
“Unregistered 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 or in the related Officer’s Issuance Certificate. Unless otherwise provided in
the related Officer’s Issuance Certificate, no sale, pledge or other transfer of any Unregistered
Note (or interest therein) after the date thereof may be made by any Person unless either (i) such
sale, pledge or other transfer is made to a “qualified institutional buyer” (as defined under Rule
144A under the Securities Act) or to an institutional investor that is an “accredited investor” (as
described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and, if so requested by the
Depositor or the Indenture Trustee, such proposed transferee executes and delivers a certificate,
substantially in the form attached hereto as Exhibit A or otherwise in form and substance
satisfactory to the Indenture Trustee and the Depositor, (ii) such sale, pledge or other transfer
occurs outside of the United States to a non-United States Person in accordance with Regulation

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S of the Securities Act, or (iii) such sale, pledge or other transfer is otherwise made in a
transaction exempt from the registration requirements of the Securities Act, in which case (A) the
Indenture Trustee shall require that both the prospective transferor and the prospective transferee
certify to the Indenture Trustee and the Depositor in writing the facts surrounding such transfer,
which certification shall be in form and substance satisfactory to the Indenture Trustee and the
Depositor, and (B) the Indenture Trustee shall require a written opinion of counsel (which 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. Unless otherwise provided in the related Officer’s Issuance Certificate, no sale,
pledge or other transfer of any Revolving Note that is an Unregistered Note (or interest therein)
may be made by any Person unless the Depositor shall have consented in writing to such transfer.
Neither the Depositor nor the Indenture Trustee shall be obligated to register any Unregistered
Notes under the Securities Act, qualify any Unregistered Notes under the securities laws of any
state or provide registration rights to any purchaser or holder thereof. With respect to the Class
D Notes, the Issuer is authorized and directed to withhold tax at the highest United States federal
income tax rate applicable to ordinary income from any payment of interest to a foreign Noteholder
as if such interest allocable to the foreign Noteholder were effectively connected with the conduct
of a trade or business within the United States. In determining the non-foreign status of the
Noteholder, the Issuer shall be entitled to rely on the Noteholder’s certification of non-foreign
status signed under penalty of perjury. Each foreign Noteholder shall obtain a taxpayer
identification number from the United States Internal Revenue Service and submit that number to the
Issuer on an appropriate form in order to assure appropriate crediting of the taxes withheld. The
amount of any tax so withheld shall be treated as interest paid in cash to such foreign Noteholder
at the time it is withheld by the Issuer and remitted to the United States Internal Revenue
Service. Any withholding of tax hereunder shall not prevent the Issuer or the foreign Noteholder
from contesting any such tax in appropriate proceedings. A foreign Noteholder who wishes to apply
for a refund of any such withholding tax shall file with the United States Internal Revenue Service
a claim for refund. Such claim of the foreign Noteholder shall be made solely against the United
States Internal Revenue Service or the United States. No sale, pledge or other transfer of the
Class D Notes may be made to any one person for Class D Notes with an initial principal balance of less than $2,500,000, 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 the Class
D 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 Notes for all
purposes.

          (b) Unless otherwise provided in the related Officer’s Issuance Certificate, the Unregistered
Notes may not be acquired by or for the account of a Benefit Plan and, by accepting and holding an
Unregistered Note, the Holder thereof shall be deemed to have represented and warranted that it is
not, nor is it acquiring the Unregistered Note for the account of, (i) a Benefit Plan or (ii) an
employee benefit plan or plan that is not subject to the provisions of Title I of ERISA (including,
without limitation, foreign or governmental plans) if such acquisition would result in a non-exempt
prohibited transaction under, or a violation of, any applicable law that is substantially similar
to ERISA or Section 4975 of the Code. If requested to do so by the Depositor or the Indenture
Trustee, the Holder of an Unregistered Note shall execute and deliver to the Indenture Trustee an
Undertaking Letter in the form set forth in Exhibit B.

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          (c) Unless otherwise provided in the related Officer’s Issuance Certificate,
Unregistered Notes shall be issued in the form of Definitive Notes, shall be in fully registered
form and Sections 2.10, 2.11 and 2.12 of this Indenture shall not apply thereto.

          (d) Each Unregistered Note shall bear legends to the effect set forth in subsections (a) and
(b) (if subsection (b) is applicable) above.

          SECTION 2.16 CUSIP Numbers. The Issuing Entity in issuing the Securities may use “CUSIP” numbers (if then generally in
use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption, if any, as a
convenience to Holders; provided that such notice may state that no representation is made
as to the correctness of such numbers either as printed on the Securities or as contained in any
notice of a redemption and that reliance may be placed only on the other indemnification numbers
printed on the Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Issuing Entity will promptly notify the Indenture Trustee of any
change in the “CUSIP” numbers.

ARTICLE III

COVENANTS

          SECTION 3.1 Payment of Principal and Interest. The Issuing Entity shall duly and punctually pay the principal of and interest on the Notes
in accordance with the terms of the Notes and this Indenture. On each date on which any payments
are to be made, the Issuing Entity or the Paying Agent, as applicable, shall cause amounts on
deposit in the applicable Term Note Distribution Account and Revolver Distribution Account to be
paid to the Term Noteholders and Revolving Noteholders, respectively, in accordance with the terms
of the Notes and this Indenture, less amounts properly withheld under the Code or the laws of any
applicable foreign jurisdiction by any Person from a payment to any Noteholder of interest and/or
principal. Any amounts so withheld shall be considered as having been paid by the Issuing Entity
to such Noteholder for all purposes of this Indenture.

          SECTION 3.2 Maintenance of Agency Office. As long as any of the Notes remains outstanding, unless otherwise specified in the
Officer’s Issuance Certificate, the Issuing Entity shall maintain in the Borough of Manhattan, the
City of New York, an office (the “Agency Office”), being an office or agency where Notes
may be surrendered to the Issuing Entity for registration of transfer or exchange, and where
notices and demands to or upon the Issuing Entity in respect of the Notes and this Indenture may be
served. Unless another person shall otherwise be appointed in the Officer’s Issuance Certificate,
the Issuing Entity hereby initially appoints the Indenture Trustee to serve as its agent for the
foregoing purposes. The Issuing Entity shall give prompt written notice to the Indenture Trustee
of the location, and of any change in the location, of any such office or agency. If at any time
the Issuing Entity shall fail to maintain any such office or agency or shall fail to furnish the
Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Indenture Trustee, and the Issuing Entity hereby
appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands.

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          SECTION 3.3 Money for Payments To Be Held in Trust.

          (a) All payments of amounts due and payable with respect to any Notes that are to be made from
amounts withdrawn from the applicable Term Note Distribution Account or Revolver Distribution
Account pursuant to the applicable Officer’s Issuance Certificate shall be made on behalf of the
Issuing Entity by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn
from the applicable Term Note Distribution Account or the Revolver Distribution Account for
payments of Term Notes or Revolving Notes, respectively, shall be paid over to the Issuing Entity
except as provided in this Section 3.3.

          (b) On or before each date on which payments are to be made or the Redemption Date (if
applicable), the Issuing Entity shall deposit or cause to be deposited in the applicable Term Note
Distribution Account and the Revolver Distribution Account (including pursuant to Section
4.5 of the Trust Sale and Servicing Agreement) aggregate sums sufficient to pay the amounts
then becoming due with respect to the Term Notes and Revolving Notes, respectively, such sums to be
held in trust for the benefit of the Persons entitled thereto.

          (c) The Issuing Entity shall cause each Paying Agent, other than the Indenture Trustee, to
execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree
with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so
agrees), subject to the provisions of this Section 3.3, that such Paying Agent shall:

          (i) hold all sums held by it for the payment of amounts due with respect to the Notes
in trust for the benefit of the Persons entitled thereto until such sums shall be paid to
such Persons or otherwise disposed of as herein provided and pay such sums to such Persons
as herein provided;

          (ii) give the Indenture Trustee notice of any default by the Issuing Entity (or any
other obligor upon the Notes) of which it has actual knowledge in the making of any payment
required to be made with respect to the Notes;

          (iii) at any time during the continuance of any such default, upon the written request
of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust
by such Paying Agent;

          (iv) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee
all sums held by it in trust for the payment of Notes if at any time it ceases to meet the
standards required to be met by a Paying Agent in effect at the time of determination; and

          (v) comply with all requirements of the Code with respect to the withholding from any
payments made by it on any Notes of any applicable withholding taxes imposed thereon and
with respect to any applicable reporting requirements in connection therewith.

          (d) The Issuing Entity may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, by Issuing Entity Order direct any Paying
Agent to pay to the Indenture Trustee all sums held in trust by such Paying

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Agent, such sums to be
held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such
Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent
shall be released from all further liability with respect to such money.

          (e) Subject to applicable laws with respect to escheat of funds, any money held by the
Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to
any Note and remaining unclaimed for one year after such amount has become due and payable shall be
discharged from such trust and be paid by the Indenture Trustee to the Issuing Entity, or, if so
directed by the Administrator, to or at the order of the Depositor; and the Holder of such Note
shall thereafter, as an unsecured general creditor, look only to the Issuing Entity for payment
thereof (but only to the extent of the amounts so paid to the Issuing Entity), and all liability of
the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease;
provided, however, that the Indenture Trustee or such Paying Agent, before being
required to make any such payment, may at the expense of the Issuing Entity cause to be published
once, in a newspaper published in the English language, customarily published on each Business Day
and of general circulation in the City of New York, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining shall be paid to the Issuing
Entity. The Indenture Trustee may also adopt and employ, at the expense of the Issuing Entity, any
other reasonable means of notification of such repayment (including, but not limited to, mailing
notice of such repayment to Holders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in monies due and payable but not claimed is determinable
from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for
each such Holder).

          SECTION 3.4 Existence. The Issuing Entity shall keep in full effect its existence, rights and franchises as a
statutory trust under the laws of the State of Delaware (unless it becomes, or any successor
Issuing Entity hereunder is or becomes, organized under the laws of any other State or of the
United States of America, in which case the Issuing Entity shall keep in full effect its existence,
rights and franchises under the laws of such other jurisdiction) and shall obtain and preserve its
qualification to do business in each jurisdiction in which such qualification is or shall be most
effective to protect the validity and enforceability of this Indenture, the Notes, the Collateral
and each other instrument or agreement included in the Trust Estate.

          SECTION 3.5 Protection of Trust Estate; Acknowledgment of Pledge.

          (a) The Issuing Entity shall from time to time execute and deliver all such supplements and
amendments hereto and all such financing statements, amendments thereto,
continuation statements, assignments, certificates, instruments of further assurance and other
instruments, and shall take such other action necessary or advisable to:

          (i) maintain or preserve the lien and security interest (and the priority thereof) of
this Indenture or carry out more effectively the purposes hereof, including by making the
necessary filings of financing statements or amendments thereto within sixty days after the
occurrence of any of the following: (A) any change in the Issuing Entity’s

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true legal name
or any of its trade names, (B) any change in the location of the Issuing Entity’s principal
place of business, (C) any merger or consolidation or other change in the Issuing Entity’s
identity, organizational structure or jurisdiction of organization or in which the Issuing
Entity is located for purposes of the UCC and (D) any other change or occurrence that would
make any financing statement or amendment seriously misleading within the meaning of the
UCC;

          (ii) perfect, publish notice of or protect the validity of any grant of a security
interest made or to be made by this Indenture;

          (iii) enforce the rights of the Indenture Trustee and the Noteholders in any of the
Collateral; or

          (iv) preserve and defend title to the Trust Estate and the rights of the Indenture
Trustee and the Noteholders in such Trust Estate against the claims of all Persons and
parties, and the Issuing Entity hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement or other
instrument required pursuant to this Section 3.5.

          (b) The Indenture Trustee acknowledges the pledge by the Depositor to the Indenture Trustee
pursuant to Section 4.6(c) of the Trust Sale and Servicing Agreement of all of the
Depositor’s right, title and interest in and to the Reserve Fund in order to provide for the
payment to the Noteholders and the Servicer in accordance with Section 4.5(c) and
(d) of the Trust Sale and Servicing Agreement, to assure availability of the amounts
maintained in the SWIFT 2007-AE-1 Reserve Funds for the benefit of the Noteholders and the
Servicer, and as security for the performance by the Depositor of its obligations under the Trust
Sale and Servicing Agreement.

          SECTION 3.6 Opinions as to Trust Estate.

          (a) On the Initial Closing Date, the Issuing Entity shall furnish to the Indenture Trustee an
Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken
with respect to the recording and filing of this Indenture, any indentures supplemental hereto and
any other requisite documents, and with respect to the execution and filing of any financing
statements and continuation statements as are necessary to perfect and make effective the lien and
security interest of this Indenture and reciting the details of such action, or stating that, in
the opinion of such counsel, no such action is necessary to make such lien and security interest
effective.

          (b) On or before March 15 in each calendar year, beginning March 15, 2008, the Issuing Entity
shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of
such counsel, such action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other requisite documents
and with respect to the execution and filing of any financing statements and continuation
statements as is necessary to maintain the lien and security interest created by this Indenture and
reciting the details of such action or stating that in the opinion of such counsel no such action
is necessary to maintain the lien and security interest created by this Indenture. Such

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Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents and the execution and filing of
any financing statements and continuation statements that will, in the opinion of such counsel, be
required to maintain the lien and security interest of this Indenture until March 15 in the
following calendar year.

          SECTION 3.7 Performance of Obligations; Servicing of Receivables.

          (a) The Issuing Entity shall not take any action and shall use its reasonable efforts not to
permit any action to be taken by others that would release any Person from any of such Person’s
material covenants or obligations under any instrument or agreement included in the Trust Estate or
that would result in the amendment, hypothecation, subordination, termination or discharge of, or
impair the validity or effectiveness of, any such instrument or agreement, except as otherwise
expressly provided in this Indenture, the Trust Sale and Servicing Agreement, the Pooling and
Servicing Agreement, the Administration Agreement or such other instrument or agreement.

          (b) The Issuing Entity may contract with other Persons to assist it in performing its duties
under this Indenture, and any performance of such duties by a Person identified to the Indenture
Trustee herein or in the Basic Documents or an Officers’ Certificate of the Issuing Entity shall be
deemed to be action taken by the Issuing Entity. Initially, the Issuing Entity has contracted with
the Servicer and the Administrator to assist the Issuing Entity in performing its duties under this
Indenture.

          (c) The Issuing Entity shall punctually perform and observe all of its obligations and
agreements contained in this Indenture, the Basic Documents and in the instruments and agreements
included in the Trust Estate, including but not limited to filing or causing to be filed all UCC
financing statements and continuation statements required to be filed under the terms of this
Indenture, the Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement in
accordance with and within the time periods provided for herein and therein.

          (d) If the Issuing Entity shall have knowledge of the occurrence of a Servicing Default under
the Trust Sale and Servicing Agreement, the Issuing Entity shall promptly notify the Indenture
Trustee and the Rating Agencies thereof, and shall specify in such notice the response or action,
if any, the Issuing Entity has taken or is taking with respect of such default. If a Servicing
Default shall arise from the failure of the Servicer to perform any of its duties or
obligations under the Trust Sale and Servicing Agreement or the Pooling and Servicing
Agreement with respect to the Receivables in the Accounts in the Pool of Accounts, the Issuing
Entity and the Indenture Trustee shall take all reasonable steps available to them pursuant to the
Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement to remedy such failure.

          SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuing Entity shall not:

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          (a) sell, transfer, exchange or otherwise dispose of any of the properties or assets of the
Issuing Entity, except the Issuing Entity may: (i) collect, liquidate, sell or otherwise dispose of
the Trust’s interest in Receivables (including Warranty Receivables, Administrative Receivables and
Defaulted Receivables), (ii) make cash payments out of the Designated Accounts and the Certificate
Distribution Account and (iii) take other actions, in each case as contemplated by the Basic
Documents;

          (b) claim any credit on, or make any deduction from the principal or interest payable in
respect of the Notes (other than amounts properly withheld from such payments (including, but not
limited to, withholding tax) under the Code or applicable foreign or state law) or assert any claim
against any present or former Noteholder by reason of the payment of the taxes levied or assessed
upon any part of the Trust Estate;

          (c) voluntarily commence any insolvency, readjustment of debt, marshaling of assets and
liabilities or other proceeding, or apply for an order by a court or agency or supervisory
authority for the winding-up or liquidation of its affairs or any other event specified in
Section 5.1(f); or

          (d) either (i) permit the validity or effectiveness of this Indenture to be impaired, or
permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or
discharged, or permit any Person to be released from any covenants or obligations with respect to
the Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any lien,
charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of
this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or
any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’
liens and other liens that arise by operation of law or as otherwise contemplated by the Basic
Documents) or (iii) permit the lien of this Indenture not to constitute a valid first priority
security interest in the Trust Estate (other than with respect to any such tax, mechanics’ or other
lien).

          SECTION 3.9 Annual Statement as to Compliance. The Issuing Entity shall deliver to the Indenture Trustee, on or before March 15 of each
year, beginning March 15, 2008, an Officer’s Certificate signed by an Authorized Officer, dated as
of December 31 of the prior calendar year, stating that:

          (a) a review of the activities of the Issuing Entity during such fiscal year and of
performance under this Indenture has been made under such Authorized Officer’s supervision; and

          (b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuing
Entity has fulfilled in all material respects all of its obligations under this Indenture
throughout such year, or, if there has been a default in the fulfillment of any such obligation,
specifying each such default known to such Authorized Officer and the nature and status thereof. A
copy of such certificate may be obtained by any Noteholder by a request in writing to the Issuing
Entity addressed to the Corporate Trust Office of the Indenture Trustee.

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          SECTION 3.10 Consolidation, Merger, etc., of Issuing Entity; Disposition of Trust
Assets.

          (a) The Issuing Entity shall not consolidate or merge with or into any other Person, unless:

          (i) the Person (if other than the Issuing Entity) formed by or surviving such
consolidation or merger shall be a Person organized and existing under the laws of the
United States of America, or any State and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory
to the Indenture Trustee, the due and timely payment of the principal of and interest on all
Notes and the performance or observance of every agreement and covenant of this Indenture on
the part of the Issuing Entity to be performed or observed, all as provided herein;

          (ii) immediately after giving effect to such merger or consolidation, no Event of
Default shall have occurred and be continuing;

          (iii) the Rating Agency Condition shall have been satisfied with respect to such
transaction and such Person for each then outstanding series of Notes;

          (iv) any action as is necessary to maintain the lien and security interest created by
this Indenture shall have been taken; and

          (v) the Issuing Entity shall have delivered to the Indenture Trustee an Officers’
Certificate and an Opinion of Counsel addressed to the Issuing Entity, each stating:

          (A) that such consolidation or merger and such supplemental indenture comply
with this Section 3.10;

          (B) that such consolidation or merger and such supplemental indenture shall
have no material adverse tax consequence to the Issuing Entity or any Noteholder or
Certificateholder; and

          (C) that all conditions precedent herein provided for in this Section
3.10 have been complied with, which shall include any filing required by the
Exchange Act.

          (b) Except as otherwise expressly permitted by this Indenture or the other Basic Documents,
the Issuing Entity shall not sell, convey, exchange, transfer or otherwise dispose of any material
portion of the properties and assets included in the Trust Estate to any Person, unless:

          (i) the Person that acquires such properties or assets of the Issuing Entity (A) shall
be a United States citizen or a Person organized and existing under the laws of the United
States of America or any State and (B) by an indenture supplemental

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hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee:

          (1) expressly assumes the due and punctual payment of the principal of
and interest on all Notes and the performance or observance of every
agreement and covenant of this Indenture (and so long as any Specified
Support Arrangement is in effect, such Specified Support Arrangements and
all related documents) on the part of the Issuing Entity to be performed or
observed, all as provided herein;

          (2) expressly agrees that all right, title and interest so sold,
conveyed, exchanged, transferred or otherwise disposed of shall be subject
and subordinate to the rights of Noteholders;

          (3) unless otherwise provided in such supplemental indenture, expressly
agrees to indemnify, defend and hold harmless the Issuing Entity against and
from any loss, liability or expense arising under or related to this
Indenture and the Notes; and

          (4) expressly agrees that such Person (or if a group of Persons, then
one specified Person) shall make all filings with the Commission (and any
other appropriate Person) required by the Exchange Act in connection with
the Notes;

          (ii) immediately after giving effect to such transaction, no Event of Default shall
have occurred and be continuing;

          (iii) the Rating Agency Condition shall have been satisfied with respect to such
transaction and such Person for each then outstanding series of Notes;

          (iv) any action as is necessary to maintain the lien and security interest created by
this Indenture shall have been taken; and

          (v) the Issuing Entity shall have delivered to the Indenture Trustee an Officers’
Certificate and an Opinion of Counsel addressed to the Issuing Entity, each stating that:

          (A) such sale, conveyance, exchange, transfer or disposition and such
supplemental indenture comply with this Section 3.10;

          (B) such sale, conveyance, exchange, transfer or disposition and such
supplemental indenture have no material adverse tax consequence to the Issuing
Entity or to any Noteholders or Certificateholders; and

          (C) that all conditions precedent herein provided for in this Section
3.10 have been complied with, which shall include any filing required by the
Exchange Act.

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          SECTION 3.11 Successor or Transferee.

          (a) Upon any consolidation or merger of the Issuing Entity in accordance with Section
3.10(a), the Person formed by or surviving such consolidation or merger (if other than the
Issuing Entity) shall succeed to, and be substituted for, and may exercise every right and power
of, the Issuing Entity under this Indenture with the same effect as if such Person had been named
as the Issuing Entity herein.

          (b) Upon a conveyance or transfer of all the assets and properties of the Issuing Entity
pursuant to Section 3.10(b), the Issuing Entity shall be released from every covenant and
agreement of this Indenture to be observed or performed on the part of the Issuing Entity with
respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee from
the Person acquiring such assets and properties stating that the Issuing Entity is to be so
released.

          SECTION 3.12 No Other Business. The Issuing Entity shall not engage in any business or activity other than acquiring,
holding and managing the Collateral and the proceeds therefrom in the manner contemplated by the
Basic Documents, issuing the Notes and the Certificates, making payments on the Notes and the
Certificates and such other activities that are necessary, suitable or convenient to accomplish the
foregoing or are incidental thereto, as set forth in Section 2.3 of the Trust Agreement,
including entering into and making payments under any Specified Support Arrangements.

          SECTION 3.13 No Borrowing. The Issuing Entity shall not issue, incur, assume, guarantee or otherwise become liable,
directly or indirectly, for any indebtedness for money borrowed other than indebtedness for money
borrowed in respect of the Notes or in accordance with the Basic Documents.

          SECTION 3.14 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this Indenture or the other Basic Documents, the Issuing Entity
shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an
instrument having the effect of assuring another’s payment or performance on any obligation or
capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or
indirectly, in connection with the obligations, stocks or dividends of, or own, purchase,
repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities
of, or any other interest in, or make any capital contribution to, any other Person.

          SECTION 3.15 Servicer’s Obligations. The Issuing Entity shall use its best efforts to cause the Servicer to comply with its
obligations under Section 3.05 of the Pooling and Servicing Agreement and Sections 4.1,
4.2 and 4.8 of the Trust Sale and Servicing Agreement.

          SECTION 3.16 Capital Expenditures. The Issuing Entity shall not make any expenditure (whether by long-term or operating lease
or otherwise) for capital assets (either real, personal or intangible property) other than the
purchase of the Receivables and other property and rights from the Depositor on the Initial Closing
Date and from time to time thereafter pursuant to the Trust Sale and Servicing Agreement.

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          SECTION 3.17 Removal of Administrator. So long as any Notes are Outstanding, the Issuing Entity shall not remove the Administrator
without cause unless the Rating Agency Condition for each series of Notes then outstanding shall
have been satisfied in connection with such removal.

          SECTION 3.18 Restricted Payments. Except for payments of principal or interest on or redemption of the Notes, so long as any
Notes are Outstanding, the Issuing Entity shall not, directly or indirectly:

          (a) pay any dividend or make any distribution (by reduction of capital or otherwise), whether
in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a
beneficial interest in the Issuing Entity or otherwise, in each case with respect to any ownership
or equity interest or similar security in or of the Issuing Entity or to the Servicer;

          (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity
interest or similar security; or

          (c) set aside or otherwise segregate any amounts for any such purpose;

provided, however, that the Issuing Entity may make, or cause to be made,
distributions to the Servicer, the Depositor, the Indenture Trustee, the Owner Trustee and the
Certificateholders as
permitted by, and to the extent funds are available for such purpose under, the Trust Sale and
Servicing Agreement, the Trust Agreement or the other Basic Documents. The Issuing Entity shall
not, directly or indirectly, make payments to or distributions from the Collection Account or any
other Designated Account except in accordance with the Basic Documents.

          SECTION 3.19 Notice of Events of Default. The Issuing Entity agrees to give the Indenture Trustee and the Rating Agencies written
notice of each Event of Default hereunder, each Servicing Default, any Insolvency Event with
respect to the Depositor, each default on the part of the Depositor or the Servicer of its
respective obligations under the Trust Sale and Servicing Agreement and each default on the part of
GMAC or the Servicer of its respective obligations under the Pooling and Servicing Agreement, in
each case promptly after the discovery thereof by the Issuing Entity.

          SECTION 3.20 Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuing Entity shall execute and deliver such
further instruments and do such further acts as may be reasonably necessary or proper to carry out
more effectively the purpose of this Indenture.

          SECTION 3.21 Trustee’s Assignment of Interests in Certain Receivables. The Indenture Trustee shall assign, without recourse, representation or warranty, to the
Servicer, GMAC or the Depositor, as the case may be, all of the Indenture Trustee’s right, title
and interest in and to any Receivable assigned by the Issuing Entity to the Servicer, GMAC or the
Depositor, as applicable, pursuant to the Pooling and Servicing Agreement or the Trust Sale and
Servicing Agreement (including, without limitation, Section 9.3 thereof) (in each case, to
the extent so assigned and upon the receipt of any related payment, if applicable), such assignment
being an assignment outright and not for security; and the Servicer, GMAC or the Depositor, as

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applicable, shall thereupon own the interest purchased in such Receivable, free of any further
obligation to the Indenture Trustee, the Noteholders or the Certificateholders with respect
thereto. If in any enforcement suit or legal proceeding it is held that the Servicer may not
enforce a Receivable on the ground that it is not a real party in interest or a holder entitled to
enforce such Receivable, the Indenture Trustee shall, at the Servicer’s expense, take such steps as
the Servicer deems necessary to enforce the Receivable, including bringing suit in the Indenture
Trustee’s name or the names of the Noteholders or the Certificateholders.

          SECTION 3.22 Representations and Warranties by the Issuing Entity to the Indenture
Trustee. The Issuing Entity hereby represents and warrants to the Indenture Trustee as follows:

          (a) Good Title. No interest in any Receivable conveyed to the Issuing Entity has been sold,
transferred, assigned or pledged by the Issuing Entity to any Person other than the Indenture
Trustee; immediately prior to the conveyance of such Receivables pursuant to this Indenture, the
Issuing Entity had good and marketable title thereto, free of any Lien; and, upon
execution and delivery of this Indenture by the Issuing Entity, the Indenture Trustee shall
have all of the right, title and interest of the Issuing Entity in, to and under such Receivables,
free of any Lien; and

          (b) All Filings Made. All filings (including, without limitation, UCC filings) necessary in
any jurisdiction to give the Indenture Trustee, upon the acquisition by the Issuing Entity of any
Eligible Receivable, a first priority perfected security interest in such Eligible Receivable have
been made.

          (c) Additional Representations and Warranties. The additional representations and warranties
regarding creation, perfection and priority of security interests in the Eligible Receivables,
which are attached as Appendix A, are true and correct to the extent they are applicable.

ARTICLE IV

SATISFACTION AND DISCHARGE

          SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to:
(i) rights of registration of transfer and exchange; (ii) substitution of mutilated, destroyed,
lost or stolen Notes; (iii) rights of Noteholders to receive payments of principal thereof and
interest thereon; (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10,
3.12, 3.13, 3.19 and 3.21; (v) the rights, obligations and
immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under
Section 6.7 and the obligations of the Indenture Trustee under Sections 4.2 and
4.4); and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property
so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee,
on demand of and at the expense of the Issuing Entity, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to the Notes, if:

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          (a) either:

          (i) all Notes theretofore authenticated and delivered (other than (A) Notes that have
been destroyed, lost or stolen and that have been replaced or paid as provided in
Section 2.5 and (B) Notes for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Issuing Entity and thereafter repaid to the
Issuing Entity or discharged from such trust, as provided in Section 3.3) have been
delivered to the Indenture Trustee for cancellation; or

          (ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation:

          (A) have become due and payable,

          (B) will be due and payable on their respective Stated Final Payment Dates
within one year, or

          (C) are to be called for redemption within one year under arrangements
satisfactory to the Indenture Trustee for the giving of notice of redemption by the
Indenture Trustee in the name, and at the expense, of the Issuing Entity,

and the Issuing Entity, in the case of (A), (B) or (C) of subsection 4.1(a)(ii) above, has
irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or
direct obligations of or obligations guaranteed by the United States of America (which will mature
prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to
pay and discharge the entire unpaid principal and accrued interest on such Notes not theretofore
delivered to the Indenture Trustee for cancellation when due;

          (b) the Issuing Entity has paid or caused to be paid all other sums payable hereunder by the
Issuing Entity; and

          (c) the Issuing Entity has delivered to the Indenture Trustee an Officer’s Certificate of the
Issuing Entity, an Opinion of Counsel and (if required by the TIA or the Indenture Trustee) an
Independent Certificate from a firm of certified public accountants, each meeting the applicable
requirements of Section 11.1(a) and each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have been complied with.

          SECTION 4.2 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to Section 4.1 shall be
held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture
and the applicable provisions of the Trust Sale and Servicing Agreement, including without
limitation Section 4.5 thereof, to the payment, either directly or through any Paying
Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the
payment or redemption of which such monies have been deposited with the Indenture Trustee, of all
sums due and to become due thereon for principal and interest; but such monies need not be
segregated from other funds except to the extent required herein or in the Trust Sale and Servicing
Agreement or by applicable law.

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          SECTION 4.3 Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to each
series of Notes, all monies then held by any Paying Agent other than the Indenture Trustee under
the provisions of this Indenture with respect to all such Notes shall, upon demand of the Issuing
Entity, be paid to the Indenture Trustee to be held and applied according to Section 3.3
and thereupon such Paying Agent shall be released from all further liability with respect to such
monies.

          SECTION 4.4 Duration of Position of Indenture Trustee. Notwithstanding the earlier payment in full of all principal and interest due to all
Noteholders under the terms of the Notes of each series and the cancellation of such Notes pursuant
to Section 3.1, the Indenture Trustee shall continue to act in the capacity as Indenture
Trustee hereunder and, for the benefit of the Certificateholders, shall comply with its
obligations under Sections 6.1(a), 8.2 and 8.3 of the Trust Sale and
Servicing Agreement, as appropriate, until such time as all distributions in respect of Certificate
Balance and interest due to the Certificateholders have been paid in full.

ARTICLE V

DEFAULT AND REMEDIES

          SECTION 5.1 Events of Default. For the purposes of this Indenture, “Event of Default” wherever used herein, means
any one of the following events:

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

          (b) except as set forth in Section 5.1(c), failure to pay any instalment of the
principal of any Note as and when the same becomes due and payable, and such default continues
unremedied for a period of thirty (30) days after there shall have been given, by registered or
certified mail, written notice thereof to the Servicer by the Indenture Trustee or to the Servicer
and the Indenture Trustee by the Holders of not less than 25% of the Outstanding Amount of the
Notes, a written notice specifying such default and demanding that it be remedied and stating that
such notice is a “Notice of Default” hereunder; or

          (c) failure to pay in full the Outstanding Amount attributable to any series of Notes on or
prior to the Stated Final Payment Date for such series; or

          (d) default in the observance or performance in any material respect of any covenant or
agreement of the Issuing Entity made in this Indenture (other than a covenant or agreement, a
default in the observance or performance of which is specifically dealt with elsewhere in this
Section 5.1) which failure materially and adversely affects the rights of the Noteholders,
and such default shall continue or not be cured for a period of 30 days after there shall have been
given, by registered or certified mail, to the Issuing Entity and the Depositor (or the Servicer,
as applicable) by the Indenture Trustee or to the Issuing Entity and the Depositor (or the
Servicer, as applicable) and the Indenture Trustee by the Holders of at least 25% of the
Outstanding Amount of the Notes, a written notice specifying such default and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; or

          (e) the filing of an order for relief by a court having jurisdiction in the premises in
respect of the Issuing Entity or any substantial part of the Trust Estate in an

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

          (f) the commencement by the Issuing Entity of a voluntary case under the Bankruptcy Code; or
the filing of a petition or answer or consent by the Issuing Entity seeking reorganization,
arrangement, adjustment or composition under any other Insolvency Law, or consent to the filing of
any such petition, answer or consent; or the consent by the Issuing Entity to the appointment or
taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of the Issuing Entity or for any substantial part of the Trust Estate, or the making by
the Issuing Entity of an assignment for the benefit of creditors, or the admission in writing of
its inability to pay its debts generally as such debts become due; or

          (g) any other event designated as such in an Officer’s Issuance Certificate.

The Issuing Entity shall deliver to the Indenture Trustee within five Business Days after learning
of the occurrence thereof, written notice in the form of an Officer’s Certificate of any event
which with the giving of notice and the lapse of time would become an Event of Default under
Section 5.1(d), its status and what action the Issuing Entity is taking or proposes to take
with respect thereto.

          SECTION 5.2 Acceleration of Maturity; Rescission and Annulment.

          (a) If an Event of Default should occur and be continuing, then and in every such case, unless
the principal amount of the Notes shall have already become due and payable, either the Indenture
Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of
the Notes may declare all the Notes to be immediately due and payable, by a notice in writing to
the Issuing Entity (and to the Indenture Trustee if given by the Noteholders) setting forth the
Event or Events of Default, and upon any such declaration the unpaid principal amount of such
Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall
become immediately due and payable.

          (b) At any time after such declaration of acceleration of maturity has been made and before a
judgment or decree for payment of the money due has been obtained by the Indenture Trustee as
hereinafter provided in this Article V, the Holders of Notes representing a majority of the
Outstanding Amount of the Notes, by written notice to the Issuing Entity and the Indenture Trustee,
may rescind and annul such declaration and its consequences; provided, however,
that no such rescission and annulment shall extend to or affect any subsequent Event of Default or
impair any right consequent thereto; and provided, further, that if the Indenture
Trustee shall have proceeded to enforce any right under this Indenture and such proceedings

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shall
have been discontinued or abandoned because of such rescission and annulment or for any other
reason, or shall have been determined adversely to the Indenture Trustee, then and in every such
case, the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall be
restored to their respective former positions and rights hereunder, and all rights, remedies and
powers of the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall
continue as though no such proceedings had been commenced.

          SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

          (a) The Issuing Entity covenants that if there shall occur an Event of Default under
Sections 5.1(a), (b) or (c) that has not been waived pursuant to Section 5.12, then
the Issuing Entity shall, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for
the ratable benefit of the parties to receive such amounts pursuant to the terms of this Indenture,
the entire amount then due and payable on the Notes for principal and interest, with interest upon
the overdue principal for each series of Notes, at the rate borne by such Notes and in addition
thereto such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel, with all such amounts applied as described in clause SECOND of
Section 5.4(b).

          (b) If the Issuing Entity shall fail forthwith to pay such amounts upon such demand, the
Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding
for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or
final decree, and may enforce the same against the Issuing Entity or other obligor upon such Notes
and collect in the manner provided by law out of the property of the Issuing Entity or other
obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable.

          (c) If an Event of Default occurs and is continuing, the Indenture Trustee may, as more
particularly provided in Section 5.4, in its discretion, proceed to protect and enforce its
rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee
shall deem most effective to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy or legal or equitable right vested in the
Indenture Trustee by this Indenture or by applicable law.

          (d) If there shall be pending, relative to the Issuing Entity or any other obligor upon the
Notes or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under
any Insolvency Law, or if a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of
the Issuing Entity or its property or such other obligor or Person, or in case of any other
comparable judicial Proceedings relative to the Issuing Entity or other obligor upon the Notes, or
to the creditors or property of the Issuing Entity or such other obligor, the Indenture Trustee,
irrespective of whether the principal of any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Indenture

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Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and
empowered, by intervention in such Proceedings or otherwise:

          (i) to file and prove a claim or claims for the whole amount of principal and interest
owing and unpaid in respect of the Notes and to file such other papers or documents as may
be necessary or advisable in order to have the claims of the
Indenture Trustee (including any claim for reasonable compensation to the Indenture
Trustee and each predecessor trustee, and their respective agents, attorneys and counsel,
and for reimbursement of all expenses and liabilities incurred, and all advances made, by
the Indenture Trustee and each predecessor trustee, except as a result of negligence or bad
faith) and of the Noteholders allowed in such Proceedings;

          (ii) unless prohibited by applicable law and regulations, to vote on behalf of the
Holders of Notes in any election of a trustee, a standby trustee or Person performing
similar functions in any such Proceedings;

          (iii) to collect and receive any monies or other property payable or deliverable on any
such claims and to distribute all amounts received with respect to the claims of the
Noteholders and of the Indenture Trustee on their behalf; and

          (iv) to file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Indenture Trustee or the Holders of Notes
allowed in any judicial proceedings relative to the Issuing Entity, its creditors and its
property;

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding
is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee for
application in accordance with the priorities set forth in the Basic Documents, and, if the
Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to
the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the
Indenture Trustee, each predecessor trustee and their respective agents, attorneys and counsel, and
all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and
each predecessor trustee except as a result of negligence or bad faith.

          (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize
or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person.

          (f) All rights of action and of asserting claims under this Indenture, or under any of the
Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the
production thereof in any trial or other Proceedings relative thereto, and any such Proceedings
instituted by the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses,

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disbursements and compensation of the Indenture Trustee, each predecessor trustee and their respective agents and
attorneys, shall be for the ratable benefit of the Noteholders.

          (g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving
the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a
party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall
not be necessary to make any Noteholder a party to any such Proceedings.

          SECTION 5.4 Remedies; Priorities.

          (a) If an Event of Default shall have occurred and be continuing and the Notes have been
accelerated under Section 5.2(a), the Indenture Trustee may (but shall not be required to)
do one or more of the following (subject to Section 5.5):

          (i) institute Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then due and payable on the Notes or under this Indenture with
respect thereto, whether by declaration of acceleration or otherwise, enforce any judgment
obtained, and collect from the Issuing Entity and any other obligor upon such Notes monies
adjudged due;

          (ii) institute Proceedings from time to time for the complete or partial foreclosure of
this Indenture with respect to the Trust Estate;

          (iii) exercise any remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Indenture Trustee
and the Noteholders; and

          (iv) sell the Trust Estate or any portion thereof or rights or interest therein, at one
or more public or private sales called and conducted in any manner permitted by law or elect
to have the Issuing Entity maintain possession of the Trust Estate, including the
Receivables included therein, and continue to apply Collections on such Receivables as if
there had been no declaration of acceleration;

provided, however, that the Indenture Trustee may not sell or otherwise liquidate
the Trust Estate following an Event of Default and acceleration of the Notes, unless (A) the
Holders of all of the aggregate Outstanding Amount of the Notes and, if GMAC and its affiliates own
less than 100% of the Certificates, the Holders of Certificates representing all of the Voting
Interests consent thereto, (B) the proceeds of such sale or liquidation distributable to the
Securityholders are sufficient to discharge in full the principal of and the accrued interest on
the Notes and the Certificate Balance of and accrued interest on the Certificates, in each case as
of the date of such sale or liquidation or (C) (i) there has been an Event of Default under
Section 5.1(a), (b) or (c) or otherwise arising from a failure to make a required payment
of principal on any Notes, (ii) the Indenture Trustee determines that the Trust Estate will not
continue to provide sufficient funds for the payment of principal of and interest on the Notes as
and when they would have become due if the Notes had not been declared due and payable and (iii)
the Indenture Trustee obtains the consent of Holders of a majority of the aggregate Outstanding
Amount of the Notes. In determining such sufficiency or insufficiency with respect to clauses (B)
and (C), the Indenture

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Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Trust Estate for such purpose.

          (b) If the Indenture Trustee collects any money or property pursuant to this Article
V, it shall pay out the money or property in the following order:

               FIRST: to the Indenture Trustee for amounts due under Section 6.7 and to the
Owner Trustee for amounts due under Section 6.9 of the Trust Agreement and
Section 7.1 of the Trust Sale and Servicing Agreement; and

               SECOND: to the Collection Account for distribution pursuant to Section 4.5 of
the Trust Sale and Servicing Agreement, with such amounts being deemed to be Available Trust
Principal and Available Trust Interest in the same proportion as the outstanding principal
balance of the Notes bears to the accrued and unpaid interest on the Notes (and, if any
series of Notes has Specified Support Arrangements, the amount unpaid under such Specified
Support Arrangement).

          SECTION 5.5 Optional Preservation of the Trust Estate. If the Notes have been declared to be due and payable under Section 5.2 following
an Event of Default and such declaration and its consequences have not been rescinded and annulled,
the Indenture Trustee may, but need not, elect to take and maintain possession of the Trust Estate.
It is the desire of the parties hereto and the Noteholders that there be at all times sufficient
funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall
take such desire into account when determining whether or not to take and maintain possession of
the Trust Estate. In determining whether to take and maintain possession of the Trust Estate, the
Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such proposed action and
as to the sufficiency of the Trust Estate for such purpose.

          SECTION 5.6 Limitation of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial or
otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for
any other remedy hereunder, unless:

          (a) such Holder has previously given written notice to the Indenture Trustee of a continuing
Event of Default;

          (b) the Holders of not less than 25% of the Outstanding Amount of the Notes have made written
request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default
in its own name as Indenture Trustee hereunder;

          (c) such Holder or Holders have offered to the Indenture Trustee reasonable indemnity against
the costs, expenses and liabilities to be incurred in complying with such request;

          (d) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute such Proceedings; and

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          (e) no written direction inconsistent with such written request has been given to the
Indenture Trustee during such 60-day period by the Holders of a majority of the Outstanding Amount
of the Notes; it being understood and intended that no one or more Holders of Notes shall have any
right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to
obtain priority or preference over any other Holders of Notes or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable and common benefit of
all holders of Notes. For the protection and enforcement of the provisions of this Section
5.6, each and every Noteholder shall be entitled to such relief as can be given either at law
or in equity.

          If the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from
two or more groups of Holders of Notes, each representing less than a majority of the Outstanding
Amount of the Notes, the Indenture Trustee in its sole discretion may determine what action, if
any, shall be taken, notwithstanding any other provisions of this Indenture.

          SECTION 5.7 Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holders of Notes shall have the
right to receive payment of the principal of and interest on such Notes, as allocated to it under
the Trust Sale and Servicing Agreement and applicable Officer’s Issuance Certificate, on or after
the respective due dates thereof expressed in such Notes or in this Indenture (or, in the case of
redemption, if applicable, on or after the Redemption Date) and to institute suit for the
enforcement of any such payment, and such right shall not be impaired without the consent of such
Holders.

          SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any
right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any
reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in
every such case the Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any
determination in such Proceeding, be restored severally and to their respective former positions
hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders
shall continue as though no such Proceeding had been instituted.

          SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the
Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.

          SECTION 5.10 Delay or Omission Not a Waiver. No delay
or omission of the Indenture Trustee or any Holder of any Note to exercise any
right or remedy accruing upon any Default or Event of Default shall impair any such
right or remedy or constitute a waiver of any such Default or Event of
Default or an acquiescence therein. Every right and remedy given by

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this Article V or by law to the Indenture Trustee or to the
Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the
Indenture Trustee or by the Noteholders, as the case may be.

          SECTION 5.11 Control by Noteholders. The Holders of a majority of the Outstanding Amount of the Notes shall, subject to
provision being made for indemnification against costs, expenses and liabilities in a form
satisfactory to the Indenture Trustee, have the right to direct the time, method and place of
conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the
Notes or exercising any trust or power conferred on the Indenture Trustee; provided, however, that:

          (a) such direction shall not be in conflict with any rule of law or with this Indenture;

          (b) subject to the express terms of Section 5.4, any direction to the Indenture
Trustee to sell or liquidate the Trust Estate shall be by the Holders of Notes representing not
less than 100% of the Outstanding Amount of the Notes;

          (c) if the conditions set forth in Section 5.5 have been satisfied and the Indenture
Trustee elects to retain the Trust Estate pursuant to Section 5.5, then any direction to
the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Amount of
the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and

          (d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee
that is not inconsistent with such direction;

provided, however, that, subject to Section 6.1, the Indenture Trustee need
not take any action that it determines might cause it to incur any liability (y) with respect to
which the Indenture Trustee shall have reasonable grounds to believe that adequate indemnity
against such liability is not assured to it and (z) which might materially adversely affect the
rights of any Noteholders not consenting to such action.

          SECTION 5.12 Waiver of Past Defaults.

          (a) Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of not less than a majority of the Outstanding Amount of the Notes
may waive any past Default or Event of Default and its consequences except a Default (i) in the
payment of principal of or interest on any of the Notes or (ii) in respect of a covenant or
provision hereof that cannot be modified or amended without the consent of the Holder of each such
Note. In the case of any such waiver, the Issuing Entity, the Indenture Trustee and the
Noteholders shall be restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other Default or impair any right consequent
thereto.

          (b) Upon any such waiver, such Default shall cease to exist and be deemed to have been cured
and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been
cured and not to have occurred, for every purpose of this Indenture; but no

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such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent
thereto.

          SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by such Holder’s
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in
any Proceeding for the enforcement of any right or remedy under this Indenture, or in any
Proceeding against the Indenture Trustee for any action taken, suffered or omitted by it as
Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay the costs of
such Proceeding, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in such Proceeding, having due
regard to the merits and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 5.13 shall not apply to:

          (a) any Proceeding instituted by the Indenture Trustee;

          (b) any Proceeding instituted by any Noteholder, or group of Noteholders, in each case holding
in the aggregate more than 10% of the Outstanding Amount of the Notes; or

          (c) any Proceeding instituted by any Noteholder for the enforcement of the payment of
principal of or interest on any Note on or after the respective due dates expressed in such Note
and in this Indenture (or, in the case of redemption, on or after the Redemption Date).

          SECTION 5.14 Waiver of Stay or Extension Laws. The Issuing Entity covenants (to the extent that it may lawfully do so) that it shall not
at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture. The Issuing Entity (to the
extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it shall not hinder, delay or impede the execution of any power herein
granted to the Indenture Trustee, but shall suffer and permit the execution of every such power as
though no such law had been enacted.

          SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this
Indenture shall not be affected by the seeking, obtaining or application of any other relief under
or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by
the Indenture Trustee against the Issuing Entity or by the levy of any execution
under such judgment upon any portion of the Trust Estate or upon any of the assets of the
Issuing Entity. Any money or property collected by the Indenture Trustee shall be applied in
accordance with Section 5.4(b) hereof.

          SECTION 5.16 Performance and Enforcement of Certain Obligations.

          (a) Promptly following a request from the Indenture Trustee to do so and at the
Administrator’s expense, the Issuing Entity agrees to take all such lawful action as the Indenture
Trustee may request to compel or secure the performance and observance by the Depositor and the
Servicer of their respective obligations to the Issuing Entity under or in connection with the
Trust Sale and Servicing Agreement and the Pooling and Servicing

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Agreement or by GMAC of its obligations under or in connection with the Pooling and Servicing Agreement in
accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available
to the Issuing Entity under or in connection with the Trust Sale and Servicing Agreement
and the Pooling and Servicing Agreement to the extent and in the manner directed by the Indenture
Trustee, including the transmission of notices of default on the part of the Depositor or the
Servicer thereunder and the institution of legal or administrative actions or proceedings to compel
or secure performance by the Depositor or the Servicer of each of their obligations under the Trust
Sale and Servicing Agreement and the Pooling and Servicing Agreement.

          (b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at
the direction (which direction shall be in writing or by telephone (confirmed in writing promptly
thereafter)) of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall, exercise all
rights, remedies, powers, privileges and claims of the Issuing Entity against the Depositor or the
Servicer under or in connection with the Trust Sale and Servicing Agreement and the Pooling and
Servicing Agreement, including the right or power to take any action to compel or secure
performance or observance by the Depositor or the Servicer of each of their obligations to the
Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension
or waiver under the Trust Sale and Servicing Agreement, and any right of the Issuing Entity to take
such action shall be suspended.

          (c) Promptly following a request from the Indenture Trustee to do so and at the
Administrator’s expense, the Issuing Entity agrees to take all such lawful action as the Indenture
Trustee may request to compel or secure the performance and observance by GMAC and the Servicer of
each of their obligations to the Depositor under or in connection with the Pooling and Servicing
Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuing Entity under or in connection with the
Pooling and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee,
including the transmission of notices of default on the part of the Depositor thereunder and the
institution of legal or administrative actions or proceedings to compel or secure performance by
GMAC and the Servicer of each of their obligations under the Pooling and Servicing Agreement.

          (d) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at
the direction (which direction shall be in writing or by telephone (confirmed in writing promptly
thereafter)) of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall, exercise all
rights, remedies, powers, privileges and claims of the Depositor against GMAC and the Servicer
under or in connection with the Pooling and Servicing Agreement, including the right or power to
take any action to compel or secure performance or observance by GMAC and the Servicer of each of
their obligations to the Depositor thereunder and to give any consent, request, notice, direction,
approval, extension or waiver under the Pooling and Servicing Agreement, and any right of the
Depositor to take such action shall be suspended.

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ARTICLE VI

THE INDENTURE TRUSTEE

          SECTION 6.1 Duties of Indenture Trustee.

          (a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall
exercise the rights and powers vested in it by this Indenture and use the same degree of care and
skill in their exercise as a prudent person would exercise or use under the circumstances in the
conduct of such person’s own affairs, including without limitation, continuing to hold the Trust
Estate and receive collections on the Receivables included therein and provided in the Trust Sale
and Servicing Agreement.

          (b) Except during the continuance of an Event of Default:

          (i) the Indenture Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and the Trust Sale and Servicing Agreement and no
implied covenants or obligations shall be read into this Indenture or the Trust Sale and
Servicing Agreement against the Indenture Trustee; and

          (ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to
the requirements of this Indenture; provided, however, that the Indenture Trustee shall
examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of any
mathematical calculations or other facts stated therein).

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

          (i) this Section 6.1(c) does not limit the effect of Section 6.1(b);

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

          (iii) the Indenture 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 5.11.

          (d) The Indenture Trustee shall not be liable for interest on any money received by it except
as the Indenture Trustee may agree in writing with the Issuing Entity.

          (e) Money held in trust by the Indenture Trustee need not be segregated from other funds
except to the extent required by law or the terms of this Indenture or the Trust Sale and Servicing
Agreement or the Trust Agreement.

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          (f) No provision of this Indenture shall require the Indenture Trustee to expend or risk its
own funds or otherwise incur financial liability in the performance of any of its duties hereunder
or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe
that repayments of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.

          (g) Every provision of this Indenture relating to the Indenture Trustee shall be subject to
the provisions of this Section 6.1 and to the provisions of the TIA.

          SECTION 6.2 Rights of Indenture Trustee.

          (a) The Indenture Trustee may conclusively rely on any document believed by it to be genuine
and to have been signed or presented by the proper Person. The Indenture Trustee need not
investigate any fact or matter stated in the document.

          (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s
Certificate from the Issuing Entity or an Opinion of Counsel that such action or omission is
required or permitted hereunder. The Indenture Trustee shall not be liable for any action it takes
or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel.

          (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys or a custodian or nominee,
and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of,
or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care
by it hereunder.

          (d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers; provided, however, that
the Indenture Trustee’s conduct does not constitute wilful misconduct, negligence or bad faith.

          (e) The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with
respect to legal matters relating to this Indenture and the Notes shall be full and complete
authorization and protection from liability in respect to any action taken, omitted or suffered by
it hereunder in good faith and in accordance with the advice or opinion of such counsel.

          (f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders pursuant to this
Indenture, unless such Holders shall have offered to the Indenture Trustee security or indemnity
satisfactory to the Indenture Trustee against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction.

          (g) The Indenture Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request direction, consent, order, bond, debenture, note, other evidence of
indebtedness or

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other paper or document, but the Indenture Trustee, in its direction, may make such
further inquiry or investigation into such facts or matters as it may see fit.

          (h) The Indenture Trustee shall not be deemed to have notice of any Default or Event of
Default unless a Responsible Officer of the Indenture Trustee has actual knowledge thereof or
unless written notice of any event which is in fact such a default is received by the Indenture
Trustee at the Corporate Trust Office of the Indenture Trustee, and such notice references the
Securities and this Indenture.

          (i) The rights, privileges, protections, immunities and benefits given to the Indenture
Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Indenture Trustee in each of its capacities hereunder.

          SECTION 6.3 Indenture Trustee May Own Notes. The Indenture Trustee in its individual or any other capacity may become the owner or
pledgee of Notes and may otherwise deal with the Issuing Entity, the Servicer or any of their
respective Affiliates with the same rights it would have if it were not Indenture Trustee;
provided, however, that the Indenture Trustee shall comply with Sections 6.10
and 6.11. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same
with like rights.

          SECTION 6.4 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuing
Entity’s use of the proceeds from the Notes, and it shall not be responsible for any statement of
the Issuing Entity in the Indenture or in any document issued in connection with the sale of the
Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

          SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing and if it is known to a Responsible Officer of the
Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice of the Default within
90 days after it occurs. Except in the case of a Default in payment of principal of or interest on
any Note, the Indenture Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in the interests of
Noteholders.

          SECTION 6.6 Reports by Indenture Trustee to Holders.
(a) . The Indenture Trustee shall deliver to each Noteholder the information and documents
set forth in Article VII, and, in addition, all such information with respect to the Notes
as may be required by the terms of the Trust Sale and Servicing Agreement to be provided to Holders
by the Indenture Trustee to enable such Holder to prepare its federal and state income tax returns.

          SECTION 6.7 Compensation; Indemnity.

          (a) The Issuing Entity shall cause the Servicer pursuant to Section 3.03 of the
Pooling and Servicing Agreement to pay to the Indenture Trustee from time to time such compensation
for its services as shall be agreed upon in writing. The Indenture Trustee’s compensation shall
not be limited by any law on compensation of a trustee of an express trust. The Issuing Entity
shall cause the Servicer pursuant to Section 3.03 of the Pooling and Servicing Agreement to
reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred

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or made by it, including costs of collection, in addition to the compensation for its services. Such expenses
shall include the reasonable compensation and expenses, disbursements and advances of the Indenture
Trustee’s agents, counsel, accountants and experts. The Issuing Entity shall cause the Servicer
pursuant to the Trust Sale and Servicing Agreement to indemnify the Indenture Trustee in accordance
with Section 7.1 of the Trust Sale and Servicing Agreement.

          (b) The Issuing Entity’s obligation to cause the Servicer to honor the Issuing Entity’s
obligations to the Indenture Trustee specified in Section 6.7(a) shall survive the
discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a
Default specified in Section 5.1(e) or (f) with respect to the Issuing Entity, if the
Servicer has failed to honor such obligation the expenses are intended to constitute expenses of
administration under any Insolvency Law.

          SECTION 6.8 Replacement of Indenture Trustee.

          (a) The Indenture Trustee may at any time give notice of its intent to resign by so notifying
the Issuing Entity; provided, however, that no such resignation shall become
effective and the Indenture Trustee shall not resign prior to the time set forth in Section
6.8(c). The Holders of a majority in Outstanding Amount of the Notes may remove the Indenture
Trustee by so notifying the Indenture Trustee and may appoint a successor Indenture Trustee. Such
resignation or removal shall become effective in accordance with Section 6.8(c). The
Issuing Entity shall remove the Indenture Trustee if:

          (i) the Indenture Trustee fails to comply with Section 6.11;

          (ii) the Indenture Trustee is adjudged bankrupt or insolvent;

          (iii) a receiver or other public officer takes charge of the Indenture Trustee or its
property; or

          (iv) the Indenture Trustee otherwise becomes incapable of acting.

          (b) If the Indenture Trustee gives notice of its intent to resign or is removed or if a
vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the retiring Indenture Trustee), the Issuing Entity shall
promptly appoint and designate a successor Indenture Trustee.

          (c) A successor Indenture Trustee shall deliver a written acceptance of its appointment and
designation to the retiring Indenture Trustee and to the Issuing Entity. Thereupon the resignation
or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture
Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture.
The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The
retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to
the successor Indenture Trustee.

          (d) If a successor Indenture Trustee does not take office within 60 days after the retiring
Indenture Trustee gives notice of its intent to resign or is removed, the retiring Indenture
Trustee, the Issuing Entity or the Holders of a majority of the Outstanding Amount of

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the Notes may petition any court of competent jurisdiction for the appointment and designation of a successor
Indenture Trustee.

          (e) If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may
petition any court of competent jurisdiction for the removal of the Indenture Trustee and the
appointment of a successor Indenture Trustee.

          (f) Notwithstanding the replacement of the Indenture Trustee pursuant to this Section
6.8, the Issuing Entity’s obligations under Section 6.7 and the Servicer’s
corresponding obligations under the Trust Sale and Servicing Agreement shall continue for the
benefit of the retiring Indenture Trustee.

          SECTION 6.9 Merger or Consolidation of Indenture Trustee.

          (a) Any corporation into which the Indenture Trustee may be merged or with which it may be
consolidated, or any corporation resulting from any merger or consolidation to which the Indenture
Trustee shall be a party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Indenture Trustee, shall be the successor of the Indenture Trustee
under this Indenture; provided, however, that such corporation shall be eligible
under the provisions of Section 6.11, without the execution or filing of any instrument or
any further act on the part of any of the parties to this Indenture, anything in this Indenture to
the contrary notwithstanding.

          (b) If at the time such successor or successors by merger or consolidation to the Indenture
Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been
authenticated but not delivered, any such successor to the Indenture Trustee may adopt the
certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated;
and in case at that time any of the Notes shall not have been authenticated, any successor to the
Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee. In all such cases such certificate of
authentication shall have the same full force as is provided anywhere in the Notes or herein with
respect to the certificate of authentication of the Indenture Trustee.

          SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee.

          (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of
meeting any legal requirement of any jurisdiction in which any part of the Issuing Entity or any
Dealer may at the time be located, the Indenture Trustee shall have the power and may execute and
deliver all instruments to appoint one or more Persons approved by the Indenture Trustee to act as
a co-trustee or co-trustees, jointly with the Indenture Trustee, or separate trustee or separate
trustees, of all or any part of the Issuing Entity, and to vest in such Person or Persons, in such
capacity and for the benefit of the Noteholders and (only to the extent expressly provided herein)
the Certificateholders, such title to the Issuing Entity, or any part hereof, and, subject to the
other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts
as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor trustee

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under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate
trustee shall be required under Section 6.8.

          (b) Every 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 Indenture
Trustee shall be conferred or imposed upon and exercised or performed by the Indenture
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 Indenture
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 Indenture 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 Issuing Entity 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 Indenture Trustee;

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

          (iii) the Indenture Trustee may at any time accept the resignation of or remove any
separate trustee or co-trustee.

          (c) Any notice, request or other writing given to the Indenture 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 Indenture and the conditions of this Article VI. 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 Indenture Trustee or
separately, as may be provided therein, subject to all the provisions of this Indenture,
specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or
affording protection to, the Indenture Trustee. Every such instrument shall be filed with the
Indenture Trustee.

          (d) Any separate trustee or co-trustee may at any time appoint the Indenture 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 Indenture 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
Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor
trustee.

          SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a) and
Section 26(a) of the Investment Company Act. The Indenture Trustee shall have a combined
capital and surplus, and an aggregate capital, surplus and undivided profits, of at least
$50,000,000 as set forth in its most recent published

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annual report of condition and (unless waived
by Moody’s) it shall have a long term unsecured debt rating of Baa3 or better by Moody’s. The
Indenture Trustee shall comply with TIA § 310(b); provided, however, that there shall be excluded
from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of
the Issuing Entity are outstanding if the requirements for such exclusion set forth in TIA §
310(b)(1) are met.

          SECTION 6.12 Preferential Collection of Claims Against Issuing Entity. The Indenture Trustee shall comply with TIA § 311(a), excluding any creditor relationship
listed in TIA § 311(b). A trustee who has resigned or been removed shall be subject to TIA §
311(a) to the extent indicated.

          SECTION 6.13 Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and warrants as of the Closing Date that:

          (a) the Indenture Trustee is a New York banking corporation and the eligibility requirements
set forth in Section 6.11 are satisfied with respect to the Indenture Trustee;

          (b) the Indenture Trustee has full power, authority and legal right to execute, deliver and
perform this Indenture, and has taken all necessary action to authorize the execution, delivery and
performance by it of this Indenture;

          (c) the execution, delivery and performance by the Indenture Trustee of this Indenture (i)
shall not violate any provision of any law or regulation governing the banking and trust powers of
the Indenture Trustee or any order, writ, judgment or decree of any court, arbitrator, or
Governmental Authority applicable to the Indenture Trustee or any of its assets, (ii) shall not
violate any provision of the corporate charter or by-laws of the Indenture 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 Estate 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 Indenture Trustee’s performance or ability to perform
its duties under this Indenture or on the transactions contemplated in this Indenture;

          (d) the execution, delivery and performance by the Indenture Trustee of this Indenture 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 or
agency regulating the banking and corporate trust activities of the Indenture Trustee; and

          (e) this Indenture has been duly executed and delivered by the Indenture Trustee and
constitutes the legal, valid and binding agreement of the Indenture Trustee, enforceable in
accordance with its terms.

          SECTION 6.14 Indenture Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture or the Notes may be prosecuted and
enforced by the Indenture Trustee without the possession of any of the Notes or the production
thereof in any proceeding relating thereto, and any such proceeding instituted by the Indenture

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Trustee shall be brought in its own name as Indenture Trustee. Any recovery of judgment shall,
after provision for the payment of the reasonable compensation, expenses, disbursements and
advances of the Indenture Trustee, its agents and counsel, be for the ratable benefit of the
Noteholders and (only to the extent expressly provided herein) the Certificateholders in respect of
which such judgment has been obtained.

          SECTION 6.15 Suit for Enforcement. If an Event of Default shall occur and be continuing, the Indenture Trustee, in its
discretion may, subject to the provisions of Section 6.1, proceed to protect and enforce
its rights and the rights of the Noteholders under this Indenture by a Proceeding whether for the
specific performance of any covenant or agreement contained in this Indenture or in aid of the
execution of any power granted in this Indenture or for the enforcement of any other legal,
equitable or other remedy as the Indenture Trustee, being advised by counsel, shall deem necessary
to protect and enforce any of the rights of the Indenture Trustee or the Noteholders.

          SECTION 6.16 Rights of Noteholders to Direct Indenture Trustee. Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes
shall have the right to direct in writing the time, method and place of conducting any Proceeding
for any remedy available to the Indenture Trustee or exercising any trust or power conferred on the
Indenture Trustee; provided, however, that subject to Section 6.1, the
Indenture Trustee shall have the right to decline to follow any such direction if the Indenture
Trustee, being advised by counsel, determines that the action so directed may not lawfully be
taken, or if the Indenture Trustee in good faith shall, by a Responsible Officer, determine that
the proceedings so directed would be illegal or subject it to personal liability or be unduly
prejudicial to the rights of Noteholders not parties to such direction; and provided, further, that
nothing in this Indenture shall impair the right of the Indenture Trustee to take any action deemed
proper by the Indenture Trustee and which is not inconsistent with such direction by the
Noteholders.

ARTICLE VII

NOTEHOLDERS’ LISTS AND REPORTS

          SECTION 7.1 Issuing Entity To Furnish Indenture Trustee Names and Addresses of
Noteholders. The Issuing Entity shall furnish or cause to be furnished by the Servicer to the Indenture
Trustee (a) not more than five days before each date on which payments are to be made, a list, in
such form as the Indenture Trustee may reasonably require, of the names and addresses of the
Holders of Notes as of the close of business on the related Record Date, and (b) at such other
times as the Indenture Trustee may request in writing, within 14 days after receipt by the Issuing
Entity of any such request, a list of similar form and content as of a date not more than 10 days
prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee
is the Note Registrar, no such list shall be required to be furnished.

          SECTION 7.2 Preservation of Information, Communications to Noteholders.

          (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable,
the names and addresses of the Holders of Notes contained in the most recent list furnished to the
Indenture Trustee as provided in Section 7.1 and the names and addresses of Holders of
Notes received by the Indenture Trustee in its capacity as Note Registrar. The

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Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new
list so furnished.

          (b) Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect
to their rights under this Indenture or under the Notes.

          (c) The Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection
of TIA § 312(c).

          SECTION 7.3 Reports by Issuing Entity.

          (a) The Issuing Entity shall:

          (i) file with the Indenture Trustee, within 15 days after the Issuing Entity is
required to file the same with the Commission or any applicable state agencies, copies of
the annual reports and of the information, documents and other reports (or copies of such
portions of any of the foregoing as the Commission may from time to time by rules and
regulations prescribe) which the Issuing Entity may be required to file with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act or any applicable
state agencies pursuant to comparable regulation;

          (ii) file with the Indenture Trustee and the Commission or any applicable state
agencies in accordance with rules and regulations prescribed from time to time by the
Commission or any applicable state agencies such additional information, documents and
reports with respect to compliance by the Issuing Entity with the conditions and covenants
of this Indenture as may be required from time to time by such rules and regulations; and

          (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail
to all Noteholders described in TIA § 313(c)) such summaries of any information, documents
and reports required to be filed by the Issuing Entity pursuant to clauses (i) and (ii) of
this Section 7.3(a) as may be required by rules and regulations prescribed from time
to time by the Commission or any applicable state agencies.

          (b) Unless the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity
shall end on December 31 of such year.

          SECTION 7.4 Reports by Indenture Trustee.

     (a) If required by TIA § 313(a), within 60 days after each August 15, beginning with
August 15, 2007, the Indenture Trustee shall mail to each Noteholder as required by TIA §
313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture
Trustee also shall comply with TIA § 313(b). A copy of any report delivered pursuant to
this Section 7.4(a) shall, at the time of its mailing to Noteholders, be filed by
the Indenture Trustee with the Commission and each stock exchange, if any, on which the
Notes are listed. The Issuing Entity shall notify the Indenture Trustee if and when the
Notes are listed on any stock exchange.

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     (b) On each Payment Date, the Indenture Trustee shall include with each payment to each
Noteholder a copy of the statement for the Collection Period or Periods applicable to such
Payment Date as required pursuant to Section 4.8 of the Trust Sale and Servicing
Agreement.

ARTICLE VIII

ACCOUNTS, DISBURSEMENTS AND RELEASES

          SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or
delivery of, and shall receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or receivable by the
Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money
received by it as provided in this Indenture, the Pooling and Servicing Agreement and the Trust
Sale and Servicing Agreement. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any
agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such
action as may be appropriate to enforce such payment or performance, including the institution and
prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to
claim an Event of Default under this Indenture and any right to proceed thereafter as provided in
Article V.

          SECTION 8.2 Designated Accounts.

          (a) On or prior to the Closing Date, the Issuing Entity shall cause the Servicer to establish
and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders and the
Certificateholders, the Designated Accounts as provided in Articles IV and VI of the Trust
Sale and Servicing Agreement (or with respect to any Designated Account for any series of Notes
issued after the Closing Date, on or prior to the closing date with respect to such series of
Notes).

          (b) Notwithstanding anything to the contrary herein, all investment earnings on funds on
deposit in the applicable Term Note Distribution Account and the Revolver Distribution Account, net
of losses and investment expenses, shall constitute Investment Proceeds and be applied as described
in the Trust Sale and Servicing Agreement.

          SECTION 8.3 General Provisions Regarding Designated Accounts.

          (a) Subject to Section 6.1(c), the Indenture Trustee shall not in any way be held
liable by reason of any insufficiency in any of the Designated Accounts resulting from any loss on
any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s
failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its
commercial capacity as principal obligor and not as trustee, in accordance with their terms.

          (b) If (i) the Servicer shall have failed to give investment directions for any funds on
deposit in the Designated Accounts to the Indenture Trustee by 11:00 a.m., New York City time (or
such other time as may be agreed by the Servicer and the Indenture Trustee) on any Business Day or
(ii) an Event of Default shall have occurred and be continuing with respect to a series of Notes
but the Notes shall not have been declared due and payable

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pursuant to Section 5.2, or, if such series of Notes shall have been declared due and payable following an Event of Default, but
amounts collected or receivable from the Trust Estate are being applied in accordance with
Section 5.5 as if there had not been such a declaration, then the Indenture Trustee shall,
to the fullest extent practicable, invest and reinvest funds in the Designated Accounts in one or
more Eligible Investments selected by the Indenture Trustee.

          SECTION 8.4 Release of Trust Estate.

          (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the
Indenture Trustee may, and when required by the provisions of this Indenture shall, execute
instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s
interest in the same, in a manner and under circumstances that are consistent with the provisions
of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as
provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s
authority, inquire into the satisfaction of any conditions precedent or see to the application of
any monies.

          (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums
due to the Indenture Trustee pursuant to Section 6.7 have been paid, notify the Issuing
Entity thereof in writing and upon receipt of an Issuing Entity Request, release any remaining
portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to
the Issuing Entity or any other Person entitled thereto any funds then on deposit in the applicable
Term Note Distribution Account and the Revolver Distribution Account. The Indenture Trustee shall
(i) release any remaining portion of the Trust Estate that secured the Certificates from the lien
of this Indenture and (ii) release to the Issuing Entity or any other Person entitled thereto any
funds then on deposit in the Reserve Fund or the Collection Account only at such time as (x) there
are no Notes Outstanding, (y) all payments in respect of the Certificate Balance and interest due
to the Certificateholders have been paid in full and (z) all sums due to the Indenture Trustee
pursuant to Section 6.7 have been paid.

          SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven days’ notice when requested by the
Issuing Entity to take any action pursuant to Section 8.4(a), accompanied by copies of any
instruments involved, and the Indenture Trustee shall also require as a condition to such action,
an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the
legal effect of any such action, outlining the steps required to complete the same, and concluding
that all conditions precedent to the taking of such action have been complied with and such action
shall not materially and adversely impair the security for the Notes or the rights of the
Noteholders in contravention of the provisions of this Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust
Estate. Counsel rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee
pursuant to the provisions of this Indenture in connection with any such action.

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ARTICLE IX

SUPPLEMENTAL INDENTURES

          SECTION 9.1 Supplemental Indentures Without Consent of Noteholders.

          (a) Without the consent of the Holders of any Notes but with prior notice to the Rating
Agencies, the Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order,
at any time and from time to time, may enter into one or more indentures supplemental hereto (which
shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any
of the following purposes:

          (i) to correct or amplify the description of any property at any time subject to the
lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee
any property subject or required to be subjected to the lien of this Indenture, or to
subject additional property to the lien of this Indenture;

          (ii) to evidence the succession, in compliance with Section 3.10 and the
applicable provisions hereof, of another Person to the Issuing Entity, and the assumption by
any such successor of the covenants of the Issuing Entity contained herein and in the Notes;

          (iii) to add to the covenants of the Issuing Entity for the benefit of the Noteholders;

          (iv) to convey, transfer, assign, mortgage or pledge any property to or with the
Indenture Trustee;

          (v) to cure any ambiguity or to correct or supplement any provision herein or in any
supplemental indenture which may be inconsistent with any other provision herein or in any
supplemental indenture;

          (vi) to evidence and provide for the acceptance of the appointment hereunder by a
successor trustee with respect to the Notes and the Indenture and to add to or change any of
the provisions of this Indenture as shall be necessary to facilitate the administration of
the trusts hereunder by more than one trustee, pursuant to the requirements of Article
VI;

          (vii) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the TIA or under any
similar federal statute hereafter enacted and to add to this Indenture such other provisions
as may be expressly required by the TIA, and the Indenture Trustee is hereby authorized to
join in the execution of any such supplemental indenture and to make any further appropriate
agreements and stipulations that may be therein contained;

          (viii) to increase or decrease the Specified Maximum Revolver Balance with respect to
the Revolving Notes, subject to the satisfaction of the Rating Agency

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Condition, in the case of an increase, and the other conditions set forth in the Trust Sale and Servicing
Agreement; or

          (ix) to add provisions to or delete or modify the existing provisions of this Indenture
as appropriate to allow the Trust to issue foreign currency-denominated Notes, including
without limitation adding provisions granting rights under this Indenture to counterparties
of the currency swaps that may be entered into in connection with the issuance of such
foreign currency-denominated Notes.

          (b) The Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order,
may, also without the consent of any of the Noteholders but with prior notice to the Rating
Agencies, at any time and from time to time enter into one or more indentures supplemental hereto
for the purpose of adding any provisions to, changing in any manner, or eliminating any of the
provisions of, this Indenture or modifying in any manner the rights of the Noteholders under this
Indenture; provided, however, that such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder.

          SECTION 9.2 Supplemental Indentures With Consent of Noteholders.

          (a) The Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order,
also may, with prior notice to the Rating Agencies and with the consent of the Holders of not less
than a majority of the Outstanding Amount of the Notes (excluding any classes or series of Notes,
the holders of which shall not be, as evidenced by an Opinion of Counsel, adversely affected in any
material respect by such action), by Act of such Holders delivered to the Issuing Entity and the
Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to, changing in any manner, or eliminating any of the provisions of, this
Indenture or modifying in any manner the rights of the Noteholders under this Indenture;
provided, however, that no such supplemental indenture shall, without the consent
of the Holder of each Outstanding Note affected thereby:

          (i) change the due date of any instalment of principal of or interest on any Note, or
reduce the principal amount thereof, the interest rate applicable thereto, or the Redemption
Price with respect thereto, change any place of payment where, or the coin or currency in
which, any Note or any interest thereon is payable, or impair the right to institute suit
for the enforcement of the provisions of this Indenture requiring the application of funds
available therefor, as provided in Article V, to the payment of any such amount due
on the Notes on or after the respective due dates thereof (or, in the case of redemption, on
or after the Redemption Date);

          (ii) reduce the percentage of the Outstanding Amount of the Notes, the consent of the
Holders of which is required for any such supplemental indenture, or the consent of the
Holders of which is required for any waiver of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences as provided for in this
Indenture;

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          (iii) modify or alter the provisions of the proviso to the definition of the term
“Outstanding”;

          (iv) reduce the percentage of the Outstanding Amount of the Notes required to direct
the Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 5.4
if the proceeds of such sale would be insufficient to pay the principal amount of and
accrued but unpaid interest on the Outstanding Notes;

          (v) modify any provision of this Section 9.2 to decrease the required minimum
percentage necessary to approve any amendments to any provisions of this Indenture;

          (vi) modify any of the provisions of this Indenture in such manner as to affect the
calculation of the amount of any payment of interest or principal due on any Note on any
Payment Date (including the calculation of any of the individual components of such
calculation) (it being understood that the issuance of any Notes and the specification of
the terms and provisions thereof pursuant to an Officer’s Issuance Certificate shall not be
deemed to have such effect for purposes hereof), or modify or alter the provisions of the
Indenture regarding the voting of Notes held by the Issuing Entity, the Depositor or any
Affiliate of either of them; or

          (vii) permit the creation of any Lien ranking prior to or on a parity with the lien of
this Indenture with respect to any part of the Trust Estate or, except as otherwise
permitted or contemplated herein, terminate the lien of this Indenture on any property at
any time subject hereto or deprive the Holder of any Note of the security afforded by the
lien of this Indenture.

          (b) The Indenture Trustee may in its discretion determine whether or not any Notes would be
affected (such that the consent of each Noteholder would be required) by any supplemental indenture
proposed pursuant to this Section 9.2 and any such determination shall be conclusive and
binding upon the Holders of all Notes, whether authenticated and delivered thereunder before or
after the date upon which such supplemental indenture becomes effective. The Indenture Trustee
shall not be liable for any such determination made in good faith.

          (c) It shall be sufficient if an Act of Noteholders approves the substance, but not the form,
of any proposed supplemental indenture.

          (d) Promptly after the execution by the Issuing Entity and the Indenture Trustee of any
supplemental indenture pursuant to this Section 9.2, the Indenture Trustee shall mail to
the Noteholders to which such amendment or supplemental indenture relates a notice setting forth in
general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee
to mail such notice, or any defect therein, shall not, however, in any way impair or affect the
validity of any such supplemental indenture.

          SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by any supplemental indenture
permitted by this Article IX or the modifications thereby of the trusts created by this
Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.1 and
6.2, shall be fully protected in

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relying upon, an Opinion of Counsel stating that the execution
of such supplemental indenture is authorized or permitted by this Indenture and that all conditions
precedent to the execution of any such amendment have been satisfied. The Indenture Trustee may,
but shall not be obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or
otherwise.

          SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to
the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties,
liabilities and immunities under this Indenture of the Indenture Trustee, the Issuing Entity and
the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.

          SECTION 9.5 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to
this Article IX shall conform to the requirements of the TIA as then in effect so long as this
Indenture shall then be qualified under the TIA.

          SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a
notation in form approved by the Indenture Trustee as to any matter provided for in such
supplemental indenture. If the Issuing Entity or the Indenture Trustee shall so determine, new
Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to
any such supplemental indenture may be prepared and executed by the Issuing Entity and
authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes of the same
series.

ARTICLE X

REDEMPTION OF TERM NOTES

          SECTION 10.1 Redemption. A series of Term Notes shall be subject to redemption if and to the extent provided in the
related Officer’s Issuance Certificate. The purchase price for any Term Notes shall be equal to
the applicable Redemption Price set forth in the related Officer’s Issuance Certificate, provided
the Issuing Entity has available funds sufficient to pay such amount. The Issuing Entity shall
furnish the Rating Agencies notice of any such redemption. If any Term Notes are to be redeemed
pursuant to this Section 10.1, the Issuing Entity shall furnish notice thereof to the
Indenture Trustee not later than 25 days prior to the applicable Redemption Date and the Issuing
Entity shall deposit into the applicable Term Note Distribution Account on or before the applicable
Redemption Date, the aggregate Redemption Price of the Term Notes to be redeemed, whereupon all
such Term Notes shall be due and payable on the Redemption Date.

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          SECTION 10.2 Form of Redemption Notice.

          (a) Notice of redemption of any Term Notes under Section 10.1 shall be given by the
Indenture Trustee by first-class mail, postage prepaid, mailed not less than five days prior to the applicable Redemption Date to each Term Noteholder of record of the Term Notes to be
redeemed at such Term Noteholder’s address appearing in the Note Register.

          (b) All notices of redemption shall state:

          (i) the applicable Redemption Date;

          (ii) the applicable Redemption Price;

          (iii) the place where the Term Notes are to be surrendered for payment of the
Redemption Price (which shall be the Agency Office of the Indenture Trustee to be maintained
as provided in Section 3.2);

          (iv) the CUSIP number, if applicable; and

          (v) the principal amount of Notes to be redeemed.

          (c) Notice of redemption of the Term Notes shall be given by the Indenture Trustee in the name
and at the expense of the Issuing Entity. Failure to give notice of redemption, or any defect
therein, to any Holder of any Term Note shall not impair or affect the validity of the redemption
of any other Term Note.

          SECTION 10.3 Term Notes Payable on Redemption Date. With respect to any Term Notes, such Term Notes shall, following notice of redemption as
required by Section 10.2 (in the case of redemption pursuant to Section 10.1), on
the applicable Redemption Date cease to be Outstanding for purposes of this Indenture and shall
thereafter represent only the right to receive the applicable Redemption Price and (unless the
Issuing Entity shall default in the payment of such Redemption Price) no interest shall accrue on
such Redemption Price for any period after the date to which accrued interest is calculated for
purposes of calculating such Redemption Price.

ARTICLE XI

MISCELLANEOUS

          SECTION 11.1 Compliance Certificates and Opinions, etc.

          (a) Upon any application or request by the Issuing Entity to the Indenture Trustee to take any
action under any provision of this Indenture, the Issuing Entity shall furnish to the Indenture
Trustee: (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for
in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of
Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have
been complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of
certified public accountants meeting the applicable requirements of this Section 11.1,
except that, in the case of any such application or request as to which the furnishing of such

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documents is specifically required by any provision of this Indenture, no additional certificate or
opinion need be furnished. Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

          (i) a statement that each signatory of such certificate or opinion has read or has
caused to be read such covenant or condition and the definitions herein relating thereto;

          (ii) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

          (iii) a statement that, in the judgment of each such signatory, such signatory has made
such examination or investigation as is necessary to enable such signatory to express an
informed opinion as to whether or not such covenant or condition has been complied with; and

          (iv) a statement as to whether, in the opinion of each such signatory, such condition
or covenant has been complied with.

          (b) (i) Prior to the deposit with the Indenture Trustee of any Collateral or other property or
securities that is to be made the basis for the release of any property or securities subject to
the lien of this Indenture, the Issuing Entity shall, in addition to any obligation imposed in
Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an
Officers’ Certificate certifying or stating the opinion of each Person signing such certificate as
to the fair value (within 90 days of such deposit) to the Issuing Entity of the Collateral or other
property or securities to be so deposited.

          (ii) Whenever the Issuing Entity is required to furnish to the Indenture Trustee an
Officers’ Certificate certifying or stating the opinion of any signer thereof as to the
matters described in clause (b)(i) above, the Issuing Entity shall also deliver to the
Indenture Trustee an Independent Certificate as to the same matters, if the fair value to
the Issuing Entity of the securities to be so deposited and of all other such securities
made the basis of any such withdrawal or release since the commencement of the then current
fiscal year of the Issuing Entity, as set forth in the certificates delivered pursuant to
clause (i) above and this clause (b)(ii), is 10% or more of the Outstanding Amount of the
Notes, but such a certificate need not be furnished with respect to any securities so
deposited, if the fair value thereof to the Issuing Entity as set forth in the related
Officers’ Certificate is less than $25,000 or less than one percent of the Outstanding
Amount of the Notes.

          (iii) Other than with respect to the release of any Warranty Receivables,
Administrative Receivables or Defaulted Receivables, whenever any property or securities are
to be released from the lien of this Indenture, the Issuing Entity shall also furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person
signing such certificate as to the fair value (within 90 days of such release) of the
property or securities proposed to be released and stating that in the

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opinion of such Person the proposed release will not impair the security under this Indenture in
contravention of the provisions hereof.

          (iv) Whenever the Issuing Entity is required to furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of any signatory thereof as to the
matters described in clause (b)(iii) above, the Issuing Entity shall also furnish to the
Indenture Trustee an Independent Certificate as to the same matters if the fair value of the
property or securities and of all other property, other than Warranty Receivables,
Administrative Receivables or Defaulted Receivables, or securities released from the lien of
this Indenture since the commencement of the then current calendar year, as set forth in the
certificates required by clause (b)(iii) above and this clause (b)(iv), equals 10% or more
of the Outstanding Amount of the Notes, but such certificate need not be furnished in the
case of any release of property or securities if the fair value thereof as set forth in the
related Officer’s Certificate is less than $25,000 or less than one percent of the then
Outstanding Amount of the Notes.

          (v) Notwithstanding Section 2.9 or any other provision of this Section
11.1, the Issuing Entity may (A) collect, liquidate, sell or otherwise dispose of
Receivables and related Collateral Security and proceeds of both as and to the extent
permitted or required by the Basic Documents, (B) make cash payments out of the Designated
Accounts and the Certificate Distribution Account as and to the extent permitted or required
by the Basic Documents and (C) take any other action not inconsistent with the TIA.

          SECTION 11.2 Form of Documents Delivered to Indenture Trustee.

          (a) In any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be certified by, or
covered by the opinion of, only one such Person, or that they be so certified or covered by only
one document, but one such Person may certify or give an opinion with respect to some matters and
one or more other such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents.

          (b) Any certificate or opinion of an Authorized Officer of the Issuing Entity may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or representations by,
counsel, unless such officer knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to the matters upon which his certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of
Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of,
or representations by, an officer or officers of the Servicer, the Depositor, the Issuing Entity or
the Administrator, stating that the information with respect to such factual matters is in the
possession of the Servicer, the Depositor, the Issuing Entity or the Administrator, unless such
counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to such matters are erroneous.

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          (c) Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

          (d) Whenever in this Indenture, in connection with any application or certificate or report to
the Indenture Trustee, it is provided that the Issuing Entity shall deliver any document as a
condition of the granting of such application, or as evidence of the Issuing Entity’s compliance
with any term hereof, it is intended that the truth and accuracy, at the time of the granting of
such application or at the effective date of such certificate or report (as the case may be), of
the facts and opinions stated in such document shall in such case be conditions precedent to the
right of the Issuing Entity to have such application granted or to the sufficiency of such
certificate or report. The foregoing shall not, however, be construed to affect the Indenture
Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any
such document as provided in Article VI.

          SECTION 11.3 Acts of Noteholders.

          (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Noteholders or a series of Noteholders may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Noteholders in person or by agents duly appointed in writing; and except as herein otherwise
expressly provided such action shall become effective when such instrument or instruments are
delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuing
Entity. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Noteholders signing such instrument or
instruments. Proof of execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and (subject to Section 6.1)
conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in the manner provided
in this Section 11.3.

          (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved in any manner that the Indenture Trustee deems sufficient.

          (c) The ownership of Notes shall be proved by the Note Register.

          (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by
the Holder of any Notes (or any one or more Predecessor Notes) shall bind the Holder of every Note
issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of
anything done, omitted or suffered to be done by the Indenture Trustee or the Issuing Entity in
reliance thereon, whether or not notation of such action is made upon such Note.

          SECTION 11.4 Notices, etc., to Indenture Trustee, Issuing Entity and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of
Noteholders or other documents provided or permitted by this Indenture to be made upon, given or
furnished to or filed with:

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          (a) the Indenture Trustee by any Noteholder or by the Issuing Entity shall be sufficient for
every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture
Trustee at its Corporate Trust Office, or

          (b) the Issuing Entity by the Indenture Trustee or by any Noteholder shall be sufficient for
every purpose hereunder if in writing and either sent by electronic facsimile transmission (with
hard copy to follow via first class mail) or mailed, by certified mail, return receipt requested to
the Issuing Entity and the Owner Trustee each at the address specified in Appendix B to the
Trust Sale and Servicing Agreement.

          The Issuing Entity shall promptly transmit any notice received by it from the Noteholders to
the Indenture Trustee and the Indenture Trustee shall likewise promptly transmit any notice
received by it from the Noteholders to the Issuing Entity.

          (c) Notices required to be given to the Rating Agencies by the Issuing Entity, the Indenture
Trustee or the Owner Trustee shall be delivered as specified in Appendix B to the Trust
Sale and Servicing Agreement.

          SECTION 11.5 Notices to Noteholders; Waiver.

          (a) Where this Indenture provides for notice to Noteholders of any condition or event, such
notice shall be sufficiently given (unless otherwise herein expressly provided) if it is in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such
Person’s address as it appears on the Note Register, not later than the latest date, and not
earlier than the earliest date, prescribed for the giving of such notice. If notice to Noteholders
is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to
any particular Noteholder shall affect the sufficiency of such notice with respect to other
Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be
presumed to have been duly given regardless of whether such notice is in fact actually received.

          (b) Where this Indenture provides for notice in any manner, such notice may be waived in
writing by any Person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed
with the Indenture Trustee but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such a waiver.

          (c) In case, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event of Noteholders
when such notice is required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to
be a sufficient giving of such notice.

          (d) Where this Indenture provides for notice to the Rating Agencies, failure to give such
notice shall not affect any other rights or obligations created hereunder, and shall not under any
circumstance constitute an Event of Default.

          SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the
Issuing Entity may enter

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into any agreement with any Holder of a Note providing for a method of
payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different
from the methods provided for in this Indenture for such payments or notices. The Issuing Entity
shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee
shall cause payments to be made and notices to be given in accordance with such agreements.

          SECTION 11.7 Conflict with Trust Indenture Act.

          (a) If any provision hereof limits, qualifies or conflicts with another provision hereof that
is required to be included in this Indenture by any of the provisions of the TIA, such required
provision shall control.

          (b) The provisions of TIA §§ 310 through 317 that impose duties on any Person (including the
provisions automatically deemed included herein unless expressly excluded by this Indenture) are a
part of and govern this Indenture, whether or not physically contained herein.

          SECTION 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

          SECTION 11.9 Successors and Assigns.

          (a) All covenants and agreements in this Indenture and the Notes by the Issuing Entity shall
bind its successors and assigns, whether so expressed or not.

          (b) All covenants and agreements of the Indenture Trustee in this Indenture shall bind its
successors and assigns, whether so expressed or not.

          SECTION 11.10 Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

          SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, the Noteholders and the Note Owners
and (only to the extent expressly provided herein) the Certificateholders and the Certificate
Owners and any other party secured hereunder, and any other Person with an ownership interest in
any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under
this Indenture.

          SECTION 11.12 Legal Holidays.

          If the date on which any payment is due shall not be a Business Day, then (notwithstanding any
other provision of the Notes or this Indenture) payment need not be made on such date, but may be
made on the next succeeding Business Day, with the same force and effect as if made on the date on
which nominally due, and no interest shall accrue for the period from and after any such nominal
date.

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          SECTION 11.13 GOVERNING LAW. THIS 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 SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          SECTION 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and
the same instrument.

          SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such
recording is to be effected by the Issuing Entity and at its expense accompanied by an Opinion of
Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable
to the Indenture Trustee) to the effect that such recording is necessary either for the protection
of the Noteholders or any other Person secured hereunder or for the enforcement of any right or
remedy granted to the Indenture Trustee under this Indenture.

          SECTION 11.16 No Recourse.

          (a) Each Noteholder will agree by acceptance of a Note (or interest therein) 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 this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against:

          (i) the Indenture Trustee or the Owner Trustee in its individual capacity;

          (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 its individual capacity, 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 its individual
capacity, except as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Owner Trustee have no such obligations in their individual
capacity) 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 instalment or call owing to such entity. For all
purposes of this Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to
the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust
Agreement.

          (b) 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, owners,
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

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of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Notes or this 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 or Note Owner by the acceptance of a
Note (or beneficial interest therein) will agree that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under this Indenture, the Holder 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 this
Indenture or in the Notes.

          SECTION 11.17 No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner,
by accepting a Note (or interest therein) issued hereunder, hereby covenant and agree that they
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 Insolvency 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.

          SECTION 11.18 Inspection. The Issuing Entity agrees that, on reasonable prior notice, it shall permit any
representative of the Indenture Trustee, during the Issuing Entity’s normal business hours, to
examine all the books of account, records, reports and other papers of the Issuing Entity, to make
copies and extracts therefrom, to cause such books to be audited by Independent certified public
accountants, and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing
Entity’s officers, employees and Independent certified public accountants, all at such reasonable
times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its
representatives to hold in confidence all such information except to the extent disclosure may be
required by law (and all reasonable applications for confidential treatment are unavailing) and
except to the extent that the Indenture Trustee may reasonably determine that such disclosure is
consistent with its obligations hereunder.

ARTICLE XII

COMPLIANCE WITH REGULATION AB

          SECTION 12.1 Intent of the Parties; Reasonableness.

          The Depositor and the Indenture 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 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 Securities 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

-58-

 

Act). The Indenture Trustee agrees to cooperate in good faith with any reasonable request by the Depositor for
information regarding the Indenture Trustee which is required in order to enable the Depositor to
comply with the provisions of Items 1103(a)(1), 1109(a), 1109(b), 1117, 1118, 1119 and 1122 of
Regulation AB as it relates to the Indenture Trustee or to the Indenture Trustee’s obligations
under this Indenture or any indenture supplement.

          SECTION 12.2 Reporting Requirements.

          (a) If required of the Indenture Trustee by Regulation AB, the Indenture Trustee will deliver
to the Depositor, the Owner Trustee and the Servicer on or before March 1 of each year, beginning
March 1, 2008, an officer’s certificate, dated as of December 31 of the preceding calendar year,
signed by a Responsible Officer of the Indenture Trustee to the effect that (i) a review of the
Indenture Trustee’s activities during the immediately preceding calendar year (or, in the case of
the first certificate, since the Closing Date) and of its performance under this Indenture has been
made under such Responsible Officer’s supervision and (ii) to such Responsible Officer’s knowledge,
based on such review, the Indenture Trustee has fulfilled in all material respects all of its
obligations under this Indenture throughout such calendar year (or applicable portion of such
calendar year), or, if there has been a failure to fulfill any such obligation in any material
respect, specifically identifying each such failure known to such Responsible Officer and the
nature and status of such failure. If the Issuing Entity is not required to file periodic reports
under the Exchange Act or otherwise required by law to file an officer’s certificate of the
Indenture Trustee as to compliance, such officer’s certificate may be delivered on or before April
1 of each calendar year.

          (b) If required of the Indenture Trustee under Regulation AB, the Indenture Trustee will:

     (i) deliver to the Depositor, the Owner Trustee and the Servicer, a report,
dated as of December 31 of the preceding calendar year, on its assessment of
compliance with the minimum Servicing Criteria regarding general servicing, cash
and collection administration, investor remittances and reporting and pool asset
administration during the preceding calendar year (or, in the case of the first
year, since no later than the Closing Date), including disclosure of any material
instance of non-compliance identified by the Indenture Trustee, as required by Rule
13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB under the
Securities Act.

     (ii) cause a firm of registered public accountants (the “Firm”) that is
qualified and independent within the meaning of Rule 2-01 of Regulation S-X under
the Securities Act to deliver to the Depositor, Owner Trustee and the Servicer an
attestation report that satisfies the requirements of Rule 13a-18 or Rule 15d-18
under the Exchange Act, as applicable, on the assessment of compliance with
Servicing Criteria with respect to the prior calendar year (or, in the case of the
first year, since no later than the Closing Date). Such attestation report will be
addressed to the board of directors of the Servicer and the Depositor. Such
attestation report will be in accordance with Rules 1-02(a)(3) and 2-02(g) of
Regulation S-X under the Securities Act and the Exchange Act. The Firm may render
other services to the Indenture Trustee, but the Firm must

-59-

 

indicate in each attestation report that it is qualified and independent within the meaning of Rule
2-01 of Regulation S-X under the Securities Act.

          (c) The reports referred to in Section 12.2(b) hereof shall be delivered on or before
March 15 of each year that the Issuing Entity is required to submit an annual report to the
United States Securities and Exchange Commission on Form 10-K, beginning March 15, 2008.

          SECTION 12.3 Additional Representations and Warranties of the Indenture Trustee.

          The Indenture Trustee shall be deemed to represent to the Depositor, as of the date on which
information is provided to the Depositor under Section 12.2 that, except as disclosed in writing to
the Depositor prior to such date to the best of its knowledge, but without independent
investigation: (i) neither the execution, delivery and performance by the Indenture Trustee of this
Indenture or any indenture supplement, the performance by the Indenture Trustee of its obligations
under this Indenture or any indenture supplement nor the consummation of any of the transactions by
the Indenture Trustee contemplated thereby, is in violation of any indenture, mortgage, bank credit
agreement, note or bond purchase agreement, long-term lease, license or other agreement or
instrument to which the Indenture Trustee is a party or by which it is bound, which violation would
have a material adverse effect on the Indenture Trustee’s ability to perform its obligations under
this Indenture or any indenture supplement, or of any judgment or order applicable to the Indenture
Trustee; and (ii) there are no proceedings pending or threatened against the Indenture Trustee in
any court or before any governmental authority, agency or arbitration board or tribunal which,
individually or in the aggregate, would have a material adverse effect on the right, power and
authority of the Indenture Trustee to enter into this Indenture or any indenture supplement or to
perform its obligations under this Indenture or any indenture supplement.

          SECTION 12.4 Information to be Provided by the Indenture Trustee.

          The Indenture Trustee shall (i) on or before the fifth Business Day of each month, provide to
the Depositor, in writing, such information regarding the Indenture 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 Indenture 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 Indenture 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 Indenture Trustee as is
requested for the purpose of compliance with Items 1103(a)(1), 1109(a), 1109(b), 1118 and 1119 of
Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the
Indenture Trustee of any changes to such information, provide to the Depositor, in writing, updated
information necessary for compliance with Item 1117 of Regulation AB. Such information shall
include, at a minimum:

          (a) the Indenture Trustee’s name and form of organization;

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          (b) a description of the extent to which the Indenture Trustee has had prior experience
serving as trustee for asset-backed securities transactions involving receivables of the same type
as the Receivables;

          (c) a description of any affiliation between the Indenture Trustee and any of the following
parties to a Securitization Transaction, as such parties are identified to the Indenture Trustee by
the Depositor in writing in advance of such Securitization Transaction:

	 	(i)	 	the sponsor;
	 
	 	(ii)	 	any depositor;
	 
	 	(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.

* * * * *

-61-

 

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

	 	 	 	 	 
	 	SUPERIOR WHOLESALE INVENTORY

FINANCING TRUST 2007-AE-1
	 
	 	By:  	HSBC Bank USA, National Association,

not in its individual capacity

but solely as Owner Trustee

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

	 	 	 	 	 
	 	The Bank of New York Trust Company, N.A.,

as Indenture Trustee

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

 

 

	 	 	 	 	 

EXHIBIT A

TRANSFER CERTIFICATE

Wholesale Auto Receivables LLC

Corporation Trust Center

1209 Orange Street

Wilmington, DE 19801

The Bank of New York Trust Company, N.A.

Two North LaSalle Street, Suite 1020

Chicago, IL 60602

			
	Attn:	 	Structured Finance Services, Corporate Trust Trustee
Administration
as Indenture Trustee for Superior

Wholesale Inventory Financing TRUST 2007-AE-1

Ladies and Gentlemen:

          In connection with the purchase of a Note subject to Section 2.15 of the Indenture
dated as of February 13, 2007 (the “Unregistered Note”) of the Superior Wholesale Inventory
Financing TRUST 2007-AE-1, the undersigned buyer (“Buyer”) hereby acknowledges, represents
and agrees that:

          (a) The Buyer has received the [describe offering document] relating to the offering of the
Unregistered Note (including exhibits thereto).

          (b) The Buyer understands that the Unregistered Note has not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), and may not be sold except as
permitted in the following sentence. The Buyer agrees, on its own behalf and on behalf of any
accounts for which it is acting as hereinafter stated, that such Unregistered Note may be resold,
pledged or transferred only (i) to an institutional investor that is an “Accredited Investor” as
defined in Rule 501(a)(1),(2),(3) or (7) (an “Institutional Accredited Investor”) under the
Securities Act acting for its own account (and not for the account of others) or as a fiduciary or
agent for others (which others also are Institutional Accredited Investors unless the holder is a
bank acting in its fiduciary capacity) that, if so requested by the Depositor or the Indenture
Trustee, executes a certificate in the form hereof, (ii) so long as such Unregistered Note is
eligible for resale pursuant to Rule 144A under the Securities Act (“Rule 144A”), to a person whom
the Buyer reasonably believes after due inquiry to be a “qualified institutional buyer” (as defined
in Rule 144A) acting for its own account (and not for the account of others) or as a fiduciary or
agent for others (which others also are “qualified institutional buyers”) that, if so requested by
the Depositor or the Indenture Trustee, executes a certificate in the form hereof or (iii) in a
sale, pledge or other transfer made in a transaction otherwise exempt from the registration
requirements of the Securities Act, in which case (A) the Indenture Trustee shall require that both
the prospective transferor and the prospective transferee certify to the Indenture Trustee and the
Depositor in writing the facts surrounding such transfer, which certification shall be in form and
substance satisfactory to the Indenture Trustee and the Depositor, and (B) the Indenture Trustee
shall require a written opinion of counsel (which will not be at the expense of

 

 

the Depositor, 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, in each
case in accordance with any applicable securities laws of any state of the United States. The
Buyer will notify any purchaser of the Unregistered Note from it of the above resale restrictions,
if then applicable. The Buyer further understands that in connection with any transfer of the
Unregistered Note by it that the Depositor and the Indenture Trustee may request, and if so
requested the Buyer will furnish, such certificates and other information as they may reasonably
require to confirm that any such transfer complies with the foregoing restrictions.

          (c)

	 	 	 	[CHECK ONE]

	 	o	 	(1) The Buyer is an institutional investor and an “accredited investor” (as
defined in Rule 501(a)(1),(2),(3) or (7) of Regulation D under the Securities
Act) acting for its own account (and not for the account of others) or as a
fiduciary or agent for others (which others also are Institutional Accredited
Investors unless the Buyer is bank acting in its fiduciary capacity). The
Buyer has such knowledge and experience in financial and business matters as to
be capable of evaluating the merits and risks of its investment in the
Unregistered Note, and the Buyer and any accounts for which it is acting are
able to bear the economic risk of investment in the Unregistered Note for an
indefinite period of time. The Buyer is acquiring the Unregistered Note for
investment and not with a view to, or for offer and sale in connection with, a
public distribution.
	 
	 	o	 	(2) The Buyer is a “qualified institutional buyer” as defined under Rule 144A
under the Securities Act and is acquiring the Unregistered Note 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”). The Buyer is
familiar with Rule 144A under the Securities Act and is aware that the seller
of the Unregistered Note and other parties intend to rely on the statements
made herein and the exemption from the registration requirements of the
Securities Act provided by Rule 144A.

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

-2-

 

	 	 	 	 	 	 	 	 
	 
	 
	 	 	 
	 	 	Print Name of Buyer
	 
	 	 	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 

	 	Date:	 	 

-3-

 

EXHIBIT B

UNDERTAKING LETTER

Wholesale Auto Receivables LLC

Corporation Trust Center

1209 Orange Street

Wilmington, DE 19801

The Bank of New York Trust Company, N.A.

Two North LaSalle Street, Suite 1020

Chicago, IL 60602

			
	Attn:	 	Structured Finance Services, Corporate Trust Trustee
Administration
as Indenture Trustee for Superior

Wholesale Inventory Financing TRUST 2007-AE-1

Ladies and Gentlemen:

          In connection with our purchase of record or beneficial ownership of a Note subject to the
provisions of Section 2.15 of the Indenture dated as of February 13, 2007 (the
“Unregistered Note”) of the Superior Wholesale Inventory Financing TRUST 2007-AE-1, the
undersigned purchaser, record owner or beneficial owner hereby acknowledges, represents and
warrants that such purchaser, record owner or beneficial owner:

          (1) is not, and has not acquired the Unregistered Note by or for the benefit of, (i) an
employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, (iii) any entity
whose underlying assets include plan assets by reason of investment by an employee benefit plan or
plan in such entity, or (iv) an employee benefit plan or plan that is not subject to the provisions
of Title I of ERISA (including, without limitation, foreign or governmental plans) if such sale,
pledge or other transfer would result in a non-exempt prohibited transaction under, or a violation
of, any applicable law that is substantially similar to ERISA or Section 4975 of the Code; and

          (2) acknowledges that you and others will rely on our acknowledgments, representations and
warranties, and agrees to notify you promptly in writing if any of our acknowledgments,
representations or warranties herein cease to be accurate and complete.

 

 

	 	 	 	 	 	 	 
	 	 	 
	 	 	Name of Note Owner
	 
	 	 	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 

	 	Date:	 	 

 

 

APPENDIX A

ADDITIONAL
REPRESENTATIONS AND WARRANTIES

     1.This
Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the property described in
clauses (a) and (b) of Section 2.01 of
the Pooling and Servicing Agreement (the “Trust Assets”) in favor of the Indenture Trustee which security interest is prior to all other Liens, and is enforceable as such against creditors and purchasers from the Trust.

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

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

     4.The Trust owns and has good and marketable title to the Trust Assets free and clear of any Liens, claim or encumbrance of any Person. The Trust has received all consents and approval required by the terms of the Trust Assets to the pledge of the Trust Assets to the Indenture Trustee.

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

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

     7.Other than the security interest granted to the Indenture Trustee under this Agreement, the Trust has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Trust Assets. The Trust has not authorized the filing of and none is aware of any financing statements that include a description of collateral covering the Trust Assets other than any financing statement (i) relating to
 the security interest granted to Wholesale Auto Receivables LLC, the Issuing Entity and the Indenture Trustee under the Basic Documents, (ii) that has been terminated, or (iii) that names the Trust as secured party. The Trust is not aware of any judgment or tax lien filings against the Trust.

     8.The representations, warranties and certifications contained in paragraphs 1-7 above shall survive the pledge of the Trust Assets to the Indenture Trustee. No failure or delay on the part of the Indenture Trustee in exercising any right, remedy, power or privilege with respect to this Agreement shall operate as a waiver thereof nor shall any single or partial exercise

 

 

of any right, remedy, power or privilege with respect to this Agreement preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

-2-exv4w2

 

Exhibit 4.2

EXECUTION COPY

TRUST AGREEMENT

BETWEEN

WHOLESALE AUTO RECEIVABLES LLC

depositor

AND

HSBC BANK USA, NATIONAL ASSOCIATION

owner trustee

DATED AS OF FEBRUARY 13, 2007

 

 

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	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	 	 	12	 

i 

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 
	 	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	 	 	19	 
	 
	 	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	 	 	20	 
	 
	 	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	 	 	22	 
	 
	 	SECTION 7.1	 	Termination of Trust Agreement	 	 	22	 
	 
	 	 	 	 	 	 	 	 
	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	 	 	27	 
	 
	 	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	 	 	29	 
	 
	 	SECTION 9.13	 	Indemnification by and Reimbursement of the Servicer	 	 	30	 
	 
	 	 	 	 	 	 	 	 
	ARTICLE X COMPLIANCE WITH REGULATION AB	 	 	30	 

ii 

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 
	 	SECTION 10.1	 	Intent of the Parties; Reasonableness.	 	 	30	 
	 
	 	SECTION 10.2	 	Information to be Provided by the Owner Trustee.	 	 	30	 

EXHIBITS

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

iii 

 

     THIS TRUST AGREEMENT, dated as of February 13, 2007, between WHOLESALE AUTO RECEIVABLES
LLC, a Delaware limited liability company, as Depositor, and HSBC BANK USA, NATIONAL ASSOCIATION as
Owner Trustee.

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

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

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

ARTICLE II

ORGANIZATION

     SECTION 2.1 Name. The Trust created hereby shall be known as “Superior Wholesale
Inventory Financing Trust 2007-AE-1” 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 limited liability
company in good standing under the laws of the State of Delaware, with power and authority to own
its properties and to conduct its business as such properties are presently owned and such business
is presently conducted, and had at all relevant times, and now has, power, authority and legal
right to acquire and own the 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 formation or the limited
liability company agreement of the Depositor, or any indenture, agreement, mortgage, deed of trust
or other instrument to which the Depositor is a party or by which it is bound, or result in the
creation or imposition of any Lien upon any of its properties pursuant to the terms of any such
indenture, agreement, mortgage, deed of trust or other instrument (other than pursuant to the Basic
Documents), or violate any law or, to the best of the Depositor’s knowledge, any order, rule or
regulation applicable to the Depositor of any Governmental Authority having jurisdiction over the
Depositor or any of its properties.

     SECTION 2.11 Tax Treatment. 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 $2,500,000). 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

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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.

     (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 $209,300,000 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.

     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: (i) the Certificateholder provides to the Owner Trustee and the Indenture
Trustee an opinion of independent counsel that such action will not cause the Trust to be treated
as an association (or publicly traded partnership) taxable as a corporation for federal income tax
purposes, and such transferee or assignee agrees to take positions for tax purposes consistent
with the tax positions agreed to be taken by the Certificateholder, and (ii) 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

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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 $2,500,000). Any attempted transfer of a Certificate in contravention of
these restrictions shall be void ab initio, and the purported transferor shall continue to be
treated as the owner of such Certificate for all purposes. The Owner Trustee 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, 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 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, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a replacement Certificate in authorized

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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.

     (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 HSBC Bank USA,
National Association, at 2 Hanson Place, 14th Floor, Brooklyn, NY 11217, 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 the Owner Trustee. If the Owner Trustee shall no
longer be the Paying Agent, the Paying Agent shall be permitted to resign as Paying Agent upon 30
days’ written notice to the Owner Trustee, and the Owner Trustee shall appoint a successor to act
as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such
successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and
deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional
Paying Agent shall agree with the Owner Trustee that as Paying Agent, such successor Paying Agent
or additional Paying Agent shall hold all sums, if any, held by it for distribution to the
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 2007-AE-1 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 the Owner Trustee.

     (b) The Owner Trustee shall possess all right, title and interest in and to all funds on
deposit from time to time in the Certificate Distribution Account and in all proceeds thereof
(except Investment Proceeds therefrom as set forth in the 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. In the absence of such direction all amounts in the
Certificate Distribution Account shall be invested in Federated Prime Obligations Fund Number 396,
provided that such fund is an Eligible Investment.

     SECTION 5.2 Application of Trust Funds 

     (a) On each 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

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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 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 Administrator (at the direction of the Depositor)
shall, upon notice from the Indenture Trustee that such funds exist, submit 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

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may from time to time be required or appropriate under any applicable state or federal statute or rule
or regulation thereunder so as to maintain the Trust’s characterization in accordance with Section 2.11
for applicable income tax purposes, cause such tax returns to be signed in the manner required by law
and collect or cause to be collected any withholding tax as described in and in accordance with
Section 5.2(c) with respect to income or distributions to 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

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certificates or opinions so as to determine compliance of the same with the requirements of this
Agreement.

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

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

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

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

     (iv) in no event shall the Owner Trustee be liable for any damages in the name of
special, indirect or consequential damages, however styled, including, 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, HSBC Bank USA, National Association acts solely
as Owner Trustee hereunder and not in its individual capacity and all Persons having any claim
against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Basic
Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. The Owner
Trustee accepts the trusts hereby created and agrees to perform its duties

15

 

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 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;

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

     (g) the Owner Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Agreement, or to institute, conduct or defend any litigation under this
Agreement or otherwise or in relation to this Agreement or any Basic Document, at the request,
order or direction of 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

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

     SECTION 6.5 Furnishing of Documents. The Owner Trustee shall furnish (a) to the
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

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

     SECTION 6.7 Reliance; Advice of Counsel 

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

     (b) In the exercise or administration of the trusts hereunder and in the performance of its
duties and obligations under this Agreement or the 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.

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     SECTION 6.10 Replacement of Owner Trustee 

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

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

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

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

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

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

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

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

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     (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.

     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

21

 

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

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

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

     SECTION 6.13 Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirements of Section 26(a)(1) of the
Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the
provisions of Section 3807(a) of the Statutory Trust Statute; (b) be authorized to exercise
corporate trust powers; (c) have an aggregate capital, surplus and undivided profits of at least
$50,000,000 and be subject to supervision or examination by federal or state authorities; and (d)
have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by Standard &
Poor’s 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.

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

22

 

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 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

23

 

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.

ARTICLE VIII

AMENDMENTS

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

     (i) cure any ambiguity,

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

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

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

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

24

 

     (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 (unless, as
evidenced by an Opinion of Counsel, such amendment shall not materially and adversely affect the
interests of the Noteholders) and the consent of 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 (unless, as evidenced by an Opinion of Counsel, such amendment shall not
materially and adversely affect the interests of the Certificateholders) (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

     (i) change the due date of any installment of principal of or interest on any Security, or
reduce the principal amount thereof, the interest rate applicable thereto, or the Redemption Price
with respect thereto, change any place of payment where, or the coin or currency in which, any
Security or any distribution thereon is payable, or impair the right to institute suit as provided
in Article V of the Indenture for the enforcement of the provisions of the Indenture
requiring the application of funds available therefor to the payment of any such amount due on the
Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the
Redemption Date) (it being understood that the issuance of any Notes after the Initial Closing Date
as contemplated by the Trust Sale and Servicing Agreement and the Indenture and the specification
of the terms and provisions thereof pursuant to an 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

25

 

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.

     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.

26

 

     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

     (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 it shall not
(nor shall it join with or solicit another person to), prior to the day that is one year and one
day after the termination of the Trust and of each other such trust heretofore formed by the
Depositor, acquiesce, petition or otherwise invoke or cause the Depositor or the Trust to invoke in
any court or government authority for the

27

 

purpose of commencing or sustaining a case against the
Depositor or the Trust under any federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Depositor or the Trust or any substantial part of its property, or ordering the
winding up or liquidation of the affairs of the Depositor or the Trust.

     SECTION 9.9 No Recourse. Each Certificateholder 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 Issuer. 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. In the event that any of the foregoing
covenants of each Certificateholder and Certificate Owner is prohibited by, or declared illegal or
otherwise unenforceable against any such Certificateholder or Certificate Owner under applicable
law by any court or other authority of competent jurisdiction, and, as a result, a
Certificateholder or Certificate Owner is deemed to have an interest in any assets of the Depositor
or any Affiliate of the Depositor other than the Trust (“other assets”), each Certificateholder an
Certificate Owner agrees that (i) its claim against any such other assets shall
be, and hereby is, subject and subordinate in all respects to the rights of other Persons to
whom rights in the other assets have been expressly granted (“entitled Persons”), including to the
payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in
the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject
to, Section 510(a) of the Bankruptcy Code.

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

     SECTION 9.11 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF
THE STATE OF DELAWARE, WITHOUT REFERENCE TO THE 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.

28

 

     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, nor is it acquiring the Certificate for the account of, (i) a Benefit Plan or (ii) an employee
benefit plan or plan that is not subject to the provisions of Title I of ERISA (including, without
limitations, foreign or governmental plans) if such acquisition would result in a non-exempt
prohibited transaction under, or a violation of, any applicable law that is substantially similar
to ERISA or Section 4975 of the Code. If requested to do so by the Depositor pursuant to
Section 3.4(b), the Certificateholder 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 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 $2,500,000) 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 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.

29

 

     (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.

ARTICLE X 

COMPLIANCE WITH REGULATION AB

     SECTION 10.1 Intent of the Parties; Reasonableness.

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

     SECTION 10.2 Information to be Provided by the Owner Trustee.

     The Owner Trustee shall as promptly as practicable following notice to or discovery by the
Owner Trustee of any information required to be disclosed and not previously disclosed, and updates
of information required to be disclosed, provide to the Depositor, in writing, updated information
necessary for compliance with Item 1117 of Regulation AB.

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

30

 

* * * * *

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.

	 	 	 	 	 
	 	HSBC BANK USA, NATIONAL ASSOCIATION, as Owner Trustee

 	 
	 	By:  	/s/ Elena Zheng
 	 
	 	 	Name:  	Elena Zheng 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	WHOLESALE AUTO RECEIVABLES LLC, as Depositor

 	 
	 	By:  	/s/ Carl J. Vannatter
 	 
	 	 	Name:  	Carl J. Vannatter 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

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.

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

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

EXHIBIT B

CERTIFICATE OF TRUST OF

SUPERIOR WHOLESALE INVENTORY FINANCING TRUST 2007-AE-1

     THIS Certificate of Trust of Superior Wholesale Inventory Financing Trust 2007-AE-1 (the
“Trust”), is being duly executed and filed by HSBC Bank USA, National Association, a
national banking corporation, as trustee, to form a statutory trust under the Delaware Statutory
Trust Act (12 Del. C. §3801 et seq.(the “Act”)).

          1. Name. The name of the statutory trust formed hereby is Superior Wholesale Inventory
Financing Trust 2007-AE-1.

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

          3. This Certificate of Trust shall be effective on February 13, 2007.

     IN WITNESS WHEREOF, the undersigned, being the sole trustee of the Trust, has executed this
Certificate of Trust in accordance with Section 3811 of the Act as of the date first-above written.

	 	 	 	 	 
	 	HSBC Bank USA, National Association, not in its

individual capacity but solely as Owner Trustee under
a Trust Agreement dated as of February 13, 2007.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:

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