Document:

2004 Executive Variable Deferred Retirement Plan

 EXHIBIT 4.1 
  

AVERY DENNISON CORPORATION 
  
 2004 EXECUTIVE VARIABLE DEFERRED RETIREMENT PLAN 
  
  
 Effective as of December 1, 2003 
  

 AVERY DENNISON CORPORATION 
  
 2004 EXECUTIVE VARIABLE DEFERRED RETIREMENT PLAN 
  
 ARTICLE I - PURPOSE 
  
 The 2004 Executive Variable Deferred Retirement Plan (“Plan”) is adopted by Avery Dennison Corporation, a Delaware Corporation (the “Company”),
effective as of December 1, 2003. The Plan provides a deferred compensation plan for executive employees of the Company and its subsidiaries. The Plan applies to all Participants and/or Beneficiaries of the Plan and deferrals thereunder commencing
December 1, 2003.  
  
 ARTICLE 2 - DEFINITIONS AND CERTAIN PROVISIONS

  
 Administrator. “Administrator” means the administrator
appointed by the Committee to handle the day-to-day administration of the Plan pursuant to Article 9 
  
 Allocation Election Form. “Allocation Election Form” means the form on which a Participant elects the Declared Rate(s) to be credited as earnings or losses to such Participant’s Deferral Account.

  
 Annual Base Salary. “Annual Base Salary” means an Eligible
Employee’s rate of salary in effect on August 1 of the prior plan year, or any other subsequent date as determined by the Administrator in his discretion. 
  

Annual Deferral. “Annual Deferral” means the amount of Annual Base Salary and/or Bonus that the Participant elects to defer for a Plan Year.

  
 Beneficiary. “Beneficiary” means the person or persons or
entity designated as such by a Participant pursuant to Article 8. 
  
 Benefit. “Benefit” means a Retirement Benefit, Survivor Benefit, Termination Benefit, Disability Benefit, Emergency Benefit or Discounted Cash Out, as appropriate. 
  
 Bonus. “Bonus” means the bonus paid to the Participant in such
Plan Year under any bonus plan or incentive program (as determined by the Administrator), including any annual bonus plan or long-term incentive plan (LTIP). 
  
 Committee. “Committee” means the deferred compensation plan committee appointed to administer the Plan pursuant to Article
9. 
  
 Declared Rate. “Declared Rate” means the notional rates of
return (which may be positive or negative) of the individual investment options selected by a Participant for such Deferral Account referred to in Article 6. 
  
 Deferral Account. “Deferral Account” means the notional account established for record keeping purposes for a Participant pursuant to Section 4.4.

  
 Disability. “Disability” means any inability on the part of
an Employee, commencing before age 64 1/2, as determined by the Administrator, in his sole discretion, to perform the substantial and material duties of an 
  

 1 

 Employee’s job due to injury or sickness lasting for more than one hundred eighty (180) consecutive days. Disability
for purposes of this Plan shall be deemed to commence as of the first day following the end of such one hundred eighty (180) day period. If an Employee makes application for disability benefits under the Social Security Act, as in effect as of the
date of this Plan or as such Act may hereafter be amended, and qualifies for such benefits, the Employee shall be presumed to suffer from a Disability under this Plan. The Administrator may require the Employee to submit to an examination by a
physician or medical clinic selected by the Administrator. On the basis of such medical evidence and in the absence of qualification for disability benefits under the Social Security Act, the determination of the Administrator as to whether or not a
condition of Disability exists shall be conclusive. To constitute Disability, the same must commence after the Employee has become a Participant in the Plan. 
  
 Discounted Cash Out. “Discounted Cash Out” shall mean a distribution made pursuant to Section 7.9. 
  
 Discounted Cash Out Election. “Discounted Cash Out Election” means the
written election by a Participant or Beneficiary to receive all or part of the Participant’s Deferral Account pursuant to Section 7.9. 
  
 Distribution. “Distribution” means any payment to a Participant or Beneficiary according to the terms of this Plan including, but not limited to Benefit.

  
 Early Retirement. “Early Retirement” means the termination of
a Participant’s employment with the Company for reasons other than death or disability on or after the Eligible Employee’s attaining age 55 with fifteen (15) years of service with the Company and before Normal Retirement. 
  
 Eligible Employee. “Eligible Employee” means an Employee who is a member of
a select group of management, or a highly compensated employee who meets the annually indexed salary requirement determined by the Committee in its sole discretion. 
  
 Emergency Benefit. “Emergency Benefit” means the Benefit that is payable pursuant to Section 7.8 of the Plan. 

 
 Employee. “Employee” means any person employed by the Company or its
subsidiaries. 
  
 Employer. “Employer” means the Company and any
of its subsidiaries. 
  
 Enrollment Period. “Enrollment Period”
means the period(s) designated from year to year by the Administrator for enrollments. An Eligible Employee must submit a Participant Election Form. 
  
 ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
  
 Exchange Act. “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 Normal Retirement. “Normal Retirement” means the termination of a
Participant’s employment with Employer for reasons other than death on or after the Participant attains age 62. 
  
 Participant. “Participant” means an Eligible Employee who has filed a completed and executed Participation Election Form with the Administrator, and who
is participating in the Plan in accordance with the provisions of Articles 3 and 4. 
  
 Participation Election Form. “Participation Election Form” means the written agreement or commitment to make a deferral submitted by the Participant to the Administrator pursuant to Article 4 of the Plan. The 
  

 2 

 Participant Election Form may take the form of an electronic communication followed by appropriate written confirmation
according to procedures established by the Administrator. 
  
 Plan.
“Plan” means this 2004 Executive Variable Deferred Retirement Plan, a non-qualified elective deferred compensation plan, as the same may be amended from time to time. 
  
 Plan Year. “Plan Year” means the year beginning December 1 and ending the following November 30. 
  
 Rabbi Trust. “Rabbi Trust” means the trust described in Section 12.15.

  
 Retirement. “Retirement” shall mean a termination of
employment upon Early Retirement or Normal Retirement, and the Participant retires under the Retirement Plan. 
  
 Retirement Benefit. “Retirement Benefit” means Benefits payable to a Participant when Participant has satisfied the requirements Early Retirement or Normal Retirement pursuant to Article 7.

  
 Retirement Plan. “Retirement Plan” means the Retirement
Plan(s) for the Employees of Avery Dennison Corporation, as amended from time to time. 
  
 Settlement Date. “Settlement Date” means a date upon which a Benefit payment is due and payable to a Participant or Beneficiary. This date will be within 90 days of, or as soon as possible after the Valuation Date.

  
 Survivor Benefit. “Survivor Benefit” means those Plan
Benefits that become payable upon the death of a Participant pursuant to Section 7.7. 
  
 Survivor Rate. “Survivor Rate” means the interest rate credited to the Beneficiary’s unpaid balance in the Deferral Account at a rate to be determined by the Administrator, in his sole discretion, but in no event less
than 7% per annum. 
  
 Termination Benefit. “Termination Benefit”
means the lump sum amount payable to a Participant who ceases to be an Employee pursuant to the provisions of Section 7.6. 
  
 Termination of Employment. “Termination of Employment” means the cessation of an Eligible Employee’s employment with the Employer for any reason,
whether voluntary or involuntary other than Retirement, Disability or death. 
  
 Valuation Date. “Valuation Date” means the date on which the Deferral Account is valued for Distribution purposes. This date shall be the last day of the month in which an event occurs that triggers a Benefit payment.

  
 ARTICLE 3 - PARTICIPATION 
  
 3.1 Participation. The Committee, through the Administrator, shall notify Participants
generally not less than 30 days (or such lesser period as may be practicable under the circumstances) prior to any deadline for filing a Participation Election Form. 
  
 3.2 Participation Election. An Eligible Employee shall become a Participant in the Plan no later than the first day of the Plan Year
coincident with or next following the date the employee becomes an Eligible Employee, provided such Employee has filed a Participant Election Form with the Administrator. To be 
  

 3 

 effective, the Eligible Employee must submit the Participant Election Form during an Enrollment Period or any other such
time as determined by the Administrator. 
  
 3.3 Continuation of
Participation. A Participant who has elected to participate in the Plan by submitting a Participant Election Form shall continue as a Participant in the Plan until the entire balance of the Participant’s Deferral Account has been
distributed to the Participant. In the event a Participant becomes ineligible to continue participation in the Plan, but remains an Employee of the Company, the Participant’s Deferral Account shall be held and administered in accordance with
the Plan until such time as Participant’s Deferred Account is completely distributed. 
  
 ARTICLE 4 - PARTICIPANT DEFERRALS 
  
 4.1 Annual Deferral. On the Participation Election Form, and subject to the restrictions set forth herein, the Eligible Employee shall designate the amount of Annual Base Salary and Bonus to be deferred for the next Plan Year.

  
 4.2 Minimum Deferral. The minimum amount of Annual Deferral that may
deferred shall be two (2%) percent of a Participant’s Annual Base Salary. 
  
 4.3 Maximum Deferral. The standard maximum amount of Annual Deferral that may be deferred shall be 20% of an Eligible Employee’s Annual Base Salary and 20% of an Eligible Employee’s Bonus; provided that officers of the
Company may defer up to 50% of their Annual Base Salary and up to 50% of their Bonus, and with the approval of the Administrator up to 100% of their Annual Base Salary and/or Bonus. The maximum deferral amount is established at the discretion of the
Administrator. 
  
 4.4 Deferral Accounts. Solely for record keeping
purposes, the Company shall maintain a Deferral Account for each Participant. The amount of a Participant’s Annual Deferral pursuant to this Article 4 shall be credited by the Employer to the Participant’s Deferral Account on the date(s)
that such Annual Deferral would otherwise have been paid. The Deferral Account may be credited with Company contributions pursuant to Article 5. All Distributions and penalties (related to a Discounted Cash Out Election under Section 7.9) will be
debited to the Deferral Account on the Valuation Date. 
  
 4.5 Interest on
Deferral Accounts. The Participant’s Deferral Account shall be credited with a rate of return (positive or negative) based on the Declared Rate(s) that he elects. The rate of return (positive or negative) will be credited and compounded
daily. 
  
 4.6 Statement of Accounts. The Administrator shall provide to
each Participant periodic statements (no less than semi-annually) setting forth the Participant’s deferrals, Declared Rate(s) (credits or debits), distributions and Deferral Account balance. 
  
 4.7 Errors in Benefit Statement or Distributions. In the event an error is made in a
benefit statement, such error shall be corrected on the next benefit statement following the date such error is discovered. In event of an error in a Distribution, the Participant’s Deferral Account shall, immediately upon the discovery of such
error, be adjusted to reflect such under or over payment and, if possible, the next Distribution shall be adjusted upward or downward to correct such prior error. If the remaining balance of a Participant’s Deferral Account is insufficient to
cover an erroneous overpayment, the Company may, at its discretion, offset other amounts payable to the Participant from the Company (including but not limited to salary, bonuses, expense reimbursements, severance benefits or other nonqualified
employee benefit arrangements) to recoup the amount of such overpayment(s). 
  

 4 

 4.8 Valuation of Accounts. The value of a Deferral Account as of any date shall equal the amounts theretofore
credited or debited to such account, plus the interest deemed to be earned on such account in accordance with this Article 4 through the day preceding such date. 
  
 4.9 Vesting. Except with respect to any discretionary contributions made by the Company which may have a separate vesting schedule,
the Participant shall be 100% vested at all times in the Participant’s Deferral Account. 
  
 ARTICLE 5 - MATCHING CONTRIBUTIONS 
  
 The
Company, in its sole discretion, may credit to select Participant’s Deferral Accounts a discretionary amount or match in an amount as determined by the Company. These amounts and subsequent earnings are subject to vesting schedules established
by the Administrator. 
  
 ARTICLE 6 - INVESTMENT OPTIONS 
  
 6.1 Participant Election of Declared Rates. A Participant may elect on the Allocation
Election Form any combination of Declared Rates in one (1%) percent increments, as long as the total does not exceed one hundred (100%) percent of the deferrals. A Participant may change the Declared Rate(s) election once a month by filing a written
notice (which may include an electronic notification) with the Administrator (or to a service provider designated by the Company, such as Mullin Consulting, which provides administrative services for the Plan and the Participants), up to the last
day of the month, with such change(s) effective as of the first day of the next month. Such elections will apply to current deferrals and/or to the remaining Deferral Account Balance, as indicated by the Participant. The Company may modify these
procedures to provide greater flexibility (e.g., smaller percentage increments or more frequent reallocations) to Participants. The Company will not necessarily invest Deferral Account balances in the investment funds represented by the Declared
Rates, even though the actual performance of the investment fund(s) that is/are chosen to measure specific Declared Rate(s) will determine the rate of return (positive or negative) on the Participant’s Deferral Account. 
  
 6.2 Declared Rates. A Participant may select from Declared Rates currently
representing ten (10) investment funds, which may from time to time be established under the Plan and the number of which may be expanded by the Committee; it being the intention that at all times Participants will have at least nine (9) core
investment fund choices comparable in focus, type and quality to those listed on Exhibit A. The Declared Rates provide a rate of return (positive or negative) that are based on the actual net performance of the Declared Rate(s) selected by the
Participant. The Declared Rates credited to Participant Deferral Accounts will be the actual net performance of the Declared Rates, to which will be added a basis point credit, which credit when added to the actual net performance of the Declared
Rates will together be approximately equivalent on average to crediting the actual gross performance of the Declared Rates less 20 basis points. 
  
 ARTICLE 7 - BENEFITS 
  
 7.1 Retirement Benefit. A Participant is eligible for a Retirement Benefit under this Plan upon the satisfaction of the requirements for Normal Retirement or Early Retirement. 
  
 7.2 Benefit Election Alternatives. The Retirement Benefit will be paid beginning on
the Settlement Date, and in the manner which the Participant elects no later than thirteen months prior to retirement. A Participant may elect to receive his Retirement Benefit at retirement in either a lump sum or installments 
  

 5 

 during 10, 15 or 20 years, or a combination of a lump sum payment (in 10% increments) and payments during one installment
period; provided, however, that the maximum payout period for Retirement Benefits shall be subject to Section 7.3. In the event a payout election period exceeds the maximum period permitted by Section 7.3, the payout period shall be reduced to the
maximum period permitted by Section 7.3. 
  
 7.3 Maximum Payout Period.
Notwithstanding any Eligible Employee’s election to the contrary, the maximum number of years over which retirement Benefits may be paid from the Plan shall be limited as follows: 
  

	 	(i)	 	Retirement ages 55-59 - lump sum or over ten years; 

  

	 	(ii)	 	Retirement ages 60-61 - lump sum or over ten or fifteen years; or 

  

	 	(iii)	 	Retirement ages 62 and above - lump sum or over ten, fifteen or twenty years; 

  

provided that in cases of involuntary or mutual separation or termination the Chief Executive Officer or Senior Vice President, Human Resources shall have the right to
extend the payment period, as elected by the Participant at least 13 months prior to retirement, without regard to the limits in (i) or (ii) above, subject to the Participant being eligible for Early Retirement. 
  
 7.4 Installment Payments. All installment payments will be calculated on an annual
basis but paid in such intervals as may be determined by the Committee, provided that such intervals shall not be less frequent than quarterly. If a Participant elects to receive his Retirement Benefit in installment payments, the payments will be
based on the Deferral Account balance at the beginning of the payment period. The payments will be recalculated annually by dividing the Participant’s current Deferral Account balance as of the last day of the plan year by the number of
remaining years in the payment period based on the Participant’s retirement payment election. The rate of return (positive or negative) during any payment year will be credited during the year on the unpaid Deferral Account balance at the
applicable Declared Rate(s). A retired Participant may continue to change his Declared Rate(s) pursuant to Section 6.1. 
  
 7.5 Disability. If a Participant suffers a Disability, Participant deferrals that otherwise would have been credited to the Participant’s Deferral Accounts
will cease during such Disability. The Participant’s Deferral Accounts will continue to earn interest at the Declared Rate(s) that he has chosen. If the Participant terminates employment because of the Disability, the Participant’s
Deferral Account will be distributed as a Retirement Benefit, Termination Benefit or Survivor Benefit, whichever is applicable, beginning on the date and in the form which the Participant elected in his Participant Election Form. In the sole
discretion of the Committee, the Employer may commence payments on an earlier date. If a Participant recovers from a Disability and returns to employment with the Employer the Participant shall resume making deferrals pursuant to his Participant
Election Form. 
  
 7.6 Termination Benefit. If a Participant ceases to be
an Employee for any reason other than death, or Normal or Early Retirement, the Employer shall pay to the Participant in one lump sum an amount (the “Termination Benefit”) equal to the value of the Deferral Account, provided that the
Company reserves the right to distribute this Benefit in installment payments, and in such event the Termination Benefit will be calculated in accordance with Section 7.4. The Participant shall be entitled to no further Benefits under this Plan.

  

 6 

 7.7 Survivor Benefits. 
  
 (a) Pre-Retirement. If a Participant dies and has not yet commenced receiving Retirement Benefit payments, a Survivor Benefit will be paid to his
Beneficiary in annual installments over ten years except as set forth below. The aggregate Survivor Benefit will be equal to the Deferral Account balance plus interest. The annual Survivor Benefit payments shall be re-determined each year based upon
the value of the Deferral Account at that time plus interest based on the Survivor Rate. 
  
 (b) Post-Retirement. If a Participant dies after payment of Benefits has commenced, his Beneficiary will be entitled to receive the remainder of the payments not yet paid to the Participant in accordance with
the election of the Participant then in effect. After the Participant’s death, interest will be credited at the Survivor Rate. 
  
 7.8 Emergency Benefit. In the event that the Committee, upon written petition of the Participant or Beneficiary, determines, in its sole discretion, that the
Participant or Beneficiary has suffered an unforeseeable financial emergency, the Employer shall pay to the Participant or Beneficiary, as soon as practicable following such determination, an amount necessary to meet the emergency not in excess of
the Termination Benefit to which the Participant is entitled hereunder if said Participant had a termination of service on the date of such determination (the “Emergency Benefit”). For purposes of this Plan, an unforeseeable financial
emergency is an unexpected need for cash arising from an illness, casualty loss, sudden financial reversal, or other such unforeseeable occurrence. An unforeseeable financial emergency for purposes of this Plan shall exist for any Participant or
Beneficiary who is deemed to be in constructive receipt of income on account of deferred benefits payable under the terms of the Plan, and in such event all deferred benefits giving rise to said constructive receipt of income shall be paid to the
Participant or Beneficiary in question. Notwithstanding the foregoing, the final determination by the Internal Revenue Service (“IRS”) or court of competent jurisdiction, all time for appeal having lapsed, that the Employer is not the
owner of the assets of the Rabbi Trust, with the result that the income of the Rabbi Trust is not treated as income of the Company pursuant to Sections 671 through 679 of the Code, or the final determination by (i) the IRS, (ii) a court of competent
jurisdiction, all time for appeal having lapsed, or (iii) counsel to the Company that a federal tax is payable by the Participant or Beneficiary with respect to assets of the Rabbi Trust or the Participant’s or Beneficiary’s Deferral
Accounts prior to the distribution of those assets or Deferral Accounts to the Participant or Beneficiary shall in any event constitute an unforeseeable financial emergency entitling such Participant or Beneficiary to an Emergency Benefit provided
for in this Section. Cash needs arising from foreseeable events such as the purchase of a home or education expenses for children shall not be considered to be the result of an unforeseeable financial emergency. The amount of benefits otherwise
payable under the Plan shall thereafter be adjusted to reflect the reduction of a Deferral Account due to the early payment of the Emergency Benefit. 
  
 A Participant, or a Beneficiary receiving payments, may request an Emergency Benefit distribution or a cessation of the current Annual Deferral by submitting a written
request to the Committee. The Committee, or designated subcommittee thereof, shall have the authority to require such evidence as it deems, in its sole discretion, necessary to determine if such a distribution or cessation of deferrals is warranted.
If the request is approved, any Distribution will be limited to an amount sufficient to meet the emergency up to the Deferral Account balance. Any Distribution will be calculated and paid in a manner determined solely by the Committee. The balance
of the Deferral Account and any Benefits otherwise payable under the Plan shall thereafter be adjusted accordingly. Following such Distribution, current deferrals will cease and the Participant may not make deferrals for one full plan year after the
date of the distribution. 
  

 7 

 7.9 Discounted Cash Out Election 
  
 (a) At any time a Participant or a Beneficiary has a Deferral Account balance in the Plan, the Participant or a Beneficiary
may elect to receive all or part of the Participant’s Deferral Account balance in a lump sum by filing a written election with the Administrator to receive a Discounted Cash Out pursuant to this Section. Crediting of Declared Rates to the
amount elected to be withdrawn shall cease to accrue as of the Valuation date. The requirements for a Discounted Cash Out Election and the manner of determining the amount to be paid to a Participant who makes a Discounted Cash Out Election are set
forth below. 
  
 (b) Minimum Amount. Except as otherwise
determined by the Committee, the Discounted Cash Out must be in an amount of at least $200,000, unless the Participant’s Deferral Account has an aggregate balance of less than $200,000 as of the date of the Discounted Cash Out Election, in
which case the amount of the Discounted Cash Out shall be equal to 100% of the aggregate balance of the Participant’s Deferral Accounts. 
  
 (c) Deferral Account Value. The amount available for the Discounted Cash Out shall be determined no later than the last day of the month
during which the Participant or Beneficiary delivers to the Administrator a written Discounted Cash Out Election, provided, however, that the Administrator shall have at lease fifteen (15) business days to make such determination. 
  
 (d) Adjustment of Accounts; Penalty. If a Participant or Beneficiary
elects to receive a Discounted Cash Out, the amount actually distributed to the Participant shall be the amount of the requested Discounted Cash Out Election less a 6% penalty. If required by law or regulation, the Committee reserves the right to
change the amount of the penalty. 
  
 (e) Number of
Distributions. During the course of any calendar year and prior to Early or Normal Retirement or Death, a Participant or a Beneficiary may make one Discounted Cash Out Election per year; following Early or Normal Retirement, a Participant or a
Beneficiary in a payout status, may make two Discounted Cash Out Elections per year. 
  
 7.10 Small Benefit. Notwithstanding anything herein to the contrary, with the exception of normal Plan installment Distributions, in the event the Deferral Account balance of a Participant or a Beneficiary after a benefit
Distribution is $50,000 or less, the Administrator, in his sole discretion, may elect to distribute any such amount in a single lump sum payment. 
  
 7.11 Valuation Date. Unless otherwise provided by the Administrator, the Valuation Date for determining Deferral Account balances shall be the last day of the
month in which an event occurs that triggers a Benefit payment. 
  
 7.12
Settlement Date. Unless otherwise provided by the Administrator, the Settlement Date for Benefit payments shall be within 90 days or as soon as possible following the Valuation Date. 
  
 ARTICLE 8 - BENEFICIARY DESIGNATION 
  
 Each Participant and Beneficiary shall have the right, at any time, to designate any person or persons as Beneficiary or Beneficiaries to whom payment under this Plan
shall be made in the event of death of the Participant or Beneficiary, as the case may be, prior to complete distribution of the Benefits due under the Plan. Each Beneficiary designation shall become effective only when filed in writing with the
Administrator 
  

 8 

 during the Participant’s or Beneficiary’s lifetime, as the case may be, on a form prescribed by the
Administrator. 
  
 The filing of a new Beneficiary designation form will cancel
and revoke all Beneficiary designations previously filed. Any finalized divorce or marriage (other than a common law marriage) of a Participant or Beneficiary, as the case may be, subsequent to the date of filing of a Beneficiary designation form
shall revoke such designation unless (i) in the case of divorce the previous spouse or a trust for said previous spouse was not designated as Beneficiary, or (ii) in the case of marriage the Participant’s new spouse or a trust for said new
spouse had previously been designated as Beneficiary. 
  
 If a Participant or
Beneficiary, as the case may be, fails to designate a Beneficiary as provided above, or if the Participant’s Beneficiary designation is revoked by marriage, divorce, or otherwise without execution of a new Beneficiary designation, or if all
designated Beneficiaries predecease the Participant or Beneficiary, as the case may be, or die prior to complete distribution of the Participant’s Benefits, then the Administrator shall direct the distribution of such Benefits to the estate of
the Participant or Beneficiary, as the case may be. 
  
 ARTICLE 9 -
ADMINISTRATION OF THE PLAN 
  
 A deferred compensation plan committee
(“Committee”) consisting of three or more members shall be appointed by the Company’s Chairman or Chief Executive Officer to administer the Plan and establish, adopt, or revise such rules and procedures as it may deem necessary or
advisable for the administration of the Plan and to interpret the provisions of the Plan, with any such interpretations to be conclusive. All decisions of the Committee shall be by vote of at least a majority of its members and shall be final and
binding. Members of the Committee shall be eligible to participate in the Plan while serving as members of the Committee, but a member of the Committee shall not vote or act upon any matter that relates solely to such member’s interest in the
Plan as a Participant. The current members of the Committee are the Chairman and Chief Executive Officer; the Senior Vice President, Finance and Chief Financial Officer; the Senior Vice President, Human Resources; the Executive Vice President,
General Counsel and Secretary; the Vice President and Treasurer; the Vice President, Compensation and Benefits; the Vice President, Associate General Counsel and Assistant Secretary; the Vice President and Controller; the Manager, Corporate Finance
and Investments, and the Manager, Financial Reporting at the Company’s Miller Corporate Center. The Committee has designated the Vice President, Compensation and Benefits as the Administrator to carry out the day-to-day administration of the
Plan. He shall exercise his discretion on a consistent and objective basis. 
  
 ARTICLE 10 - AMENDMENT OR TERMINATION OF PLAN 
  
 The Chairman or
Chief Executive Officer of the Company may amend the Plan; provided, however, that (i) no such amendment shall be effective to decrease the Benefits accrued by any Participant or Beneficiary of a deceased Participant (including, but not limited to,
the rate of interest credited to the Deferral Accounts); (ii) no such Amendment shall decrease the number of Declared Rates established herein; (iii) Section 7.1 may not be amended; (iv) the definition of Declared Rate may not be amended; except as
allowed in Article 6, and (v) the other substantive provisions of the Plan related to the calculation of Benefits or the manner or timing of payments to be made under the Plan shall not be amended so as to prejudice the rights of any Participant or
Beneficiary. 
  
 Notwithstanding any terms herein to the contrary, the Company may
not terminate the Plan. The Company shall not have any obligation to, but may, in its discretion, allow additional deferrals into this Plan. 
  

 9 

 ARTICLE 11 - MAINTENANCE OF ACCOUNTS 
  
 The Company shall keep, or cause to be kept, all such books of account, records and other data as may be necessary or advisable in its
judgment for the administration of this Plan, and to reflect properly the affairs thereof, and to determine the nature and amount of the interests of the respective Participants in each Deferral Account. 
  
 The Company is not required to segregate physically any assets with respect to the Deferral
Accounts under this Plan from any other assets of the Company and may commingle any such assets with any other monies, securities and properties of any kind of the Company. Separate accounts or records for the respective Participants’ Deferred
Accounts shall be maintained for operational and accounting purposes, but no such account or record shall be considered as creating a lien of any nature whatsoever on or as segregating any of the assets with respect to the accounts under this Plan
from any other funds or property of the Company. 
  
 ARTICLE 12 - MISCELLANEOUS

  
 12.1 Applicable Law. Except to the extent preempted by ERISA, this
Plan shall be governed and construed in accordance with the laws of the State of California applicable to agreements made and to be performed entirely therein, and applicable substantive provisions of federal law. 
  
 12.2 Captions. The captions of the articles, sections, and paragraphs of this Plan are
for convenience only and shall not control or affect the meaning or construction of any of its provisions. 
  
 12.3 Employment Not Guaranteed. Nothing contained in this Plan nor any action taken hereunder shall be construed as a contract of employment or as giving any
Employee any right to be retained in the employ of the Company. 
  
 12.4 Exempt
ERISA Plan. The Plan is intended to be an unfunded plan maintained primarily to provide deferred compensation Benefits for a select group of management or highly compensated employees within the meaning of Section 401 of ERISA, and therefor to
be exempt from parts 2,3, and 4 of Title 1 of ERISA. 
  
 12.5 Section
162(m). Notwithstanding anything to the contrary, no Benefit or Distribution shall be made hereunder in any year, if payment of such Benefit or Distribution during such year would create nondeductible compensation for the Company under Section
162(m) of the Internal Revenue Code. 
  
 12.6 Limitation. A Participant and
the Participant’s Beneficiary shall assume all risks in connection with the performance of any Declared Rate and any decrease in value of the Deferral Accounts, and the Company, Committee and the Administrator shall not be liable or responsible
therefor. 
  
 12.7 Notice. Any notice or filing required or permitted to be
given to the Administrator under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to the principal office of the Employer, directed to the attention of the Administrator with a copy to the
Senior Vice President, General Counsel and Secretary of the Employer. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or
certification. 
  
 12.8 Obligations To Employer. If a Participant becomes
entitled to a Distribution of Benefits under the Plan, and if at such time the Participant has outstanding any debt, obligation, or other liability representing 
  

 10 

 an amount owing to the Employer, then the Employer may offset such amount owed to it against the amount of Benefits
otherwise distributable. Such determination shall be made by the Committee. 
  
 12.9 Limits on Transfer. Other than by will, the laws of descent and distribution, or legal or judicial process related to dissolution of marriage, no right title or interest of any kind in the Plan shall be transferable or
assignable by a Participant or the Participant’s Beneficiary or be subject to alienation, anticipation, encumbrance, garnishment, attachment, levy, execution or other legal or equitable process, nor subject to the debts, contracts, alimony,
liabilities or engagements, or torts of any Participant or Participant’s Beneficiary. Any attempt to alienate, sell, transfer, assign, pledge, garnish, attach or take any other action subject to legal or equitable process or encumber or dispose
of any interest in the Plan shall be void. 
  
 12.10 Satisfaction of
Claims. Payments to any Participant or Beneficiary in accordance with the provisions of the Plan shall, to the extent thereof, be in full or partial satisfaction of claims against the Company for the compensation or other amounts deferred and
relating to the Deferral Account to which the payments relate. 
  
 12.11
Unfunded Status of Plan; Creation of Trusts. The Plan is intended to constitute an “unfunded” plan for deferred compensation and Participants shall rely solely on the unsecured promise of the Company for payment hereunder. With respect
to any payment not yet made to a Participant under the Plan, nothing contained in the Plan shall give a Participant any rights that are greater than those of a general unsecured creditor of the Company; provided, however, that the Administrator may
authorize the creation of trusts, including but not limited to the Trust referred to in Section 12.15, or make other arrangements to meet the Company’s obligations under the Plan, which trusts or other arrangements shall be consistent with the
“unfunded” status of the Plan. 
  
 12.12 Compliance. A
Participant in the Plan shall have no right to receive payment with respect to the Participant’s Deferral Account until legal and contractual obligations of the Company relating to establishment of the Plan and the making of such payments shall
have been complied with in full. 
  
 12.13 Tax Withholding. The Participant
or Beneficiary shall make appropriate arrangements with the Company for satisfaction of any federal, state or local income tax withholding requirements and Social Security or other employee tax requirements applicable to the crediting and payment of
Benefits under the Plan. If no other arrangements are made, the Company shall have the right to deduct from amounts otherwise credited or payable in settlement of a Deferral Account any sums that federal, state, local or foreign tax law requires to
be withheld with respect to such credit or payment. 
  
 12.14 Protective
Provisions. Each Participant shall cooperate with the Employer by furnishing any and all information requested by the Employer in order to facilitate the payment of Benefits hereunder, taking such physical examinations as the Employer may deem
necessary and taking such other relevant action as may be requested by the Employer. If a Participant refuses so to cooperate, the Employer shall have no further obligation to the Participant under the Plan, other than payment to such Participant of
the cumulative deferrals theretofore made pursuant to this Plan. If a Participant commits suicide during the two (2) year period beginning on the first day on which he participates in the Plan or if the Participant makes any material misstatement of
information or nondisclosure of medical history, then no Benefits will be payable hereunder to such Participant of the deferrals theretofore made pursuant to this Plan, provided, that in the Employer’s sole discretion, Benefits may be payable
in an amount reduced to compensate the Employer for any loss, cost, damage or expense suffered or incurred by the Employer as a result in any way of any such action, misstatement or nondisclosure. 
  

 11 

 12.15 Unsecured General Creditor. The Company has established the Avery Dennison Corporation Executive
Compensation Trust (“Rabbi Trust”). The assets of the Rabbi Trust shall be subject to the claims of the Company’s creditors. To the extent any Benefits provided under the Plan are actually paid from the Rabbi Trust, the Employer shall
have no further obligation with respect thereto, but to the extent not so paid, such Benefits shall remain the obligation of, and shall be paid by, the Employer. Participants and their Beneficiaries, heirs, successors, and assigns shall have no
legal or equitable rights, interest, or claims in an specific property or assets of Employer, nor shall they be beneficiaries of, or have any rights, claims, or interests in any life insurance policies, annuity contracts, or the proceeds therefrom
owned or which may be acquired by Employer (“Policies”). Apart from the Rabbi Trust, such Policies or other assets of Employer shall not be held under any trust for the Benefit of Participants, their Beneficiaries, heirs, successors, or
assigns, or held in any way as collateral security for the fulfilling of the obligations of Employer under this Plan. Any and all of the Employer’s assets and Policies shall be, and remain, the general, un-pledged, unrestricted assets of
Employer. Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise of Employer to pay money in the future. 
  
 12.16 Waiver of Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive the Company from paying all or any portion of the Benefits due hereunder, wherever such
laws may be enacted, now or at any time hereafter in force, or which may affect the administration or performance of this Plan; and (to the extent that it may lawfully do so) the Company hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the realization of any Benefits to which the Participants hereunder are entitled, but will suffer and permit the realization of all such Benefits as though no such law had been enacted.

  
 12.17 Status. The establishment and maintenance of, or allocations and
credits to, the Deferral Accounts of any Participant shall not vest in any Participant any right, title or interest in and to any Plan assets or Benefits except at the time or times and upon the terms and conditions and to the extent expressly set
forth in the Plan and in accordance with the terms of the Rabbi Trust. 
  
 12.18 Validity. In the event any provision of this Plan is held invalid, void, or unenforceable, the same shall not affect, in any respect whatsoever, the validity of any other provision of this Plan. 
  
 12.19 Waiver of Breach. The waiver by any party of any breach of any provision of the
Plan by any other party shall not operate or be construed as a waiver of any subsequent breach. 
  
 12.20 Gender, Singular & Plural. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. As the context
may require, the singular may be read as the plural and the plural as the singular. 
  
 ARTICLE 13 - EFFECTIVE DATE 
  
 The effective date of this Plan is
December 1, 2003. 
  

 12 

 EXHIBIT A 
  
 EVDRP DECLARED RATES 
  

	Pacific Select Fund	 	Fund Manager
		
	 Money Market
	 	Pacific Life
		
	 Managed Bond
	 	Pacific Investment Management Company (PIMCO)
		
	 Equity Index
	 	Mercury Advisors
		
	 International Value
	 	Lazard
		
	 Growth LT
	 	Janus Capital Corporation
		
	 Small-Cap Equity
	 	Capital Guardian Trust Company
		
	 Large-Cap Value
	 	Salomon Brothers
		
	 Equity
	 	Putnam Investments
		
	 Mid-Cap Value
	 	Lazard
		
	 Fixed Account (offered 12/1/03)
	 	N/A – not a managed fund

  

 13Indenture

 Exhibit 4.1 
  

SUPERIOR WHOLESALE INVENTORY FINANCING TRUST VIII 
  
 Asset Backed Term Notes 
 Asset Backed
Revolving Notes 
  

  
 INDENTURE 
  
 Dated as of October 7, 2003 
  

  
 The Bank of New York, 
 a New York Banking Corporation, 
 Indenture Trustee 

 CROSS-REFERENCE TABLE 
  

	 TIA
 Section

	  	 	  	 Indenture
 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
	  	7
	 	 	 	 	 SECTION 2.6
	  	 Persons Deemed Noteholders
	  	8
	 	 	 	 	 SECTION 2.7
	  	 Payment of Principal and Interest
	  	8
	 	 	 	 	 SECTION 2.8
	  	 Cancellation of Notes
	  	10
	 	 	 	 	 SECTION 2.9
	  	 Release of Collateral
	  	10
	 	 	 	 	 SECTION 2.10
	  	 Book-Entry Notes
	  	10
	 	 	 	 	 SECTION 2.11
	  	 Notices to Clearing Agency
	  	11
	 	 	 	 	 SECTION 2.12
	  	 Definitive Term Notes
	  	11
	 	 	 	 	 SECTION 2.13
	  	 Seller as Noteholder
	  	11
	 	 	 	 	 SECTION 2.14
	  	 Tax Treatment
	  	12
	 	 	 	 	 SECTION 2.15
	  	 Special Terms Applicable to Subsequent Transfers of Certain Notes
	  	12
	 	 	 	 	 SECTION 2.16
	  	 CUSIP Numbers
	  	13
		
	 ARTICLE III
	  	 
	 	 	 	 	 COVENANTS
	  	13
	 	 	 	 	 SECTION 3.1
	  	 Payment of Principal and Interest
	  	13
	 	 	 	 	 SECTION 3.2
	  	 Maintenance of Agency Office
	  	13
	 	 	 	 	 SECTION 3.3
	  	 Money for Payments To Be Held in Trust
	  	14
	 	 	 	 	 SECTION 3.4
	  	 Existence
	  	15
	 	 	 	 	 SECTION 3.5
	  	 Protection of Trust Estate; Acknowledgment of Pledge
	  	15
	 	 	 	 	 SECTION 3.6
	  	 Opinions as to Trust Estate
	  	16
	 	 	 	 	 SECTION 3.7
	  	 Performance of Obligations; Servicing of Receivables
	  	17
	 	 	 	 	 SECTION 3.8
	  	 Negative Covenants
	  	17
	 	 	 	 	 SECTION 3.9
	  	 Annual Statement as to Compliance
	  	18
	 	 	 	 	 SECTION 3.10
	  	 Consolidation, Merger, etc., of Issuer; Disposition of Trust Assets
	  	18
	 	 	 	 	 SECTION 3.11
	  	 Successor or Transferee
	  	20
	 	 	 	 	 SECTION 3.12
	  	 No Other Business
	  	21
	 	 	 	 	 SECTION 3.13
	  	 No Borrowing
	  	21
	 	 	 	 	 SECTION 3.14
	  	 Guarantees, Loans, Advances and Other Liabilities
	  	21

  

 i 

	 	 	 	 	 SECTION 3.15
	  	 Servicer’s Obligations
	  	21
	 	 	 	 	 SECTION 3.16
	  	 Capital Expenditures
	  	21
	 	 	 	 	 SECTION 3.17
	  	 Removal of Administrator
	  	21
	 	 	 	 	 SECTION 3.18
	  	 Restricted Payments
	  	21
	 	 	 	 	 SECTION 3.19
	  	 Notice of Events of Default
	  	22
	 	 	 	 	 SECTION 3.20
	  	 Further Instruments and Acts
	  	22
	 	 	 	 	 SECTION 3.21
	  	 Trustee’s Assignment of Interests in Certain Receivables
	  	22
	 	 	 	 	 SECTION 3.22
	  	 Representations and Warranties by the Issuer to the Indenture Trustee
	  	22
		
	 ARTICLE IV
	  	 
	 	 	 	 	 SATISFACTION AND DISCHARGE
	  	23
	 	 	 	 	 SECTION 4.1
	  	 Satisfaction and Discharge of Indenture
	  	23
	 	 	 	 	 SECTION 4.2
	  	 Application of Trust Money
	  	24
	 	 	 	 	 SECTION 4.3
	  	 Repayment of Monies Held by Paying Agent
	  	24
	 	 	 	 	 SECTION 4.4
	  	 Duration of Position of Indenture Trustee
	  	24
		
	 ARTICLE V
	  	 
	 	 	 	 	 DEFAULT AND REMEDIES
	  	25
	 	 	 	 	 SECTION 5.1
	  	 Events of Default
	  	25
	 	 	 	 	 SECTION 5.2
	  	 Acceleration of Maturity; Rescission and Annulment
	  	26
	 	 	 	 	 SECTION 5.3
	  	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	26
	 	 	 	 	 SECTION 5.4
	  	 Remedies; Priorities
	  	28
	 	 	 	 	 SECTION 5.5
	  	 Optional Preservation of the Trust Estate
	  	30
	 	 	 	 	 SECTION 5.6
	  	 Limitation of Suits
	  	30
	 	 	 	 	 SECTION 5.7
	  	 Rights of Noteholders To Receive Principal and Interest
	  	31
	 	 	 	 	 SECTION 5.8
	  	 Restoration of Rights and Remedies
	  	31
	 	 	 	 	 SECTION 5.9
	  	 Rights and Remedies Cumulative
	  	31
	 	 	 	 	 SECTION 5.10
	  	 Delay or Omission Not a Waiver
	  	31
	 	 	 	 	 SECTION 5.11
	  	 Control by Noteholders
	  	31
	 	 	 	 	 SECTION 5.12
	  	 Waiver of Past Defaults
	  	32
	 	 	 	 	 SECTION 5.13
	  	 Undertaking for Costs
	  	32
	 	 	 	 	 SECTION 5.14
	  	 Waiver of Stay or Extension Laws
	  	33
	 	 	 	 	 SECTION 5.15
	  	 Action on Notes
	  	33
	 	 	 	 	 SECTION 5.16
	  	 Performance and Enforcement of Certain Obligations
	  	33
		
	 ARTICLE VI
	  	 
	 	 	 	 	 THE INDENTURE TRUSTEE
	  	34
	 	 	 	 	 SECTION 6.1
	  	 Duties of Indenture Trustee
	  	34
	 	 	 	 	 SECTION 6.2
	  	 Rights of Indenture Trustee
	  	35
	 	 	 	 	 SECTION 6.3
	  	 Indenture Trustee May Own Notes
	  	36
	 	 	 	 	 SECTION 6.4
	  	 Indenture Trustee’s Disclaimer
	  	36
	 	 	 	 	 SECTION 6.5
	  	 Notice of Defaults
	  	37
	 	 	 	 	 SECTION 6.6
	  	 Reports by Indenture Trustee to Holders
	  	37
	 	 	 	 	 SECTION 6.7
	  	 Compensation; Indemnity
	  	37
	 	 	 	 	 SECTION 6.8
	  	 Replacement of Indenture Trustee
	  	37

  

 ii 

	 	 	 	 	 SECTION 6.9
	  	 Merger or Consolidation of Indenture Trustee
	  	38
	 	 	 	 	 SECTION 6.10
	  	 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	  	39
	 	 	 	 	 SECTION 6.11
	  	 Eligibility; Disqualification
	  	40
	 	 	 	 	 SECTION 6.12
	  	 Preferential Collection of Claims Against Issuer
	  	40
	 	 	 	 	 SECTION 6.13
	  	 Representations and Warranties of Indenture Trustee
	  	40
	 	 	 	 	 SECTION 6.14
	  	 Indenture Trustee May Enforce Claims Without Possession of Notes
	  	41
	 	 	 	 	 SECTION 6.15
	  	 Suit for Enforcement
	  	41
	 	 	 	 	 SECTION 6.16
	  	 Rights of Noteholders to Direct Indenture Trustee
	  	41
		
	 ARTICLE VII
	  	 
	 	 	 	 	 NOTEHOLDERS’ LISTS AND REPORTS
	  	42
	 	 	 	 	 SECTION 7.1
	  	 Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders
	  	42
	 	 	 	 	 SECTION 7.2
	  	 Preservation of Information, Communications to Noteholders
	  	42
	 	 	 	 	 SECTION 7.3
	  	 Reports by Issuer
	  	42
	 	 	 	 	 SECTION 7.4
	  	 Reports by Indenture Trustee
	  	43
		
	 ARTICLE VIII
	  	 
	 	 	 	 	 ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	43
	 	 	 	 	 SECTION 8.1
	  	 Collection of Money
	  	43
	 	 	 	 	 SECTION 8.2
	  	 Designated Accounts; Payments
	  	44
	 	 	 	 	 SECTION 8.3
	  	 General Provisions Regarding Designated Accounts
	  	44
	 	 	 	 	 SECTION 8.4
	  	 Release of Trust Estate
	  	44
	 	 	 	 	 SECTION 8.5
	  	 Opinion of Counsel
	  	45
		
	 ARTICLE IX
	  	 
	 	 	 	 	 SUPPLEMENTAL INDENTURES
	  	45
	 	 	 	 	 SECTION 9.1
	  	 Supplemental Indentures Without Consent of Noteholders
	  	45
	 	 	 	 	 SECTION 9.2
	  	 Supplemental Indentures With Consent of Noteholders
	  	47
	 	 	 	 	 SECTION 9.3
	  	 Execution of Supplemental Indentures
	  	48
	 	 	 	 	 SECTION 9.4
	  	 Effect of Supplemental Indenture
	  	48
	 	 	 	 	 SECTION 9.5
	  	 Conformity with Trust Indenture Act
	  	48
	 	 	 	 	 SECTION 9.6
	  	 Reference in Notes to Supplemental Indentures
	  	49
		
	 ARTICLE X
	  	 
	 	 	 	 	 REDEMPTION OF TERM NOTES
	  	49
	 	 	 	 	 SECTION 10.1
	  	 Redemption
	  	49
	 	 	 	 	 SECTION 10.2
	  	 Form of Redemption Notice
	  	49
	 	 	 	 	 SECTION 10.3
	  	 Term Notes Payable on Redemption Date
	  	50
		
	 ARTICLE XI
	  	 
	 	 	 	 	 MISCELLANEOUS
	  	50
	 	 	 	 	 SECTION 11.1
	  	 Compliance Certificates and Opinions, etc.
	  	50
	 	 	 	 	 SECTION 11.2
	  	 Form of Documents Delivered to Indenture Trustee
	  	52
	 	 	 	 	 SECTION 11.3
	  	 Acts of Noteholders
	  	52

  

 iii 

	 	 	 	 	 SECTION 11.4
	  	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	  	53
	 	 	 	 	 SECTION 11.5
	  	Notices to Noteholders; Waiver	  	53
	 	 	 	 	 SECTION 11.6
	  	Alternate Payment and Notice Provisions	  	54
	 	 	 	 	 SECTION 11.7
	  	Conflict with Trust Indenture Act	  	54
	 	 	 	 	 SECTION 11.8
	  	Effect of Headings and Table of Contents	  	54
	 	 	 	 	 SECTION 11.9
	  	Successors and Assigns	  	54
	 	 	 	 	 SECTION 11.10
	  	        Severability	  	55
	 	 	 	 	 SECTION 11.11
	  	        Benefits of Indenture	  	55
	 	 	 	 	 SECTION 11.12
	  	        Legal Holidays	  	55
	 	 	 	 	 SECTION 11.13
	  	        GOVERNING LAW	  	55
	 	 	 	 	 SECTION 11.14
	  	        Counterparts	  	55
	 	 	 	 	 SECTION 11.15
	  	        Recording of Indenture	  	55
	 	 	 	 	 SECTION 11.16
	  	        No Recourse	  	56
	 	 	 	 	 SECTION 11.17
	  	        No Petition	  	56
	 	 	 	 	 SECTION 11.18
	  	        Inspection	  	57

  
 EXHIBIT A Form of Transfer Certificate

 EXHIBIT B Form of Undertaking Letter 
 APPENDIX A Additional
Representations and Warranties 
  

 iv 

 INDENTURE, dated as of October 7, 2003, between SUPERIOR WHOLESALE INVENTORY FINANCING TRUST VIII, a
Delaware statutory trust (the “Issuer” or the “Trust”), and THE BANK OF NEW YORK, a New York banking corporation, 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 Issuer 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 Issuer’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 Corporation (the “Seller”) under the Pooling and Servicing Agreement assigned to the Issuer 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 “Issuer Collateral”). 
  
 The Seller has granted a security interest in each SWIFT VIII Reserve Fund to
the Indenture Trustee pursuant to the terms of the Trust Sale and Servicing Agreement (the “Seller Collateral,” and collectively with the Issuer 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 Issuer 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 Issuer or otherwise and generally to do and receive anything that the Issuer 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 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 Issuer, the Seller and General Motors Acceptance Corporation (“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 Issuer 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) Term Notes and Revolving Notes may be issued by the Issuer 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 Term Notes may be issued in one or more series. The Revolving Notes may be issued in one or more series. The 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. 
  

 2 

 (b) The Notes shall be executed on behalf of the Issuer 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 Issuer shall bind the Issuer, 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 Seller 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 Issuer 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, subordinate or pari passu in right of payment of principal and interest to other Notes; 

 

 3 

 (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 Issuer 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 Issuer; 
  
 (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 the related Notes to or upon the written order of the Issuer, signed by any Authorized Officer. 
  

 4 

 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 Issuer 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, 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:
	 	  

  
 (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. 
  

 5 

 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 Issuer may
execute, and upon receipt of an Issuer 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 Issuer 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 Issuer 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 Issuer 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 Issuer shall cause to be kept a Note Register, for each series of Notes, in which, subject to such reasonable regulations as the Issuer may prescribe, the Issuer 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 Issuer 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 Issuer as Note Registrar, the Issuer 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 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 Issuer (and following the delivery, in the former case, of such Notes to the Issuer by the Indenture Trustee), the Issuer 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. 
  

 6 

 (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 Issuer (and following the delivery, in the former
case, of such Notes to the Issuer by the Indenture Trustee), the Issuer 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 Issuer, 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 Issuer 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 Issuer 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. 
  
 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 Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the
Note Registrar or the Indenture Trustee that such Note has been acquired by a bona fide purchaser, the Issuer shall execute and upon the Issuer’s written request the 
  

 7 

 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 Issuer 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 Issuer 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 Issuer 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 Issuer or the Indenture Trustee in connection therewith. 
  
 (c) In connection with the issuance of any replacement Note under this Section 2.5, the Issuer 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 Issuer, 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. 
  
 (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 Issuer, the Indenture Trustee, the Paying Agent and any other agent of the Issuer 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 Issuer, the Indenture Trustee, the Paying Agent nor any other
agent of the Issuer 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 
  

 8 

 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 Issuer or Paying Agent, on behalf of the Issuer 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 Seller 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 Issuer or Paying Agent on behalf of the Issuer 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 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. 
  

 9 

 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. The Issuer may at any time deliver to the Indenture Trustee
for cancellation any Notes previously authenticated and delivered hereunder which the Issuer 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. 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 Issuer shall direct by an Issuer Order that they be returned to it; provided, however, that such Issuer Order is timely
and the Notes have not been previously disposed of by the Indenture Trustee. The Indenture Trustee shall certify to the Issuer 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 Issuer 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 Issuer 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 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 
  

 10 

 (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 Issuer 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 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 Issuer 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 Issuer, 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 any 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 any series may be subject to such additional or different provisions as are specified in
the related Officer’s Issuance Certificate. 
  
 SECTION 2.13
Seller as Noteholder. The Seller in its individual or any other capacity may become the owner or pledgee of Notes of any series and may otherwise deal with the Issuer or its affiliates with the same rights it would have if it were not the
Seller. 
  

 11 

 SECTION 2.14 Tax Treatment. The Issuer 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, 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 will not be, and certain series of Term Notes may by their terms 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 Seller 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 Seller, (ii) such sale, pledge or other transfer occurs outside of the United States to a non-United States Person in accordance with Regulation 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 Seller in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Indenture Trustee and the Seller, and (B) the Indenture
Trustee shall require a written opinion of counsel (which shall not be at the expense of the Seller, the Servicer or the Indenture Trustee) satisfactory to the Seller 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 Seller
shall have consented in writing to such transfer. Neither the Seller 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. 
  
 (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 a Benefit Plan and, if requested to do so by the Seller 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. 
  

 12 

 (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
Issuer 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 Issuer 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 Issuer 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 Issuer 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 Issuer 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 Issuer 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 Issuer for registration of transfer
or exchange, and where notices and demands to or upon the Issuer 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 Issuer hereby initially
appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer 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 Issuer 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 Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 
  

 13 

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

 14 

 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 Issuer; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), 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 Issuer 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 Issuer. The Indenture Trustee may also adopt and employ, at the expense of the Issuer, 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 Issuer 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 Issuer
hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuer 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 Issuer 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 Issuer’s true legal name or any of its trade names,
(B) any change in the location of the Issuer’s principal place of business, (C) any merger or consolidation or other change in the Issuer’s identity, organizational structure or jurisdiction of organization or in which the Issuer 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; 
  

 15 

 (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 Issuer 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 Seller to the Indenture Trustee pursuant to Section 4.6(c) of the Trust Sale and Servicing Agreement of all of the Seller’s right, title and interest in and to the Reserve Accounts in order to provide for the payment to the Noteholders, the
Certificateholders 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 VIII Reserve Funds for the benefit of the Noteholders, the
Certificateholders and the Servicer, and as security for the performance by the Seller 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 Issuer 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, 2004, the Issuer 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
Opinion of Counsel shall also describe the recording, filing, re-recording and refilling 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. 
  

 16 

 SECTION 3.7 Performance of Obligations; Servicing of Receivables. 
  
 (a) The Issuer 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 Issuer 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 Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to
assist the Issuer in performing its duties under this Indenture. 
  
 (c) The Issuer 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 Issuer shall have knowledge of the occurrence of a Servicing Default under the Trust Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee and the Rating Agencies thereof, and shall specify in such notice the
response or action, if any, the Issuer 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 Issuer 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 Issuer shall not: 
  
 (a) sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, except the Issuer 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; 
  

 17 

 (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
Issuer shall deliver to the Indenture Trustee, on or before March 15 of each year, beginning March 15, 2004, 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 Issuer 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 Issuer 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 Issuer addressed to the Corporate Trust Office of the Indenture Trustee. 
  
 SECTION 3.10 Consolidation, Merger, etc., of Issuer; Disposition of Trust Assets. 
  
 (a) The Issuer shall not consolidate or merge with or into any other Person, unless: 
  
 (i) the Person (if other than the Issuer) 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 
  

 18 

 
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 Issuer 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 Issuer shall
have delivered to the Indenture Trustee an Officers’ Certificate and an Opinion of Counsel addressed to the Issuer, 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 Issuer 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 Issuer 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 Issuer (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 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 Issuer to be performed or observed, all as provided herein; 
  

 19 

 (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 Issuer 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 Issuer shall have delivered to the
Indenture Trustee an Officers’ Certificate and an Opinion of Counsel addressed to the Issuer, 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 Issuer 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. 
  
 SECTION 3.11 Successor or
Transferee. 
  
 (a) Upon any consolidation or merger of the
Issuer in accordance with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this
Indenture with the same effect as if such Person had been named as the Issuer herein. 
  
 (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.10(b), the Issuer shall be released from every covenant and agreement of this Indenture to be observed or
performed on the part of the Issuer 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 Issuer is to be so released. 
  

 20 

 SECTION 3.12 No Other Business. The Issuer 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 Issuer 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 Issuer 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 Issuer 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 Issuer 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 Seller on the Initial Closing Date and from time to time thereafter pursuant to the Trust Sale and Servicing
Agreement. 
  
 SECTION 3.17 Removal of Administrator. So
long as any Notes are Outstanding, the Issuer 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 Issuer 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 Issuer or otherwise, in each case with respect to any ownership or equity interest or similar security in or of the Issuer or to the Servicer; 
  

 21 

 (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 Issuer
may make, or cause to be made, distributions to the Servicer, the Seller, 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 Issuer 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 Issuer
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 Seller, each default on the part of the Seller 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 Issuer. 
  
 SECTION 3.20 Further Instruments and Acts.
Upon request of the Indenture Trustee, the Issuer 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 Seller, as the case may be, all of the Indenture Trustee’s right, title and interest in and to any Receivable
assigned by the Issuer to the Servicer, GMAC or the Seller, 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 Seller, as 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 Issuer to the Indenture Trustee. The Issuer hereby represents and warrants to the Indenture
Trustee as follows: 
  
 (a) Good Title. No interest in any
Receivable conveyed to the Issuer has been sold, transferred, assigned or pledged by the Issuer to any Person other than the Indenture Trustee; immediately prior to the conveyance of such Receivables pursuant to this Indenture, the 

  

 22 

 
Issuer had good and marketable title thereto, free of any Lien; and, upon execution and delivery of this Indenture by the Issuer, the Indenture Trustee shall
have all of the right, title and interest of the Issuer 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 Issuer 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 Issuer, shall execute proper instruments acknowledging satisfaction and discharge
of this Indenture with respect to the Notes, if: 
  
 (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 Issuer and thereafter repaid to the Issuer 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
Issuer, 
  

 23 

 and the Issuer, 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 Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer; and 
  
 (c) the Issuer has delivered to the Indenture Trustee an Officer’s
Certificate of the Issuer, 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. 
  
 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 Issuer, 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. 
  

 24 

 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 Issuer 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 Issuer and the Seller (or the
Servicer, as applicable) by the Indenture Trustee or to the Issuer and the Seller (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 Issuer or any substantial part of the Trust Estate
in an involuntary case under the Bankruptcy Code, and such order shall have continued undischarged or unstayed for a period of 90 days; or the filing of a decree or order by a court having jurisdiction in the premises approving as properly filed a
petition seeking reorganization, arrangement, adjustment or composition of the Issuer 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 Issuer or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation
of the Issuer’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 Issuer of a voluntary case under the Bankruptcy Code; or the filing of a petition or answer or consent by the Issuer 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 Issuer to the appointment or taking 

  

 25 

 
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust
Estate, or the making by the Issuer 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 Issuer 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
Issuer 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 Issuer (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 Issuer 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 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 Issuer 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 Issuer 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 Issuer
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 Issuer 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 

  

 26 

 
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 Issuer 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 Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer 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 Issuer 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 Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings
relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer 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 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; 
  

 27 

 (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 Issuer, 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, 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 Issuer and any other obligor upon such Notes monies
adjudged due; 
  

 28 

 (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 Issuer 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 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 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). 
  

 29 

 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 
  
 (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. 
  

 30 

 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 Issuer, 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 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; 
  

 31 

 (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 Issuer, 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 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 
  

 32 

 (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 Issuer 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 Issuer (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 Issuer 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 Issuer. 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 Issuer agrees to take all such lawful
action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller and the Servicer of their respective obligations to the Issuer under or in connection with the Trust Sale and Servicing Agreement and the
Pooling and Servicing 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 Issuer 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 Seller or the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller 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
Issuer against the Seller 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 Seller or the Servicer of each of their obligations to the Issuer 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 Issuer to take
such action shall be suspended. 
  

 33 

 (c) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s
expense, the Issuer 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 Seller 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 Issuer 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 Seller 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 Seller 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 Seller thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Pooling and Servicing Agreement, and any right of the Seller to take such action shall be suspended.

  
 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 
  

 34 

 
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
Issuer. 
  
 (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. 
  
 (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 Issuer 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. 
  

 35 

 (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 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 Issuer, 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 Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any
statement of the Issuer 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. 
  

 36 

 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. 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 Issuer 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 Issuer 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 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 Issuer 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 Issuer’s obligation to cause the Servicer to honor the Issuer’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 Issuer, 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 Issuer; provided, however, that no such resignation shall become effective and the Owner 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 Issuer shall remove the Indenture Trustee if: 
  
 (i) the Indenture Trustee fails to comply with Section 6.11; 
  

 37 

 (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 Issuer 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 Issuer. 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 Issuer or the Holders of a majority of the Outstanding Amount of 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 Issuer’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 

  

 38 

 
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 Issuer 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
Issuer, 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 Issuer, 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 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 Issuer 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. 
  

 39 

 (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 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 Issuer 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 Issuer. 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 
  

 40 

 
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 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 

  

 41 

 
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 Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuer 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 Issuer 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 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 Issuer, the Indenture
Trustee and the Note Registrar shall have the protection of TIA § 312(c). 
  
 SECTION 7.3 Reports by Issuer. 
  
 (a) The Issuer shall: 
  
 (i) file with
the Indenture Trustee, within 15 days after the Issuer 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 Issuer 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 Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 
  

 42 

 (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 Issuer 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 Issuer otherwise determines, the fiscal year of the Issuer 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, 2004, 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 Issuer shall notify the Indenture Trustee if and when the Notes
are listed on any stock exchange. 
  
 (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. 
  

 43 

 SECTION 8.2 Designated Accounts. 
  
 (a) On or prior to the Closing Date, the Issuer 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 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 Issuer thereof in writing and upon receipt of an Issuer Request, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person
entitled thereto any funds then on deposit in the applicable Term 

  

 44 

 
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 Issuer 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 Issuer 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. 
  
 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 Issuer and the Indenture Trustee, when authorized by an Issuer 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 Issuer, and the assumption by any such successor of the covenants of the Issuer contained herein and in the Notes; 
  
 (iii) to add to the covenants of the Issuer for the benefit of the Noteholders; 
  
 (iv) to convey, transfer, assign, mortgage or pledge any
property to or with the Indenture Trustee; 
  

 45 

 (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 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 Issuer and the Indenture Trustee, when authorized by an Issuer 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. 
  

 46 

 SECTION 9.2 Supplemental Indentures With Consent of Noteholders. 
  
 (a) The Issuer and the Indenture Trustee, when authorized by an Issuer
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, by Act of such Holders delivered to the Issuer 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; 
  
 (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 Issuer, the Seller or any Affiliate of
either of them; or 
  

 47 

 (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 Issuer 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 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 Issuer 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. 
  

 48 

 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 Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer 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 Issuer has available funds sufficient to pay such amount. The Issuer 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 Issuer shall furnish
notice thereof to the Indenture Trustee not later than 25 days prior to the applicable Redemption Date and the Issuer 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. 
  
 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 Issuer. 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. 
  

 49 

 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 Issuer 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 Issuer to the Indenture Trustee
to take any action under any provision of this Indenture, the Issuer 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 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 Issuer 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 Issuer of the Collateral or other property or securities to be so deposited. 
  

 50 

 (ii) Whenever the Issuer 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 Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the
fair value to the Issuer 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 Issuer, 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 Issuer
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 Issuer 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 opinion of such Person the proposed release will not impair the security under this Indenture in contravention of the
provisions hereof. 
  
 (iv) Whenever the Issuer
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 Issuer 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 Issuer 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. 
  

 51 

 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 Issuer 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 Seller, the Issuer or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Issuer 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. 
  
 (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 Issuer shall
deliver any document as a condition of the granting of such application, or as evidence of the Issuer’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 Issuer 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 Issuer.
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 Issuer, if made in the manner provided in this Section 11.3.

  

 52 

 (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 Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
  
 SECTION 11.4 Notices, etc., to Indenture Trustee, Issuer 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: 
  
 (a) the Indenture Trustee by any Noteholder or by the Issuer 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 Issuer 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 Issuer and the Owner Trustee each at the address specified in Appendix B to the Trust Sale and Servicing
Agreement. 
  
 The Issuer 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 Issuer. 
  
 (c) Notices required to be given to the Rating Agencies by the Issuer, 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. 
  

 53 

 (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
Issuer may enter 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 Issuer 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 Issuer shall bind its successors and assigns, whether so expressed or not. 
  

 54 

 (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. 
  
 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 Issuer 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. 
  

 55 

 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 Issuer, 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 Issuer; 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 Issuer, 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 Issuer 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 Seller, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuer, 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 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 Issuer. 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 Issuer 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 Seller or the
Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Seller or the Issuer under any Insolvency 

  

 56 

 
Law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Seller or the Issuer or any substantial
part of its property, or ordering the winding up or liquidation of the affairs of the Seller or the Issuer. 
  
 SECTION 11.18 Inspection. The Issuer agrees that, on reasonable prior notice, it shall permit any representative of the Indenture Trustee, during
the Issuer’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and
to discuss the Issuer’s affairs, finances and accounts with the Issuer’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. 
  
 * * * * * 
  

 57 

 IN WITNESS WHEREOF, the Issuer 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 VIII

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

	
	 By:

	 	 	     Name:

	 	 	     Title:

	
	 THE BANK OF NEW YORK,

	 as Indenture Trustee

	
	 By:

	 	 	     Name:

	 	 	     Title:

  

 EXHIBIT A 
  

TRANSFER CERTIFICATE 
  
 Wholesale Auto Receivables Corporation 
 Corporation Trust Center 
 1209 Orange Street 
 Wilmington, DE 19801 
  
 The Bank of New York 
 101 Barclay Street, 12 East 
 New York, NY 10286 
  

	 Attn:
	 	 Corporate Trust Trustee Administration
 as
Indenture Trustee for Superior
 Wholesale Inventory Financing Trust VIII

  
 Ladies and Gentlemen: 
  
 In connection with the
purchase of a Note subject to Section 2.15 of the Indenture dated as of October 7, 2003 (the “Unregistered Note”) of the Superior Wholesale Inventory Financing Trust VIII, 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 Seller 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 Seller 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 Seller in writing the facts surrounding such transfer, which
certification shall be in form and substance satisfactory to the Indenture Trustee and the Seller, and (B) the Indenture Trustee shall require a written opinion of counsel (which will not be at the expense of the Seller, the Servicer 

 
or the Indenture Trustee) satisfactory to the Seller 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 Seller 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] 
  

	 	 ̈	(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. 

  

	 	 ̈	(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. 

	

	 Print Name of Buyer

	
	 By:

	
	 Name:

	
	 Title:

	
	 Date:

  

 EXHIBIT B 
  

UNDERTAKING LETTER 
  
 Wholesale Auto Receivables Corporation 
 Corporation Trust Center 
 1209 Orange Street 
 Wilmington, DE 19801 
  
 The Bank of New York 
 101 Barclay Street, 12 East 
 New York, New York 10286 
  

	 Attn:
	 	 Corporate Trust Trustee Administration
 as
Indenture Trustee for Superior
 Wholesale Inventory Financing Trust VIII

  
 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 October 7, 2003 (the “Unregistered Note”) of the Superior Wholesale Inventory Financing Trust VIII, 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, or (iii) any entity whose
underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity; 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 Seller shall keep on file, in accordance with its customary procedures, relating to the Eligible Receivables. All
financing statements filed or to be filed against the Trust in favor of the Indenture Trustee in connection herewith describing the Trust Assets contain a statement to the following effect: “A purchase of or security interest in any collateral
described in this financing statement will violate the rights of the Secured Party.” 
  
 7. Other than the security interest granted to the 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 WARCO, the
Issuer 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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]